Meridian Energy monthly operating report for April 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 April 2026

15 May 2026


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

The month again saw strong Meridian retail sales growth, higher customer demand and rising hydro
storage from another month of sizeable inflows. ASX forward prices have declined further this month,
likely a continued reflection of the high levels of investment in new renewable generation and the
system security provided by agreements signed for Huntly capacity.

“We’re maintaining good momentum as we move through the second half of the financial year,” says
Meridian CEO Mike Roan.

“Significant rainfall events in the North Island and solid South Island inflows have boosted national
hydro storage to close to 120% of average for this time of the year, meaning the country’s electricity
system is exceptionally well fuelled as we enter the cooler months.”

Key points this month include:

 In the month to 11 May 2026, national hydro storage increased from
106%
to
119%
of historical
average.
 South Island storage increased to
109%
of average and North Island storage increased to
201%

of average by 11 May 2026.
 Meridian’s April 2026 monthly total inflows were
98%
of historical average.
 To date this financial year, total inflows are
121%
of historical average, the 8
th
highest financial
year inflows on record.
 Meridian’s Waitaki catchment water storage at the end of April 2026 was
106%
of historical
average.
 Water storage in Meridian’s Waiau catchment was
91%
of average at the end of April 2026.
 A cyclone and a low dominated April, which saw temperatures above average for much of New
Zealand. Rainfall was well above normal for the North Island with multiple heavy rain events,
whereas much of the South Island recorded near normal rainfall.
 National electricity demand in April 2026 was
3.7%
higher than April 2025. Excluding NZAS
demand, demand is
2.6%
higher than April 2025.
 New Zealand Aluminium Smelters Ltd (NZAS) average load during April 2026 was
575MW
,
compared with 522MW a year ago, when Meridian and NZAS had agreed a 50MW demand
response reduction from March 2025 to August 2025.
 Meridian’s retail sales volumes in April 2026 were
8.2%
higher than April 2025.
 Compared to April 2025, segment sales volumes in residential were 25.0% higher, small medium
business 9.2% higher, large business 11.4% higher, agriculture 6.1% higher and corporate 0.8%
higher.


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
April 2026
Monthly operating report
15 MAY 2026

April key points
In the month to 11 May 2026, national hydro storage increased from 106% to 119% of historical average.
South Island storage increased to 109% of average and North Island storage increased to 201% of average by 11 May 2026.
Meridian’s April 2026 monthly total inflows were 98% of historical average.
To date this financial year, total inflows are 121% of historical average, the 8
th
highest financial year inflows on record.
Meridian’s Waitaki catchment water storage at the end of April 2026 was 106% of historical average.
Water storage in Meridian’s Waiau catchment was 91% of average at the end of April 2026.
A cyclone and a low dominated April, which saw temperatures above average for much of New Zealand. Rainfall was well above
normal for the North Island with multiple heavy rain events, whereas much of the South Island recorded near normal rainfall.
National electricity demand in April 2026 was 3.7% higher than April 2025. Excluding NZAS demand, demand is 2.6% higher than April
2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during April 2026 was 575MW, compared with 522MW a year ago, when
Meridian and NZAS had agreed a 50MW demand response reduction from March 2025 to August 2025.
Meridian’s retail sales volumes in April 2026 were 8.2% higher than April 2025.
Compared to April 2025, segment sales volumes in residential were 25.0% higher, small medium business 9.2% higher, large business
11.4% higher, agriculture 6.1% higher and corporate 0.8% higher.
15 MAY 2026MONTHLY OPERATING REPORT FOR APRIL 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%
Mar 21Sept 21Mar 22Sept 22Mar 23Sept 23Mar 24Sept 24Mar 25Sept 25Mar 26
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in April 2026 was 3.7% higher than April
2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during
April 2026 was 575MW, compared with 522MW a year ago, when
Meridian and NZAS had agreed a 50MW demand response
reduction from March 2025 to August 2025.
A cyclone and a low dominated April, which saw temperatures
above average for much of New Zealand. Rainfall was well above
normal for the North Island with multiple heavy rain events, whereas
much of the South Island recorded near normal rainfall.
Demand in the last 12 months was 3.0% higher than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 5.9% at the end of March
2026.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 14.2% at the end of
March 2026.
15 MAY 2026MONTHLY OPERATING REPORT FOR APRIL 2026
PAGE 3
Source: Electricity Authority
Source: Electricity Authority

