Meridian Energy Annual Shareholder Meeting

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MERIDIAN ENERGY ANNUAL SHAREHOLDER MEETING – 21 OCTOBER 2025

CHAIR ADDRESS

I will begin my Chair’s address by introducing the Meridian Board and some of the
Management Team.

Our Board

This year, all Meridian Board members are present at our Wellington office. For those in the
room I ask the directors sitting in the audience to raise their hands as I call their name. They
are: Julia Hoare, Nagaja Sanatkumar, and Tania Simpson, David Carter, Michelle
Henderson and Graham Cockroft.

The Board has remained unchanged this year. Directors’ extensive and varied range of
experience has been invaluable in helping navigate the different challenges and we thank
them for the range of perspectives they have applied to different situations throughout the
year.

Also present with me today are Chief Executive Mike Roan, Chief Financial Officer Mandy
Simpson and General Counsel Jason Woolley. The rest of Meridian’s executive team, apart
from Bharat Ratanpal, are also in the room.

FY25 Performance

Meridian’s purpose of Clean Energy for a Fairer and Healthier World underpins every action
that our company takes and our intention to play a leading role in supporting Aotearoa to
further strengthen its electricity system and navigate the energy transition.

This year we weathered a perfect storm. The combination of historically low hydro inflows,
periods of low wind, two major droughts and a dramatic decline in gas availability made this
a very challenging financial year.

At the same time, we worked hard to strengthen the fundamentals of the business through
sound investment for growth and delivering on our strategy. We secured five resource
consents for new assets, invested $193 million in building and maintaining generation plant,

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acquired two businesses and undertook a strategic reset of our retail business, while
growing customer connections.

For us, FY25 will be defined by Meridian putting our customers and New Zealand’s security
of supply first, keeping power flowing for homes and businesses, and the financial hit we
took because of that. Our balance sheet is structured to underwrite major droughts, and that
is one of the ways our country benefits from having large and financially strong gentailers
supporting the economy. Bearing in mind we supply roughly 30% of the economy, were we
not to have done this, short term prices could have been very challenging for many of our
customers. It is important we take a long-term view. As I will talk to soon, we also strived to
ensure that we reward our shareholders for the trust they place in us during challenging
times by investing, and we are pleased to have been able to show that by returning a
dividend.

Regulatory Change

FY25 also brought an intense amount of scrutiny, of both gentailers like Meridian and the
wider sector, as people dissected the events of Winter 2024 and the Government responded
with a review by Frontier Economics and other experts.

After many months of speculation, the Frontier Report and Government response were
released at the beginning of October. The company welcomed many of the proposed
changes, including the Government’s willingness to participate in equity capital raisings by
Mixed Ownership Model companies, like Meridian, as a means of bringing forward
investment in new generation and firming capacity.

This represents the biggest change to our capital investment settings since we were listed in
2013, and we acknowledge the Government’s commitment to help the country move
forward. It has the potential to add even greater momentum to our development pipeline.
Building new generation is the best way to improve energy security and affordability.

Meridian is also supportive of the Government’s focus on addressing the issues with gas
supply, strengthening the power of the industry regulator and changes to the security of
supply regime to make it more robust.

The unexpected loss of gas has been clearly identified as the key factor behind fuel
shortages in Winter 2024 and Meridian was pleased to see the Government is looking at

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initiatives to remedy this, such as improving transparency around gas supply and
considering procurement of an LNG import facility.

While further details relating to the facility will be confirmed in the coming months, the
Government wants something in place by the first of June 2027. Although this is particularly
relevant for gas customers, any facility could add to the suite of solutions that insure against
dry-year risk, placing it alongside the Huntly Strategic Reserve, our demand response
agreement with New Zealand Aluminium Smelters and access to more hydro storage.

The Energy Taskforce is more advanced with its work and close to finalising its level playing
field measures. In essence, these are about ensuring greater transparency in the prices
gentailers offer to independent retailers when compared to the notional prices in place with
their own retail business units. From the outset we’ve said we would be comfortable with
these measures, provided they are set up in a way that will benefit customers.

