Meridian Energy monthly operating report for July 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 July 2026

14 August 2026


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

Mike Roan said Meridian was well positioned to help meet record monthly demand thanks to strong
renewable generation.

“New Zealand experienced record July electricity demand, with daily demand records broken multiple
times during the month. The sector and Meridian stood up to the test, with carefully
managed hydro storage levels supporting increased renewable generation across Meridian’s
portfolio.”

Key points this month include:
▪ In the month to 10 August 2026, national hydro storage decreased from 136% to 128% of
historical average.
▪ South Island storage decreased to 138% of average and North Island storage decreased to 88%
of average by 10 August 2026.
▪ Meridian’s July 2026 monthly total inflows were 162% of historical average.
▪ Meridian’s Waitaki catchment water storage
1
at the end of July 2026 was 145% of historical
average.
▪ Snow storage in Meridian’s Waitaki Catchment was 105% of average in early August.
▪ Water storage in Meridian’s Waiau catchment was 158% of average at the end of July 2026.
▪ July was warm and wet for the South Island and dry for the North Island. Temperatures and
rainfall were above average for the South Island, whereas the North Island had average
temperatures and well below average rainfall.
▪ National electricity demand in July 2026 was a record July level and 1.9% higher than July 2025.
Excluding New Zealand Aluminium Smelters Ltd (NZAS), demand is 1.5% higher than July 2025.
▪ NZAS average load during July 2026 was 581MW, compared with 552MW 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 July 2026 were 2.3% higher than July 2025.
▪ Compared to July 2025, segment sales in residential were 13.6% higher, small medium business
3.0% higher, large business 7.4% higher, agriculture 1.8% higher and corporate 7.6% lower.


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

ENDS




1
Waitaki water storage levels exclude any Lake Pūkaki storage below 518m above sea level.

m e r i d i a n e n e r g y . c o . n z
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

7 cm
July 2026
Monthly operating report
14 AUGUST 2026

July key points
In the month to 10 August 2026, national hydro storage decreased from 136% to 128% of historical average.
South Island storage decreased to 138% of average and North Island storage decreased to 88% of average by 10 August 2026.
Meridian’s July 2026 monthly total inflows were 162% of historical average.
Meridian’s Waitaki catchment water storage at the end of July 2026 was 145% of historical average.
Snow storage in Meridian’s Waitaki catchment was 105% of average in early August.
Water storage in Meridian’s Waiau catchment was 158% of average at the end of July 2026.
July was warm and wet for the South Island and dry for the North Island. Temperatures and rainfall were above average for the South
Island, whereas the North Island had average temperatures and well below average rainfall.
National electricity demand in July 2026 was a record July level and1.9% higher than July 2025. Excluding New Zealand Aluminium
Smelters Ltd (NZAS), demand is 1.5% higher than July 2025.
NZAS average load during July 2026 was 581MW, compared with 552MW 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 July 2026 were 2.3% higher than July 2025.
Compared to July 2025, segment sales in residential were 13.6% higher, small medium business 3.0% higher, large business 7.4% higher,
agriculture 1.8% higher and corporate 7.6% lower.
14 AUGUST 2026MONTHLY OPERATING REPORT FOR JULY 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%
Jun 21Dec 21Jun 22Dec 22Jun 23Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in July 2026 was a record July level
and 1.9% higher than July 2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during
July 2026 was 581MW, compared with 552MW a year ago, when
Meridian and NZAS had agreed a 50MW demand response
reduction from March 2025 to August 2025.
July was warm and wet for the South Island and dry for the North
Island. Temperatures and rainfall were above average for the
South Island, whereas the North Island had average temperatures
and well below average rainfall.
Demand in the last 12 months was 3.8% higher than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 5.2% at the end of June 2026.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 14.2% at the end of June
2026.
14 AUGUST 2026MONTHLY OPERATING REPORT FOR JULY 2026
PAGE 3
Source: Electricity Authority
Source: Electricity Authority

0
50
100
150
200
250
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 April 202611 May 2026
9 June 20267 July 20265 August 2026
0
50
100
150
200
250
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 April 202611 May 2026
9 June 20267 July 20265 August 2026
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (10 August 2026)
Average storage (93yr)19922004200820122023202420252026
Market data
July 2026 saw further decreases in the ASX electricity futures prices.
Since February 2026, future quarterly prices for 2027 to 2029 have
fallen more than 20%, primarily driven by committed new
generation buildout.
National storage decreased from 136% of average on 13 July 2026
to 128% of average on 10 August 2026.
South Island storage decreased to 138% of historical average by 10
August 2026 and North Island storage decreased to 88% of
average.
14 AUGUST 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 JULY 2026
PAGE 4
Source: NZX
Source: ASXSource: ASX
National hydro storage levels exclude any Lake Pūkaki storage below 518m above sea level.

