Meridian Energy Limited 2023 Interim Results

Release



M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d
287-2 9 3 D u r h a m S t r e e t N o r t h , C h r i s t c h u r c h 8 0 1 3

m e r i d i a n e n e r g y . c o . n z


Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy interim net profit lift will accelerate
renewable growth
1 March 2023

Meridian Energy has reported net profit after tax of $201 million for the six months ended 31
December 2022, $56 million (39%) higher than the same period last year. Included in the result
is an unrealised gain in the value of hedge instruments amounting to $27 million (compared with
a loss last year of $10 million) and a $16 million reduction in finance costs due to the retirement
of debt following the sale of Meridian’s Australian subsidiary during January 2022. Meridian’s
operating earnings from continuing operations (EBITDAF
1
) increased by $31 million (8%) over
the prior period.
Chief Executive Neal Barclay says Meridian’s strong first half operating performance reflected
favourable hydrology, with better than average inflows into the hydro catchments we manage
and continued good growth in the amount of energy sold to our retail customers. Customer
sales volumes were up by 5% on the prior year. Operating earnings also benefited from $51
million of electricity hedge close outs.
Meridian started the financial year with below average storage in Lake Pukaki, however this
situation changed during July and August 2022 when a series of large storms lifted storage
significantly. Meridian winter 2022 inflows into its Waitaki catchment were the highest winter
inflows on record.
During this reporting period Meridian more than doubled the size of its renewable development
pipeline of buildable options to 11,100 GWh. “We have a bold vision for our renewable pipeline,
and we intend to continue to push hard and grow our renewable generation assets at pace,”
says Barclay.
In December 2022, Meridian announced that it will begin construction of the $186 million
Ruakākā Battery Energy Storage System, New Zealand’s first large-scale grid battery storage
system, situated south of Whangārei.
“The battery has a 200 MWh capacity and will make a significant contribution to the reliability of
the overall electricity grid allowing more intermittent wind and solar renewable electricity
generation to be efficiently accommodated within the system. And to that point, we’re also

1
EBITDAF is a non-GAAP financial measure of earnings before interest, tax, depreciation, amortisation, changes in fair value of hedges and other
significant items

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preparing to lodge consent applications for a new wind farm at Mount Munro in the Wairarapa
and a 130MW solar farm, also at Ruakākā, both in the middle of 2023. We’re getting on with it,”
adds Barclay.
Meridian’s Harapaki wind farm, currently under construction in Hawkes Bay largely escaped
direct impacts from Cyclone Gabrielle, and we are working through access and resourcing
challenges at site.
“Our thoughts go out to those suffering in the devastation Cyclone Gabrielle has wrecked.”
Barclay says.
“We’ve copped two extremely wet summer construction seasons in a row and our team have
done a remarkable job keeping the project on schedule.” Barclay says.
During the last year, Meridian trialed a new energy wellbeing programme directed at
supporting customers experiencing hardship and the company intends to scale up this
approach during 2023. “Our team are enthused by the tangible difference we’ve been able
to make for Kiwi families who are struggling. And working with Government and other social
agencies, we believe we can reach up to 5,000 customers with targeted support to do our
part to help keep their homes warm and dry in winter.”
Meridian’s Process Heat Electrification programme has earmarked up to 600 gigawatt hours per
annum, helping large industrial customers switch from coal or gas to electricity. This will prevent
300,000 tonnes of CO2 being pumped into the atmosphere, the equivalent of removing around
150,000 cars off Aotearoa’s roads.
Prior to Christmas, Meridian, with the support of Ngāi Tahu, announced it had selected
Woodside Energy (Woodside) as the preferred partner to move forward to the development
stage of the proposed Southern Green Hydrogen project in Southland. Mitsui & Co., Ltd. (Mitsui)
is also in discussions to join the project and develop the potential export markets for SGH’s
Green hydrogen-based products.
“We believe a large-scale green hydrogen facility, focusing initially on the export market, will help
accelerate the development of a new hydrogen economy at home and strengthen New
Zealand’s ability to decarbonise our transport and industrial sectors,” says Barclay.
“Our aim is to create a world-class collaboration that covers the full green hydrogen and
ammonia supply chain and add jobs and a new industry to Aotearoa’s domestic economy.”

m e r i d i a n e n e r g y . c o . n z
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ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited


For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Rheilli Uluilelata
External Communications Advisor
022 589 1052

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• v
Changing Step.
Together.
Meridian Energy Limited.
Condensed Interim Financial Statements.
As at and for the six months to 31 December 2022.

1
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
COVER: Planting the next phase of coastal forest on the Kaitoke Peninsula with Raglan Area School.
2Income Statement
The income earned and operating
expenditure incurred by the Meridian
Group during the six months.
2Comprehensive Income Statement
Items of income and operating expense that
are not recognised in the income statement
and hence taken to reserves in equity.
3Balance Sheet
A summary of the Meridian Group assets
and liabilities at the end of the six months.
4Statement of Changes in Equity
Components that make up the capital and
reserves of the Meridian Group and the changes
of each component during the six months.
5Statement of Cash Flows
Cash generated and used by the Meridian Group.
6About this report
7Significant matters in the six months
S1. Meridian Energy AustraliaS2. Property, plant and equipment
10A. Financial performance
A1. Segment performance
A2. Income
A3. Expenses
A4. Taxation
15B. Assets used to generate and sell electricity
B1. Property, plant
and equipment
B2. Intangible assets
17
C. Managing funding
C1. Capital management
C2. Earnings per share
C3. Dividends
C4. Borrowings
C5. Green financing
22
D. Financial instruments
D1. Financial instruments
25E. Other
E1. Group structure
E2. Contingent assets
and liabilities
E3. Subsequent events
E4. Changes in financial
reporting standards
26Review Report
Independent Auditor's review Report
Notes to the Condensed
Interim Financial Statements
Condensed Interim
Financial Statements

2
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
The notes to the condensed interim financial statements form an integral part of these financial statements.
Income Statement
For the six months to 31 December 2022
UnauditedUnaudited
Note
2022
$M
2021
$M
Operating revenueA2 1,529 1,672
Operating expensesA3(1,104) (1,278)
Earnings before interest, tax, depreciation, amortisation, changes
in fair value of hedges and other significant items (EBITDAF) 425 394
Depreciation and amortisationB1, B2(144) (144)
Impairment of assetsA3(6) –
Net change in fair value of energy hedgesD1(5) (68)
Operating profit 270 182
Finance costsA3(29) (39)
Interest income 6 –
Net change in fair value of treasury hedgesD1 32 58
Net profit before tax from continuing operations 279 201
Income tax expenseA4(78) (56)
Net profit after tax from continuing operations 201 145
Net profit from discontinued operation after taxS1–(12)
Net profit after tax attributed to the shareholders
of the parent company 201 133
Earnings per share (EPS) attributed to ordinary equity holders of the parent Cents Cents
Basic and diluted EPS from continuing operationsC27. 85.6
Basic and diluted EPSC27. 85.2
Comprehensive Income Statement
For the six months to 31 December 2022
UnauditedUnaudited
Note
2022
$M
2021
$M
Net profit after tax 201 133
Other comprehensive income
Items that will not be reclassified to profit or loss:
Asset revaluationB1 740 –
Deferred tax on the above item(207) –
533 –
Items that may be reclassified to profit or loss:
Net (loss)/gain on cash flow hedges(11) 9
Exchange differences arising from translation of foreign operations–(4)
Income tax on the above items 3 (3)
(8) 2
Other comprehensive income for the period, net of tax 525 2
Total comprehensive income for the period, net of tax
attributed to shareholders of the parent company 726 135

3
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
The notes to the condensed interim financial statements form an integral part of these financial statements.
Balance Sheet
As at 31 December 2022
UnauditedUnauditedAudited
Note
31 Dec 2022
$M
31 Dec 2021
$M
30 June 2022
$M
Current assets
Cash and cash equivalents 198 152 363
Trade receivables 271 303 416
Customer contract assets 14 15 16
Financial instrumentsD1 288 121 232
Assets held for saleS1– 729 –
Other assets 48 35 50
Total current assets 819 1,355 1,077
Non-current assets
Property, plant and equipmentB1 8,587 7,96 6 7, 8 3 0
Intangible assetsB2 82 80 85
Financial instrumentsD1 345 241 377
Total non-current assets 9,014 8,287 8,292
Total assets 9,833 9,642 9,369
UnauditedUnauditedAudited
Note
31 Dec 2022
$M
31 Dec 2021
$M
30 June 2022
$M
Current liabilities
Payables and accruals 322 326 470
Employee entitlements 14 13 18
Customer contract liabilities 12 14 13
Current portion of term borrowingsC4 159 269 159
Current portion of lease liabilitiesC4 3 4 4
Financial instrumentsD1 54 48 30
Liabilities held for saleS1– 197 –
Current tax payable 36 30 32
Total current liabilities 600 901 726
Non-current liabilities
Term borrowingsC4 959 1,530 1,004
Deferred tax 2,118 1,883 1,932
Lease liabilitiesC4 25 46 37
Financial instrumentsD1 111 88 93
Term payables 50 59 54
Total non-current liabilities 3,263 3,606 3,120
Total liabilities 3,863 4,507 3,846
Net assets 5,970 5,135 5,523
Shareholders’ equity
Share capital 1,690 1,658 1,671
Reserves 4,280 3,477 3,852
Total shareholders’ equity 5,970 5,135 5,523
For and on behalf of the Board of Directors who authorised the issue of the financial statements
on 28 February 2023.
Mark Verbiest,
Chair, 28 February 2023
Julia Hoare,
Chair, Audit and Risk Committee, 28 February 2023

4
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
The notes to the condensed interim financial statements form an integral part of these financial statements.
Statement of Changes in Equity
For the six months to 31 December 2022
Audited $MNote
Share
capital
Share option
reserve
Revaluation
reserve
Foreign
currency
translation
reserve
Cash flow
hedge
reserve
Retained
earningsTotal equity
Balance at 1 July 2021 1,595 1 5,198 (24) 2 (1,548) 5,224
Net profit for the year – – – – – 664 664
Other comprehensive income
Asset revaluation – – (55) – – – (55)
Transferred to retained earnings on disposal – – (113) – – 113 –
Transferred to income statement on disposal – – – 24 – – 24
Net gain/(loss) on cash flow hedges – – – – 16 – 16
Income tax relating to other comprehensive income – – 49 – (5) (34) 10
Total other comprehensive income, net of tax – – (119) 24 11 79 (5)
Total comprehensive income for the year, net of tax – – (119) 24 11 743 659
Share-based transactions(2) 1 – – – – (1)
Dividend reinvestment planC3 78 – – – – – 78
Dividends paid/reinvestedC3 – – – – – (437) (437)
Balance at 30 June 2022 and 1 July 2022 1,671 2 5,079 – 13 (1,242) 5,523
Unaudited $M
Net profit for the period – – – – – 201 201
Other comprehensive income
Asset revaluation B1 – – 740 – – – 740
Net gain/(loss) on cash flow hedges – – – – (11) – (11)
Income tax relating to other comprehensive income – – (207) – 3 – (204)
Total other comprehensive income, net of tax – – 533 – (8) – 525
Total comprehensive income for the year, net of tax – – 533 – (8) 201 726
Share-based transactions – – – – – – –
Dividend reinvestment planC319 – – – – – 19
Dividends paid/reinvestedC3 – – – – – (298) (298)
Balance at 31 December 2022 1,690 2 5,612 – 5 (1,339) 5,970
Unaudited $M
Balance at 1 July 2021 1,595 1 5,198 (24) 2 (1,548) 5,224
Net profit for the period – – – – – 133 133
Other comprehensive income
Asset revaluation – – – – – – –
Net gain/(loss) on cash flow hedges – – – – 9 – 9
Exchange differences from translation of foreign operations – – – (4) – – (4)
Income tax relating to other comprehensive income – – – – (3) – (3)
Total other comprehensive income, net of tax – – – (4) 6 – 2
Total comprehensive income for the year, net of tax – – – (4) 6 133 135
Share-based transactions(2) – – – – – (2)
Dividend reinvestment planC3 65 – – – – – 65
Dividends paid/reinvestedC3 – – – – – (287) (287)
Balance at 31 December 2021 1,658 1 5,198 (28) 8 (1,702) 5,135

5
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
Statement of Cash Flows
For the six months to 31 December 2022
UnauditedUnaudited
Note
2022
$M
2021
$M
Operating activities
Receipts from customers 1,637 1,986
Interest received 6 –
Payments to suppliers and employees(1,253) (1,629)
Interest paid(33) (40)
Income tax paid(92) (92)
Operating cash flows 265 225
Investing activities
Purchase of property, plant and equipment(136) (82)
Purchase of intangible assets(8) (13)
Investing cash flows(144) (95)
Financing activities
Term borrowings drawnC4– 182
Term borrowings repaidC4(5) (63)
Lease liabilities repaidC4(3) (4)
Dividends paidC3(278) (222)
Financing cash flows(286) (107)
Net increase/(decrease) in cash and cash equivalents(165) 23
Cash and cash equivalents at beginning of year 363 148
Adjustment for cash classified as assets held for saleS1–(19)
Cash and cash equivalents at end of period 198 152
The notes to the condensed interim financial statements form an integral part of these financial statements.