Huntly Strategic Reserve

Early in 2025, Meridian and others in the industry took steps to restore long-term confidence
in energy security and improve affordability.

On top of an unprecedented amount of new generation development, a group of large
electricity suppliers, including Meridian, signed an agreement to ensure the availability of the
three coal or gas-fired Rankine units, and the necessary fuel, at the Genesis-owned Huntly
power station. This agreement will ensure New Zealand will have continued generation
capacity for the next 10 years.

Maintaining a secure electricity supply is what we must do as we find ways to use more
hydro generation and accelerate the deployment of new renewable projects to meet our
future energy needs. It was a challenging decision for us to enter into the Huntly
arrangements, given our commitment to decarbonisation and renewable energy. However,
given the loss of gas as a transition fuel, we believed that extending the life of Huntly and
building a thermal fuel reserve was in the best interests of Kiwi homes and businesses, and
the broader economy in the short to medium term.

The Huntly arrangements - which for us is a financial arrangement - alongside additional use
of this country’s hydro capacity, are actions that will help make the country’s electricity

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system more resilient and affordable, and the confidence it brings will allow the sector to
continue to build new renewable generation at pace.

An affordable, secure and highly renewable grid will enable future economic prosperity -
allowing the country to take the opportunity to create and market green products
internationally. And the facts are that New Zealand’s electricity prices compare favourably
with other countries – in the top 10 for both industrial and residential consumers as
benchmarked across the OECD.

We are keenly aware of our social licence. It is not in the long-term interest of Meridian to
see customers disappear from the economy. That is not a sustainable business. It is firmly in
our interests to see customers succeed in this economy through competitive pricing. The
work we do is intended to underpin this country’s growth and prosperity.

CE Transition

During the past financial year, Neal Barclay’s tenure as Chief Executive ended. Under his
leadership, Meridian has grown a renewable development pipeline that will double the size
of the current asset base over time. We’ve refocused our business around customers, we
have grown that business and we’ve built valuable relationships with a variety of
stakeholders. Importantly, Neal led the team that secured a sustainable 20-year contract with
New Zealand Aluminium Smelters, or NZAS.

The Board and Executive Team thank Neal for his commitment to growth and sustainable
practice and for anticipating how Meridian could play its part in delivering long-term value for
customers, our shareholders, and Aotearoa New Zealand.

On behalf of the Board, I would also like to congratulate Mike Roan on his appointment to
Chief Executive and the strong start he has made in the role.

Shareholder returns

I will conclude my address by speaking to Meridian’s shareholder returns. We do
understand that you, our shareholders, are happy for us to continue to invest in both existing
and new assets, on the firm understanding that we will provide you with appropriate returns.

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Long-time investors in Meridian will know that nature does not always play a kind hand, and
that was certainly the case in the last financial year, but that we have a balance sheet
structured and maintained to manage the impact of such conditions.

That strong balance sheet meant the company was also able to provide stable returns to
shareholders, with the Board declaring a final ordinary dividend of 14.85 cents per share.
This brings the total ordinary dividends declared in FY25 to 21.00 cents per share. The
Board approved continuation of the Dividend Reinvestment Plan at a 2% discount.

Thank you for continuing to invest in and support our company. I will now ask our Chief
Executive, Mike Roan, to address the meeting.

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Chief Executive’s Review
Kia ora Mark and tena tatou katoa. Ko Mike Roan toku ingoa.
It is a real pleasure to be speaking to you today in my first Annual Shareholder Meeting as
Meridian's Chief Executive. I have come into this role with tremendous faith in our people
and our strategy, but also with a bold vision.

I believe that, when we properly harness the natural bounty that this country has to offer, the
electricity sector can help to underwrite the economic growth of the nation. I want Meridian to
be a driving force behind that. This will require an evolution of where we've come from and
some change. I have an immense respect for what people have done to get Meridian to
where it is today, and I also have a clear idea of what's required for us to continue to
succeed as we move forward.

First, I want to further accelerate our development of renewable energy. While we're well on
track to deliver seven new developments in seven years, that target was framed before the
gas sector collapsed. So, we need even more clean energy to realise the ambition.

