Meridian Energy monthly operating report for September 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 September
2025

14 October 2025


Attached is Meridian Energy Limited's monthly operating report for the month of September 2025.
Mandy Simpson (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly
operating result call via a Microsoft Teams Live event today, Tuesday 14 October at 11.00am NZDT
(9.00am AEDT).

Click on the link below at this time to join the call.

Meridian Energy Quarterly Operating results - Microsoft Teams Live Event
Please submit any questions using the Q&A panel on the right-hand side of the call window. If the
Q&A panel doesn’t automatically appear, please select the small 'Q&A' speech bubble'.

Key points this month include:
 In the month to 6 October 2025, national hydro storage increased from
79%
to
110%
of historical
average.
 South Island storage increased to
107%
of average and North Island storage increased to
118%

of average by 6 October 2025.
 Meridian’s September 2025 monthly total inflows were
181%
of historical average.
 Waiau catchment inflows in September 2025 were
201%
of historical average.
 Meridian’s Waitaki catchment water storage at the end of September 2025 was
91%
of historical
average.
 Snow storage in Meridian’s Waitaki catchment has lifted markedly to be
105%
of average by early
October 2025.
 Water storage in Meridian’s Waiau catchment was
188%
of average at the end of September
2025.
 Above average catchment inflows have continued into October 2025.
 September overall was a warm month for the country, with temperatures above or near average
for most parts of New Zealand. Rainfall was above or well above average in the west of both
islands, contrasting eastern areas where it was much drier.
 National electricity demand in September 2025 was
8.5%
higher than September 2024.
 New Zealand Aluminium Smelters (NZAS) average load during September 2025 was
571MW
,
compared with 375MW a year ago, when Meridian was exercising the largest call option under
the demand response agreement.
 Meridian’s retail sales volumes in September 2025 were
18.5%
higher than September 2024.
 Compared to September 2024, segment sales in residential were 32.0% higher (including Flick
customers), small medium business 9.3% higher, large business 16.2% higher, agriculture 24.5%
higher and corporate 14.4% higher.

meridianenergy.co.nz
PG 2

Key points this quarter include:
 Q1 total inflows were
120%
of historical average,
18%
lower than Q1 last year.
 Meridian’s Waitaki catchment water storage at the end of Q1 was
10%
lower than Q1 last year.
 Compared to Q1 last year, Meridian’s generation was
15.1%
higher at a
56.9%
lower average
price.
 Near-term electricity futures prices decreased during Q1.
 National electricity demand in Q1 was
4.5%
higher than Q1 last year.
 Winter 2025 was mild with temperatures generally above average across New Zealand. Most of
the country experienced a wetter than average winter, except for some areas in the east of both
islands.
 Earth Sciences spring 2025 outlook sees current neutral El Niño – Southern Oscillation conditions
remain present in the tropical Pacific, with a La Niña Watch in effect. This suggests higher than
average temperatures across the country and normal to below normal South Island rainfall.
 During Q1, NZAS completed ramp up from the largest demand response call Meridian exercised,
that took effect in August 2024.
 At the end of Q1, Meridian’s customer numbers were
21.2%
higher than at the same time last
year.
 Compared to Q1 last year, Meridian’s retail sales volumes were
13.5%
higher, with increases in
all segments, at a
5.9%
higher average price.
 Compared to Q1 last year, total operating costs were
5.5%
lower and total capital expenditure
was
6.0%
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:
Philip Clark
Head of Communications
0278 385 710

