Meridian Energy Limited 2026 Full Year Financial Results

Release






M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d
L e v e l 2 , 9 8 C u s t o m h o u s e Q u a y , W e l l i n g t o n 6 0 1 1

m e r i d i a n e n e r g y . c o . n z
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian delivers a strong result and renewables growth


26 August 2026

Meridian Energy has reported operating cash flows of $810 million for the year ended 30 June 2026,
up from $318 million the previous year. The company recorded a net profit after tax of $130 million,
compared with a net loss after tax of $452 million in FY25.


EBITDAF was $1,051 million, up from $611 million, while underlying net profit increased from $56
million to $308 million. Both are non-GAAP measures.


Behind these results was an increase in energy margin from $982 million to $1,471 million. The year
was a strong contrast with FY25, when Meridian’s annual result was impacted by two severe droughts
and a $300 million investment in hedge and demand response contracts to help maintain security of
supply during winter 2024.


“This is a result that strengthens our financial resilience as we continue to build at pace. Delivering
clean, affordable energy and advancing New Zealand’s energy independence are becoming more
critical. Our job is to develop renewable and firming assets in a way that benefits customers, creates
value for shareholders and strengthens New Zealand’s long-term energy resilience,” says Meridian
Chief Executive Mike Roan.

“We know New Zealanders want to see lower power prices, and that's more likely as new renewable
generation continues to be built across New Zealand. We're already seeing positive signs, with
wholesale forward prices easing during 2026, which is enabling us to reduce prices for commercial
and industrial customers as they come up for renewal.”

“We have committed to ensuring that, for residential and small business customers, the average price
increase in the energy component
1
of the bill across all our plans will be held below the rate of
inflation over the next year. Customers, though, are still facing at least three more years of regulated
increases in lines and transmission charges.”

The work Meridian and others across the sector are doing to build new generation and make
electricity more affordable will also strengthen New Zealand's economy.


“New Zealand has a tremendous long-term advantage when it comes to electricity. We already
operate one of the world’s most renewable electricity systems, providing a strong foundation to
electrify more of our economy. That creates a significant opportunity to support productivity,
reduce
emissions,
attract investment and strengthen our international competitiveness. Electricity is
increasingly the fuel of a modern economy and Meridian is committed to playing its part in supporting
New Zealand’s long-term prosperity,” says Mike Roan.


1
Excludes network, governmental and other retail charges such as metering.

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The Board declared a final ordinary dividend of 16.10 cents per share, bringing the total ordinary
dividends declared in FY26 to 22.50 cents per share – a 7.1% increase on the previous year. The
Board has approved continuation of the Dividend Reinvestment Plan at a 0% discount.


The company has also committed funds to support customers and communities in need, with the
Board approving an additional $7 million to extend Meridian’s Energy Wellbeing Programme through
to 2030, and a $1 million top-up to the company’s Community Decarbonisation Fund, which helps
local community groups reduce costs and emissions through EVs, solar panels and batteries.

“Cost-of-living pressures remain and we are doing what we can to help. Since launching our Energy
Wellbeing Programme in 2023, we’ve supported more than 4,000 households experiencing energy
hardship, and what makes this programme different is how it works – not in isolation, but through a
network of more than 20 trusted community partners who wrap their support around customers. This
approach is making a real difference and, with this new investment, our aim is to support 10,000
households by 2030,” says Mike Roan.


“Our Community Decarbonisation Fund is also making a real impact, channelling the proceeds from
the sale of our Certified Renewable Energy products back into communities. This year, $1.8 million
went to support 37 not-for-profit organisations to electrify their operations. That means lower ongoing
costs, less reliance on fossil fuels and more going directly to the communities those organisations
serve. Given the strong demand and impact we’re seeing, we’re confident the extra $1 million this
year will deliver a lot more support to communities in need.”


Renewable Development

FY26 was a year of major highlights for Meridian’s Development team. One of the most significant
was securing resource consent for the continued operation of the Waitaki Power Scheme for the next
35 years. The Waitaki scheme has been at the heart of New Zealand’s electricity system for
generations and remains a strategic asset for both Meridian and the country. The company was also
granted access to an additional five metres of contingent storage at Lake Pūkaki for the next three
years to help manage system security while new generation is built.


Meridian currently has two projects under construction: the 130MW Ruakākā Solar Farm and 200MW
stage 1 Te Rahui Solar Farm – a joint venture with Nova, which is responsible for construction
management. Consents were secured for the 90MW Mt Munro Wind Farm and the 120MW
Bunnythorpe Solar Farm, and the company also had its proposed Waiinu Energy Park admitted to the
Fast-track process.


“We are determined to maintain this momentum and in the next 12 months expect to announce final
investment decisions for Mt Munro, Te Rere Hau and either stage two of Te Rahui or the integrated
solar and battery Bunnythorpe Energy Park. Building new renewable generation and firming assets
are the most important things we can do to make power more affordable for homes and businesses.
We also continue to explore opportunities for new hydro development for long-term system firming,”
says Mike Roan.

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Retail

Meridian’s Retail business continued to bring its Next Gen Retail operating model to market, and by
year end 175,820 retail and commercial customers had been migrated to the new Kraken platform.
While migration has delivered important strategic capability, there have been some customer impacts
associated with the transition, including challenges following the launch of the new Powershop app
and longer than desired customer service wait times.

“Some customers have not had the experience they have come to expect from us, but we are focused
on resolving these issues, improving customer support and developing new products that will make
energy more affordable,” says Mike Roan.


“Despite these challenges, our overall Retail performance has been very strong and the net position
at the end of the year reaffirms our Retail Strategy. A highlight has been the success of our Smart Hot
Water plan, which now saves more than 30,900 Meridian and Powershop customers about $120 a
year by switching off hot water cylinders during peak periods.”

Meridian’s EV charging network also continued to expand. This year the company added 140 charge
points across New Zealand, with plans to bring even more charging to the central and upper North
Island in the near future. Meridian now has 519 EV charge points across the country and is on track to
achieve its goal of delivering 1,000 public charge points by 2030.


Generation

The Generation team maintained high operational standards to maximise generation availability and
output through engineering improvements, modelling and optimised maintenance timing across
Meridian’s hydro stations and wind farms.


The company’s DigiGEN Programme was established and is already delivering strong results. The
pilot delivered more than $1.2 million in annualised revenue opportunities and operational cost
savings, and has strengthened Meridian’s generation assets by reducing manual effort and supporting
better-informed decisions through digital tools.


“DigiGEN has the potential to unlock significant long-term value for Meridian and its shareholders. It
will improve how we respond to market conditions and help keep our generation and storage assets
competitive as the energy system evolves. By combining engineering expertise with digital tools, we
can build more resilience, capacity and revenue from our existing assets,” says Mike Roan.


Sustainability

This year brought important external recognition of Meridian’s longstanding commitment to
sustainability, with the company included in the S&P Dow Jones Best-in-Class World Index.


“Meridian is the only New Zealand company currently represented in the World Index and just the
second New Zealand company ever. While external rankings are not an end in themselves, this
recognition reflects years of disciplined work to build a business capable of delivering strong
commercial performance alongside positive environmental and social outcomes. Sustainability and
long-term shareholder value creation go hand in hand,” says Mike Roan.

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

Approved 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

---

Delivering for
Aotearoa New Zealand
MERIDIAN ENERGY INTEGRATED REPORT 2026

Strengthening our country’s
energy resilience
We continue to navigate a dynamic
and challenging environment to
deliver long-term benefits for
New Zealanders. Despite the
scrutiny the sector is subject to,
we are confident that our
well-progressed development
pipeline, hydro station capacity
increases, and initiatives like the new
retail technology platform, will help
us fulfil our strategy, make electricity
more affordable, and strengthen the
energy independence needed to
enable national economic growth.
The approval of Waitaki reconsenting
and Pūkaki contingent storage, were
just two of many successes in a very
busy year that lifted our momentum.
Crucially, none of this has distracted
from our insistence on championing
climate action and protection of
the natural world. At the midpoint
in a ‘must-deliver decade’ for our
business, we are now independently
recognised as one of the world’s most
sustainable companies.
MENU2MERIDIAN ENERGY INTEGRATED REPORT 2026

Our Integrated Reporting suite
In addition to our Integrated Report, we prepare and publish a
range of supplementary documents providing additional detail
on our operations and performance for FY26.
OTHER DOCUMENTS IN OUR INTEGRATED REPORTING SUITE
INTEGRATED REPORT DATA PACK bit.ly/4wf2AoR
Key data points and detail in an excel file
CLIMATE ACTION PLAN bit.ly/4fmuvMf
Initiatives to support decarbonisation, grow renewables,
and reduce our emissions to reach net zero by 2050
CLIMATE-RELATED DISCLOSURES bit .ly/4y vB KKG
Meridian is a climate reporting entity for the purposes
of the Financial Market Conducts Act, these disclosures
include risks and opportunities for our business in helping
the country transition to a low-carbon economy (includes
our greenhouse gas emissions inventory report)
CORPORATE GOVERNANCE STATEMENT bit.ly/44EtfiE
Snapshot of our corporate governance practices, processes,
and policies following the recommendations in the NZX
Corporate Governance Code
MODERN SLAVERY STATEMENT bit.ly/4yuqLkF
Risks of modern slavery in our operations and supply chain
and how we are responding
This Integrated Report reviews our financial, economic,
social and environmental performance for the financial
year ended 30 June 2026 (FY26) and outlines how we’re
applying our strategy to create value for the short, medium
and long term.
Specifically, it shows how we
generate that value by developing
and delivering reliable and
sustainable energy, maintaining
financial and operational discipline,
using data to inform our decisions,
developing our people, keeping
them safe and always acting in
ways that align with our purpose
of Clean Energy for a Fairer and
Healthier World.
This report has been prepared using
the International Integrated Reporting
Framework and the 2021 Global
Reporting Initiative (GRI) Standards.
The report covers the performance
of all members of the Meridian
Group
1
and the focus is mostly on
Group performance. Many of the
topics discussed centre on the
parent company, mainly because
the other businesses represent less
than 10 percent of the Group’s
overall revenue.
1 See Financial statements Note E4 Group Structure
The Board has established processes
to ensure the quality and integrity
of the annual Integrated Report.
Deloitte Limited has provided limited
assurance for GRI disclosures as
identified in the GRI content index.
The financial statements have been
prepared using appropriate financial
reporting standards and have been
assured by Deloitte Limited on behalf
of the Auditor-General.
Dated 25 August 2026
Signed on behalf of the Board by:
About this
Integrated Report
JULIA HOARE
CHAIR, AUDIT AND FINANCIAL RISK COMMITTEE
MARK VERBIEST
CHAIR
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU3

Contents
3About this Integrated Report
3Our Integrated Reporting
suite
5Chair and Chief Executive
reports
6Navigating the challenges
12Re-energising our country
13Our strategy
14Our strategy map
15Delivery against our priorities
16What matters most
19Grow renewable generation
20Progress against strategy
21Striking the right balance
22Our developments are
progressing well
25Renewable development
pipeline
26Case study: Ruakākā Solar
well underway
27Deliver cleaner, cheaper
energy
28Progress against strategy
30Customers at the heart of
our evolution
32Growing our Meridian public
charging network
50Case study: Celebrating
20 years of Power Up
51Listening builds
good relationships
51Ten years of supporting
Kākāpō Recovery
51Thirteen years as principal
partner of KidsCan
51Global recognition for our
sustainability performance
52Strengthening core capital
55About us
56Our commitment to
effective governance
58Our Board
59Our Executive Team
60Delivering clean energy
61How we create value
62Our material impacts
65Remuneration report 2026
66Report from the Chair of the
People, Remuneration and
Culture Committee
68Remuneration governance
68Remuneration policy
69Remuneration and reward
72Key performance summary
79Chief Executive remuneration
85Meridian share ownership
85ESG disclosures
87Remuneration bands
87Director remuneration
89Further disclosures
105Financial statements
148Independent Auditor’s
Report
152Independent Assurance
Report
154GRI Standards content index
158Directory
32Achieving access to energy
for all
33Deliver operational
excellence
34Progress against strategy
35A powerful earnings
turnaround
35Making the most of
our assets
36Continued focus on security
and AI
36DigiGEN to digitise and
deliver savings
38Case study: A bold as brass
answer to galling
39Grow capability and culture
40Progress against strategy
43Strong engagement result at
a time of change
43Launching a Leadership
Framework for all
44Representing the country
we serve
46Building on our safety culture
48Early wellbeing interventions
support better business
outcomes
49Electrifying businesses
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU4

Chair and
Chief Executive reports
MARK VERBIEST, CHAIR
MIKE ROAN, CHIEF EXECUTIVE
This year’s result reflects
Meridian’s ability to strongly
recover from a challenging
2024/25 year and continue
to deliver long-term value
for shareholders. It also
demonstrates our ability
to adapt to a constantly
changing world.
MENU5CHAIR AND CHIEF EXECUTIVE REPORTSMERIDIAN ENERGY INTEGRATED REPORT 2026