6
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
About this report
In this section
The summary notes to the condensed
interim financial statements include
information which is considered
relevant and material to assist the
reader in understanding changes
in Meridian's financial position
or performance. Information is
considered relevant and material if:
• the amount is significant because
of its size and nature;
• it is important for understanding
the results of Meridian;
• it helps to explain changes in
Meridian's business; or
• it relates to an aspect of Meridian's
operations that is important to
future performance.
Meridian Energy Limited is a for-profit
entity domiciled and registered under
the Companies Act 1993 in New Zealand.
It is a FMC (Financial Markets Conduct)
reporting entity for the purposes of
the Financial Markets Conduct Act
2013. Meridian's core business activities
are the generation, trading and
retailing of electricity and the sale of
complementary products and services.
The registered office of Meridian is 287-
293 Durham Street North, Christchurch.
Meridian Energy Limited is dual listed on
the New Zealand Stock Exchange (NZX)
and the Australian Securities Exchange
(ASX). As a Mixed Ownership Company,
majority owned by His Majesty the King
in Right of New Zealand, it is bound by
the requirements of the Public Finance
Act 1989.
These unaudited condensed interim
financial statements for the six months
ended 31 December 2022 have been
prepared:
• using Generally Accepted
Accounting Practice in New Zealand
(NZ GAAP) as appropriate for interim
financial statements, accounting
policies consistent with International
Financial Reporting Standards (IFRS)
and the New Zealand equivalents
(NZ IFRS) and in accordance with
IAS 34: Interim Financial Reporting
and NZ IAS 34: Interim Financial
Reporting, as appropriate for a
for-profit entity;
• in accordance with the requirements
of the Financial Markets Conduct
Act 2013;
• on the basis of historical cost,
modified by revaluation of certain
assets and liabilities; and
• in New Zealand dollars (NZD).
The principal functional currencies
of international subsidiaries are:
• Australian dollars (AUD): the
closing rate at 31 December 2022
was 0.9319 (31 December 2021:
0.9401, 30 June 2022: 0.9045); and
• British Pounds (GBP): the closing
rate at 31 December 2022 was
0.5249 (31 December 2021: 0.5045,
30 June 2022: 0.5127).
All values are rounded to millions ($M)
unless otherwise stated.
Accounting policies
The accounting policies, methods
of computation and classification set
out in the Group financial statements
for the year ended 30 June 2022
have been applied consistently to all
periods presented in the condensed
interim financial statements, except
as noted below.
Judgements and estimates
The basis of key judgements and
estimates have not changed from those
used in preparing the financial statements
for the year ended 30 June 2022.
Basis of consolidation
The condensed interim Group
financial statements comprise the
financial statements of Meridian
Energy Limited and its subsidiaries
and controlled entities.
Assets and disposal
groups held for sale
Assets and disposal groups classified
as held for sale (HFS) are measured
at the lower of carrying amount or
fair value less costs to sell. Assets and
disposal groups are classified as HFS if
their carrying amount will be recovered
through a sale transaction rather than
through continuing use. The condition
is regarded as met only when the sale
is highly probable and the asset (or
disposal group) is available for immediate
sale in its present condition and the
sale of the asset (or disposal group) is
expected to be completed within one
year from the date of classification.
On the balance sheet, HFS assets and
liabilities are shown as separate line items
under current assets and current liabilities.
Discontinued operations
Classification as a discontinued
operation occurs on disposal, or when
the operation meets the criteria to
be classified as a non-current asset
or disposal group HFS (see above),
if earlier, and represents a separate
major line of business or geographical
area of operations.
When an operation is classified as a
discontinued operation, the comparative
statement of comprehensive income
is re-presented as if the operation had
been discontinued from the start of
the comparative year. The comparative
balance sheet is not adjusted. In the
cash flow statement, neither current
or comparative period are adjusted.

7
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
In this section
Significant matters which have impacted
Meridian’s financial performance.
S1 Meridian Energy Australia
In June 2021, Meridian announced that
it had begun a review of its ownership of
Meridian Energy Australia (MEA) and was
considering all options, including partial
or full divestment. On 20 August 2021,
Meridian deemed that MEA was HFS.
On 22 November 2021, Meridian
announced that an agreement had been
reached with a consortium, comprised
of Shell Energy Operations Pty Ltd and
Infrastructure Capital Group, to purchase
the MEA business for consideration
of AU$729 million, subject to possible
adjustment depending on timing of
completion. Completion occurred on
31 January 2022 and final consideration
was AU$740 million. A net gain on sale
was recorded of NZ$214 million and net
cash was received of NZ$768 million.
Accordingly, for the comparative
period ending 31 December 2021,
MEA was reported as held for sale and
as a discontinued operation. In the
Income Statement and Comprehensive
Income Statement, the profit and loss
arising from MEA is shown separately
to continuing operations.
Significant matters in the six months
Results of discontinued operation
6 months to
31 December 2022
$M
6 months to
31 December 2021
$M
Operating revenue – 184
Operating expenses – (160)
Net result from operating activities – 24
Depreciation and amortisation – (6)
Gain/(loss) on sale of investment – (12)
Net change in fair value of energy hedges – (16)
Operating profit/(loss) – (10)
Finance costs – (2)
Net change in fair value of treasury hedges – –
Net profit/(loss) from discontinued operations before tax – (12)
Tax expense – –
Net profit/(loss) from discontinued operations after tax – (12)
Basic and diluted earnings per share (cents per share)––
Current assets – 729
Current liabilities – 197
Net assets of discontinued operation – 532
Cash flows from/(used in) discontinued operation
Net cash from/(used in) operating activities – 12
Net cash from/(used in) investing activities – (8)
Net cash from/(used in) financing activities – –
Net cash flows of discontinued activity – 4

8
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
Effect of reclassification of the disposal group
on the financial position of the GroupAt 31 December 2021
Cash and cash equivalents (19)
Trade receivables (34)
Customer contract assets (11)
Financial instruments (assets) (40)
Other assets (15)
Property, plant & equipment (570)
Intangible assets (6)
Deferred tax (asset) (34)
Payables and accruals 49
Employee entitlements 2
Customer contract liabilities 9
Term borrowings–
Lease liabilities 44
Financial instruments (liabilities) 41
Current tax payable–
Deferred tax (liability) 31
Provisions 21
Term payables–
Net classification of (assets) and liabilities (532)
The effect of the reclassification of the discontinued operation on the financial
position of Meridian is to transfer the carrying value of the individual assets and
liabilities that relate to MEA to assets and liabilities held for sale at 31 December 2021.
S2 Property, plant
and equipment
Within property, plant and equipment,
generation structures and plant
are carried at fair value for financial
reporting purposes. Revaluations are
performed with sufficient regularity
to ensure that carrying value does not
differ materially from that which would
be determined using fair values at
balance date.
At 31 December 2022, a valuation of
Meridian's generation structures and
plant assets has been undertaken, to
determine the fair value of the assets
at this date. The valuation has resulted
in an increase of $740 million, driven
mainly by an increase in our wholesale
electricity price assumptions offset by
higher interest rates. Management
calculates a valuation on which the
Board's ultimate decision is based.
The valuation is set using discounted
cashflow (DCF) analysis and NZAS
continuing to operate until 31
December 2024.
Refer to Note B1 Property, plant and
equipment for more information.
S
S1 Meridian Energy Australia continued

9
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
In this section
This section outlines significant
matters which have impacted
Meridian's financial performance
and an explanation of non-GAAP
measures used within the notes
to the condensed interim financial
statements.
Hydro Inflows
Meridian’s lake storage levels lifted
significantly during the first part of the
current financial year, with the highest
winter inflows on record. In contrast,
late spring and summer has seen
much drier conditions.
During the six months ended 31
December 2022, inflows were above
average and storage levels at that date
were above average in the Waitaki
catchment. The very dry lower South
Island conditions have seen storage in
the Waiau catchment fall below average.
Non-GAAP measures
Meridian refers to non-GAAP financial
measures within these condensed
interim financial statements and
accompanying notes. The limited use
of non-GAAP measures is intended
to supplement GAAP measures to
provide readers with further information
to broaden their understanding of
Meridian's financial performance and
position. They are not a substitute for
GAAP measures.
As these measures are not defined
by NZ GAAP, IFRS, or any other body
of accounting standards, Meridian's
calculations may differ from similarly
titled measures presented by other
companies. The measures are described
below, including page references for
reconciliations to the condensed
interim financial statements.
EBITDAF
Earnings before interest, tax,
depreciation, amortisation, change in
fair value of hedges, impairments and
gains and losses on sale of assets.
EBITDAF is reported in the income
statement allowing the evaluation of
Meridian's operating performance
without the non-cash impact of
depreciation, amortisation, fair value
movements of hedging instruments and
other one-off or infrequently occurring
events and the effects of Meridian's
capital structure and tax position. This
allows a better comparison of operating
performance with that of other electricity
industry companies than GAAP
measures which include these items.
Energy margin
Energy margin provides a measure of
financial performance that, unlike total
revenue, accounts for the variability
of wholesale energy markets and
the broadly offsetting impact of
the wholesale prices on the cost of
Meridian's energy purchases and
revenue from generation. Meridian uses
the measure of energy margin within
its segmental financial performance in
Note A1 Segment performance.
Net debt
Net debt is a metric commonly used
by investors as a measure of Meridian's
indebtedness that takes account of
liquid financial assets. Meridian uses this
measure within its capital management
and this is outlined in Note C1 Capital
management.
S
Significant matters in the six months continued

10
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
In this section
This section explains the financial
performance of Meridian, providing
additional information about
individual items in the income
statement, including:
a. accounting policies, judgements
and estimates that are relevant for
understanding items recognised in
the income statement; and
b. analysis of Meridian's performance
for the six months by reference to
key areas including: performance
by operating segment, revenue,
expenses and taxation
A1 Segment performance
The Chief Executive (the chief
operating decision-maker) monitors
the operating performance of each
segment for the purpose of making
decisions on resource allocation and
strategic direction.
The Chief Executive considers the
business according to the nature of the
products and services and the location
of operations, as set out below:
New Zealand wholesale
• Generation of electricity and its sale
into the New Zealand wholesale
electricity market.
• Purchase of electricity from the
wholesale electricity market and
its sale to the New Zealand Retail
segment and to large industrial
customers, including NZAS
representing the equivalent of 35%
(31 December 2021: 36%) of Meridian's
New Zealand generation production.
• Development of renewable
electricity generation opportunities
in New Zealand.
New Zealand retail
• Retailing of electricity and
complementary products through
two brands (Meridian and
Powershop) in New Zealand.
• Electricity sold to residential, business
and industrial customers on fixed
price variable volume contracts
is purchased from the Wholesale
segment at an average annual
fixed price of $104 per megawatt
hour (MWh) and electricity sold to
business and industrial customers
on spot (variable price) agreements
is purchased from the Wholesale
segment at prevailing wholesale
spot market prices.
• Agency margin from spot sales is
included within "Contracted sales,
net of distribution costs".
• Meridian provides front line
customer and back office services
for Powershop Australia. In the
comparative period, revenue of
$2 million was recorded in 'Other
revenue' and was eliminated on
Group consolidation.
Australia
• As noted in the Significant Matters
section, the Australia segment
was sold in January 2022 and
is presented as a discontinued
operation.
• Meridian generated energy from
two wind farms, three hydro power
stations and energy acquisition
through power purchase agreements,
for sale into the Australian wholesale
electricity market.
• Retailing of electricity and gas, was
mainly through the Powershop brand
in Australia.
• Development of renewable electricity
generation options in Australia.
Other and unallocated
• Other operations, that are not
considered reportable segments,
including licensing of the Flux
developed electricity and gas
retailing platform.
• Activities and centrally based costs
that are not directly allocated to
other segments.
The financial performance of the
operating segments is assessed using
energy margin and EBITDAF (refer
to page 9 for a definition of these
measures) before unallocated central
corporate expenses. Balance sheet
items are not reported to the Chief
Executive at an operating segment level.
A : Financial performance

