Investor Day 2025

The Mercury Building, 33 Broadway, Newmarket 1023
PO Box 90399, Auckland 1142





STOCK EXCHANGE LISTINGS: NZX (MCY) / ASX (MCY)

NEWS RELEASE

Mercury Investor Day 2025

10 June 2025 – Mercury is hosting its Investor Day 2025 in Rotorua today from 10:00am NZST.

The presentation materials are attached.

A live stream of the day can be accessed at the following link:
https://youtube.com/live/uM66ptn70dY?feature=share

ENDS


Howard Thomas
General Counsel and Company Secretary
Mercury NZ Limited


For investor relations queries, please contact:
Paul Ruediger
Head of Business Performance & Investor
Relations
027 517 3470
investor@mercury.co.nz

For media inquiries, please contact:
Shannon Goldstone
Reputation and Social Impact Lead
027 210 5337
mercurycommunications@mercury.co.nz


ABOUT MERCURY NZ LIMITED
Mercury generates electricity from 100% renewable sources: hydro, geothermal and wind. We are
also a retailer of electricity, gas, broadband and mobile services. We’re listed on the New Zealand
Stock Exchange and the Australian Stock Exchange with the ticker symbol ‘MCY’, with foreign exempt
listed status. The New Zealand Government holds a legislated minimum 51% shareholding in the
Company.
Visit us at: www.mercury.co.nz

---

INVESTOR DAY
10 JUNE 2025
STEW HAMILTON
CHIEF EXECUTIVE
BETTER
BUILDING
BRIGHTER
TODAY
TOMORROW
TOGETHER

DISCLAIMER
JUNE 2025MERCURY INVESTOR DAY REPORT2
This presentation has been prepared by Mercury NZ Limited and its group of
companies (“Company”) for informational purposes. This disclaimer applies to
this document and the verbal or written comments of any person presenting it.
Information in this presentation has been prepared by the Company with due
care and attention. However, neither the Company nor any of its directors,
employees, shareholders nor any other person gives any warranties or
representations (express or implied) as to the accuracy or completeness of this
information. To the maximum extent permitted by law, none of the Company,
its directors, employees, shareholders or any other person shall have any 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 projections or forward-looking statements
regarding a variety of items. Such projections or forward-looking statements are
based on current expectations, estimates and assumptions and are subject to a
number of risks, and uncertainties, including material adverse events, significant
one-off expenses and other unforeseeable circumstances, such as, without
limitation, hydrological conditions. They do not constitute guidance of any kind.
There is no assurance that results contemplated in any of these projections and
forward-looking statements will be realised, nor is there any assurance that the
expectations, estimates and assumptions underpinning those projections or
forward-looking statements are reasonable. Actual results may differ materially
from those projected in this presentation. No person is under any obligation to
update this presentation at any time after its release or to provide you with
further information about the Company.
The information in this presentation is of a general nature and does not
constitute guidance, financial product advice, investment advice or any
recommendation. The presentation does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and may not be relied upon in
connection with the purchase or sale of any security. Nothing in this
presentation constitutes legal, financial, tax or other advice.

NAU MAI, HAERE MAI
WELCOME

JUNE 2025MERCURY INVESTOR DAY REPORT4
AGENDA
TOPIC
Welcome and strategy introduction
Advantaged portfolio positioned for growth
Scale and efficiency unlock value
PRESENTERS
Stew Hamilton
Tim Thompson
Craig Neustroski, Fiona Smith, Moa Haar-Simmonds
Accelerating generation development
Generation delivering value
Better Today, Building Tomorrow, Brighter Together
Matt Tolcher, Ben Pezaro
Kevin Taylor, Rob Rankin, Emily Collis
Richard Hopkins, Stew Hamilton
Ng
Tamariki OEC5 project and site visitAimee McGregor
Lunch
Afternoon Tea

JUNE 2025MERCURY INVESTOR DAY REPORT5
A CAPABLE AND MULTI-DISCIPLINED EXECUTIVE TEAM
STEW HAMILTON
CHIEF EXECUTIVE
"Appointed CEO in 2024; joined Mercury
in 2021 as EGM, Generation.
"Former CEO of NZ Aluminium Smelters;
25+ years in industrial energy across
multiple continents.
"Chemical Engineer with an MBA; experienced
in leading large, complex organisations.
CRAIG NEUSTROSKI
CHIEF OPERATING OFFICER –
CUSTOMER
"Heads customer service and commercial
strategy for the customer business.
"Joined in 2021; formerly held senior roles
in the energy sector at Trustpower.
"Brings over two decades of leadership
experience in energy retail.
TIM THOMPSON
EXECUTIVE GM – WHOLESALE
"Manages Mercury’s electricity portfolio
and wholesale market activity.
"Joined in 2005; past roles include GM Wholesale
and Head of Treasury & Investor Relations.
"Deep experience in electricity trading and large
customer sales.
LUCIE DRUMMOND
CHIEF SUSTAINABILITY OFFICER
"Leads strategy, ESG integration,
communications, iwi/community engagement,
and regulatory affairs.
"Joined Mercury in 2012; previously practised
environmental and energy law in NZ
and the UK.
"Focused on unlocking new energy opportunities
and future-focused innovation.
FIONA SMITH
CHIEF PEOPLE EXPERIENCE
AND TECHNOLOGY OFFICER
"Aligns people and technology strategies
to support Mercury’s future of work
and tech adoption.
"Joined via Trustpower acquisition in 2022,
where she spent 26 years in senior roles.
"Extensive electricity/telecoms knowledge
and customer-centric experience.
MATT TOLCHER
EXECUTIVE GM –
GENERATION DEVELOPMENT
"Leads planning and delivery of new renewable
generation projects.
"Joined in 2022; 20 years of experience
in major infrastructure across NZ and the US.
"Skilled in complex utility development
and engineering.
RICHARD HOPKINS
CHIEF FINANCIAL OFFICER
"Joined in 2025 to lead financial strategy
and operations.
"25+ years experience, last 12 years as CFO
of Zespri and Ballance Agri-Nutrients.
"10+ years in European Power & Utilities
Investment Banking.
"Expert in corporate finance, M&A,
transformation, and strategic development.
KEVIN TAYLOR
CHIEF OPERATING OFFICER –
GENERATION
"Joined in 2025 to lead safe operation
and maintenance of generation assets.
"30+ years in industry with a focus on safety,
risk, and performance (ex-Rio Tinto).
"Proven leader in building high-performing,
safety-focused teams.
CATHERINE THOMPSON
CHIEF SUSTAINABILITY OFFICER –
INCOMING
• Will join Mercury in July 2025.
• 30 years experience in energy and legal sectors.
• Executive roles in Contact Energy and
Manawa Energy.

A DIVERSIFIED
PORTFOLIO OF
RENEWABLE ASSETS
JUNE 2025MERCURY INVESTOR DAY REPORT6
OUR BUSINESS
Electricity generator and multi-product
retailer across electricity, gas and
telco in NZ
"19% Generation market share
4
"25% Retail electricity market share
2
"206k Broadband and mobile connections
2
"209k customers with two or more
products
2
OUR PURPOSE
Tiakina te anamata, m
te
tkhono i ng
t
ngata me
ng
w
hi o te inamata.
Taking care of tomorrow,
connecting people and place today.
RENEWABLE GENERATION
1
~8.8 TWh
Renewables in-construction
$1b
SINCE LISTING
3
10.3%TSR
CUSTOMER CONNECTIONS
2
~891k
OF ORDINARY DIVIDEND
GROWTH TO FY24
16th year
FY24 EBITDAF
$877m
1 Annual mean renewable generation
2 As at 31 March 2025
3 Annualised Total Shareholder Return from 10 May 2013 to 31 May 2025
4 For the 12 months to 31 March 2025

JUNE 2025MERCURY INVESTOR DAY REPORT7
A SECTOR WITH CHALLENGE AND OPPORTUNITYA SECTOR WITH CHALLENGE AND OPPORTUNITY
We are well positioned to mitigate and manage
sector risks and pursue key opportunities
Declining trust
as we navigate
the transition
Customer
affordability,
connectivity
and electrification
Delivering more
renewable projects
at the right rate
and economics
Resilience in a more
renewable system
Deliver performance
through technology
and talent
Attract talent and
excite them with
our purpose, culture
and rewards

