Meridian Energy monthly operating report for June 2025

Release






Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand
Level 2, 98 Customhouse Quay, Wellington 6011

meridianenergy.co.nz
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy monthly operating report for June 2025
16 July 2025
Attached is Meridian Energy Limited's monthly operating report for the month of June 2025.
Key points this month include:
 In the month to 14 July 2025, national hydro storage increased from 94% to 104% of historical
average
 South Island storage increased to 95% of average and North Island storage increased to 150% of
average by 14 July 2025
 Meridian’s June 2025 monthly total inflows were 111% of historical average
 Waiau catchment inflows in June 2025 were 113% of historical average
 Meridian’s Waitaki catchment water storage at the end of June 2025 was
87%
of historical average
 Water storage in Meridian’s Waiau catchment was
130%
of average at the end of June 2025
 June was a mild month, with temperatures above average for most of the country, apart from the
Mackenzie Basin. Rainfall was generally above average, except for the North Island’s east coast
and southern parts of the South Island’s West Coast
 National electricity demand in June 2025 was
1.4%
higher than June 2024
 New Zealand Aluminium Smelter’s (NZAS) average load during June 2025 was
530MW

 Meridian’s retail sales volumes in June 2025 were
7.9%
higher than June 2024
 Compared to June 2024, segment sales in residential were 12.7% higher, small medium business
6.3% higher, large business 15.2% higher, agriculture 5.5% higher and corporate 4.5% higher

Key points this quarter include:
 Q4 total inflows were
102%
of historical average,
19%
higher than Q4 last year
 Meridian’s Waitaki catchment water storage at the end of Q4 was
37%
higher than Q4 last year
 Compared to Q4 last year, Meridian’s generation was
8.8%
lower at a
18.6%
lower average price
 Electricity futures prices decreased during Q4, with all future winter quarters’ prices falling
 National electricity demand in Q4 was
2.6%
lower than Q4 last year
 Autumn 2025 was mild with above average temperatures across most of the country. It was wet for
the eastern South Island and northern parts of both islands.
 NIWA’s winter 2025 outlook suggests higher than average temperatures and above or near normal
rainfall across the country
 NZAS sales volumes in Q4 were lower than Q4 last year
 During the quarter, Meridian made calls on volume under an agreed 50MW smelter demand
response reduction
 On 6 June 2025, Meridian announced agreement with NZAS to end the current demand response,
targeting 11 August 2025 completion date
 At the end of Q4, Meridian’s customer numbers were
9.6%
higher than the same time last year
 Compared to Q4 last year, Meridian’s retail sales volumes were
2.9%
higher at a
5.2%
higher
average price

meridianenergy.co.nz
PG 2

 Sales increased in all segments except agriculture
 Compared to Q4 last year, total operating costs were
0.2%
lower
 Compared to Q4 last year, total capital expenditure was
16.5%
lower

Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels


ENDS

Authorised for release by:

Jason Woolley
General Counsel and Company Secretary
Meridian Energy Limited


For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Phil Clark
Head of Communications
027 838 5710

Monthly Operating Report
June 2025

June key points
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |2
In the month to 14 July 2025,
national hydro storage
increased from 94% to 104%
of historical average
South Island storage
increased to 95% of average
and North Island storage
increased to 150% of average
by 14 July 2025
Meridian’s June 2025 monthly
total inflows were 111% of
historical average
Waiau catchment inflows in
June 2025 were 113% of
historical average
National electricity demand in
June 2025 was 1.4% higher
than June 2024
New Zealand Aluminium
Smelter’s (NZAS) average load
during June 2025 was 530MW
Meridian’s retail sales volumes
in June 2025 were 7.9% higher
than June 2024
Compared to June 2024,
segment sales in residential
were 12.7% higher, small
medium business 6.3% higher,
large business 15.2% higher,
agriculture 5.5% higher and
corporate 4.5% higher


