Meridian Annual Shareholder Meeting

1

MERIDIAN ENERGY ANNUAL SHAREHOLDER MEETING – 20 OCTOBER 2026

CHAIR ADDRESS

I will begin my Chair’s address by introducing the Meridian Board and some of the
Management Team.

Our Board
This year, some of the Meridian Board members are present at our Wellington office, some
are online. For those in the room I ask the directors sitting in the audience to raise their
hands as I call their name. They are: David Carter, Graham Cockroft and Fraser Whineray.

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 role of General Manager and Chief Executive at 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 also appointed Kylie Reiri as our next Future Director during the year, 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
decision making.

In August this year, Meridian also announced that Fraser Whineray had 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
shareholder approval for his election at this Annual Shareholder Meeting.

Also present with me today are Chief Executive Mike Roan, Chief Financial Officer Mandy
Binnie and General Counsel Jason Woolley. The rest of Meridian’s executive team, apart
from Guy Waipara and Claire Shaw, are also present in the room.

2

FY26 Performance
This has been an important year for Meridian - a year in which we recovered strongly from a
challenging 2024/25, continued to invest for the future, and stayed focused on serving our
customers and communities well, and delivering long-term value for shareholders.

This year, we focused on three core priorities: maintaining financial discipline, supporting
customers through ongoing cost-of-living pressures, and continuing to build our renewable
generation development programme.

The financial result for FY26 reflects Meridian’s ability to adapt in a changing operating
environment. The decline of domestic gas as a transition fuel has altered the outlook for the
electricity sector, reinforcing the importance of long-term investment, practical resilience
measures, and clear signals for capital to keep flowing into new renewable generation. The
fact of the matter remains that the best antidote for higher prices is to continue to introduce
more electrons into the system.

Many of our actions happen behind the scenes, but it is our job to maintain a business that
can continue to perform on a balanced basis for customers, communities and investors,
through both normal conditions and periods of stress. During a demanding period for the
company and the wider sector, our people collaborated effectively, made difficult decisions,
and took a long-term, sector-wide perspective.

Customers
The Board is very conscious that this year’s performance has been achieved during a period
when many households and businesses continue to face significant financial pressure. The
cost of energy remains an important issue and rightly attracts public attention and scrutiny.

As I said earlier, we remain confident that the most effective long-term path to greater
affordability is investment in new generation. Increasing supply is the best way to put
downward pressure on wholesale electricity prices over time, while also improving energy
security.

We know New Zealanders want to see lower power prices, and encouragingly, the
substantial investment being committed across the sector is already beginning to have an
impact. We’re 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.

3


We have also made public commitments to residential and small business customers.
However, we do not set all the elements of the bill. Customers will see at least three more
years of regulated increases in lines and transmission charges.

Renewable Investment
If New Zealand is to meet its future electricity needs and support economic growth, it must
continue to attract investment into new generation. This matters for both energy security and
the prices customers face. 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 which we should leverage. We already operate one of the world’s most
renewable electricity systems, providing a strong foundation from which to electrify more of
our economy.

This creates a significant opportunity - not only to reduce emissions, but also to support
productivity, attract investment, and strengthen New Zealand’s international competitiveness.
Meridian is committed to playing its part in supporting the country’s long-term prosperity and
security.

To this end, we have formed – and are growing – a team tasked with helping to attract
international companies to New Zealand, with possibilities including smelters, mineral
processing and green fertiliser. Data centres are in the mix too.

Each of these opportunities would deliver significant demand growth and, more importantly,
create jobs and support regional and wider economic growth for the country.

Of course, any major new electricity user needs to be introduced in a way that protects
reliability and affordability for all New Zealanders. For us, that is a prerequisite.

Waitaki Power Scheme
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 heart of New Zealand’s electricity system for generations and remains a
strategic asset for both Meridian and the country. More recently, we also committed to a half
billion dollar generational investment in the Waitaki power station.

4

Securing long-term certainty over its future operation provides confidence for customers,
investors, local communities, iwi, and the wider economy. It also supports the ongoing role of
renewable hydro generation within our energy system, at a time when resilience, reliability,
and decarbonisation are all critical.

Sustainability
This year also brought important external recognition of our 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 this index, 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.

