Meridian Energy Limited Annual Shareholder Meeting

MERIDIAN ENERGY ANNUAL SHAREHOLDER MEETING – 15 OCTOBER 2024
CHAIR ADDRESS
I will begin my Chair’s address by introducing the Meridian Board and some of the Management
Team. 
Our Board
This year the meeting notice invited you to join in person, or online. You will note our Management
Team and Board have also followed this approach. Meridian Board members present at our
Wellington office today are: Committee Chairs Julia Hoare, Nagaja Sanatkumar, and Tania Simpson,
and director David Carter.
Meridian Board Members joining the meeting online are:  Michelle Henderson and
Graham Cockroft. 
Also present with me today are Chief Executive Neal Barclay, Chief Financial Officer Mike Roan and
General Counsel Jason Woolley. The rest of Meridian’s executive team are either in the room or
online.
New Zealand’s energy sector 
Meridian’s purpose of Clean Energy for a Fairer and Healthier World underpins every action that our
company takes and an all-encompassing focus on climate action guides our strategy.
While Meridian’s operating result for last financial year was strong, the operating environment
shifted dramatically late in the financial year, and this will have flow-on impacts for the current
financial year ending June 2025. Significant and inadequately signalled gas shortages combined with
particularly low inflows into hydro catchments across the country through the winter, together with
unseasonally low wind, caused wholesale prices for electricity to lift materially during June, July and
August period of this year. The situation was managed well, there was little risk of an energy
shortfall, and the market responded to these high prices by delivering physical responses that
ensured energy security was maintained whilst exerting downward pressure on prices. And then, as
Murphy’s law would have it, the rain came, lake levels rose again, and wholesale prices fell to
relatively low levels. This is the nature of the electricity system in New Zealand, the weather plays a
huge part in the makeup of generation at any point in time and on spot prices.

The wholesale electricity market has delivered good outcomes over decades for this country. This has
been verified by customer pricing comparisons undertaken across the OECD. It is important to note
that the wholesale market is largely just that - providing wholesale inputs for industry participants,
with very few industrial customers choosing to take some spot price risk.
Meridian’s customers were not affected during this period and that was something we were able to
facilitate as a vertically integrated business, being both a generator and retailer. And while wholesale
market volatility is a known and expected part of our system, we expect that in the long term, we will
see average wholesale prices soften as the costs of new renewables continue to fall and more
renewable projects are built and integrated into our energy system. You can be assured that we
understand and have genuine empathy for the impacts of pricing on our customers, and the
implications for the economy through this transition. Whilst we all know the energy mix is evolving
to be even more heavily weighted to renewable sources, we will continue to rely on other backup
fuel, namely gas, for a considerable time yet.
The decline in domestic gas as a backup fuel when hydro inflows are low is a relatively new issue and
it does need to be addressed. In response, the Government and the sector have moved to look at
options, including facilitating the importation of liquified natural gas, or LNG, to ensure New Zealand
is less exposed to future gas shortages from domestic production. In addition, our regulator the
Electricity Authority and the Commerce Commission have together with the Ministry of Business,
Innovation and Employment, set up an Energy Competition Taskforce. This group, along with
ministers, will review and recommend other ways to potentially improve electricity market
performance. Meridian is participating in both of these initiatives, and we will play our part to
increase Aotearoa’s resilience to the fuel shortages seen this winter.
We take our role in the sector seriously and we know it is important that we act responsibly. In that
regard last year, an industry framework was developed among all major players to work through the
issues that will need to be addressed.
However, the best thing Meridian and all other generators can do, is get on with, and accelerate, our
renewable build programmes, so all New Zealanders benefit from energy efficiency and the broader
opportunities renewables will facilitate for our economy.
Ground-breaking agreement with NZAS 
Despite the recent events, our business had a very successful last financial year. The most significant
achievement was the ground-breaking deal struck with the New Zealand Aluminium Smelters, or
NZAS, in May. This 20-year deal, several years in the making, has removed uncertainty for the