Navigating the challenges
Message from the Chair
Tēnā koutou
This year, the Board and Executive
Team were critically focused on three
core priorities: demonstrating financial
discipline, supporting our customers
through ongoing cost-of-living
pressures, and building more projects in
our renewable generation programme.
This year’s result reflects Meridian’s
ability to strongly recover from
a challenging 2024/25 year and
continue to deliver long-term value
for shareholders. It also demonstrates
our ability to adapt to a constantly
changing world. Over the past two
years, the decline of domestic gas as
a transition fuel has fundamentally
altered the operating environment
for the electricity sector. In response,
Meridian has taken practical steps to
strengthen resilience, improve energy
security and better manage dry-year
risk, while also assisting customers to
work through the transition.
While many of these actions occur
behind the scenes, they are critical to
maintaining a business that can continue
to perform for customers, communities
and investors through both normal
conditions and periods of stress.
During a period that demanded
significant adjustment from both the
company and the wider electricity
sector, we saw our people collaborating
effectively, making difficult decisions
and taking a long-term sector-wide
perspective. This approach is central to
our ability to deliver for shareholders
while continuing to serve the country
and our customers well.
The Board is conscious that this year’s
performance has been achieved
during a period when many New
Zealand households and businesses
continue to face significant financial
pressure. The cost of energy remains
an important issue and rightly attracts
public attention and scrutiny. We
remain confident that the most
effective long-term path to greater
affordability is investment in new
renewable generation. Increasing
supply and reducing reliance on
fossil-fuelled generation remains the
best way to improve energy security
while putting downward pressure on
wholesale electricity prices over time.
Encouragingly, the substantial
investment being committed across
the sector is already beginning to
have an impact. Futures wholesale
electricity prices have fallen materially,
reflecting the confidence that new
renewable generation has helped
close the supply gap left by declining
domestic gas availability. Over time,
these benefits should begin flowing
through to customers and the
broader economy.
This highlights an important point.
If New Zealand is to meet its future
electricity needs and support economic
growth, it must continue attracting
investment into new generation. This
is important for both energy security
and prices faced by customers. Large-
scale renewable developments require
long investment horizons, significant
capital commitments and confidence
in future market settings and returns.
Stable policy settings and efficient
consenting pathways both play
an important role in ensuring the
necessary investment occurs.
As a country, New Zealand has a
tremendous advantage. We already
operate one of the world’s most
renewable electricity systems,
providing a strong foundation
from which to electrify more of
our economy. We believe this
creates a significant opportunity
not only to reduce emissions, but
to support productivity, attract
investment and strengthen our
international competitiveness.
Electricity is increasingly becoming
the fuel of a modern economy and
Meridian is committed to playing its
part in supporting New Zealand’s
long-term prosperity.
One of the most significant
milestones for Meridian this year was
securing resource consent for the
continued operation of the Waitaki
Power Scheme for the next 35
years. This scheme has been at the
DIVIDE ND DATES
4 September 2026
Record date
3–9 September 2026
Dividend Reinvestment Plan
price determination period
7 September 2026
Final election date for
Dividend Reinvestment Plan
22 September 2026
Dividend paid and new
shares issued under the
Dividend Reinvestment Plan
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU6CHAIR AND CHIEF EXECUTIVE REPORTS

heart of New Zealand’s electricity
system for generations and remains
a strategic asset for both Meridian
and the country. Securing long-term
certainty over its future operation
provides confidence for customers,
investors, local communities and the
wider economy, while supporting
the ongoing role of renewable hydro
generation within our energy system.
This year also brought important
external recognition of Meridian’s
longstanding commitment to
sustainability. We were pleased to
be included in the S&P Dow Jones
Best-in-Class World Index. Meridian
is the only New Zealand company
currently represented in the World
Index. We are also only the second
New Zealand company ever and one
of just ten electric utilities globally. This
recognition reflects years of disciplined
work to build a business capable
of delivering strong commercial
performance alongside positive
environmental and social outcomes. It
reinforces our belief that sustainability
and long-term shareholder value
creation go hand in hand.
The Board has maintained a close
focus on ensuring Meridian continues
to deliver sustainable long-term
returns, while retaining the financial
strength needed to fund growth.
The significant improvement in
our financial performance this
year reflects disciplined execution,
favourable operating conditions and
the benefits of strategic decisions
made during, and learnings from, a
more challenging period. While we
are pleased with the recovery, we
remain mindful that electricity markets
will continue to experience volatility,
and that resilience must remain a core
capability of the business.
Recognising the strength of this year’s
performance, the Board has declared
a final ordinary dividend of 16.10 cents
per share. Combined with the interim
dividend, this brings total ordinary
dividends declared for FY26 to 22.50
cents per share. While returns to
shareholders remain important, so too
does maintaining the balance sheet
strength required to support future
investment. Meridian’s development
pipeline remains one of the most
significant in the sector, and the
Board remains committed to ensuring
the company is well-positioned to
fund growth opportunities while
maintaining financial discipline.
The breadth of experience
around the Board table remains a
considerable strength, enabling us
to bring diverse perspectives to the
opportunities and challenges facing
both Meridian and the wider sector.
There was one Board change during
the year. Michelle Henderson stepped
down to take up the General Manager
and Chief Executive role with New
Zealand Aluminium Smelters.
On behalf of the Board, I would like
to sincerely thank Michelle for her
contribution and service and wish
her every success in the future.
The Board appointed Kylie Reiri as its
next Future Director during the year.
Kylie’s appointment was effective
from 3 November 2025. The Future
Director Programme of the Institute of
Directors is designed to grow the next
generation of directors in Aotearoa.
Future Directors attend Board
meetings and contribute to discussion.
They do not have voting rights and
are not involved in any decision
making. In August 2026, Meridian
announced Fraser Whineray has been
appointed to the Board as a Non-
Executive Director, with effect from 28
September 2026. Fraser brings deep
executive leadership and governance
experience across the energy,
infrastructure and primary industry
sectors as well as in capital markets.
Fraser will retire and seek formal
shareholder approval for his election
at the Annual Shareholders’ Meeting
which will take place later this year. The
Meridian Board has determined that
Fraser is an independent director.
New Zealand finds itself at an
important point in its energy transition.
The choices made over the coming
decade will influence the affordability,
security and sustainability of our
energy system for generations.
We believe the opportunity before
us is clear: to continue investing in
renewable generation and support
the electrification of the economy.
Doing so will require investment,
partnership and a willingness to think
beyond short-term cycles in pursuit
of long-term outcomes.
Meridian’s purpose of clean energy for
a fairer and healthier world has never
felt more relevant. It provides a clear
connection between the role we play
for customers, communities, investors
and the country. Equally important are
the values that shape how we work
every day – they are the behaviours
that enable our people to navigate
complexity, build trust and make
decisions that create enduring value.
On behalf of the Board, I would like
to thank our customers, communities,
iwi, partners and investors for your
continued confidence and support.
Most of all, I want to acknowledge
our people. This year’s performance
reflects not only their capability and
commitment, but also their belief in
the role Meridian can play in helping
New Zealand thrive.
Ngā manaakitanga
Mark Verbiest
Chair
Meridian Energy Limited
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU7CHAIR AND CHIEF EXECUTIVE REPORTS

Message from the
Chief Executive
Tēnā koutou
This year was full, challenging and
satisfying and Meridian’s Executive
Team made strong progress
delivering against strategy while
continuing to adapt to a rapidly
changing environment.
The decline of domestic gas, ongoing
concerns regarding dry-year risk and
affordability pressures for customers
have reinforced the importance
of the choices we are making –
to build more renewable generation,
evolve dry-year risk management,
strengthen operational resilience,
support customers, and grow the
capability needed to deliver over
the long term.
The Chair has set out the broader
context for the sector and for
Aotearoa New Zealand. From a
management perspective, the
focus this year has been on delivery:
producing a stand-out financial
result, testing and confirming risk
management tools, progressing
the development programme, and
continuing to improve the way we
serve customers. In essence, looking
for opportunities to support and
grow your investment in the business
now and into the future.
2 EBITDAF is a non-GAAP financial measure of earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges, and asset-related adjustments.
As 2026/27 unfolds and the benefits
of the massive levels of investment
going into new renewable generation
flow through to customers, our
attention will turn to supporting
economic growth as electricity is
increasingly becoming the fuel
that will power our economy.
New Zealand’s relative stability
should support economic growth and
we believe we can play an important
part in supporting New Zealand
exporters to expand while bringing
new business to our shores.
Stable underlying conditions helped
this year’s result, with a ready
supply of water and wind. But the
financial performance also reflects
portfolio improvements, stronger
retail revenue and a disciplined
response from teams across the
business. Operating cash flows of
$810 million for the year ended
30 June 2026 were up $492 million,
or 155 percent, from the previous
year. Net profit after tax was
$130 million, compared with a
$452 million loss in the previous year.
EBITDAF
2
increased by 72 percent
to $1,051 million, and underlying
net profit rose 450 percent to
$308 million. These outcomes do
not happen by themselves.
While the team was delivering
this result, it was also focused on
strengthening the tools available
to manage dry-year and market risk.
The addition of the Huntly Strategic
Energy Reserve contract, together
with available demand response from
NZAS, has improved the underlying
risk position. When combined with
the ability to release additional hydro
storage over the next three years,
Meridian has markedly reduced
its exposure to dry-year cost and
risk while improving overall system
security, which has had a positive
flow on effect to wholesale pricing.
The balance sheet also provides
ongoing support, with a
stable/BBB+ credit rating supporting
both ongoing operational variability
and significant investment in
new generation.
This year’s result reflects Meridian’s
ability to recover quickly and
decisively from the setbacks of the
previous year, and to make changes.
Management is also adjusting the
way we think about hydro generation.
As more wind and solar enter the
system, hydro will increasingly act
as a firming fuel, supporting the
national system at peak periods
and when wind and solar are not
available. Not only do we believe
that hydro, and the combination
of Waitaki chain and Manapōuri
in particular, are the most valuable
assets in the electricity sector, but
hydro generation and storage is the
best, cleanest and cheapest solution
for system firming and managing dry-
year risk. Part of our long-term plan
is to test whether extending existing
hydro reservoirs by more than the
545GWh secured this year can
provide the flexibility needed while
supporting affordability.
We know New Zealanders have
strong views about water and how it
is used. Those concerns are legitimate
and relate to water quality, availability,
access, ownership and the proper
management of infrastructure.
Maintaining water quality and
ensuring standards in our hydro
catchments are clearly defined and
are responsibilities that Meridian’s
Executive Team takes very seriously.
As we progress the development
programme, we will continue to work
closely with communities, listen to
concerns, minimise impacts where
we can, and look for practical ways to
strengthen local outcomes.
There have been concerns raised
about releasing more water from
Pūkaki and we have made clear
commitments that security of supply
remains a key focus. Our analysis
indicates that security of supply,
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU8CHAIR AND CHIEF EXECUTIVE REPORTS

customer benefits and shareholder
benefits are all possible if we are
to harness more electricity made
from water. It is now up to us to
prove that point.
At the same time, we are building as
fast as we can. The 130MW Ruakākā
and stage one of the 200MW
Te Rahui solar farms are under
construction and full power of the
former is anticipated by July 2027.
The Power Purchase Agreement
with Tauhei Solar Farm took effect
when that development began
producing electricity and full power
is anticipated in December 2026.
We also secured consent for an
integrated solar and battery farm
near Palmerston North which will be
valuable as it has built in flexibility.
During the new financial year, and
if conditions warrant, we expect to
announce final investment decisions
for Mt Munro, a Wairarapa wind farm
of up to 90MW, the 176MW Te Rere
Hau Wind Farm near Palmerston
North and either stage two of Te
Rahui, near Taupō, or the integrated
solar and battery project, which is also
near Palmerston North. We received
the key remaining resource consent
for Te Rere Hau at the end of July. This
will enable the 172MW repowering to
be a focus for the new financial year.
The 176MW Harapaki Wind Farm
and the 100MW/200MWh Ruakākā
Battery Energy Storage System (BESS)
are now operating, and the Ruakākā
BESS is already helping reduce costs
for our business by narrowing price
differences between the North and
South Islands.
Given the progress we have made,
we will soon need to update the 7
in 7 development goal as Meridian’s
development programme is now
ahead of that schedule. The goal
back in 2023 was to develop seven
new wind, solar or battery farms over
seven years but based on the growth
in consents held and the economics
of those developments, the same
framing would now look more like 9
in 7. We will provide more insight on
what an updated commitment looks
like in 2027.
Customers have remained front of
mind throughout the year. Cost-of-
living pressures are ongoing, and
we are doing what we can to help.
Around 31,000 Meridian and
Powershop customers are now on
our hot water plan, which saves about
$120 a year by switching off hot
water cylinders during peak periods.
ABOVE: Manapōuri Lake Control Structure, Mararoa Weir.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU9CHAIR AND CHIEF EXECUTIVE REPORTS