And as we do this, I want us to go back to our roots. Sixty-odd years ago, the Waitaki Power
scheme was devised and built in the Mackenzie Basin. It remains the country’s largest hydro
scheme and the backbone of Aotearoa’s electricity system, but there is room to further
optimise this scheme to meet the challenges of 2025 and through to 2055.

The good news is that the Waitaki scheme has so much more to give. There is more water to
be accessed, more megawatts to be achieved from existing assets and scope for a
fundamental shift in the role that stored hydro plays. This can be done in a way that is
aligned with our value set – one that balances environmental and community concerns. And
I know the Meridian team is up for this kaupapa.

In my view, the route to global competitive advantage for our country can only come if we
harness more water from existing hydro catchments. We've recently established a hydro
development team to explore new opportunities, and we've received Ministerial approval to
have our application for access to Pūkaki contingent storage heard through the Fast-Track
process. With the Government’s willingness to take part in equity raisings for new
developments, we now have an opportunity to think even bolder, and we will.

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Second on my list of priorities, I want us to get even closer to our customers - that's where
we’ve set our compass. Like every business, you're only as successful as the customers you
serve, so as well as evolving to help our customers thrive in the future, we are highly tuned
into how we can support industrial and residential customers in the current tough
environment where cost of living is a key concern.

Financials

FY25 was a year where Nature didn’t help us. Our hydro storage was heavily affected by two
consecutive record low (or one-in-90 year) inflow periods – last winter and again through the
most recent summer. Periods of unseasonably low wind and the country's declining gas
production challenged electricity generation.

From a financial perspective, the business struggled to get out of first gear and even had to
hit the brakes hard at one point. Shareholders in our business know that when it doesn’t rain,
it’s tough to make hydroelectricity and turn that into profits, particularly when we exercise
insurance to cover the loss of that generation.

Each of these decisions hits our bottom line. Operating cash flows of $318 million for the
year ending 30 June 2025 were down $349 million (52 percent) from the previous year.

Net profit after tax, which also reflected the changed treatment of the main NZAS contract,
was a $452 million loss compared with a $429 million profit in the previous year.

EBITDAF was down 32 percent to $611 million and underlying net profit after tax fell by 84
percent to $56 million. Both EBITDAF and underlying net profit after tax are non-GAAP
measures. As Mark said, we did work through some challenges, and I am pleased to say
that we have made a strong start to the new financial year.

Exec Changes

A few changes in our Executive Team were announced during the year.

Rory Blundell was appointed to the newly created role of General Manager, Strategy and
Portfolio, and Chief Information Officer Bharat Ratanpal has returned from his secondment
as Interim CEO for the Flux business. More recently, Mandy Simpson has joined Meridian as
Chief Financial Officer.

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The merging of the Wholesale Operations function into the Generation team also saw Chris
Ewers leave the Executive Team to take up a new role in the company as Electricity Security
Manager, reporting to Tania Palmer, our GM of Generation.

Development pipeline

There’s been a lot of talk among politicians and the media about the need to build more, and
we are. As fast as we can.

Meridian’s 7 projects in 7 years renewable build programme is advancing at speed. This
year we met the first two milestones. The 176MW Harapaki Wind Farm is now fully
operational and the 100MW battery energy storage system or BESS at Ruakākā Energy
Park near Whangārei was commissioned in May 2025. This BESS lifts system capacity by
allowing us to reintroduce stored power into the grid at peak demand times, and it’s already
making a big difference.

On the 29
th
of August this year, the joint venture we have with Nova Energy confirmed that
the first stage of the 400MW Te Rahui solar farm had met its financial hurdles and so moved
into construction.

In addition, we have four wind, solar and battery projects consented – another battery in the
Manawatū, a wind farm at Mount Munro in the Wairarapa, stage 2 of Te Rahui and the first
re-powering of an existing wind farm at Te Rere Hau.

And finally, we have three consents currently being processed by councils – the Swannanoa,
Waikato and Manawatū solar farms.