electricity sector and, importantly, for the people of Southland. It has also allowed Meridian to reset
both our dividend policy, which I will talk to later, and underpin our confidence to invest in our
ambitious renewable energy programme.
Although the industry has collectively invested 10 billion dollars since 2010, largely replacing aging
fossil fuel plant, the NZAS deal has given the sector the certainty it needs to accelerate investment in
new renewables. We want to thank the smelter owners for showing the way. This is how large
industrial businesses can thrive in Aotearoa, leveraging our highly renewable electricity system to
create low-carbon sustainable products, high-value jobs and enabling economic growth - all while
playing a significant part in delivering the energy system flexibility through what is known as demand
response (or reducing consumption). Arrangements like this will be increasingly required as part of
the transition to 2050.
Policy and regulation 
Electrification of transport and industrial heat are the best ways for this country to combat climate
change, particularly given these sectors are directly responsible for almost a quarter of our country’s
gross carbon emissions. We expect that by 2050 New Zealand will require around 30 billion dollars of
investment in new renewable generation.
Electrification of this scale needs significant capital investment, and for that investment to be
supported, Aotearoa must have an enabling Resource Management Framework, especially when it
comes to consenting. Consenting authorities must be able to balance localised environmental
impacts and community views with the imperative to reduce emissions through large-scale
renewable energy projects.
Most ambitious large infrastructure projects create an inherent tension between the localised effects
of the projects and the national priorities and/or economic advantages they create. Our experience
at Meridian tells us clearly that the current Resource Management System has become far less
efficient in the past decade, or so, and burns unnecessary time and money. So, while we note the
very credible public concerns about the new Fast-Track Approvals Bill for new infrastructure, we must
see a more efficient decision-making process. We believe the Bill the current Government has
introduced, can deliver a more efficient process whilst still ensuring adequate environmental and
community safeguards.
The overarching imperative for New Zealand to achieve net zero carbon by 2050 will not change, nor
will the fact that renewable electricity is the single largest enabler of the economic climate-related

transition before us.  So, we are confident that Meridian’s strategy to focus our efforts on climate
action is sound. 
Waitaki reconsenting
We have lodged our re-consent application for the Waitaki Hydro Scheme. This will be the most
significant consent ever granted under the RMA in this country.
The Waitaki Hydro Scheme consists of eight power stations from Lake Tekapō to Lake Waitaki,
providing around 18% of the country’s electricity needs and around 60% of this country’s national
hydro storage. Along with tens of kilometres of canals, roads and civil works, Meridian owns and
operates six of these stations, making it a vital part of this system.
Because we applied to Environment Canterbury to reconsent the scheme in July 2023, the current
conditions of operation (due to expire in April 2025) will remain in place until the application has
been granted and appeals have been determined. In our application, we are asking for the
operational flexibility we currently have. In preparing our application, Meridian and Genesis sought
agreement from several interested parties. Those included the three Ngāi Tahu Waitaki Rūnaka
(Moeraki, Waihao and Arowhenua), Te Rūnanga o Ngāi Tahu, the Department of Conservation (DOC),
Waka Kotahi and Fish & Game New Zealand, all of whom share interests in this important
catchment. These agreements set out plans for us to work together in supporting the long-term
operation of this country’s largest renewable hydro scheme, and achieve meaningful, long-term
environmental and cultural outcomes for the catchment for the next 35 years. This collaboration has
been valuable in building rapport and aligning interests. We must address the key impacts of this
important scheme and grow our relationships with iwi, communities and other stakeholders to
ensure it remains a cornerstone of the country’s electricity system long into the future.
Southern Green Hydrogen update
The Southern Green Hydrogen Project (or SGH) has faced some headwinds, with global inflationary
pressures increasing the capital costs of building a facility in Southland.
These factors have put pressure on SGH economics and are consistent with challenges other
hydrogen projects are experiencing overseas. Markets have also been slow to resolve the significant
gap between the cost of producing green hydrogen and potential customers’ willingness to pay for
the green product. As a result, at the end of the financial year, Meridian decided to put this project
on hold. We have also agreed to conclude our partnership with Woodside. From here, Meridian will
continue to actively monitor our target markets as we believe Southern Green Hydrogen remains
well-placed to be a competitive green project opportunity in the future.