Meridian’s Waitaki catchment
water storage at the end of
June 2025 was 87% of
historical average
Water storage in Meridian’s
Waiau catchment was 130%
of average at the end of June
2025
June was a mild month, with
temperatures above average
for most of the country, apart
from the Mackenzie Basin.
Rainfall was generally above
average, except for the North
Island’s east coast and
southern parts of the South
Island’s West Coast

Q4 key points
Q4 total inflows were 102%of
historicalaverage,19% higher
than Q4last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ4 was 37% higher
than Q4 lastyear​
Compared to Q4 last
y e a r,Meridian’s generation
was8.8%lower at a 18.6%
loweraverage price
Electricity futures prices
decreased during Q4, with all
future winter quarters’ prices
falling
National electricity demand in
Q4 was 2.6% lower than Q4
last year
On 6 June 2025, Meridian
announced agreement with
NZAS to end the current
demand response, targeting 11
August 2025 completion date
At the end of Q4, Meridian’s
customer numbers were 9.6%
higher than the same time last
year
Compared to Q4 last year,
Meridian’s retail sales volumes
were 2.9% higher at a5.2%
higher average price​
Sales increased in all segments
except agriculture
Compared to Q4 last year, total
operating costs were 0.2%
lower
Compared to Q4 last year, total
capital expenditure was 16.5%
lower
Autumn 2025 was mild with
above average temperatures
across most of the country. It
was wet for the eastern
South Island and northern
parts of both islands.
NIWA’s winter 2025 outlook
suggests higher than average
temperatures and above or
near normal rainfall across
the country
NZAS sales volumes in Q4
were lower than Q4 last year
During the quarter, Meridian
made calls on volume under
an agreed 50MW smelter
demand response reduction
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |3

Market data
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |4
National electricity demand in June 2025
was 1.4% higher than June 2024
NZAS average load during June 2025 was
530MW
June was a mild month, with temperatures
above average for most of the country,
apart from the Mackenzie Basin. Rainfall
was generally above average, except for the
North Island’s east coast and southern parts
of the South Island’s West Coast
Demand in the last 12 months was 3.4%
lower than the preceding 12 months
12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.3% at the
end of May 2025
12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.5% at the end of
May 2025
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2014-2024)202020212022202320242025
5%
7%
9%
11%
13%
15%
May 20Nov 20May 21Nov 21May 22Nov 22May 23Nov 23May 24Nov 24May 25
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchIndustry Trader Switch

16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |5
June 2025 saw decreases in ASX electricity
futures prices across the curve
National storage increased from 94% of
average on 9 June 2025 to 104% of
average on 14 July 2025
South Island storage increased to 95% of
historical average by 14 July 2025 and
North Island storage increased to 150% of
average
Source: ASXSource: ASX
Source: NZX
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels
Market data
0
50
100
150
200
250
300
350
400
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
28 June 202431 March 202530 April 2025
30 May 202511 June 202510 July 2025
0
50
100
150
200
250
300
350
400
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
28 June 202431 March 202530 April 2025
30 May 202511 June 202510 July 2025
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (14 July 2025)
Average storage (92yr)19922004
200820122022
202320242025

Meridian retail
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |6
Meridian’s customer connection numbers
increased 1.5% during June 2025 and have
increased 9.6% since June 2024
Retail sales volumes in June 2025 were
7.9% higher than June 2024
Compared to June 2024, segment sales in
residential were 12.7% higher, small
medium business 6.3% higher, large
business 15.2% higher, agriculture 5.5%
higher and corporate 4.5% higher
This financial year, retail sales volumes are
0.9% lower than the same period last year
Compared to last financial year, segment
sales in residential are 0.8% higher, small
medium business 0.8% higher, large
business 8.5% higher, agricultural 12.6%
lower and corporate 0.3% higher
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
124
124
125
125
126
126
127
128
129
129
130
127
127
127
128
128
129
129
130
131
132
132
133
119
121
122
124
126
128
132
134
136
137
139
142
122
122
122122
123
124
124
124
124
124
123
123
125
125
125
125
126
127
127
127
127
127
126
127
117
118
118
119
120
121
122
122
122
122
121
120
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S CUSTOMER CONNECTIONS
FY25 Meridian NIFY25 Meridian SIFY25 Powershop
FY24 Meridian NIFY24 Meridian SIFY24 Powershop
201
191
158
144
125
123
122
111
127
138
172
201
159
159
137
133
130
129
128
127
138
133
154
153
54
80
88
116
167
196
133
167
94
77
67
49
61
65
57
62
56
56
56
52
59
59
67
68
303
314
303
321
326
336
348
333
367
331
337
302
200
201
155
144
124
123
119
112
127
136
180
178
154
161
141
134
132
127
129
130
134
127
154
144
53
76
112
120
150
184
210
186
158
104
73
47
60
61
54
51
52
51
54
53
54
51
60
59
334
337
318
331
332
332
331
326
338
317
325
288
0
300
600
900
JulAugSepOctNovDecJanFebMarApr
MayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY25 ResidentialFY25 SMBFY25 AgriFY25 Large Bus
FY25 CorporateFY24 ResidentialFY24 SMBFY24 Agri
FY24 Large BusFY24 Corporate