Three years ago, the Board
committed $5 million to support up
to 5,000 Meridian and Powershop
households in energy hardship
through to FY28. So far, we have
assisted around 4,000 customers
through wraparound support from a
network of providers. Since launching
the Energy Wellbeing Programme in
2023, we’ve seen the benefit of the
work we do with our partner network.
That’s why we have made a decision
to extend our commitment, with a
goal to support 10,000 customers
experiencing hardship by 2030.
We also maintain our commitment
to not disconnect any customer who
works with us in good faith to remedy
the challenges they may be facing.
Supporting communities is not
separate from what we do as
a business – and we believe
electrification plays a key role in
lowering energy costs over time.
We’re focused on making that
transition accessible to more people.
This year, through our $1.8 million
Decarbonisation Fund, we supported
37 not-for-profit organisations to
electrify their operations. That means
lower ongoing costs, less reliance
on fossil fuels, and more of their
funding going directly back into
the communities they serve.
Given the strong demand and the
impact we’re seeing, we have taken
the decision to step this work up –
Meridian will boost the proceeds
from the net revenue generated
from Certified Renewable Energy by
a further million dollars. This should
lift the fund up to $3 million in the
new financial year to help even more
organisations reduce costs, build
resilience, and continue their vital
community work.
Importantly, we know this approach
delivers real value. Independent
analysis shows that for every dollar
we invest in these programmes,
around three dollars of value is
created for the community. That’s
not just a return on investment –
it’s a meaningful, measurable impact
on people’s lives.
We are committed to continuing
this momentum – finding new ways
to make energy more affordable,
supporting customers to manage
their usage, and accelerating the shift
to cleaner, smarter energy solutions.
Of course, what people are looking
for is lower power prices, and this will
come as more renewable generation
is built. This year forward prices
have fallen, and this has enabled
us to reduce the prices we offer to
commercial and industrial customers
who are renewing their contracts.
We expect these forward prices
to also put pressure on the energy
prices we charge homes and small
businesses, but with a few more years
of regulated increases in lines and
transmission charges still to come,
the total amount these customers
are billed may still increase over the
short term.
In a highly competitive market, our
retail business continued to grow,
supported by the acquisition of the
Flick hedge book and customer
contracts. Sales volumes were up
12 percent year-on-year and the
number of customers lifted to
454,907, with Powershop growing
by 9,535 and Meridian by 40,300
customer connections. We also
continued to bring the ‘Next Gen
Retail’ operating model to market,
with Kraken playing a central role
in delivering better customer
experiences and a deeper product
set over time.
By year end, 175,820 retail and
commercial customers had been
migrated to the new retail platform,
Kraken. While this has been slower
than planned, the programme is still
progressing at twice the speed of the
most recent migration we completed
only four years ago. The migration has
also reinforced an important lesson:
pace matters, but it is not everything.
The loss of approximately 5,000
Powershop customers after changes
to the app was a clear reminder that
creating new reasons to stay loyal
must not come at the expense of
what customers already value.
Meridian’s EV charging network also
continued to expand. This year, 131
charge points were added across
the South Island, with plans to bring
Meridian’s charging network to the
central and upper North Island in the
near future. There are now 519 EV
charge points on this network across
Aotearoa New Zealand, against a goal
to get to 1,000 public charge points
through to 2030.
And while providing a better
customer experience has been
a key focus for the team, so has
improving the performance of the
core generation assets. This has
included adding approximately
Providing a better
customer experience
has been a key focus,
so has improving the
performance of the
core generation
assets. The Generation
team have added
approximately 75MW
of operational capacity.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU10CHAIR AND CHIEF EXECUTIVE REPORTS

75MW of operational capacity
since 2024 to those assets through
engineering improvements
and modelling, and optimising
maintenance timing to remove
177 outage days and increase
fleet availability by 1.3 percent.
Digital tools, data and AI are
becoming increasingly important
to this work. Through DigiGEN, we
are using data and digital tools to
optimise maintenance and asset
performance, with early opportunities
identified for revenue growth, cost
savings, outage optimisation and
procurement efficiencies. In its first
year, the DigiGEN team identified
$5 million of annualised revenue and
cost-saving opportunities, including
modernised maintenance practices
at Ōhau A, optimising more than 40
outages to save over $500,000, and
moving the generation business to a
centralised procurement function.
Management is also focused on
growing the capability and culture
required to deliver in a more complex
environment. Engagement lifted
between financial years, despite
significant external pressures.
A new Leadership Framework was
deployed to help leaders have better
conversations, provide proactive
support and build consistent
capability across the business.
Creating a workplace where people
feel included and can do their best
work remains important. While this
requires a constant focus, we are
achieving gender balance and senior
female and Māori representation
targets overall.
Safety remains our top priority.
The environment in which many of
our people work requires constant
vigilance. The Learning Teams
Framework, Critical Risk Framework
and focus on safety leadership are
helping build a more mature reporting
culture. While incident figures
increased this year I am confident
the underlying culture is healthy.
During the year there were
few Executive team changes.
We welcomed Mandy Binnie to
Meridian in September 2025 as
Chief Financial Officer.
Being included by S&P in the Dow
Jones Best-in-Class World Index,
the only company in the country to
do so, made us exceptionally proud.
This shows our investors, customers
and the communities we work with
that Meridian stands up to serious
independent scrutiny at a time when
trust really matters.
My thanks to the entire Meridian team
for their energy and commitment.
The progress we have made this year
reflects a determination to find new
and better ways to deliver on our
purpose: clean energy for a fairer and
healthier world. It is this focus that will
deliver for customers, communities
and investors, and importantly, these
actions will underpin the future
success of our economy.
Ngā manaakitanga
Mike Roan
Chief Executive
Meridian Energy Limited
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU11CHAIR AND CHIEF EXECUTIVE REPORTS

Re-energising our country
The electricity sector is a key enabler of our
country’s success and future growth. Meridian
Energy, as one of Aotearoa New Zealand’s largest
organisations, has an important role to play.
TOTAL MARKET CAPITALISATION
FY25: $15.4b
$15.4b
Over the past five years we’ve invested more
than $1 billion in new generation, with a further
$2 billion planned over the next three years.
Multi-
billion dollar
investment
We generate one-third
of the country’s electricity
and provide power to
around 24 percent of
Aotearoa New Zealand’s
households and businesses
through our Meridian and
Powershop brands.
RETURNS FOR AOTEAROA NEW ZEALAND
Around 80 cents of every dollar we pay
in dividends goes to the government
or to Kiwis through their KiwiSaver and
other investments.
80%
FY25: 21cps
FULL YEAR DIVIDEND
22.5cps
FY26 OPERATING CASH FLOW
FY25 $0.32b
$0.81b
CUSTOMER CONNECTIONS
FY25: 405k
455k
FY26 EBITDAF*
FY25: $611m
* EBITDAF is a non-GAAP financial measure
of earnings before interest, tax, depreciation,
amortisation, unrealised changes in fair value
of hedges, and asset-related adjustments.
$1,051m
MENU12MERIDIAN ENERGY INTEGRATED REPORT 2026OVERVIEW AND STRATEGY

Our strategy
Our purpose is to deliver clean
energy for a fairer and healthier
world. We are committed to
contributing meaningfully to our
country’s transition to a net-zero
and climate-resilient future.
Our strategy sets out how we
will deliver on this ambition –
by developing more renewable
generation and firming capacity,
by providing cleaner and cheaper
energy, through operating with
excellence, and by growing our
capability and culture.
Our business model is focused on
creating short, medium and long-
term value by generating electricity
from renewable sources (wind, water
and sun) and retailing electricity
to customers.
We do this within a changing world
and a challenging context.
New Zealanders are dealing with
rising costs of living and energy
costs are one of many increases
affecting households. We
acknowledge that a strong financial
performance, such as we have
delivered this year can seem out of
step with these concerns. However,
these earnings are funding significant
investment in new generation
development, improved service
and innovations for our customers,
keeping the electricity system secure
and reliable, and providing a fair
return to our shareholders.
We also maintain a sharp focus on
climate action. Our climate-related
risks and opportunities are driven
by three factors – immediate physical
impacts such as storms and floods,
gradual climatic changes, and the
wider economic and societal
effects of moving towards a
lower-carbon future.
Our climate-related disclosures
provide analysis of these risks and
opportunities for Meridian’s business.
13%
250k
87
%

OF OUR ELECTRICITY
IS GENERATED BY OUR
EIGHT WIND FARMS
PANELS ARE BEING
INSTALLED AT OUR
RUAKĀKĀ SOLAR FARM
OF OUR ELECTRICITY
IS GENERATED BY OUR
SEVEN HYDRO STATIONS
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU13OVERVIEW AND STRATEGY

Our strategy map
TE K AUPAPA
OUR PURPOSE
Clean energy for a fairer and healthier world
TE RAUTAKI
OUR STRATEGY
Expertly navigate the energy transition for Aotearoa New Zealand
TE KAUPAPA MATUA
OUR PRIORITIES
TE AROTAHINGA
OUR FOCUS
To speed our path to a
resilient, net-zero future
Through innovation
that unlocks value for
customers
So everything we
do aligns to deliver
on our goals
Because how we do
the mahi is what makes
the real difference
• Accelerate Aotearoa New
Zealand’s decarbonisation by
delivering scale energy projects
at pace:
–Build renewable generation
options
–Deliver 7 in 7
–Secure long-term access
to water.
• Grow system flexibility:
–Grow our dispatchable
MW capacity
–Grow hydro storage and the
demand response portfolio
–Develop options for new
large demand
–Grow medium- to long-
duration flexibility.
TE MAHI
OUR KEY INITIATIVES
• Create more value for customers:
–Develop digital capability
–Optimise operations to
achieve scale and grow
customer relationships
–Expand the energy product
set that unlocks value of
transport electrification,
process heat and demand flex.
• Increase community good:
–Continued investment in
energy hardship and
community programmes
that promote equitable
access to the benefits of the
energy transition.
• Advocate for energy sector
regulation and reform that
supports New Zealanders
through the energy transition.
• Build operational flex
and agility while sustaining
excellent asset productivity.
• Implement modern data and
digital systems to promote
collaboration, operational
efficiency, innovation and data-
driven decisions.
• Grow a diverse, inclusive
and skilled workforce that
reflects the country we live in.
• Nurture leadership capability to
support the cultural and digital
maturity of a future Meridian.
• Develop our understanding
of the Māori worldview to help
build long-term relationships
with tangata whenua and
create better outcomes for all.
• Grow safety leadership
maturity as we build into
the energy transition.
• Foster sustainability culture and
leadership that benefits people
and planet, inspires climate
action, and attracts investors.
Grow renewable
generation and
firming capacity
1
Deliver cleaner,
cheaper energy
2
Deliver
operational
excellence
3
Grow capability
and culture
4
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU14OVERVIEW AND STRATEGY

TE K AUPAPA
MATUA
OUR PRIORITIES
1
Grow renewable generation
and firming capacity
2
Deliver cleaner,
cheaper energy
3
Deliver operational
excellence
4
Grow capability
and culture
OVERALL
STATUS
3

FY26 DELIVERY
• Ruakākā and Te Rahui solar farms under
construction
• Consent received for Bunnythorpe Solar Farm,
alongside an already consented BESS
• Reconsent for Waitaki Power Scheme approved
• Huntly Strategic Energy Reserve established
• Approval granted for access to contingent
storage in Lake Pūkaki
• Final Investment Decision (FID) for Mount
Munro Wind Farm and second half of Te Rahui
expected next year
• Key remaining resource consent for Te Rere Hau
Wind Farm received at the end of July 2026
• Close to 30MW of peaking capacity added from
existing assets
• Growth of 12 percent in
customer connections
• 175,820 retail and commercial
customers successfully migrated to
our new technology platform
• More than 30,900 Meridian and
Powershop customers now using
our Smart Hot Water product
• 131 public DC fast charge points
added to the Meridian public
charging network
• Over 1,000 households
welcomed into our Energy
Wellbeing Programme
• Financial performance reflects
portfolio improvements,
stronger retail earnings and a
disciplined response from teams
across the business
• Manapōuri transformer
replacement programme
progressing with two transformers
delivered to site and one installed
• Scaling up of digital initiatives,
including our DigiGEN programme
• Engagement score of 77 percent
keeps us in the top 25 percent
of Aotearoa New Zealand
organisations
• Community Decarbonisation Fund
distributions of $1.8m in FY26
• Became only the second Aotearoa
New Zealand company ever to
be ranked in the S&P Dow Jones
Best-in-Class World Index
• Second biodiversity
stocktake completed
WHY IT
MAT TE RS
• De-risks dry-year fuel supply
• Locks in long-term generation certainty
• Further dry-year security
• High HVDC flows, reduced price differentials,
North Island reserves
• Supports our retail growth, proves our
grid-scale solar credentials
• Diversifies our generation footprint into the
central North Island
• Large-scale wind and solar development
• Colocation benefits with further peak
storage capacity
• World class retail platform, better
customer experience, deeper
product set
• Supporting our customers most
in need
• A modern, nationwide charging
network supporting electrification
• Proof-point that our strategy
is delivering products our
customers adopt
• Digitalisation to lift maintenance
efficiency and asset availability
• Additional peak capacity from
outage management
• Meets a global benchmark
in sustainability
• A more engaged,
productive workforce
3 More detail provided on progress against strategy for each strategic priority
Delivery against our priorities
KEY
ON TRACKSOME RISKSIGNIFICANT ISSUES OR DELAYS
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU15OVERVIEW AND STRATEGY

What matters most
Our material topics
4
guide us to ensure we’re focusing our efforts on what matters most.
4 Our four material topics are linked to executive remuneration
Renewable generationImpacts on the
natural world
AffordabilityCommunity impact
This lies at the heart of our business and
what we contribute to Aotearoa New
Zealand. It’s also key to our financial
success, with generation revenue of
$1 billion in FY26.
Meridian generates around one-third
of the country’s electricity – all from
renewable sources – and electrification
is a catalyst for Aotearoa New Zealand
to achieve a net-zero economy.
To maintain our business strength
and drive further decarbonisation,
Meridian is also investing heavily in
new renewable generation, while
supporting other companies to do the
same through project partnerships and
electricity offtake agreements.
The construction of our hydro
assets, in particular, had significant
environmental and cultural impacts.
These assets account for 80 percent of
our total electricity generation, making
them critical to our business.
As a result, taking steps to maintain
water quality, improve biodiversity,
and enhance cultural outcomes are
essential to the sustainability of
our business.
As a retailer-generator, the
sustainability of our business relies
on our ability to make sure energy
is affordable for households and
business customers, and to deliver
ways for them to reduce their overall
energy costs.
We also do our best to look after
customers in energy hardship, which
can have significant impacts on
people’s health and wellbeing. Helping
reduce energy hardship is important
to strengthening community resilience
and maintaining our social licence
to operate.
While delivering cleaner, cheaper
energy is a good thing for Aotearoa,
it can sometimes feel the opposite
when a wind farm is being constructed
in your community.
We are mindful of the impacts that
our generation sites can have on local
communities and we are committed
to engaging and supporting those
communities through tools like our
Power Up community fund and the
contributions we make to regional
economies through employment and
business expenditure. Getting this right
is key to maintaining our social licence
to operate.
MENU16MERIDIAN ENERGY INTEGRATED REPORT 2026OVERVIEW AND STRATEGY

