Corporate Governance Presentation

Release






Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand
Level 2, 98 Customhouse Quay, Wellington 6011

meridianenergy.co.nz
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Corporate Governance Presentation

5 October 2026


Attached is a Meridian Energy Limited corporate governance presentation the Company’s Directors
are making this week.


ENDS

Authorised for release by:

Jason Woolley
General Counsel and Company Secretary
Meridian Energy Limited


For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Lachlan Forsyth
Media & Content Manager
021 243 5342

7 cm
2026
Governance
Roadshow
5-7 OCTOBER 2026

5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 2
Meridian Board
David Carter
Appointed July 2023.
2026 re-election.
Julia Hoare
Appointed September 2019.
Chair Audit and Financial
Risk Committee.
Tania Simpson
Appointed August 2021.
Chair People, Remuneration
and Culture Committee.
Mark Verbiest
Appointed March 2017.
Appointed Chair October 2019.
2026 re-election.
Nagaja Sanatkumar
Appointed January 2020.
Chair Safety, Sustainability
and Operational Risk
Committee.
Graham Cockroft
Appointed July 2022.
Kylie Reiri
Appointed November 2025.
Future Director
1
.
1
The Future Director Programmeof the Institute of Directors is designed to help grow the next generation of directors in Aotearoa.
Future Directors do not have voting rights and are not involved in any decision making.
Fraser Whineray
Appointed September 2026.
2026 election.

Director skills matrix
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 3
As at 30 June 226
Strategic focus
Mark
Verbiest
Julia
Hoare
Nagaja
Sanatkumar
Tania
Simpson
Graham
Cockroft
David
Carter
Capital markets, corporate finance and investment community
Engineering, construction and physical infrastructure
Executive leadership
Financial acumen
Future of customer
Governance of listed companies
Government, public policy and regulation
Industry experience
Iwi relationships and connections
Risk management
Strategic and commercial experience
Sustainability
Technology and digital
Technology and security
◼︎primary focus
◼︎secondary focus
Additionally, the Board is supported by Carl Hansen, an independent strategic advisor in relation to regulatory and policy issues.
Fraser Whinerayhas
been appointed as a
Director with effect from
28 September 2026 and
is offering himself for
election at the upcoming
Annual Shareholder
Meeting.
Fraser brings deep
executive leadership and
governance experience
across the energy,
infrastructure and
primary industry sectors
as well as in capital
markets.
He is a former Chief
Executive of Mercury NZ,
and subsequently served
as Chief Operating
Officer of Fonterra.
Fraser’s current
governance roles include
being a Director of Waste
Management New
Zealand and Chair of
TenPeaksData Centres.
He has also held
governance roles across
renewable energy,
infrastructure, investment
banking and technology
entities.

Key governance metrics
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 4
Gender compositionEthnicity composition
femalemale
gender
diverse
MāoriAsianEuropean
Number of directors330114
Percentage of directors50%50%0%16.7%16.7%66.7%
Number of officers460118
Percentage of officers40%60%0%10%10%80%
Annual director fee pool and breakdownFY25FY26
Board fees$950,500$900,881
Committee fees$222,700$185,661
Unallocated fee pool$25,800$112,458
Total pool$1,199,000$1,199,000
Chair$250,000$250,000
Director$116,750$116,750
Audit & Financial Risk Committee Chair$32,600$32,600
Audit & Financial Risk Committee member$16,300$16,300
SS&OR
1
and PR&C
2
Committee Chair$27,000$27,000
SS&OR and PR&C Committee member$12,000$12,000
Cyber Security Committee Chair$13,500$13,500
Cyber Security Committee member$6,000$6,000
Meeting attendance
Board
A&FR
3
Committee
PR&C
Committee
SS&OR
Committee
Number of meetings9556
David Carter916
Graham Cockroft9551
Michelle Henderson621
Julia Hoare95
Nagaja Sanatkumar9356
Tania Simpson954
Mark Verbiest9552
Notes
At the 2024 ASM, the director fee pool was re-allocated with effect from 1 July 2024. The overall fee pool
remains at the level approved in 2021.
The Board has a minimum target of 30% of its directors being persons of who self identify as male and 30%
who self identify as female.
The Board also has a target of at least one director with a detailed understanding of tikanga Māori and iwi
relationships, with particular reference to the significance of the Ngāi Tahu relationship with Meridian.
Director tenure: 0-5 years, 3 directors; 5-10 years, 3 directors; 10+ years, 0 directors. The average director
tenure was 5 years and 8 months as at 30 June 2026.
Directors not members of Board Committees attend at least 1 meeting as an ex officio member.
Attendance at Cyber Security Committee meetings is included in the number reported in the Safety,
Sustainability and Operational Risk Committee figure, as this committee became responsible for cyber security
part way through the year.
Michelle Henderson ceased to be a Director, effective 27 January 2026.
1
Safety, Sustainability and Operational Risk
2
People, Remuneration and Culture
3
Audit and Financial Risk