THE ENERGY TRANSITION
Historic scale, at pace — delivering
infrastructure while ensuring energy security
SUPPLY-DEMAND BALANCE — ANNUAL CONSUMPTION 2003 - 2024
SUPPLY-DEMAND BALANCE — FIRM WINTER CAPACITY 2003 - 2024
50%
increase in installed
capacity through
to 2030
$10.2bn
investment in new
generation through
to 2030
2.2TWh
currently under
construction – 5%
of 2023 supply
45%
gas produced in
2024 as compared
to projected
in 2022
JUNE 2025MERCURY INVESTOR DAY REPORT8
Sources: BCG, Future is electric, 2022; Concept, various analyses of current electricity and gas market dynamics, May 2025

NAVIGATING A HIGHER-COST ENVIRONMENT
AMID A COST OF LIVING SQUEEZE
JUNE 2025MERCURY INVESTOR DAY REPORT9
WORLD INFLATION RATES
1
NEW ZEALAND INFLATION RATERESIDENTIAL PRICE
1
IMF, World Economic Outlook, April 2025
March 2025 inflation increase – the first since 2022

NEW ZEALAND NOT IMMUNE FROM GLOBAL TRUST EROSION
JUNE 2025MERCURY INVESTOR DAY REPORT10
The Trust Index in New Zealand
has been declining incrementally
since 2022 and for the first time
NZ is in the distrust category
“This year, the Trust Barometer showed
New Zealanders are feeling overlooked by
those in power and disillusioned as a result.
While business is still our most trusted
institution, its trajectory is not going
in the right direction.”
Adelle Keely, Acumen Chief Executive
Business remains the most trusted institution
in New Zealand, and the only institution seen
as both competent and ethical...
... it was also the only institution that
had a statistically significant decline
of 6 percentage points since 2024.
Source:
https://acumennz.com/acumen-edelman-trust-barometer/acumen-edelman-trust-barometer-2025/
https://eta-publications.lbl.gov/sites/default/files/w3s_developer_survey_summary_-_011724.pdf
SOUNDBITESIn the USA, community
opposition is one of the top
3 drivers of renewable project
delay or cancellation –
impacting at a similar level
to planning restrictions and
grid interconnection.

CAPABILITY AND STRENGTH FORM THE BASIS FOR VALUE DELIVERY
Diverse portfolio – type and location
to protect and maximise value
Strong connection with critical suppliers
of wind, geo and hydro tech
Best pipeline of wind prospects,
exciting geothermal options
Leader in vulnerable customer support
Balance sheet headroom for disciplined
investment
Large retail book with bundling capability
Solution-focused approach to sector
transition
Team with proven execution in hydro,
geothermal and wind development
Decades of deep connection
and partnership with iwi
River peaking that matches demand
JUNE 2025MERCURY INVESTOR DAY REPORT11

JUNE 2025MERCURY INVESTOR DAY REPORT12
Strategic Framework
ASPIRATIONS
FY35
PRIORITIES
FY30
STRATEGIC OBJECTIVES
OUR PURPOSE
Tiakina te anamata, m

te tkhono i ng
t
ngata
me ng
w
hi o te inamata.
Taking care of
tomorrow, connecting
people and place today.
Deliver more reliable
and renewable energy
Achieve what matters most
through financial growth
Accelerate the shift
to a low-carbon future
Perform with an adaptive
culture enabled by technology
Create success with others
KAITIAKITANGA
Stewardship
Our assets and the natural
environment are thriving.
ARUMONI
Commercial
We are leaders
in commercial growth.
KIRITAKI
Customer
Customers are at
the heart of what we do.
NG
T
NGATA
Our People
We learn and adapt
to realise our full potential.
KMTUITANGA
Partnerships
We are the trusted partner
of choice.
Generation
development uplift
Earnings
transformation
Capturing energy
transition growth
Connected and inclusive
employee experience
Rebuild sector
confidence
STRATEGY REFRESH: FOCUS ON PRIORITIES THAT WILL DELIVER VALUE

REBUILDING SECTOR CONFIDENCE THROUGH THE ENERGY TRANSITION
INTERCONNECTED ENERGY SYSTEM
CHALLENGES / OPPORTUNITIES
NEW ZEALAND MARKET
AND POLICY SETTINGS EVOLVING
MERCURY’S RESPONSE
Affordability increasingly challenging across
the board
Intermittent renewables displacing thermal
Firming generation still needed to keep
lights on
Competitive landscape evolving
Climate policy driving demand growth
Workforce demographics changing
Technological, societal advances evolving
how we interact with energy
Helping shape solutions to deliver affordable
and secure electricity
Independent expert input
Energy Transition Framework established
to strengthen collaboration
Deepening engagement – Increasing
information on the transition for the public
and community
KEY FOCUS AREAS
ENABLING ENVIRONMENTAL
FRAMEWORKS AND
SMART SYSTEM
BOOSTING HEDGE MARKET
TO SUPPORT VIBRANT
COMPETITION
LASER FOCUS ON SECURITY
OF SUPPLY & FIRMING
GENERATION
Government Review of electricity
market performance
Energy Competition Task Force
Resource Management Reforms
Network investment & pricing arrangements
Energy & Electricity Security Bill
Smart system development
& market evolution
JUNE 2025MERCURY INVESTOR DAY REPORT13

JUNE 2025MERCURY INVESTOR DAY REPORT
"Firming generation is the #1 priority.
"Existing thermal generation and
ensuring fuel security is a key enabler.
"Other improvements to market
arrangements are needed, including:
2Increasing transparency of gas
market information
2Ensuring clear investment signals for
new firming solutions (e.g. batteries)
by unfettering scarcity pricing.
"Other options to support firming,
such as capacity mechanisms or direct
government intervention, require
careful consideration of costs and risks
POLICY PRIORITIES FOR NAVIGATING THE TRANSITION
Firming generation needed
to keep lights on
Declining gas supplies and New Zealand’s dry year problem
have exacerbated the need for more firming generation
to ensure secure supply when the rain doesn’t fall, the wind
doesn’t blow, and the sun doesn’t shine.
Boost hedge market to enable
vibrant competition
The EA and ComCom Energy Competition Task Force is
currently considering how to enhance competition and
to provide more options for end users of electricity.
This includes exploring options to "level the playing field" via the
introduction of non-discrimination provisions for gentailers.
"Mercury agrees there are some
challenges for independent retailers
accessing flexible contracts that urgently
need to be resolved.
"Boosting the hedge market will better
solve the actual issues with fewer
unintended consequences than what is
being explored by the Task Force.
"Our recommendations to boost the
hedge market include:
2Making conduct expectations for
the OTC market mandatory and
enforcing these
2Shining further light on the hedge
contract market by expanding the
information being published and
monitored.
2Continuing to develop further
standardised flexibility products as
they will make it easier for all
companies to participate in the
transition.
2Consider introducing market making
obligations for gentailers for an
appropriate shaped product to
establish trust in market prices.
"More intrusive options like separation
of gentailers will not effectively address
the current challenges.
14

JUNE 2025MERCURY INVESTOR DAY REPORT15
TODAY. TOMORROW.
TOGETHER.
Using our
capability
to operate
for value
Plans to build
for value
Opportunity
to optimise
future value
"Better productivity to lift performance
"Best renewable development track-record to execute
current projects
"Strong core and scale to focus on delivery
"Advantaged portfolio positioned for supply growth
"Bigger value-accretive renewable pipeline to grow energy
and capacity
"Growing Telco connections through bundling, scale
and customer experience
"Shaping electrification opportunities to enable growth of supply
"Established leading position in wind development and
geothermal pipeline
"Strengthening social licence and supply chain with our partners

ADVANTAGED PORTFOLIO
POSITIONED FOR GROWTH
INVESTOR DAY
10 JUNE 2025
TIM THOMPSON
EGM WHOLESALE MARKETS

JUNE 2025MERCURY INVESTOR DAY REPORT17
SUPERIOR RETURNS TODAY

MEAN ANNUAL
GENERATION
~8,840 GWH
HYDRO
~4,140 GWH
GEOTHERMAL
~2,600 GWH
WIND
~2,100 GWH
JUNE 2025MERCURY INVESTOR DAY REPORT18
Renewable generation
"Baseload geothermal, intermittent
wind, flexible hydro
"Diversified, complementary,
low-cost fuel sources
Superior asset location
"North Island generation close
to major demand centres
"Rain-fed hydro aligned with
winter peak demand
Substantial near-term growth
"1+ TWh new generation in
construction (wind + geothermal)
"Backed by long-term sales
commitments and portfolio
demand
Experienced trading & risk
management
"50+ years of senior leadership
experience in wholesale and risk
"Proven expertise across trading
and portfolio management
OUR RESILIENT PORTFOLIO
IS DELIVERING SUPERIOR
RETURNS TODAY
NATIONAL DEMAND VS. CATCHMENT INFLOWS
ANNUAL FINANCIAL TRADING PERFORMANCE
WAIKATO HYDRO GWAP TO TWAP VS. NATIONAL CATCHMENT RANGE
1
1
Generation Weighted Average Price (GWAP) vs. Time Weighted Average Price (TWAP) at OTA2201 Includes: Waikato, Tongariro,
Waitaki, Manapouri and Clutha catchments.