The acquisition of New Zealand Wind Farms was approved by their shareholders in June
and completed in July following approval by the High Court. This deal rewards NZ
Windfarms’ shareholders for the value created to date and brings delivery of the Te Rere
Hau repowering project fully into Meridian. A decision on that project is expected mid to late
2026.

Some critics say the industry is holding back on investment, but the above list says
something different. Meridian has invested over $1 billion in the last five years and there is a
further $2 billion planned in the project list I just talked to. This progress started some time

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ago, even when demand projections were flat and there was considerable uncertainty over
whether the Bluff aluminium smelter would remain.

The development projects delivered so far, and those to come in the next three years, will
deliver almost 2,500GWh of new annual generation, a 6 percent increase to the electricity
system. And this is part of a wider industry effort that, added up, means New Zealand is now
building new electricity generation at a rate that is 25% faster than at the height of the Think
Big era of the late 70s and early 80s

Generation

Our existing assets matter too. In fact, they’re the backbone of our business and we’re
extremely lucky to have a world-class team working hard to maximise availability and output.

This includes work to add new capacity to existing assets where we can and restore capacity
lost through issues such as transformer outages. We’re already delivering some exciting
results, including 110MW of additional dispatchable capacity. This is the result of lots of
small gains achieved through activities like unit upgrades and compressed maintenance
windows, and it all adds up to more than we’d get from installing an extra unit at Benmore
Power Station.

But it wasn’t all smooth sailing. This year we faced a few challenges with plant failures and,
as we talked about last year, transformers have been a headache. Things are now looking
much better on that front - we’ve signed deals to procure five new transformers for
Manapōuri and earlier this month completed the installation of a replacement transformer at
West Wind.

Retail

It’s been a busy year for the Retail team as they transform the operating model to deliver
digital and data-driven customer experiences, and this year our mass market volumes and
market share grew across both Meridian and Powershop brands despite lower market
demand.

Customer numbers lifted by 70,000 over the year. Half of this was a result of organic growth
– a really good result – and half through our May acquisition of Flick Electric’s hedge and

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customer books. This growth reinforced our position as the fourth largest retailer by
customer numbers.

While Meridian’s residential energy price increases were modest again this year, the
regulated increase in lines and transmission charges that form part of the overall bill is going
to impact all customers for a few years to come. This is a difficult reality, as we know many
New Zealanders are doing it tough. Cost of living pressures are more than media headlines
– they are real and they affect many Kiwi families.

We’re doing what we can to help. Part of that is building more generation capacity, but within
Retail the focus is on reducing the size of a customers’ overall energy bill. We have made
good progress this year with new products like Four Hours Free and Smart Hot Water that
give customers more choice and flexibility.

Smart Hot Water rewards customers with $10 off their monthly payment allowing us to take
control of their hot water heating and move the demand outside of peak periods to help take
pressure off the grid. We now have around 20,000 customers on this plan and have shifted
around 500MWh out of peak periods over each of the past few months. And this is just one
of our initial steps. Ultimately, we plan to create a variety of products that help customers
work with us to manage their electricity use and budget.

The Retail team also began the rollout of the new Kraken platform and a new customer app.
These changes aim to improve how we engage with customers and how we track and
support them to save energy and money.

We also continue to support customers in need through our Energy Wellbeing Programme.
The goal is to support 5,000 of our most vulnerable households via this programme by FY28.
This year, over 1,700 households were supported and we’ve now assisted 3,185 households
since the programme was launched in 2023. Kiwis are facing financial challenges given
wider cost pressures, so we will continue to monitor how we can make a meaningful and
sustainable difference for those in hardship.

It was also extremely pleasing to see Powershop topping the Kantar Customer Leadership
Index for 2025, which was announced just over a week ago. This is particularly special for us
because this index spans multiple industries and ranks companies on how well they deliver
for their customers across brand, service offerings and customer focus. Ka pai team.

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Sustainability

This year we conducted a review of the Half by 30 emissions reduction target. Scope 1 and
Scope 2 targets remain well on track at 50 percent reductions by FY30, but the target for
Scope 3 emissions (or those emitted by supply chain partners) has been revised. Halving
these by FY30 is now in our view not possible, given the amount of sector growth the
country is planning and the speed at which this needs to happen.