7 cm
September 2025
Monthly operating report
14 OCTOBER 2025

September key points
In the month to 6 October 2025, national hydro storage increased from 79% to 110% of historical average.
South Island storage increased to 107% of average and North Island storage increased to 118% of average by 6 October 2025.
Meridian’s September 2025 monthly total inflows were 181% of historical average.
Waiau catchment inflows in September 2025 were 201% of historical average.
Meridian’s Waitaki catchment water storage at the end of September 2025 was 91% of historical average.
Snow storage in Meridian’s Waitaki catchment has lifted markedly to be 105% of average by early October 2025.
Water storage in Meridian’s Waiau catchment was 188% of average at the end of September 2025.
Above average catchment inflows have continued into October 2025.
September overall was a warm month for the country, with temperatures above or near average for most parts of New Zealand.
Rainfall was above or well above average in the west of both islands, contrasting eastern areas where it was much drier.
National electricity demand in September 2025 was 8.5% higher than September 2024.
New Zealand Aluminium Smelters (NZAS) average load during September 2025 was 571MW, compared with 375MW a year ago, when
Meridian was exercising the largest call option under the demand response agreement.
Meridian’s retail sales volumes in September 2025 were 18.5% higher than September 2024.
Compared to September 2024, segment sales in residential were 32.0% higher (including Flick customers), small medium business 9.3%
higher, large business 16.2% higher, agriculture 24.5% higher and corporate 14.4% higher.
14 OCTOBER 2025MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 2

Q1 total inflows were 120%of historicalaverage,18% lower than Q1last year.
Meridian’s Waitaki catchmentwater storage at the end ofQ1 was 10% lower than Q1 lastyear.
Compared to Q1 last year,Meridian’s generation was15.1%higher at a 56.9% loweraverage price.
Near-term electricity futures prices decreased during Q1.
National electricity demand in Q1 was 4.5% higher than Q1 last year.
Winter 2025 was mild with temperatures generally above average across New Zealand. Most of the country experienced a wetter than
average winter, except for some areas in the east of both islands.
Earth Sciences spring 2025 outlook sees current neutral El Niño – Southern Oscillation conditions remain present in the tropical Pacific,
with a La Niña Watch in effect. This suggests higher than average temperatures across the country and normal to below normal South
Island rainfall.
During Q1, NZAS completed ramp up from the largest demand response call Meridian exercised, that took effect in August 2024.
At the end of Q1, Meridian’s customer numbers were 21.2% higher than at the same time last year.
Compared to Q1 last year, Meridian’s retail sales volumes were 13.5% higher, with increases in all segments, at a5.9% higher average
price.
Compared to Q1 last year, total operating costs were 5.5% lower and total capital expenditure was 6.0% lower.
Q1 key points
14 OCTOBER 2025MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 3

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%
Aug 20Feb 21Aug 21Feb 22Aug 22Feb 23Aug 23Feb 24Aug 24Feb 25Aug 25
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in September 2025 was 8.5% higher
than September 2024.
New Zealand Aluminium Smelters (NZAS) average load during
September 2025 was 571MW, compared with 375MW a year ago,
when Meridian was exercising the largest call option under the
demand response agreement.
September overall was a warm month for the country, with
temperatures above or near average for most parts of New
Zealand. Rainfall was above or well above average in the west of
both islands, contrasting eastern areas where it was much drier.
Demand in the last 12 months was 1.4% lower than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 5.7% at the end of August
2025.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 13.9% at the end of
August 2025.
14 OCTOBER 2025MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 4
Source: Electricity Authority
Source: Electricity Authority

0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (6 October 2025)
Average storage (92yr)19922004200820122022202320242025
0
50
100
150
200
250
300
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 202411 June 202510 July 2025
13 August 20258 September 20258 October 2025
0
50
100
150
200
250
300
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 202411 June 202510 July 2025
13 August 20258 September 20258 October 2025
Market data
September 2025 saw decreases in ASX electricity futures prices
across the curve.
National storage increased from 79% of average on 8 September
2025 to 110% of average on 6 October 2025.
South Island storage increased to 107% of historical average by 6
October 2025 and North Island storage increased to 118% of
average.
14 OCTOBER 2025
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 5
Source: NZX
Source: ASXSource: ASX

