Meridian Energy Limited 2025 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
L e v e l 2 , 9 8 C u s t o m h o u s e Q u a y , W e l l i n g t o n 6 0 1 1

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)
Winter ‘24 hedging costs impact interim financial result

26 February 2025


Meridian Energy has reported a net loss after tax of $121 million for the six months ending 31
December 2024, compared to a net profit after tax of $191 million in last year’s interim result.
Operating cash flows were $50 million, down from $303 million in the same period last year. These
results were heavily impacted by the cost of hedge contracts for winter 2024 in the face of 1 in 90-
year record low inflows and an unexpected and unprecedented shortage of domestic gas. The hedge
contracts included calling the largest demand response option with New Zealand’s Aluminum Smelter
(NZAS).

EBITDAF
1
fell from $443 million to $257 million and underlying net profit
2
fell from $175 million to a $5
million loss. Both of these are non-GAAP measures.

“The combination of particularly low hydro inflows, low wind and gas shortages made the operating
environment for the first half of this financial year as tough as I can recall experiencing,” says Meridian
Chief Executive Neal Barclay.

“We took a hit for New Zealand. Meridian put this country’s security of supply first and as New
Zealand’s largest renewable electricity generator, our balance sheet tends to underwrite the mitigation
of extended droughts, and that’s one of the ways the country benefits from having large and
financially strong gentailers. While the situation was particularly challenging, we know we rely on
Mother Nature for our fuel and accept the financial impact droughts bring. We prepare the business to
deal with these kinds of eventualities, including maintaining a strong and flexible balance sheet.”

“There is plenty of time before the coming winter, but we are highly focused on managing risks to
winter 2025 security. We have reached a new agreement with NZAS for them to reduce demand by
50MW and are looking for simple rule changes to access this country’s existing contingent hydro
storage. The bigger issue, though, is the structural and significant shortage of domestic gas. New
Zealand needs to take urgent action to address this. Gas is the biggest factor in setting spot and
future electricity prices,” says Neal Barclay.

1
Earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges and asset related
adjustments. EBITDAF is a non-GAAP financial measure but is commonly used within the electricity industry as a measure of
performance as it shows the level of earnings before impact of gearing levels and non-cash charges such as depreciation and
amortisation. Market analysts use the measure as an input into company valuation and valuation metrics used to assess
relative value and performance of companies across the sector.

2
Net profit after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity option premiums and other
non-cash items and their tax effects. Underlying net profit after tax is a non-GAAP financial measure. Because they are not
defined by GAAP or IFRS, Meridian’s calculation of such 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. A reconciliation of underlying net profit after tax is included on page 3.

m e r i d i a n e n e r g y . c o . n z
PG 2


With a challenging first half to the financial year, the Meridian Board has decided to maintain the
interim dividend at the same level as the prior period, and declared an interim ordinary dividend of
6.15 cents per share. The dividend reinvestment plan will apply to this interim dividend at a 2%
discount.
Mr Barclay says that Meridian has continued to build strong momentum to set the business up for
future growth. This year, the company expects to commit over $1 billion of capital to new development
projects.
“The relatively fast decline in gas resources has put even greater emphasis on the need to deploy
new renewable developments as quickly as possible and also get more out of our existing fleet of
hydro and wind generation. In that regard, we’ve had a few wins recently. We’ve reinstated capacity in
the generation fleet after resolving transformer issues at Manapōuri and West Wind, and we’ve begun
commissioning our Ruakākā grid scale battery. We’ve also made great progress in advancing a
development pipeline that that will deliver additional megawatts for many years to come,” says Neal
Barclay.
Meridian recently announced:
•
A finalised consent for its 120MW Ruakākā solar development (February)
•
Consent for its 90MW Mt Munro Wind Farm near Eketāhuna (February)
•
A Scheme Implementation Agreement as part of its bid to acquire the remaining shares in NZ
Windfarms (February)
•
A
Power Purchase Agreement with Harmony Energy / First Renewables in respect of their
joint venture to build the 150MW Tauhei Solar Farm in the Waikato. (January)

•
A 50-50 joint venture with Nova Energy Limited to build the 400MW Te Rahui solar
farm at Rangitāiki near Taupō.(December).

The first half of FY25 has also seen tremendous progress in Meridian’s Retail business. Having
completed a strategic reset and restructure to enable the business to meet changing technology and
consumer needs, the company has launched three new products (Smart Hot Water, Smart EV
Charging and the Four Hours Free Plan), with more to come over the remainder of the financial year.
“Customers are responding to these changes, with record numbers signing up. As of 1 January, we
had achieved our highest ever market share of electricity connections, with 16.58% across the
Meridian and Powershop brands. Our brands also led the industry rankings for new connections in
December, with Powershop first and Meridian second, and more than 4,000 connections that month
across both brands,” says Neal Barclay.
“The business has weathered an extraordinarily difficult set of circumstances and leveraged our
financial strength to ensure the lights stayed on for New Zealand. At the same time, we’ve not backed
away from our strategic goals one bit and our customer market share has continued to grow as has
our renewable development pipeline.”

m e r i d i a n e n e r g y . c o . n z
PG 3



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:
Lachlan Forsyth
Media & Content Manager
021 243 5342

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A shift
in energy
MERIDIAN ENERGY LIMITEDCONDENSED INTERIM FINANCIAL STATEMENTS as at and for the six months ended 31 December 2024

MERIDIAN ENERGY LIMITEDMENU

01
Contents
CONDENSED INTERIM
FINANCIAL STATEMENTS
02Income Statement
The income earned and operating expenditure
incurred by the Meridian Group during the
six months.
02Comprehensive Income Statement
Items of income and operating expense that
are not recognised in the income statement
and hence taken to reserves in equity.
03Balance Sheet
A summary of the Meridian Group assets
and liabilities at the end of the six months.
04Statement 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.
05Statement of Cash Flows
Cash generated and used by the Meridian Group.
NOTES TO THE CONDENSED
INTERIM FINANCIAL STATEMENTS
06About this report
07S Significant matters in the six months
09NNon-GAAP measures
10A Financial performance
A1. Segment performance
A2. Income
A3. Expenses
14B Assets used to generate and sell electricity
B1. Property, plant and equipment
B2. Intangible assets
15C Managing funding
C1.Capital management
C2.Earnings per share
C3.Dividends
C4.Borrowings
17D Financial instruments used to manage risk
D1.Financial risk management
20EOther
E1. Group structure
E2. Contingent assets and liabilities
E3. Subsequent events
21Signed report
Independent auditor’s report

GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITEDMENU

02
Income Statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
UnauditedUnaudited
Note
2024
$M
2023
$M
Operating revenueA2 2,255 2,111
Operating expensesA3(1,700) (1,701)
Depreciation and amortisationB1, B2(225) (164)
Asset related adjustments(8) 11
Net change in fair value of energy hedgesD1(441) 44
Interest expenseA3(42) (31)
Interest income 4 6
Net change in fair value of treasury hedgesD1(11) (13)
Net (loss)/profit before tax(168) 263
Income tax benefit/(expense) 47 (72)
Net (loss)/profit after tax(121) 191
Earnings per share (EPS, in cents) – basic and dilutedC2(4.7) 7. 4
Comprehensive Income Statement
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Unaudited Unaudited
2024
$M
2023
$M
Net (loss)/profit after tax(121) 191
Items that may be reclassified to profit or loss:
Net gain/(loss) on cash flow hedges 1 (7)
Income tax on the above items– 2
1 (5)
Other comprehensive income/(loss) for the period, net of tax 1 (5)
Total comprehensive (loss)/income for the period, net of tax(120) 186
The notes to the condensed interim financial statements form an integral part of these financial statements.

GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITEDMENU

03
The notes to the condensed interim financial statements form an integral part of these financial statements.
Restated*
UnauditedUnauditedAudited
Note
31 Dec 2024
$M
31 Dec 2023
$M
30 Jun 2024
$M
Current liabilities
Payables and accrualsS2 228 443 565
Employee entitlements 15 15 21
Customer contract liabilities 18 15 10
Current portion of borrowingsC4 490 382 234
Current portion of lease liabilities 3 3 3
Financial instrumentsD1, S2 118 64 86
Current tax payable– 44 85
Total current liabilities 872 966 1,004
Non-current liabilities
BorrowingsC4 1,167 1,009 1,113
Deferred tax 2,857 2,071 2,949
Lease liabilities 27 28 27
Financial instrumentsD1, S2 163 103 142
Term payablesS2 60 63 62
Total non-current liabilities 4, 274 3, 274 4,293
Total liabilities 5,146 4,240 5,297
Net assets 7, 8 4 5 5,885 8,246
Shareholders’ equity
Share capital 1,834 1,719 1,729
Reserves 6,011 4,166 6,517
Total shareholders’ equity 7, 8 4 5 5,885 8,246
* The Balance Sheet has been restated due to a change in presentation in the current period.
Refer to the Significant Matters section Note S2 for more information.
Balance Sheet
AS AT 31 DECEMBER 2024
Restated*
UnauditedUnauditedAudited
Note
31 Dec 2024
$M
31 Dec 2023
$M
30 Jun 2024
$M
Current assets
Cash and cash equivalents 111 221 221
Trade receivables 297 458 536
Customer contract assets 13 13 12
Financial instrumentsD1, S2 110 170 233
Current tax receivable 23 ––
Other assets 52 42 49
Total current assets 606 904 1,051
Non-current assets
Property, plant and equipmentB1 12,059 9,031 12,192
Intangible assetsB2 71 80 62
Financial instrumentsD1, S2 236 99 224
Other assets 19 11 14
Total non-current assets 12,385 9, 221 12,492
Total assets 12 ,991 10,125 13,543
For and on behalf of the Board of Directors who authorised the issue
of the condensed interim financial statements on 25 February 2025.
Mark Verbiest
Chair, 25 February 2025
Julia Hoare
Chair, Audit and Risk Committee, 25 February 2025

GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITEDMENU

04
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 ENDED 31 DECEMBER 2024
$M
Share
capital
Share
option
reserve
Revaluation
reserve
Cash flow
hedge
reserve
Retained
earnings
Shareholders
equity
Balance at 1 July 2024 (audited) 1,729 3 8,145 –(1,631) 8,246
Net (loss)/profit for the period – – – – (121) (121)
Other comprehensive income
Net gain/(loss) on cash flow hedges – – – 1 – 1
Income tax relating to other comprehensive income – – – – – –
Total other comprehensive income, net of tax – – –1 – 1
Total comprehensive income/(loss) for the period, net of tax – – – 1 (121) (120)
Share-based transactions(3) – – – (2) (5)
Dividend reinvestment plan 108 – – – – 108
Dividends paid/reinvested – – – – (384) (384)
Balance at 31 December 2024 (unaudited) 1,834 3 8,145 1 (2,138) 7, 8 4 5
Balance at 1 July 2023 (audited) 1,700 3 5,879 5 (1,600) 5,987
Net profit for the period – – – – 191 191
Other comprehensive income
Net gain/(loss) on cash flow hedges – – – (7) – (7)
Income tax relating to other comprehensive income – – – 2 – 2
Total other comprehensive income/(loss), net of tax – – – (5) – (5)
Total comprehensive income/(loss) for the period, net of tax – – – (5) 191 186
Share-based transactions(1) – – – – (1)
Dividend reinvestment plan 20 – – – – 20
Dividend paid/reinvested – – – – (307) (307)
Balance at 31 December 2023 (unaudited) 1,719 3 5,879 –(1,716) 5,885

GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITEDMENU

05
Statement of Cash Flows
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
UnauditedUnaudited
Note
2024
$M
2023
$M
Operating activities
Receipts from customers 2,410 2,044
Interest received 4 6
Payments to suppliers and employees(2,165) (1,605)
Interest paid(44) (38)
Income tax paid(155) (104)
Operating cash flows 50 303
Investing activities
Purchase of property, plant and equipment(104) (143)
Purchase of intangible assets(20) (12)
Purchase of other assets(4) (11)
Investing cash flows(128) (166)
Financing activities
Borrowings drawnC4 256 167
Borrowings repaidC4(5) (5)
Shares purchases for long term incentive(6) (2)
Lease liabilities paid(1) (1)
Dividends C3(276) (287)
Financing cash flows(32) (128)
Net (decrease)/increase in cash and cash equivalents(110) 9
Cash and cash equivalents at beginning of the six months 221 212
Cash and cash equivalents at end of the six months 111 221
The notes to the condensed interim financial statements form an integral part of these financial statements.

ABOUT THIS REPORTNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
MENU

06
About this report
IN THIS SECTION
The summary notes to the unaudited
condensed interim financial statements
include information which is considered
relevant and material to assist the reader
in understanding changes in Meridian's
financial position and 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.
These condensed interim financial
statements are for Meridian Energy
Limited (Meridian), its subsidiaries,
controlled entities, interests in associates
and joint arrangements (Group).
Meridian is a for-profit entity domiciled
and registered under the Companies
Act 1993 in New Zealand. It is a Financial
Markets Conduct (FMC) reporting entity
for the purposes of the Financial Markets
Conduct Act 2013. Meridian 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 condensed interim financial
statements for the six months ended
31 December 2024 have been prepared:
• in accordance with Generally
Accepted Accounting Practice (GAAP)
in New Zealand as appropriate for
interim financial statements, complying
with the New Zealand equivalents to
International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34)
and International Accounting Standard
34 Interim Financial Reporting (IAS 34),
as appropriate for a for-profit entity;
• using the same accounting policies,
methods of computation, significant
estimates and key judgments as
disclosed in the 2024 Annual report,
unless stated otherwise;
• on the basis of historical cost,
modified by revaluation of certain
assets and liabilities;
• in millions of New Zealand dollars
(NZD), unless otherwise noted; and
• with certain comparative amounts
reclassified to conform to current
period presentation.

The information in these condensed
interim financial statements should be
read in conjunction with the 2024
Annual report.

SIGNIFICANT MATTERSNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITEDMENU

07
This section outlines significant matters
which have impacted Meridian's financial
position and performance.
S1 New Zealand Aluminium
Smelter (NZAS)
As detailed in the 2024 Annual report, the
new NZAS contracts starting 3 July 2024
cause a significant change in how income,
expenses, assets and liabilities are classified
within these Interim financial statements.
The main changes are as follows:
• the main contract with NZAS
changes from being an executory
contract to being a financial
instrument (derivative); and
• the demand response agreement
(DRA) changes from being a derivative
to an executory contract with an
associated embedded derivative
recognised.
The below table notes where the NZAS related income, expense and balance sheet
values are presented, for the current and comparative periods.
UnauditedUnaudited
INCOME STATEMENT
31 Dec 2024
$M
31 Dec 2023
$M
Operating revenue – 88
Operating expenses(88) (319)
Net change in fair value of energy hedges(214) (3)
BALANCE SHEET
Financial instruments – current asset 29 7
Financial instruments – non-current asset 29 –
Financial instruments – non–current liability(82) –
Payables and accruals(9) (65)
IN THIS SECTION
S Significant matters in the six months

SIGNIFICANT MATTERSNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITEDMENU

08
S2 Restatement of
presentation of Financial
Transmission Rights
Meridian has amended its balance sheet
presentation of Financial Transmission
Rights (FTRs). FTRs are Level 1 electricity
derivatives used to manage locational
price risk. Meridian previously disclosed
FTRs gross, with:
• acquisition cost classified as a liability
(in Payables and accruals for current
amounts due, and in Term payables
for non-current amounts due); and
• the hedge value classified as assets
(in Financial instruments).
As FTRs are net settled, Meridian has
changed its balance sheet presentation
in the current period and restated the
prior year. The effects of this change in
presentation on the consolidated balance
sheet are shown in the below table:
Restated
BALANCE SHEET
UnauditedUnauditedUnaudited
31 Dec 2023
$M
31 Dec 2023
$M
Change
$M
Financial instruments – current asset170225 (55)
Financial instruments – non-current asset99118
(19)
Financial instruments – current liability6463 1
Financial instruments – non-current liability103102 1
Payables and accruals443499 (56)
Term payables6383 (20)
S3 Hydrological and
market conditions
The current period has seen significant
volatility in energy prices, resulting from
periods of low hydro lake storage and
on-going tightness in the gas market.
The occurrence of high wholesale
prices at the same time as reduced
hydro generation capacity has had a
negative impact on Meridian's financial
performance, as compared to the
comparative period.

NON-GAAP MEASURESNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITEDMENU

09
Meridian uses 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
here, including references to relevant
notes to the condensed interim
financial statements.
EBITDAF
EBITDAF stands for earnings before
interest, tax, depreciation, amortisation,
unrealised changes in fair value of
hedges, impairments and gains and
losses on sale of assets.
EBITDAF allows the evaluation of
Meridian's operating performance
without the non-cash impact of
depreciation, amortisation, unrealised
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
the reader to compare operating
performance with that of other
electricity industry companies.
Meridian uses this measure within
Note A1 Segment performance.
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 this measure within
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
Note C1 Capital management.
IN THIS SECTION
This section contains explanations
of non-GAAP measures that are used
within the notes to the condensed
interim financial statements.
N Non-GAAP measures

FINANCIAL PERFORMANCENOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
MENU

10
This section provides an analysis of
Meridian's financial performance for the
six months by key area including operating
segments, revenue and expenses.
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, as set out below:
Wholesale
• Generation of electricity and its sale
into the wholesale electricity market.
• Purchase of electricity from the
wholesale electricity market and its
sale to the Retail segment and to large
industrial customers, including NZAS
representing the equivalent of 25%
(31 December 2023: 36%) of Meridian's
generation production volume.
• Development of renewable electricity
generation opportunities.

Retail
• Retailing of electricity and
complementary products through
two brands, Meridian and Powershop.
• 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 $137 per megawatt
hour (MWh) (2023: $133 per MWh).
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 and hedging".



Other and unallocated
• Other operations that are not
considered reportable segments,
including licensing of the Flux developed
electricity 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
(for defintions see the Non-GAAP
Measure page) before unallocated
central corporate expenses. Balance
sheet items are not reported to the Chief
Executive at an operating segment level.
IN THIS SECTION
A Financial performance

FINANCIAL PERFORMANCENOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
MENU

11
Group
FOR THE SIX MONTHS ENDED 31 DECEMBER
Wholesale Retail
Other and
UnallocatedInter-segmentUnauditedUnaudited
2024
$M
2023
$M
2024
$M
2023
$M
2024
$M
2023
$M
2024
$M
2023
$M
2024
$M
2023
$M
Contracted sales, net of distribution costs and hedging 291 296 704 670 – – – – 995 966
Costs to supply customers, net of hedging (1,631) (1,334) (653) (660) – – 719 729 (1,565) (1,265)
Net cost of other hedges (15) 51 – – – – – – (15) 51
Generation spot revenue, net of hedging 1,042 885 – – – – – – 1,042 885
Inter-segment electricity sales 719 729 – – – – (719) (729) – –
Virtual asset swap margins (9) (3) – – – – – – (9) (3)
Other market revenue/(costs) (3) (5) (1) – – – – – (4) (5)
Energy margin (see reconciliation on next page) 394 619 50 10 – – – – 444 629
Other revenue 2 2 13 9 16 10 (5) (5) 26 16
Hosting expense – – – – (2) (2) – – (2) (2)
Energy transmission expense (37) (36) – – – – – – (37) (36)
Energy metering expenses – – (26) (25) – – – – (26) (25)
Gross margin 359 585 37 (6) 14 8 (5) (5) 405 582
Employee expenses (16) (16) (20) (18) (32) (32) – – (68) (66)
Other operating expenses (40) (35) (21) (19) (23) (23) 4 4 (80) (73)
EBITDAF (see reconciliation on next page) 303 534 (4) (43) (41) (47) (1) (1) 257 443
Depreciation and amortisation (225) (164)
Asset related adjustments (8) 11
Net change in fair value of energy hedges (see reconciliation on next page) (143) 11
Interest expense (42) (31)
Interest income 4 6
Net change in fair value of treasury hedges (11) (13)
Net (loss)/profit before tax (168) 263
Income tax benefit/(expense) 47 (72)
Net (loss)/profit after tax(121) 191
A1 Segment performance continued

FINANCIAL PERFORMANCENOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
MENU

12
UnauditedUnaudited
RECONCILIATION OF ENERGY MARGINNote
2024
$M
2023
$M
Energy sales to customersA2 1,178 1,203
Generation revenueA2 1,051 892
Energy expensesA3 (1,094) (1,136)
Energy distribution expensesA3 (393) (363)
Realised energy hedges (see below) (298) 33
Energy margin 444 629
UnauditedUnaudited
RECONCILIATION OF EBITDAFNote
2024
$M
2023
$M
Operating revenueA2 2,255 2,111
Operating expensesA3 (1,700) (1,701)
Realised energy hedges (see below) (298) 33
EBITDAF 257 443
UnauditedUnaudited
RECONCILIATION OF NET CHANGE IN FAIR VALUE OF ENERGY HEDGES
2024
$M
2023
$M
Realised energy hedges shown within energy margin (see above) (298) 33
Unrealised changes in the fair value of energy hedges (as noted on previous page) (143) 11
Net change in fair value of energy hedges per the Income Statement(441) 44
A1 Segment performance continued

FINANCIAL PERFORMANCENOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
MENU

13
A2 Income
OPERATING REVENUE
Six months ended 31 December
UnauditedUnaudited
2024
$M
2023
$M
Energy sales to customers 1,178 1,203
Generation revenue 1,051 892
Energy-related services revenue 5 5
Other revenue 21 11
Total operating revenue 2,255 2,111
A3 Expenses
OPERATING EXPENSES
Six months ended 31 December
UnauditedUnaudited
2024
$M
2023
$M
Energy expenses 1,094 1,136
Energy distribution expenses 393 363
Energy transmission expenses 37 36
Energy metering expenses 26 25
Hosting expenses 2 2
Employee expenses 68 66
Other expenses 80 73
Total operating expenses 1,700 1,701
INTEREST EXPENSE
Six months ended 31 December
UnauditedUnaudited
2024
$M
2023
$M
Interest on borrowings 46 40
Interest on option premiums– 1
Interest on lease liabilities 1 1
Less capitalised interest(5) (11)
Total interest expense 42 31
Capitalised interest
Meridian capitalises interest expense relating to building new assets. The average rate
used to determine the amount of borrowing costs eligible for capitalisation was 5.71%
(2023: 5.58%).