JUNE 2025MERCURY INVESTOR DAY REPORT19
THE WAIKATO HYDRO SYSTEMS PLAYS A CRITICAL FIRMING ROLE
WAIKATO HYDRO SYSTEM FIRMING OF WIND PORTFOLIOSTORAGE & PORTFOLIO MANAGEMENT KEY MITIGATIONS OF INFLOW DEFICIT
PEAK DEMAND
(Trading Periods)
DUNKELFLAUTE
1
(Weeks)
DRY-YEAR
(Months)
Our advantaged portfolio:Diverse renewable generation / Superior asset location / Experienced trading & risk management / Proven track record
Average portfolio settings of 750GWh/
annum long
580GWh of storage; min - max
generation
2
of 3.9 - 19.8GWh per day
Hydro flexibility
Hydro storage
Portfolio Management
1
A period of high demand and low solar and wind output due to cloudy and still conditions
2
For 5-year period to 30-Apr-25

JUNE 2025MERCURY INVESTOR DAY REPORT20
Leveraging What We Have
"Digital River is Mercury’s
AI-powered decision platform
and digital twin
"Optimises hydro operations by
simulating complex hydrology
scenarios for value
"Demonstrates our commitment
to tech-driven continuous
improvement
Delivering Tangible Outcomes –
50GWh annual benefit
"On track for record hydro efficiency
in FY2025
"Uplift of average annual hydro
generation by 50GWh to
~4,140GWh due to efficiency gains
"Broader insights support trading,
portfolio and asset management
WE’RE BUILDING ON OUR
ADVANTAGE WITH TECHNOLOGY
ENABLED INNOVATION
WAIKATO HYDRO EFFICIENCY & GENERATION BY YEAR

JUNE 2025MERCURY INVESTOR DAY REPORT21
BUILDING FOR TOMORROW
THROUGH A CHALLENGING
TRANSITION

JUNE 2025MERCURY INVESTOR DAY REPORT22
Electrification is NZ’s Path
to Net Zero
"Electrifying transport & heat
can deliver ~70% of NZ’s
carbon reduction
"NZ’s world-class wind and
geothermal resources are
key enablers
Security of Supply is Critical
"Need to ensure security of supply
in all periods – from winter peak
demand (e.g. 9 May 2024) to dry
years (e.g. 2024–25)
"Rising reliance on intermittent
renewables (wind/solar) increases
the challenge
"Sector must support thermal and
new flexible capacity for firming
Affordability Relies on Efficient
Investment
"System cost pressures driven by
security needs and infrastructure
upgrades across the energy system
"Mid to long term solutions require
efficient investment in lowest-cost,
smart infrastructure that enables
an integrated energy system
WE’RE POSITIONED FOR GROWTH
BUT ADAPTABLE TO ALL
FUTURE OUTCOMES
MERCURY STRATEGIC SCENARIOS

JUNE 2025MERCURY INVESTOR DAY REPORT23
POSITIONING FOR RESILIENT
LONG-TERM GROWTH

JUNE 2025MERCURY INVESTOR DAY REPORT24
WE HAVE AN
INTEGRATED LONG-TERM
PORTFOLIO PLAN
Proven Portfolio Strategy
"Mercury has a proven track record
in portfolio management
"Net long generation ~750GWh annually
(varies with hydrology, plant availability,
hedging, and sales)
"Closely aligned with sales and generation
development strategies
Integrated, Forward-Looking Approach
"Long-term view guides sales, hedging
(incl. 3rd party PPAs), and generation
development
"Manawa CFD decay provides a natural hedge
Strategic Sales Enable Development
"Long-term C&I sales (e.g. NZAS, AWS)
linked to developments
"Managed as part of C&I sales and
renewals strategy
"Avg. C&I contract duration ~5 years;
helps customers manage transition,
supports generation development,
and management of renewal risk
INDICATIVE NET POSITION BREAKDOWN
FY2030FY2026
TEAL GROWTH SCENARIO
TEAL GROWTH SCENARIO
MANAWA CFD

JUNE 2025MERCURY INVESTOR DAY REPORT25
Portfolio-Enabled Firming with
a Hydro Cornerstone
"Waikato Hydro Scheme provides
significant firming today
"Additional firming enabled
via capacity additions, renewable
diversity, strategic sales, and
contracting
Renewable Diversity Reduces
Firming Needs
"Location and resource diversity
(e.g. KD2, KWK) reduce firming
demand
Capacity Additions Unlock
Hydro Firming
"Hydro firming limited by peak
demand periods
"Spare flexibility outside peaks can
be unlocked with capacity additions
"Mercury is progressing both
supply-side (e.g. WKM battery)
and demand-side (e.g. hot water
control) flexibility options
Strategic Sales & Hedging
Enhance the Portfolio
"Targeted sales
(e.g. AWS, Visy) and active hedging
(e.g. Huntly HFO) strengthen
portfolio performance
OUR APPROACH TO CAPACITY
WILL UNLOCK FURTHER HYDRO FIRMING
MARGINAL WIND PORTFOLIO CONTRIBUTION OF KAIWAIKAWE
1
EXAMPLE OF CAPACITY ADDITIONS SUPPLEMENTING HYDRO
2
1
Wind portfolio includes non-PPA Turitea, KD1 & KD2
2
Hydro Net Position = residual sales commitments to be covered by our hydro assets after elimination of other generation sources
(including flexibility resources e.g. BESS) and equivalent sales

JUNE 2025MERCURY INVESTOR DAY REPORT26
OUR FIRMING POTENTIAL IS
SUFFICIENT TO ENABLE OUR
GROWTH AMBITIONS
Renewable diversity
Proof Point:
Geographic diversity of wind developments /
Geothermal feature in Generation
Development pipeline / hydro refurbishment
programme enhancing capacity
‘Portfolio of flex’
Proof Point:
13k hot waters under control in winter 2024;
expanding to 50k in 2025 / development
of distributed battery model / Mass
Market trials including EV charging and
Time-Of-Use pricing
Contracted flexibility
Proof Point:
Genesis HFO contracting / AWS, Visy and
other generation-following sales
Grid-scale battery
Proof Point:
300MW Whakamaru BESS option –
co-optimisable with Waikato Hydro System
INDICATIVE FY30 CAPACITY REQUIREMENTS VS. OPTIONS
1
Wind diversity only with hydro refurbishments and OEC5 included as offsets in Portfolio Need; includes potential of generation development in Teal Growth Scenario
2
Includes Huntly Firming Options and indicative new customer contracting (such as AWS & Visy)
TEAL GROWTH SCENARIO
CONTRACTED FLEXIBILITY
2
RENEWABLE DIVERSITY
1

ADVANTAGED PORTFOLIO
POSITIONED FOR GROWTH
JUNE 2025MERCURY INVESTOR DAY REPORT27
400 GWh
C&I
electrification
/ new demand
by 2027
50MW
of additional
managed
capacity by
2026
BUILDING FOR TOMORROW
THROUGH A CHALLENGING TRANSITION
Electrification:New Zealand’s best decarbonisation option
Security:Focus needed to ensure solutions across all timeframes
Affordability:Working to support the lowest cost system
POSITIONING FOR RESILIENT LONG-TERM GROW
Renewable diversity: Geographic and fuel diversity reduces firming need
Portfolio firming: Hydro firming can be unlocked with capacity additions
Active portfolio management:Strategic sales and hedging further
enable flex
SUPERIOR RETURNS TODAY
Our advantaged portfolio: Diversified renewable generation / Superior
asset location / Substantial near-term growth / Experienced trading
& risk management / Track record of performance

SCALE & EFFICIENCY
UNLOCK VALUE
INVESTOR DAY
10 JUNE 2025
CRAIG NEUSTROSKI
COO – CUSTOMER
FIONA SMITH
CHIEF PEOPLE EXPERIENCE
& TECHNOLOGY OFFICER
MOA HAAR-SIMMONDS
GM ENGAGE