Board changes 
We continue to champion balanced and diverse views at the Board table to oversee Meridian’s
strategy and guide the business through the years ahead.
We were pleased to welcome David Carter as a Non-Executive Director at our last annual meeting.
Tania Simpson, who has been a Meridian director since 2021, is standing for re-election today with
the unanimous support of the Board. Her re-election will be covered in the formal part of the
meeting.
Shareholder returns 
I will conclude my address by speaking to Meridian’s shareholder returns.  We do understand that
you, our investors, are happy for us to continue to invest in both existing and new assets, on the
understanding that we will provide you with appropriate returns.
On the back of a strong cash operating result, the Board has declared a final ordinary dividend of
14.85 cents per share, which brings the total ordinary dividends declared in FY24 to 21.00 cents per
share. The Board has also approved continuation of the Dividend Reinvestment Plan at a 2 per cent
discount.
While we had strong operating results for the last final year, as I mentioned earlier, the operating
environment shifted dramatically during June as an extended drought emerged. As a result, the 2025
financial year currently looks to be significantly more challenging from a financial perspective.
Despite this, Meridian has a strong balance sheet, and the Board is confident that Meridian will
continue to play its part in New Zealand’s decarbonisation programme, whilst continuing to deliver
for investors over the long-term. Meridian has been listed for 11 years and since 2013 this company
has invested two billion dollars in new and existing assets that has provided a strong foundation for
this next ambitious period of growth.
Thank you for continuing to invest in and support our company.   I will now ask our Chief Executive,
Neal Barclay, to address the meeting. 
 

CHIEF EXECUTIVE’S REVIEW 
Kia ora Mark and tena tatou katoa. 
Ko Neal Barclay toku ingoa. 
Executive team
We continue to have a stable, experienced, and highly capable Executive team at Meridian. There
was only one change to the team in the last year. Nic Kennedy resigned as CEO of Meridian’s
subsidiary, Flux Federation. And Meridian’s Chief Information Officer, Bharat Ratanpal, has been
seconded as Interim CEO to lead the Flux business through the next phase of its development. We
would like to acknowledge Nic’s hard work in getting Flux to this point. While Bharat works with the
Flux business, Edna Maddocks, one of our ICT team leaders, has stepped in to lead Meridian’s ICT
team.   
Current context
Mark touched on the recent issues facing the electricity sector and clearly it has been a challenging
time.  The issues, and in particular the high wholesale prices experienced in July and August, were
driven by a combination of low hydro inflows (in fact inflows into our Meridian’s catchments from
May to the end of August were the lowest on record), unseasonally low wind and most critically, by
gas supply shortages.    
But the high spot prices and the market structure did facilitate a series of physical responses that
ensured the system remained secure and helped moderate the high wholesale prices.  Meridian
played a key part in the market response.  Specifically, we worked with the System Operator and the
Regulator to improve the rules that gave Meridian and the sector confidence that contingent hydro
storage would be accessible if needed.  We incentivised NZAS to reduce demand and make that
energy available to other users, and, whilst Meridian didn’t purchase gas directly from Methanex, we
underwrote the transaction by procuring electricity from Contact, and that was enabled by
Methanex gas transactions.  These actions were necessary and came with significant cost and, all up,
for Meridian that cost was around $200m.  That is a lot of money, but it is what we plan for when we
experience very severe but relatively infrequent droughts.
And clearly since late August, nature has played its part replenishing all the hydro catchments across
the country and adding significantly to the snowpack in the Southern Alps, which will turn up in the
Southern Hydro lakes in due course. As at today, hydro storage is well above average for this time of
year and wholesale prices have reduced to more normal levels.

But in the very short term, the hedge costs from the drought are weighing on our financial
performance. And while the rapid return of wet conditions is welcome, high inflows into our Waiau
catchment with its limited storage, has meant we have had to clear large volumes of water through
the wholesale electricity market at low prices. This is evident in both our monthly operating report
released this morning and the Electricity Authority’s public margin reporting. Generation numbers,
hedge and demand response costs, all reflect the impact of the huge swing from very dry to very wet
conditions and our relatively light financial performance this quarter. And it goes to show how
important it is for a business like Meridian’s to have a strong balance sheet, so that we can manage
the ups and downs of the weather, upon which our business is so reliant.  
During the high price event in July and August, Meridian also supported our larger commercial and
industrial customers who were rolling off their existing contracts, by offering to extend their current
pricing through to 1 November 2024.  At the time we didn’t know when the heat would come out of
the wholesale market, but we felt that was the right thing to do for our customers.  This is a good
example of the value that a vertically integrated generator retailer like Meridian can offer, as we can
insulate our customers from wholesale price volatility.  
As Mark mentioned, the decline in domestic gas availability is a source of concern, not only for
consumers who use the product directly, but also for the electricity sector that relies on gas to fill the
gap when hydro storage is low.  It was frustrating that from June to late August, whilst hydro storage
was being depleted, much of the country’s gas generation plant was standing idle, or partly idle, due
to a lack of fuel to run them. Ultimately our country’s future is renewable, and we expect to burn less
and less gas as more renewables are built.  But gas is needed as a backup fuel for the foreseeable
future, and flexible gas will help ensure electricity in New Zealand becomes even more renewable
whilst remaining reliable and affordable.  To that end, the Government is doing its best to re-
incentivise investment in domestic gas production, but there is a degree of risk that domestic gas will
not recover to meet the needs of gas users or the electricity system in the future. So Meridian, along
with others in the sector, and with the active participation of the Government, is now looking at how
the country can improve its overall energy resilience, by creating an LNG import facility.  A number of
scoping studies are underway that will be released in the next few months and those studies will
inform us if this idea has legs.  
Renewable Development Programme update
Now to discuss the year that was.  I believe the financial year to June 2024 was a milestone year for
our Company.  We made significant progress on our strategy and achieved several key goals, the first