264
178
56
80
291
233
259
208
186
154
155
156
142
163
172
208
234
173
171
150
152
144
141
144
138
150
145
165
161
55
82
109
143
197
190
127
106
122
82
74
49
75
75
66
67
61
63
64
62
67
66
72
74
315
328
347
342
345
327
318
321
374
334
341
304
0
250
500
750
1,000
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
Meridian's retail sales volume*
FY27 ResidentialFY27 SMBFY27 AgriFY27 Large BusFY27 Corporate
FY26 ResidentialFY26 SMBFY26 AgriFY26 Large BusFY26 Corporate
304
150
266
301
300
300
300
301
299
306
305
301
301
303
145
149
153
154
155
157
158
160
160
159
156
152
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
Meridian's customer connections
FY27 MeridianFY27 PowershopFY26 MeridianFY26 Powershop
Retail
Meridian’s customer connection numbers decreased 0.2% during
July 2026 and have increased 10.5% in the last 12 months.
Retail sales volumes in July 2026 were 2.3% higher than July 2025.
Compared to July 2025, segment sales in residential were 13.6%
higher, small medium business 3.0% higher, large business 7.4%
higher, agriculture 1.8% higher and corporate 7.6% lower.
14 AUGUST 2026MONTHLY OPERATING REPORT FOR JULY 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
1
Average 1979-2020202120222023202420252026
0
200
400
600
800
1,000
1,200
1,400
20112012201320142015201620172018201920202021202220232024202520262027
GWh
Financial
year
Meridian's combined catchment inflows
Jul YTD94 year average
Inflows and storage
July 2026 monthly total inflows were 162% of historical average.
Waiau catchment inflows in July 2026 were 164% of historical
average, 174% higher than the same month last year.
Waitaki catchment water storage
1
moved from 2,073GWh to
1,968GWh during July 2026.
Waitaki water storage at the end of July 2026 was 145% of
historical average and 63% higher than the same time last year.
Snow storage in Meridian’s Waitaki catchment was 105% of
average in early August.
Water storage in Meridian’s Waiau catchment was 158% of
average at the end of July 2026.
14 AUGUST 2026
1
Waitaki water storage levels exclude any Lake Pūkaki storage below 518m above sea level.
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 JULY 2026
PAGE 6
Meridian operating information
Source: Meridian
Source: Meridian

0
50
100
150
200
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
Meridian's average generation price*
FY27FY26
0
200
400
600
800
1,000
1,200
1,400
1,600
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY27 HydroFY27 WindFY26 HydroFY26 Wind
Generation
Meridian’s generation in July 2026 was 18.0% higher than the same
month last year, reflecting higher hydro generation andhigher
wind generation.
The average price Meridian received for its generation in July 2026
was 55.9% lower than the same month last year.
The average price Meridian paid to supply its retail customers in
July 2026 was 47.3% lower than the same month last year.
14 AUGUST 2026
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR JULY 2026
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
14 AUGUST 2026
See page 9 for footnotes
MONTHLY OPERATING REPORT FOR JULY 2026
PAGE 8
Meridian operating information
JULYJULYJUNEMAY1 MONTH TO1 MONTH TO
2026202520262026JULYJULY
MONTHMONTHMONTHMONTH20262025
Retail contracted sales
Residential sales v olume (GWh)264 233 234 208 264 233
Small medium business sales v olume (GWh)178 173 161 165 178 173
Agricultural sales v olume (GWh)56 55 49 74 56 55
Large business sales v olume (GWh)80 75 74 72 80 75
Corporate and industrial sales v olume (GWh)291 315 304 341 291 315
Retail contracted sales volume (GWh)870 850 822 860 870 850
Av erage retail contracted sales price
1
($/M Wh)$175.4$172.4$180.3$175.1$175.4$172.4
NZAS sales v olume (GWh)280 267 271 280 280 267
Financial contract sales v olumes
2
(GWh)455 418 334 347 455 418
Av erage w holesale & financial contracts sales price
3
($/M Wh)$101.8$117.1$110.9$111.2$101.8$117.1
Retail customer supply v olumes (GWh)919 892 862 901 919 892
Cost to supply retail customers ($/MWh)$59.7$113.3$42.9$81.9$59.7$113.3
Cost to supply w holesale customers ($/MWh)$42.6$102.2$36.2$77.3$42.6$102.2
Cost of financial contracts ($/MWh)$53.2$105.1$42.7$71.8$53.2$105.1
BESS supply v olume (GWh)6 1 7 6 6 1
Cost to supply BESS ($/MWh)$41.9$86.5$25.8$76.7$41.9$86.5
Demand response payments ($m)-$1.9-$5.4-$1.9-$1.9-$1.9-$5.4
Total New Zealand customer connections
4
454,167 410,865 454,907 456,098

