Meridian Energy monthly operating report for February 2026

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 February
2026

16 March 2026


Meridian Energy Limited has released its monthly operating report for the month of February 2026
(attached).

“Although inflows eased during February, this is the first below
‑
average month in the past six. Storage
levels remain robust, leaving the system well placed heading into autumn,” says Meridian CEO Mike
Roan.

“Our retail growth remains strong. While lower irrigation demand saw sales volumes dip marginally
year
‑
on
‑
year, customer numbers increased 2.1% during February, lifting total growth to nearly 20%
over the past year, adding further scale and momentum to our Retail business.”

February Key Points

 In the month to 9 March 2026, national hydro storage decreased from
117%
to
110%
of historical
average.
 South Island storage decreased to
102%
of average and North Island storage increased to
169%

of average by 9 March 2026.
 Meridian’s February 2026 monthly total inflows were
72%
of historical average.
 To date this financial year, total inflows are
129%
of historical average.
 Meridian’s Waitaki catchment water storage at the end of February 2026 was
111%
of historical
average.
 While snowpack has normally melted by this time of year, current snow storage in Meridian’s
Waitaki catchment is at 95GWh as of early March 2026.
 Water storage in Meridian’s Waiau catchment was
82%
of average at the end of February 2026.
 In February, the country experienced the “Valentine’s Storm”, a deep low-pressure system that
brought widespread and intense rainfall. Despite prolonged periods of settled weather during the
month, rainfall was above average across large parts of the country. In contrast, inland parts of
the South Island were notably drier. This month was the coolest February since 2012.
 Outages on the HVDC link limited inter-island transfer from 15 February through to 2

March.
 National electricity demand in February 2026 was
0.5%
lower than February 2025.
 New Zealand Aluminium Smelters Ltd (NZAS) average load during February 2026 was
576MW
,
compared with 545MW a year ago, when NZAS volume was ramping up following Meridian
exercising call options under the demand response agreement.
 Meridian’s retail sales volumes in February 2026 were
2.7%
lower than February 2025.
 Compared to February 2025, segment sales in residential were 27.9% higher, small medium
business 9.2% higher, large business 17.6% higher, agriculture 36.6% lower and corporate 3.6%
lower.


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

meridianenergy.co.nz
PG 2

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:
Lachlan Forsyth
Media & Content Manager
021 243 5342

7 cm
February 2026
Monthly operating report
16 MARCH 2026

February key points
In the month to 9 March 2026, national hydro storage decreased from 117% to 110% of historical average.
South Island storage decreased to 102% of average and North Island storage increased to 169% of average by 9 March 2026.
Meridian’s February 2026 monthly total inflows were 72% of historical average.
To date this financial year, total inflows are 129% of historical average.
Meridian’s Waitaki catchment water storage at the end of February 2026 was 111% of historical average.
While snowpack has normally melted by this time of year, current snow storage in Meridian’s Waitaki catchment is at 95GWh as of early
March 2026.
Water storage in Meridian’s Waiau catchment was 82% of average at the end of February 2026.
In February, the country experienced the “Valentine’s Storm”, a deep low-pressure system that brought widespread and intense rainfall.
Despite prolonged periods of settled weather during the month, rainfall was above average across large parts of the country. In
contrast, inland parts of the South Island were notably drier. This month was the coolest February since 2012.
Outages on the HVDC link limited inter-island transfer from 15 February through to 2

March.
National electricity demand in February 2026 was 0.5% lower than February 2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during February 2026 was 576MW, compared with 545MW a year ago, when
NZAS volume was ramping up following Meridian exercising call options under the demand response agreement.
Meridian’s retail sales volumes in February 2026 were 2.7% lower than February 2025.
Compared to February 2025, segment sales in residential were 27.9% higher, small medium business 9.2% higher, large business 17.6%
higher, agriculture 36.6% lower and corporate 3.6% lower.
16 MARCH 2026MONTHLY OPERATING REPORT FOR FEBRUARY 2026
PAGE 2