of which was securing the ground-breaking contracts with New Zealand Aluminium Smelters, or
NZAS. Mark has talked to the impacts of this, but I will talk to the key elements of the package: a
long-term, fixed-price contract for wholesale electricity; and a demand response agreement. The
core fixed-price energy contract will reduce in stages from a net 472MW to 377MW, as at 1 January
2025. NZAS negotiated directly with two other parties to meet the remainder of its energy needs.
The pricing in the contract is sustainable and allows for price escalation in line with the consumer
price index, if the international market for aluminium also escalates.  
The demand response element of this new agreement is groundbreaking and has already proven
how valuable it is.  It provides new levels of flexibility to support the electricity system when the
country’s hydro storage is low. Now, when we signed the demand response agreement with NZAS in
May, we did not expect we’d be asking them to reduce electricity consumption by the maximum
amount under that agreement just one month later. And the team at the smelter certainly weren't
expecting it either. So, I would like to acknowledge the NZAS team, because operationally it’s a
considerable task to turn off an aluminium potline. They managed it well and safely, and in fact, they
managed it faster than was contractually required.  
Obviously, we don’t want to make a habit of this, but this is a great example of the value that well-
organised and well-compensated demand response can bring to the market. This arrangement
makes financial sense for the smelter, as they are compensated for the reduction in demand, it
makes financial sense for Meridian because it provides a form of hedge against very high wholesale
prices, and it makes absolute sense for Aotearoa and the electricity system as it reduces reliance on
fossil fuels and improves system security.  All up we consider it a win-win arrangement. And we are
talking to other large businesses about similar arrangements to continue to add flexibility to the
system.  
Pleasingly, and despite many challenges, including a couple of cyclones, our Harapaki wind farm
became fully operational in July.  The 176 Mega Watt wind farm located in Hawke’s Bay is the first of
Meridian’s 7 in 7 projects. We are aiming to have developed 7 new grid-scale renewable projects in
the next 7 years. Meridian’s 100 Mega Watt peak and 200 Mega Watt hour grid-scale Battery Energy
Storage System at Ruakākā Energy Park, near Whangārei, is expected to come online by early 2025.
Its introduction will support stable grid operations by enabling us to store energy during low-demand
times of the day, and then inject it back into the grid at peak demand times.  
We have a range of other wind, solar and battery projects at the advanced stage of design and close
to being consented. This is important because, for Meridian to meet our share of the country’s
renewable energy needs by 2050, we estimate that we will need to build the equivalent of 20
Harapaki-sized renewable generation assets. That is a huge and exciting challenge for our business.   