How our material topics relate to our strategy
MATERIAL TOPIC
5
TYPE OF IMPACT
6
MATERIAL IMPACTNATURE OF IMPACT
7
STRATEGY PILLARSKEY PROGRAMMES IDENTIFIED IN STRATEGY
Renewable
energy
generation
RevenueReducing NZ’s emissions by
building new generation and
storage assets
Positive, Actual, DirectGrow renewable generation
Deliver operational excellence
Grow capability and culture
• Renewable construction projects
• Renewable development pipeline
• Waitaki reconsenting
• Manapōuri reconsenting
• Waitaki upgrade project
• Manapōuri 900 project
• Project to quantify new MW
opportunities from hydro
• Maintenance transformation/
innovation
• Prepare and implement strategy to
gain approval for additional storage
beyond current levels
Reducing NZ’s emissions by
generating 100% renewable
electricity which represents
around one-third of total
electricity consumption
Positive, Actual, DirectGrow renewable generation
Deliver operational excellence
Supporting other companies to
increase renewable generation
through project partnerships
and energy offtake agreements
Positive, Actual, DirectGrow renewable generation
Impacts on the
natural world
RiskImpacts on cultural wellbeing
of some iwi and their
relationships to nature through
generation asset development
and operation
Positive and Negative,
Actual, Direct
Grow capability and culture• Complete independent assessment
of cultural progress against
development strategy
• Business emissions reduction plan
• Nature roadmap
• Targeted credit volumes generated
from Forever Forests
Impacts on the health of
river systems
Negative, Actual, Direct
and Contribute
Grow renewable generation
Grow capability and culture
Enhancing natural ecosystems
around our assets and land that
we own
Positive, Potential,
Direct
Grow capability and culture
5 The topics presented here represent Meridian’s most material topics for reporting. For more information on our materiality process, refer to ‘Our material impacts’ in the About Us section. Information on the full suite of material
topics managed by Meridian, including their alignment with relevant global sustainability standards, is available on our website and in our Integrated Report Data Pack.
6 Revenue – actual earned income (historical/current), risk – potential downside (future focus) or opportunity – potential upside (future focus).
7 Nature of impact describes whether an impact is positive or negative, actual (has already happened or is ongoing) or potential (may happen in the future), direct (through own operations) or contribute (happens in our
value chain).
Renewable generationImpacts on the
natural world
AffordabilityCommunity impact
This lies at the heart of our business and
what we contribute to Aotearoa New
Zealand. It’s also key to our financial
success, with generation revenue of
$1 billion in FY26.
Meridian generates around one-third
of the country’s electricity – all from
renewable sources – and electrification
is a catalyst for Aotearoa New Zealand
to achieve a net-zero economy.
To maintain our business strength
and drive further decarbonisation,
Meridian is also investing heavily in
new renewable generation, while
supporting other companies to do the
same through project partnerships and
electricity offtake agreements.
The construction of our hydro
assets, in particular, had significant
environmental and cultural impacts.
These assets account for 80 percent of
our total electricity generation, making
them critical to our business.
As a result, taking steps to maintain
water quality, improve biodiversity,
and enhance cultural outcomes are
essential to the sustainability of
our business.
As a retailer-generator, the
sustainability of our business relies
on our ability to make sure energy
is affordable for households and
business customers, and to deliver
ways for them to reduce their overall
energy costs.
We also do our best to look after
customers in energy hardship, which
can have significant impacts on
people’s health and wellbeing. Helping
reduce energy hardship is important
to strengthening community resilience
and maintaining our social licence
to operate.
While delivering cleaner, cheaper
energy is a good thing for Aotearoa,
it can sometimes feel the opposite
when a wind farm is being constructed
in your community.
We are mindful of the impacts that
our generation sites can have on local
communities and we are committed
to engaging and supporting those
communities through tools like our
Power Up community fund and the
contributions we make to regional
economies through employment and
business expenditure. Getting this right
is key to maintaining our social licence
to operate.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU17OVERVIEW AND STRATEGY

MATERIAL TOPIC
5
TYPE OF IMPACT
6
MATERIAL IMPACTNATURE OF IMPACT
7
STRATEGY PILLARSKEY PROGRAMMES IDENTIFIED IN STRATEGY
Affordability
OpportunityImproving the wellbeing of
customers in energy hardship
Positive, Actual,
Contribute
Deliver cleaner, cheaper energy• Energy Wellbeing Programme
• Expansion of the energy product set
that unlocks the value of transport
electrification, process heat and
demand flex
Reducing the overall cost of
energy through pricing and
product innovations
Positive, Actual, DirectDeliver cleaner, cheaper energy
Community
impact
Risk/
Opportunity
Impacts on residents around our
assets (e.g. visual impact, noise,
access to waterways and vehicle
movements in construction)
Negative, Actual, Direct
and Contribute
Deliver cleaner, cheaper energy• Power Up fund
• Certified Renewable Energy product
Enhancing the wellbeing
of communities in which
we operate through
employment, business
opportunities, sponsorship
and community funds
Positive, Actual, DirectDeliver cleaner, cheaper energy
5 The topics presented here represent Meridian’s most material topics for reporting. For more information on our materiality process, refer to ‘Our material impacts’ in the About Us section. Information on the full suite of material
topics managed by Meridian, including their alignment with relevant global sustainability standards, is available on our website and in our Integrated Report Data Pack.
6 Revenue – actual earned income (historical/current), risk – potential downside (future focus) or opportunity – potential upside (future focus).
7 Nature of impact describes whether an impact is positive or negative, actual (has already happened or is ongoing) or potential (may happen in the future), direct (through own operations) or contribute (happens in our
value chain).
MENU18MERIDIAN ENERGY INTEGRATED REPORT 2026OVERVIEW AND STRATEGY

IMAGE: Te Rahui Solar Farm, Taupō District.
MATERIAL TOPICS
Renewable energy generation
Impacts on the natural world
Grow
renewable
generation
1
To speed our path to a
resilient, net-zero future
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU19GROW RENEWABLE GENERATION
STRATEGIC PRIORITY

Progress against strategy
To speed our path to a resilient, net-zero future
OUR KEY INITIATIVESOUR FY26 TARGETSS TAT U SPROGRESS AGAINST TARGETSFY27 TARGETS
ACCELERATE AOTEAROA NEW ZEALAND’S DECARBONISATION BY DELIVERING SCALE ENERGY PROJECTS AT PACE
Build renewable
generation options
Deliver 7 in 7
Secure long-term
access to water
Begin construction of three new
generation developments (including
Ruakākā Solar)
Consents: gain two and lodge two
Waitaki reconsent hearing completed
and strategy developed for Manapōuri
reconsenting
Identify and develop hydro storage options
Refer to
Grow Capability and Culture for
our targets on strengthening relationships
with tangata whenua and managing
water and biodiversity impacts, which are
critical to the delivery of Grow Renewable
Generation
• Two projects under construction: Ruakākā and
Te Rahui Stage 1 solar farms. FID not yet reached
for Te Rere Hau (final consent for this project
granted end July 2026)
• Two consents granted: Bunnythorpe Solar Farm
and Te Rere Hau
• Two consents lodged: Bunnythorpe Solar Farm
and Waiinu Energy Park (fast track)
• FID for Mount Munro expected in FY27
• Te Rahui (second stage) FID expected in the 2027
calendar year
• Reconsent for Waitaki Power Scheme granted,
includes Kahu Ora, a 35-year indigenous
biodiversity enhancement programme
• Four hydro opportunities selected to take
through to desktop concept study and one to
pre-feasibility assessment in FY27
• Reach FID for two new generation developments
• Consents: gain two and lodge one
• Waitaki reconsented and strategy developed for
Manapōuri reconsenting
• Deliver Ruakākā and Te Rahui Stage 1 solar full
power
• Identify opportunities to grow hydro capacity
(storage and flexible generation) with options
quantified and investment choices determined
• Establish a long-term development target
beyond FY30’s 7 in 7
Long-term targets
• Begin seven grid-scale renewable generation
development projects by FY30
GROW SYSTEM FLEXIBILITY
Grow our
dispatchable MW
capacity
Grow hydro storage
and our demand
response portfolio
Develop options for
new, large demand
Grow medium
to long-duration
flexibility
Improve access to contingent storage –
secure access to contingent storage in
Lake Pūkaki
Work with the Guardians to improve hydro
storage in the Waiau River catchment
Obtain approval from Transpower to
operate Manapōuri units at 128/131.5MW
Deliver FID for Waitaki Upgrade Project
15MW of additional peaking capacity
delivered (new operational capacity)
• Consent for accessing contingent storage has
been granted
• There is an ongoing conversation with the
Guardians on how we can better use storage
• Working with Transpower to accelerate
resolution of Manapōuri generation restrictions
and enable future output growth through
agreed engineering solutions
• Waitaki Upgrade Project FID expected
September 2026
• 30MW of additional peaking capacity has
been delivered
• Deliver 18MW+ of peaking capacity
(new operational capacity)
• Deliver BESS business case benefits
• Secure commercial intent agreements with
two new industrial demand opportunities
• Realise Manapōuri Station MW capacity –
MAN900 options quantified
• Ōhau Station Capacity Upgrade options
quantified and investment choices determined
• Waitaki Upgrade Project turbine contract
awarded and enabling works commenced
KEYACHIEVEDPARTIALLY ACHIEVEDNOT ACHIEVED
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU20GROW RENEWABLE GENERATION

Our investment in new
renewable generation
benefits our customers by
improving energy security
and putting downward
pressure on power prices.
It delivers for our investors
through earnings growth
and builds Aotearoa
New Zealand’s energy
resilience through increased
electrification and
reduced dependence
on imported fuels.
8 As at June 2026
Striking the right balance
For more than a decade national
electricity usage per year has been
consistent at around 40 terawatt
hours (TWh). But inevitably, climate
change, a growing population,
and a move towards national
electrification will drive a significant
lift in demand, putting pressure
on existing infrastructure.
Across the sector, new generation is
being delivered at a rate and scale
faster than at any time in our country’s
history. We expect increased supply
to put downward pressure on prices
for customers, and hopefully mitigate
the risk of disruptive political and
regulatory intervention which has
weighed on investor confidence.
Balancing short-term needs with
long-term plans
There are two conversations
taking place, each important but
with different dynamics. First,
electrification will require billions
of dollars to maximise the use of
current energy assets and develop
a renewable generation pipeline.
That investment is being made by
energy companies and is enabled
by strong balance sheets. Second,
increased costs of living are
squeezing household budgets and
increasing pressure for near-term
relief. Electricity bills are by every
assessment comparatively small
relative to household income but they
are a visible example of a wider issue.
The most effective sustainable way to
resolve energy price increases is to lift
the amount of energy available. The
tension is that building infrastructure
takes time, so we are aware that
households and businesses will not
see an immediate fix.
To manage the short-term issues,
we are looking for more ways to
help customers reduce their overall
electricity bill. That could be through
products like Smart Hot Water,
electrifying their home or business, or
for those who can afford it, installing
home solar or driving an EV. We also
continue to work hard to support
customers who have concerns about
paying their electricity bills.
For investors, the shift is pretty clear.
Meridian used to be mainly a steady
dividend story. Now it’s also about
building big, new assets – projects that
take years, rely on getting consents,
and can be slowed down by supply
chain issues and other constraints.
Depending on market conditions, we
could potentially invest over $5 billion
of new renewable development over
the next 10 years.
That could represent 6TWh of new
generation, with system demand
potentially growing by over 15TWh in
the next decade.
That new investment, together with
demand response provided by the
20-year contract with the Zealand
Aluminium Smelters (NZAS), the
Huntly Strategic Energy Reserve and
additional Lake Pūkaki storage now
provide significantly more system
stability, without such reliance on
diminishing domestic gas supplies.
Our large-scale wind and solar
developments are now nearing
delivery point, with multiple
projects expected to start building
simultaneously. Despite some delays,
our progress is sound. As detailed
elsewhere in this report, operational
progress is also strong. Our
Generation team is focused on getting
the most out of our existing assets, the
Kraken customer billing migration is
advancing, and the expansion of our
EV charging network is well underway.
Price pressures
The goal is delivering affordability,
reliability and sustainability all at the
same time. Increased renewable
development is not only steadily
filling the gap left by domestic gas,
it’s leading to downward pressure
on forward price expectations.
Since February 2026, the future
cost of electricity based on ASX
futures’ prices, has dropped by
20 percent.
8
That trend should
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU21GROW RENEWABLE GENERATION

increase confidence for securing
future power at reasonable prices if
the government maintains a stable
market environment for companies
like ours to invest in.
However, about one-third of the
average customer bill relates to
transmission and distribution charges.
These costs are outside our control
and will increase over the next
few years because of regulated
increases approved by the
Commerce Commission.
Investing in security and flexibility
This year, we established a Hydro
Development team to develop
essential firming capacity.
Together with other market
participants, we implemented an
agreement that will support Genesis
Energy to improve the operational
resilience of its Huntly Power Station
and increase available generation
capacity and thermal fuel to the
market in the form of the Huntly
Strategic Energy Reserve.
Under the arrangement, all three
of Genesis Energy’s Rankine units
are expected to be maintained to
contribute to dry-year cover until
31 December 2035. This agreement
shows the value of large market
participants working together to
shore up security of supply for the
next decade. All parties will pay an
annual premium to Genesis Energy
to help make this happen.
Our developments are
progressing well
We remain focused on our ambition
to have seven large-scale renewable
generation developments underway
by 2030. The Harapaki Wind Farm
and the Ruakākā BESS are now
operational, Ruakākā Solar and
Te Rahui Solar Farm are in
construction, and we have clear
project paths for our next three
projects – Mount Munro, Te Rere
Hau, and Stage Two of Te Rahui.
Our overall pipeline of projects
amounts to 6,600MW of installed
capacity (wind 2,300MW, solar
3,800MW and battery 500MW).
This represents 15.3TWh of
estimated annual production
from new development options.
Updates on current projects
Both our 130MW Ruakākā Solar Farm
and our joint venture Te Rahui Solar
Farm with Nova Energy near Taupō
(our share of the 200MW Stage 1 is
100MW) are well into construction,
with commissioning due in the
next financial year and full power
anticipated by July 2027.
Joint ventures serve as a way to
participate in projects to which we
might not otherwise have access. We
are also looking at power purchase
agreements (PPAs) and offtake
agreements with other parties.
Meridian has signed a Power
Purchase Agreement with Harmony
Energy/First Renewables in respect
of their joint venture to build the
150MW Tauhei Solar Farm, near
Te Aroha in the Waikato.
Once completed later this year, the
Tauhei Solar Farm will be Aotearoa
New Zealand’s largest to date,
generating 280GWh of electricity
each year, enough to power around
35,000 homes. Meridian will purchase
100 percent of the output from the
farm for its first 10 years of operation.
Meridian will also purchase early
generation prior to full operation
under a separate Power Purchase
Agreement, on the same terms as the
main agreement.
Our Mount Munro Wind Farm of
up to 90MW near Eketāhuna is
also progressing well, with turbine
suppliers and civil and electrical
contractors close to being secured.
We are on track to make a FID in
December 2026.
At Te Rere Hau, we have just received
approval of the key resource consent
from Palmerston North City Council.
This consent was required to
accommodate the relocation of an
Airways communication facility to
a new site. Additional consents are
required for minor road upgrades.
We expect FID in the next 12 months.
We are currently working towards
a FID for the second 200MW half
of the Te Rahui project in the 2027
calendar year.
WHAT AN AVERAGE HOUSEHOLD
ELECTRICITY BILL PAYS FOR
9
9 Data sourced from Electricity Authority Te Mana Hiko