JUNE 2025MERCURY INVESTOR DAY REPORT29
VALUE DELIVERED BY INTEGRATION

JUNE 2025MERCURY INVESTOR DAY REPORT30
Delivering Value Through Synergies
"$34 million of synergies delivered
by the end of FY25, including $30 million
in Opex
"On track to exceed original
$35 million synergy targeted
"Remaining synergies come from final SAP
exit and recent organisational changes
SYNERGIES SECURED
MARCH 2023
DELIVERY OF SYNERGIES ON TRACK
• On track to realise forecast cost
synergies (Opex and Capex) over
3-year period
MAY 2025
SYNERGIES SECURE
• On track to exceed forecast cost
synergies (Opex and Capex) over
3-year period
$35m
$10m of synergies to be realised
in year 1 through:
• Corporate shared services
• Technology
• Core retail business activity
Additional synergies to be realised
through FY24 – FY25 from:
• Shift to Common Operating Model
• Retirement of duplicate technologies
• Becoming Future Ready
$40m+
$17m of annualised synergies
delivered across FY25, of which $16m
is Opex related. Achieved through:
• Labour savings
• Technology rationalisation
• Refining core retail business activity
Residual synergies in FY26 from:
• Technology retirement (SAP Exit)
• In flight organisational change

JUNE 2025MERCURY INVESTOR DAY REPORT31
BUSINESS CASE ASSUMPTIONS
WERE CONSERVATIVE
Growing the multi-product customer base
"Trustpower acquisition enabled connection growth
via telco cross-sell and multi-product acquisition
"Dual energy + telco customers increased from 21.9%
to 26.7%. In the last 12 months 9K legacy Mercury
customers have added telco
" ~70% of sales are multi-product, driving higher
revenue and lower churn
"Churn of the legacy Trustpower customer base has
been lower than modelled and now 2 years after
Brand change is likely in-line with what Trustpower
might have seen
SPLIT OF CUSTOMERS SINCE INTEGRATION
3 MONTH ROLLING CHURN – ELECTRICITY
• Electricity connections stable and within target range
• Telco cross sell and new to Mercury trends as expected
• Plenty of opportunity remains

JUNE 2025MERCURY INVESTOR DAY REPORT32
SET TO DELIVER FURTHER VALUE
Delivered by:
"Scaling connection growth
through telco bundling
"Material reduction cost-to-serve
via smart operations and
smart technology
"Differentiated strategy based on
bundling and creating value rather
than competing simply on price
What this looks like:
"More multi-product customers,
1m connections, and market-
leading retention
"Significantly lower opex
per connection (circa 30%) with
enhanced customer experience
"Electricity market share
maintained at 25–26%
"Broadband connections
growing to ~210k by FY27
and ~240k by FY30
LEVERAGING SCALE AND TECHNOLOGY
The Strategic Contribution of the Customer Business
Is Delivering Earnings Transformation
CUSTOMER CONNECTIONS AND BUNDLING GROWTH
223 197 186 162 156
861
906
945
980
1,002
600
650
700
750
800
850
900
950
1,000
1,050
60
80
100
120
140
160
180
200
220
240
FY24FY25FY26FY27FY28
No. of connections in '000s
$ OPEX / connection
Segment OPEX per connectionTotal C onne cti ons (incl Now )
30% reduction

JUNE 2025MERCURY INVESTOR DAY REPORT33
SMART OPERATIONS
& TECH UNLOCK
SCALABLE EFFICIENCY

JUNE 2025MERCURY INVESTOR DAY REPORT34
Building tomorrow
"Seamless integration - minimal customer
impact, on time & within budget
"Data mastery – building on solid
platforms
"Software Engineering – AI coding
"AI Assistant pilots & Robotics – unlocking
productivity & building capability
"Insight & Transcription – customer
sentiment tracking & cost out of 20,000
hours
"Value add digitisation – self-service
channel volumes doubled to 2.1 million
interactions
"Digital River – extracting value
from existing assets
"Optimus Brine – autonomous robot
delivering safe real time monitoring
AI IN SOFTWARE ENGINEERING
Acceptance Rate (by lines)
Over the last 28 days
17.3%
36522
Total lines of code suggested
Over the last 28 days
FROM LABOUR
LED TO TECH
ENABLED
AUTONOMOUS
VEHICLE
“OPTIMUS BRINE”
SELF SERVICE CHANNEL SHIFTS OVER TIME

JUNE 2025MERCURY INVESTOR DAY REPORT35
Building tomorrow
"Telephony integrations –
modular & fit for future
"Automation & Digitisation –
self-service channel volume triples to
3.3 million interactions
"AI assistants for all – productivity
& cost savings every day
"Geothermal optimisation –
more from the same assets
"Agentic autonomous agents –
real time AI customer facing
interactions
LEVERAGING SMART TECH
TO DRIVE COST OUT
TARGETING A
30% REDUCTION
IN OPEX PER
CONNECTION
BY FY28

JUNE 2025MERCURY INVESTOR DAY REPORT36
TRANSFORMING
CUSTOMER EXPERIENCE
TO DELIVER EFFICIENCY
& LIFT SATISFACTION

JUNE 2025MERCURY INVESTOR DAY REPORT37
Significantly reducing our cost
to serve by:
"Simplifying - Personalising customer
interactions
"Shifting - Offering smart digital-first
experiences investing in self service
capability
"Earning - Maintaining strong service
levels, with targeted support for those
in hardship
Value for customers enabled
through a digital shift and smarter
propositions
"Access to smarter pricing solutions
i.e. Time of use pricing
"More control through real-time usage
insights giving visibility of costs and
consumption
"More relevant offers with personalised
plans and bundled propositions
"More reasons to stay via access to
Mercury Rewards
"Efficiency gains through faster speeds
to resolution and tech that scales
SIMPLE AND SMART
WITH A HUMAN TOUCH
Increasing app downloads
by 280,000 to drive
digital engagement
Shifting 80% of our
service volume to low
cost channels
Targeting a 50%
reduction in cost
to serve
FROM HIGH COST TO LOWER COST SERVICE CHANNELS

OUR APPROACH TO AFFORDABILITY
JUNE 2025MERCURY INVESTOR DAY REPORT
Delivering greater clarity,
control and care
"Clarity in cost through real-time usage
insights that help customers understand
and manage what they are spending
"Control through choice, providing
flexible plans and tools that help
customers manage consumption, and
get back on track following a set back
"Care when it’s needed, through targeted
help for vulnerable customers to stay
connected
Collaborative research with Genesis and NGOs into
hidden
hardship
completed
Working with ERANZ across various programs, unlocking
insights into sector challenges, and approaches
A broader range of propositions such as
Time of Use

putting customers in control of their usage and pricing
Tailored payment solutions supporting customers
in hardship to stay connected while enabling targeted
debt recovery and long-term customer value
Hedges provided to Nau Mai R
and Toast Electric extend
impact beyond Mercury’s customer base
Two-year winter energy study with K
inga Ora trialled capped
bills for low-income households completed
MERCURY RESIDENTIAL POST PAY CREDIT DISCONNECTIONS JAN 20 - MAR 25
CUSTOMER CARE PROGRAM APPROACH
Partnerships/Collaboration with others
Increasing knowledge and understandingDirect Support
HIDDEN HARDSHIPS HUI – MERCURY TEAM
38

JUNE 2025MERCURY INVESTOR DAY REPORT39
LEVERAGING
OUR SCALE TO DELIVER
VALUE FOR CUSTOMERS
& SHAREHOLDERS
SMART OPERATIONS & TECH UNLOCK SCALABLE EFFICIENCY
• Automation and AI are key levers to enhance experience and reduce cost
• Success comes from building on solid foundations and unleashes the full
potential of AI & automation - enabling us to simplify, standardise & scale
• We have a track record of delivery
TRANSFORMING CUSTOMER EXPERIENCE TO DELIVER
EFFICIENCY & LIFT SATISFACTION
• Customer expectations are changing—fast, seamless, and
personalised is the new standard, digital & AI are the unlock
• We are targeting 30% lower opex per connection by FY28
• We are improving outcomes for all customers – and leaning in to
affordability and support for vulnerable customers
VALUE DELIVERED BY INTEGRATION
• We have reached scale and completed integration
• Synergies have been secured ($40m+)
• Mercury is well-positioned to deliver value. Broadband and mobile cross-
sell potential is significant given our strong electricity customer base.
• Targeting 1 million connections by 2028
Synergies
Secured
Scale &
Efficiency
Improved
Experience

ACCELERATING
GENERATION
DEVELOPMENT
INVESTOR DAY
10 JUNE 2025
MATT TOLCHER
EGM GENERATION
DEVELOPMENT
BEN PEZARO
HEAD OF GEOTHERMAL
GENERATION DEVELOPMENT