2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
National demand
Range (2015-2025)202120222023202420252026
5%
7%
9%
11%
13%
15%
Jan 21Jul 21Jan 22Jul 22Jan 23Jul 23Jan 24Jul 24Jan 25Jul 25Jan 26
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in February 2026 was 0.5% lower than
February 2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during
February 2026 was 576MW, compared with 545MW a year ago,
when NZAS volume was ramping up following Meridian exercising
call options under the demand response agreement.
In February, the country experienced the “Valentine’s Storm”, a
deep low-pressure system that brought widespread and intense
rainfall. Despite prolonged periods of settled weather during the
month, rainfall was above average across large parts of the
country. In contrast, inland parts of the South Island were notably
drier. This month was the coolest February since 2012.
Outages on the HVDC link limited inter-island transfer from 15
February through to 2

March.
Demand in the last 12 months was 1.8% higher than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 5.6% at the end of January
2026.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 14.2% at the end of
January 2026.
16 MARCH 2026MONTHLY OPERATING REPORT FOR FEBRUARY 2026
PAGE 3
Source: Electricity Authority
Source: Electricity Authority

0
50
100
150
200
250
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
Q1
2029
Q2
2029
Q3
2029
Q4
2029
$/MWh
Benmore ASX futures settlement price
11 June 202510 November 20259 December 2025
20 January 202610 February 20269 March 2026
0
50
100
150
200
250
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
Q1
2029
Q2
2029
Q3
2029
Q4
2029
$/MWh
Ōtāhuhu ASX futures settlement price
11 June 202510 November 20259 December 2025
20 January 202610 February 20269 March 2026
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (9 March 2026)
Average storage (93yr)19922004
Market data
February 2026 saw decreases in the ASX electricity futures prices.
National storage decreased from 117% of average on 9 February
2026 to 110% of average on 9 March 2026.
South Island storage decreased to 102% of historical average by 9
March 2026 and North Island storage increased to 169% of
average.
16 MARCH 2026
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 FEBRUARY 2026
PAGE 4
Source: NZX
Source: ASXSource: ASX

233
259
208
186
154
155
156
142
173
171
150
152
144
141
144
138
55
82
109
143
197
190
127
106
75
75
66
67
61
63
64
62
315
328
347
342
345
327
318
321
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
148
148
149
147
151
134
152
152
152
152
152
151
155
145
149
153
154
155
157
158
160
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 2.1% during
February 2026 and have increased 19.3% since February 2025.
Retail sales volumes in February 2026 were 2.7% lower than
February 2025.
Compared to February 2025, segment sales in residential were
27.9% higher, small medium business 9.2% higher, large business
17.6% higher, agriculture 36.6% lower and corporate 3.6% lower.
To date this financial year, retail sales volumes are 8.9% higher than
the same period last year.
Compared to last financial year to date, segment sales in
residential are 27.1% higher, small medium business 9.9% higher,
large business 14.6% higher, agriculture 0.8% higher and corporate
2.4% higher.
Residential sales from August 2025 include ex customers of Flick.
16 MARCH 2026
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
MONTHLY OPERATING REPORT FOR FEBRUARY 2026
PAGE 5
Meridian operating information
Source: Meridian
Source: Meridian

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 1979-2020202120222023202420252026
0
2,000
4,000
6,000
8,000
10,000
12,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Feb YTD93 year average
Inflows and storage
February 2026 monthly total inflows were 72% of historical average.
Waiau catchment inflows in February 2026 were 81% of historical
average, 158% higher than the same month last year.
To date this financial year, total inflows are 129% of historical
average.
Waitaki catchment water storage moved from 2,232GWh to
2,114GWh during February 2026.
Waitaki water storage at the end of February 2026 was 111% of
historical average and 37% higher than the same time last year.
While snowpack has normally melted by this time of year, current
snow storage in Meridian’s Waitaki catchment is at 95GWh as of
early March 2026.
Water storage in Meridian’s Waiau catchment was 82% of average
at the end of February 2026.
16 MARCH 2026
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 FEBRUARY 2026
PAGE 6
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
1,600
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY26 HydroFY26 WindFY25 HydroFY25 Wind
Generation
Meridian’s generation in February 2026 was 5.2% higher than the
same month last year, reflecting higher hydro generation
andhigher wind generation.
To date this financial year, Meridian’s generation is 12.6% higher
than the same period last year, reflecting higher hydro generation
and higher wind generation.
The average price Meridian received for its generation in February
2026 was 83.7% lower than the same month last year.
The average price Meridian paid to supply customers in February
2026 was 82.2% lower than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 61.3% lower than the same period last year and
the average price paid to supply customers is 61.3% lower.
16 MARCH 2026
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR FEBRUARY 2026
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
16 MARCH 2026
See page 9 for footnotes
MONTHLY OPERATING REPORT FOR FEBRUARY 2026
PAGE 8
Meridian operating information
FEBRUARYFEBRUARYJANUARYDECEMBER8 MONTHS TO
8 MONTHS TO
202620252026
2025FEBRUARYFEBRUARY
MONTHMONTH
MONTHMONTH
20262025
New Zealand contracted sales
Residential sal es vol ume (GW h)
142