0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (11 May 2026)
Average storage (93yr)19922004200820122023202420252026
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
$/MWh
Benmore ASX futures settlement price
11 June 202520 January 202610 February 2026
9 March 202610 April 202611 May 2026
0
50
100
150
200
250
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 202520 January 202610 February 2026
9 March 202610 April 202611 May 2026
Market data
April 2026 saw further decreases in the ASX electricity futures prices.
National storage increased from 106% of average on 13 April 2026
to 119% of average on 11 May 2026.
South Island storage increased to 109% of historical average by 11
May 2026 and North Island storage increased to 201% of average.
15 MAY 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 APRIL 2026
PAGE 4
Source: NZX
Source: ASXSource: ASX

233
259
208
186
154
155
156
142
163
172
173
171
150
152
144
141
144
138
150
145
55
82
109
143
197
190
127
106
122
82
75
75
66
67
61
63
64
62
67
66
315
328
347
342
345
327
318
321
374
334
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
266
301
300
300
300
301
299
306
305
301
145
149
153
154
155
157
158
160
160
159
250
251
252
252
253
254
255
256
259
260
261
263
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 MeridianFY26 PowershopFY25 MeridianFY25 Powershop
Retail
Meridian’s customer connection numbers decreased 1.1% during
April 2026 and have increased 15.7% in the last 12 months.
Retail sales volumes in April 2026 were 8.2% higher than April 2025.
Compared to April 2025, segment sales in residential were 25.0%
higher, small medium business 9.2% higher, large business 11.4%
higher, agriculture 6.1% higher and corporate 0.8% higher.
To date this financial year, retail sales volumes are 9.1% higher than
the same period last year.
Compared to last financial year to date, segment sales in
residential are 26.9% higher, small medium business 9.7% higher,
large business 14.2% higher, agriculture 3.6% higher and corporate
2.1% higher.
15 MAY 2026MONTHLY OPERATING REPORT FOR APRIL 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
14,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Apr YTD93 year average
Inflows and storage
April 2026 monthly total inflows were 98% of historical average.
Waiau catchment inflows in April 2026 were 92% of historical
average, 14% higher than the same month last year.
To date this financial year, total inflows are 121% of historical
average, the 8
th
highest financial year inflows on record.
Waitaki catchment water storage moved from 1,840GWh to
1,888GWh during April 2026.
Waitaki water storage at the end of April 2026 was 106% of
historical average and 34% higher than the same time last year.
Water storage in Meridian’s Waiau catchment was 91% of average
at the end of April 2026.
15 MAY 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 APRIL 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 April 2026 was 13.5% higher than the same
month last year, reflecting higher hydro generation andlower wind
generation.
To date this financial year, Meridian’s generation is 14.2% higher
than the same period last year, reflecting higher hydro generation
and higher wind generation.
The average price Meridian received for its generation in April 2026
was 69.8% lower than the same month last year.
The average price Meridian paid to supply customers in April 2026
was 67.9% lower than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 60.6% lower than the same period last year and
the average price paid to supply customers is 61.0% lower.
15 MAY 2026
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR APRIL 2026
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
15 MAY 2026
See page 9 for footnotes
MONTHLY OPERATING REPORT FOR APRIL 2026
PAGE 8
Meridian operating information
APRILAPRILMARCHFEBRUARY10 MONTHS TO10 MONTHS TO
2026202520262026APRILAPRIL
MONTHMONTHMONTHMONTH20262025
Retail contracted sales
Residential sales v olume (GWh)172 138 163 142 1,828 1,440
Small medium business sales v olume (GWh)145 133 150 138 1,508 1,375
Agricultural sales v olume (GWh)82 77 122 106 1,213 1,171
Large business sales v olume (GWh)66 59 67 62 666 583
Corporate and industrial sales v olume (GWh)334 331 374 321 3,351 3,282
Retail contracted sales volume (GWh)799 738 876 770 8,565 7,851
Av erage retail contracted sales price
1
($/M Wh)$169.2$161.6$155.4$151.2$157.2$148.5
NZAS sales v olume (GWh)272 236 280 253 2,732 2,634
Financial contract sales v olumes
2
(GWh)343 281 523 394 3,717 2,738
Av erage w holesale & financial contracts sales price
3
($/M Wh)$116.3$132.7$92.6$86.6$95.0$99.6
Retail customer supply v olumes (GWh)843 776 917 801 9,015 8,265
Cost to supply retail customers ($/MWh)$105.2$334.8$154.2$49.6$85.8$212.1
Cost to supply w holesale customers ($/MWh)$105.2$345.1$151.7$39.2$78.3$211.2
Cost of financial contracts ($/MWh)$107.8$326.1$111.4$40.7$77.9$214.8
BESS supply v olume (GWh)5 2 4 4 31 3
Cost to supply BESS ($/MWh)$64.0$327.0$118.5$29.4$51.4$0.0
Demand response payments ($m)-$1.9-$10.7-$2.0-$1.9-$24.4-$122.7
Total New Zealand customer connections
4
459,998 397,551 464,985 465,780