JUNE 2025MERCURY INVESTOR DAY REPORT41
BETTER DELIVERY TODAY

JUNE 2025MERCURY INVESTOR DAY REPORT42
OUR TRACK RECORD IS ONE OF
SUCCESS & SUSTAINED MOMENTUM
"Our team reached FID or delivered 5 of the 6 New
Zealand wind projects in the last 5 years
"Our three construction projects are going
to plan and will provide attractive returns
"We’re leveraging our experience in geothermal,
and we’re back in geothermal dev with OEC5
WE’RE OUTPACING OUR PEERS AT BUILDING VALUE ACCRETIVE RENEWABLES
OUR 2020’S TRACK RECORD IS ONE OF SUCCESSFUL DEVELOPMENT AND DELIVERY
1
by mid April 25. Waipipi included as MCY
New generation
commissioned
and committed
since 2020
1
TURITEA
KAIWERA DOWNS
STAGE 1
COSTOn budgetBelow budget
TIMEDelayedDelivered early
QUALITYAchieved objectivesAchieved objectives
HSEGood performanceGood performance
TURITEA WIND FARM
KAIWERA DOWNS S1 WIND FARM

OUR IN-HOUSE TEAM
IS SEASONED, WITH
END-TO-END CAPABILITY
IN WIND AND GEO
JUNE 2025MERCURY INVESTOR DAY REPORT43
"Gen Dev is in our DNA and our
organisation is structured to deliver
on our Gen Dev ambitions
"Our wind development capability
is NZ leading
"Our geothermal team is world class
in reservoir management and drilling,
and we’ve rebuilt our geothermal
delivery expertise through OEC5
Turitea & KD1 Constructed
OEC5, KD1, KD2 and KWK ConsentedBESS Consented
Landowner, iwi, and community stakeholder engagement across 8 regions
Commercial and contracting completed for Turitea, OEC5, KD1, KD2, & KWK
Prospecting and fuel modelling across our wind and geo pipeline
18 wells since 2013 including 6 new wells
since 2023 [2 more to come]
OEC5, KD2 & KWK
Under Construction
202020212022202320242025
Project Management,
Engineering and
Construction Management
Environment & Consenting
Landowner iwi, community
stakeholder engagement
Commercial and contracting
Prospecting and fuel modelling
Geothermal Drilling

OUR SUPPLY CHAIN IS PROVEN AND READY TO DELIVER
JUNE 2025MERCURY INVESTOR DAY REPORT44
"We’ve formed strategic supply
chain partnerships for resilience
and value across design, OEM,
civil, & electrical
"We’ve proven a commercial
approach that balances
scope and risk allocation
and commercial outcomes
for all parties.
"We’re testing the market
through competitive
procurement processes
on Mahinerangi 2 and
Whakamaru BESS
Strategic Partnerships
Driving Resilience
and Value
“We deeply value our long-
term partnership with Mercury
— built on a strong track
record and steady pipeline
of projects. What makes this
partnership powerful is how
it combines Vestas’ global
supply chain strength with
Mercury’s tenacity, capability,
and deep local market
knowledge — one doesn’t
work without the other.”
Jan-Daniel Kammer, VP Sales, Vestas ANZ

JUNE 2025MERCURY INVESTOR DAY REPORT45
POSITIONED TO BUILD
FOR VALUE TOMORROW

MERCURY’S GENERATION DEVELOPMENT PLATFORM HAS QUALITY OPTIONS
ACROSS THE ENTIRE DEVELOPMENT LIFECYCLE
Mercury’s Generation Development Programme
0
2
4
6
8
10
ConstructionPipelinePre-pipeline
TWh
We’re assessing early-stage options to
grow pipeline to >8 TWh by 2030
We’re advancing ~15 TWh of options at various stages of development.
1.1 TWh is currently in construction, and we’re planning to deliver
3.5 TWh and grow pipeline to >8 TWh by 2030
Technology Fundamentals Drive Portfolio Composition
•
Wind
- Wind remains our focus given its LRMC advantage, our leading pipeline
and our proven capability
•
Geothermal
- An expanded geothermal pipeline is under investigation and
could add attractive baseload post-2030
•
Solar
- Flexibility across buy, build, and partner enables optionality to target
low-cost solar options and scale as market dynamics shift. We recently
completed an EOI process for 100MW solar PPA and we’ve shortlisted
2 projects for due diligence
•
BESS
- We see an increasing role for BESS in our portfolio as variable renewable
generation grows. We have 150MW of pre-2030 BESS options and are
progressing another 500MW of options for post-2030
Gap to
2030
Gap to
2030
Our pipeline is positioned to deliver
3.5 TWh of new gen by 2030
We’re active in market and
continuously identify and
assess new opportunities
Wind
Geothermal
Solar
Hydro rehabs
JUNE 2025
MERCURY INVESTOR DAY REPORT46

OUR $1B & 1.1 TWH OF CONSTRUCTION PROJECTS
ARE ON TIME AND ON BUDGET
JUNE 2025MERCURY INVESTOR DAY REPORT47
STATUSCOMMENTS
TIME
Risk of small delay due to
equipment delivery and
construction challenges
COSTCurrentforecast is on plan
QUALITYOntrack
HSEZero serious harm to date
NG
TAMARIKI OEC5 GEOKAIWERA DOWNS S2 WINDKAIWAIKAWE WIND
STATUSCOMMENTS
TIME
Civil, electrical, transmission &
component deliveries are on
plan
COSTCurrentforecast is on plan
QUALITYOntrack
HSEZero serious harm to date
STATUSCOMMENTS
TIME
Civil, electrical, transmission &
component deliveries are on
plan
COSTCurrentforecast is on plan
QUALITYOntrack
HSEZero serious harm to date
FIDMAJOR EQPTSTARTUPCODFIDTURBINESTARTUPCODFIDTURBINESTARTUPCOD
DELIVERIESDELIVERIESDELIVERIES
Q2 FY24H1 FY26H1FY26Q3 FY25Q4 FY24Q2 FY25H2 FY26H2 FY26H2 FY26H1 FY27H1 FY27H1 FY27
• Baseload gen adds energy & supports firming
• Leverages existing reservoir and geothermal station
• Hedged and supporting Tiwai’s long-term
commitment to NZ
• Favourable wind, geotech, civils,
and connection
• Northland location
• Benefits from diverse wind profile
(geography)

JUNE 2025MERCURY INVESTOR DAY REPORT48
OUR $1B & 1.1 TWH OF CONSTRUCTION PROJECTS
ARE ON TIME AND ON BUDGET
OEC5 GEOTHERMAL
CONSTRUCTION START – MAY 2024220KV SUBSTATION CIVIL & STRUCTURES ARE COMPLETEBULK EARTHWORKS ARE NEARLY COMPLETE
ONE YEAR ON – MAY 2025FINISHED ROADING, HARDSTAND & FOUNDATIONBATCHING PLANT INSTALLED FOR FOUNDATION POURS
KD2 WIND FARMKAIWAIKAWE WIND FARM

WE ARE PLANNING
TO DELIVER 3.5 TWH
BY 2030
JUNE 2025MERCURY INVESTOR DAY REPORT49
"We’re leveraging our strength in wind /
geo and our advantaged project pipeline
"~35% is being delivered through
projects currently in construction
(OEC5, Kaiwera Downs S2, Kaiwaikawe)
"~150MW of capacity is targeted for
delivery in FY28 via Whakamaru BESS
"We see a role for solar and will maintain
flexibility across buy, build, and partner.
A lower barrier to entry means we
can scale for pre-2030 delivery if value-
accretive
"Waikokowai, Puketoi, and geo remain
options for 2030; along with portfolio
high-grading and prospect acceleration
Note: TWh in this chart are delivered by FY year end, not energy generated in that FY

MAHINERANGI STAGE 2 IS ADVANCING
TO CONSENT, PROCUREMENT & FID
JUNE 2025MERCURY INVESTOR DAY REPORT50
MAHINERANGI STAGE 2 WF
PROJECT
ELEMENT
CRITERIA
RATING
COMMENTS
WIND &TURBINE
~8 m/s & 34% capacity factor
170-190 MWs and up to 550 GWh
GRID &
TRANSMISSION
6km transmission to 110kV. Potential for minor wider
area protection grid works.
CONSENT
& ENVIRO
No significant environmental considerations. Fast Track
Legislation listed project
STAKEHOLDERS
Consultation underway with iwi, community, and
regulatory entities
TERRAIN &
CONSTRUCTION
Flat terrain and favourable geotech
LOCATION &
TRANSPORT
50kms west of Dunedin. Transport from Bluff.
LODGE CONSENT
INVESTMENT GATE -
PROCUREMENT
TENDER & PREFERRED
CONTRACTORS
OPERATIONAL
H1 FY26H2 FY26H2 FY28
CONSENT GRANTED
COMPLETE ECI AND
CONTRACTS AGREED
INVESTMENT GATE - FID
• Good wind & efficient capex, leverages Mahinerangi 1 investment
• Hi-grading by increasing the MWs – from 138MW to 170-190MW
• MCY has limited Portfolio exposure in the South Island