Meridian inflows and storage
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |7
June 2025 monthly total inflows were
111% of historical average
Waiau catchment inflows in June 2025
were 113% of historical average, 45%
higher than the same month last year
This financial year, total inflows are 98% of
historical average
Waitaki catchment water storage moved
from 1,413GWh to 1,369GWh during June
2025
Waitaki water storage at the end of June
2025 was 87% of historical average and
37% higher than the same time last year
Water storage in Meridian’s Waiau
catchment was 130% of average at the end
of June 2025
Meridian operating information
Source: Meridian
Source: Meridian
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels
0
500
1,000
1,500
2,000
2,500
1-Jan1-Feb1-Mar1-Apr1-May1-Jun1-Jul1-Aug1-Sep1-Oct1-Nov1-Dec
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201920202021
2022202320242025
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Jun YTD92 year average

Meridian generation
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |8
Meridian’s generation in June 2025 was
6.1% higher than the same month last
year, reflecting higher hydro generation
andhigher wind generation
This financial year, Meridian’s generation is
6.0% lower than the same period last year,
reflecting lower hydro generation and
higher wind generation
The average price Meridian received for its
generation in June 2025 was 54.2% lower
than the same month last year
The average price Meridian paid to supply
customers in June 2025 was 49.7% lower
than the same month last year
This financial year, the average price
Meridian received for its generation is
7.3% higher than the same period last year
and the average price paid to supply
customers is 16.7% higher
Meridian operating information
Source: Meridian
Source: Meridian
*price received for Meridian’s physical generation
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S GENERATION
FY25 HydroFY25 WindFY24 HydroFY24 Wind
378
485
64
50
30
20
106
253
302
332
196
121
111
133
111
108
130
171
189
136
205
213
292
264
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY25FY24

Monthly operating information
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |9
Meridian operating information
See page 11 for footnotes
JUNEJUNEMAYAPRIL12 MONTHS TO12 MONTHS TO
2025202420252025JUNEJUNE
MONTHMONTHMONTHMONTH20252024
New Zealand contracted sales
Residential sales volume (GWh)201 178 172 138 1,814 1,799
Small medium business sales volume (GWh)153 144 154 133 1,682 1,669
Agricultural sales volume (GWh)49 47 67 77 1,288 1,474
Large business sales volume (GWh)68 59 67 59 717 661
Corporate and industrial sales volume (GWh)302 288 337 331 3,921 3,908
Retail contracted sales volume (GWh)773 717 798 738 9,422 9,511
Average retail contracted sales price
1
( $N Z/ MWh)$165.6$157.2$171.4$161.6$151.8$143.3
NZAS sales volume (GWh)241 394 243 236 3,118 5,002
Financial contract sales volumes
2
(GWh)281 293 319 281 3,339 3,417
Average wholesale & financial contracts sales price
3
( $N Z/ MWh)$119.5$87.9$131.8$132.7$104.0$75.2
Retail customer supply volumes (GWh)809 733 825 776 9,898 10,050
Cost to supply retail customers ($NZ/MWh)$131.8$284.0$214.8$334.8$205.8$186.0
Cost to supply wholesale customers ($NZ/MWh)$121.2$269.6$205.2$345.1$203.8$170.8
Cost of financial contracts ($NZ/MWh)$126.6$271.0$209.0$326.1$207.0$170.5
BESS supply volume (GWh)1 - 2 2 5 -
Demand response payments ($NZm)-$18.3$0.0-$10.7-$10.7-$151.7$0.0
Total New Zealand customer connections
4
405,072 369,667 399,077 397,551