Monthly operating information
15 MAY 2026MONTHLY OPERATING REPORT FOR APRIL 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.
APRILAPRILMARCHFEBRUARY10 MONTHS TO10 MONTHS TO
2026202520262026APRILAPRIL
MONTHMONTHMONTHMONTH20262025
Generation
Hydro generation v olume (GWh)868 745 1,085 949 10,533 9,123
Wind generation v olume (GWh)137 141 124 130 1,600 1,498
BESS generation v olume (GWh)4 1 2 3 20 1
Total generation volume (GWh)1,009 887 1,211 1,082 12,153 10,622
Av erage generation price
5
($/M Wh)$100.5$332.3$146.5$41.3$74.3$188.6
Hedging
Hedging v olume
6
(GWh)424 453 460 460 4,474 4,140
Hedging cost av erage price ($/MWh)$187.4$203.4$139.9$142.6$163.6$180.4
Hedging spot rev enue av erage price ($/MWh)$107.2$313.0$143.5$50.3$84.1$213.8
Future contract close outs ($m)$0.5$0.3-$3.6-$0.9-$8.3-$32.6
Costs
Employee and Operating Costs ($m)25 26 25 22 247 239
Stay in Business Capital Expenditure ($m)7 6 7 9 60 53
I nv estment Capital Expenditure ($m)20 14 18 17 121 95
Total Capital Expenditure ($m)27 20 25 26 181 148

FY26 operating information
15 MAY 2026MONTHLY OPERATING REPORT FOR APRIL 2026
PAGE 10
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202520252025202520252025202620262026202620262026FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233 259 208 186 154 155 156 142 163 172 700 +150495 +104461 +100
Small medium business sales v olume (GWh)173 171 150 152 144 141 144 138 150 145 494 +38436 +44432 +39
Agricultural sales v olume (GWh)55 82 109 143 197 190 127 106 122 82 246 +25530 +51355 -39
Large business sales v olume (GWh)75 75 66 67 61 63 64 62 67 66 215 +32192 +18193 +26
Corporate and industrial sales v olume (GWh)315 328 347 342 345 327 318 321 374 334 989 +701,015 +331,013 -35
Retail contracted sales volume (GWh)850 913 880 890 902 876 809 770 876 799 2,644 +3142,668 +2482,455 +91
Av erage retail contracted sales price ($/MWh)$172.4$172.5$171.0$144.3$142.3$143.8$150.5$151.2$155.4$169.2$171.9+$9.6$143.4+$8.7$152.5+$7.5
NZAS sales v olume (GWh)267 276 271 280 271 280 280 253 280 272 814 -8832 -10814 +79
Financial contract sales v olumes (GWh)418 349 291 321 314 432 332 394 523 343 1,058 +3351,067 +4531,249
+128
Av erage w holesale & financial contracts sales price ($/MWh)$117.1$116.4$111.4$75.8$76.7$71.9$87.8$86.6$92.6$116.3$115.1-$6.6$74.6+$4.0$89.3-$5.4
Retail customer supply v olumes (GWh)892 949 925 953 958 927 849 801 917 843 2,766 +3222,838 +2852,568 +77
Cost to supply retail customers ($/MWh)$113.3$184.4$119.3$36.4$69.3$14.0$3.6$49.6$154.2$105.2$139.7-$189.3$40.2-$1.7$71.7-$161.9
Cost to supply w holesale customers ($/MWh)$102.2$186.2$112.2$26.8$52.8$4.9$1.9$39.2$151.7$105.2$134.0-$202.4$27.9-$2.1$65.1-$170.9
Cost of financial contracts ($/MWh)$105.1$171.5$117.5$32.7$58.2$16.5$13.3$40.7$111.4$107.8$130.4-$199.9$33.6-$6.6$63.0-$144.9
BESS supply v olume (GWh)1 2 3 4 4 3 2 4 4 5 5 +511 +1110 +8
Cost to supply BESS ($/MWh)$86.5$138.1$73.7$11.1$30.6$14.3$0.9$29.4$118.5$64.0$95.1+$0.0$19.3+$0.0$55.4-$249.5
Demand response payments ($m)-$5.4-$3.1-$1.9-$2.5-$1.9-$1.9-$2.0-$1.9-$2.0-$1.9-$10.4+$38.3-$6.3+$34.5-$5.3+$17.2
Total New Zealand customer connections410,865 450,317 452,970 454,057 455,035 457,336 456,274 465,780 464,985 459,998 452,970 +79,300457,336 +74,628464,985 +70,034
Generation
Hydro generation v olume (GWh)1,022 1,030 931 1,083 1,072 1,281 1,214 949 1,085 868 2,982 +4583,435 +3983,248 +430
Wind generation v olume (GWh)135 148 220 217 155 176 158 130 124 137 504 -5548 +30412 +81
BESS generation v olume (GWh)0 1 2 2 3 2 1 3 2 4 3 +37 +76 +6
Total generation volume (GWh)1,157 1,179 1,153 1,302 1,229 1,459 1,373 1,082 1,211 1,008 3,490 +4573,990 +4363,666 +516
Av erage generation price ($/MWh)$108.1$176.6$109.9$28.0$57.9$6.8
$1.1$41.3$146.5$100.5$131.8-$174.3$29.5-$3.0$61.0-$150.5
Hedging
Hedging v olume (GWh)473 472 437 472 440 420 417 460 460 424 1,382 +481,332 +3201,336 -5
Hedging cost av erage price ($/MWh)$215.9$218.2$213.7$127.0$122.2$125.0$139.5$142.6$139.9$187.4$216.0+$5.6$124.8-$31.2$140.7-$20.5
Hedging spot rev enue av erage price ($/MWh)$107.4$174.2$115.7$36.4$67.3$18.7$8.0$50.3$143.5$107.2$132.9-$162.7$41.0-$4.6$69.2-$156.5
Future contract close outs ($m)-$0.7-$1.0-$2.3$0.4$2.4-$1.5-$1.6-$0.9-$3.6$0.5-$4.0$21.5$3.1-$4.4-$6.1$9.9
Costs
Employee and Operating Costs ($m)24242726252622222525$76-$4$77+$9$69+$3
Stay in Business Capital Expenditure ($m)3595555977$18+$4$16-$5$20+$7
I nv estment Capital Expenditure ($m)111146111013171820$26-$7$27-$10$48+$36
Total Capital Expenditure ($m)14161311161518252528$43-$3$42-$15$68+$44