WE’VE SECURED RIGHTS FOR A 300MW
BESS TO CONTRIBUTE TO FIRMING
OUR RENEWABLE GROWTH AMBITIONS
JUNE 2025MERCURY INVESTOR DAY REPORT51
PROJECT
ELEMENT
CRITERIA
RATING
COMMENTS
GRID &
TRANSMISSION
Connection onsite via the Whakamaru Generator 1
transmission line
CONSENT
& ENVIRO
Consent granted in May 25
STAKEHOLDERS
Successful engagement through consenting
SUPPLY CHAIN
Leveraging Aus expertise for BESS design and
procurement. Multiple BESS Suppliers and BOP
Contractors engaged
ECONOMICS
Assessment underway. Battery CAPEX continuing
to decline – currently assessing economic contribution
to Portfolio
PRELIM
DESIGN
CONSENT
GRANTED
PROCUREMENT
& CONTRACTS
INVESTMENT
GATE – FID
OPERATIONAL
H2 FY25H1 FY26H2 FY26H2 FY28
INVESTMENT GATE
– PROCUREMENT
PROCURE LL
ELECTRICAL
• All rights secured – Land, Consent, Grid
• Large BESS in a beneficial location – can be delivered in phases
• Trading synergy via bulk dispatch with Hydro
WHAKAMARU BESS
BESS CAPEX REDUCTIONS LIKELY TO BENEFIT WHAKAMARU

WE’RE ACTIVELY OPTIMISING & DE-RISKING OPTIONALITY FOR 2030 DELIVERY
JUNE 2025MERCURY INVESTOR DAY REPORT52
EXISTING PUKETOI CONSENTALTERNATE PUKETOI CONSENT
ASSESSING OPTION TO LOCATE TURBINES
HIGHER ON RIDGELINE TO REDUCE CIVIL
COST & DERISK CONSTRUCTION
Waikokowai:We’re focused on securing remaining land
rights, progressing consenting studies, and optimising
project layout for 2030 development. Site is well suited
to scale with potential for future growth.
• Additional land rights to increase project size by 50 to 100MW
are due to be signed, increasing the project to ~300 to 350 MW.
• Optimisation and consenting underway across turbine layouts,
environmental mapping, and civil and transmission design.
Puketoi 2.0: We’re focused on scheme and consent
optimisation, and de-risking geo-tech to realise the
full potential of this world class wind resource - 12m/s
average wind speed.
• Investigating opportunities to increase project size by approx 30
to 40 MW.
• Optimisation work underway across development constraints,
access roading, and civil and transmission design.
Highlights
Highlights

WE’RE DEVELOPING A PIPELINE
OF HIGH-QUALITY OPTIONS
THAT POSITION US TO LEAD
THE ENERGY TRANSITION POST-2030
JUNE 2025MERCURY INVESTOR DAY REPORT53
MERCURY’S PIPELINE FOCUSES ON HIGH VALUE FUELS AND LEVERAGES OUR
COMPETITIVE ADVANTAGE IN WIND AND GEOTHERMAL
"Our post-2030 opportunity set continues to be guided by technology
fundamentals and leveraging Mercury’s core capability.
"In addition to onshore wind, we’re focusing on converting early stage
Geothermal opportunities into post-2030 development options.
WindGeothermal
0246810
Pre-pipeline
TWh pre-pipeline opportunities

OUR STRONG GEOTHERMAL FOUNDATION
JUNE 2025MERCURY INVESTOR DAY REPORT54
"480MW+ / 3.6 TWh under operation
"Founded with strong iwi partnerships
"High capacity, baseload generation
"Core technical and delivery capability
MMKAI
Joint venture with
Tkaropaki Trust
NG
TAMARIKI
Mercury owned
ROTOKAWA
Joint venture with Tauhara
North No.2 Trust
KAWERAU
Mercury owned
GEOTHERMAL OPPORTUNITY AT SCALE
LARGE, HIGH VALUE AND DIVERSE EXISTING GEOTHERMAL PORTFOLIO
112MW
NG
AWA PkRUA
Joint venture with Tauhara
North No.2 Trust
86MW & 48MW OEC5
107MW34MW
139MW
UNLOCKS THE NEXT ROUND OF GEO GROWTH
Up to 5 TWh of potential geothermal
opportunities (unfiltered)

WE’RE EVALUATING POST-2030
GEOTHERMAL POTENTIAL
JUNE 2025MERCURY INVESTOR DAY REPORT55
NG
TAMARIKI EXAMPLE
High quality resource with proven phased development
history and potential for expansion
Ng
Tamariki Geothermal Field
+290ºC
+280ºC
+260ºC
+260ºC
+280ºC
Deep temperature contours
Current production area
OEC1-5
Injection
Injection
2km
N
"Largest geographic geothermal footprint
"Currently generating from ~10% of total
prospect acreage (33k Ha)
"Mix of brownfield and greenfield opportunities
"Early stage development programme underway
Early Stage Development Factors
"Leverage reservoir simulation
capability
"Explore open boundaries –
temperature and permeability across
all horizons
"Map and integrate possible
brownfield synergies
"Use risk-based development
phasing
"Monitoring and understand
best fit technology options

JUNE 2025MERCURY INVESTOR DAY REPORT56
SHAPING THE NZ DEVELOPMENT
ECOSYSTEM

JUNE 2025MERCURY INVESTOR DAY REPORT57
Social License – to bring
communities along
"We’re proactive and transparent
in our consultation with iwi,
stakeholders, and communities
where we’re developing.
Proof point: We successfully
consented (new or amendments)
KD1, KD2, OEC5, KWK, and BESS
Government & Regulatory –
to enable efficient projects
"We’re consulting with government
on various changes to enabling
legislation e.g. RMA reform,
Fast-Track Approvals legislation,
updates to the national direction
package changes to EA code.
Proof point: We successfully listed
4 wind farm projects in the Fast
Track Approvals Legislation
Grid Connection & Transmission –
to ensure the grid is ready
"We consult with Transpower on
ways to unlock credible projects
from the generation connection
queue.
In the meantime, we’re getting on
with projects through a Developer-
Led model.
Proof point: We developed KD2 Grid
Connection following a developer-led
model, in consultation with
Transpower
NZ Development Capability –
to further unlock Gen Dev in NZ
"We’re testing and supporting
new supply chain participants -
including turbine suppliers
and delivery contractors.
Proof point: We will tender
Mahinerangi 2 and Whakamaru
BESS to an experienced pool of
OEMs and contractors
KAIWAIKAWE GROUNDBREAKING WITH IWI, LANDOWNERS, MP MCCALLUM AND MINISTER WATTS
KD2 SITE VISIT WITH HOKONUI RkNUNGA
WE’RE LEANING INTO
DEVELOPMENT ENABLERS TO UNLOCK
RENEWABLES GROWTH AND
CREATE STRATEGIC ADVANTAGE

BEST IN CLASS RENEWABLES
DEVELOPMENT
Plan to
deliver 3.5
TWh
of new
generation
by 2030
Grow
pipeline to
>8TWh by
2030
POSITIONED TO BUILD FOR VALUE TOMORROW
"$1B / 1.1 TWh construction projects are on track
"Developing high value executable options to position us to meet
rising demand and lead the energy transition, to 2030 and beyond
SHAPING THE NZ DEVELOPMENT ECOSYSTEM
"Creating a strategic advantage by shaping the NZ renewables
development ecosystem - Social Licence, Regulation and Policy,
Partnerships, Grid, and NZ Development Capability
BETTER DELIVERY TODAY
• NZ’s most consistent and successful renewables developer
• Seasoned, end-to-end inhouse capability with a supply chain
poised to support
JUNE 2025MERCURY INVESTOR DAY REPORT58