GENERATION: 38.5%

TRANSMISSION: 8%

DISTRIBUTION: 24.5%

RETAIL: 11%

GST: 13%

YOUR METER: 4.5%

LEVIES: 0.5%
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU22GROW RENEWABLE GENERATION

Second energy park moves a
step closer
Recently, we received consent to
build a 120MW solar farm alongside
an already consented BESS at
Bunnythorpe, north of Palmerston
North. With around 250,000 solar
panels, this will be capable of
producing approximately 225GWh
of electricity per year – enough to
power about 30,000 average homes.
The 280ha site is expected to
contribute to the vibrant and
growing economy of Palmerston
North and the Manawatū region.
It is forecast to create more than
100 local construction jobs and up
to $50 million investment in the local
economy during construction.
Sights set on additional operating
capacity at Waitaki and Ōhau
Potential upgrades of our Waitaki
and Ōhau A Hydro Power Stations
over the coming years will deliver
additional operating capacity. This
is on top of delivering an additional
combined 30MW this year across
our Ōhau B, Ōhau C and Benmore
stations – enough to power roughly
22,000 homes.
Gains are also being found by
reducing equipment downtime.
10 Additional availability is translated to an increase in operational generation capability at peak times by multiplying the capacity of the relevant unit by days of
maintenance saved and peak periods in a day, then dividing by peak periods across a year (i.e. (MW capacity of unit * maintenance says saved * 2 peaks in a day) /520
peaks on working days in a year).
For example, changing the scheduled
maintenance at Manapōuri and
Waitaki has resulted in additional
availability of 0.3 percent and 33
fewer annual outage days (estimated
to deliver an equivalent 7MW worth
of operational generation capability
at peak times).
10

Committed to meaningful
long-term outcomes
We’re pleased to be able to announce
that reconsenting has been approved
and Meridian can continue to operate
the Waitaki Power Scheme for
another 35 years.
Discussion and mediation were pivotal
in working with others to agree on
how to work together to support the
enduring operation of the scheme,
and achieve meaningful long-term
outcomes for the catchment.
Those arrangements include an
initiative to improve cultural and
environmental outcomes for iwi in
their takiwā over the 35-year period
of the consent, and our annual
programme in partnership with
Waitaki rūnaka to move thousands of
tuna (freshwater eels) by trapping and
transferring the ngāeroero (young
elver) upstream from our dams and
moving the tuna heke (adult eels)
back downstream to spawn.
We have also been working with
the Department of Conservation
(DOC) to introduce a comprehensive
biodiversity mitigation programme
within the catchment upon final
approval of the consents for the
scheme. Kahu Ora, which translates
as ‘Living Cloaks’, is a 35-year
indigenous biodiversity enhancement
programme involving DOC, Meridian
Energy and Genesis Energy working
alongside local iwi Kā Rūnaka.
Kahu Ora builds upon the legacy
and success of Project River
Recovery and represents a bold,
enduring commitment to integrated
environmental stewardship and
Treaty-based partnership in one
of Aotearoa’s most iconic and
ecologically significant landscapes.
The programme will be funded
by an annual investment from
Meridian and a contribution from
Genesis Energy. It will be run by
DOC, overseen by Waitaki rūnaka,
and guided by a 10-year strategic
action plan which outlines targeted
actions and measurable outcomes
to be implemented and monitored
across the catchment. Our financial
contribution to this programme is
now more than three times what it
was for Project River Recovery.
ABOVE: Manapōuri Power Station, Fiordland.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU23GROW RENEWABLE GENERATION

20,000
15,000
10,000
5,000
0
FY23FY24*FY25**FY26
4,000
3,000
1,000
0
FY26
FY23FY24FY25
* Includes partial operation of Harapaki Wind Farm
** Includes full operation of Harapaki Wind Farm
Generation (GWh)Installed capacity (MW)
KEY
HYDROWIND
KEY
HYDROWIND
1,202
1,440
1,809
12,701
12,125
10,943
12,571
1,905
2,4032,4032,4032,403
417
571
593
647
2,000
Note 1: Installed capacity (also referred to as nameplate capacity or station rating)
is the maximum amount of power a generator is designed to produce under
ideal conditions. In contrast, operating capacity is the actual amount of power the
generator can produce at a given time, considering real-world constraints, such as
re-engineered plant and output constraints.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU24GROW RENEWABLE GENERATION

Renewable development pipeline
Wind
CONSTRUCTED
0.5TWh
DEVELOPMENT
OPTIONS
8.2 TWH | 2,300MW
FULL POWER (INDICATIVE)
Secured options
1,430GWh
Advanced prospects
3,780GWh
Battery
CONSTRUCTED
100MW | 200MWh
OPTIONS
500MW | 2,400MWh
Secured options
400MW | 2,000MWh
Solar
DEVELOPMENT
OPTIONS
7.1T W H | 3,800MW
Canterbury 360GWh
Secured options
970GWh
Advanced prospects
2,780GWh
Manawatū 225GWh
Swannanoa 350GWh
Waiinu 390GWh
20282025202920312032203520342026203020242023
POST 2035
Waiinu 1,250GWh
Te Rere Hau 750GWh
Harapaki 542GWh
Mt Munro 360GWh
Manawatū 625GWh
2033
Western Bays 490GWh
STAGE 1
Western Bays 490GWh
STAGE 2
Manawatū 100MW
|
400MWh
Ruakākā 10 0 M W
|
200MWh
Tauhei 280GWh
PPA
Ruakākā 230GWh
Te Rahui 192GWh
JV STAGE 1
Te Rahui 192GWh
JV STAGE 2
2027
KEY
Wind
Solar
Battery
Constructed
In construction
Consented
Planned
Morrinsville 200GWh
CONSTRUCTED:
0.5TWh WIND AND
100MW BATTERY
15.3 TWh | 6,100MW DEVELOPMENT OPTIONS:
8.8TWh SECURED, 6.5TWh ADVANCED PROSPECTS
500MW | 2,400MWh BATTERY ENERGY STORAGE
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU25GROW RENEWABLE GENERATION

Ruakākā Solar, the second stage of our
first energy park, is our first grid-scale
solar project and will operate right next
door to our Ruakākā Battery Energy
Storage System (BESS). Earthworks
and piling are advancing across three
sites. So far, more than one-third of the
89,000 piles have been successfully
installed. When complete, the
combined output from the Ruakākā
Energy Park will contribute about
200MW into the system.
The project integrates the Ruakākā
BESS with a 130MW solar array to
enhance grid stability. First power is
expected in the second quarter of
the next financial year, with full
capacity reached by mid-2027.
The project is expected to generate
approximately 230GWh in its first
year, enough to power 30,000 to
35,000 households annually.
A new wetlands initiative
“The enhancement and creation of
30ha of wetlands is a unique feature
of this project,” says Chris More,
Head of Renewable Construction.
“The site also has high traffic and
is highly visible so our consent
conditions require tree planting
for screening along sections of the
solar farm boundary. In addition, the
coastal location presents challenges
with salt spray and corrosion,
necessitating higher engineering
specifications for galvanised piles
and solar panels to ensure longevity.”
Working with iwi to create
300 local jobs
Meridian is working directly with tangata
whenua through a Memorandum of
Understanding with Patuharakeke
Te Iwi Trust Board to facilitate greater
employment of people from the
local community. A Patuharakeke
Career Coordinator has been working
closely with representatives from
the Ministry of Social Development,
Meridian and contractors to facilitate
local employment, supporting
prospective employees with creating
CVs, obtaining driver licences and
practising interview techniques.
This initiative has resulted in a high
conversion rate – 86 percent of
those interviewed have been offered
employment.
“This project is rapidly emerging as a
local success story,” says Chris More.
“We now have over 300 locals involved
in the construction of the solar farm.
This is the first time we’ve worked in
such an integrated way with tangata
whenua on a new development and
the clear signals are that Ruakākā Solar
sets a strong precedent for increasing
the diversity of our workforce and for
the community being directly involved
in construction.
“We have benefited from having
access to great people who live
nearby and have a real stake in
seeing this project succeed. The
local workforce is acquiring skills and
experience that will increase their
ability to work on other construction
projects, including solar farms. And
Ruakākā Solar Farm itself is adding
more capacity and helping us as a
company, and the country overall, to
move more quickly towards higher
levels of electrification.”
Project
generation
GIGAWATT-HOURS APPROX
ENOUGH TO POWER APPROXFIRST YEAR GENERATION
HOUSEHOLDS ANNUALLY
23030K–35K
Ruakākā
Solar well
underway
CASE STUDY
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU26GROW RENEWABLE GENERATION

STRATEGIC PRIORITY
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU27DELIVER CLEANER, CHEAPER ENERGY
IMAGE: West Wind Farm, Mākara.
MATERIAL TOPICS
Affordability
Community impact
Deliver cleaner,
cheaper energy
2
Through innovation that
unlocks value for customers

Progress against strategy
Through innovation that unlocks value for customers
OUR KEY INITIATIVESOUR FY26 TARGETSS TAT U SPROGRESS AGAINST TARGETSFY27 TARGETS
CREATE MORE VALUE FOR CUSTOMERS
Develop digital
capability
Optimise operations
to achieve scale
and grow customer
relationships
Expand the
energy product
set that unlocks
value of transport
electrification and
demand flex for
customers
Full Next Gen Retail digital platform
operational and delivering value (front end,
integration and data model) with 100% of
customers migrated onto the platform
30,000 mass market customers on cost-
effective flex products
80 new high-capacity chargers (160 charge
points) installed
422,000 ICPs (+27,000)
Retail FTE ≤268
• 175,820 (39%) retail customers successfully
migrated to our new Kraken platform
• More than 30,900 Meridian and Powershop
customers now using our cost-effective Flex
products
• 70 chargers (140 DC fast charge points) added
to the Meridian network this year
• Around 455,000 customer connections,
representing about 24% of all Aotearoa
New Zealand’s households and businesses
• Customer numbers grow to 500,000 ICPs
• Improve post-interaction customer satisfaction
score (CHI – Customer Happiness Index) to 80%
• Launch at least two new products that deliver
tangible value to customers
• 200 new high-capacity charge points (100 new
chargers) installed (delivering $1.7m revenue)
Future targets
• Reach 1,000 charge points with $19.6m of annual
revenue for FY30
• Cost to serve of $100 per ICP by FY29
INCREASE COMMUNITY GOOD
Continued investment
in energy hardship
and community
programmes that
promote equitable
access to the benefits
of the energy
transition
Support 1,000 customers in energy
hardship
Increase Community Decarbonisation
Fund distributions by $0.8m
• 1,048 households added to the Energy
Wellbeing Programme this year
• $1.8m distributed to 37 community groups
through the Community Decarbonisation Fund
• In addition to these targets, we celebrated
20 years of Power Up, with a total of $627,819
delivered in Power Up community funds in FY26
• We also achieved a >50% local employment KPI
for our Ruakākā Solar development project
• Support an additional 1,000 customers in
energy hardship
• Community decarbonisation distributions of $2m
Future target
• Support 10,000 customers experiencing
hardship by 2030
KEYACHIEVEDPARTIALLY ACHIEVEDNOT ACHIEVED
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU28DELIVER CLEANER, CHEAPER ENERGY