111

156

155
1,493

1,175

Small medium business sales volume (GWh)
138 127
144 141
1,212 1,103

Agricultural sales volume (GWh)106

167 127
190

1,009 1,000

Large business sales volume (GWh)
62

52
64

63

533
465

Corporate and industrial sal es vol ume (GW h)
321 333 318 327
2,644 2,583
Retail contracted sales volume (GWh)
770 791
809
876
6,891
6,327

Average retail contracted sal es price
1
($NZ/MWh)$151.2$141.5
$150.5$143.8$156.1$146.8
NZAS sal es vol ume (GW h)253
239
280
280
2,180
2,151

Financial contract sal es vol umes
2
(GWh)
394
318

332

432
2,851

2,051

Average wholesale & financial contracts sales price
3
($NZ/MWh)$86.6$94.3$87.8
$71.9$92.8$95.0
Retail customer suppl y vol umes (GW h)801
834
849
927 7,255
6,668
Cost to suppl y retail customers ($NZ/M W h)
$49.6$269.8$3.6
$14.0$74.9$185.9
Cost to supply wholesale customers ($NZ/M Wh)$39.2$269.1$1.9
$4.9$65.5$183.6
Cost of financial contracts ($NZ/M W h)$40.7$233.2
$13.3$16.5$68.1
$186.2
BESS suppl y vol ume (GW h)4
- 2 3 22 -

Cost to suppl y BESS ($NZ/M W h)$29.4
$0.0$0.9$14.3$37.7$0.0
Demand response payments ($NZm)-$1.9-$5.0-$2.0-$1.9-$20.6-$101.7
T otal New Zeal and customer connections
4
465,780 390,314
456,274 457,336

Monthly operating information
16 MARCH 2026MONTHLY OPERATING REPORT FOR FEBRUARY 2026
PAGE 9
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.
FEBRUARYFEBRUARY
JANUARY
DECEMBER8 MONTHS TO
8 MONTHS TO
2026
202520262025FEBRUARY
FEBRUARY
MONTHMONTHMONTHMONTH20262025
New Zealand generation
Hydro generation vol ume (GW h)949 940 1,214 1,281 8,580 7,586
W ind generation vol ume (GW h)130 85 158 176 1,340 1,224
BESS generation vol ume (GW h)3 0 1 2 14 0
Total generation volume (GWh)1,082 1,025 1,373 1,459 9,934 8,810
Average generation price
5
($NZ/M W h)
$41.3$253.1
$1.1$6.8$62.8$162.4
New Zealand hedging
Hedging vol ume
6
(GWh)460
433
417 420 3,590 3,195
Hedging cost average price ($NZ/M W h)$142.6$162.1$139.5$125.0$163.9$178.9
Hedging spot revenue average price ($NZ/M W h)$50.3$245.7$8.0$18.7$73.7$187.4
Future contract close outs ($NZm)-$0.9-$5.9-$1.6-$1.5-$5.2-$28.5
New Zealand costs
Empl oyee and Operating Costs ($m)22 21 22 26 196 189
Stay in Business Capital Expenditure ($m)9 4 5 5 46 39
Investment Capital Expenditure ($m)17 4 13 10 82 79
Total Capital Expenditure ($m)26 8 18 15 128 118