Monthly operating information
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |10
Meridian operating information
See page 11 for footnotes
JUNE
JUNEMAYAPRIL12 MONTHS TO12 MONTHS TO
2025202420252025JUNEJUNE
MONTHMONTHMONTHMONTH20252024
New Zealand generation
Hydro generation volume (GWh)925 883 895 745 10,943 12,125
Wind generation volume (GWh)148 128 163 141 1,809 1,440
BESS generation volume (GWh)0 - 1 1 2 -
Total generation volume (GWh)1,073 1,011 1,058 886 12,754 13,566
Average generation price
5
( $N Z/ MWh)$121.0$262.6$196.0$332.4$183.6$171.1
New Zealand hedging
Hedging volume
6
(GWh)379 516 422 453 4,940 5,782
Hedging cost average price ($NZ/MWh)$200.6$147.7$201.7$203.4$183.8$132.4
Hedging spot revenue average price ($NZ/MWh)$126.8$258.2$204.2$313.0$206.3$179.7
Future contract close outs ($NZm)-$0.6-$2.2-$2.0$0.3-$35.1$11.7

Monthly operating information
16 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |11
Meridian operating information
Footnotes
1.Contracted sales volumes and volume weighted average price received from
contracted customers less distribution costs
2.Derivatives sold excluding the sell-side of virtual asset swaps
3.Average price of both NZAS sales volume and derivative sales volumes
4.Meridian Retail and Powershop New Zealand installation control points (ICPs),
excluding vacants
5.Volume weighted average price received for Meridian’s physical generation
6.Over the counter and ASX contract volumes excluding the buy-side of virtual asset
swaps
JUNEJUNEMAYAPRIL12 MONTHS TO12 MONTHS TO
2025202420252025JUNEJUNE
MONTHMONTHMONTHMONTH20252024
New Zealand costs
Employee and Operating Costs ($m)26 30 24 26 289 281
Stay in Business Capital Expenditure ($m)19 8 8 6 80 73
Investment Capital Expenditure ($m)17 3 3 14 113 276
Total Capital Expenditure ($m)36 11 11 20 193 349