ASSETS USED TO GENERATE AND SELL ELECTRICITYNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
MENU

14
B1 Property, plant and equipment
POSITION AS AT
UnauditedUnauditedAudited
31 Dec 2024
$M
31 Dec 2023
$M
30 Jun 2024
$M
Opening net book value 12,192 8,989 8,989
Additions 81 200 375
Disposals – (6) (17)
Adjustment of Right of use assets 1 (3) (3)
Generation structures and plant revaluation
– revaluation reserve
– – 3,152
Depreciation expense(215) (149) (304)
Closing net book value 12,059 9,031 12,192
Fair value and revaluation of
generation structures and plant
Within property, plant & equipment,
generation structures and plant are carried
at fair value. 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.
A review and assessment of key inputs
included in the valuation of generation
structures and plant has been undertaken
as at 31 December 2024, indicating that
the carrying value was materially in line
with fair value and therefore a revaluation
was unnecessary (2023: assets were not
revalued). Generation structures and
plant were last revalued at 30 June 2024.
This section shows the core tangible
and intangible assets Meridian uses in
the production and sale of electricity
to generate operating revenues.
B2 Intangible assets
POSITION AS AT
UnauditedUnauditedAudited
31 Dec 2024
$M
31 Dec 2023
$M
30 Jun 2024
$M
Opening net book value 62 73 73
Additions 22 22 37
Impairment(3) – (18)
Amortisation expense(10) (15) (30)
Closing net book value 71 80 62

Capital Commitments
At 31 December 2024, Meridian has
capital commitments of $50 million
(2023: $165 million).
IN THIS SECTION
B Assets used to generate and sell electricity

MANAGING FUNDINGNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
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15
This section summarises Meridian's capital position and returns to shareholders.
C1 Capital management
POSITION AS AT
UnauditedUnauditedAudited
Note
31 Dec 2024
$M
31 Dec 2023
$M
30 Jun 2024
$M
Share capital 1,834 1,719 1,729
Retained earnings(2,138) (1,716) (1,631)
Other reserves 8,149 5,882 8,148
7, 8 4 5 5,885 8,246
Drawn borrowingsC4 1,582 1,383 1,331
add: Lease liabilities 30 31 30
less: Cash and cash equivalents (111) (221) (221)
Net debt 1,501 1,193 1,140
Net capital 9,346 7,07 8 9,386
Net capital is defined by Meridian as the combination of shareholders equity,
reserves and net debt.
C2 Earnings per share
UnauditedUnaudited
BASIC AND DILUTED EARNINGS PER SHARE (EPS)31 Dec 202431 Dec 2023
Net (loss)/profit after tax ($M)(121) 191
Weighted average number of shares used in the calculation of EPS 2,596,488,167 2,583,937,890
Basic and diluted EPS (cents per share)(4.7) 7. 4
IN THIS SECTION
C Managing funding
C3 Dividends
DIVIDENDS DECLARED AND PAID
Six months ended 31 December
UnauditedUnaudited
2024
$M
2023
$M
Final ordinary dividend 2024: 14.85cps (2023: 11.90cps) 384 307
Total dividends paid 384 307
Dividends declared and not recognised as a liability
Interim ordinary dividend 2025: 6.15cps (2024: 6.15cps) 160 159
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. Refer
to note C1 in the 2024 Annual report
for further details on how Meridian
manages its capital.
v
Dividend Reinvestment Plan (DRP)
Meridian operates a DRP under which
shareholders can elect to receive dividends
in additional shares rather than cash.
For the September 2024 final dividend
payment, new shares were issued at a 2%
discount to the prevailing market price of
Meridian shares around the time of issue.
Meridian investors were issued 18,204,174
new shares with a value of $108 million
(2024: 3,838,342 shares with a value of
$20 million).
Shares issued in lieu of cash are excluded
from dividends paid in the Statement of
Cash Flows.
Subsequent event –
dividend declared
On 25 February 2025 the Board declared
a partially imputed interim ordinary
dividend of 6.15 cents per share.

MANAGING FUNDINGNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
MENU

16
C4 Borrowings
UnauditedUnauditedAudited
31 Dec 2024
$M
31 Dec 2023
$M
30 Jun 2024
$M
Commercial paper
100 198 25
Drawn bank facilities
181 24 –
Retail bonds
700 550 700
Export credit agency facility
15 25 20
US Private placement notes
586 586 586
Face value of borrowings
1,582 1,383 1,331
Deferred financing costs
(2) (2) (2)
Fair value adjustment on hedged borrowings
77 10 18
Total carrying value of borrowings
1,657 1,391 1,347
of which
Current portion of borrowings
490 382 234
Borrowings
1,167 1,009 1,113
Total carrying value of borrowings
1,657 1,391 1,347
Meridian has committed bank facilities
of $915 million of which $196 million
were drawn at 31 December 2024
(2023: facilities of $650 million of
which $49 million were drawn).
Where facilities have expiry dates,
these range from August 2025 to
April 2027. $350 million of facilities
are evergreen and have no expiry dates.
All borrowings are Green Debt
instruments under Meridian's Green
Finance Programme. Further information
is available on the Green Finance
section of Meridian's website.
Within borrowings there are longer
dated instruments with fixed rate
coupons which are not in hedge
accounting relationships. As at
31 December 2024, the fair value is
$24 million higher than the carrying
value (2023: fair value $4 million higher
than carrying value). This is driven by
the fixed rate Retail bonds.
The below table details changes in Meridian's borrowings over the current and
comparative reporting period.
UnauditedUnaudited
2024
$M
2023
$M
Balance 30 June
1,347 1,236
Borrowings drawn
256 167
Borrowings repaid
(5) (5)
Change in fair value adjustments on hedged borrowings
1 13
Movements due to changes in foreign exchange rates
58 (20)
Balance 31 December
1,657 1,391

FINANCIAL INSTRUMENTS USED TO MANAGE RISKNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
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17
This section summarises the financial
(hedging) instruments Meridian uses
to manage risk.
D1 Financial instruments
A summary of financial instruments
and their impact on Meridian's financial
position and performance is noted
opposite, grouped by type of hedge.
There were no changes in valuation
processes, valuation techniques or types
of inputs used in the calculation of fair
values and their movements during the
period. Refer to the 2024 Annual report
for information about the fair value
hierachy of our inputs.

Fair value on the balance sheet
Fair value movements
in the income statement
UnauditedUnauditedAuditedUnauditedUnaudited
31 Dec 202431 Dec 202330 Jun 202431 Dec 202431 Dec 2023
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(51)–(26)(10)(39)(13)––
CCIRS – basis and margin risk24(3)–(3)–(1)––
CCIRS – foreign exchange risk2129–46–71–––
Total CC IRS82(3)20(13)32(14)––
Foreign exchange hedges2––3–1–––
Interest rate swaps237(19)35(14)44(14)(11)(13)
Total treasury hedges119(22)58(27)77(28)(11)(13)
Energy hedges
Market traded energy hedges110(74)54(46)79(15)(119)1
Other energy hedges388(103)123(94)152(111)(107)52
Energy options371–34–93–(1)(9)
NZAS358(82)––56(74)(214)–
Total energy hedges227(259)211(140)380(200)(441)44
Total hedges346(281)269(167)457(228)(452)31
of which
Current110(118)170(64)233(86)
Non current236(163)99(103)224(142)
Total hedges346(281)269(167)457(228)
IN THIS SECTION
D Financial instruments used to manage risk

FINANCIAL INSTRUMENTS USED TO MANAGE RISKNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
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18
Analysis of fair value movements on energy hedges
The following table provides an analysis of fair value movements on energy hedges. In Note A1 Segment performance,
realised movements on energy hedges are presented within Energy Margin and EBITDAF.
UnauditedUnaudited
Six months ended 31 Dec 2024Six months ended 31 Dec 2023
$M
Market
traded
energy
hedges
Other
energy
hedges
Energy
optionsNZASTotal
Market
traded
energy
hedges
Other
energy
hedges
Energy
optionsNZASTotal
Realised movements in energy hedges(44) (83) 24 (195) (298) (6) 38 1 – 33
Unrealised movements in energy hedges(75) (24) (25) (19) (143) 7 14 (10) – 11
Total fair value movements in energy hedges(119) (107) (1) (214) (441) 1 52 (9) – 44
Level 3 financial instrument analysis
The following provides a summary of the movements through EBITDAF and movements in the fair value of level 3 financial instruments:
UnauditedUnaudited
31 Dec 202431 Dec 2023
$M
Other
energy
hedges
Energy
options NZAS Total
Other
energy
hedges
Energy
options NZAS Total
Net change in fair value of energy hedges:
Realised movements(83) 24 (195) (254)381 – 39
Unrealised movements(24) (25) (19) (68) 14(10) – 4
Total net change in fair value of energy hedges(107) (1) (214) (322) 52(9) – 43
Balance at the beginning of the period4193(19)115(5)33–28
Fair value movements in the Income Statement(107)(1)(214)(322)52(9)–43
Remeasurement51(28)209232(18)––(18)
New hedge recognised–7–7–10–10
Balance at the end of the period(15)71(24)322934–63
D1 Financial instruments continued

FINANCIAL INSTRUMENTS USED TO MANAGE RISKNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
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19
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 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 volumes
called over the life of energy 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 2044; and
• contracts run their full term.
The table below describes the additional key inputs and techniques used in the valuation of level 3 financial instruments:
Financial asset
or liabilityDescription of input
Range of significant
unobservable inputsRelationship of input to fair value
Other electricity
hedges and NZAS,
valued using DCFs
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. It takes into
account any fixed discount applicable at inception.
$56/MWh to $77/MWh
(30 June 2024: $56/MWh
to $77/MWh) (in nominal 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.
NZASThe NZAS CFD and DRA contain price adjustments
for inflation, subject to movements in average annual
aluminium price. Actual and forecast Consumer Price
Inflation (CPI), as published by the New Zealand
Treasury, is used as an input. This is adjusted for the
probability of CPI increases applying to the contracts.
Meridian assesses probability of CPI increases by
historical analysis of aluminium prices.
31 December 2024: CPI 0%–2%,
Probability 54%
30 June 2024: CPI 0%–2%,
Probability 54%
For the CFD, as CPI rises, its value increases.
A decrease in CPI has the opposite effect.
For the DRA embedded derivative, as CPI
rises, the value decreases. A decrease in
the CPI has the opposite effect.
D1 Financial instruments continued

OTHERNOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED
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20
E1 Group structure
No changes occurred to Meridian's Group structure in the six months
ended 31 December 2024.
E2 Contingent assets and liabilities
There are no contingent assets or liabilities as at 31 December 2024
(31 Dec 2023: Nil, 30 Jun 2024: Nil).
E3 Subsequent events
In January 2025 Meridian signed a Power Purchase Agreement with
Harmony Energy/First Renewables in respect of their joint venture to build
the Tauhei Solar Farm. The Tauhei Solar Farm is due to be completed in late
2026 and will generate 280 gigawatt hours of electricity each year. Meridian
will purchase 100% of the output from the farm for its first 10 years of operation.
In February 2025, Meridian entered into a Scheme Implementation Agreement
(SIA) with NZ Windfarms Limited (NZWF) to purchase the remaining shares (80.01%)
in NZWF via a court-approved Scheme of Arrangement for $0.25 cash per share, this
corresponds to a total equity value for NZWF of $91 million as at 19 February 2025.
The Scheme is subject to NZWF shareholder approval, High Court approval, and
other customary conditions relating to regulatory approvals and certain events
or occurrences prior to implementation, as detailed in the SIA.
There are no other subsequent events other than dividends declared on
25 February 2025 (refer to Note C3 Dividends for further details).
E Other

INDEPENDENT AUDITOR'S REPORTMERIDIAN ENERGY LIMITEDMENU

21
The Auditor-General is the auditor
of Meridian Energy Limited (the
“Company”) and its subsidiaries (the
“Group”). The Auditor-General has
appointed me, Anthony Smith, 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
20, which comprise the balance sheet as
at 31 December 2024, income statement,
comprehensive income statement,
statement of changes in equity and
statement of cash flows for the six months
ended on that date, and notes to the
interim financial statements, including
material accounting policy information
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 2024
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 Board.
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, which are compatible with
those independence requirements. We
also provide non – assurance services to
the Corporate Taxpayers Group of which
Meridian Energy is a member, along
with a number of other organisations.
Principals and employees of our firm also
deal with the Group on arm’s length 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 engagements and arm’s
length terms transactions, we have no
relationship with, or interests in the Group.
INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF MERIDIAN ENERGY LIMITED

INDEPENDENT AUDITOR'S REPORTMERIDIAN ENERGY LIMITEDMENU

22
Directors’ responsibilities for
the interim financial statements
The directors are responsible on behalf
of the Group 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 do 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.
Anthony Smith, Partner
for Deloitte Limited
On behalf of the Auditor-General
Christchurch, New Zealand
25 February 2025

MERIDIAN ENERGY LIMITEDCONDENSED INTERIM FINANCIAL STATEMENTS as at and for the six months ended 31 December 2024
meridian.co.nz

---

2025
Interim Results
Presentation
MERIDIAN ENERGY LIMITED26 February 2025

2025 INTERIM RESULTS PRESENTATION
2
MERIDIAN ENERGY26 February 2025
Neal Barclay –Chief Executive
Meridian’s West Wind Farm near Wellington

2025 INTERIM RESULTS PRESENTATION
3
MERIDIAN ENERGY26 February 2025
Key points
1
Earnings before interest, tax, depreciation, amortisation, unrealisedchanges in fair value of hedges and asset related adjustments.
1

2025 INTERIM RESULTS PRESENTATION
4
MERIDIAN ENERGY26 February 2025
Changing fuel mix
$10B of new generation investment in the last 15 years
by generators.
Through a period of flat electricity demand and
uncertainty on the future of NZAS.
Geothermal, wind and some solar has met thermal
capacity retirement.
Resulting in a more renewable electricity system, but
one still dependent on thermal fuel storage to firm
hydro drought.
That electricity system managed the record 2024
winter drought, despite a lack of available gas for
generation.
And is now solving that structural issue of gas
unavailability.
-
10
20
30
40
50
60
1975198019851990199520002005201020152020202520302035204020452050
TWh
Wholesale market generation mix
BESS + Demand Response
Thermal
Grid Solar
Distributed Solar
Geothermal
Wind
Hydro
Source: Meridian

2025 INTERIM RESULTS PRESENTATION
5
MERIDIAN ENERGY26 February 2025
A world class electricity system in NZ
Source: BCG, Meridian
EU
1
UKJapanUSAAus
3
NZ
Affordability
Real Ave. Electricity
Price 2023
$NZ/MWh
2
Security
•Recent energy
conservation, high LNG
import dependency
•Nuclear decommissioning
•Declining gas reserves,
LNG used to balance
•Aging infrastructure
•High LNG import
dependence
•Nuclear decommissioning
•Aging energy
infrastructure
•Gas supply shortage, drove
2021 domestic reservation
policy
•Susceptible to 'Dry years'
WEC Security Score
Sustainability
% Zero carbon
electricity
~40%~60%~30%~40%~35%~90%
WEC rank
4
82310229
650
529
589
590
792
777
276
232
222
264
368
531
181920151721221623
1.EU prices, reflect Generation Weighted Average Prices for combined Italy, Germany and France energy profiles
2.Nominal Enerdataprices adjusted to Real 2023 NZ$ using Reserve Bank of New Zealand inflation figures
3.Australian Industrial prices reflect wholesale prices + 45% transport premium
4.World Energy Council
Data sources: MBIE Quarterly Nominal Fuel Prices; CMEMWA -Energy Trilemma Report 2024, EnerdataHousehold and Industrial Electricity Prices, Reserve Bank of New Zealand, Ember National Energy Mix
Residential
Industrial
325
309
309
347
492
180
161
171
202
334
371
181920151621221723
274
272
266
265
273
149
145
139
139
137
161718152021222319
488
491
526
468
427
331
306
315
262
291
181915161721222320
435
475
450
416
364
185
103
148
331
141
181917152122162320
367
363
356
348
330
191
164
207
227
171
181915162122172320
NZ able to deliver energy
consistently and affordably,
even through dry years due to
market's hedged position
67.761.172.766.668.270.3
LNG importing markets –tend to have higher prices
Fr=6Ger=7Ita=25

2025 INTERIM RESULTS PRESENTATION
6
MERIDIAN ENERGY26 February 2025
0
1,000
2,000
3,000
4,000
5,000
1 May 24 - 15 Aug 241 Sep 24 - 31 Nov 2419 Dec 24 - 20 Feb 25
GWh
Meridian total inflows
actualaverage
-1,000
-800
-600
-400
-200
0
200
400
Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24Jan-25Feb-25
GWh
Waitaki daily inflow differences to average (cumulative)
lowest inflows on record
64% of average
-995GWh to average
Fuel scarcity
Meridian experienced 1 in 90 year, record low May to mid-
August inflows.
That was preceded by calm and dry conditions, and meant
cumulative inflows were below average for much of 2024.
Largest NZAS Demand Response option was called.
Lack of available gas for electricity generation saw existing
hedge cover fail.
Large industrial gas demand reduction in the short term then
followed.
Including demand response, Meridian acquired 800GWh of
hedges ($258/MWh average cost) to manage fuel scarcity.
Source: Meridian
Source: Meridian
0
50
100
150
200
250
200020022004200620082010201220142016201820202022202420262028203020322034203620382040
PJ
Calendar Year
Gas production
actualforecast
Source: Ministry of Business, Innovation and Employment, HīkinaWhakatutuki
2
nd
highest inflows on record
150% of average
+1,603GWh to average
1,100GWh of spill
lowest inflows on record
45% of average
-1,448GWh to average

2025 INTERIM RESULTS PRESENTATION
7
MERIDIAN ENERGY26 February 2025
Contingent storage
Lake TekapoLake PūkakiLake Hawea
220GWh of additional
storage available between
October and March if
storage falls below
Contingent Storage Release
Boundary.
Between April and
November, the 220GWh is
controlled storage.
545GWh of additional
hydro storage available;
▪331GWh if storage falls
below Contingent
Storage Release
Boundary.
▪214GWh if the System
Operator declares an
Official Conservation
Campaign.
67GWh of additional
storage if storage falls
below Contingent Storage
Release Boundary.
Contingent storage
Contingent storage is fuel that physically exists in the
system today.
It is intended to be available for generation at specific
times to mitigate high risk of drought.
In November 2024, Meridian again requested
amendments be made to make access to contingent
storage practically available.
The existing buffer applied in calculating contingent
storage release does not reflect actual risk of serious
energy shortage.
The buffer was temporarily amended during
September and October 2024 because of this
inconsistency.
Meridian’s request is to make this amendment
permanent now, so the market can be confident
contingent storage will be available when needed.
Source: Transpower

2025 INTERIM RESULTS PRESENTATION
8
MERIDIAN ENERGY26 February 2025
Government focus
Action to bolster energy securityNext steps on Electrifying NZ
Reverse the ban on offshore oil and gas
exploration
Establishing a one stop shop fast track
approvals and permitting regime
Remove regulatory barriers to the
construction of facilities to import LNG as a
stop gap
Amendments to the RMA to speed up
resource consenting
Ease restrictions on electricity lines
companies owning generation
Stronger national direction for renewable
energy
Ensure access for gentailersto hydro
contingency
A new regime for offshore wind
Improve electricity market regulation (via a
sector review)
Updated regulatory settings for electricity
networks and new connections
Energy Competition Task Force work programme
Package 1Package 2
Consider requiring gentailersto offer firming
for PPAs
Requiring distributors to pay a rebate when
consumers export electricity at peak times
Introduce standardisedflexibility productsRequire all retailers to offer time-of-use
pricing
Look at benefits of virtual disaggregationRequire retailers to better reward consumers
for supplying power
Investigate level playing field measures as a
regulatory backstop
Reward industrial consumers for providing
short-term demand flexibility
Regulatory focus –2024 fuel scarcity
Government’s focus is on initiatives many of which are
already underway or part of existing policy programme.
Task Force programmeis largely derived from the
Electricity Authority’s existing work programme.
Timeframes for the Task Force’s programmeare
condensed. Consultation papers are expected in early
2025, with possible code changes from mid 2025.
Aside from contingent storage, little will immediately
address the lack of, or reliability of available fuel in a
significant drought.
The fundamental issue is how the electricity sector
further responds to gas supply decline and low confidence
in the future of gas industry.
A Government Policy Statement on electricity was
released in October 2024.
Closely followed by terms of reference for the ministerial
review of the electricity sector.