233
259
208
173
171
150
55
82
109
75
75
66
315
328
347
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
0
250
500
750
1,000
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
Meridian's retail sales volume*
FY26 ResidentialFY26 SMBFY26 AgriFY26 Large BusFY26 Corporate
FY25 ResidentialFY25 SMBFY25 AgriFY25 Large BusFY25 Corporate
131
149
148
134
152
152
145
149
153
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
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
Meridian's customer connections
FY26 Meridian NIFY26 Meridian SIFY26 Powershop
FY25 Meridian NIFY25 Meridian SIFY25 Powershop
Retail
Meridian’s customer connection numbers increased 0.6% during
September 2025 and have increased 21.2% since September 2024.
Retail sales volumes in September 2025 were 18.5% higher than
September 2024.
Compared to September 2024, segment sales in residential were
32.0% higher, small medium business 9.3% higher, large business
16.2% higher, agriculture 24.5% higher and corporate 14.4% higher.
To date this financial year, retail sales volumes are 13.5% higher
than the same period last year.
Compared to last financial year, segment sales in residential are
27.3% higher, small medium business 8.3% higher, large business
17.5% higher, agricultural 11.3% higher and corporate 7.6% higher.
Residential sales from August 2025 include Flick customers.
14 OCTOBER 2025
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 6
Meridian operating information
Source: Meridian
Source: Meridian

0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Sep YTD93 year average
0
500
1,000
1,500
2,000
2,500
1-Jan1-Feb1-Mar1-Apr1-May1-Jun1-Jul1-Aug1-Sept1-Oct1-Nov1-Dec
GWh
Meridian's Waitaki storage
Average 1979-2019202020212022202320242025
Inflows and storage
September 2025 monthly total inflows were 181% of historical
average.
Waiau catchment inflows in September 2025 were 201% of
historical average, 15% lower than the same month last year.
To date this financial year, inflows are 120% of historical average.
Waitaki catchment water storage moved from 732GWh to
902GWh during September 2025.
Waitaki water storage at the end of September 2025 was 91% of
historical average and 10% lower than the same time last year.
Snow storage in Meridian’s Waitaki catchment has lifted markedly
to be 105% of average by early October 2025.
Water storage in Meridian’s Waiau catchment was 188% of
average at the end of September 2025.
Above average catchment inflows have continued into October
2025.
14 OCTOBER 2025
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
Meridian's average generation price*
FY26FY25
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY26 HydroFY26 WindFY25 HydroFY25 Wind
Generation
Meridian’s generation in September 2025 was 13.8% higher than
the same month last year, reflecting higher hydro generation
andhigher wind generation.
To date this financial year, Meridian’s generation is 15.1% higher
than the same period last year, reflecting higher hydro generation
and lower wind generation.
The average price Meridian received for its generation in
September 2025 was 70.6% higher than the same month last year.
The average price Meridian paid to supply customers in
September 2025 was 35.2% lower than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 56.9% lower than the same period last year and
the average price paid to supply customers is 57.8% lower.
14 OCTOBER 2025
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 8
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
14 OCTOBER 2025
See page 10 for footnotes
MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 9
Meridian operating information
SEPTEMBERSEPTEMBERAUGUSTJULY3 MONTHS TO3 MONTHS TO
2025202420252025SEPTEMBERSEPTEMBER
MONTHMONTHMONTHMONTH20252024
New Zealand contracted sales
Residential sales v olume (GWh)208 158 259 233 700 550
Small medium business sales v olume (GWh)150 137 171 173 494 456
Agricultural sales v olume (GWh)109 88 82 55 246 221
Large business sales v olume (GWh)66 57 75 75 215 183
Corporate and industrial sales v olume (GWh)347 303 328 315 989 920
Retail contracted sales volume (GWh)880 743 913 850 2,644 2,330
Av erage retail contracted sales price
1
( $N Z/ MWh)$170.9$161.6$172.5$172.4$171.9$162.3
NZAS sales v olume (GWh)271 233 276 267 814 821
Financial contract sales v olumes
2
(GWh)291 206 349 418 1,058 723
Av erage w holesale & financial contracts sales price
3
( $N Z/ MWh)$111.4$105.2$116.4$117.1$115.1$121.7
Retail customer supply v olumes (GWh)925 766 949 892 2,766 2,444
Cost to supply retail customers ($NZ/MWh)$119.3$93.0$184.4$113.3$139.7$329.0
Cost to supply w holesale customers ($NZ/MWh)$112.2$68.2$186.2$102.2$134.0$336.4
Cost of financial contracts ($NZ/MWh)$117.5$91.1$171.5$105.1$130.4$330.3
BESS supply v olume (GWh)3 - 2 1 5 -
Cost to supply BESS ($NZ/MWh)$73.7$0.0$138.1$86.5$95.1$0.0
Demand response payments ($NZm)-$1.9-$25.0-$3.1-$5.4-$10.4-$48.7
Total New Zealand customer connections
4
452,970 373,670 450,317 410,865