Monthly operating information
14 AUGUST 2026MONTHLY OPERATING REPORT FOR JULY 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.
JULYJULYJUNEMAY1 MONTH TO1 MONTH TO
2026202520262026JULYJULY
MONTHMONTHMONTHMONTH20262025
Generation
Hydro generation v olume (GWh)1,202 1,022 996 1,042 1,202 1,022
Wind generation v olume (GWh)164 135 162 143 164 135
BESS generation v olume (GWh)5 0 6 4 5 0
Total generation volume (GWh)1,371 1,157 1,164 1,189 1,371 1,157
Av erage generation price
5
($/M Wh)$47.7$108.1$44.1$74.5$47.7$108.1
Hedging
Hedging v olume
6
(GWh)497 473 376 421 497 473
Hedging cost av erage price ($/MWh)$196.3$215.9$186.2$185.5$196.3$215.9
Hedging spot rev enue av erage price ($/MWh)$64.6$107.4$43.2$72.7$64.6$107.4
Future contract close outs ($m)-$2.1-$0.7$1.2-$1.0-$2.1-$0.7
Costs
Employee and Operating Costs ($m)27 24 42 24 27 24
Stay in Business Capital Expenditure ($m)4 3 24 5 4 3
I nv estment Capital Expenditure ($m)21 11 28 23 21 11
Total Capital Expenditure ($m)25 14 52 28 25 14

FY27 operating information
14 AUGUST 2026MONTHLY OPERATING REPORT FOR JULY 2026
PAGE 10
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202620262026202620262026202720272027202720272027FY27changeFY27changeFY27changeFY27change
Retail contracted sales
Residential sales v olume (GWh)264
Small medium business sales v olume (GWh)178
Agricultural sales v olume (GWh)56
Large business sales v olume (GWh)80
Corporate and industrial sales v olume (GWh)291
Retail contracted sales volume (GWh)870
Av erage retail contracted sales price ($/MWh)$175.4
NZAS sales v olume (GWh)280
Financial contract sales v olumes (GWh)455
Av erage w holesale & financial contracts sales price ($/MWh)$101.8
Retail customer supply v olumes (GWh)919
Cost to supply retail customers ($/MWh)$59.7
Cost to supply w holesale customers ($/MWh)$42.6
Cost of financial contracts ($/MWh)$53.2
BESS supply v olume (GWh)6
Cost to supply BESS ($/MWh)$41.9
Demand response payments ($m)-$1.9
Total New Zealand customer connections454,167
Generation
Hydro generation v olume (GWh)1,202
Wind generation v olume (GWh)164
BESS generation v olume (GWh)5
Total generation volume (GWh)1,371
Av erage generation price ($/MWh)$47.7
Hedging
Hedging v olume (GWh)497
Hedging cost av erage price ($/MWh)$196.3
Hedging spot rev enue av erage price ($/MWh)$64.6
Future contract close outs ($m)-$2.1
Costs
Employee and Operating Costs ($m)27
Stay in Business Capital Expenditure ($m)4
I nv estment Capital Expenditure ($m)21
Total Capital Expenditure ($m)25