OUR KEY INITIATIVESOUR FY26 TARGETSS TAT U SPROGRESS AGAINST TARGETSFY27 TARGETS
ADVOCATE FOR ENERGY SECTOR REGULATION AND REFORM THAT SUPPORTS NEW ZEALANDERS THROUGH THE ENERGY TRANSITION
Advocate for optimal energy market
structures, reform and policy with
interventions that are in the best interests
of consumers, including:
• industry agreement in 2025-26 on dry-
year risk options for the near-term future
• reform of the Resource Management Act
(and streamlined consenting processes)
• outcomes from the Competition Task
Force, Ministerial review, and other
regulatory initiatives are reasonable
and provide clear consensus on the role
of government, the regulator, and the
sector in energy transition
Huntly Strategic Energy Reserve established
Active advocacy through 40 submissions
including on:
• Dry-year risk options for the near-term future
• Security of Supply Forecasting and Information
Policy review
Resource management reforms
• Resource Management National Direction
discussion documents and proposed
amendments to National Policy Statements
Competition taskforce and Ministerial review
• Non-discrimination obligations: Retail Price
Consistency Assessment, uncommitted capacity
and other matters
• Feedback on Task Force open letter
• Level Playing Field measures consultation paper
• Improving electricity billing in New Zealand
• Improving the transparency of the gas market
• Regulating the standardised super-peak
hedge contract
Advocate for energy sector policy that promotes
the best interests of customers, including:
• encouraging investment
• securing RMA and other reform that speeds
up and simplifies consenting of energy
infrastructure
• if LNG is introduced, costs are levied in a way
that does not distort the market
• the position of NZ relative to other countries
in successfully navigating the energy transition
(whether measured in terms of affordability,
security or sustainability) is well understood
• level-playing field measures do not result in
increased retail prices
• implications of structural separation are well
understood
• the trade-offs between affordability, security
and sustainability are well understood
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU29DELIVER CLEANER, CHEAPER ENERGY

Improving how we serve
customers is about adding
choice, convenience,
better experiences and
opportunities to save
money. Read this section for
updates on our approach
to energy retailing and how
we’re helping customers in
energy hardship.
Customers at the heart
of our evolution
We continued to deliver our ‘Next
Gen Retail’ operating model this
year. At its core, this is our pathway
to delivering cleaner, cheaper
energy to our customers. It’s about
delivering products that provide
tangible benefits, enabled by digital
technology and an agile operating
model that improves our ability to
respond to customer needs.
The plan is to lead the market with
smarter, faster and more relevant
experiences for customers, and the
early signs are positive. This year we
increased our customer numbers
and grew our overall market share –
a clear signal that our retail strategy
continues to resonate with New
Zealanders. We are also ahead of our
FY28 targets for growth and have
increased these targets as a result.
We are still the country’s biggest
supplier of retail electricity, with
sales approaching 11.0TWh, and
this year we added over 49,835 new
connections across both brands,
bolstered by our acquisition of energy
retailer Flick’s customer book and
hedges in October 2025. Powershop
customer connections grew by
9,535 and Meridian by 40,300.
Retail sales volumes were up
16 percent compared to last year,
and we now have around 455,000
customer connections, representing
about 24 percent of all households
and businesses.
Migration well underway
At financial year end, 175,820 or 39
percent of our retail and commercial
customers have been migrated to
our new Kraken platform. By the end
of this year, most of our customers,
including agribusiness and small and
medium-sized enterprises (SME)
customers, should be migrated to
the new platform.
The changeover has been one of the
biggest data migrations that we have
ever undertaken, so it is pleasing to
see core customer and operational
metrics remain stable while we make
these big changes.
However, the migration is behind
schedule because we decided to
build new digital interfaces and apps
simultaneously with the migration,
a process that is typically done in
sequence. This timeline adjustment
ensured the digital experience
matched the platform migration
pace but, as with all large changes,
things have not all run to plan.
The ‘minimum viable product’ app
we introduced as a stopgap lacked
the richness of the previous platform
and drew immediate customer
feedback that caused us to pause,
listen and adjust our approach.
We underestimated the strong
reaction of our digitally savvy
Powershop customers to the
changes we introduced.
We remain confident of delivering
the long-term benefits of a more
flexible, modern platform, improved
customer experience, and reduced
cost-to-serve.
ABOVE: Powershop App.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU30DELIVER CLEANER, CHEAPER ENERGY

Hot water product proves a hit
Last year, we introduced a number
of innovative products to incentivise
reducing energy use at peak
demand times and help customers
save money.
Our Smart Hot Water product has
continued to scale up this year, to
over 30,900 customers. It’s currently
delivering customers around $120
per year in savings.
We’re now working on hot water
cylinder technology solutions so we
can enable more customers to access
these benefits. When coupled with
innovative energy plans that reflect
when energy prices are low and
optimising heating times, we see an
opportunity to pass on more value to
more of our customers.
This is a working example of a
solution that improves affordability
and security without needing to
develop more assets. We see it
as an important building block in
our broader strategy to make
flexibility valuable for customers
while supporting a more secure
and renewable electricity system.
ABOVE: Maka uses Smart Hot Water in our recent campaign.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU31DELIVER CLEANER, CHEAPER ENERGY
500,000
400,000
300,000
200,000
100,000
0
FY23FY24FY25FY26
* Fewer than 10 of the above ICPs are connected to the transmission network.
Around 4,700 customer connections have distributed generation metering.
KEY
MERIDIANPOWERSHOP NZ
117,055
119,664
142,096
246,280
250,003
262 ,976
303,276
151,631
Retail customer connections* (ICPs)

Growing our Meridian
public charging network
Meridian’s EV charging network is the
second largest in the country, with
519 EV charge points across Aotearoa
New Zealand and 73,000 charging
sessions undertaken throughout the
year. We are committed to continuing
to scale up at pace to 1,000 public
charge points by 2030.
During the year we have secured
nationwide partnerships with Mobil
and NPD. These give us improved site
selection and an ability to deploy and
deliver charge points at lower costs.
While EV adoption initially slowed
following changes in government
policy, the impact of the war in the
Middle East has prompted something
of a recovery, with EV market share
lifting again in 2026 as people move
away from petrol vehicles.
We are confident that our Meridian
network represents a long-term
opportunity to support customer
growth, encourage customers
to make the transition to electric
transport and help them reduce
their overall energy costs.
Achieving access to
energy for all
Electricity bills have risen this year
due mainly to increases in lines and
transmission charges.
Guided by the Electricity Authority’s
Consumer Care Obligations, we
continue to support medically
dependent and vulnerable customers
to access the electricity they need.
Meridian has very low disconnection
rates. For any of our customers who
may be struggling with their bills,
the most important thing is to get in
touch with us so that we can see how
we can help. Our Customer Team
has a number of options available,
including flexible payment options
like LevelPay, new products that can
help save energy and money, and
support to monitor and manage
usage with digital tools. We do
not disconnect customers who are
engaging in good faith with us.
The assistance we provide Meridian
customers in hardship through our
Energy Wellbeing Programme is
also important. Our programme
is designed to help up to 5,000
Meridian and Powershop households
in energy hardship by FY28.
Announced in 2023 and backed
by a $5 million commitment, the
programme provides tailored,
flexible support to customers
through partnerships with social and
community agencies across Aotearoa
New Zealand. Their bespoke solutions
for customers in need look broadly at
all the factors, such as energy supply,
housing quality, energy efficiency
and financial situation. We fund
our community energy partners
to provide energy assessments,
education, and energy-efficient
goods such as heaters and curtains.
Over 1,048 customers have been
added to the Energy Wellbeing
Programme this year and we have
assisted over 4,000 customers in total.
Since launching our Energy Wellbeing
Programme, we’ve seen the benefit
of the work we do with our partner
network. Together, we’re not just
helping people through immediate
challenges – we’re building longer-
term resilience. And we’re confident
this approach is making a real
difference. That’s why we have
made a decision to extend our
commitment, with a goal to support
10,000 customers experiencing
hardship by 2030.
ABOVE: Meridian EV chargers, Cromwell.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU32DELIVER CLEANER, CHEAPER ENERGY

MATERIAL TOPIC
Renewable energy generation
Deliver
operational
excellence
3
So everything we do aligns
to deliver on our goals
STRATEGIC PRIORITY
IMAGE: Machine hall, Manapōuri Power Station, Fiordland.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU33DELIVER OPERATIONAL EXCELLENCE

Progress against strategy
So everything we do aligns to deliver on our goals
OUR KEY INITIATIVESOUR FY26 TARGETSS TAT U SPROGRESS AGAINST TARGETSFY27 TARGETS
BUILD OPERATIONAL FLEX AND AGILITY WHILE SUSTAINING EXCELLENT ASSET PRODUCTIVITY
Transform how we
maintain and operate
our generating assets
Ensure reliable plant
availability
Manage the energy
trilemma
Develop and deliver a digitisation strategy,
value framework, and roadmap, which
includes data-driven asset management
and preventative maintenance practices
Updated maintenance practices reducing
annual routine outage days by >100 days
(from a baseline of 1,382 days)
Improve asset health through delivering
high priority projects
• DigiGEN Programme established and initial
pilot programme identified $3.5m+ in value
opportunities and delivered $1.2m+ in revenue
opportunities or operational cost savings
• 116 annual routine outage days have been
removed
• Deliver $6m in value including at least $2m of
expenditure reductions through DigiGEN
• Deliver critical asset health projects safely and
realise project benefits
IMPLEMENT MODERN DATA AND DIGITAL SYSTEMS TO PROMOTE COLLABORATION, OPERATIONAL EFFICIENCY, INNOVATION AND DATA-DRIVEN DECISIONS
Lift business
performance and
security maturity
Identify and commence initiatives to
deliver the Enterprise Data Strategy
(including a value framework)
Enable self-service access and apply
machine learning to Portfolio, Asset
Performance and Maintenance datasets
to support DigiGEN and Wholesale
Modernisation programmes
Agentic AI integrated into daily workflow
to automate business processes and AI
enabled for existing applications
Improve security maturity across corporate
and control systems environments using
NIST and AESCSF frameworks respectively
SCADA implementation key milestones
achieved
Improve and ensure security of supply
settings across the industry (including
securing the future of Huntly’s Rankine
units)
Deliver BESS revenue (in line with business
case expectations)
• Enterprise Data Programme delivered ahead of
schedule, initiatives prioritised based on value
• Foundation work to enable self-service
functionality to support DigiGEN delivered and
Strategy and Portfolio transformation delivered
• Copilot deployed across the business
with multiple agent use cases successfully
implemented
• Successfully implemented and validated
enhanced IT/OT asset visibility capabilities,
improving coverage, insight and control across
the technology estate. Independent NIST and
AESCSF assurance was completed
• Even though not all milestones have been met,
the overall end date and scope for SCADA
implementation is achievable
• Huntly Strategic Energy Reserve established
• BESS revenue did not meet business case
expectations due to market conditions, battery
availability, and the time taken to develop
optimisation automation software. However,
portfolio benefits from the battery have been
significant.
Lift business performance by:
• enabling the business to work faster and smarter
by embedding responsible AI
• bringing self-service data into everyday decision
making
Lift security maturity by:
• improving NIST score (across corporate and
retail systems)
• achieving AESCSF (SP1) compliance for
generation systems
Implement modern data:
• SCADA implementation key milestones achieved
• deliver Strategy and Portfolio modernisation
business case, and commence priority
improvements with value recognised
KEYACHIEVEDPARTIALLY ACHIEVEDNOT ACHIEVED
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU34DELIVER OPERATIONAL EXCELLENCE

In this section we explain
what happened to
transform our bottom
line after a disappointing
financial result in FY25.
This year’s results show that
in more normal operating
circumstances the company
is well-managed, is a steady
investment, and is
increasingly prepared to
handle volatility through
data-driven decisions.
11 75MW of increased capacity is from increases in generation unit rating or changes to how units are offered for dispatch. Additional capacity has been delivered due to optimisation of maintenance outages resulting in 1.3%
increased availability of generation units across Meridian’s fleet. This is also translated to an operational capacity figure based on the number of days maintenance saved and an assumption that this saving means the full capacity
of the unit is available for at least 2 additional hours in the morning or evening peak on every working day across the year i.e. (MW Capacity * Maintenance Days Saved * 2 peaks in a day) / 524 peaks on working days in a year.
As an example, in the case of one Benmore unit of 95MW this means it adds (95*2*2 ) / 524 = 0.725MW of operational capacity. Across Meridian’s full generation fleet this translates to an additional 36MW of operational capacity.
A powerful earnings
turnaround
A normalised operating environment
combined with strong wholesale
prices and more customers has
turned around our financial
performance, particularly our
energy margin.
A ready supply of water, record wind
volumes and high availability of our
renewable assets drove noticeable
increases in generation throughout
the year.
Addressing the demise of
domestic gas
We moved quickly to address the
challenges created by the sharp and
largely unforeseen drop in domestic
gas availability last year. Joining with
others in the sector, we established a
Strategic Energy Reserve with Genesis
Energy, which restored energy
security and market confidence that
the dry-year risk is being addressed.
That, along with the huge amount
of renewable generation investment
taking place, has helped to restore
wholesale electricity pricing to more
normal levels.
Making the most of
our assets
Our approach to lowering the cost
of energy is multi-faceted. While
developing new assets is a major
investment in our future, we continue
to look for ways to make the most of
our current assets. Doing this helps
us minimise our contribution to
wholesale market volatility and
unlock extra storage where it
makes sense to do so.
This year we secured access to
545GWh of contingent storage at
Lake Pūkaki under the fast-track
approvals process.
Work continues on station
refurbishments and grid constraint
solutions. Three years ago, we
set a goal to deliver 200MW of
restored capacity and 300MW of
new operational capacity from
our generation portfolio by the
end of FY28.
So far, we’ve achieved approximately
75MW of additional operational
capacity from hydro assets through
engineering improvements and
modern modelling techniques.
In addition, by optimising how
we maintain existing hydro stations
and wind farms we have removed
177 annual outage days and
increased availability across the
fleet by 1.3 percent (this represents
approximately 36MW of equivalent
operational capacity available to
dispatch into peak periods that
wasn’t there before). The new
operational capacity gained from
our existing stations was achieved
without the need for new consent
or construction.
11