What we have achieved so far in our renewable development programme, and what we have ahead
of us, is possible due to the strength of Meridian’s development and construction teams and many
other teams across Meridian who support their work. I do believe we have a competitive advantage
in the quality of our people.   
Alongside our renewable development programme, we have been making important changes to how
we operate our generation assets.   
We have increased peaking capacity at both Manapōuri and Benmore, giving us around 65 Mega
Watts of additional capacity available to support the electricity system over daily peak periods. We
are also changing our maintenance regimes to, wherever possible, avoid outages over peak periods
of the day and minimise outages over winter full stop.   
Delivering cleaner, cheaper energy
As a country in pursuit of decarbonisation, we must ensure the transition does not further
disadvantage those people who are struggling with energy hardship.  
We are committed to supporting our most vulnerable customers and this year, we continued to
expand our Energy Wellbeing Programme beyond its initial pilot with the goal of helping 5,000
households out of energy hardship. This followed the Board signing off a $5 million investment to
assist those who are finding it difficult to pay for their power and heat their homes. At the end of the
financial year, this programme helped over 1,400 households.   
As the electricity system evolves to be even more renewable, wholesale prices throughout the day,
or over a season, are likely to become more volatile not less.  I’ve talked about the value of seasonal
demand response like NZAS are providing, but intra-day volatility also creates the opportunity for
customers to extract value by being able to move energy use out of the peak periods.  Importantly,
where customers can be flexible, they can also be financially rewarded, reducing their overall energy
costs. We are putting a lot of effort into introducing a new retail operating model that will help speed
up delivery of innovative products that create value for our customers. We are in the thick of these
changes right now and I am confident they will help us deliver tangible results for our customers and
support our aim to put customers truly at the heart of our kaupapa.  
Industrial use of fossil fuels, particularly for process heat, remains a significant contributor to the
country’s greenhouse gas profile. Fortunately, more and more companies are making the
commitment to decarbonise through electrification. A great example is Meridian’s partnership with
Fonterra, announced in January 2024. That agreement will assist Fonterra to replace a coal-fired
boiler with a new 20 Mega Watt electrode boiler at their Edendale site in Southland. All up, our

Process Heat Electrification Programme exceeded targets again this year, with 525 Giga Watt hours
per annum, of process heat conversion from fossil fuels to electricity now fully committed.
The pipeline for further conversions is substantial and by 2030 we expect to support enough electric
conversions to remove around 140,000 tCO2e annually from the environment.  
Meridian’s Decarbonisation
This year we set a target to reach Net Zero by 2050 and we’ve sought independent verification of this
goal from the Science Based Targets initiative. This target is consistent with our purpose, our strategy
and our focus on doing our part to limit global warming. While a challenge, this commitment is a
natural extension of our ‘Half by 2030’ operational emissions reduction target.  
Meridian has also made a commitment to strive for nature positive outcomes in all that we do. This
commitment will guide us to better articulate our impact on biodiversity and explore areas where we
can increase positive impact.   
Pleasingly, Meridian was again included in the Dow Jones Sustainability Asia Pacific Index. This
provides independent validation of our performance as it relates to Environmental, Social and
Governance matters - for investors and other stakeholders - and helps attract a cohort of
international investors to our share register.  
Our People
We've embarked on considerable operational change at Meridian over the last couple of years.
We’ve reshaped the operating model in our generation business, and as I mentioned earlier, we are
currently moving to a more agile operating model in retail.  
Change does create uncertainty for people, and we have a lot ahead of us. So, it has been pleasing
that in the year completed staff engagement continued to steadily trend upwards, and that reflects
our focus on creating an inclusive, high-performing and safe work environment for our people.   
Financial Performance
Now for the numbers.  Meridian reported operating cash flows of $667 million for the year ending 30
June 2024, up from $509 million the previous year, with net profit after tax up from $95 million to
$429 million. The growth in net profit after tax was influenced significantly by net gains on hedge
instruments of $249 million. In the prior year, the company recorded net losses on hedge
instruments of $351 million.  

  
EBITDAF was up 16% to $905 million and underlying net profit rose 14% to $359 million. Both are
non-GAAP measures, but arguably provide better insight into Meridian’s actual business
performance.  
The strong and improved operating result was driven by higher customer sales and positive
wholesale trading results. At the same time, the company invested $349 million in new and existing
generation assets.   
As I mentioned earlier, the 2024 financial year was a milestone year for our Company. And whilst the
start of FY25 has delivered up a challenging operating environment, that will settle down and the
outlook for growth looks exceptional. The future is undoubtedly electric. I would like to thank you
for continuing to support our business so we can continue to deliver on our purpose of ‘clean energy
for a fairer and healthier world’. Thank you.   
ENDS

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2024
Annual Shareholder
Meeting
MERIDIAN ENERGY LIMITED15 October 2024

2024 ANNUAL SHAREHOLDER MEETING
2
MERIDIAN ENERGY15 October 2024
Chair’s address.
Chief Executive’s review.
Shareholder questions.
Resolutions and voting.
Today’s business
Meridian’s completed Harapaki Wind Farm in Hawke’s Bay
Meridian’s Manapōuri hydro station in the F iordland National Park