5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 5
Our strategy map
FY26 PROGRESS

5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 6
Grow renewable generation and firming capacity
Key initiativesFY27 targets
Accelerate Aotearoa NZ’s decarbonisation by delivering
scale energy projects at pace
•Build renewable generation options
•Deliver on our 7 in 7
•Secure long-term access to water
Reach FID for two new generation developments
Consents: gain two and lodge one
Waitaki reconsented and strategy developed for Manapōurireconsenting
Deliver Ruakākāand TeRahuiStage 1 solar full power
Identify opportunities to grow hydro capacity (storage and flexible generation) with options quantified and investment choices
determined
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
Deliver 18MW+ of peaking capacity (flex and new operational capacity)
Deliver BESS business case benefits
Secure commercial intent agreements with two new industrial demand opportunities
RealiseManapōuriStation MW capacity -MAN900 options quantified
ŌhauStation Capacity Upgrade options quantified and investment choices determined
Waitaki Upgrade Project turbine contract awarded and enabling works commenced
Deliver cleaner, cheaper energy
Key initiativesFY27 targets
Create more value for customers
•Develop digital capability and innovation to optimise
operations, achieve scale and grow customer relationships
•Expand the energy product set to unlock the value of transport
electrification, process heat and demand flex
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)
Increase community good
•Continued investment in energy hardship and community
programmes that promote equitable access to the benefits of
the energy transition
Support an additional 1k customers in energy hardship
Community decarbonisation distributions of $2m
Active policy and industry advocacy that supports New
Zealanders through the energy transition
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, it is treated like insurance and 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 is well understood
•level-playing field measures do not result in increased retail prices
•the trade-offs between affordability, security and sustainability are well understood.
FY27 focus

5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 7
FY27 focus
Deliver operational excellence
Key initiativesFY27 targets
Build operational flex and agility while sustaining excellent
asset productivity
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 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
Grow culture and capability
Key initiativesFY27 targets
Grow a diverse and inclusive, skilled workforce that reflects
the country we live in
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
Grow safety leadership maturity as we build into the energy
transition
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
Nurture leadership capability to support the cultural and
digital maturity of a future Meridian
Increase annual engagement leadership ‘factor’ score from 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
Iwi relationship outcomes tracker established to provide visibility of outcomes that align with iwi aspirations
Foster sustainability culture and leadership that benefits
people and planet, inspires climate action and attracts
investors
Inclusion within 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

Waitaki project upgrade
Meridian has committed to upgrading the 92-year-old
Waitaki hydro power station.
The investment will deliver a full mechanical and electrical
upgrade of all seven generating units.
$440M to $510M (nominal) investment over a 10-year period,
delivering a 15%-20% IRR.
The investment will be treated as a combination of growth
capital expenditure (15% of the investment) and a new
classification, repowering capital expenditure (85% of the
investment).
Repowering capital expenditure, as it is incurred, will be
excluded from the calculation of operating free cash flow
under Meridian’s Dividend Policy. It will, however, be added
back into operating free cash flow calculations
proportionately over the expected useful life of the
repowered station, currently estimated at 50 years.
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 8
Construction of the Waitaki hydro power station originally began in the 1930’s.

Renewable Development
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 9
Tauhei Solar
Ruakākā Solar
Te Rahui Solar (Stage 1)
Te Rahui Solar (Stage2)
Mt Munro Wind
Te Rere Hau Wind
Manawatū Solar
Morrinsville Solar
Swannanoa Solar
Western Bays Solar (Stage 1)
Canterbury Solar
Waiinu Wind
Waiinu Solar
Western Bays Solar (Stage 2)
Manawatū Wind
0
1,000
2,000
3,000
4,000
5,000
6,000
FY27FY28FY29FY30FY31FY32FY33FY34FY35
GWh
Cumulative GWh of new generation (from full power date)
WindSolarTotal
Constructed542-542
In construction-702702
Consented1,1106171,727
Currently in consent-350350
Consents to lodge in FY271,8751,7303,605
Total (not constructed)2,9853,3996,384
Wind Solar
Total
6,384

