Share Buyback in connection with the FY26 Equity Plans

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)
Share Buyback in connection with the FY26 Equity Plans


1 December 2025

Meridian Energy Limited (Meridian) announces that, in connection with the company’s FY26 equity
plans (described below), it will begin an on-market share buyback to purchase a maximum of 500,000
ordinary shares (Buyback). Meridian will only acquire shares on the NZX Main Board. The Buyback
may occur from 5 December 2025 until 31 December 2025.

The acquired shares will not be cancelled and will be held by Meridian as treasury stock as permitted
under its constitution.

Background
Meridian has a long-term incentive (LTI) Scheme for certain senior employees.
In connection with the FY26 LTI Plan, Meridian issued rights to acquire ordinary shares in the
company (Share Rights) to participants who accepted the offer to participate in the LTI Scheme
(Participants). Each Share Right entitles the holder to one ordinary share in Meridian and an
additional number of shares equal to the value of gross cash dividends per share, which would have
been paid to a New Zealand tax resident who held a share for the duration of the vesting period,
calculated using a 10-day volume weighted average price.

The number of Share Rights that vest is dependent on:

(a) Meridian’s total shareholder return over a 3-year vesting period (Vesting Period) relative to
Meridian’s cost of equity and the performance of a peer group of other companies on the
S&P/NZX50 Index (Performance Hurdles); and

(b) if the Participant continues to be employed by Meridian during the Vesting Period (Employment
Condition), (together the Vesting Conditions).

Share Rights will lapse where the Vesting Conditions are not satisfied (although this is subject to the
Board's discretion in relation to the Employment Condition).

From 1 July 2025, Meridian has introduced a Deferred Equity short-term incentive Plan (Deferred STI
Plan) for the Chief Executive and Executive employees. Payments under the Deferred STI Plan will
be made in equity and will be deferred for two years following the end of the performance year.
The number of Shares awarded is wholly discretionary and will reflect the achievement of
predetermined Board-approved company financial targets, targets in the Executive Scorecard aligned
to business strategy and goals, and individual performance and behaviour compliant with the Meridian
Code of Conduct (Award Conditions).

Meridian will meet its obligations under the equity plans by the Buyback, holding these shares as
treasury stock, and transferring shares to the Participants if the Vesting and Award Conditions on the
equity plans are met.

ENDS

meridianenergy.co.nz
PG 2

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:
Lachlan Forsyth
Media & Content Manager
021 243 5342