Monthly operating information
14 OCTOBER 2025MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 10
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.
SEPTEMBERSEPTEMBERAUGUSTJULY3 MONTHS TO3 MONTHS TO
2025202420252025SEPTEMBERSEPTEMBER
MONTHMONTHMONTHMONTH20252024
New Zealand generation
Hydro generation v olume (GWh)931 825 1,030 1,022 2,982 2,524
Wind generation v olume (GWh)220 187 148 135 504 509
BESS generation v olume (GWh)2 - 1 0 3 -
Total generation volume (GWh)1,153 1,012 1,179 1,157 3,490 3,033
Av erage generation price
5
($NZ/M Wh)$109.9$63.8$176.6$108.1$131.8$306.2
New Zealand hedging
Hedging v olume
6
(GWh)437 432 472 473 1,382 1,334
Hedging cost av erage price ($NZ/M Wh)$213.7$231.4$218.2$215.9$216.0$210.4
Hedging spot rev enue av erage price ($NZ/MWh)$115.7$79.1$174.2$107.4$132.9$295.5
Future contract close outs ($NZm)-$2.3$2.3-$1.0-$0.7-$4.0-$24.4
New Zealand costs
Employee and Operating Costs ($m)27 30 24 24 76 80
Stay in Business Capital Expenditure ($m)9 4 5 3 18 14
I nv estment Capital Expenditure ($m)4 11 11 11 26 32
Total Capital Expenditure ($m)13 15 16 14 43 46

FY26 operating information
14 OCTOBER 2025MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 11
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202520252025202520252025202620262026202620262026FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233 259 208 700 +150
Small medium business sales v olume (GWh)173 171 150 494 +38
Agricultural sales v olume (GWh)55 82 109 246 +25
Large business sales v olume (GWh)75 75 66 215 +32
Corporate and industrial sales v olume (GWh)315 328 347 989 +70
Retail contracted sales volume (GWh)850 913 880 2,644 +314
Av erage retail contracted sales price ($NZ/MWh)$172.4$172.5$170.9$171.9+$9.6
NZAS sales v olume (GWh)267 276 271 814 -8
Financial contract sales v olumes (GWh)418 349 291 1,058 +335
Av erage w holesale & financial contracts sales price ($NZ/MWh)$117.1$116.4$111.4$115.1-$6.6
Retail customer supply v olumes (GWh)892 949 925 2,766 +322
Cost to supply retail customers ($NZ/MWh)$113.3$184.4$119.3$139.7-$189.3
Cost to supply w holesale customers ($NZ/MWh)$102.2$186.2$112.2$134.0-$202.4
Cost of financial contracts ($NZ/MWh)$105.1$171.5$117.5$130.4-$199.9
BESS supply v olume (GWh)1 2 3 5 +5
Cost to supply BESS ($NZ/MWh)$86.5$138.1$73.7$95.1+$0.0
Demand response payments ($NZm)-$5.4-$3.1-$1.9-$10.4+$38.3
Total New Zealand customer connections410,865 450,317 452,970 452,970 +79,300
Generation
Hydro generation v olume (GWh)1,022 1,030 931 2,982 +458
Wind generation v olume (GWh)135 148 220 504 -5
BESS generation v olume (GWh)0 1 2 3 +3
Total generation volume (GWh)1,157 1,179 1,153 3,490 +457
Av erage generation price ($NZ/MWh)$108.1$176.6$109.9$131.8-$174.3
Hedging
Hedging v olume (GWh)473 472 437 1,382 +48
Hedging cost av erage price ($NZ/M Wh)$215.9$218.2$213.7$216.0+$5.6
Hedging spot rev enue av erage price ($NZ/MWh)$107.4$174.2$115.7$132.9-$162.7
Future contract close outs ($NZm)-$0.7-$1.0-$2.3-$4.0+21.5
Other
Employee and Operating Costs ($NZ m)242427$76-$4
Stay in Business Capital Expenditure ($NZ m)359$18+$4
I nv estment Capital Expenditure ($NZ m)11114$26-$7
Total Capital Expenditure ($NZ m)141613$43-$3

