Governance Roadshow Presentation – June 2026

SCOTT ST JOHN
CHAIR
June 2026
GOVERNANCE
ROADSHOW

DISCLAIMER
2
This presentation has been prepared by Mercury NZ Limited and its group of
companies (“Company”) for informational purposes. This disclaimer applies to
this document and the verbal or written comments of any person presenting it.
Information in this presentation has been prepared by the Company with due
care and attention. However, neither the Company nor any of its directors,
employees, shareholders nor any other person gives any warranties or
representations (express or implied) as to the accuracy or completeness of this
information. To the maximum extent permitted by law, none of the Company, its
directors, employees, shareholders or any other person shall have any 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 projections or forward-looking statements
regarding a variety of items. Such projections or forward-looking statements are
based on current expectations, estimates and assumptions and are subject to a
number of risks, and uncertainties, including material adverse events, significant
one-off expenses and other unforeseeable circumstances, such as, without
limitation, hydrological conditions. They do not constitute guidance of any kind.
There is no assurance that results contemplated in any of these projections and
forward-looking statements will be realised, nor is there any assurance that the
expectations, estimates and assumptions underpinning those projections or
forward-looking statements are reasonable. Actual results may differ materially
from those projected in this presentation. No person is under any obligation to
update this presentation at any time after its release or to provide you with
further information about the Company.
The information in this presentation is of a general nature and does not
constitute guidance, financial product advice, investment advice or any
recommendation. The presentation does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and may not be relied upon in
connection with the purchase or sale of any security. Nothing in this presentation
constitutes legal, financial, tax or other advice.

A DIVERSIFIED
PORTFOLIO OF
RENEWABLE ASSETS
3
OUR BUSINESS
Electricity generator and multi-product
retailer across electricity, gas and
telco in NZ
•22% Generation market share
1
•25% Retail electricity market share
2
•234k Broadband and mobile connections
3
•227k customers with two or more
products
3
OUR PURPOSE
Tiakina te anamata, mā te
tūhono i ngā tāngata me
ngā wāhi o te inamata.
Taking care of tomorrow,
connecting people and place today.
RENEWABLEGENERATION
4
~10 TWh
GEO ENTERING FEASIBILITY
1 TWh
SINCELISTING
5
10.8%TSR
CUSTOMER CONNECTIONS
3
~930k
OFORDINARYDIVIDEND
GROWTH TOFY25
17thyear
FY26EBITDAF GUIDANCE
6
$1.05b
1 For the 12 months to 31 May 2026
2 As at 30 April 2026
3 As at 31 March 2026
4 Annual mean renewable generation
5 Annualised Total Shareholder Return from 10 May 2013 to 31 May 2026
6 As at 22 April 2026

4
StrategicFramework
ASPIRATIONS
FY35
PRIORITIES
FY30
STRATEGICOBJECTIVES
OURPURPOSE
Tiakina te anamata, mā te
tūhono i ngā tāngata
me ngā wāhi o te inamata.
Taking care of tomorrow,
connecting people and
place today.
Delivermorereliable
andrenewableenergy
Achievewhatmattersmost
throughfinancialgrowth
Acceleratetheshift
toalow-carbonfuture
Performwithanadaptive
cultureenabledbytechnology
Createsuccesswithothers
KAITIAKITANGA
Stewardship
Ourassetsandthenatural
environmentarethriving.
ARUMONI
Commercial
Weareleaders
in commercial growth.
KIRITAKI
Customer
Customersareat
theheartofwhatwedo.
NGĀTĀNGATA
OurPeople
Welearnandadapt
to realiseourfull potential.
KŌTUITANGA
Partnerships
Wearethetrustedpartner
ofchoice.
Generation
developmentuplift
Earnings
transformation
Capturingenergy
transitiongrowth
Connectedandinclusive
employeeexperience
Rebuildsector
confidence
OUR STRATEGIC PRIORITIES DELIVER SUPERIOR VALUE

5
SUPERIOR PORTFOLIO WITH TWO LEADING GROWTH PLATFORMS
Renewable generation
•Baseload geothermal, intermittent
wind, flexible hydro
•Diversified, complementary, low-cost,
renewable fuel sources
Superior asset location
•North Island generation
close to demand centres
•Rain-fed hydro aligned with winter
peak demand
Growth platforms (wind and geothermal)
•High quality options
•Realise scale and repeatability benefits
•Capability and partnerships
•Proven supply chain
•Geothermal directly supports our
strategy because it adds firm renewable
growth, improves portfolio resilience and
supports long-term contracting
Waikato (1,120MW) 4,200GWh
Rotokawa (34MW) 286GWh
Kawerau (106MW) 875GWh
Ngā Awa Pūrua (90MW) 490GWh
Ngā Tamariki (85MW) 731GWh
Tararua (160MW) 560GWh
Mahinerangi 1 (36MW) 100GWh
Ngā Tamariki 5 (46MW) 390GWh
Turitea (221MW) 840GWh
Waipipi (133MW) 455GWh
Kaiwera Downs 1 (43MW) 147GWh
Operation & Construction:
Kaiwera Downs 2(155MW) 525GWh
Kaiwaikawe (77MW) 221GWh
Puke Kapo Hau 550GWh
Waikokowai / Puketoi 1,015GWh
HydroGeothermalWind3rd Party SolarBESS (MW RHS)
Third party solar 500GWh
Whakamaru Up to 200MW
GeoPlatform Expansion 1000GWh
Planned to 2035: 1000GWh
Hydro Rehabs (76MW) 87GWh
Planned to 2035
Planned to 2030
In-Construction
Portfolio core
and firming
Mercury’s growth platforms
Short term
portfolio peaking
Selective growth
Current4.2 TWh2.8 TWh2.6 TWh0.03 TWh
Plan by 20354.3 TWh3.8 TWh5.4 TWh0.5 TWh200 MW