11
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
For the six months to 31 December
NZ Wholesale NZ Retail Australia
Other and
Unallocated
Inter-segment
and discontinued
operations Group
2022
$M
2021
$M
2022
$M
2021
$M
2022
$M
2021
$M
2022
$M
2021
$M
2022
$M
2021
$M
2022
$M
2021
$M
Contracted sales, net of distribution costs 226 270 600 518 – 85 – – – (85) 826 788
Costs to supply customers (541) (937) (503) (422) – (73) – – 521 527 (523) (905)
Net cost of hedging (68) (4) – – – 1 – – – (1) (68) (4)
Generation spot revenue 371 661 – – – 40 – – – (40) 371 661
Inter-segment electricity sales 521 454 – – – – – – (521) (454) – –
Virtual asset swap margins (4) 3 – – – – – – – – (4) 3
Other market revenue/(costs) (5) (6) 1 – – (1) – – – 1 (4) (6)
Energy margin 500 441 98 96 – 52 – – – (52) 598 537
Other revenue 1 1 8 7 – 1 13 23 (8) (18) 14 14
Energy transmission expense (41) (38) – – – (3) – – – 3 (41) (38)
Electricity metering expenses – – (23) (21) – – – – – – (23) (21)
Gross margin 460 404 83 82 – 50 13 23 (8) (67) 548 492
Employee expenses (13) (12) (18) (16) – (8) (29) (17) – 8 (60) (45)
Other operating expenses (29) (29) (17) (17) – (18) (20) (15) 3 26 (63) (53)
EBITDAF 418 363 48 49 – 24 (36) (9) (5) (33) 425 394
Depreciation and amortisation–––––––––– (144) (144)
Impairment of assets–––––––––– (6) –
Net change in fair value of electricity and other hedges–––––––––– (5) (68)
Operating profit–––––––––– 270 182
Finance costs–––––––––– (29) (39)
Interest income–––––––––– 6 –
Net change in fair value of treasury instruments–––––––––– 32 58
Net profit before tax from continuing operations–––––––––– 279 201
Income tax expense–––––––––– (78) (56)
Net profit after tax from continuing operations–––––––––– 201 145
Net profit / (loss) from discontinued operations after tax–––––––––– – (12)
Net profit after tax attributed to the shareholders
of the parent company
–––––––––– 201 133
Reconciliation of energy margin
Energy sales revenue, net of hedging 1,061 1,229 975 883 – 183 – – (521) (637) 1,515 1,658
Energy expenses, net of hedging (561) (788) (530) (460) – (76) – – 521 530 (570) (794)
Energy distribution expenses – – (347) (327) – (55) – – – 55 (347) (327)
Energy margin 500 441 98 96 – 52 – – – (52) 598 537
The Australia segment was sold in January 2022 and is presented above as a discontinued operation.
A
A1 Segment performance continued

12
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
A2 Income
6 Months ended 31 DecemberUnauditedUnaudited
Operating revenue
2022
$M
2021
$M
Energy sales to customers 1,063 971
Generation revenue, net of hedging 452 687
Energy related services revenue 5 5
Other revenue 9 9
Total operating revenue 1,529 1,672
6 Months ended 31 DecemberUnauditedUnaudited
Total revenue by geographic area
2022
$M
2021
$M
New Zealand 1,529 1,664
United Kingdom– 8
Total operating revenue 1,529 1,672
Operating revenue
Energy sales to customers
Revenue received or receivable from
residential, business and industrial
customers. This revenue is influenced
by customer contract sales prices and
their demand for energy.
Generation revenue, net of hedging
Revenue received from:
• energy generated and sold into
the wholesale markets; and
• the net settlement of energy
hedges sold on futures markets,
and to generators, retailers and
industrial customers.
This revenue is influenced by the
quantity of generation and the wholesale
spot price and is recognised at the time
of generation or hedge settlement.
A

13
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
A3 Expenses
6 Months ended 31 DecemberUnauditedUnaudited
Operating expenses
2022
$M
2021
$M
Energy expenses, net of hedging 570 794
Energy distribution expenses 347 327
Energy transmission expenses 41 38
Energy metering expense 23 21
Employee expenses 60 45
Other expenses 63 53
1,104 1,278
UnauditedUnaudited
Finance costs
2022
$M
2021
$M
Interest on borrowings 32 41
Interest on option premiums 1 –
Interest on lease liabilities 1 1
Less capitalised interest(5) (3)
29 39
UnauditedUnaudited
Impairment of assets
2022
$M
2021
$M
Impairment of property, plant and equipment(6) –
Energy expenses, net of hedging
The cost of:
• energy purchased from wholesale
markets to supply customers;
• the net settlement of buy-side
energy hedges; and
• related charges and services.
Energy expenses are influenced
by quantity and timing of customer
consumption and the wholesale
spot price.
Energy transmission expenses
Meridian's share of the cost of the
high voltage direct current (HVDC)
link between the North and South
Islands of New Zealand and the cost of
connecting Meridian's generation sites
to the national grid by grid providers.
Employee expenses
Provision is made for benefits owing
to employees in respect of wages and
salaries, annual leave, long service
leave and employee incentives for
services rendered. Provisions are
recognised when it is probable they
will be settled and can be measured
reliably. They are carried at the
remuneration rate expected to
apply at the time of settlement.
Finance costs – capitalised interest
Meridian is capitalising interest costs
relating to the building of new assets.
The average rate used to determine the
amount of borrowing costs eligible for
capitalisation was 5.37% (2021: 5.05%)
Impairment of non-financial assets
Net impairment expense relates to
the exit of Meridian's office lease at
Lady Elizabeth Lane in Wellington
following a seismic reassessment.
This is the net impact of derecognising
the corresponding right of lease asset
and lease liability.
A

14
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
A4 Taxation
6 Months ended 31 DecemberUnauditedUnaudited
Tax expense
2022
$M
2021
$M
Current income tax charge 97 85
Deferred tax (19) (29)
Income tax expense 78 56
Reconciliation to profit before tax
Profit before tax 279 201
Income tax at applicable rates 78 56
Income tax expense 78 56
Income tax expense
Income tax expense is the income
tax assessed on taxable profit for the
period. Taxable profit differs from profit
before tax reported in the income
statement as it excludes items of
income and expense that are taxable
or deductible in other periods and also
excludes items that will never be taxable
or deductible. Meridian’s liability for
current tax is calculated using tax rates
that have been enacted or substantively
enacted at balance date, being 28% for
New Zealand and 30% for Australia.
Income tax expense components are
current income tax and deferred tax.
A

15
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
In this section
This section shows the assets
Meridian uses in the production
and sale of electricity to generate
operating revenues. In this section
of the summary notes there is
information about:
a. property, plant and equipment, and
b. intangible assets
Recognition and measurement
Generation structures and plant assets
(including land and buildings) are
held on the balance sheet at their fair
value at the date of revaluation, less
any subsequent depreciation and
impairment losses. All other property,
plant and equipment are stated
at historical cost less accumulated
depreciation and any accumulated
impairment losses.
Fair value and revaluation of
generation structures and plant
Within property, plant & equipment,
generation structures and plant
are carried at fair value for financial
reporting purposes. Revaluations are
performed with sufficient regularity
to ensure that carrying value does not
differ materially from that which would
be determined using fair values at
balance date. Meridian continues to use
an income approach in calculating the
fair value of generation structures and
plant. Meridian uses a DCF approach
to determine a fair value range.
A review and assessment of key
inputs included in the valuation of
generation structures and plant has
been undertaken as at 31 December
2022, indicating that the fair value of the
assets had increased by $740 million.
The value of our generation structures
and plant is sensitive to movements in
fair value as a result of a change in each
valuation input.
B1 Property, plant and equipment
UnauditedUnauditedAudited
Position as at
Note
31 Dec 2022
$M
31 Dec 2021
$M
30 June 2022
$M
Opening net book value 7, 8 3 0 8,598 8,598
Additions 162 80 148
Transfers to Held For SaleS1 – (570) –
Impairment(12) – (2)
Disposals(2) (1) (574)
Adjustment of Right of Use assets – – (8)
Foreign currency exchange rate movements – (6) –
Generation structures and plant revaluation:
– revaluation reserveS2 740 – (55)
Depreciation expense(131) (135) (277)
Closing net book value 8,587 7,96 6 7, 8 3 0
B : Assets used to generate and sell electricity
B2 Intangible assets
UnauditedUnauditedAudited
Position as at
Note
31 Dec 2022
$M
31 Dec 2021
$M
30 June 2022
$M
Opening Net Book value 85 84 84
Additions 10 11 29
Disposals – – (6)
Amortisation expense(13) (9) (22)
Transfers to Held For SaleS1 – (6) –
Closing net book value 82 80 85
Capital Commitments
At 31 December 2022, Meridian Energy Limited has capital commitments
of $295 million (30 June 2022: $289 million).

16
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
The table below describes the key valuation inputs and their sensitivity to changes.
UnauditedAudited
31 December 202230 June 2022
Key input to measure fair valueDescriptionRange of unobservable inputsSensitivity
Impact on
valuationRange of unobservable inputsSensitivity
Impact on
valuation
Future New Zealand
wholesale electricity prices
The price received for
New Zealand generation
$42MWh to $148MWh between
FY23 and FY42 (in real terms)
+ $3MWh
- $3MWh
$440M
($440M)
$45MWh to $117MWh between
FY23 and FY42 (in real terms)
+ $3MWh
- $3MWh
$494M
($494M)
New Zealand
generation volume
Annual generation production 13,284GWh p.a. to
13,832GWh p.a. (in real terms)
+ 250GWh
- 250GWh
$225M
($225M)
13,413GWh p.a. to
13,964GWh p.a.
+ 250GWh
- 250GWh
$227M
($227M)
Operating expenditure
(excluding electricity purchase
costs or transmission charges)
Meridian’s cost of operationsForecast costs are in line
with 30 June 2022 inputs
and inflated at appropriate
escalation rates
+ $10M
- $10M
($130M)
$130M
$134M in FY23, $141M in FY24
(in real terms) and inflated at
appropriate escalation rates
from FY25 onward
+ $10M
- $10M
($128M)
$128M
Weighted Average
Cost of Capital (WACC)
The discount rate considers the time
value of money and relative risk of
achieving the cash flow forecast
8.40%+ 0.5%
- 0.5%
($575M)
$675M
7.74%+ 0.5%
- 0.5%
($571M)
$680M
Sensitivities show the movement in fair value as a result of a change in each input (keeping all other inputs constant).
B

17
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
C1 Capital management
Capital risk management objectives
Meridian's objective when managing
capital is to provide appropriate returns
to shareholders whilst maintaining a
capital structure that safeguards its
ability to remain a going concern
and optimises the cost of capital.
Capital is defined as the combination
of shareholders' equity and net debt.
Meridian manages its capital through
various means, including:
• adjusting the amount of dividends
paid to shareholders;
• raising or returning capital; and
• raising or repaying debt.
Meridian regularly monitors its capital
requirements using various measures
that consider debt facility financial
covenants and credit ratings. The key
measures being net debt to EBITDAF
and interest cover. The principal
external measure is Meridian's credit
rating from Standard & Poor's.
Meridian is in full compliance with
debt facility financial covenants.
UnauditedUnauditedAudited
Position as at
Note
31 Dec 2022
$M
31 Dec 2021
$M
30 Jun 2022
$M
Share capital 1,690 1,658 1,671
Retained earnings(1,339) (1,702) (1,242)
Other reserves5,619 5,179 5,094
Total Shareholders’ equity 5,970 5,135 5,523
Drawn borrowingsC4 1,121 1,718 1,126
add: Lease liabilities 28 50 41
less: Cash and cash equivalents (198) (152) (363)
Net Debt 951 1,616 804
Net capital 6,921 6,751 6,327
C : Managing funding
In this section
This section explains how Meridian
manages its capital structure and
working capital, the various funding
sources and how dividends are returned
to shareholders. In this section of the
summary notes there is information
about equity and dividends.