GENERATION
DELIVERING VALUE
INVESTOR DAY
10 JUNE 2025
KEVIN TAYLOR
CHIEF OPERATING OFFICER

Generation has delivered strong
performance for safety
and production outcomes
Mercury has a defined programme
to enhance our safety performance
through a safety citizenship model.
"Leaders Routines - Toolbox Talks
& Short-Interval Controls
"Coaching Bench
"Hazard Identification
"Process Safety Fundamentals
Mercury generation has continued
to deliver an uplift YoY with respect to
normalised Production & Availability.
"Geothermal production volumes
continue to be stable 2,650 GWh
& FY25 YtD 93.5% Availability
(on plan)
"Hydro Production Volumes have
seen low inflows in Q3 FY25
forecasting 3,400 GWh; strong
availability in FY25 at 86% (2%
above plan)
"Wind FY25 YtD 1900 GWh; 96.5%
Availability (0.5% above plan)
DELIVERING SAFE AND RELIABLE
GENERATION PERFORMANCE
8.8 TWH <3 FOF GEO
93.5% GEO – 86%
HYDRO – 96.5% WIND
<8 AIFRTRIFR ~ 0.65
+100% HSW
REPORTING
Mean Annual GenerationLowering forced outage
factor YoY since FY22
Value creation through
optimised availability
All Incident Frequency Rate
3 recordable injuries in the
last 12 months
Total recordable Incident
Frequency Rate
Trending down since FY22
Reporting of events &
observations increase since
2022
JUNE 2025MERCURY INVESTOR DAY REPORT60
0
10
20
30
40
50
60
70
80
90
100
20212022202320242025
A
v
a
i
l
a
b
i
l
i
t
y
(
%
)
Mercury Generation Performance
Geo AvailabilityHydro AvailabilityWind Availability
Mercury Generation HSW Performance

61
DELIVERING VALUE TODAY
JUNE 2025MERCURY INVESTOR DAY REPORT

CARBON REDUCTION PROGRAMME
UPDATE: EMISSIONS REDUCTION DELIVERY
ACROSS GEOTHERMAL
Our target is to deliver an industry
first solution for Carbon Abatement
which we are on track to deliver, with
net positive from an environmental
and financial view point.
We have delivered value at
Ng
Tamariki:
"Industry first to undertake carbon
reinjection
"Total CO
2
avoided from the
atmosphere: 20,079 tonnes
to date
"Offset ETS participation costs
of over $1M since 2022
"$3.3M investment to complete NTM
reinjection program
Our team is focused on delivering
effective emissions reduction
solutions:
"Completed technical reviews
off flash plant processes
required to achieve targets
"Developed a comprehensive
financial feasibility model
"Flash plant CO
2
direct use case
feasibility
"Compare possible direct case
options and opportunities
Supports Mercury’s Climate Action Plan target:
70% reduction in Scope 1 emissions by 2030
(From FY22 emissions intensity baseline)
NG
TAMARIKI (~33,000 tC02e/y) – REINJECTION SUCCESSES
JUNE 2025MERCURY INVESTOR DAY REPORT62
FY25
Feasibility Studies and Assessments
Complete
FY26
Strategy Recommendation
& Detailed Development
On Track
FY27-FY29
Execution
KAWERAU (~94,000 tCO2e/y)
REINJECTION +/- DIRECT USE
MERCURY EMISSION PROFILE
(220,000 tCO2e/y)
20,079 tCO
2
-e
REINJECTED
41% CO
2
-e
REINJECTED
95% AVAILABILITY~ $1M OFFSET ETS
Total Emissions reinjected
since 2021
Exceeded our target of 40%
in Aug 2024
Equipment performance has
achieved 95% availability vs
target of 90%
To date we have avoided over
$1M in ETS costs since 2021

GEOTHERMAL
WELL DRILLING
63
The Geothermal drilling campaign has
invested $147M for delivery of 6 wells,
with 2 additional wells to complete the
campaign with a total investment of $175M.
The campaigns purpose is to:
"Increase fuel supply for Ng
Tamariki
(supporting OEC5 expansion) and;
"Maintain supply for Rotokawa and
Kawerau stations
The current programme has
successfully delivered:
"3 new production wells

all achieving
drilling objectives
"3 new reinjection wells all achieving
drilling objectives
"2 additional wells to be drilled
in early FY26
"Strong partnerships established
with domestic drilling contractors:
2Marokopa Drilling
2MB Century
"Increased in-house technical capability
"Leveraging expertise from external
consultants
1
supports OEC5 upgrade l
2
Historic average drilling rate 2014-2020 is 1.2 wells/year. Forward projection drilling rate circa 1.3 wells/year.
FieldWellFY23-FY25
2
Drilling Outcomes
% to Target
Kawerau
Production
1
140%
Injection1125%
Ng
Tamariki
1
Production1
TBC
Injection1250%
RotokawaJoint Venture (Mercury / TN2T gross)
Production1
100%
Injection1100%
JUNE 2025MERCURY INVESTOR DAY REPORT

KAR
PIRO
REHABILITATION
PROJECT UPDATE
"The Kar
piro rehabilitation project
is a $90 million investment in the
station commissioned in 1946
"Scope includes full replacement
of all three generating units:
generators, turbines, and governors
"Intake gates are also being replaced
"Kar
piro will increase station capacity
from 96MW to 112.5MW. Annual
output increase: +32 GWh/year
"The last generator removed had been
in service for 79 years
"The project protects long-term value
by extending asset life by 50 years
"Main generating unit delivery is led
by Andritz Hydro
FIRST UNIT:
Completion Aug 23
SECOND UNIT:
Completion Sept 24
THIRD UNIT:
Planned completion Sept 25
JUNE 2025MERCURY INVESTOR DAY REPORT64

DISCIPLINED
STAY-IN-BUSINESS
CAPITAL ALLOCATION
JUNE 2025MERCURY INVESTOR DAY REPORT65
"We prioritise capital efficiency, focusing
investment on the highest-return opportunities
"Long term SIB capex remains at $150m
per year as previously stated. We phase spend
to manage this reinvestment profile whilst
balancing risk and value.
"Protect & Enhance capex:
"The Hydro Rehab programme protects current
generation from end of asset life failures and
adds significant capacity and efficiency. KPO
adds 16.5MW and 32 GWh per year. The next
3 rehabs will add another 58MW and average
generation of 87 GWh per year.
"The drilling programme ensures that our
geothermal assets have the fuel and resilience
to maintain optimum performance.
"Maintenance capex:
"Generation assets includes both minor and
major maintenance projects, such as Arapuni
Left Abutment (dam leakage) and erosion
works at the TaupM Control Gates
"Technology & energy management capex
is largely driven by technology, customer,
and enterprise-wide initiatives
1
FY25F SIB Capex of $150m as per guidance update 25th February 2025
STAY-IN-BUSINESS CAPEX
0
20
40
60
80
100
120
140
160
FY24FY25FLong-Term SIB Capex
$m
Maintenance Capex: Technology & Energy Management
Maintenance Capex: Generation Assets
Protect & Enhance Capex: Hydro rehabs and geothermal drilling

PROTECTING VALUE THROUGH
ASSET RESILIENCE
66
JUNE 2025MERCURY INVESTOR DAY REPORT

ASSET RESILIENCE
AND STRENGTHENING
OUR SOCIAL LICENSE
TAUPM CONTROL GATES
JUNE 2025MERCURY INVESTOR DAY REPORT67
"Constructed in the 1940s, the TaupM
Control Gates involved diverting the
original river channel
"Mercury monitors the gates as part
of its ongoing assurance programme
"The structure is currently safe and
fit for use
"Long-term seismic resilience standards
may require full replacement of the
structure
"Ng
ti Tkwharetoa and the hapk of
Te Hikuwai are mana whenua of the
area and critical partners in the project
"Iwi and hapk will guide Mercury on
matters relating to their
whenua
tkpuna
(ancestral lands)
PHASE 1:
Engineering investigation &
Cultural impact assessment
COMPLETE
PHASE 2:
Optioneering
in partnership
FY25-FY26
PHASE 3:
Consenting
& Design
FY27-FY29
PHASE 4:
Construction
FY30+

REDUCING RISK AND
STRENGTHENING ASSET
RESILIENCE ARAPUNI
LEFT ABUTMENT
JUNE 2025MERCURY INVESTOR DAY REPORT68
"The Arapuni Dam was constructed
in 1927 and has experienced seepage
issues since inception
"The original seepage controls,
installed in the 1930s, are now
ineffective due to age
"Seepage changes were observed
in the left abutment after two distant
earthquakes in 2016
"Project objective: to safely and
economically establish long-term,
stable seepage conditions
"The solution involves construction
of an overlapping pile cutoff wall
(shown in yellow)
"A team of internationally recognised
experts has been assembled to lead
the project
"The total project cost is currently
estimated at approximately
$120 million
OVERLAPPING PILES
TRUSTED PARTNER: TREVI
Q1 FY26:
Drainage Construction
and Jet Grouting Trials
Q2 FY26:
Consents Granted, Alliance
Agreement Established
Q3 FY26 - 29:
Main Cutoff Wall Construction
18 – 24 months