FY25 operating information
14 OCTOBER 2025MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
PAGE 12
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
Retail contracted sales
Residential sales v olume (GWh)201 191 158 144 125 123 122 111 127 138 172 201 550 -5392 -1361 +4511 +17
Small medium business sales v olume (GWh)159 159 137 133 130 129 128 127 138 133 154 153 456 -1393 -1393 +0441 +15
Agricultural sales v olume (GWh)54 80 88 116 167 196 133 167 94 77 67 49 221 -20479 +25394 -160194 -31
Large business sales v olume (GWh)61 65 57 62 56 56 56 52 59 59 67 68 183 +9174 +19167 +5193 +23
Corporate and industrial sales v olume (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
Av erage 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$166.3+8
NZAS sales v olume (GWh)327 261 233 265 275 303 249
239 247 236 243 241 821 -441842 -421735 -510720 -512
Financial contract sales v olumes (GWh)295 222 206 192 210 212 396 318 407 281 319 281 723 -357614 -701,121 +368881 -20
Av erage w holesale & financial contracts sales price ($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$128.1+38
Retail customer supply v olumes (GWh)813 866 766 818 858 877 835 834 821 776 825 809 2,444 -1172,554 +72,491 -932,409 +51
Cost to supply retail customers ($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$225.6-51
Cost to supply w holesale customers ($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$220.1-36
BESS supply v olume (GWh)1 2 2 1 1 +14 +4
Cost to supply BESS ($NZ/MWh)$304.8$327.0$178.2$133.2$304.8$304.8$235.0$235.0
Demand response payments ($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-$39.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 397,551 399,077 405,072 373,670 +8,217382,708 +10,908394,951 +21,619405,072 +35,405
Generation
Hydro generation v olume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 745 895 925 2,524 -6823,037 +152,818 -1252,564 -391
Wind generation v olume (GWh)129 192 187 179 164 174 113 85 133 141 163 148
509 +147517 +159332 -36452 +99
BESS generation v olume (GWh)- - - - - - - - 0 1 1 0 - +0- +00 +02 +2
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 886 1,058 1,073 3,033 -5353,554 +1743,149 -1613,018 -290
Av erage generation price ($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-$47.7
Hedging
Hedging v olume (GWh)451 451 432 403 277 331 416 433 492 453 422 379 1,334 -1681,011 -3471,341 -1051,253 -223
Hedging cost av erage price ($NZ/M Wh)$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+$54.0
Hedging spot rev enue av erage price ($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$4.7
Other
Employee and Operating Costs ($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+$13
I nv estment Capital Expenditure ($NZ m)129111181854114317$32-$18$37-$46$10-$74$33-$26
Total Capital Expenditure ($NZ m)161515181624789201136$46-$18$57-$42$24-$83$66-$13

Glossary
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 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 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
14 OCTOBER 2025MONTHLY OPERATING REPORT FOR SEPTEMBER 2025
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