18
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
C2 Earnings per share
UnauditedUnaudited
Basic and diluted earnings per share (EPS)31 Dec 202231 Dec 2021
Net profit after tax from continuing operations ($M) 201 145
Net profit after tax attributed to the shareholders
of the parent company ($M) 201 133
Weighted average number of shares used in
the calculation of EPS 2,578,784,219 2,569,700,057
Basic and diluted EPS from continuing operations
(cents per share) 7. 8 5.6
Basic and diluted EPS (cents per share) 7. 8 5.2
C3 Dividends
6 Months ended 31 DecemberUnauditedUnaudited
Dividends declared and paid
2022
$M
2021
$M
Final ordinary dividend 2022: 11.55cps (2021: 11.2cps) 298 287
Total dividends paid 298 287
Dividends declared and not recognised as a liability
Interim ordinary dividend 2023: 6.00cps (2022: 5.85cps) 155 151
Dividend Policy
Meridian's dividend policy considers
free cash flow, working capital
requirements, the medium-term
investment programme, maintaining a
BBB+ credit rating and risks from short
and medium-term economic, market
and hydrology conditions.
Subsequent event –
dividend declared
On 28 February 2023 the Board
declared a partially imputed interim
ordinary dividend of 6 cents per share.
Dividend Reinvestment Plan
Meridian operates a dividend reinvestment
plan (DRP) under which shareholders can
elect to receive dividends in additional
shares rather than cash.
The DRP was available for use in the
September 2022 final dividend payment.
For this payment, new shares were
issued at a 0% discount to the prevailing
market price of Meridian shares around
the time of issue. Whether a discount
is available, and if so the level of that
discount, is at the discretion of the
Meridian Board. Meridian investors
were issued 3,864,231 new Meridian
shares with a value of $19 million.
Shares issued in lieu of cash are excluded
from dividends paid in the Statement of
Cash Flows.
C

19
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
C4 Borrowings
UnauditedUnauditedAudited
Group ($M)
31 Dec 202231 Dec 202130 June 2022
Currency
borrowed
in
Drawn
facility
amount
Transaction
costs paid
Fair
value
adjustment
Carrying
amount
Drawn
facility
amount
Transaction
costs paid
Fair
value
adjustment
Carrying
amount
Drawn
facility
amount
Transaction
costs paid
Fair
value
adjustment
Carrying
amount
Current borrowings
Unsecured borrowings
NZD 160 (1) – 159 270 (1) – 269 160 (1) – 159
Unsecured borrowings
USD –––– – – – – – – – –
Total current borrowings
160 (1) – 159 270 (1) – 269 160 (1) – 159
Non–current borrowings
Unsecured borrowings
NZD 375 – – 375 835 – – 835 380 – – 380
Unsecured borrowings
AUD – – – – 59 – – 59 – – – –
Unsecured borrowings
USD 586 (1) (1) 584 554 (1) 83 636 586 (1) 39 624
Total non – current borrowings
961 (1) (1) 959 1,448 (1) 83 1,530 966 (1) 39 1,004
Total borrowings
1,121 (2) (1) 1,118 1,718 (2) 83 1,799 1,126 (2) 39 1,163
Meridian has committed bank facilities
of $585 million of which $550 million
were undrawn at 31 December 2022
(31 December 2021: facilities of $1 billion
of which $578 million were undrawn).
Where facilities have expiry dates,
these expiries range from April 2024 to
April 2026. $200 million of facilities are
evergreen/have no expiry date.
Borrowings, measurement
and recognition
Borrowings are recognised initially
at the fair value of the drawn facility
amount (net of transaction costs
paid) and are subsequently stated
at amortised cost using the effective
interest method. Any borrowings which
have been designated as hedged
items (USD borrowings) are carried
at amortised cost plus a fair value
adjustment under hedge accounting
requirements. Any borrowings
denominated in foreign currencies are
retranslated to the functional currency
at each reporting date. Any retranslation
effect is included in the "Fair value
adjustment" column in the above table,
along with any amounts relating to fair
value hedge adjustments.
Meridian uses cross currency interest
rate swap (CCIRS) hedge contracts to
manage its exposure to interest rates
and borrowings sourced in currencies
different to that of the borrowing
entity's reporting currency.
Meridian borrows under a negative
pledge arrangement, which does not
permit it to grant any security interest
over its assets, unless it is an exception
permitted within the negative pledge.
Fair value of items held at amortised cost
UnauditedUnauditedAuditedUnauditedUnauditedAudited
Position as at31 Dec
2022
$M
31 Dec
2021
$M
30 June
2022
$M
31 Dec
2022
$M
31 Dec
2021
$M
30 June
2022
$M
Carrying valueFair value
Retail bonds 500 500 500 489 518 497
Floating Rate Notes– 50 –– 50 –
Unsecured term loan (EKF facility) 35 45 40 36 47 41
Within term borrowings there are
longer dated instruments which are
not in hedge accounting relationships.
The carrying values and estimated
fair values of these instruments are
noted in the table above.
Fair value is calculated using a
discounted cash flow calculation and
the resultant values are classified as
Level 2 within the fair value hierarchy.
The Retail Bonds are listed instruments;
however, a lack of liquidity on the NZX
precludes them from being classified as
Level 1 (a definition of levels is included
in Note D1 Financial instruments).
Carrying value approximates fair
value for all other instruments within
term borrowings.
C

20
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
Unaudited
31 Dec 2022
Group (NZ$M)
Balance at
30 Jun 2022
Term
borrowings
drawn
Term
borrowings
repaid
Fair value
adjustments
Foreign
Exchange
Transferred
to Held
For SaleMEA sale
Lease
liabilities
paid
Lease
derecognition
Unwind of
discounting
Balance at
31 Dec 2022
Unsecured borrowings – NZD 539 – (5) – – – – – – – 534
Unsecured borrowings – USD 624 – – (29) (11) – – – – – 584
Lease Liabilities 41 – – – – – – (3) (11) 1 28
Total 1,204 – (5) (29) (11) – – (3) (11) 1 1,146
Unaudited
31 Dec 2021
Group (NZ$M)
Balance at
30 Jun 2021
Term
borrowings
drawn
Term
borrowings
repaid
Fair value
adjustments
Foreign
Exchange
Transferred
to Held
For SaleMEA sale
Lease
liabilities
paid
Lease
derecognition
Unwind of
discounting
Balance at
31 Dec 2021
Unsecured borrowings – NZD 984 125 (5) – – – – – – – 1,104
Unsecured borrowings – USD 692 (58) 1 1 – – – – – 636
Unsecured borrowings – AUD – 57 – – 2 – – – – – 59
Lease Liabilities 97 – – – – (44) – (4) – 1 50
Total 1,773 182 (63) 1 3 (44) – (4) – 1 1,849
Audited
30 June 2022
Group (NZ$M)
Balance at
30 Jun 2021
Term
borrowings
drawn
Term
borrowings
repaid
Fair value
adjustments
Foreign
Exchange
Transferred
to Held
For SaleMEA sale
Lease
liabilities
paid
Lease
derecognition
Unwind of
discounting
Balance at
30 June 2022
Unsecured borrowings – NZD 984 122 (567) – – – – – – – 539
Unsecured borrowings – USD 692 31 (60) (78) 39 – – – – – 624
Unsecured borrowings – AUD – 57 (58) – 1 – – – – – –
Lease Liabilities 97 – – – – – (43) (7) (8) 2 41
Total 1,773 210 (685) (78) 40 – (43) (7) (8) 2 1,204
Reconciliation of liabilities arising from financing activities
The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
C
C4 Borrowings continued

21
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
Green Debt Instruments under Meridian’s Green Finance Programme
UnauditedUnauditedAudited
Green Debt allocated to the Hydro Pool
1
31 Dec 202231 Dec 202130 June 2022
Type ($M)
CUSIP/
NZX Code
Currency
borrowed in
Facility
amount
Drawn
facility
amount
Facility
amount
Drawn
facility
amount
Facility
amount
Drawn
facility
amount
USPP Series 2014-1 Tranche B
2
Q5995*AB 4USD147147115115147147
USPP Series 2019-1 Tranche A
2
Q5995#AE4USD183183183183183183
USPP Series 2019-1 Tranche B
2
Q5995#AF1USD183183183183183183
USPP Series 2019-1 Tranche C
2
Q5995#AG9USD737373737373
Total USPP586586554554586586
Wholesale FRN – 10yrNZD––5050––
Bank Facilities
3
NZD550–955377550–
Commercial Paper
4
NZD––192192––
Total Green Debt allocated to the Hydro Pool 1,136 586 1,751 1,173 1,136 586
UnauditedUnauditedAudited
Green Debt allocated to the Wind Pool
5
31 Dec 202231 Dec 202130 June 2022
Type – $M
CUSIP/
NZX Code
Currency
borrowed in
Facility
amount
Drawn
facility
amount
Facility
amount
Drawn
facility
amount
Facility
amount
Drawn
facility
amount
Retail Bond (Mar-23)MEL030NZD150150150150150150
Retail Bond (Mar-24)MEL040NZD150150150150150150
Retail Bond (Mar-25)MEL050NZD200200200200200200
Total Domestic Bonds500500500500500500
EKF Amortising FacilityNZD353545454040
Total Green Debt allocated to the Wind Pool 535 535 545 545 540 540
Total Green Debt 1,671 1,121 2,296 1,718 1,676 1,126
1. Verified as meeting the criteria established by Meridian by DNV which aligns with the stated definition of Green Bonds and Loans within the Green Bond/Loan Principles.
2. USPP notes are included as the NZD equivalent under the cross currency swaps related to the notes.
3. Committed bank facilities are included at the face value of the facilities.
4. Commercial Paper is included as the face value on issue.
5. Climate Bonds Standard Certified.
C
C5 Green financing
To recognise Meridian’s commitment,
leadership and investment in renewable
energy, Meridian operates a Green
Finance Programme which covers both
existing and future issuances of debt
instruments ("Programme").
The Programme Framework (Framework)
sets out the process, criteria and
guidelines under which Meridian
intends to issue and/or manage existing
and future bonds and loans under the
Programme which contribute towards
achieving Meridian’s sustainable
objectives. The Framework is aligned
with the following market standards
as at the date of the Framework:
International Capital Markets Association
(ICMA) Green Bond Principles (GBP);
Climate Bonds Standard currently version
3.0 (CBS); and Asia Pacific Loan Market
Association Green Loan Principles (GLP),
(together the Market Standards).
The proceeds of Meridian’s debt
instruments, outlined in the above
tables, have been allocated (directly
or notionally) to refinance eligible
wind and hydro projects and assets
that meet the market standards.
At 31 December 2022, Meridian
remains compliant with the
requirements of the programme.
Further information on the Green Finance Programme, including the Programme framework document, opinions from
DNV Business Assurance Pty. Ltd, Climate Bonds Standard Certification and Green Asset and Debt registers are available
on Meridian’s website at www.meridianenergy.co.nz/about-us/investors/reports/green-finance.

22
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED

Fair value on
the balance sheet
Fair value movements
in the income statement
UnauditedAuditedUnaudited
31 Dec 202231 Dec 202130 June 202231 Dec 202231 Dec 2021
Level
Assets
$M
Liabilities
$M
Assets
$M
Liabilities
$M
Assets
$M
Liabilities
$M$M$M
Treasury Hedges
Cross currency interest rate swap (CCIRS) –
interest rate risk
2(34)(11)51–(9)(6)1–
CCIRS – basis and margin risk2–(4)(1)–(1)–––
CCIRS – foreign exchange risk244–32–54–––
Total CC IRS10(15)82–44(6)1–
Foreign exchange hedges213–11(1)19––(1)
Interest rate swaps (IRS)251(11)13(83)30(20)3159
Total Treasury Hedges74(26)106(84)93(26)3258
Energy hedges
Market traded electricity hedges1267–117(22)283(1)(11)(21)
Other electricity hedges3250(139)85(30)194(96)13(40)
Electricity options342–54–39–(7)(7)
Energy hedges 559(139)256(52)516(97)(5)(68)
Total hedges633(165)362(136)609(123)27(10)
D : Financial instruments
In this section
In this section of the summary notes
there is information:
a. analysing financial (hedging)
instruments used to manage
risk; and
b. outlining Meridian's fair value
techniques and key inputs.
D1 Financial instruments
Fair value of hedging financial instruments
The recognition and measurement
of hedging financial instruments
requires management estimation and
judgement (this is discussed in further
detail later in this note). These estimates
can have a significant risk of material
adjustment in future periods. Fair value
measurements are grouped within a
three-level fair value hierarchy based
on the observability of valuation inputs
(described below).
• Level 1 Inputs – Quoted prices
(unadjusted) in active markets
for identical assets or liabilities
that the entity can access at the
measurement date.
• Level 2 Inputs – Either directly (i.e. as
prices) or indirectly (i.e. derived from
prices) observable inputs other than
quoted prices included in Level 1.
• Level 3 Inputs – Inputs for the
asset or liability that are not based
on observable market data
(unobservable inputs).