FY26 operating information
16 MARCH 2026MONTHLY OPERATING REPORT FOR FEBRUARY 2026
PAGE 10
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202520252025202520252025202620262026202620262026FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233 259 208 186 154 155 156 142 700 +150495 +104
Small medium business sales v olume (GWh)173 171 150 152 144 141 144 138 494 +38436 +44
Agricultural sales v olume (GWh)55 82 109 143 197 190 127 106 246 +25530 +51
Large business sales v olume (GWh)75 75 66 67 61 63 64 62 215 +32192 +18
Corporate and industrial sales v olume (GWh)315 328 347 342 345 327 318 321 989 +701,015 +33
Retail contracted sales volume (GWh)850 913 880 890 902 876 809 770 2,644 +3142,668 +248
Av erage retail contracted sales price ($NZ/MWh)$172.4$172.5$171.0$144.3$142.3$143.8$150.5$151.2$171.9+$9.6$143.4+$8.7
NZAS sales v olume (GWh)267 276 271 280 271 280 280 253 814 -8832 -10
Financial contract sales v olumes (GWh)418 349 291 321 314 432 332 394 1,058 +3351,067 +453
Av erage w holesale & financial contracts sales price ($NZ/MWh)$117.1$116.4$111.4$75.8$76.7$71.9$87.8$86.6$115.1-$6.6$74.6+$4.0
Retail customer supply v olumes (GWh)892 949 925 953 958 927 849 801 2,766 +3222,838 +285
Cost to supply retail customers ($NZ/MWh)$113.3$184.4$119.3$36.4$69.3$14.0$3.6$49.6$139.7-$189.3$40.2-$1.7
Cost to supply w holesale customers ($NZ/MWh)$102.2$186.2$112.2$26.8$52.8$4.9$1.9$39.2$134.0-$202.4$27.9-$2.1
Cost of financial contracts ($NZ/MWh)$105.1$171.5$117.5$32.7$58.2$16.5$13.3$40.7$130.4
-$199.9$33.6-$6.6
BESS supply v olume (GWh)1 2 3 4 4 3 2 4 5 +511 +11
Cost to supply BESS ($NZ/MWh)$86.5$138.1$73.7$11.1$30.6$14.3$0.9$29.4$95.1+$0.0$19.3+$0.0
Demand response payments ($NZm)-$5.4-$3.1-$1.9-$2.5-$1.9-$1.9-$2.0-$1.9-$10.4+$38.3-$6.3+$34.5
Total New Zealand customer connections410,865 450,317 452,970 454,057 455,035 457,336 456,274 465,780 452,970 +79,300457,336 +74,628
Generation
Hydro generation v olume (GWh)1,022 1,030 931 1,083 1,072 1,281 1,214 949 2,982 +4583,435 +398
Wind generation v olume (GWh)135 148 220 217 155 176 158 130 504 -5548 +30
BESS generation v olume (GWh)0 1 2 2 3 2 1 3 3 +37 +7
Total generation volume (GWh)1,157 1,179 1,153 1,302 1,229 1,459 1,373 1,082 3,490 +4573,990 +436
Av erage generation price ($NZ/MWh)$108.1$176.6$109.9$28.0$57.9$6.8$1.1$41.3$131.8-$174.3$29.5-$3.0
Hedging
Hedging v olume (GWh)473 472 437 472 440 420 417 460 1,382 +481,332 +320
Hedging cost av erage price ($NZ/M Wh)$215.9$218.2$213.7$127.0$122.2$125.0$139.5$142.6$216.0+$5.6$124.8-$31.2
Hedging spot rev enue av erage price ($NZ/MWh)$107.4$174.2$115.7$36.4$67.3$18.7$8.0$50.3$132.9-$162.7$41.0-$4.6
Future contract close outs ($NZm)-$0.7-$1.0-$2.3$0.4$2.4-$1.5-$1.6-$0.9-$4.0$21.5$3.1-$4.4
Other
Employee and Operating Costs ($NZ m)2424272625262222$76-$4$77+$9
Stay in Business Capital Expenditure ($NZ m)35955559$18+$4$16-$5
I nv estment Capital Expenditure ($NZ m)11114611101317$26-$7$27-$10
Total Capital Expenditure ($NZ m)1416131116151825$43-$3$42-$15

FY25 operating information
16 MARCH 2026MONTHLY OPERATING REPORT FOR FEBRUARY 2026
PAGE 11
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
16 MARCH 2026MONTHLY OPERATING REPORT FOR FEBRUARY 2026
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