FY25 operating information
1216 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
New Zealand contracted sales
Residential sales volume (GWh)201 191 158 144 125 123 122 111 127 138 172 201 550 -5392 -1361 +4511 +17
Small medium business sales volume (GWh)159 159 137 133 130 129 128 127 138 133 154 153 456 -1393 -1393 +0441 +15
Agricultural sales volume (GWh)54 80 88 116 167 196 133 167 94 77 67 49 221 -20479 +25394 -160194 -31
Large business sales volume (GWh)61 65 57 62 56 56 56 52 59 59 67 68 183 +9174 +19167 +5193 +23
Corporate and industrial sales volume (GWh)303 314 303 321 326 336 348 333 367 331 337 302 920 -69983 -121,048 +53970 +40
Retail contracted sales volume (GWh)777 810 743 776 805 839 787 791 786 738 798 773 2,330 -872,419 +312,363 -982,309 +65
Average retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$135.2$132.3$143.2$141.5$149.8$161.6$171.4$165.6$162.3+$12.7$134.8+$5.7$144.9+$7.6$166.3+8
NZAS sales volume (GWh)327 261 233 265 275 303 249
239 247 236 243 241 821 -441842 -421735 -510720 -512
Financial contract sales volumes (GWh)295 222 206 192 210 212 396 318 407 281 319 281 723 -357614 -701,121 +368881 -20
Average wholesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$65.0$86.6$94.3$103.0$132.7$131.8$119.5$121.7+$43.9$70.6+$12.1$94.7+$21.9$128.1+38
Retail customer supply volumes (GWh)813 866 766 818 858 877 835 834 821 776 825 809 2,444 -1172,554 +72,491 -932,409 +51
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$27.6$123.8$269.8$308.7$334.8$214.8$131.8$329.0+$196.4$41.9-$110.0$233.6+$43.4$225.6-51
Cost to supply wholesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$23.3$19.2$117.1$269.1$324.0$345.1$205.2$121.2$336.4+$218.7$30.0-$105.0$236.0+$60.0$222.9-33
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$33.8$25.8$111.8$233.2$281.8$326.1$209.0$126.6$330.9+$211.4$40.3-$92.2$207.9+$31.6$220.1-36
BESS supply volume (GWh)1 2 2 1 1 +14 +4
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$13.2-$8.8-$7.3-$5.0-$10.3-$10.7-$10.7-$18.3-$48.7-$48.7-$40.7-$40.7-$22.5-$22.5-$39.7-$39.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 397,551 399,077 405,072 373,670 +8,217382,708 +10,908394,951 +21,619405,072 +35,405
New Zealand generation
Hydro generation volume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 745 895 925 2,524 -6823,037 +152,818 -1252,564 -391
Wind generation volume (GWh)129 192 187 179 164 174 113 85 133
141 163 148 509 +147517 +159332 -36452 +99
BESS generation volume (GWh)- - - - - - - - 0 1 1 0 - +0- +00 +02 +2
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 886 1,058 1,073 3,033 -5353,554 +1743,149 -1613,018 -290
Average generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$19.6$106.3$253.1$302.1$332.4$196.0$121.0$306.2+$187.2$32.5-$103.8$211.6+$34.7$209.4-$47.7
New Zealand hedging
Hedging volume (GWh)451 451 432 403 277 331 416 433 492 453 422 379 1,334 -1681,011 -3471,341 -1051,253 -223
Hedging cost average price ($NZ/MWh)$174.5$226.1$231.4$196.2$134.2$125.3$150.7$162.1$169.3$203.4$201.7$200.6$210.4+$72.6$156.0+$46.9$161.2+$28.3$202.0+$54.0
Hedging spot revenue average price ($NZ/MWh)$346.6$451.9$79.1$61.2$34.7$35.9$124.8$245.7$293.4$313.0$204.2$126.8$295.5+$171.5$45.6-$103.1$225.7+$39.0$220.1-$37.7
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9$0.4$0.1-$5.7-$5.9-$4.4$0.3-$2.0-$0.6-$24.4-43.0$7.4+8.0-$16.0-$16.6-$2.2$4.7
Meridian Group
Employee and Operating Costs ($NZ m)262530212323202125262426$80+$11$68-$3$65-$1$76-$0
Stay in Business Capital Expenditure ($NZ m)4647861486819$14+$0$20+$4$13-$10$33+$13
Investment Capital Expenditure ($NZ m)139111181854114316$32-$18$37-$46$10-$74$33-$26
Total Capital Expenditure ($NZ m)161515181624789201136$46-$18$57-$42$24-$83$66-$13