2025 INTERIM RESULTS PRESENTATION
9
MERIDIAN ENERGY26 February 2025
Transmission and distribution costs
Final Commerce Commission decision in November
2024 on regulated revenues for Transpowerand
distribution companies for the next 5 years.
Regulated revenue increases are significant, more
than 40% above the current regulatory period.
Much of the increase is attributable to inflation and
higher regulated cost of capital.
Remainder of the increase is attributable to
increased network investment.
The Commission has applied smoothing to reduce
the step change in costs to customers on 1 April
2025.
Cost increases are significant, with the Commission
estimating increases of $120 to $300 for households
in the next year (5% on average).
Transmission lines near New Zealand’s Aluminium Smelter in Southland

2025 INTERIM RESULTS PRESENTATION
10
MERIDIAN ENERGY26 February 2025
Transformer replacement
New transformer from existing supplier installed at
Manapōuri.
Unit 6 returned to service in December 2024, with
the first of seven new control and protection
systems as part of the station’sAutomation
Upgrade Project.
Unit 4 remains out of service until the first of two
new transformers are delivered in late 2025, from a
new supplier.
Leased transformer installed at West Wind in
October2024, returning the farm to full capacity.
New West Wind transformer installed by late 2025.
And up the West Wind Farm access road
Transportation of a transformer across Lake Manapōuri

2025 INTERIM RESULTS PRESENTATION
11
MERIDIAN ENERGY26 February 2025
Construction and development
First grid injection at RuakākāBattery Energy
Storage System, April 2025 operational date.
RuakākāSolar consent finalised, final investment
decision (FID) expected in March 2025.
Environment Court consent granted for Mt Munro
Wind Farm.
JV with Nova for stage 1 of TeRahuiSolar Farm
(200MW of 400MW), 50-50 offtake, FID expected
in April 2025.
TeRereHau Wind Farm FID expected in June 2025.
Scheme Implementation Agreement (SIA) signed
with NZ Windfarms.
Power Purchase Agreement (PPA) signed for
150MW TauheiSolar Farm offtake.
Meridian’s RuakākāBattery Energy Storage System near Whangārei

2025 INTERIM RESULTS PRESENTATION
12
MERIDIAN ENERGY26 February 2025

2025 INTERIM RESULTS PRESENTATION
13
MERIDIAN ENERGY26 February 2025
Mike Roan –Chief Financial Officer
Benmore Hydro Station in the Waitaki Valley, South Canterbury

2025 INTERIM RESULTS PRESENTATION
14
MERIDIAN ENERGY26 February 2025
Wholesale market operation
Wholesale electricity markets are inherently
volatile.
Particularly in this country, with the system’s low
storage hydro backbone and increasingly
intermittent renewables.
High wholesale prices are part of how the system
operates, signaling fuel scarcity.
And offering the financial incentive for more
expensive forms of generation and demand
response to be made available.
The winter 2024 drought has shown the extent of
gas unavailability for electricity generation,
particularly compared to previous low hydro
inflows periods.
Spot gas prices are increasingly the driver of
wholesale electricity prices, rather than hydro
storage levels.
To update
5.70
5.85
6.00
6.15
6.15
11.20
11.55
11.90
14.85
16.90
17.40
17.90
21.00
0
5
10
15
20
25
20212022202320242025
CPS
Financial Year ended 30 June
Dividends declared
Interim dividendFinal dividendTotal
0
100
200
300
400
500
0
10
20
30
40
2018201920202021202220232024
$/MWH
$/GJ
Electricity, gas and coal proxy pricing
Spot gas
Indo coal at Huntly
Spot OTA electricity (RHS)
Source: Enerlytica

2025 INTERIM RESULTS PRESENTATION
15
MERIDIAN ENERGY26 February 2025
395
394
425
443
257
297
315
358
462
692
709
783
905
0
200
400
600
800
1,000
20212022202320242025
$Ms
Financial Year ended 30 June
EBITDAF
InterimFinal half-yearTotal
187
225
265
303
50
244
236
244
364
431
461
509
667
0
100
200
300
400
500
600
700
20212022202320242025
$Ms
Financial Year ended 30 June
Operating cash flows
InterimFinal half-yearTotal
Operating cash flow and EBITDAF
-83% decrease in operating cash flows.
-42% decrease in EBITDAF.

2025 INTERIM RESULTS PRESENTATION
16
MERIDIAN ENERGY26 February 2025
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).
Dividend
Interim ordinary dividend declared of 6.15cps (flat on
1H FY24), 85% imputed.
Dividend reinvestment plan will apply to this interim
dividend at a 2% discount.
Dividend Reinvestment Plan Dates
Ex dividend date6 MarchStrike price announced13 March
Record date7 MarchDividend paid/shares issued25 March
Elections close10 March
5.70
5.85
6.00
6.15
6.15
11.20
11.55
11.90
14.85
16.90
17.40
17.90
21.00
0
5
10
15
20
25
20212022202320242025
CPS
Financial Year ended 30 June
Dividends declared
Interim dividendFinal dividendTotal
Dividendsdeclared1H FY251H FY24
centsper shareimputationcentsper shareimputation
Ordinarydividends
6.1585%6.1580%

2025 INTERIM RESULTS PRESENTATION
17
MERIDIAN ENERGY26 February 2025
257
443
-185
+10
0
-1
-1
-9
0
100
200
300
400
500
EBITDAF
31 Dec 23
Energy marginOther revenueHosting
expense
Transmission
expenses
Metering
expenses
Operating
expenses
EBITDAF
31 Dec 24
$M
Movement in EBITDAF
Movement in EBITDAF
1H FY25 EBITDAF -42% (-$186M) decrease on 1H
FY24.
5% higher retail contracted sales revenue on 1%
lower volumes.
-11% decrease in 1H FY25 hydro generation
volumes.
-24% decrease in 1H FY25 financial contract sales
volumes.
Higher average cost paid to supply customers and
financial contracts.
Significant hedge and demand response costs to
manage record low winter inflows.
+$10M increase in other revenue from metering
contract changes and transformer settlements.
+$9M (+6%) increase in 1H FY25 operating costs.

2025 INTERIM RESULTS PRESENTATION
18
MERIDIAN ENERGY26 February 2025
444
629
+21
+13
+18
+157
-167
+29
-162
-89
-6
+1
0
300
600
900
Energy
Margin 31
Dec 23
Mass market
sales
C&I salesNZAS salesGeneration
spot revenue
Cost to
supply
customers
Derivative
sales and
purchases
Cost of
derivative
sales and
purchases
Demand
response
payments
Net VASOtherEnergy
Margin 31
Dec 24
$M
Energy margin movement
Energy margin
5% revenue growth in mass market and corporate and
industrial segments from higher average prices.
Winter fuel scarcity drove an -11% decrease in 1H FY25
hydro generation volumes.
Higher generation spot revenue and customer supply
costs from higher wholesale prices.
24% lower financial contract sales volumes reflecting
the lack of discretionary generation.
$200M in hedge costs and demand response to
manage record low winter inflows.
$17M of close out costs largely due to market making
costs through low market liquidity.
physical +$42M
financial -$228M
Refer to pages 37-38 for a further breakdown of energy margin

2025 INTERIM RESULTS PRESENTATION
19
MERIDIAN ENERGY26 February 2025
1
Volume weighted average electricity price received from retail customers, less distribution costs
Retail customers
Mass market
+$21M (+5%) growth in mass market revenue from
higher average sales price and large business
volume growth.
Modest declines in other mass market segment
sale volumes.
Corporate
-4% decrease in corporate sales volume at a higher
net average sales price.
Corporate sales revenue increased +$13M (+5%).

2025 INTERIM RESULTS PRESENTATION
20
MERIDIAN ENERGY26 February 2025
113
93
51
127
158
0
50
100
150
200
20202021202220232024
$/MWH
Six months ended 31 December
Meridian average generation price
0
5,000
10,000
15,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial Year ended 30 June
Meridian's combined catchment inflows
90 year average
Generation
1H FY25 inflows were 126% of average, heavily skewed
to spring and early summer inflows.
Winter fuel scarcity drove an -11% decrease in 1H
FY25 hydro generation volumes.
Wind generation increased 306GWh (+42%), despite
calm winter periods with additional Harapaki
generation and return to full 143MW capacity at West
Wind in October 2024.
Wholesale price volatility during 1H FY25 reflected
fuel scarcity. Average daily prices in August 2024
ranged between $800MWh and $1MWh.
4,000
5,000
6,000
7,000
201020112012201320142015201620172018201920202021202220232024
GWH
Six months ended 31 December
Meridian hydro generation
4,000
5,000
6,000
7,000
2000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
GWH
Six months ended 31 December
Meridian hydro generation
6 month hydro25 year average

2025 INTERIM RESULTS PRESENTATION
21
MERIDIAN ENERGY26 February 2025
101
98
123
139
148
107
120
126
142
208
218
249
281
0
100
200
300
400
20212022202320242025
$M
Financial Year ended 30 June
Operating expenses
InterimFinal half-yearTotal
281
249
+11
+4
+8
+6
+2
+1
200
220
240
260
280
300
FY23Remuneration
uplift
New staffingContractorsICTInsuranceOtherFY24
$M
FY24 operating cost movement
Operating expenses
Operating expenses $9M (6%) higher than 1H FY24.
Growth in 1H FY25 from workforce changes,
remuneration increases, transformer costs, retail
transformation and finance and generation control
system upgrades.
Expecting FY25 operating costs of between $298M
and $304M (previous guidance between $302M and
$308M).
281
249
+14
+9
+6
+2
+1
200
220
240
260
280
300
FY23Staff costsContractorsICTInsuranceOtherFY24
$M
FY24 operating cost movement
304
↑
298
156
↑
150
148
139
-2
+3
+3
+2
+3
100
110
120
130
140
150
Opex
31 Dec 23
Workforce
changes
Remuneration
increase
Asset
maintenance
ContractorsICT costsOpex
31 Dec 24
$M
1H FY25 operating expenses movement

2025 INTERIM RESULTS PRESENTATION
22
MERIDIAN ENERGY26 February 2025
22
29
6
13
2
1
12
16
3
0
10
20
30
HarapakiRuakākā BESSDevelopment
costs
Retail systemsOtherWorkplace
facilities
ICTAsset
maintenance
Retail systems
$M
Capital expenditure
33
92
171
163
104
53
83
175
186
86
175
346
349
0
100
200
300
400
20212022202320242025
$M
Financial Year ended 30 June
Capital expenditure
InterimFinal half-yearTotal
Capital expenditure
Capital expenditure of $104M in FY25.
$32M stay in business spend and $72M growth
investment.
Spend in 1H FY25 from Harapakicompletion,
RuakākāBattery, retail transformation, finance and
generation control system upgrades, asset
maintenance.
Expecting FY25 capital expenditure of between
$220M and $250M (previous guidance between
$295M and $325M).
Growth $72MStay in Business $32M
250
↑
220
146
↑
116