Risk management
Meridian operates an active programme to
ensure ongoing risk management.
The Risk Management Framework, Policy
and Guidelines have been developed to
meet ISO 31000 Risk Management –
Guidelines.
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 10
Material RiskClimate Related Disclosure Link
Adverse hydrological conditions
Physical Risk 2: Changing seasonal weather patterns increases
hydro inflow volatility.
Cyber security
Access to water
Legislative and regulatory
Demand
Transition Risk 14: Structural decline in electricity demand from
industrial customers.
Peak capacity
Transition Risk 1: Insufficient flexibility for a fully renewable
electricity system leads to supply shortages.
Market supply
Transition Risk 1: Insufficient flexibility for a fully renewable
electricity system leads to supply shortages.
Development pipeline
Critical equipment or technology
failure
Health and safety
Catastrophic event
Physical Risk 3: Increased severe weather events could
damage assets and infrastructure.
Four risk categories:
People–including impacts to staff, contractors,
suppliers, customers and the public (including
communities, iwi and mana whenua).
Financial–increased costs, loss of revenue and
reduction in value.
Environmental–impacts on the environment’s
current baseline.
Reputational–events that cause the
deterioration of Meridian’s reputation.

Climate related disclosures
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 11

5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 12
Meridian Executive
Tania Palmer
General Manager
Generation
Jason Stein
Chief People Officer
Rory Blundell
General Manager
Strategy & Portfolio
Lisa Hannifin
Chief Customer
Officer
Jason Woolley
General Counsel &
Company Secretary
Mike Roan
Chief Executive
Guy Waipara
General Manager
Development
Bharat Ratanpal
Chief Information
Officer
Claire Shaw
General Manager
Corporate Affairs &
Sustainability
Mandy Binnie
Chief Financial
Officer

Chief Executive remuneration
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 13
Total remuneration earned
FY25
(Neal Barclay)
FY26
(Mike Roan)
Base salary$1,433,000$1,123,870
KiwiSaver on base salary$57,320$44,955
Total fixed remuneration$1,490,320$1,168,825
Short-term incentive scheme outcome(142% max)0%110.4%
Short-term incentive earned$0$893,504
Long-term incentive scheme outcome (100% max)100%28.76%
Long-term incentive earned (vested shares)$980,285$98,963
Employee share scheme (award shares)$2,500$2,500
Total remuneration earned$2,473,105$2,163,792
Total remuneration package
FY27
(Mike Roan)
Base salary$1,180,064
KiwiSaver on base salary$47,202
Total fixed remuneration$1,227,266
Short-term incentive cash
(50% of fixed remuneration, incl. KiwiSaver)
$613,633
Short-term incentive deferred equity
(20% of base salary, excl. KiwiSaver)
$236,013
Long-term incentive earned equity
(50% of base salary, excl. KiwiSaver)
$590,032
Employee share scheme (award shares)$2,500
Total remuneration package$2,666,944
60% weighted on financial
measure of EBITDAF less
capital charge outcome
(138.7% outcome in FY26).
40% weighted on Executive
Scorecard (68.0% outcome in
FY26).
110.4% total outcome in FY26.
50% weighting on absolute 3-
year TSR comparison against
the company's compounded
cost of equity over the same
period (0% outcome in FY26).
50% weighting on relative 3-
year TSR comparison against a
peer group of other companies
listed in the S&P/NZX50 Index
over the same period (57.53%
outcome in FY26).
28.76% total outcome in FY26.
Variable incentive remuneration assumed at target.
The cash-based STI is the gross cash payment based on performance achieved for the
applicable period and includes 4 percent company KiwiSaver contributions.
The above table includes the Deferred Equity STI earned during FY26, but which will not be
awarded until the end of the vesting period (FY28).
The FY26 LTI amount for Mike Roan relates to the vested Performance Share Rights (PSRs) from
the FY24 LTI, granted when he held the role of Chief Financial Officer.
The cash-based STI, and the LTI amounts above were earned during the FY26 and FY25 periods
but were or will be awarded in the following applicable periods (i.e., FY27 and FY26).
The total remuneration paid/awarded to Chief Executive Mike Roan within the FY26 year was
$1,672,317 (gross).
This included $0 for FY25 STI, and the LTI and MySharepayments that were made to him in
August-October 2025, all related to when he was CFO.