FY24 operating information
1316 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 124 123 119 112 127 136 180 178 555 -9392 +2358 +14494 +27
Small medium business sales volume (GWh)154 161 141 134 132 127 129 130 134 127 154 144 457 +9393 -5393 +18425 +14
Agricultural sales volume (GWh)53 76 112 120 150 184 210 186 158 104 73 47 241 +27454 +29554 +135225 +34
Large business sales volume (GWh)60 61 54 51 52 51 54 53 54 51 60 59 175 +2155 +17161 +17170 +13
Corporate and industrial sales volume (GWh)334 337 318 331 332 332 331 326 338 317 325 288 989 +19995 +45995 +1930 -74
Retail contracted sales volume (GWh)800 836 781 781 790 818 843 806 811 735 793 717 2,417 +482,389 +882,461 +1862,244 +15
Average retail contracted sales price ($NZ/MWh)$149.2$151.2$148.2$131.5$130.1$125.9$136.4$135.9$139.5$155.7$161.3$157.2$149.6+$15.5$129.1+$6.4$137.3+$7.9$158.1+18
NZAS sales volume (GWh)426 426 411 426 412 426 426
398 421 412 426 394 1,262 +11,263 +11,245 +91,232 -18
Financial contract sales volumes (GWh)338 371 371 221 250 212 275 206 272 311 297 293 1,080 +433683 -101753 +76901 -88
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$61.9$57.5$75.0$68.8$74.1$91.7$89.7$87.9$77.8+$18.9$58.5+$3.0$72.8+$4.1$89.8+13
Retail customer supply volumes (GWh)845 892 825 829 838 879 884 851 850 778 847 733 2,561 +612,546 +822,584 +1882,359 +46
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$143.3$186.1$201.4$155.1$213.8$230.0$312.3$284.0$132.6+$57.9$151.9+$101.1$190.2+$45.1$276.3+191
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$105.1$128.5$171.4$187.1$136.4$202.5$212.8$286.4$269.6$117.7+$55.0$135.0+$97.2$176.1+$36.1$256.4+188
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$105.8$127.1$166.7$181.8$134.9$202.2$212.6$285.6$271.0$119.5+$41.4$132.5+$89.8$176.3+$48.0$255.7+179
Demand response payments ($NZm)$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0+$0.0$0.0+$0.0$0.0+$0.0$0.0+0
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 371,800 372,604 373,536 373,332 373,161 369,980 369,667 365,453 -3,294371,800 +4,864373,332 +8,072369,667 +6,332
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 987 1,010 962 972 948 1,124 883 3,206 -943,022 -2522,943 +2502,955 -480
Wind generation volume (GWh)118 107 138 128 111 119 106 127 134 117 108 128 362 +31358 +49367 +76
353 +82
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 1,106 1,116 1,089 1,106 1,064 1,232 1,011 3,567 -633,380 -2033,311 +3263,308 -397
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$130.4$170.8$188.6$136.4$205.0$212.0$291.8$262.6$119.0+$56.8$136.3+$95.7$176.9+$45.7$257.2+$187.5
New Zealand hedging
Hedging volume (GWh)505 539 458 496 404 458 504 438 504 470 490 516 1,502 +2971,358 +3041,446 +1701,476 +244
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$105.6$110.1$127.4$131.9$139.1$145.0$151.2$147.7$137.8+$14.0$109.1+$8.2$132.9+$4.4$148.0+$12.6
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$123.7$144.7$179.4$192.6$156.1$207.6$219.9$293.9$258.2$124.1+$51.1$148.8+$102.7$186.8+$45.4$257.8+$174.5
Future contract close outs ($NZm)$14.0$3.2$1.4-$0.7-$0.9$1.0$2.1$0.0-$1.5-$1.6-$3.2-$2.2$18.6-13.7-$0.6-19.5$0.6$6.7-$6.9-$7.9
Meridian Group
Employee and Operating Costs ($NZ m)232422222424202422222330$69+9$71+9$66+$6$76+$8
Stay in Business Capital Expenditure ($NZ m)364475698578$13+3$16+5$23+$14$20+$5
Investment Capital Expenditure ($NZ m)16201516541312363521353$51+20$83-36$84-$6$59-$2
Total Capital Expenditure ($NZ m)192619206118184544264211$64+23$99-31$107+$8$79+$3

Glossary
1416 JULY 2025 | MONTHLY OPERATING REPORT FOR JUNE 2025 |
Hedging volumesbuy-side electricity derivatives excluding the 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
price
volume 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 between parties to pay the difference between the wholesale electricity price and an agreed
fixed price for a specified volume of electricity. CFDs do not result in the physical supply of electricity
Customer connections number 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 85 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, recorded in the month the switch was
initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
National demandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz

NZASNew Zealand Aluminium Smelters Limited
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 the sell-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