2025 INTERIM RESULTS PRESENTATION
23
MERIDIAN ENERGY26 February 2025
149
145
181
175
-5
82
88
134
184
231
233
315
359
-100
0
100
200
300
400
500
20212022202320242025
$M
Financial Year ended 30 June
Underlying net profit after tax
InterimFinal half-yearTotal
227
145
201
191
-121
188
306
-106
238
415
451
95
429
-100
0
100
200
300
400
500
20212022202320242025
$M
Financial Year ended 30 June
Net profit after tax
InterimFinal half-yearTotal
1
Net profit before tax
2
Net changes in the fair value of unrealisedenergy hedges and treasury hedges
3
Net profit or loss after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity option
premiums and other non-cash items and their tax effects
A reconciliation of NPAT to Underlying NPAT is on page 42
Below EBITDAF
-$154M decrease in NPBT
1
from the net change in fair
value of hedges
2
(-$2M decrease in 1H FY24).
+$61M (+37%) increase in depreciation from June 2024
asset revaluation and Harapakicompletion.
-$8M of asset related adjustments in 1H FY25, mainly
impairments and transformer disposal losses.
+$13M increase in net finance costs from higher funding
costs and completed Harapakicapitalisation.
Negative tax expense on pre-tax losses.
Resulted in a -$121M net profit after tax.
-$5M underlying net profit after tax
3
largely from lower
EBITDAF and tax with higher depreciation, financing
costs.

2025 INTERIM RESULTS PRESENTATION
24
MERIDIAN ENERGY26 February 2025
32%
1%
36%
30%
1%
Sources of funding as at 30 June 2024
NZ$ bank facilities drawn/undrawn
EKF - Danish export credit
Retail Bonds
US private placement
Commercial paper
210
35
148
383
556
450
150
0
200
400
600
202520262027202820292030+
$M
Financial Year ended 30 June
Debt maturity profile at 30 June 2024
Drawn debt maturing (face value)Available facilities maturing
Debt and funding
December 2024 total borrowings of $1,657M
1.
Total funding facilities of $2,302M, of which $719M
were undrawn.
All facilities classified under Meridian’s Green
Finance Programme.
Net debt to EBITDAF at 2.2x (1H FY24: 1.3x).
Credit rating maintained at BBB+/Stable.
1
Including $24M fair value adjustment
310
334
200
183
556
175
364
80
0
200
400
600
800
CY25CY26CY27CY28CY29+CY30+
$M
Debt maturity profile as at 31 December 2024
Drawn debt maturing (face value)Available facilities maturing
39%
1%
30%
26%
4%
Sources of funding as at 31 December 2024
NZ$ bank facilities drawn/undrawn
EKF - Danish export credit
Retail Bonds
US private placement
Commercial paper

2025 INTERIM RESULTS PRESENTATION
25
MERIDIAN ENERGY26 February 2025
Final thoughts
ManapōuriHydro Station in the Fiordland National Park
1H FY25 was challenging with record dry
winter conditions.
Followed by record low inflows in the last
two months.
Additional hedge and DR costs of $25M+
now expected in Q3.
680MW of development projects now
consented representing $1B capital
commitment.
Customer product set evolving.
Enhancing hydro storage is a solution to
gas scarcity.

MERIDIAN ENERGY LIMITED26 February 2025
Questions

2025 INTERIM RESULTS PRESENTATION
27
MERIDIAN ENERGY26 February 2025
Additional
information

2025 INTERIM RESULTS PRESENTATION
28
MERIDIAN ENERGY26 February 2025
Segment results

2025 INTERIM RESULTS PRESENTATION
29
MERIDIAN ENERGY26 February 2025
EBITDAF reconciliation to the income statement

2025 INTERIM RESULTS PRESENTATION
30
MERIDIAN ENERGY26 February 2025
2,435
2,569
2,750
2,822
2,847
1,684
1,883
1,920
1,984
1,902
4,119
4,452
4,670
4,806
4,749
0
1,000
2,000
3,000
4,000
5,000
20202021202220232024
GWH
Six Months ended 31 December
Retail sales volumes
Residential, SMB, AgriCorporateTotal
119
122
121
123
125
122
126
125
127
129
106
117
117
120
129
347
365
363
370
383
0
100
200
300
400
500
Jun-21Jun-22Jun-23Jun-24Dec-24
ICP (000)
Customer connections
Meridian North IslandMeridian South IslandPowershopTotal
Retail
Customers
+4% increase in customers since June 2024.
Residential, business, agrisegment
-1% decrease in residential volumes.
Slight decrease in small business volumes.
+1% increase in agrivolumes.
+8% increase in large business volumes.
+4% increase in average sales price.
Corporate segment
-4% decrease in volumes.
+10% increase in average sales price.

2025 INTERIM RESULTS PRESENTATION
31
MERIDIAN ENERGY26 February 2025
0
500
1,000
1,500
2,000
2,500
JanJanFebMarMarAprMayMayJunJulJulAugSepSepOctNovDecDec
GWh
Meridian's Waitaki storage
Average 1979-2018201920202021202220232024
0
5,000
10,000
15,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial Year ended 30 June
Meridian's combined catchment inflows
90 year average
Hydrology
Inflows
1H FY25 inflows were 126% of historical average.
January 2025 inflows were 43% of average.
Storage
Meridian’s Waitaki storage at 31 December 2024
was 135% of historical average.
By 31 January 2025, this position was 104% of
average.
0
2,000
4,000
6,000
8,000
2010201120122013201420152016201720182019202020212022202320242025
GWH
Financial Year
Meridian's combined catchment inflows
Dec YTD92 year average

2025 INTERIM RESULTS PRESENTATION
32
MERIDIAN ENERGY26 February 2025
113
93
51
127
158
0
50
100
150
200
20202021202220232024
$/MWH
Six months ended 31 December
Meridian average generation price
5,911
6,402
6,574
6,227
5,561
765
709
640
720
1,026
6,676
7,111
7,214
6,947
6,587
0
3,000
6,000
9,000
20202021202220232024
GWH
Six Months ended 31 December
Generation volumes
HydroWindTotal
Generation
Volume
1H FY25 generation was -5% lower than 1H FY24
with -11% lower hydro generation and +42% higher
wind generation.
Price
1H FY25 average price Meridian received for its
generation was +25% higher than 1H FY24.
1H FY25 average price Meridian paid to supply
customers was +40% higher than 1H FY24.

2025 INTERIM RESULTS PRESENTATION
33
MERIDIAN ENERGY26 February 2025
257
443
+34
-5
+157
-300
-66
-6
+1
+10
0
-1
-1
-9
0
100
200
300
400
500
600
700
EBITDAF
31 Dec 2023
Retail contracted
sales
Wholesale
contracted sales
Generation spot
revenue
Cost to supply
customers
Net cost of
hedges
Virtual asset
swaps
Other market
costs
Other revenueHosting expenseTransmission
expenses
Metering
expenses
Employee &
other operating
expenses
EBITDAF
31 Dec 2024
$M
Movement in EBITDAF
1H FY25 EBITDAF
Energy margin -$185M

2025 INTERIM RESULTS PRESENTATION
34
MERIDIAN ENERGY26 February 2025
EBITDAF to NPAT
*Net changes in the fair value of unrealisedenergy hedges and treasury hedges

2025 INTERIM RESULTS PRESENTATION
35
MERIDIAN ENERGY26 February 2025
444
+433
+271
+291
+1,042
-1,212
-89
-264
-439
+441
-17
-9
-4
0
350
700
1,050
1,400
1,750
2,100
Mass market salesC&I salesFinancial contract
sales (incl NZAS)
Generation spot
revenue
Cost to supply
customers
Demand response
payments
Cost to supply
financial contracts
Hedging fixed
costs
Hedging spot
revenue
Contract close
outs
VAS marginsMarket costsEnergy Margin
$M
Energy margin
Energy margin

2025 INTERIM RESULTS PRESENTATION
36
MERIDIAN ENERGY26 February 2025
444
629
+21
+13
-5
+157
-167
-89
-44
-84
+52
-34
-6
+1
0
200
400
600
800
Energy Margin
31 Dec 23
Mass market
sales
C&I salesFinancial
contract sales
(incl NZAS)
Generation spot
revenue
Cost to supply
customers
Demand
response
payments
Cost to supply
financial
contracts
Hedging fixed
costs
Hedging spot
revenue
Contract close
outs
VAS marginsMarket costsEnergy Margin
31 Dec 24
$M
Energy margin movement
Energy margin

2025 INTERIM RESULTS PRESENTATION
37
MERIDIAN ENERGY26 February 2025
Energy margin

2025 INTERIM RESULTS PRESENTATION
38
MERIDIAN ENERGY26 February 2025
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, and
demand response payments (net cost of 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.
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.

2025 INTERIM RESULTS PRESENTATION
39
MERIDIAN ENERGY26 February 2025
NZAS Demand Response Agreement
Summary of demand response options
Option
Equivalent
reduced
consumption
​(MWh per
hour)
ExercisableReduction
from Meridian demand
response agreement
​(MWh per hour)
Usual
Ramp-
Down
Notice
Period
DR Period
(equivalent
number of days)
Usual Ramp-Down
Period
(equivalent
numberof days)
Usual Ramp-Up
Notice Period
(equivalent
number ofdays)
Usual Ramp-Up
Period
(equivalent
number ofdays)
Maximum Calls
1​25​18.75 ​
3 Business
Days​
Minimum 10 days,
maximum 150days​
5 days​3 days​15 days​
​Unlimited, but the Option
cannotbe exercised more
than 4 times inany 12-
month period​​
2​50 ​37.5
3 Business
Days
Minimum 15days,
maximum145 days​
10 days​3 days​30 days​
Unlimited, but the Option
cannotbe exercised more
than 2 times inany 18-
month period​
3​100 75 ​
3 Business
Days
Minimum 22days,
maximum137days​
18 days​5 days​100 days​
The Option cannot be
exercisedmore than 8
times over the Term​
4​185​138.75
5 Business
Days​
Minimum 30days,
maximum75 days​
25 days​5 days200 days​
​The Option cannot be
exercisedmore than 4
times over the Term​
Stand down periods apply between the exercise of Options.