2024 ANNUAL SHAREHOLDER MEETING
3
MERIDIAN ENERGY15 October 2024
Chair’s address
Benmore hydro station in the Mackenzie B asin, South Canterbury

2024 ANNUAL SHAREHOLDER MEETING
4
MERIDIAN ENERGY15 October 2024
Our Board
Graham Cockroft
Nagaja Sanatkumar
Tania Simpson
Julia Hoare
David Carter
Michelle Henderson
Mark Verbiest

2024 ANNUAL SHAREHOLDER MEETING
5
MERIDIAN ENERGY15 October 2024
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
National hydro storage (14 October 2024)
range (2000-2023)average (2000-2023)2024
0
50
100
150
200
250
300
20002003200620092012201520182021202420272030203320362039
PJ
Calendar Year
New Zealand gas production
actu alforecas t
Successive years of declining gas
production and reserves estimates.
Dry and calm conditions saw hydro storage
fall to record winter lows.
Meridian experienced record low May to
August inflows.
National hydro storage has now returned
to above average.
New Zealand’s energy sector
Source: Ministry of Business, Innovation and Employment, Hīkina Whakatutuki
Source: NZX
$800/MWh wholesale prices$1/MWh wholesale prices

2024 ANNUAL SHAREHOLDER MEETING
6
MERIDIAN ENERGY15 October 2024
20-year term has removed uncertainty for
the electricity sector and the people of
Southland.
Agreements include demand response
provisions to help manage low hydro
storage conditions.
Ground-breaking agreements with NZAS
Transmission lines near New Zealand’s Aluminium Smelter in Southland

2024 ANNUAL SHAREHOLDER MEETING
7
MERIDIAN ENERGY15 October 2024
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
70,000
75,000
19972001200520092013201720212025202920332037204120452049
GWh
Financial year ended 30 June
Annual NZ Demand for Generation
By 2050 New Zealand will require around
$30 billion of investment in new
renewable generation.
Consenting under the current Resource
Management Act has become inefficient.
Fast-Track Approvals Bill can deliver a
more efficient process and ensure
adequate environmental and community
safeguards.
Policy and regulation
Source: Meridian

2024 ANNUAL SHAREHOLDER MEETING
8
MERIDIAN ENERGY15 October 2024
Re-consent application lodged for the
Waitaki Hydro Scheme.
Will be the largest consent ever granted
under the RMA.
Waitaki Hydro Scheme consists of eight
power stations and provides 18% of this
country’s electricity needs.
And provides 60% of this country’s hydro
storage.
Waitaki reconsenting
Headwaters of Lake Pūkaki in the Mackenzie B asin, C anterbury

2024 ANNUAL SHAREHOLDER MEETING
9
MERIDIAN ENERGY15 October 2024
Global inflationary pressures have
increased capital costs.
Consistent with challenges other hydrogen
projects are experiencing overseas.
Meridian has decided to put the project on
hold.
Southern Green Hydrogen update
Meridian’s Te Āpiti Wind Farm north of the Manawatū Gorge

2024 ANNUAL SHAREHOLDER MEETING
10
MERIDIAN ENERGY15 October 2024
David Carter elected to the Board at last
year’s Annual Shareholder Meeting.
Resolution to re-elect Tania Simpson at
this Annual Shareholder Meeting.
Board changes
Meridian now has installed 348 public chargers across New Zealand

2024 ANNUAL SHAREHOLDER MEETING
11
MERIDIAN ENERGY15 October 2024
Change to an operating free cash flow-based
dividend policy.
FY24 final ordinary dividend of 14.85cps
(+25% on FY23), 80% imputed.
FY24 full year ordinary dividend of 21.00cps
(+17% on FY23), 80% imputed.
Shareholder returns
Meridian’s new ordinary dividend policy
Meridian’s ordinary dividend policy is to make distributions at a dividend payout
ratio, within an average over time, of 80% to 100% of Operating Free Cash Flow,
subject to the Board’s due consideration of:
▪Meridian’s working capital requirements and its medium-term
investmentprogramme;
▪a sustainable financial structure from Meridian,recognisingthe Company’s
targeted long-term credit rating of BBB+ by S&P; and
▪the risks from short and medium term economic, market and catchment
hydrology conditions and expected financial performance.
Operating Free Cash Flow is calculated as Operating Cash Flow, less the annual
capital cost of maintaining Meridian’s asset base and systems (Stay in Business
Capital Expenditure).
16.9016.90
17.40
17.90
21.00
2.44
0
5
10
15
20
25
20202021202220232024
cps
Financial Year ended 30 June
Total dividends declared
Ordi nary dividendsSpecial dividends