From 1 July, we began using an intensity-based target for Scope 3 emissions. This involves
using a target based on dividing these supplier-based emissions by the total installed
capacity of Meridian’s generation assets. It allows Meridian to work towards a target that
means there will be less emissions for each MW capacity installed. Meridian is targeting a
reduction of more than 51 percent by 2030 and will start reporting on this, this year.

The refined Scope 3 goal remains credible, ambitious and science-based and has been
independently verified by the Science Based Targets initiative.

Pleasingly, Meridian was ranked number one in the electric utilities sector in the Dow Jones
Best-in-Class Sustainability Asia Pacific Index, an independent global S&P Index that ranks
our ESG (environmental, social, and governance) performance against like companies in the
region. This is the tenth consecutive year we have been included in the index but the first
ranked number one in Asia Pacific, and I hope this gives shareholders, customers and
communities confidence that we are leading in sustainable practices.

Outlook for FY26

I’m sure it goes without saying that we are relieved to have last year behind us, and I’m
pleased to say we’re off to a strong start in FY26. We’re experiencing good spring winds
and rain, we’re benefiting from the introduction of the Ruakākā BESS and we have above
average lake levels in both Waiau and the Waitaki catchments. While another neutral to
weak La Niña summer is expected, which can bring drier conditions, we’re happy with how
things currently stand and, as I have outlined, the business is extremely well-positioned for
future growth.

Mark touched on the Frontier Report and Government Energy Reform Package announced
at the start of this month. I want to reinforce the importance to us, and the industry, of the
clarity these reports provide and the significance of putting the uncertainty behind us. We

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have experienced fourteen months of intense media and political scrutiny but, in the end,
three world-class independent firms of economists concluded that our market is well
structured and performing well, that vertically integrated companies like ours are a positive
for customers, and that our market has healthy competition.

I cannot stress those three elements enough, particularly with next year being a general
election and the likelihood that some of the tired old arguments about our sector will be
recycled. We do expect the scrutiny to continue, but we will have no hesitation in reminding
the public of the facts presented by those expert international firms.

While Meridian is laser-focused on continuously improving how we serve our customers, I
also know that shareholder confidence can be chilled by the constant threat of major
regulatory change looming year after year. The size and pace of investment this sector is
now delivering directly underpins the health of the broader economy. So, let us get on with it.
You’ll see more evidence in the year ahead of the Meridian team executing on our strategy,
delivering for customers, working alongside communities and growing value for our
shareholders.

We appreciate your continued support for our business and enabling us to deliver on our
purpose of ‘clean energy for a fairer and healthier world’. Thank you for this, and your
participation today.

ENDS

---

7 cm
2025
Annual Shareholder
Meeting
21 OCTOBER 2025

Today’s business
Chair’s address.
Chief Executive’s review.
Shareholder questions.
Resolutions and voting.
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 2
Meridian Zero electric vehicle charging at Eastbourne near Wellington.

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 3
Chair’s address
The $448M Harapaki Wind Farm in Hawke’s Bay has been fully operational for a year, powering over 70,000 average homes.

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 4
Our Board
David Carter
Appointed July 2023.
Julia Hoare
Appointed September 2019.
Chair Audit and Risk
Committee.
2025 re-election.
Tania Simpson
Appointed August 2021.
Chair People, Remuneration
and Culture Committee.
Mark Verbiest
Appointed March 2017.
Appointed Chair
October 2019.
Michelle Henderson
Appointed October 2019.
2025 re-election.
Nagaja Sanatkumar
Appointed January 2020.
Chair Safety and
Sustainability Committee.
Chair Cyber Security
Committee.
2025 re-election.
Graham Cockroft
Appointed July 2022.
2025 re-election.