2025 INTERIM RESULTS PRESENTATION
40
MERIDIAN ENERGY26 February 2025
236
402
-351
249
-452
-600
-400
-200
0
200
400
600
FY21FY22FY23FY241H FY25
$Ms
Net change in fair value of hedges
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.
$441M decrease in NPBT from fair value of energy
hedges from higher forward electricity prices
($44M increase in 1H FY24).
$11M decrease in NPBT from fair value of treasury
hedges from lower forward interest rates ($13M
decrease in 1H FY24).
Fair value movements

2025 INTERIM RESULTS PRESENTATION
41
MERIDIAN ENERGY26 February 2025
Segment earnings statement

2025 INTERIM RESULTS PRESENTATION
42
MERIDIAN ENERGY26 February 2025
Underlying NPAT reconciliation

2025 INTERIM RESULTS PRESENTATION
43
MERIDIAN ENERGY26 February 2025
Cash flow statement

2025 INTERIM RESULTS PRESENTATION
44
MERIDIAN ENERGY26 February 2025
Balance sheet

2025 INTERIM RESULTS PRESENTATION
45
MERIDIAN ENERGY26 February 2025
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 connectionsnumber of installation control points, excluding vacants
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’s Aluminium SmelterLimited
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
Virtual Asset Swaps(VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity
Glossary

2025 INTERIM RESULTS PRESENTATION
46
MERIDIAN ENERGY26 February 2025
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 2024, available at:
www.meridianenergy.co.nz/about-us/investors
All currency amounts are in New Zealand dollars unless stated otherwise.
Disclaimer

---

A shift
in energy
MERIDIAN ENERGY LIMITEDINVESTOR LETTER for the six months ended 31 December 2024

Meridian has announced an interim
financial result that reflects the costs
of its major role in maintaining security
of supply in the face of historically low
lake levels and an unexpected and
unprecedented shortage of gas during
winter 2024.
1 Earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges,
and asset related adjustments. EBITDAF is a non-GAAP financial measure but is commonly used within
the electricity industry as a measure of performance as it shows the level of earnings before impact of
gearing levels and non-cash charges such as depreciation and amortisation. Market analysts use the
measure as an input into company valuation and valuation metrics used to assess relative value and
performance of companies across the sector.
2 Net profit after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity
option premiums and other non-cash items and their tax effects. Underlying net profit after tax is a
non-GAAP financial measure. Because they are not defined by GAAP or IFRS, Meridian’s calculation
of such 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.
We have reported operating cash
flows of $50 million for the six
months ending 31 December 2024,
down from $303 million in the same
period last year, with net profit after
tax at -$121 million compared to
$191 million in last year’s interim
result. These results reflect the
$200 million cost required to
replace hedge contracts for winter
2024 following the shortage of gas
and calling the largest demand
response option with New Zealand’s
Aluminium Smelter (NZAS).
EBITDAF
1
fell from $443 million
to $257 million and underlying
net profit
2
from $175 million to
-$5 million. Both of these are
non-GAAP measures.
The Board has announced an
interim ordinary dividend of
6.15 cents per share, the same
level as last year’s interim dividend.
The interim ordinary dividend will
be 85% imputed and Meridian’s
Dividend Reinvestment Plan will
apply to this interim ordinary
dividend at a 2% discount to the
average market price over a five-day
period ending on 12 March 2025.
The interim dividend will be paid
and new shares issued under the
reinvestment plan on 25 March 2025.
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.
Some key highlights of the first
six months of this financial year are
outlined below. If you’d like more
information about our financial
performance during this period,
the full financial commentary is
available at meridianenergy.co.nz
/about-us/investors/reports/
interim-results-and-reports
DIVIDEND DATES
7 March 2025
Record date
6–12 March 2025
Dividend Reinvestment
Plan price determination
period
25 March 2025
Dividend paid and
new shares issued
under the Dividend
Reinvestment Plan
INVESTOR LETTER FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

01

Hydrology
During the six months ended
31 December 2024, Meridian
experienced one in 90 year, record
low inflows from May to mid-August.
Calm and dry conditions followed,
which meant cumulative inflows
were below average for much
of 2024. Dry conditions in the
lower South Island once again see
catchment storage levels at the end
of January 2025 below average.
Gas scarcity
As a renewable energy business
we know the role that mother
nature plays. While Meridian
experienced historically low lake
levels and a severe shortage of
wind in winter 2024, the most telling
factor for the system was the acute
shortage of gas, reflected in high
wholesale electricity prices during
August 2024.
However, despite media reports,
the risk of an energy shortage
was very low and the electricity
market responded by ensuring
security was maintained, which
reduced wholesale prices. Meridian
played a significant role in this;
we incentivised NZAS to reduce
demand and made energy
available to other users.
We also underwrote gas purchases
from Methanex through hedge
contracts with other generators,
playing a significant role in
maintaining security of supply
for New Zealand homes and
businesses, at a significant cost
to the business.
Regulatory focus
The impacts of the low hydro
levels and gas shortages last
winter prompted both the
government and regulator to
announce initiatives focused on
the wider energy sector. Many
of these are part of existing work
or policy programmes. We are
supportive of these and the
Government Policy Statement on
electricity, which reinforces current
market settings and the role of the
Government and regulator.
However, most of what has been
announced doesn’t address the
immediate issue of fuel scarcity.
We believe the fundamental
issue is how the electricity sector
responds to the gas supply decline
and the low confidence in the
future of the gas industry.
We believe the most immediate
and logical solution to help
address the fuel supply issues
ahead of future winters is to use
the contingent hydro storage
that exists today.
Contingent storage
Contingent storage is something
that Meridian has been working
on since 2012 as a way to ensure
that we have as much energy
available as we possibly can.
Access to contingent storage is
likely impossible in many situations
even if New Zealand’s actual risk
of energy shortage is significant,
as was the case last winter.
We believe that New Zealand’s
security of supply regime is
not fit for purpose, as it doesn’t
give participants confidence
that contingent storage will be
available when it is needed. This
ongoing uncertainty as to whether
contingent storage will be granted
will see a more cautious approach,
requiring hydro generators to
conserve water in case access to
additional storage isn’t available.
This leads to greater reliance on
thermal generation, increased
greenhouse gas emissions and
potentially higher wholesale
market prices both in the lead
up to and during winter.
We remain focused on improving
access to contingent storage as
it’s a source of fuel the country
already has and should be used
to mitigate the gas shortage.
INVESTOR LETTER FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

02

Transmission and
distribution costs
The Commerce Commission has
now finalised regulatory revenues
for the next five years. While there
is investment in the resilience and
growth of networks, a significant
amount of the cost increases
customers will face relate to past
levels of inflation and interest rates.
Due to the significant impact that
this could have on customers,
the Commerce Commission has
applied an element of smoothing
to moderate the cost increases over
the next year and push some of
that out to later years.
With the future network investment,
which is likely around $100 billion
needed to decarbonise this
country ultimately being paid for
by customers, we believe we need
to question whether the existing
regulatory model for transmission
and distribution is fit for purpose.
Currently, the average household
bill will increase 5% on average in
the next year from regulated cost
increases. That’s before any energy
price changes are considered.
Our newly developed customer
propositions will be used to help
mitigate the impact of price
changes for customers, along
with further use of our energy
wellbeing programme.
Transformers replaced
Meridian has been operating
at reduced capacity at our
Manapōuri Hydro Station for
around two years now, due to faults
in two of the seven transformers. In
October we successfully received
a replacement transformer on site
which has taken a couple of months
to be installed and commissioned.
We were delighted to bring unit 6
at Manapōuri back into service just
before Christmas. This means that
128 more MWs are now available,
lifting station capacity from a
restricted limit of 640MW to
around 768MW.
While we are still down a unit, we
are now able to generate close to
the maximum 800MW allowed
at Manapōuri under its current
consent conditions.
Our West Wind Farm, just outside of
Wellington, returned to full capacity
in October, following installation of
a leased transformer. A permanent
replacement transformer will be
installed later this year.
Renewable construction
and development
We continue to accelerate our
renewable construction and
development programme.
Ruakākā Battery Energy Storage
System officially connected to
the grid on 16 January. We have
a few things to finalise along with
a required commissioning period
and are looking at being fully
operational by April 2025.
We recently announced a finalised
consent for our 120MW Ruakākā
Solar Farm and our 90MW Mt
Munro Wind Farm. We have
entered a Scheme Implementation
Agreement as part of our bid to
acquire the remaining shares in NZ
Windfarms. In January we signed
a Power Purchase Agreement
with Harmony Energy / First
Renewables in respect of their
joint venture to build the 150MW
Tauhei Solar Farm in the Waikato.
These followed December’s
announcement of Meridian’s intent
to form a 50-50 joint venture
with Nova Energy Limited to
build the 400MW Te Rahui Solar
Farm at Rangitāiki near Taupō.
This year we expect to commit
over $1 billion of capital to these
new development projects.
Undertaking work at Manapōuri Hydro Station, Fiordland.
INVESTOR LETTER FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

03

Customers
The last six months has seen
tremendous progress in Meridian’s
Retail business. Having completed
a strategic reset and restructuring
to enable the business to meet
changing technology and
consumer needs, the company
has launched three new products
(Smart Hot Water, Smart EV
Charging and the Four Hours Free
Plan), with more to come over the
remainder of the financial year.
We achieved our highest ever market
share of electricity connections, with
16.6% across the Meridian and
Powershop brands. Our brands
also led the industry rankings for
new connections in December,
with Powershop first and Meridian
second, and more than 4,000
connections that month across both
brands. In total across the six months
ended 31 December 2024, customer
numbers have grown by 4%.
Thank you for your support
We continue to deliver on our
strategy and help decarbonise
Aotearoa’s economy.
We are moving forward on our
new customer approach that
focuses on energy wellbeing
and new solutions in transport,
distributed generation and storage
(e.g. rooftop solar with batteries),
process heat and demand
flexibility. A supportive regulatory
approach, strong partnerships and
timely investment in transmission
and distribution are critical to this
country’s future success.
We are working hard to have assets
and fuel available for when they
are needed most and delivering
new renewable generation projects
from our development pipeline.
On behalf of the Board and the
Executive Team, ngā mihi to our
customers, the communities we
work in, our partners and our
investors. And to our talented
Meridian team, thanks for doing
the mahi to ensure we continue
to deliver on our purpose of
‘clean energy for a fairer and
healthier world’.
Meridian customers embracing solar generation for their home and EV, Waitaki Valley.
INVESTOR LETTER FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

04

MERIDIAN ENERGY LIMITEDINVESTOR LETTER for the six months ended 31 December 2024
WINTER INFLOWSCUSTOMERSRETAIL

1 IN 90 YEAR LOW WINTER INFLOWS

+
4%
CUSTOMERS SINCE JUNE

+
5%
RETAIL REVENUE
V 1H FY24
HEDGESRUAKĀKĀ BESSRUAKĀKĀ SOLAR & MT MUNRO WIND
$200
M
OF HEDGE COVER COSTS

COMMISSIONING COMMENCED
AT RUAKĀKĀ BESS

FINAL CONSENTS FOR RUAKĀKĀ
SOLAR AND MT MUNRO WIND
EBITDAFDIVIDENDNZ HOUSEHOLDS

–
$186
M

-42% EBITDAF
V 1H FY24
6.15cps
flat
INTERIM DIVIDEND
NEW RETAIL PROPOSITIONS
NOW AVAILABLE TO HALF
OF NZ HOUSEHOLDS
JOINT VENTURESIGNEDREPLACEMENT