ENHANCING FUTURE VALUE
69
JUNE 2025MERCURY INVESTOR DAY REPORT

JUNE 2025MERCURY INVESTOR DAY REPORT
Programme Designed to Deliver value:
"Rehabilitation timing driven by asset
condition, value and capital profile.
"Timing continuously being optimised.
"Next 3 stations in the program:
Maraetai, Ohakuri,

and

Atiamuri
"These assets are 64–75 years old
"Largest Hydro Reinvestment in NZ
"~$550M reinvestment — the largest
in New Zealand’s hydro history
70
HYDRO REHABILITATION PROGRAMME: ENHANCING OUR PEAKING STATIONS
FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36FY37FY38
Aratiatia (3 units)
REHABLEAD INTURBINES
Ohakuri (4 units)
TURBINESLEAD INGENERATORS
Atiamuri (4 units)
LEAD INREHAB
Whakamaru (4 units)
REHAB
Maraetai 1 (5 units)
LEAD INREHABREHAB
Maraetai 2 (5 units)
CLASS 4
Waipapa (3 units)
LEAD INREHAB
Arapuni (8 units)
GENERATORS 5-8
Karpiro (3 units)
CLASS 4LEAD INREHAB
Supplier Partnership Model Delivers:
"Efficient delivery through consistent
technology use
"Local skills retention via long-term,
staged investment
"Optimised phasing to balance asset
risk and capital spend
Value driven Design:
"Programme driven by Generator condition.
"Turbine replacement is NPV positive due
to increased efficiency and capacity.
"Digital River allows design to be optimised.
"Potential to increase output by 58 MW (87 GWh)
across the three sites (Maraetai 1, Ohakuri, Atiamuri)

JUNE 2025MERCURY INVESTOR DAY REPORT71
Optimising existing plant:
Developing a funnel of innovative
opportunities to deliver sustainable
incremental value from existing assets.
These activities are creating value year
on year with a wide range of solutions.
Some examples include:
2Leveraging AI and machine
learning that provide tactics
to geothermal operations
on a daily basis
2Executing projects that optimise
ways of working like centralised
operations where teams focus
on incremental MW gains
OPTIMISING
PERFORMANCE
OF EXISTING ASSETS
Using Machine learning and digital science
to optimise geothermal stations
Centralising Geothermal control room
operations - unattended stations with improved
safety outcomes
On track to deliver 30 GWh of enhanced
sustained value
3-D view of plant performance from multiple
parameters. This shows the complexity and
interconnectivity of parameters needed
to optimise MW generated. In FY26 we are
on track to deliver an additional 1MW across
our geothermal stations using this Machine
Learning Model.
31
99
0
40
80
120
FY25
Annualised Generation (GWh)
GENERATION OPTIMSING PERFORMANCE
Generation Protected (GWh)
Generation Enhanced (GWh)

DELIVERING VALUE TODAY
AND TOMORROW.
PROTECTING VALUE THROUGH ASSET RESILIENCE
• Projects to improve asset resilience are on track and are well
understood by stakeholders.
• Key projects are Arapuni Left Abutment and TaupM Control Gates.
• Strengthening Social license
ENHANCING FUTURE VALUE
• Rehab uplift 16.5MW from KPO and 58MW next 3 rehabs
• Maximising value of our assets through machine learning
DELIVERING VALUE TODAY
• Geothermal Well Delivery.
• First to delivery Carbon Capture.
• Successful delivery of Kar
piro Rehabilitation to plan.
• Stay in Business Capital profile.
JUNE 2025MERCURY INVESTOR DAY REPORT72
Protect
& Enhance
Annual
Generation:
8.8 TWh
Sustained
Long term
SIB capex
at $150m

INVESTOR DAY
10 JUNE 2025
RICHARD HOPKINS
CHIEF FINANCIAL OFFICER
CFO PRESENTATION
& CE WRAP

JUNE 2025MERCURY INVESTOR DAY REPORT74
WHAT I’VE SEEN AT MERCURY
CFO Early Observations
People
"Great people and depth of talent
"Experienced executive with industry
and external perspectives
"Strong partnerships
Value
"Bold choices have paid off
"Value accretive projects and
technology choices
"Opportunity in the core
Governance
"Leading Board
"Disciplined project governance
"Value and TSR focus with
strong balance sheet

WHAT I’VE HEARD FROM LISTENING TO INVESTORS
JUNE 2025MERCURY INVESTOR DAY REPORT75
Recent executive
team change
Continue the strong value
creation for shareholders
Continue the progressive
dividend policy
Operating costs higher
than peers
Value our capital
Don’t over promise and under deliver
Strong track-record and
history of delivery
1
Assumes $1000 were invested in Mercury’s IPO and gross dividends received on the payment date and reinvested in Mercury
shares at the closing price on that date
"This ignores the effect of tax, noting that investors would have received the full value of the dividend through imputation credits
"This also ignores that Mercury has occasionally paid unimputed special dividends
"Ignores dividends not adding up to whole share values (i.e. assumes fractional shares purchased with reinvested dividends)
PERIODTSRANNUALISEDTSR
1-year-2%-2%
5-year49%8%
Sincelisting226%10%

346
385
395
370 370 370
300
320
340
360
380
400
FY23FY24FY25FFY26FY27FY28
$m
OPERATING COST
DISCIPLINE
JUNE 2025MERCURY INVESTOR DAY REPORT76
"Cost out programme to lower operating
costs to maintain $370m from FY26
to FY28
"Mercury-led, with support from an
external provider
"Programme consists of three phases,
diagnostic, design and implementation.
We are now in the implementation phase.
"This first wave of cost out from the cost
reduction pipeline targets key cost levers
across the enterprise and drives
a culture of strong cost wiring.
1
FY25F operating expenses guidance as at 25 February 2025 of $395m. Normalised for the geothermal well repair is $386m
OPERATING EXPENSES

JUNE 2025MERCURY INVESTOR DAY REPORT77
TODAY. TOMORROW.
TOGETHER.
Future TSR
underpinned
by operational
excellence
History of
winning through
partnerships.
Well positioned
for future
Value accretive
pipeline.
Disciplined
decision making
Customer:
Retail integration synergies delivered, journey to 1m connections by FY28 underway,
operating for value and driving efficiencies
Generation:
8.8 TWh new baseline. SIB capex maintained at $150m.Increasing output
(32 GWh at Kar
piro and 87 GWh from future rehabs). Operational efficiencies
being found across hydro and geothermal.
Cost Discipline:
Lower operating costs to maintain $370m from FY26 to FY28
Building for value with the best renewable pipeline to grow energy and capacity:
Plan to deliver 3.5 TWh of new generation by 2030 and lift total generation by ~40% pa
Best renewable development track-record to execute current projects:
Reached FID or delivered 5 of the 6 New Zealand wind projects in the last 5 years
Generation development:
Happy to stand out from the crowd. Backing LRMC winners - Leading position in wind
development will continue to monitor other technologies as economics evolves
Successful partnerships sets us apart
Differentiated approach to iwi, supplier and customer relationships
Social Licence
On track for zero disconnections in FY25
Geothermal opportunity is significant:
Currently generating from ~10% of total prospect acreage of 33k ha.
Up to 5 TWh of potential geothermal opportunities beyond 2030.

JUNE 2025MERCURY INVESTOR DAY REPORT78
INDICATIVE FY30 EBITDAF ASPIRATION
SUPPORTED BY VALUE ACCRETIVE
RENEWABLE DEVELOPMENT
"1.1 TWh of generation in-
construction across 3 projects,
Ng
Tamariki OEC5 geothermal,
Kaiwera Downs stage 2 wind farm
and Kaiwaikawe wind farm
"Higher electricity and telco sales
yields through long term channels
and portfolio management
"Cost out programme to lower
operating costs to maintain $370m
from FY26 to FY28
"$50m: Mahinerangi 2 wind farm is
Mercury’s next highest confidence
generation development option
of scale up to 550 GWh and is
subject to FID. Whakamaru BESS
rights secured across land, consent
and grid and is subject to FID
"+$100m: Waikokowai and
geothermal remain options for
2030. Optionality maintained
as investments must be value
accretive with planning to deliver
on time and on budget
Targeting FY30 EBITDAF
$1,150m to $1,250m
1
Normalised primarily for mean generation volumes
2
Ng
Tamariki OEC5 geothermal, Kaiwera Downs Stage 2 and Kaiwaikawe wind farms

Q&A
INVESTOR DAY
10 JUNE 2025
STEW HAMILTON
CHIEF EXECUTIVE
RICHARD HOPKINS
CHIEF FINANCIAL OFFICER

NG
MIHI
THANK YOU
INVESTOR DAY
10 JUNE 2025
STEW HAMILTON
CHIEF EXECUTIVE