0
500
1,000
1,500
2,000
2,500
1-Jul1-Aug1-Sep1-Oct1-Nov1-Dec1-Jan1-Feb1-Mar1-Apr1-May1-Jun
FY25average
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 5
FY25 performance
Historically low hydro inflows, two
major droughts, periods of low wind,
and a dramatic decline in gas
availability made this a very
challenging year.
Five resource consents secured for
new assets.
$193 million invested in building and
maintaining generation plant.
Two businesses acquired.
Strategic reset of our retail business
undertaken.
10% growth in customer connections.
2nd wettest September
to November on record
driest January to
March on record
Meridian's Waitaki storage
driest May to mid
August on record
Source: Meridian
GWh

Regulatory change
Government’s electricity sector review actions
Deliver an LNG import facility.
Enable the Mixed Ownership Model companies to raise
equity.
Leverage Government purchasing power to drive new
energy projects.
Resource management changes, the Fast-track approvals
process and offshore wind legislation.
Reduce sovereign risk for oil, gas and LNG infrastructure.
Strengthen the Electricity Authority’s enforcement powers.
Improve electricity market transparency.
Improve gas market transparency through a centralised
disclosure dashboard.
Strengthen the current regulatory framework to ensure that
dry year risk will not re-emerge in the future.
Improve distributor efficiency through increased regulation
and performance benchmarking.
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 6
The $186M Ruakākā Battery Energy Storage System
near Whangārei was completed in May 2025.

Huntly strategic reserve
In August 2025, a group of large electricity
suppliers, including Meridian, signed an
agreement with Genesis.
This will improve the operational resilience of
Huntly Power Station.
And provide continuing generation capacity,
along with the necessary fuel, over the next
10 years.
The Huntly arrangements, alongside
additional use of this country’s hydro
capacity, are actions that will help make New
Zealand’s electricity system more resilient
and affordable.
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 7
Meridian’s Manapōuri Power Scheme in the Fiordland National Park.

Chief Executive transition
During the past financial year, Neal Barclay’s
tenure as Chief Executive ended.
Under Neal’s leadership, Meridian has:
•Grown a renewable development pipeline that
will double the size of the current asset base.
•Refocused our business around customers while
significantly growing that business.
•Built valuable relationships with a variety of
stakeholders.
•Secured a sustainable 20-year contract with
New Zealand Aluminium Smelters Ltd.
The Board and Executive Team thank Neal for his
commitment and congratulate Mike Roan on his
appointment to Chief Executive.
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 8
Outgoing CE Neal Barclay and
a student from Te Pōhue
School officially opening the
Harapaki Wind Farm in 2024.

12%
-8%
25%
17%
-2%
6%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
202120222023202420252026 (to date)
Financial Year ended 30 June
Total shareholder return
Meridian TSRNZX50 Index
Shareholder returns
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 9
Source: Meridian

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 10
Chief Executive’s
review
Headwaters of Lake Pūkaki in the Mackenzie Basin, South Canterbury.

Financial performance
Operating cash flows of $318 million, down
$349 million (52%) from the previous year.
Net profit after tax, which also reflected the
changed treatment of the main NZAS
contract, was a $452 million loss compared
with a $429 million profit.
EBITDAF
1
was down 32% to $611 million and
underlying net profit
2
after tax fell by 84%
to $56 million.
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 11
431
461
509
667
318
0
200
400
600
800
20212022202320242025
692
709
783
905
611
0
200
400
600
800
1,000
20212022202320242025
1
Earnings before interest, tax, depreciation, amortisation, unrealised changes in fair
value of hedges and asset related adjustments.
2
Net profit after tax adjusted for the effects of changes in fair value of unrealised
hedges, electricity option premiums and other non-cash items and their tax effects.
EBITDAF
Operating cash flows
Source: Meridian
Financial Year ended 30 June
Financial Year ended 30 June
$M
$M

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 12
Tania Palmer
General Manager
Generation
Jason Stein
Chief People Officer
Rory Blundell
General Manager
Strategy & Portfolio
Appointed June 2025
Lisa Hannifin
Chief Customer Officer
Jason Woolley
General Counsel &
Company Secretary
Mike Roan
Chief Executive
Appointed July 2025
Guy Waipara
General Manager
Development
Bharat Ratanpal
Chief Information
Officer
Claire Shaw
General Manager
Corporate Affairs &
Sustainability
Mandy Simpson
Chief Financial
Officer
Appointed
September 2025
Executive changes

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 13
Renewable Development Pipeline

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 14
Generation
Meridian’s White Hill Wind Farm in Southland powers 22,000 average homes.