23
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
Settlements
The following provides a summary of the settlements through EBITDAF for energy hedges:
UnauditedUnaudited
20222021
$M
Operating
Revenue
Operating
expenses
Total
Settlements
In EBITDAF
Operating
Revenue
Operating
expenses
Total
Settlements
In EBITDAF
Market traded electricity hedges 28 (37) (9) 28 (32) (4)
Other electricity hedges 32 (58) (26) (5) 33 28
Electricity options–––– 3 3
Total settlements in EBITDAF 60 (95) (35) 23 4 27

Level 3 financial instrument analysis
The following provides a summary of the movements through EBITDAF and movements in the fair value of level three financial instruments:
UnauditedUnaudited
20222021
$M
Other
Electricity
Hedges
Electricity
Options Total
Other
Electricity
Hedges
Electricity
Options Total
Energy hedges settled in EBITDAF:
Operating revenue32–32(5)–(5)
Operating expenses(58)–(58)33336
Total settlements in EBITDAF(26)–(26)28331
Net change in fair value of energy hedges:
Remeasurement(13)(7)(20)(12)(4)(16)
Hedges settled26–26(28)(3)(31)
Total net change in fair value of energy hedges13(7)6(40)(7)(47)
Balance at the beginning of the period98391379929128
Fair value movements13(7)6(40)(7)(47)
Balance transferred to Held For Sale–––(4)–(4)
New hedge recognised–1010–3232
Balance at the end of the period111421535554109
D
D1 Financial instruments continued

24
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
Fair value technique and key inputs
In estimating the fair value of an asset
or liability, Meridian uses market-
observable data to the extent that it is
available. The Audit and Risk Committee
of Meridian determines the overall
appropriateness of key valuation
techniques and inputs for fair value
measurement. The Chief Financial
Officer explains fair value movements
in his report to the Board.
Where the fair value of a financial
instrument is calculated as the present
value of the estimated future cash flows
of the instrument (DCFs), a number of
inputs and assumptions are used by
the valuation technique.
These are:
• forward price curves referenced to
the ASX for electricity, published
market interest rates and published
forward foreign exchange rates;
• Meridian's best estimate of electricity
volumes called over the life of
electricity options;
• discount rates based on the market
wholesale interest rate curves,
adjusted for counterparty risk;
• calibration factor applied to forward
price curves as a consequence of
initial recognition differences;
• NZAS continues to operate to
31 December 2024; and
• contracts run their full term.
The table below describes the additional key inputs and techniques used in the
valuation of level 2 and 3 financial instruments:
Financial
asset
or liabilityDescription of input
Range of significant
unobservable inputs
Relationship of
input to fair value
Energy
hedges,
valued
using DCFs
Price, where quoted prices are not
available or not relevant (i.e. for
long dated contracts), Meridian's
best estimate of long-term forward
wholesale electricity price is used.
This is based on a fundamental
analysis of expected demand and
the cost of new supply and any other
relevant wholesale market factors.
Calibration factors, which are applied
to forward curves as a consequence
of initial recognition differences (see
below table)
$29/MWh to $243/
MWh (30 June 2022:
$34/MWh to $115/
MWh)(in real terms),
excludes observable
ASX prices.
An increase in
forward wholesale
electricity price
increases the fair
value of buy hedges
and decreases
the fair value of
sell hedges. A
decrease in forward
wholesale electricity
price has the
opposite effect.
D
D1 Financial instruments continued
Movements in recalibration
differences arising from energy hedgesUnauditedUnauditedAudited
Position as at31 Dec 2022
$M
31 Dec 2021
$M
30 June 2022
$M
Carrying value
Opening difference – (2) (2)
Initial differences on new hedges – – –
Volumes expired and amortised – – 2
Closing difference – (2) –
Initial recognition difference
An initial recognition difference arises
when the modelled value of an energy
hedge differs from the transaction
price (which is the best evidence of fair
value). This difference is accounted for
by recalibrating the valuation model by
a fixed percentage to result in a value
at inception equal to the transaction
price. This recalibration is then applied
to future valuations over the life of
the contract.
The resulting difference shown in the
table reflects potential future gains
or losses yet to be recognised in the
income statement over the remaining
life of the contract.

25
Group financial statements for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
E : Other
E1 Group structure
During the period, Meridian LTI
Trustee Limited was wound up
and removed from the companies
register. No other changes occurred
to Meridian's Group structure in the
six months to 31 December 2022.
In the comparative period, MEA
was still part of the Group, although
it has been shown as Held For Sale
and as a discontinued operation.
Refer to Note S1 for further details.
E2 Contingent assets
and liabilities
In August 2022, Meridian and Contact
Energy Limited entered into a swaption
and a contract-for-difference (CfD). The
contract period for both derivatives
covers calendar years 2023 and
2024; however, the 2024 portion
only activates if specified conditions
precedent are met. These conditions
are due to be concluded upon on 15
September 2023. As we are unsure
if the pre-conditions will be met, the
2024 portion of both derivatives is not
presently recognised in the Meridian
statement of financial position. If
confirmed, the approximate value of the
swaption derivative asset and amortised
cost liability for premiums would be
$10 million, with the swaption limited to
150GWh of calls per annum. The CFD
has a notional volume of 294GWh.
During the reporting period, Meridian
sought a stamp duty refund from the
Australian Tax Office for the amount
of AU$7.8 million (NZ$8.3 million)
in relation to its former holdings in
Meridian Energy Australia. Meridian
initially won the decision in the NSW
Supreme Court in August 2022,
however, the Chief Commissioner of
State Revenue has appealed in the
NSW Court of Appeal. A hearing in the
Court of Appeal has been set down
for March 2023. No amount has been
recognised in the financial statements
in relation to the stamp duty refund
because Meridian is pursuing the
amount through a legal process, where
the outcome is uncertain.
There were no contingent assets
or liabilities in comparative periods
(31 Dec 2021: $0 million, 30 Jun 2022:
$0 million).
E3 Subsequent events
Meridian is considering making an
offer of up to $150 million (with the
ability to accept oversubscriptions
of up to an additional $50 million
at Meridian’s discretion) of 5.5 year
unsecured, unsubordinated, fixed
rate Green Bonds to institutional
and New Zealand retail investors.
It is expected that full offer details
will be released on 6 March 2023,
when the offer is expected to open.
The Directors declared an interim
dividend on 28 February 2023. Refer to
Note C3 Dividends for further details.
E4 Changes in financial
reporting standards
Meridian is not aware of any standards
in issue but not yet effective which
would materially impact on the
amounts recognised or disclosed
in the financial statements.

26
Independent auditor's review Report
MERIDIAN ENERGY LIMITED
26
To the shareholders of Meridian Energy Limited
Independent auditor’s report
The Auditor-General is the auditor
of Meridian Energy Limited (the
‘Company’) and its subsidiaries (the
‘Group’). The Auditor-General has
appointed me, Mike Hoshek, using
the staff and resources of Deloitte
Limited, to carry out the review of
the condensed consolidated interim
financial statements (‘interim financial
statements’) of the Group on his behalf.
Conclusion
We have reviewed the interim financial
statements of the Group on pages 2 to
25, which comprise the balance sheet as
at 31 December 2022, and the income
statement, comprehensive income
statement, statement of changes in
equity and statement of cash flows
for the six months ended on that date,
and the notes, including a summary
of significant accounting policies
and other explanatory information.
Based on our review, nothing has
come to our attention that causes us
to believe that the interim financial
statements of the Group do not
present fairly, in all material respects,
the financial position of the Group as
at 31 December 2022 and its financial
performance and cash flows for the
six months ended on that date in
accordance with NZ IAS 34 Interim
Financial Reporting and IAS 34
Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance
with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the
Independent Auditor of the Entity (‘NZ
SRE 2410 (Revised)’). Our responsibilities
are further described in the Auditor’s
Responsibilities for the Review of the
Interim Financial Statements section
of our report.
We are independent of the Group in
accordance with the independence
requirements of the Auditor-General’s
Auditing Standards, which incorporate
the independence requirements of
Professional and Ethical Standard
1 International Code of Ethics for
Assurance Practitioners issued by
the New Zealand Auditing and
Assurance Standards Boards. We note
that during the period our systems
identified that a non-audit partner in
the same office as the engagement
partner inadvertently held an interest in
the entity for part of the period, which
was rectified prior to the issuance of this
opinion. The matter does not impact
on the financial statements and has not
compromised our objectivity as auditor.
In addition to this review and the
audit of the Group annual financial
statements, our firm carries out other
assurance assignments for the Group in
the areas of greenhouse gas inventory
assurance, limited assurance of the
sustainability content in the integrated
report, audits of the securities registers,
audit of the fixed rate bond registers,
and the solvency returns of Meridian
Energy Captive Insurance Limited, as
well as a review of the vesting of the
executive long-term incentive plan,
and supervisor reporting. We also
carried out non-assurance assignments
for the Group relating to the Corporate
Taxpayers Group which are compatible
with those independence requirements.
In addition to these assignments,
partners and employees of our
firm deal with the Group on normal
terms within the ordinary course
of trading activities of the Group.
These services and trading activities
have not impaired our independence
as auditor of the Group.
Other than these assignments and
trading activities, we have no relationship
with, or interests in the Group.

27
Independent auditor's review Report
MERIDIAN ENERGY LIMITED
Directors’ responsibilities for
the interim financial statements
The directors are responsible on behalf
of the Company for the preparation and
fair presentation of the interim financial
statements in accordance with NZ IAS
34 Interim Financial Reporting and IAS
34 Interim Financial Reporting and for
such internal control as the directors
determine is necessary to enable the
preparation and fair presentation of the
interim financial statements that are free
from material misstatement, whether
due to fraud or error.
The directors are also responsible for
the publication of the interim financial
statements, whether in printed or
electronic form.
Auditor’s responsibilities
for the review of the interim
financial statements
Our responsibility is to express a
conclusion on the interim financial
statements based on our review.
NZ SRE 2410 (Revised) requires us
to conclude whether anything has
come to our attention that causes us
to believe that the interim financial
statements, taken as a whole, are not
prepared, in all material respects, in
accordance with NZ IAS 34 Interim
Financial Reporting and IAS 34 Interim
Financial Reporting.
A review of the interim financial
statements in accordance with NZ SRE
2410 (Revised) is a limited assurance
engagement. We perform procedures,
primarily consisting of making enquiries,
primarily of persons responsible for
financial and accounting matters, and
applying analytical and other review
procedures. The procedures performed
in a review are substantially less than
those performed in an audit conducted
in accordance with International
Standards on Auditing (New Zealand)
and consequently does not enable us to
obtain assurance that we would become
aware of all significant matters that might
be identified in an audit. Accordingly we
do not express an audit opinion on the
interim financial statements.
Mike Hoshek
for Deloitte Limited
On behalf of the Auditor-General
28 February 2023
CHRISTCHURCH, NEW ZEALAND
This review report relates to the unaudited interim financial statements of Meridian Energy Limited for the 6 months ended 31 December 2022 included on Meridian
Energy Limited’s website. The Board of Directors (the Board) are responsible for the maintenance and integrity of Meridian Energy Limited’s website. We have not
been engaged to report on the integrity of Meridian Energy Limited’s website. We accept no responsibility for any changes that may have occurred to the unaudited
interim financial statements since they were initially presented on the website. The review report refers only to the unaudited interim financial statements named
above. It does not provide an opinion on any other information which may have been hyperlinked to/from these unaudited interim financial statements. If readers
of this report are concerned with the inherent risks arising from electronic data communication they should refer to the published hard copy of the unaudited interim
financial statements and related review report dated 28 February 2023 to confirm the information included in the unaudited interim financial statements presented
on this website. Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

meridian.co.nz
Condensed Interim Financial Statements.
As at and for the six months to 31 December 2022.

---

2023 Interim Results
Presentation
1 MARCH 2023

2023 INTERIM RESULTS PRESENTATION
2
1 MARCH 2023
Key points
*Earnings before interest, tax, depreciation, amortisation, changes in fair value of hedges and other significant items
Discussions are ongoing with NZAS on a potential contract beyond 2024. These discussions are complex, and outcomes are uncertain.
Meridian will update the market when discussions with NZAS are completed

3
Financial performance
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

5.705.705.70
5.85
6.00
10.72
11.2011.20
11.55
4.88
2.44
21.30
19.34
16.90
17.40
0
5
10
15
20
25
20192020202120222023
CPS
Financial Year ended 30 June
Dividends declared
Interim dividendFinal dividendSpecial dividendsTotal
4
Dividends
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
§Interim ordinary dividend declared of 6.00
cps (80% imputed), 2.6% increase from 1H
FY22
§Dividend reinvestment plan will apply to this
interim dividend at 0% discount
Dividendsdeclared1H FY231H FY22
centsper shareimputationcentsper shareimputation
Ordinarydividends6.0080%5.8586%
Source: Meridian
Dividend Reinvestment Plan Dates
Ex dividend date
7 MarStrike price announced14 Mar
Record date8 MarDividend paid/shares issued23 Mar
Elections close9 Mar

348
426
395394
425
426
361
297
315
774
787
692
709
0
20 0
400
600
800
1, 0 00
20 1 920 2 020 2 120 2 220 2 3
$M
Financial Year ended 30 June
EBITDAF (continuing operations)
InterimFinal half-yearTot al
5
EBITDAF
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
§EBITDAF
1
$31M (8%) higher than 1H FY22
§$82M (16%) higher retail contracted sales revenue
§Lower generation revenue and supply costs from
lower wholesale spot prices
§$51M gain on close outs of forward hedge
positions
§Operating costs $25M (26%) higher than 1H FY22
§2H FY23 has started with low inflow conditions
Source: Meridian
1
Earnings before interest, tax, depreciation, amortisation, changes in
fair value of hedges and other significant items
Source: Meridian
425
394
+61
0
-3
-2
-25
300
400
500
EBITDAF 31 Dec
21
NZ ener gy
ma rgin
Other revenueTransmission
exp enses
Metering
exp enses
Operating
exp enses
EBITDAF 31 Dec
22
$M
EBITDAF movement

6
Energy margin
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
Source: Meridian
§Customer and sales volume growth across
residential, small business and corporate
segments
§Lift in both mass market and corporate
average pricing
§1.4% higher physical generation
§Financial contract, spot generation and
hedging revenues all reflected lower
wholesale prices
§Those lower prices decreased costs in the
portfolio
§Higher hedging volumes and contract sales
increased costs in the portfolio
Refer to pages 34-37 for further breakdowns of energy margin
598
537
+51
+31
0
-290
+308
-124
+90
-7
+2
200
300
400
500
600
700
Energy
Margin 31
Dec 21
Mass
ma rk et
sales
C&I salesNZ AS sal esGeneration
spo t
revenue
Cost to
supp ly
cust omer s
Derivative
sales and
pur ch ases
Cost of
der i va ti ve
sales and
pur ch ases
Net VA SOtherEnergy
Margin 31
Dec 22
$M
Energy margin movement
Physical
+$100M
Financial
-$41M