FY25 operating information
15 MAY 2026MONTHLY OPERATING REPORT FOR APRIL 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 ($/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$166.3+8
NZAS sales v olume (GWh)327 261 233 265 275 303 249
239 247 236 243 241 821 -441842 -421735 -510720 -512
Financial contract sales v olumes (GWh)295 222 206 192 210 212 396 318 407 281 319 281 723 -357614 -701,121 +368881 -20
Av erage w holesale & financial contracts sales price ($/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$128.1+38
Retail customer supply v olumes (GWh)813 866 766 818 858 877 835 834 821 776 825 809 2,444 -1172,554 +72,491 -932,409 +51
Cost to supply retail customers ($/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$225.6-51
Cost to supply w holesale customers ($/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$222.9-33
Cost of financial contracts ($/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$220.1-36
BESS supply v olume (GWh)1 2 2 1 1 +14 +4
Cost to supply BESS ($/MWh)$304.8$327.0$178.2$133.2$304.8$304.8$235.0$235.0
Demand response payments ($m)-$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-$39.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 397,551 399,077 405,072 373,670 +8,217382,708 +10,908394,951 +21,619405,072 +35,405
Generation
Hydro generation v olume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 745 895 925 2,524 -6823,037 +152,818 -1252,564 -391
Wind generation v olume (GWh)129 192 187 179 164 174 113 85 133 141 163 148
509 +147517 +159332 -36452 +99
BESS generation v olume (GWh)- - - - - - - - 0 1 1 0 - +0- +00 +02 +2
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 886 1,058 1,073 3,033 -5353,554 +1743,149 -1613,018 -290
Av erage generation price ($/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-$47.7
Hedging
Hedging v olume (GWh)451 451 432 403 277 331 416 433 492 453 422 379 1,334 -1681,011 -3471,341 -1051,253 -223
Hedging cost av erage price ($/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+$54.0
Hedging spot rev enue av erage price ($/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-$37.7
Future contract close outs ($m)-$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$4.7
Costs
Employee and Operating Costs ($m)262530212323202125262426$80+$11$68-$3$65-$1$76-$0
Stay in Business Capital Expenditure ($m)4647861486819$14+$0$20+$4$13-$10$33+$13
I nv estment Capital Expenditure ($m)129111181854114317$32-$18$37-$46$10-$74$33-$26
Total Capital Expenditure ($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
15 MAY 2026MONTHLY OPERATING REPORT FOR APRIL 2026
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