FY27 Executive Scorecard
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 14
CategoryFY27 objectiveMeasureAdequate (<75%)Target outcome –good (75%)Excellent (>75%)Weighting
Financial
(in addition to the
EBITDAF target)
Deliver sustainable value
and attract investors
Key measure:
Operating expenditure
(This measure is in addition to the
above 60% EBITDAF component)
If this category’s outcome is
materially behind target
(Not disclosed)The outcome must
be delivered, and be
materially ahead of target
20%
CustomerDeliver cleaner, cheaper
energy through
innovation that unlocks
value for customers
Key measure:
Customer growth
If at least one of this category’s
target outcomes is materially
behind target
500,000 ICPsThe target outcomes
must be delivered, and
one must be materially
ahead of target
20%
Other metrics that will be factored into the key metric outcome under this objective include:
•Customer happiness index
•Customer retention
•Cost to serve
•Revenue from EV charging
Energy transitionGrow renewable
generation and firming
capacity, and operate
our assets effectively
Key measure:
Quantity of new renewable
generation
If at least one of this category’s
target outcomes is materially
behind target
1,136GWhThe target outcomes
must be delivered, and
one must be materially
ahead of target
20%
Other metrics that will be factored into the key metric outcome under this objective include:
•Quality –additional asset and demand response peaking capability
•Generation availability (wind and hydro)
•Hydro development –whether the market has been informed of feasibility
People and safetyGrow capability and
culture, including safety
leadership maturity
Key measure:
Safety metric
If at least one of this category’s
target outcomes is materially
behind target
Safety leadership target
Serious harm reduction target
The target outcomes
must be delivered, and
one must be materially
ahead of target
20%
Other metrics that will be factored into the key metric outcome under this objective include:
•Engagement survey leadership score
•Māori representation in senior roles
Licenceto operateDeliver operational
excellence to protect
and strengthen
Meridian’s reputation
Key measure 1:
Energy hardship customers
If at least one of this category’s
target outcomes is materially
behind target
1,000 new households (5,000 total)The target outcomes
must be delivered, and
one must be materially
ahead of target
20%
Key measure 2:
Scope 1 and 2 emissions reduction
561tCO2e
Other metrics that will be factored into the key metric outcome under this objective include:
•Notifiable privacy breaches
•Scope 3 emissions intensity
•Corporate trust
The above scorecard measures remain subject to a ‘Safety performance and leadership’ gate which requires the Executive Team to demonstrate an improvement in safety leadership and outcomes across the business and will
be considered in the context of both lead and lag indicators.
In addition to the ‘Safety’ gate, the Board can (on the recommendation of the Chief Executive) lift or reduce outcomes by up to 20 percent.
At their discretion additionally, the Chief Executive may flex an individual executive up or down by up to 10 percent based on how that individual has reflected the company values, brand, and positions externally, internally and
within the Executive Team.

Disclaimer
5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW
PAGE 15
The information in this presentation was prepared by Meridian Energy
with due care and attention. However, the information is supplied in
summary form and is therefore not necessarily complete, and no
representation is made as to the accuracy, completeness or reliability of
the information. In addition, neither the company nor any of its directors,
employees, shareholders nor any other person shall have liability
whatsoever to any person for any loss (including, without limitation,
arising from any fault or negligence) arising from this presentation or any
information supplied in connection with it.
This presentation may contain forward-looking statements and
projections. These reflect Meridian’s current expectations, based on what
it thinks are reasonable assumptions. Meridian gives no warranty or
representation as to its future financial performance or any future
matter. Except as required by law or NZX or ASX listing rules, Meridian is
not obliged to update this presentation after its release, even if things
change materially.
This presentation does not constitute financial advice. Further, this
presentation is not and should not be construed as an offer to sell or a
solicitation of an offer to buy Meridian Energy securities and may not be
relied upon in connection with any purchase of Meridian Energy
securities.
This presentation contains a number of non-GAAP financial measures,
including Energy Margin, EBITDAF, Underlying NPAT and gearing.
Because they are not defined by GAAP or IFRS, Meridian's calculation of
these measures may differ from similarly titled measures presented by
other companies and they should not be considered in isolation from, or
construed as an alternative to, other financial measures determined in
accordance with GAAP. Although Meridian believes they provide useful
information in measuring the financial performance and condition of
Meridian's business, readers are cautioned not to place undue reliance
on these non-GAAP financial measures.
The information contained in this presentation should be considered in
conjunction with the company’s financial statements, which are included
in Meridian’s integrated report for the year ended 30 June 2026,
available at:
www.meridianenergy.co.nz/about-us/investors
All currency amounts are in New Zealand dollars unless stated otherwise.