7
Customers
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
§Sales volume growth in small medium
business (13%), agricultural (8%), large
business (17%)
§Higher mass market net average sales price
§Mass market revenue increased $51M (16%)
§2% growth in corporate sales volume at a
higher average sales price
§Corporate sales revenue increased $32M
(16%)
CustomersalesAverage
price
($/MWh)
Total sales
volume
(GWh)
North Island
sales volume
(GWh)
South Island
sales volume
(GWh)
1H FY23
Residential955521434
Small medium business846519327
Agricultural639212427
Large business310202108
Total mass market$1352,7501,4541,296
Corporate$1191,9201,231689
1H FY22
Residential963533430
Small medium business750459291
Agricultural590202388
Large business266166100
Total mass market$1252,5691,3601,209
Corporate$1051,8831,287596

124
101
113
93
51
0
20
40
60
80
100
120
140
20182019202020212022
$/MWh
Six Months ended 31 December
NZ average generation price
8
Generation
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
§Inflows 114% of average in 1H FY23, including
highest winter inflows on record
§Lowest January Waiauinflows on record in
January 2023
§Lake Pukakistorage has now fallen back to
average for the first time since July 2022
§Manapōuriand TeAnaulakes both remain
below average for this time of year
§Factors outside of hydrology continue to put
upward pressure on forward wholesale
prices
Source: Meridian

92
93
101
98
123
94
102
107
122
124
186
195
208
220
0
100
200
300
20192020202120222023
$M
Financial Year ended 30 June
Operating costs
1
InterimFinal half-yearTotal
9
Operating costs
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
§Operating costs $25M (26%) higher than 1H
FY22
§1H FY22 included a $7M provision release
relating to the MBIE review of Meridian’s
holiday pay treatment
§Growth in 1H FY23 from Flux and
development investment, salary uplifts and
treatment change in Australia call centre
costs
§Expecting FY23 operating costs of between
$242M and $247M
1
including historical adjustments for IFRS 16 and software as a service
247
↑
242
124
↑
119
Source: Meridian

§Capital expenditure of $171M in 1H FY23
§Expecting FY23 capital expenditure of
between $410M and $435M
§$50M to $55M of stay in business capex
§$360M to $380M of currently approved
investment spend
§Generation cash costs of $40M in 1H FY23,
4% higher than 1H FY21
§Expected FY23 generation cash costs of
$83M to $88M
10
Capital expenditure
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
Source: Meridian
21
28
30
92
171
32
31
28
83
53
59
58
175
0
100
200
300
400
500
20192020202120222023
$M
Financial Year ended 30 June
Capital expenditure (NZ operations)
InterimFinal half-yearTotal
264
↑
239
435
↑
410

Underlying net profit after tax
Six months ended 31 December20222021
$M
EBITD AF425394
Depreciation and amortisation(144)(144)
Premiums paid on electricity options net of interest(9)(10)
Net finance costs(23)(39)
Ta x effect (68)(56)
Underlying net profit after tax181145
11
Below EBITDAF
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
1
Net profit before tax
2
Net profit after tax adjusted for the effects of non-cash fair value movements and other one-off items. A reconciliation of Underlying NPAT is on page 40
§$5M decrease in NPBT
1
from fair value of
electricity hedges from rising forward electricity
prices ($68M decrease in 1H FY22)
§$32M increase in NPBT from fair value of
treasury instruments from rising interest rates
($58M increase in 1H FY22)
§$6M net impairment charge on exit of
Wellington office lease
§$16M reduction in net finance costs with
Australia sale proceeds
§Resulted in a $56M (+39%) increase in NPAT
§$36M (+25%) increase in Underlying NPAT
2
largely from higher earnings, lower interest costs
§$740M increase in generation and plant asset
valuation
§Net Debt to EBITDAF at 1.3 times as at 31
December 2022
Meridian is currently considering a green bond offer of up to $200
million. Full offer details are expected to be released on 6
th
March
262
266
187
225
265
373
338
244
236
635
604
431
461
0
200
400
60 0
20192020202120222023
$M
Financial Year ended 30 June
Operating cash flows
InterimFinal half-yearTotal

12
Business update
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

13
Wholesale prices
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
Source: ASX
§Above average inflows during 1H FY23
§January 2023 inflows were 46% of average
§Factors outside hydrology continue to put
upward pressure on wholesale prices
§Rising thermal costs, concern around
availability and higher carbon prices are
resulting in wholesale prices above long-
term averages
§Growing global demand for renewables is
introducing supply pressures
§Market is responding to these price signals
§$2.5B in new generation investment now
under construction
§Delivered into the market from 2023
90
110
130
150
170
190
210
230
250
270
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
$/MWh
Otahuhu ASX futures settment price
31 December 202130 June 20223 October 2022
30 December 202231 Ja nua ry 2023

14
Policy and regulation
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
Resource management reform
§The New Zealand Government is replacing the current
Resource Management Act with three new pieces of legislation
§The first two bills were introduced into Parliament in
November 2022 and are expected to pass into law in 2023
§These three new Acts, together with a new National Planning
Framework, will set a new regulatory environment under
which existing generation assets are reconsented and new
development options are consented
§Meridian’s focus is on ensuring the regulatory environment
enables renewable generation for NZ’s low carbon future
Transmission pricing
§Final pricing published by Transpower for 2023-24 pricing year, which incorporates the new TPM changes
§Meridian will receive total annual charges of$66M in 2023-24, $12M lower than 2022-23 and $5M above
Transpower’s last indicative pricing
§Increase to Asset Replacement costs (additional $5M), half earlier estimates

15
Manapōuritransformers
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
§In early December 2022 ManapōuriUnit 6
was taken out of service due to issues with
the transformer
§Six months is the best estimate of the time to
resolve the issues with the Unit 6 transformer
§The transformer for ManapōuriUnit 1 also
previously indicated similar issues
§Following inspection, Unit 1 was returned to
service in late December 2022

§Good progress on bulk earthworks, cable
trenching and foundation piling during the
last quarter
§Revised roading design has proved mostly
resilient to the 1.6 metresof rain that fell on
site during January and February 2023
§First 14 sets of turbines are enroute and
expected to reach Napier in early March
2023
§Cyclone Gabrielle’s extensive damage to
State Highway 5 and the main transmission
line into Hawke’s Bay mean project impacts
are still being assessed
16
Harapakiconstruction
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

§Construction announced in December 2022
§Stage one of a two-stage project that
anticipates the future construction of a 130MW
solar farm
§100 MW peak and 200 MWh (2 hours) energy
storage
§Project completion in second half of 2024
§SafTBattery Energy Storage Solution (integrated
supply, install, commission, operational services)
§Shared infrastructure (switchgear, buildings) will
reduce stage two solar project unit cost by
~$20/MWh
§$186M capital investment, including contingency
§$20M - $30M EBITDAF p.a. (average, low - high
scenarios)
17
Ruakākābattery energy storage system
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
Up to $35M revenue p.a. from:
price arbitrage
reserve market participation
indirect revenue

§Woodside Energy selected as preferred partner,
moving into the development stage of the project
§A final investment decision will follow the
development stage
§Mitsui & Co., Ltd. will participate in development of
potential markets
§Collaboration with Ngāi Tahuand local Rūnanga
to align project with their energy vision and
supports their principles under mana whenua
§Targeting to produce 500,000 tonnes of green
ammonia per year
§Facility could potentially provide up to 40% of New
Zealand’s dry year flexibility needs
§Commenced front-end engineering design
§Technical work on the facility continuing
§Options being assessed for domestic hydrogen
and green ammonia supply and export to Asia
and Europe
18
Southern Green Hydrogen
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

Certified Renewable Energy
§100 customers now with Meridian’s Certified
Renewable Energy product
§Net proceeds of the product will be reinvested
back into decarbonisation projects
Zero charging network
§137 public EV chargers deployed
Energy hardship
§New energy wellbeing pilot completed
§Scaling up with the aim of making a long-term
meaningful difference
19
Retail initiatives
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

20
Evolving our customer approach
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
§From growth
§To energy solutions
5,727
5,981
6,240
7,376
8,405
8,941
4,000
6,000
8,000
10,000
201720182019202020212022
GWh
Financial Year ended 30 June
Retail sales volume
56%
growth
in 5
years
Source: Meridian

21
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
§Deep pipeline of 4.7 GW (11.1 TWh) of development options
§Pipeline has doubled in size in the last six months
§1.5 GW secured, 3.2 GW in advanced prospects
Renewable development pipeline

22
NZAS contract termination – portfolio response
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

23
Closing comments
§Strong interim performance supported by
record winter 2022 inflows
§Relatively low 2022-23 summer inflows and
NIWA outlook suggests a continuation of
dryish conditions, with a La Niña influence
prevailing into autumn
§Ruakākāsolar farm and Mt Munro wind
farm consents will both be lodged mid-2023
§Ruakākābattery will be operational in
second half of 2024
§Southern Green Hydrogen final investment
decision to follow project development
phase
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

24
Additional information
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

33%
2%
30%
35%
Sources of Funding -31 December 2022
NZ $ bank facilities*
EK F - D anish expo rt cred it
Retail Bonds
US pr ivate placement
25
Debt and funding
2023 INTERIM RESULTS PRESENTATION
§December 2022 total borrowings of $1,118M
§Committed bank facilities of $585M, of
which $550M were undrawn
§Green bond offer of up to $200M under
consideration
§Net debt to EBITDAF at 1.3x at 31 December
2022
1 MARCH 2023
160 160
210
152
439
475
75
0
100
200
300
400
500
600
700
202320242025202620272028+
$M
Calendar Year ended 30 June
Debt maturity profile as at 31 December 2022
Drawn debt maturing (face value)Available facilities maturing
*drawn and undrawn

26
Capital expenditure
2023 INTERIM RESULTS PRESENTATION
§Consistent level of stay in business capex
§Largely consists of system and generation
asset enhancement spend
§NZ operations capex of $171M in 1H FY23
§Expecting FY23 NZ operations capex of
between $410M and $435M
§$50M to $55M of stay in business capex
§$360M to $380M of currently approved
investment spend
1 MARCH 2023
21
28
30
92
171
32
31
28
83
53
59
58
175
0
100
200
300
20192020202120222023
$M
Financial Year ended 30 June
Capital expenditure (NZ operations)
Int er imFinal half-y earTo tal

$M
1H FY231H FY221H FY231H FY221H FY231H FY221H FY231H FY221H FY231H FY221H FY231H FY221H FY231H FY22
Contracted sales226270600518-85-----(85)826788
Cost to supply customers(541)(937 )(503)(4 22)-(7 3)--521454-73(523)(905)
Net cost of hedging(68)(4 )---1-----(1)(68)(4 )
Generation spot revenue371661---40-----(4 0)371661
Inter-segment electricity sales521454------(521)(4 54 )----
Virtual asset swap margins(4)3----------(4)3
Other market revenue/(costs)(5)(6)1--(1)-----1(4)(6)
Energy margin5004419896-52-----(52)59 8537
Other revenue 1187-11323(8)(17 )-(1)1414
Energy transmission expense(41)(38)---(3)-----3(41)(38)
Energy metering expense--(23)(21)--------(23)(21)
Gross margin4604048382-501323(8)(17)-(50)548492
Operating expenses(42)(4 1)(35)(33)-(26)(49)(32)38-26(123)(98)
EBITDAF41836 34849-24(36)(9)(5)(9)-(24)42539 4
TotalWh olesaleRetailAustraliaOther & unallocatedInter-segmentDiscontinued ops
27
Segment results
§Flux Federation included in ‘other and unallocated’ segment
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

28
NZ operations results
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
NZ Operations EBITDAF
Financial year ended 30 June202220212020201920182017
$M
Contracted sales1,5821,4331,3271,1781,064968
Cost to supply customers(2,4 63)(2,896)(1,4 86)(1,87 4 )(1,194 )(7 07 )
Net cost of hedging1482711112641(4 )
Generation spot revenue1,7572,1931,2661,6721,039684
Virtual asset swap margins2(3)911(2)4
Other market revenue/(costs)(4 )(4 )(5)(5)(4 )(5)
Energy margin1,0229941,1221,108944940
Other revenue 272724232119
Energy transmission expense(7 9)(82)(116)(125)(122)(125)
Energy metering expense(4 3)(39)(36)(33)(31)(30)
Gross margin927900994973812804
Operating expenses(218)(209)(207 )(199)(190)(183)
EBITDAF709691787774622621