FY26 operating information
14 AUGUST 2026MONTHLY OPERATING REPORT FOR JULY 2026
PAGE 11
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202520252025202520252025202620262026202620262026FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233 259 208 186 154 155 156 142 163 172 208 234 700 +150495 +104461 +100614 +103
Small medium business sales v olume (GWh)173 171 150 152 144 141 144 138 150 145 165 161 494 +38436 +44432 +39472 +31
Agricultural sales v olume (GWh)55 82 109 143 197 190 127 106 122 82 74 49 246 +25530 +51355 -39204 +11
Large business sales v olume (GWh)75 75 66 67 61 63 64 62 67 66 72 74 215 +32192 +18193 +26212 +18
Corporate and industrial sales v olume (GWh)315 328 347 342 345 327 318 321 374 334 341 304 989 +701,015 +331,013 -35979 +9
Retail contracted sales volume (GWh)850 913 880 890 902 876 809 770 876 799 860 822 2,644 +3142,668 +2482,455 +912,481 +172
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$175.1$180.3$171.9+$9.6$143.4+$8.7$152.5+$7.5$174.9+$8.6
NZAS sales v olume (GWh)267 276 271 280 271 280 280
253 280 272 280 271 814 -8832 -10814 +79824 +104
Financial contract sales v olumes (GWh)418 349 291 321 314 432 332 394 523 343 347 334 1,058 +3351,067 +4531,249 +1281,024 +143
Av erage w holesale & financial contracts sales price ($/MWh)$117.1$116.4$111.4$75.8$76.7$71.9$87.8$86.6$92.6$116.3$111.2$110.9$115.1-$6.6$74.6+$4.0$89.3-$5.4$112.8-$15.3
Retail customer supply v olumes (GWh)892 949 925 953 958 927 849 801 917 843 901 862 2,766 +3222,838 +2852,568 +772,605 +196
Cost to supply retail customers ($/MWh)$113.3$184.4$119.3$36.4$69.3$14.0$3.6$49.6$154.2$105.2$81.9$42.9$139.7-$189.3$40.2-$1.7$71.7-$161.9$76.5-$149.0
Cost to supply w holesale customers ($/MWh)$102.2$186.2$112.2$26.8$52.8$4.9$1.9$39.2$151.7$105.2$77.3$36.2$134.0-$202.4$27.9-$2.1$65.1-$170.9$72.9-$150.0
Cost of financial contracts ($/MWh)$105.1$171.5$117.5$32.7$58.2$16.5$13.3$40.7$111.4$107.8$71.8$42.7$130.4-$199.9$33.6-$6.6$63.0-$144.9$74.4-$145.6
BESS supply v olume (GWh)1 2 3 4 4 3 2 4 4 5 6 7 5 +511 +1110 +818 +14
Cost to supply BESS ($/MWh)$86.5$138.1$73.7$11.1$30.6$14.3$0.9$29.4$118.5$64.0$76.7$25.8$95.1+$0.0$19.3+$0.0$55.4-$249.553 -$181.7
Demand response payments ($m)-$5.4-$3.1-$1.9-$2.5-$1.9-$1.9-$2.0-$1.9-$2.0-$1.9-$1.9-$1.9-$10.4+$38.3-$6.3+$34.5-$5.3+$17.2-$4.8+$34.9
Total New Zealand customer connections410,865 450,317 452,970 454,057 455,035 457,336 456,274 465,780 464,985 459,998 456,098 454,907 452,970 +79,300457,336 +74,628464,985 +70,034454,907 +49,835
Generation
Hydro generation v olume (GWh)1,022 1,030 931 1,083 1,072 1,281 1,214 949 1,085 868 1,042 996 2,982 +4583,435
+3983,248 +4302,905 +341
Wind generation v olume (GWh)135 148 220 217 155 176 158 130 124 137 143 162 504 -5548 +30412 +81442 -10
BESS generation v olume (GWh)0 1 2 2 3 2 1 3 2 4 4 6 3 +37 +76 +613 +12
Total generation volume (GWh)1,157 1,179 1,153 1,302 1,229 1,459 1,373 1,082 1,211 1,008 1,189 1,164 3,490 +4573,990 +4363,666 +5163,360 +343
Av erage generation price ($/MWh)$108.1$176.6$109.9$28.0$57.9$6.8$1.1$41.3$146.5$100.5$74.5$44.1$131.8-$174.3$29.5-$3.0$61.0-$150.5$71.8-$137.4
Hedging
Hedging v olume (GWh)473 472 437 472 440 420 417 460 460 424 421 376 1,382 +481,332 +3201,336 -51,221 -32
Hedging cost av erage price ($/MWh)$215.9$218.2$213.7$127.0$122.2$125.0$139.5$142.6$139.9$187.4$185.5$186.2$216.0+$5.6$124.8-$31.2$140.7-$20.5$186.4-$15.6
Hedging spot rev enue av erage price ($/MWh)$107.4$174.2$115.7$36.4$67.3$18.7$8.0$50.3$143.5$107.2$72.7$43.2$132.9-$162.7$41.0-$4.6$69.2-$156.5$75.6-$144.5
Future contract close outs ($m)-$0.7-$1.0-$2.3$0.4$2.4-$1.5-$1.6-$0.9-$3.6$0.5-$1.0$1.2-$4.0$21.5$3.1-$4.4-$6.1$9.9$1.1$3.3
Costs
Employee and Operating Costs ($m)242427262526222225252442$76-$4$77+$9$69+$3$92+$16
Stay in Business Capital Expenditure ($m)3595555977524$18+$4$16-$5$20+$7$36+$3
I nv estment Capital Expenditure ($m)1111461110131718202328$26-$7$27-$10$48+$36$72+$39
Total Capital Expenditure ($m)141613111615182525282952$43-$3$42-$15$68+$44$108+$42

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
14 AUGUST 2026MONTHLY OPERATING REPORT FOR JULY 2026
PAGE 12