Full transformer replacement
underway at Manapōuri
We have decided to replace the
remaining transformers at Manapōuri
Power Station over the medium term.
The overarching aim is to secure
seven healthy units by 2030 by
removing risks in a controlled manner.
One unit was successfully returned to
the system in December 2024. Two
more transformers arrived in 2026,
one to replace Unit 4 and a second
transformer that will be installed in
2027. Three more transformers are
expected to arrive in FY27, at which
point the team will integrate them
into the work programme. This
means that there will be six healthy
transformers at Manapōuri. We are
also planning procurement of a
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU35DELIVER OPERATIONAL EXCELLENCE

seventh transformer, and a potential
eighth, which will be a spare.
The investment in new transformers
will increase our overall resilience.
Our goal is to future-proof the
site and mitigate the risks of
sudden outages.
Continued focus on
security and AI
We have been introducing more
AI into the business to streamline
decision-making and to help reduce
repetitive tasks. Our AI initiatives this
year have been conducted under
pre-existing AI standards, which
stipulated using fully licensed and
secure tools inside the Meridian
environment, avoiding the risk of
managing confidential information
in public AI sources. At the end of
the year we introduced a new policy
to set a clear baseline for how we
use AI across Meridian in a way that
is safe, considered, and aligned
with our values. The policy sets out
a formal governance framework
and addresses ethical use, bias, the
protection of confidential information
and connects with our sustainability
credentials. The new governing
framework will also determine which
use cases warrant AI application.
At the same time as we are starting
to leverage new technologies, we
are making sure that cyber security
is embedded into our evolving
workflows. A key focus of this year
has been the two-way relationship
between cyber security and AI – not
just ensuring AI is implemented
securely, but also leveraging AI to
improve our security posture.
Generation Control System
software revamp on track
Last year, we began renewing
our Generation Control System
software – SCADA (System Control
and Data Acquisition) – to improve
dispatch efficiency, support greater
automation, enable faster integration
of new generation assets and
help extract more value from our
generation portfolio through better
control, visibility and decision-making.
This critical system runs and controls
our generation network. The project
is delayed by a few months but is
validating the complete solution
at an earlier stage. This improves
confidence in subsequent stages and
minimises issues down the line.
Upgrading SCADA will improve
resilience by mitigating lifecycle
risks, modernising the Generation
Controller interface, integrating new
asset types, and allowing more data
to be accessed. This will enable more
effective asset monitoring, helping
our teams mitigate risks without
infrastructural bottlenecks.
DigiGEN plan to digitise
and deliver savings
Our DigiGEN programme is focused
on digitising the operation of
our generation assets by shifting
knowledge and decision-making
from intense human effort to agile
digital tools. The programme is
projected to deliver significant
operational and capital savings over
the next 10 years.
DigiGEN will change how Meridian
responds to market conditions,
ensuring our hydro and wind assets
remain competitive as Aotearoa
New Zealand’s energy system
evolves. By combining engineering
expertise with digital tools, Meridian
can grow more resilience and
capacity with existing assets.
Rather than sending out staff
periodically to maintain generation,
maintenance will be triggered by
more sophisticated data insights,
saving cost, increasing availability and
improving visibility of asset health.
We have implemented a way to
protect our wind farms in the midst
of storms by optimising between our
response to market demand and the
ABOVE: DigiGEN workshop, Benmore Power Station, Ōtematata.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU36DELIVER OPERATIONAL EXCELLENCE

predicted damage to our turbines.
This will reduce the hundreds of
thousands of dollars in spending that
storm damage used to cause, along
with ensuring more turbines are able
to resume generating when the
storm passes.
We have also implemented a tool
that takes us closer to automatically
optimising our planned maintenance
downtime to respond to market
demand rather than having multiple
people doing it intuitively. The
results are promising, with manual
processing time saved, millions in
additional revenue opportunities,
and signs of cultural change with
maintenance teams responding more
flexibly to market signals.
In its first year of operation,
the DigiGEN team successfully
launched three initiatives focusing
on asset condition monitoring,
outage valuation, and centralised
procurement.
Initiative one: A modern
approach to assessing
asset health
The first initiative is centred on
moving from calendar-based
maintenance work to data-
driven asset health and condition
monitoring. The aim is to modernise
our practices by using data to
12 A data lake is a centralised repository that ingests and stores large volumes of data in its original form. The data can then be processed and used as a basis for a variety of analytic needs.
proactively identify necessary work.
For example, when the team analysed
one hydro unit, they discovered that
50 percent of the maintenance work
historically carried out on that plant
was unnecessary for risk mitigation.
For the remaining work, they were
able to replace manual tasks – such
as physically checking gauges –
with sensors integrated into our data
lake.
12
They also implemented new
software (SEEQ) to deploy analytics
faster, reducing the time required
to analyse maintenance data from
months to hours.
Initiative two: Putting a price
on outages
The second initiative involves valuing
and optimising plant outages.
Previously, maintenance shutdowns
were determined intuitively by
individuals. Now, we are using
software to value the actual cost of
downtime based on electricity market
prices. This helps determine the best
time to shut down based on grid
needs and the impacts on Meridian’s
revenue. So far, the team has
optimised over 40 outages with the
new software, resulting in significant
additional revenue.
Initiative three: Smarter
procurement, bigger savings
The third initiative has addressed
historic decentralised procurement
within the Generation business.
Moving to a centralised procurement
function under Generation has
improved efficiency, leveraged
collective buying power and
professionalised our purchasing
process. By centralising the purchase
of even relatively small items, like
electrical consumables and gas, the
team has unlocked significant value.
New initiatives agreed for next
year’s DigiGEN scope
In the next financial year, the team
plans to launch three additional
initiatives to the DigiGEN programme
a people initiative, an outage
windows initiative and an equipment
initiative, replacing calendar-based
engineering practices with data-
driven decision-making, and a
‘pit crew’ approach to optimising
maintenance work.
We are using software to value the actual cost
of downtime based on electricity market prices.
Helping to determine the best time to shut down
based on grid needs and the impacts on Meridian’s
revenue. So far, the team has optimised over
40 outages with the new software, resulting in
significant additional revenue.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU37DELIVER OPERATIONAL EXCELLENCE

Not every change is large and visible.
Many are incremental operational
improvements that most people
never see. These examples point
to a commitment to continuous
improvement that is quietly
reshaping our approach to
generation management.
Head covers are large plates that
help control water flow at our
hydro stations through hydraulically
controlled steel gates. Ours can be
subject to ‘galling,’ where the stainless
steel facing plate on the head cover
rubs steel-on-steel and over time
degrades and forms ‘balls’ on its
surface. This increases friction in the
system and can lead to pressurised
water leaking into the turbine.
Addressing this issue has been
difficult historically. It required
disassembling the generator and
bearings, which are located right at
the bottom of the machine. When the
problem was identified at Manapōuri,
the repair involved replacing the
stainless steel facing plate with a four-
piece cast bronze plate.
“We worked closely with the
team at Farra Engineering on this
project,” says Mitchell Beggs, the
Mechanical Engineering Team Lead
for Generation. “We value how,
as a local business, they can apply
their fabrication and machining
capabilities to refine our engineering
requirements.”
While the team was initially excited
with the four-piece solution, further
testing revealed defects in the cast
material, forcing the engineering
team to find a new solution. Instead
of four large plates, the team
developed 24 individual, bolt-
in bronze segments. The design
was easier to cast and machine,
and it offered long-term benefits
by allowing engineers to replace
individual segments in the future
without needing to fully disassemble
the machine.
“It didn’t stop there,” says Mitchell.
“What followed were a range of spin-
off decisions that have more broadly
influenced our approach.”
For example, instead of just
producing the head cover that was
needed now, Meridian commissioned
Farra Engineering to manufacture
a spare head cover. This will allow
the team to perform a swap with a
new component during disassembly
rather than sending parts off-site
for refurbishment. This could save as
much as $1 million in labour and work
costs and significant outage savings.
More widely, the team prioritises
addressing galling early by resetting
gate heights to prevent the severe
damage observed at Manapōuri.
The Meridian team is also working
with Farra Engineering in an onsite
cavitation weld repair at Waitaki. This
work involves repairing material loss
on turbine runners caused by age
and operation.
“Our engineering teams are highly
experienced and manage an active
maintenance roster. It’s tempting
to just deal with the immediate
priority. An important lesson from
this improvement is that every issue
offers an opportunity for proactive
problem-solving. Thinking this way,
and working with experienced
suppliers like Farra, helps us see past
the here and now to what is best
for tomorrow.”
CASE STUDY
Project stats
INDIVIDUAL BRONZE SEGMENTS
SAVE AS MUCH AS REPLACE STAINLESS STEEL PLATES WITH
IN LABOUR AND WORK COSTS
24$1m
A bold as
brass answer
to galling
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU38DELIVER OPERATIONAL EXCELLENCE

MATERIAL TOPIC
Impacts on the natural world
Grow
capability

and culture
4
STRATEGIC PRIORITY
Because how we do the mahi is
what makes the real difference
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU39GROW CAPABILITY AND CULTURE

Progress against strategy
Because how we do the mahi is what makes the real difference
OUR KEY INITIATIVESOUR FY26 TARGETSS TAT U SPROGRESS AGAINST TARGETSFY27 TARGETS
GROW A DIVERSE, INCLUSIVE AND SKILLED WORKFORCE THAT REFLECTS THE COUNTRY WE LIVE IN
Attract and grow
senior Māori talent
Attract and
grow other
underrepresented
communities
50% women at Meridian
29% women in senior roles
6% Māori representation
Employee engagement in top 25% of
NZ organisations (500–1,000 employees),
trending up
Support managers manage the
demographic sh
ift that will play out
in the next 10 years
• 48% women at Meridian
• 30% women in senior leadership roles
• 6.4% Māori representation
• Engagement scores increase to 77%, up
3% on last year and remaining in the top 25%
of NZ organisations
• In addition to providing targeted support to
managers through the year, we have made
changes to recruitment and induction practices
including delivering seven mihi whakatau to
help embed tikanga and te ao Māori in
workplace practices
• Increase Māori representation in bands G+
against a FY26 baseline
• Representation and progression outcomes
for under-represented groups (ethnic and
gender minorities) improve above baseline
(attract and retain)
GROW SAFETY LEADERSHIP MATURITY AS WE BUILD INTO THE ENERGY TRANSITION
A Critical Risk Framework that includes a
maturity roadmap
10% reduction in ‘high risk potential’ safety
events
Establish targets for training and capability
Increased positive safety sentiment from
annual PluggedIn Engagement Survey
5% increase in Learning Teams and 20%
increase in safety observations across sites
and offices
Identify independent benchmarks to get
Meridian into the top 5% of NZ businesses
from a safety and wellness perspective
• Critical Risk Framework developed and
implemented with a focus on continuous
evaluation and strengthening of critical controls
• 22% reduction in ‘high risk potential’ safety
events
• A safety leadership programme is in place
with training and capability targets
• Safety sentiment remained high with no
change from FY25 at 92% positive
• 70% increase from FY25 in Learning Teams
across the company reflecting our desire to
continuously learn and improve ‘work as done’.
Safety observations remained the same as FY25
• Independent assessment undertaken.
Benchmark position will be determined in FY27
after the improvement recommendations have
been implemented
• Safety leadership will be strengthened across
the company to proactively reduce harm.
90% of leaders will take part in a Safety and
Wellbeing Leadership education programme
• The serious harm risk rate will be reduced in a
material and sustainable way, with a special
focus on the contractor rate
KEYACHIEVEDPARTIALLY ACHIEVEDNOT ACHIEVED
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU40GROW CAPABILITY AND CULTURE

OUR KEY INITIATIVESOUR FY26 TARGETSS TAT U SPROGRESS AGAINST TARGETSFY27 TARGETS
NURTURE LEADERSHIP CAPABILITY TO SUPPORT THE CULTURAL AND DIGITAL MATURITY OF A FUTURE MERIDIAN
Mature our
constructive
leadership
behaviours to enable
a high-performance
culture
Strengthen
enterprise-wide
confidence and
capability to deliver
our digital strategic
priorities
Establish a measurement/growth
framework for leadership capability and
obtain PRC agreement on the approach
To include:
• customer-focused culture
• a performance-driven approach
• Strategy-aligned leadership capabilities
were launched in FY26 with a supporting
development programme
• Increase annual engagement leadership ‘factor’
score from a FY26 baseline
• Deliver a measurable uplift in constructive
leadership behaviours from the FY26 baseline,
reflecting the combined impact of multiple
leadership programmes and initiatives
• All business units are demonstrably building
digital capability
DEVELOP OUR UNDERSTANDING OF THE MĀORI WORLD VIEW TO HELP BUILD LONG-TERM RELATIONSHIPS WITH TANGATA WHENUA
Growing competence in te ao
Māori yields tangible outcomes
in business actions
• Partnering with iwi through the Community
Decarbonisation Fund to deliver community,
biodiversity and environmental outcomes
• Waitaki reconsent secured, including the 35-year
Kahu Ora biodiversity programme
• Te Arawaru progressing Kawenata priorities
across employment, contracting, and
conservation initiatives
• Embedding tikanga Māori through Ngāi Tahu
internships, mihi whakatau and health and
safety practices
• Growing competence in te ao Māori
• Iwi relationship outcomes tracker established
to provide visibility of outcomes that align with
iwi aspirations (to demonstrate maturity trend
over time)
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU41GROW CAPABILITY AND CULTURE