1,936
2,187
2,435
2,569
2,750
1,063
1,474
1,684
1,883
1,920
2,999
3,661
4,119
4,452
4,670
0
1, 0 00
2, 0 00
3,000
4,000
5,000
20 1 820 1 920 2 020 2 120 2 2
GWH
Six Months ended 31 December
New Zealand retail sales volume
Residential, SMB , AgriCorporateTot al
109
115
119
123123
119
120
122
126
126
74
89
106
117
118
0
10 0
20 0
300
400
500
Jun-19Jun-20Jun-21Jun-22Dec-22
ICP (000)
New Zealand customer connections
Me r idi an Nor th Is landMe r idi an S outh Isl andPowershop
29
Customers
§0.4% increase in customers since June 2022
Mass market segment
§1% decrease in residential volumes
§13% increase in small business volumes
§8% increase in agrivolumes
§17% increase in large business volumes
Corporate segment
§2% increase in volumes
Total
302
324
347
365
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
367
Retail

0
500
1, 0 00
1, 5 00
2, 0 00
2, 5 00
1- Jan1- Feb1- Mar1- Ap r1- May1- Jun1- Jul1- Aug1- Se p1- Oct1- Nov1- Dec
GWh
Meridian’s Waitaki storage
Average 1979-20 1 720 1 820 1 920 2 020 2 120 2 2
30
Hydrology
Inflows
§1H FY23 inflows were 114% of average
§January 2023 inflows were 46% of average
Storage
§Meridian’s Waitaki storage as of 31
December 2022 was 129% of average
§By 31 January 2023, this position was 99% of
average
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
1-Jan
0
2, 0 00
4,000
6,000
8,000
10 , 00 0
20 0 920 1 020 1 120 1 220 1 320 1 420 1 520 1 620 1 720 1 820 1 920 2 020 2 120 2 220 2 3
GWh
Financial
year
Meridian’s combined catchment inflows
December YTD89 year average

31
Generation
Volume
§1H FY23 generation was 1.4% higher than 1H
FY22, with higher hydro and lower wind
generation
Price
§1H FY23 average price Meridian received for
its generation was 45% lower than 1H FY22
§1H FY23 average price Meridian paid to
supply customers was 43% lower than 1H
FY22
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
5,925
6,408
5,911
6,402
6,574
621
779
765
709
640
6,546
7,187
6,676
7,111
7,214
0
2, 0 00
4,000
6,000
8,000
20 1 820 1 920 2 020 2 120 2 2
GWH
Six Months ended 31 December
New Zealand generation
Hyd roWindTot al
124
101
113
93
51
0
20
40
60
80
100
120
140
20182019202020212022
$/MWh
Six Months ended 31 December
Average generation price

425
394
+82
-44
-290
+382
-64
-7
+2
+0
-3
-2
-25
0
100
200
300
400
500
600
EBITDAF 31
Dec 2021
Re tail
contracte d
sales
Wholesale
contracte d
sales
Generation
spot revenue
Cost to
supply
cu stomers
Net cost of
he dge s
Virtual asset
swaps
Othe r
market costs
Othe r
revenue
Transmission
expenses
Me te rin g
expenses
Employee &
other
operating
expenses
EBITDAF 31
Dec 2022
$M
Movement in EBITDAF
32
1H FY23 EBITDAF
New Zealand energy margin +$61M
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

33
EBITDAF to NPAT
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
181
201
425
-144
-10
-23
-67
27
-6
+10
-11
100
150
200
250
300
350
400
450
EBIT DA FDepreciation and
amortisation
Pr e miu ms paid o n
electricity options net
of interest
Ne t finance costsTaxUnderlying
NP AT
Ne t change in fair
value of
hedges/instruments
Loss on sale of
ass ets/impairments
Pr e miu ms paid o n
electricity options net
of interest
TaxNP AT
$M
1H FY23 EBITDAF to NPAT reconciliation

34
Energy margin
§A non-GAAP financial measure
representing energy sales revenue less
energy related expenses and energy
distribution expenses
§Used to measure the vertically integrated
performance of the retail and wholesale
businesses
§Used in place of statutory reporting which
requires gross sales and costs to be
reported separately, therefore not
accounting for the variability of the
wholesale spot market and the broadly
offsetting impact of wholesale prices on
the cost of retail electricity purchases
Defined as
§Revenues received from sales to customers net of
distribution costs (fees to distribution network companies
that cover the costs of distribution of electricity to
customers), sales to large industrial customers and fixed
price revenues from financial contracts sold (contract sales
revenue)
§The volume of electricity purchased to cover contracted
customer sales and financial contracts sold (cost to supply
customers)
§The fixed cost of derivatives used to manage market risks,
net of spot revenue received from those derivatives (net
cost hedging)
§Revenue from the volume of electricity that Meridian
generates (generation spot revenue)
§The net margin position of virtual asset swaps with Genesis
Energy and Mercury New Zealand
§Other associated market revenues and costs including
Electricity Authority levies and ancillary generation
revenues, such as frequency keeping
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

35
Energy margin
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
598
371
229
226
371
-439
-84
-256
137
51
-4
-4
0
300
600
900
1,200
1,500
Mass market
sales
C&I salesFinancial
contract
sales (incl
NZ AS)
Genera tion
spot
revenue
Cost to
supply
customers
Cost to
supply
financial
contracts
Hedging
fixed cost s
Hedging
spot
revenue
Contract
close outs
VAS marginsMarket costsEn er gy
Margin
$M
Energy margin

36
Energy margin
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
598
537
+51
+31
-44
-290
+308
+74
-36
-80
+52
-7
+2
0
200
400
600
800
Energy Margin
31 Dec 21
Ma ss mar ket
sales
C&I sal esFinancial
co ntra ct sale s
(incl NZAS)
Gene rat ion
spot re venue
Cost to supply
cu st omers
Cost to supply
fin an cial
co ntra ct s
Hedging fixed
co sts
Hedging spot
revenu e
Contract close
ou ts
VAS marginsMa rk et c ostsEnergy Margin
31 Dec 22
$M
Energy margin movement

1H FY231H FY22
VolumeVWAPNZD MVolumeVWAPNZD M
Res, business, agri sales2, 75 0$1353712, 5 68$125320
Corporate and industrial sales1, 920$1192291, 8 8 4$105198
Retail contracted sales4,670$1286004,452$116518
NZAS sales2, 5 242, 5 25
Financial contract sales1, 43 21, 5 90
Wholesale contracted sales3,956$572264,116$66270
Cost to supply retail customers4,965-$63(312)4,700-$113(530)
Cost to supply wholesale customers2, 5 25-$50(127)2, 5 25-$86(217)
Cost of financial contracts1, 5 90-$53(84)1, 5 90-$99(158)
Cost to supply customers9,081-$58(523)8,816-$103(905)
Hedging cost s2, 260-$113(256)1, 978-$111(220)
Hedging spot r evenue2, 260$6013 71, 978$110217
Close-outs51(1)
Net cost of hedging(68)(4)
Hydr o gener at ion6,5746,403
Wind generation641708
Generation revenue7,214$513717,111$93661
Virt ual asset swap margins(4)3
Other(4)(6)
Energy margin598537
37
Energy margin
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

38
Fair value movements
§Meridian uses derivative instruments to
manage interest rate, foreign exchange and
electricity price risk
§As forward prices and rates on these
instruments move, non-cash changes to
their carrying value are reflected in NPAT
§Accounting standards only allow hedge
accounting if specific conditions are met,
which creates NPAT volatility
§$5M decrease in NPBT from fair value of
electricity hedges from changing forward
electricity prices ($68M decrease in 1H FY22)
§$32M increase in NPBT from fair value of
treasury instruments ($58M increase in 1H
FY22)
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
-5
-161
236
281
27
-200
-100
0
100
200
300
400
FY19FY20FY21FY221H FY23
$M
Change in fair value of financial instruments

39
Income statement
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023
Six months ended 31 December20222021
$M
New Zealand energy margin598537
Other revenue1414
Energy tra nsm ission exp ense(41)(38)
Electricity m etering exp enses(23)(21)
Em p loyee a nd other op era ting exp enses(123)(98)
EBITDA F425394
Depreciation and amortisation(144)(144)
Impairment of assets(6)-
Ga in/(loss) on sa le of a ssets--
Net change in fair value of energy hedges(5)(68)
Net finance costs(23)(39)
Net change in fair value of treasury instruments3258
Net profit before tax279201
Income tax expense(78)(56)
Net profit after tax from continuing operations201145

Six months ended 31 December20222021
$M
Net profit after tax201145
Underlying adjustments
Hedging instruments
Net change in fair value of energy hedges568
Net change in fair value of treasury instruments(32)(58)
Premiums paid on electricity options net of interest(9)(10)
Assets
(Gain)/loss on sale of assets--
Impairment of assets6-
Tota l a d justm ents b efore ta x(30)-
Ta xa tion
Ta x effect of a b ove a d justm ents10-
Underlying net profit after tax181145
40
Underlying NPAT reconciliation
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

Six months ended 31 December20222021
$M
Receipts from customers1,6371,986
Interest received6-
Payments to suppliers and employees(1,253)(1,629)
Interest paid(33)(40)
Income tax paid(92)(92)
Operating cash flows265225
Purchase of property, plant and equipment(136)(82)
Purchase of intangible assets and investments(8)(13)
Investing cash flows(144)(95)
Term b orrow ings d ra w n-182
Term b orrow ings rep a id(5)(63)
Lease liabilities paid(3)(4)
Dividends(278)(222)
Financing cash flows(286)(107)
Net (decrease)/increase in cash and cash equivalents(165)23
Cash and cash equivalents at beginning of the six months363148
Adjustment for cash classified as assets held for sale-(19)
Cash and cash equivalents at end of the six months198152
41
Cash flow statement
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

Six months ended 31 December20222021
$M
Cash and cash equivalents198152
Tra d e receiva b les271303
Customer contract assets1415
Other current assets336156
Assets held for sale-729
Total current assets8191,355
Property, plant and equipment8,5877,966
Intangible assets8280
Other non-curent assets345241
Total non-current assets9,0148,287
Payables, accruals and employee entitlements336339
Customer contract liabilities1214
Current portion of term borrowings159269
Current portion of lease liabilities34
Other current liabilities9078
Liabilities held for sale-197
Total current liabilities600901
Term b orrow ings9591,530
Deferred tax2,1181,883
Lease liabilities2546
Other non-current liabilities161147
Total non-current liabilities3,2633,606
Net assets5,9705,135
42
Balance sheet
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

43
Glossary
Hedging volumesbuy-side electricity derivativesexcludingthe buy-side of virtual asset swaps
Average generation pricethe volume weighted average price received for Meridian’s physical generation
Average retail contracted sales pricevolume weighted average electricity price received from retail customers, less distribution costs
Average wholesale contracted sales pricevolume weighted average electricity price received from wholesale customers(including NZAS) and financial contracts
Combined catchment inflowscombined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of hedgesvolume weighted average price Meridian pays for derivatives acquired
Cost to supply contracted salesvolume weighted average price Meridian pays to supply contracted customer sales and financial contracts
Contracts for Difference (CFDs)an agreement betweenparties to pay the difference between the wholesale electricity price and an agreed fixed price for a
specified volume of electricity. CFDs do not result in the physical supply of electricity
Customer connections (NZ)number of installation control points, excluding vacants
FRMPfinancially responsible market participant
GWhgigawatt hour. Enough electricity for 125 average New Zealand households for one year
Historic average inflowsthe historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 84 years
Historic average storagethe historic average level of storage in Meridian’s Waitaki catchment since 1979
HVDChigh voltage direct current link between the North and South Islands of New Zealand
ICPNew Zealand installation control points, excluding vacants
ICP switchingthe number of installation control points changing retailer supplier in New Zealand, recorded in the month the switch was initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
NationaldemandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NZASNew Zealand Aluminium SmeltersLimited
Retail sales volumescontract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Financial contract salessell-side electricity derivatives excluding thesell-side of virtual asset swaps
TJTerajoules
Virtual Asset Swaps(VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

44
Disclaimer
The information in this presentation was prepared by Meridian
Energy with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily complete,
and no representation is made as to the accuracy, completeness or
reliability of the information. In addition, neither the company nor
any of its directors, employees, shareholders nor any other person
shall have liability whatsoever to any person for any loss (including,
without limitation, arising from any fault or negligence) arising from
this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and
projections. These reflect Meridian’s current expectations, based on
what it thinks are reasonable assumptions. Meridian gives no
warranty or representation as to its future financial performance or
any future matter. Except as required by law or NZX or ASX listing
rules, Meridian is not obliged to update this presentation after its
release, even if things change materially.
This presentation does not constitute financial advice. Further, this
presentation is not and should not be construed as an offer to sell or
a solicitation of an offer to buy Meridian Energy securities and may
not be relied upon in connection with any purchase of Meridian
Energy securities.
This presentation contains a number of non-GAAP financial
measures, including Energy Margin, EBITDAF, Underlying NPAT and
gearing. Because they are not defined by GAAP or IFRS, Meridian's
calculation of these measures may differ from similarly titled
measures presented by other companies and they should not be
considered in isolation from, or construed as an alternative to, other
financial measures determined in accordance with GAAP. Although
Meridian believes they provide useful information in measuring the
financial performance and condition of Meridian's business, readers
are cautioned not to place undue reliance on these non-GAAP
financial measures.
The information contained in this presentation should be considered
in conjunction with the company’s condensed financial statements
for the six months ended 31 December 2022, available at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated
otherwise.
2023 INTERIM RESULTS PRESENTATION1 MARCH 2023

---

Changing Step.
Together.
Meridian Energy Limited. Investor Letter.
For the six months ended 31 December 2022.