Record growth of 10% in customer
connections.
Acquisition of 35,000 Flick customers.
Launch of Smart Hot Water and Four
Hours Free plans.
Selection of Kraken as retail
technology partner.
388 chargers now installed in our
Zero network.
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
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241
248
246
250
263
89
117
117
120
142
330
365
363
370
405
0
100
200
300
400
500
Jun-21Jun-22Jun-23Jun-24Jun-25
ICP (000)
MeridianPowershopTotal
+7%+7%
-1%+2%
+10%YoY growth
Lion partnered with Meridian and Reid Technology to install
approximately 2,400 solar panels at The Pride in East
Auckland, providing 14% of the brewery’s electricity needs.
Retail
Customer connections
Source: Meridian

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 16
Sustainability
Elver trap and transfer in the Waitaki Valley

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 17
Impression of Meridian’s $227M Ruakākā Solar Farm near Whangārei, which will produce
enough electricity to power half the homes in Northland when it is completed in early 2027.
Outlook

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 18
Shareholder
questions
Maintenance work at Meridian’s West Wind Farm near Wellington.

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 19
Resolutions
and voting
Meridian’s Benmore Power Station in the Mackenzie Basin, South Canterbury.

Resolution 1:
Re-election of Julia Hoare
That Julia Hoare, who retires by rotation
and is eligible for re-election, be re-
elected as a Director of the Company.
21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 20

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Resolution 2:
Re-election of
Michelle Henderson
That Michelle Henderson, who retires by
rotation and is eligible for re-election, be
re-elected as a Director of the Company.

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PAGE 22
Resolution 3:
Re-election of
Nagaja Sanatkumar
That Nagaja Sanatkumar, who retires by
rotation and is eligible for re-election, be
re-elected as a Director of the Company.

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PAGE 23
Resolution 4:
Re-election of
Graham Cockroft
That Graham Cockroft, who retires by
rotation and is eligible for re-election, be
re-elected as a Director of the Company.

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Vote totals

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Closing
Meridian’s Ōhau A Power Station in the Mackenzie Basin, South Canterbury.

21 OCTOBER 20252025 ANNUAL SHAREHOLDER MEETING
PAGE 26
The information in this presentation was prepared by Meridian
Energy with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily complete,
and no representation is made as to the accuracy, completeness or
reliability of the information. In addition, neither the company nor
any of its directors, employees, shareholders nor any other person
shall have liability whatsoever to any person for any loss (including,
without limitation, arising from any fault or negligence) arising from
this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and
projections. These reflect Meridian’s current expectations, based on
what it thinks are reasonable assumptions. Meridian gives no
warranty or representation as to its future financial performance or
any future matter. Except as required by law or NZX or ASX listing
rules, Meridian is not obliged to update this presentation after its
release, even if things change materially.
This presentation does not constitute financial advice. Further, this
presentation is not and should not be construed as an offer to sell or
a solicitation of an offer to buy Meridian Energy securities and may
not be relied upon in connection with any purchase of Meridian
Energy securities.
This presentation contains a number of non-GAAP financial
measures, including Energy Margin, EBITDAF, Underlying NPAT and
gearing. Because they are not defined by GAAP or IFRS, Meridian's
calculation of these measures may differ from similarly titled
measures presented by other companies and they should not be
considered in isolation from, or construed as an alternative to, other
financial measures determined in accordance with GAAP. Although
Meridian believes they provide useful information in measuring the
financial performance and condition of Meridian's business, readers
are cautioned not to place undue reliance on these non-GAAP
financial measures.
The information contained in this presentation should be considered
in conjunction with the company’s financial statements, which are
included in Meridian’s integrated report for the year ended 30 June
2025, available at:
www.meridianenergy.co.nz/about-us/investors
All currency amounts are in New Zealand dollars unless stated
otherwise.
Disclaimer