6
GEOTHERMAL GROWTH STRENGTHENS OUR RENEWABLE PLATFORM
Up to 5 TWh across
diverse reservoirs and
horizons, including
2.5 TWh under active
development and 1 TWh
entering feasibility
Two near-term projects
at Ngā Tamariki and
Rotokawa, supported by
committed appraisal
drilling, with first
generation targeted for
2030
Leading geothermal
growth platform
Near-term
projects
Firm renewables. Disciplined growth. Long-term shareholder value
We have shown a credible pathway from geothermal options to value accretive growth
OEC5 delivered on time
and on budget, backed
by deep geothermal
expertise across the
value chain
Proven delivery
capability
Staged investment, clear
decision gates and
growth funded within
balance sheet
guardrails
Disciplined capital
allocation

MICHELE MAUGER
CHIEF PEOPLE OFFICER
•Joined Mercury in 2026, over 35 years’ experience
across people and culture, including nearly two
decades in executive leadership roles.
•Led people functions across a range of industries
and geographies, with experience spanning
business transformation, organisational change
and the full employee lifecycle.
SURAIYA PHILLIMORE-SMITH
CHIEF CUSTOMER OFFICER
•Joined Mercury in 2025
•Over 20 years’ local and international experience in
customer strategy, marketing and brand
•Held an executive level role at Suncorp NZ
CRAIG NEUSTROSKI
CHIEF STRATEGY AND
TRANSFORMATION OFFICER
•Joined in 2021; formerly held senior roles
in the energy sector at Trustpower
•Brings over two decades of leadership
experience in energy retail
KEVIN TAYLOR
CHIEF OPERATING OFFICER –
GENERATION
•30+ years in industry with a focus on safety,
risk, and performance (ex-Rio Tinto)
•Proven leader in building high-performing,
safety-focused teams
7
A CAPABLE AND MULTI-DISCIPLINED EXECUTIVE TEAM
STEW HAMILTON
CHIEF EXECUTIVE
•Appointed CEO in 2024; joined Mercury
in 2021 as EGM Generation
•Former CEO of NZ Aluminium Smelters;
25+ years in industrial energy across
multiple continents
•Chemical Engineer with an MBA; experienced
in leading large, complex organisations
TIM THOMPSON
EXECUTIVE GM – WHOLESALE
•Joined in 2005; past roles include GM Wholesale
and Head of Treasury & Investor Relations
•Deep experience in electricity trading and large
customer sales
MATT TOLCHER
EXECUTIVE GM –
GENERATION DEVELOPMENT
•Joined in 2022; 20 years of experience
in major infrastructure across NZ and the US
•Skilled in complex utility development
and delivery
RICHARD HOPKINS
CHIEF FINANCIAL OFFICER
•25+ years experience, last 12 years as CFO
of Zespri and Ballance Agri-Nutrients
•10+ years in European Power & Utilities
Investment Banking
•Expert in corporate finance, M&A,
transformation, and strategic development
CATHERINE THOMPSON
CHIEF SUSTAINABILITY OFFICER
•Joined Mercury in 2025
•30 years experience in energy and legal
sectors
•Held Executive roles at Contact
Energy and Manawa Energy

8
Board of Director updates
•Rachel Taulelei joined in August
2025
•Jasper Van Helder, our sixth Future
Director under the IoD Future
Directors Programme, joined us in
December 2025
•Hannah Hamling, Mark Binns, and
Adrian Littlewood, will stand for re-
election by shareholders at 2026
ASM
•Recruitment underway for an
additional director to provide wider
financial bench strength, late 2026
SUSAN PETERSON
DIRECTOR
ADRIAN LITTLEWOOD
DIRECTOR
HANNAH HAMLING
DIRECTOR
MARK BINNS
DIRECTOR
SCOTT ST JOHN
CHAIR
BOARD OF DIRECTORS
ROB HAMILTON
DIRECTOR
RACHEL TAULELEI
DIRECTOR
JASPER VAN HALDER
FUTURE DIRECTOR

9
ASM RESOLUTIONS
Board appointments
•Re-election of Hannah Hamling
•Re-election of Mark Binns
•Re-election of Adrian Littlewood
•Election of additional director

10
FY26 REMUNERATION PERFORMANCE PACKAGE
Mercury’s new Executive Remuneration framework is intended to support the
following outcomes through a set of guiding principles:
CE remuneration performance pay for FY26
Needs
updating for
2026
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
FixedOn-planMaximum
$m
Long-term incentives performance pay granted (2029 vesting)
Annual variable with performance hurdles
Base Salary & Benefits
PrincipleDesired Outcome
Competitive•Attract and retain high quality talent by offering packages
benchmarked against a market peer group of companies.
•Attract international, low cost of capital investors.
Aligned•Align performance of management with delivery of long-term
sustainable shareholder value.
•Align behaviours of management with shareholder goals and
risk appetite.
Reward
Performance
•Motivate delivery of successful outcomes by linking the
quantum of reward with the quantum of business
performance outcomes as measured by shareholder value.
Fair and
Flexible
•Fairly distribute and reward performance, based on the relative
influence of the individual on the business outcomes and the
impact on business ability to fund the reward.
Simplicity•Create transparency and clarity of expectation through the
selection of a focused set of targets.