Financial results
Meridian Energy has reported net
profit after tax of $201 million for the
six months ended 31 December 2022,
$56 million (39%) higher than the
same period last year. Included in
the result is an unrealised gain in
the value of hedge instruments
amounting to $27 million (vs a loss last
year of $10 million) and a $16 million
reduction in finance costs due to the
retirement of debt following the sale
of Meridian Energy Australia during
January 2022.
Meridian’s operating earnings from
continuing operations (EBITDAF
1
)
increased by $31 million (8%) over
the prior period. Operating earnings
benefited from $51 million of
electricity hedge close outs.
The Board has announced an interim
ordinary dividend of 6.00 cents per
share, 2.6% higher than last year’s
interim dividend. The interim ordinary
dividend will be 80% imputed and
Meridian’s Dividend Reinvestment
Plan will apply to this interim ordinary
dividend at no discount to the average
market price over a five-day period
ending on 13 March 2023. The interim
dividend will be paid, and new shares
issued under the reinvestment plan
on 23 March 2023.
Meridian’s balance sheet remains in
a strong position, with the company
maintaining a BBB+ credit rating as
defined by the agency Standard &
Poor’s. See the interim results financial
commentary for more information:
meridianenergy.co.nz/investors/
reports-and-presentations/interim-
results-and-reports
1. EBITDAF is a non-GAAP financial measure of earnings before interest, tax, depreciation,
amortisation, changes in fair value of hedges, impairment and gains or losses on sales of assets.
Hydrology and wholesale prices
Meridian’s lake storage levels lifted
significantly during the first part of
the current financial year, driven by
the highest winter inflows on record.
In contrast, late spring and summer
has seen much drier conditions, with
the Waiau catchment recording its
lowest January inflow on record
in January 2023.
During the six months ended
31 December 2022, inflows were
114% of average, with storage levels
at that date 129% of average in
the Waitaki catchment and 65% of
average in the Waiau catchment.
The higher-than-average inflows
during the six months ended
31 December 2022 supported 1.4%
higher generation than the prior period.
Factors outside of hydrology
continue to put upward pressure
on wholesale prices. Thermal fuel
costs, ongoing concerns about its
availability, along with higher carbon
prices have resulted in wholesale
prices continuing to be above
long-term averages.
The New Zealand electricity market
is reacting to these price signals
with significant new investment in
renewable generation to increase
overall capacity. Around $2.5 billion
of generation investment is currently
under construction and expected
to be delivered into the market
from 2023.
Outages at Manapōuri
In December 2022, Manapōuri Unit 6
(125MW) was taken out of service
for an expected six month period to
resolve issues discovered with the
unit’s transformer.
The transformer for Manapōuri Unit 1
has previously indicated a similar
issue. Meridian also undertook a
physical inspection of that unit and
after investigation, Manapōuri Unit 1
(125MW) has been returned to service.
View of Aoraki/Mt Cook from Lake Pukaki, New Zealand’s largest hydro storage lake.
1Investor LetterFor the six months ended 31 December 2022

Southern Green Hydrogen
Meridian, with the support of
Ngāi Tahu, has selected Woodside
Energy (Woodside) as the preferred
partner to move forward to the
development stage of the proposed
Southern Green Hydrogen (SGH)
project in New Zealand. A final
investment decision will follow
the development stage.
Woodside was selected after an
extensive competitive bidding process
based on its capability and experience
in operations, process safety, and
liquids marketing.
Mitsui & Co., Ltd. (Mitsui) will participate
in the development of potential markets
for green ammonia offtake, with the aim
of creating a world-class collaboration
that covers the full green hydrogen
and ammonia supply chain. Mitsui has
50 years of experience in the ammonia
business, including the largest share
of ammonia imports into Japan.
Subject to finalising commercial
arrangements, Meridian, Woodside, and
Mitsui will work towards commencing
front-end engineering design for
the project.
Murihiku Regeneration, representing
both Ngāi Tahu and the local rūnanga
of Murihiku, were closely involved in
the selection process. Looking ahead,
Meridian, Woodside, and Mitsui
will actively work with Murihiku
Regeneration to ensure the project
aligns with their energy vision for the
region and supports their principles
under mana whenua.
The proposed project is targeting to
produce 500,000 tonnes per year of
green ammonia utilising electrolysis
from renewable power. Technical work
on the facility is continuing in parallel
with the design of the commercial
structure for the project. Options for
the supply of hydrogen and ammonia
to the domestic market, as well as for
the potential to export ammonia to
Asia and Europe, will be assessed.
The SGH project originally consisted of
Meridian and Contact Energy. Contact
has made the decision to no longer
continue into the next phase of the
project as a development partner and
has indicated an interest in continuing
to support the project as a potential
electricity supplier.
Renewable development
In December 2022, Meridian
announced it will begin construction
of the Ruakākā Battery Energy Storage
System (BESS) in the first quarter of
2023. The project will construct New
Zealand’s first large-scale grid battery
storage system, providing Meridian
with a versatile North Island asset,
situated south of Whangārei.
With a 100MW peak and offering
two hours of energy storage, the BESS
offers multiple new revenue streams.
It will provide the ability to store and
release energy to the system between
price periods and to participate in
the North Island reserve electricity
market. As intermittent renewable
generation increases in this country,
the Ruakākā BESS will help manage
supply fluctuations through a low
carbon footprint, reducing this
country’s reliance on fossil fuels.
Global battery specialist Saft
(a subsidiary of French energy
company TotalEnergies) will provide
integrated battery supply, installation,
commissioning and operational
services for the Ruakākā BESS.
Meridian will manage a multi
contract delivery approach, with
project completion expected in
the second half of 2024.
Meridian expects to expand its
operations at Ruakākā, with a
grid-scale solar farm planned
for construction in 2024.
Meridian is preparing to lodge
consent applications in the middle
of 2023 for both the 130MW solar
farm at Ruakākā and a 60MW wind
farm at Mount Munro in the Wairarapa.
Meridian is investigating construction of the Mt Munro wind farm near Eketahuna. (Visual simulation by Boffa Miskell.)
2Investor LetterFor the six months ended 31 December 2022

Customers
Meridian continues to deliver strong
sales momentum in its retail business,
particularly in its business segments.
Sales volumes in small/medium
business, large business, agricultural
and corporate segments in the six
months to December 2022 grew by
13%, 9%, 17% and 2% respectively
compared to the same period last
year. Residential volumes were
1% lower than last year.
Meridian has now completed a four
year project to migrate all its customers
onto the its Flux platform, providing
them with an enhanced customer
care experience.
Our Process Heat Electrification
Programme has earmarked up to
600GWh per annum, to support
customers to switch from coal or
gas to electricity. In doing so we will
help our customers avoid pumping
around 300,000 tonnes of C02 into
the atmosphere every year, which
is the equivalent of removing about
150,000 cars off our roads.
We have also continued to walk the
talk when it comes to the electrification
of transport, and in September we
launched our own nationwide EV
charging network – Zero. Zero is
aiming to have 250 chargers installed
nationwide. We have made good
progress so far with 137 public chargers
now installed. Zero is a tangible way
that we can help New Zealanders to
reduce their reliance on fossil fuels
and help combat climate change.
Our Certified Renewable Energy
product has also enabled around
100 large business customers to
purchase more than 660GWh of
Renewable Energy Certificates last
year. This enables those customers to
legitimately reduce their emissions
and improve the sustainability and
marketing of their products. Further,
we have made a commitment to
reinvest all the proceeds from the
Renewable Energy Certificates into
community group decarbonisation
projects through the establishment
of our Decarbonisation Fund.
We are also conscious that customers
are facing significant cost-of-living
increases. We continue to offer energy
wellbeing support and have now
completed an Energy Wellbeing pilot
in 2022. We learnt how we can make
a meaningful difference for customers
and are developing this programme
to significantly increase our support
and reach.
Our sponsorship of the amazing work
done by KidsCan includes both a cash
contribution to its running costs and
direct assistance with its fundraising
activities. We continue to support
KidsCan with a $1 million contribution
each year and we are proud of the
difference that this funding support
makes to under-privileged children
in Aotearoa New Zealand.
Solar array at Lincoln University, Ōtautahi, Christchurch.
Investor Letter 3For the six months ended 31 December 2022

Continuing with our own
decarbonisation efforts
During 2022 we completed a
refreshed Climate Action Plan.
The Plan sets out a roadmap for
delivering our Half by 30 and
Forever Forests programmes. It also
accounts for the work we’re doing
to support our customers in their
decarbonisation efforts.
Our Half by 30 target means we plan
to halve our gross scope 1, 2 and 3
operational emissions by FY30 on an
FY21 baseline. We recently gained
approval from the Science Based
Targets initiative (SBTi) that our near-
term emission reduction targets are
science-aligned
*
. Our light passenger
vehicle fleet is now fully electrified
and we are making good progress
with the rest of our fleet.
We also continue to make good
progress with our Forever Forests
initiative and are on track to cover
our remaining gross operational
emissions by 2030.
Resource Management Reform
The New Zealand Government is
intending to replace the current
Resource Management Act with
three new pieces of legislation.
The first two bills were introduced into
Parliament in November 2022 and
are expected to pass into law in 2023.
These three new Acts, together with
a new National Planning Framework,
will set a new regulatory environment
under which existing generation
assets are reconsented and new
development options are consented.
Meridian’s focus through the reforms
is to ensure the new regulatory
environment enables the renewable
energy this country needs to support
its low carbon future.
Renewal of our partnership of
Kākāpō Recovery Programme
In December we renewed our support
of the Department of Conservation’s
Kākāpō Recovery Programme.
We have been National Partner
of the programme since 2016 and
are committed to the future of this
endangered taonga species.
Tūī Corridor planting, Christchurch Adventure Park, Ōtautahi.
* The SBTi has approved that Meridian’s underlying target to reduce absolute scope 1 and 2 GHG emissions by 50% by
FY30 from a FY21 base year is in line with a 1.5°C trajectory, with our further commitment noted to also reduce absolute
scope 3 GHG emissions by 50% within the same timeframe (excluding all one-time construction emissions from major
projects and all activities that are capitalised as part of renewable energy projects).
4Investor LetterFor the six months ended 31 December 2022

Planting the next phase of coastal forest on the Kaitoke Peninsula with Raglan Area School.
Our momentum to contribute to
decarbonising the economy continues
to grow and we look forward to
an exciting future. Building our
partnerships is part of forging a
strong, shared pathway for the future
along with an active development
programme. We’re working with our
customers to make it possible for them
to evolve to a renewable future as well.
The strength of our brands and the
resilience of our people remain key
advantages in our bid to do right
by Aotearoa New Zealand and
continue to deliver value for all
our stakeholders.
On behalf of the Board and the
Executive Team, we would like to
thank our customers, our partners,
our investors and everyone in our
teams for your commitment to cleaner
energy for a fairer and healthier world.

---

Financial Commentary for the six months ended 31 December 2022
MERIDIAN ENERGY LIMITED
1
Financial
Commentary.
Five-year performance
Interim
Final half-year
Total
145
149
233
231
82
88
184
181
144
316
132
333
189
Underlying NPAT
Financial year ended 30 June
400
300
200
100
0
2019$M2020202120222023
425
EBITDAF
1
(continuing operations)
Financial year ended 30 June
Interim
Final half-year
Total
1,000
800
600
400
200
0
348
426
774
787
361
426
692
709
297
315
395
394
$M20192020202120222023
Dividend declared
Financial year ended 30 June
25
20
15
10
5
0
Interim dividend
Final dividend
Special dividend
Total
5.85
6.00
5.70
21.30
4.88
10.72
19.34
2.44
11.2011.20
11.55
5.705.70
CPS20192020202120222023
Capital expenditure (NZ operations)
Financial year ended 30 June
201
Net Profit after Tax (continuing operations)
Financial year ended 30 June
2019$M2020202120222023
Interim
Final half-year
Total
500
400
300
200
100
0
227
145
152
339
187
415
188
306
451
191
-16
175
1. EBITDAF is a non-GAAP financial measure of earnings before interest, tax, depreciation, amortisation, changes in fair value of hedges, and other significant items.
Interim
Final half-year
Total
225
187
431
461
244
236
266
265
262
604
338
635
373
Operating cash flows
Financial year ended 30 June
800
700
600
500
400
300
200
100
0
2019$M2020202120222023
20192020202120222023
92
40
$M
Interim
Final half-year
Total
300
250
200
150
100
50
0
28
30
59
61
101
83
175
31
58
28
171
16.90
17. 4 0