2024 ANNUAL SHAREHOLDER MEETING
12
MERIDIAN ENERGY15 October 2024
Chief Executive’s review
Meridian’s completed Harapaki Wind Farm in Hawke’s Bay

2024 ANNUAL SHAREHOLDER MEETING
13
MERIDIAN ENERGY15 October 2024
Our Executive
Lisa Hannifin
Neal Barclay
Guy Waipara
Tania Palmer
Claire Shaw
Chris Ewers
Mike Roan
Jason Woolley
Jason Stein
Bharat Ratanpal

2024 ANNUAL SHAREHOLDER MEETING
14
MERIDIAN ENERGY15 October 2024
0
500
1,000
1,500
2,000
2,500
JanJanFebMarMarAprMayMayJunJulJulAugSepSepOctNovDecDec
GWh
Meridian's Waitaki storage
Average 1979-2018201920202021202220232024
High wholesale prices in July and August from
gas shortages, low hydro inflows and
unseasonally low wind.
A series of physical responses ensured the
system remained secure and helped
moderate the high wholesale prices.
The decline in domestic gas availability is a
source of concern.
Current context

2024 ANNUAL SHAREHOLDER MEETING
15
MERIDIAN ENERGY15 October 2024
Renewable development programme update

2024 ANNUAL SHAREHOLDER MEETING
16
MERIDIAN ENERGY15 October 2024
$5 million Energy Wellbeing Programme
helping 5,000 households out of energy
hardship.
Process Heat Electrification Programme
expected to support the removal of
140,000 tCO2e annually by 2030.
Delivering cleaner, cheaper energy
Solar installation at Waipuna Community Services in Canterbury

2024 ANNUAL SHAREHOLDER MEETING
17
MERIDIAN ENERGY15 October 2024
‘Half by 2030’ operational emissions
reduction target.
Target of net carbon zero by 2050.
Continued inclusion in the Dow Jones Asia
Pacific Sustainability Index.
Meridian’s decarbonisation
Meridian Zero electric vehicle charging at Eas tbourne near Wellington

2024 ANNUAL SHAREHOLDER MEETING
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MERIDIAN ENERGY15 October 2024
Reshaped operating model in our
generation business.
Adopting a more agile operating model in
our retail business.
Staff engagement continues to steadily
trend up.
Our people
Meridian’s Twizel office

2024 ANNUAL SHAREHOLDER MEETING
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MERIDIAN ENERGY15 October 2024
604
431
461
509
667
0
200
400
600
800
20202021202220232024
$M
Financial Year ended 30 June
Operating cash flows
Operating cash flows of $667 million for the
year ending 30 June 2024, up from $509
million the previous year.
Driven by higher customer sales and positive
wholesale trading results.
Meridian invested $349 million in new and
existing generation assets in the last financial
year.
Financial performance

2024 ANNUAL SHAREHOLDER MEETING
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MERIDIAN ENERGY15 October 2024
Shareholder questions
Maintenance work at Meridian’s West Wind Farm near Wellington

2024 ANNUAL SHAREHOLDER MEETING
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MERIDIAN ENERGY15 October 2024
Resolution and voting
Container installation at Meridian’s Ruakākā Battery Energy Storage system near Whangārei

2024 ANNUAL SHAREHOLDER MEETING
22
MERIDIAN ENERGY15 October 2024
Re-election of Tania Simpson
Resolution 1

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MERIDIAN ENERGY15 October 2024
Vote totals

2024 ANNUAL SHAREHOLDER MEETING
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MERIDIAN ENERGY15 October 2024
Closing
Ōhau A hydro s tation in the Mackenzie Basin, South Canterbury

2024 ANNUAL SHAREHOLDER MEETING
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MERIDIAN ENERGY15 October 2024
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 financial statements, which are included in
Meridian’s integrated report for the year ended 30 June 2024 and is available
at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated otherwise.
Disclaimer