Quarterly Operational Update

1
•Kaiwera Downs Stage 2 has reached full generation.
The $486 million expansion project was completed in
two years, adding 36 turbines and 155MW of installed
capacity.
•All 12 turbines now installed at Kaiwaikawe Wind Farm.
The wind farm began generating in July, reflecting the
pace and strength of our construction delivery.
•Puke Kapo Hau Wind Farm is progressing to plan, with
works expected to begin in November 2026.
•FY27 SIB CAPEX is expected to be around $150m, with
growth CAPEX expected to be between $300m and
$400m.
•This year also marks 25 years of partnership with
Starship. Since 2001, Mercury and its customers have
raised more than $20 million to support the care of
children and families across New Zealand, and we are
proud of what our partnership has achieved.
Quarterly highlights
NZX / ASX Announcement
1Q-FY27 Trading update
For the three months ended 30 September 2026
14 October 2026
- Mercury Chief Executive Stew Hamilton
Mercury delivers strong Q1 performance
Trading Margin
$445m
19% on PCP
$70m on PCP
YTD Trading margin up $70m to $445m
Generation Volume
2,526GWh
26GWh on PCP
New wind and geothermal generation (up
307GWh) offset by lower hydro volumes,
down 332GWh or 24%
Hydrological Inflows
2
nd
percentile
from 71
st
percentile PCP
YTD Inflows were at 2
nd
percentile compared
to 71
st
percentile PCP
Mercury delivered a strong first quarter, with trading
margin of $445 million, up 19% on PCP, despite Waikato
hydro inflows at the second percentile. This
demonstrates the resilience of our earnings, supported
by disciplined portfolio management and our diversified
generation portfolio.
We continue to deliver against our renewable
development programme, while maintaining our focus
on disciplined investment and funding growth on
balance sheet within our financial guardrails.
Based on our current outlook, we remain on track to
deliver our FY27 EBITDAF guidance.

1) VWAP is volume weighted average energy-only price sold to customers after lines, metering and fees
2) Geothermal (Consolidation) includes Mercury’s 65% share of Ngā Awa Pūrua generation
3) Mass market includes residential segments and non time-of -use commercial customers
4) Other Costs of Sales includes levies, incentives, connection charges and ancillaries
2
Performance summary
Disclaimer: The operational and other data contained in this document is unaudited, preliminary and subject to change. This document
has been prepared for information purposes only and is not intended to be relied upon as the basis for any investment decision. No
representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information
contained in this document. Recipients should make their own independent assessment and seek appropriate professional advice.
Data used in this table is available in downloadable excel format on the investor section of our website
VWAP
VolumeVWAP
Volume
($/MWh)(GWh)($/MWh)(GWh)
Electricity Connections ('000 ICPs)
Gas & LPG Connections ('000)
Broadband Connections ('000)
Mobile Connections ('000)
Customers with two or more products ('000)
Generation72.0
2,526124.7
2,552
Hydro 82.91,057134.81,389
Geothermal (Consolidated)
2
58.3
770121.6
691
Wind Spot33.6
295112.6
145
Wind PPA97.4
40593.8
327
Network Losses (GWh)
Mass Market
1,3
177.81,333
167.0
1,349
Commercial & Industrial
1
182.6
605
187.6549
Physical Electricity Purchases(66.4)
2,047(140.5)2,009
Other Costs of Sales ($m)
4
Derivative Margin ($m)
End User Sell CfD's (Strike)146.6
344132.5
419
End User Sell CfD's (Spot)
(57.0)
344(133.2)
419
Buy CfD's (Strike)(119.4)
502
(127.1)667
Buy CfD's (Spot)58.9502132.8
667
Portfolio Derivatives
100.235515.0399
Other Derivatives ($m)
Spot Electricity Margin ($m)
Spot Electricity Sales
59.158
149.360
Spot Electricity Purchases(59.0)
59(137.9)
61
Gas Margin ($m)
Gas Sales ($/GJ | Tj)
34.970631.7
728
Gas Costs ($/GJ | Tj)(19.4)706
(19.8)728
Broadband Margin ($m)
Broadband Sales ($ / month / connection)90.4
19785.9
183
Broadband Costs ($ / month / connection)(64.5)
197(62.6)183
LPG Margin ($m)
Mobile Margin ($m)
Trading Margin ($m)
Other Income ($m)
SIB CAPEX
Growth CAPEX
110111
4
(16)(12)
40(1)
(10)
OPERATING INFORMATION
Three months endedThree months ended
30 September 2630 September 25
(0)1
119
445375
35
10
1513
01
236
53
197
109
595582
110
183
40
220
3633
2776

Performance summary
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Howard Thomas | General Counsel and Company Secretary | Mercury NZ Limited
CONTACT
ABOUT MERCURY NZ LIMITED
Mercury’s generation assets produce electricity from 100% renewable sources: hydro,
geothermal and wind. We’re also a retailer of electricity, gas, broadband and mobile
services.We’re listed on the New Zealand Stock Exchange and the Australian Stock Exchange
with the ticker symbol ‘MCY’, with foreign exempt listed status. The New Zealand Government
holds a legislated minimum 51% shareholding of Mercury.
For media inquiries, please contact:
Catherine Morab
External Communications Manager
09 282 1158
mercurycommunications@mercury.co.nz
For investor relations queries, please contact:
Paul Ruediger
Head of Business Performance
& Investor Relations

027 517 3470
investor@mercury.co.nz
The Mercury Building, 33 Broadway, Newmarket 1023
PO Box 90399, Auckland 1142
120
(90)
-120
-80
-40
0
40
80
120
160
Delta to average -
start of the quarter
Delta to average -
end of the quarter
GWh
Hydro Storage - Delta to Average*
0
500
1,000
1,500
2,000
2,500
3,000
3,500
SupplyDemand
GWh
Demand and supply - YTD
Hydro
Geothermal
Wind Spot
Financials
Wind PPA
Mass Market
C&I
Financials
Wind PPA
End User CfD
Losses
* Average since July 1999