OUR KEY INITIATIVESOUR FY26 TARGETSS TAT U SPROGRESS AGAINST TARGETSFY27 TARGETS
FOSTER SUSTAINABILITY CULTURE AND LEADERSHIP THAT BENEFITS PEOPLE AND PLANET, INSPIRES CLIMATE ACTION AND ATTRACTS INVESTORS
Inclusion within S&P Dow Jones Best-in-
Class World Index
Business emission reduction plan initiatives
delivered (including Forever Forests)
Nature-based stocktake completed and
next steps agreed
Zero significant instances of environmental
non-compliance. Significance is defined by
impact severity and sectoral benchmarks
Refer to our Climate-related Disclosures
for more information on our emission
reduction and water management targets
• First and only NZ electricity company to
be ranked in S&P Dow Jones Best-in-Class
World Index
• Planned initiatives to reduce emissions have
been delivered
• Forever Forests programme is on track, with 676
hectares registered in the Emissions Trading
Scheme and generating carbon credits and a
further 180 hectares pending registration
• Second biodiversity stocktake completed,
and Kahu Ora, a 35-year indigenous biodiversity
enhancement programme launched. FY27
biodiversity roadmap scope agreed
• Zero significant incidents of non-compliance
associated with water quantity and/or quality
permits, standards and regulations; three
minor incidents
• Retain inclusion within S&P Dow Jones Best-in-
Class World Index as an independent benchmark
for leadership and sustainable practice
• Business emission reduction plan initiatives
delivered
• Biodiversity roadmap (FY27 scope) delivered
• Forever Forests phase 2 business case completed
• Waste innovation roadmap actions delivered
Near-term emission reduction targets
• Reduce absolute Scope 1 and 2 (market-based)
emissions 50% by FY30 from a FY21 baseline
• Reduce Scope 3 emissions 51.6% per MW of
installed generation capacity by FY30 from a
FY21 baseline (excluding one-off construction
emissions, investments, and transmission and
distribution company Scope 3 emissions)
• Supplier engagement target for 80% of one-off
emissions from construction will have science-
based targets by FY29
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU42GROW CAPABILITY AND CULTURE

Responsible companies
operate with awareness.
They connect personal
leadership and culture,
safety and wellbeing
to different aspects of
environment, communities
and partnerships and
emissions. This section
explains how we look
to make the biggest
differences we can, simply
by involving people.
Strong engagement result
at a time of change
Levels of employee engagement
reflect the extent to which our
people are committed to our
organisational purpose and
performance. We were very pleased
to see our overall score increase to
77 percent, up three percent on last
year. Given the significant amount of
change that our teams are grappling
with at the moment, this is a very
pleasing result. Leaving rates have
also remained stable.
We continue to perform well
against our benchmark of the
top 25 percent of Aotearoa
New Zealand organisations.
Pleasingly, our engagement
score was two percent higher
than the benchmark.
Launching a Leadership
Framework for all
We believe everyone at Meridian
is a leader in some capacity.
Our new Leadership Framework
stems from a desire to clearly define
great leadership and to provide
consistency of support for new
and existing leaders.
The Framework is built on three
pillars – Develop Myself, Make Things
Happen, and Navigate the Future.
The pillars directly align with three
levels of leadership across Meridian –
personal growth, leadership around
outcomes (for those guiding work,
projects or teams) and leading others
for impact.
We are also looking to standardise
essential practices to ensure people
consistently experience high-quality
leadership. The “one size fits one”
concept promotes treating individuals
uniquely to achieve better results and
helps shift focus from “Am I being
consistent?” to “How am I enabling
everyone to do their best work?”
Demonstrating development
We operate a ‘careers jungle gym’
model that encourages people to
develop skills for lateral moves rather
than focusing solely on a vertical
management career path.
To measure leadership effectiveness,
we are using the Human Synergistics
Life Styles Inventory tool in a
programme we call ‘Growing the
Blue’. This programme comprises a
360-degree feedback and coaching
session that aims to mature leadership
behaviours, with a goal of having 40
leaders complete the programme in
the upcoming financial year.
ABOVE: Leaders Forum, Ōtautahi Christchurch.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU43GROW CAPABILITY AND CULTURE

Representing the country
we serve
We want our workforce to better
reflect Aotearoa New Zealand
and the communities we serve,
because having a mix of people and
perspectives in our business leads
to better decisions and outcomes
for everyone.
Rather than focusing only on
targets, we are working to improve
representation across all levels of the
organisation – especially for Māori
and women. While we’ve made good
progress in senior female leadership,
we know we have a lot more to do
to improve Māori representation,
particularly in senior roles.
During FY26, Māori hiring exceeded
turnover, resulting in a net increase
in Māori representation. At year end,
66 kaimahi Māori represented 6.4
percent of Meridian’s workforce.
However, we recognise there is more
work to do, particularly in increasing
Māori representation in senior
leadership and specialist roles, and
we have made this a priority in our
FY27 people strategy.
During the year, we continued to
advance our Māori strategy and
commitments under the Waitaki
Kawenata through a stronger focus
on Māori attraction, internships,
development and retention,
sharing relevant employment
opportunities with Waitaki Rūnaka,
and strengthening relationships with
iwi and Māori communities.
We’ve seen some positive results
at our development projects, at
Ruakākā we’ve met a 40 percent
local employment target by
supporting local recruitment and
training. However, we’re still not
attracting enough applicants from
diverse backgrounds.
We also established a revised Māori
operating model, including new
Iwi and Community Relationships
Manager and Culture and
Capability Partner roles, creating a
more sustainable approach to iwi
engagement, cultural capability and
Māori development across Meridian.
Employee engagement
* Measured by ‘level of agreement’ – the percentage of staff who ‘agree’ or ‘strongly
agree’ with the five questions that collectively determine our Engagement Index
(previously calculated as a weighted mean).
100%
80%
60%
40%
20%
0
FY23FY24FY25FY26
KEY
MERIDIAN*NZ TOP 25%
75%
72%72%
73%
75%
74%
77%
75%
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU44GROW CAPABILITY AND CULTURE

100%
75%
50%
25%
0%
FY26
100%
75%
50%
25%
0%
FY23FY24FY25FY26
KEY
FEMALEMALENON-BINARY
51.2%52.0%54.6%
48.8%
48.0%
45.4%
47.5%
52.2%
Note 1: From FY26, Meridian enhanced its ethnicity reporting methodology by
introducing total ethnicity reporting. This change enables all ethnic identities selected
by employees to be reflected in reported results and provides a more complete
representation of workforce diversity. Ethnicity data reported under this methodology
is not directly comparable with prior periods that used a primary ethnicity approach.
Total ethnicity values will total greater than 100% as a result of assigning employees to
multiple categories. Total headcount remains unchanged at 1,056 (Board inclusive).
Note 2: Includes casuals but excludes contractors
Diversity by ethnicity FY26Diversity by gender
11.2%
6.4%
3.9%
2.0%
0.8%
1.8%
7 7.9 %
See our Integrated Report Data Pack for more information on our workforce.
KEY
EUROPEANASIANMĀORI
MIDDLE EASTERN/LATIN AMERICAN/AFRICAN
PACIFIC PEOPLESOTHERNO INFORMATION STORED
0.3%
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU45GROW CAPABILITY AND CULTURE

Building on our
safety culture
Protecting our teams and
contractors is our number one safety
responsibility. Faced with a dynamic
set of risks and potential hazards, we
strive to build resilience in our system
so that we keep everyone safe and
support good decision-making in
high-risk environments.
A key part of building system
resilience is understanding what
drives a safe work environment,
recognising what’s working well,
and identifying where systems can
be strengthened to improve safety
outcomes. Adopting a Learning
Teams framework several years ago
helped us better understand the
multitude of contributing factors
when events occur, as well as helping
to better analyse and embed
successful practices when things go
well. This initiative aligns with our
adoption of the Safety 2 approach
and supports continuous learning
and enhancing safety systems rather
than focusing on past failures and
punitive measures.
In addition to Learning Teams,
our leadership practice and safety
management system encourages
people to be active safety observers.
Observations, opportunities for
improvement, and reporting of
incidents are encouraged as we firmly
believe active participation from
all our employees and contractors
helps us continuously improve
and strengthen our safety system.
Embedding a culture that emphasises
fairness and learning rather than
blame is described to our people
as a ‘ just culture’.
Leadership central to
safer outcomes
This year, we’ve directly linked
safety leadership to the broader
Meridian Leadership Framework.
This linkage emphasises that safety
is not a standalone responsibility.
It’s important that our leaders
understand that building and
maintaining safe work systems
and practices aligns with their
responsibility to lead safe, well-
functioning and productive teams.
Two years ago, we introduced a
Critical Risk Framework to focus on
those areas that carry the greatest
threats of injury. This year, we refined
that framework from 16 to 10 critical
risks to provide greater focus for our
leaders and our people. The new
risk set is more digestible, with a
sharper focus on significant threats
like heights, driving, and high-voltage
electricity.
We are increasingly using Safety
in Design (SID) processes for new
projects like our upcoming wind farm
at Mount Munro in the Wairarapa
to engineer out risks from the
outset rather than applying controls
retroactively. It’s another way in which
we are proactively building system
resilience to keep our people safe.
To support staff in physically
demanding roles, such as wind
technicians and hydro maintainers
who work in cramped conditions,
we launched a new preventative
physiotherapy programme. This
programme allows our people to
access physiotherapy support
before injury occurs to proactively
address and mitigate musculoskeletal
injury risks.
Safety risks shifting to new spaces
As we have been expanding our
renewable development through the
likes of battery assets, solar arrays,
wind generation and the Meridian
EV charging network, our risk profile
has increased.
Incident levels are generally stable,
with one severe injury in the past
year. However, contractor injury
rates remain disproportionately
higher than those for permanent
staff, largely due to the high-risk
nature of the work they perform.
We are addressing this by improving
induction, task planning, and
communication regarding hazards,
and by better aligning contractor
safety practice with Meridian’s
own standards.
ABOVE: Benmore Power Station, Ōtematata.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU46GROW CAPABILITY AND CULTURE

10.00
7. 5 0
5.00
2.50
0
FY23FY24FY25FY26
KEY
MERIDIAN EMPLOYEESMERIDIAN ONSITE CONTRACTORS
MERIDIAN ONSITE (EMPLOYEES AND CONTRACTORS COMBINED)
Note 1: TRIFR is calculated per 200,000 hours and includes all lost time, medical
treatment and restricted work injuries for Meridian employees and on-site
contractors only. All data excludes offsite contractors.
Total recordable injury frequency rate (TRIFR)
While some incident
figures have increased,
we are confident that
the underlying
reporting culture is
healthy and mature.
1.12
4.68
3.91
1.08
1.47
1.87
9.69
2.45
2.77
8.44
1.87
1.81
Encouraging people to speak up
We continue to cultivate a strong
reporting culture where staff
and contractors openly report
observations and events. We meet
every Tuesday morning across the
company to review all reports and
determine necessary follow-up
actions. The Generation part of our
business operates a monthly reward
programme for safety observations.
While some incident figures have
increased, we are confident that
the underlying reporting culture
is healthy and mature. To further
improve safety, all core leaders have
participated in Learning Teams
sessions and a new safety and
wellbeing leadership programme
will be implemented over the next
six months.
There were no significant instances
of non-compliance with health and
safety laws or regulations and we paid
no fines during the reporting period.
Again this year, we are not aware of
any significant instances of injuries
that went unreported.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU47GROW CAPABILITY AND CULTURE

There is more information on health and safety in our Integrated Report Data Pack.
The diagram below shows our ten critical health and safety risks.
Early wellbeing
interventions support better
business outcomes
Meridian has recognised wellbeing
as the biggest enabler of a high-
performing workforce, and has had
industry-leading care planning for
some time. But our emphasis now is
on early intervention conversations
where leaders look to provide
support at the first sign of difficulties
and before a formal, full-scale care
plan becomes necessary.
An important lesson, gleaned from
our safety framework, is that the
principles for keeping people safe
physically are also applicable to
mental safety. We know that, despite
high engagement scores, anecdotal
evidence indicates our people
sometimes experience a ‘narrowed
ability to operate’ at work. Causes
vary, from cost-of-living pressures
to personal impacts such as grief
and physical loss to specific societal
causes like managing the needs of
ageing parents.
Our goal remains to foster positive
organisational conditions that help
our people thrive. This means
preventing psychological harm and
providing support during rough
periods. This approach helps our
people feel well-supported when
adversity impacts them personally
and/or professionally, in turn
facilitating better business outcomes.
Because of this connection, we are
increasingly integrating our safety and
wellbeing initiatives and encouraging
the business, and leaders in particular,
to view them holistically rather than
as separate disciplines. Tailored safety
and wellbeing leadership education,
and further embedding of ‘better
work by design’ and associated
healthy work principles, is our current
focus.
We are also looking to use data
analytics to identify patterns, such
as potential correlations between
accidents, overtime, and mental
stress. In particular, we anticipate
using our data lake to gain insights
about risk causes and elevations that
were previously difficult to uncover.
To benchmark wellbeing
performance this year, we’ve begun
using OrgWell 365, a sister product
to the Safe 365 tool used by our
Safety team, for concrete evidence
of wellbeing outcomes. This aligns
with the broader strategy of adopting
a more rigorous, control-based
perspective to risk management and
is similar to the discipline we apply to
safeguarding physical safety.
Driving
Collision or loss
of control of a
vehicle, including
cars, trucks and
mobile plant.
Heights
Impact from a fall
from height or a
dropped object, as
well as suspension
trauma.
Rotating
plant and
major
machinery
Coming into
contact with
rotating tools
and plant,
and large
machinery.
Stored energy
Unplanned release
of, or contact with,
energy resulting
in electric shock,
or being crushed,
struck or burnt.
Harmful
contaminants
Significant
exposure to
hazardous
substances
and materials.
Ground
disturbance
Collapse or
engulfment, or
contact with
underground
services.
Confined space
Unsafe atmosphere
leading to asphyxiation or
engulfment, or an inability
to conduct rescue.
Water
Drowning or
hypothermia
from working
in or above
water.
Psychological
harm
A mental health
issue leading
to significant
mental harm,
self-harm
or harm
to others.
Violence, sexual
assault or other
significant injury
Violence, sexual assault
or significant injury in our
workplaces or in relation
to Meridian’s business
off-site, including in
customer’s homes.
MERIDIAN ENERGY INTEGRATED REPORT 2026MENU48GROW CAPABILITY AND CULTURE