WITH NOVA FOR 400MW
TE RAHUI SOLAR FARM

SIA WITH NZ WINDFARMS,
PPA FOR 150MW TAUHEI
SOLAR FARM OFFTAKE

TRANSFORMERS AT
MANAPŌURI AND WEST WIND
V 1H FY25
VISIT MERIDIAN.CO.NZ/INVESTORS TO DOWNLOAD THE FULL MERIDIAN CONDENSED INTERIM FINANCIAL STATEMENTS as at and for the six months ended 31 December 2024

---

FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

01
Five-year performance
1. EBITDAF is a non-GAAP financial measure of earnings before interest, tax, depreciation,
amortisation, unrealised changes in fair value of hedges, and asset related adjustments.
2. Net profit after tax adjusted for the effects of changes in fair value of unrealised
hedges, electricity option premiums and other non-cash items and their tax effects.
Underlying NPAT
2
Financial year ended 30 June
EBITDAF
1
(continuing operations)
Financial year ended 30 June
Net Profit after Tax (continuing operations)
Financial year ended 30 June
Dividend declared
Financial year ended 30 June
Capital expenditure
Financial year ended 30 June
Operating cash flows
Financial year ended 30 June
Financial
Commentary
297
315
358
462
692
709
783
905
395394
425
443
257
0
1,000
800
600
400
200
2021$M2022202320242025
188
306
-106
238
415
451
95
429
227
145
201
191
-121
-200
-100
500
400
300
200
100
0
2021$M2022202320242025
82
88
181
184
231
233
315
359
149
145
134
175
-5
-100
500
400
300
200
100
0
2021$M2022202320242025
244
236
244
364
431
461
509
667
187
225
265
303
50
0
700
600
500
400
300
200
100
2021$M2022202320242025
11.20
11.55
11.90
14.85
16.90
17.40
17.90
21.00
5.70
5.85
6.00
6.15
6.15
2021
0
30
25
20
15
10
5
CPS2022202320242025
53
83
175
186
86
175
346
349
33
92
171
163
104
0
400
300
200
100
2021$M2022202320242025
KEY
InterimFinal half-year
KEY
InterimFinal half-year
KEY
InterimFinal half-year
KEY
InterimFinal half-year
KEY
Interim dividendFinal dividend
KEY
InterimFinal half-year

FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

02
Meridian has announced an interim financial result that
reflects the costs of its major role in maintaining security
of supply in the face of historically low lake levels and an
unexpected and unprecedented shortage of gas during
winter 2024.
Meridian has reported operating cash flows of $50 million
for the six months ending 31 December 2024, down from
$303 million in the same period last year, with net profit
after tax at -$121 million compared to $191 million in last
year’s interim result. These results reflect the $200 million
cost required to replace hedge contracts for winter 2024
following the shortage of gas and calling the largest
demand response option with New Zealand’s Aluminium
Smelter (NZAS).
EBITDAF fell from $443 million to $257 million and
underlying net profit

from $175 million to -$5 million.
Both of these are non-GAAP measures.
Financial performance against prior comparative period
Overview
-200
$m
800
600
400
200
0
Energy
margin
Transmission
costs
Operating
expenditure
EBITDAFNPATUnderlying
NPAT
Operating
cash flow
Dividend
declared
444
37
148
257
-5
50
160
159
303
175
191
443
629
139
36
-121
KEY
Six months ended 31 December 2024
Six months ended 31 December 2023

FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

03
0
$m
700
600
500
400
300
200
100
EBITDAF
31 Dec 2024
EBITDAF
31 Dec 2023
Wholesale
contracted sales
Virtual
asset swaps
Generation
spot revenue
Cost to supply
customers
Other
revenue
Hosting
expense
Transmission
expenses
Metering
expenses
Employee &
other operating
expenses
Net cost
of hedges
Other
market costs
Retail
contracted sales
443
257
+34
-5
-300
-66
-6
1
10
-1
-1
+157
0
-9
Cash flows
The Board has announced an interim ordinary dividend of
6.15 cents per share, the same level as last year’s interim
dividend. The interim ordinary dividend will be 85% imputed
and Meridian’s Dividend Reinvestment Plan will apply to this
interim ordinary dividend at a 2% discount to the average
market price over a five-day period ending on 12 March 2025.
The interim dividend will be paid and new shares issued
under the Dividend Reinvestment Plan on 25 March 2024.
Earnings
Movement in EBITDAF
New Zealand energy margin -$185m
Dividends declared
1H FY20251H FY2024
cents
per shareimputation
cents
per shareimputation
Ordinary dividends6.1585%6.1580%
Meridian’s balance sheet remains in a strong position, with
the company maintaining a BBB+ credit rating as defined
by rating agency Standard & Poor’s.
DIVIDEND REINVESTMENT PLAN DATES
6 March 2025
Ex-dividend date
7 March 2025
Record date
10 March 2025
Elections close
13 March 2025
Strike price announced
25 March 2025
Dividends paid/shares issues

FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

04
Capital expenditure
Energy margin
Energy margin is a measure of the combined financial performance of Meridian’s retail and wholesale businesses.
$M1H FY20251H FY2024
Retail contracted
sales revenue
Revenues received from sales to retail customers net of distribution costs (fees to distribution
network companies that cover the costs of distribution of electricity to customers)
704670
Wholesale contracted
sales revenue
Sales to large industrial customers and fixed price revenues from derivatives sold291296
Costs to supply customersThe volume of electricity purchased to cover contracted customer sales-1,565-1,265
Net cost of hedgingThe fixed cost of derivatives used to manage market risk, net of the spot revenue received from
those derivatives
-1551
Generation spot revenueRevenue from the volume of electricity that Meridian generates1,042885
Net VAS revenueThe net revenue position of virtual asset swaps (VAS) with Genesis Energy and Mercury New Zealand-9-3
OtherOther associated market revenues and costs including Electricity Authority levies and ancillary
generation revenues such as frequency keeping
-4-5
Total energy margin444629
Energy margin was $444 million in 1H
FY2025, -$185 million (-29%) lower than
the same period last year, reflecting
the hedge contracts and demand
response costs mentioned above.
Meridian continues to deliver strong
sales momentum in its retail business
with sales revenue growing 5% in both
mass market and corporate segments.
Wholesale contracted sales revenue
was -$5 million (-2%) lower in 1H
FY2025. Wholesale derivative sales
volumes were -24% lower at a higher
average price than the same period
last year. Sales volumes to NZAS
were -34% lower in 1H FY2025,
reflecting load reduction called under
the Demand Response Agreement.
Costs to supply customers were
+$300 million (+24%) in 1H FY2025
with a higher average price Meridian
paid to supply customers, including
demand response costs, on 15%
lower sales volumes.
Overall, the net cost of hedging
was $66 million lower in 1H FY2025
despite higher hedging costs and a
-$17 million net position on forward
contract close outs.
Other
2
0
$m
30
25
20
15
10
5
Harapaki
Development
costs
Retail
systems
Retail
systems
Asset
maintenance
Workplace
facilities
ICT
Ruakākā
BESS
13
12
16
3
1
29
22
6
KEY
GrowthStay in business
3. The six months ended 31 December 2024
4. The six months ended 31 December 2023
Total Capital expenditure in 1H
FY2025
3
was $104 million ($163 million
in 1H FY2024
4
), of which $72 million
was growth investment and includes
the completion of the Harapaki
Wind Farm in Hawke’s Bay and the
development of the Ruakākā Battery
Energy Storage System, due to be
fully operational by April 2025.
$32 million of stay in business capital
expenditure in 1H FY2025 included
spend on retail transformation,
finance and generation control system
upgrades and asset maintenance.

FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

05
Generation volumes
Six months ended 31 December
Expenses
1H FY2025 saw a +$9 million (+7%)
increase in employee and other
operating costs from workforce
changes, remuneration increases,
transformer costs, retail transformation
and finance and generation control
system upgrades.
Net profit after tax
1H FY2025 saw a -$154 million
decrease in net profit before tax from
the net change in fair value of hedges
(-$2 million decrease in 1H FY2024).
Depreciation expense increased
+$61 million (+37%) in 1H FY2025 from
the June 2024 asset revaluation and
completion of the Harapaki Wind Farm.
-$8 million of asset related adjustments
were incurred in 1H FY2025, mainly
impairments and transformer
disposal losses.
Net finance costs increased +$13 million
in 1H FY2025 from higher funding costs
and completed Harapaki capitalisation.
A negative tax expense was attributed
to the pre-tax loss, resulting in a
-$121 million net profit after tax. After
removing the impact of fair value
movements and other one-off or
infrequently occurring events, Meridian’s
underlying NPAT (reconciliation on
page 6) was -$5 million, largely from
lower EBITDAF and tax, with higher
depreciation and financing costs.
While 1H FY2025 inflows were
126% of average, these were heavily
skewed to spring and early summer
inflows. Winter fuel scarcity drove
an -11% decrease in 1H FY2025
hydro generation volumes.
Wind generation increased 306GWh
(+42%) in 1H FY2025, despite calm
winter periods, with additional
Harapaki generation and return
to full 143MW capacity at the
West Wind Farm in October 2024.
1,026
6,587
5,561
720
6,947
6,227
640
7,214
6,574
709
7,111
6,402
765
6,676
5,911
0
GWh
9,000
6,000
3,000
20242020202220212023
KEY
HydroWindTotal

FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2024MERIDIAN ENERGY LIMITED

06
Income statement
$M
For the six months to 31 December20242023
Energy margin444629
Other revenue2616
Hosting expense(2)(2)
Energy transmission expense(37)(36)
Electricity metering expense(26)(25)
Employee and other operating expenses(148)(139)
EBITDAF257443
Depreciation and amortisation(225)(164)
Asset related adjustments(8)11
Net change in fair value of energy hedges(143)11
Net finance costs(38)(25)
Net change in fair value of treasury instruments(11)(13)
Net profit before tax(168)263
Income tax expense47(72)
Net profit after tax(121)191
Underlying net profit after tax
$M
For the six months to 31 December20242023
Net profit after tax(121)191
Underlying adjustments
Hedging instruments
Net change in fair value of energy hedges143(11)
Net change in fair value of treasury instruments1113
Premiums paid on electricity options net of interest(4)(10)
Assets
Assets related adjustments8(11)
Total adjustments before tax158(19)
Taxation
Tax effect of above adjustments423
Underlying net profit after tax(5)175