Shareholder returns
I will conclude my address by speaking to Meridian’s shareholder returns.

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 declared a final ordinary
dividend of 16.10 cents per share - up 7.1% on the previous year. Combined with the interim
dividend, this brings total ordinary dividends declared for FY26 to 22.50 cents per share.

Returns to shareholders remain important, and so too does maintaining the balance sheet
strength required to fund 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.

5

Closing
In closing, New Zealand is 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 - 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.

Thank you for continuing to invest in and support our company. I will now ask our Chief
Executive, Mike Roan, to address the meeting.

Chief Executive’s Review

Kia ora Mark and e rere nei te ha o mihi, ki a koutou.
Ko Mike Roan toku ingoa.
Ko au te tumu whakarai I te Hiringa Komata.
Welcome, everyone. I am Mike Roan, Meridian Energy’s CEO.
It is a pleasure to speak with you today and to reflect on a period in which Meridian delivered
a strong financial result, advanced its strategy, and strengthened foundations for future value
creation.

FY26 Financial Performance
When I stood before you at last year’s meeting, Meridian was emerging from one of the most
challenging periods it had faced in many years. I said then that I remained confident in
Meridian’s future. This year’s performance shows why.

For the year ended 30 June 2026, Meridian delivered EBITDAF of more than $1 billion,
operating cash flows of $810 million and underlying net profit of $308m.
And these outcomes drove the increase in full year dividend to 22.5 cps, which is the highest
shareholders have received since the company was listed.

6

But the numbers only tell part of the story.

Meridian is a stronger, more resilient and capable business than it was twelve months ago
and the performance also reflects disciplined execution across the business: stronger retail
revenue, improvements in portfolio design, better operational availability, and careful
management of market conditions.

These factors combined to strengthen Meridian’s financial resilience at the same time as we
continue to invest at pace in the renewable and firming assets New Zealand needs.

Sector and Regulatory context
We are operating in a sector that is changing quickly.
Affordability pressures remain very real for a lot of customers.
And at the same time, electricity is becoming the fuel of a modern economy.
So we need to continue to balance delivery today with investment tomorrow if we are to land
good outcomes for shareholders and customers.
Meridian has an important role to play in supporting New Zealand’s energy independence,
strengthening system resilience, and enabling long-term economic growth.

Resilience
We have made substantial progress in reducing risk and strengthening the long-term
earnings resilience of the business.

As you can see from the graph on this page, the addition of the Huntly Strategic Energy
Reserve contract, the twenty-year demand response arrangement with NZAS, and the
additional storage now available at Lake Pūkaki have materially improved Meridian’s
flexibility.

Compared with our portfolio in FY25, the volume of available risk-management options has
roughly doubled and is now broader, more diverse and more within our control. That gives
us confidence to keep growing our customer base and building value for shareholders.
While each element is valuable, I would like to call out the 20% increase in available storage
at Pukaki that has been secured. Not only does it improve protection for Meridian and New
Zealand against dry-year risk but it lowers average wholesale electricity prices, which is
good for customers and it creates additional value for shareholders by allowing improved
coordination between the Waitaki and Waiau catchments.

7

Renewable Development
At the same time, we are investing in the next generation of renewable assets that will
support New Zealand's growing demand for electricity and Meridian's future growth.
One of the most significant successes of the year 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 Meridian and the country. As I mentioned before, Meridian was
also granted access to an additional five metres of storage at Lake Pūkaki to the end of 2028
to help manage system security while new generation is built.

We currently have two projects under construction: the 130MW Ruakākā Solar Farm and the
200MW stage 1 Te Rahui Solar Farm, a joint venture with Nova.

Consents were also secured for the 90MW Mt Munro Wind Farm and the 120MW
Bunnythorpe Solar Farm, and the proposed Waiinu Energy Park was admitted to the Fast-
track process.

And as Mark noted, we very recently committed a half billion dollars to upgrading the Waitaki
power station to ensure that it supports future generations of Kiwis and shareholders. Not
only did that feel good, it made good financial sense.

So there is a lot going on to sustain and support growth of the business and we are
determined to build on these elements.

In the next 12 months I expect to announce final investment decisions for Mt Munro, Te Rere
Hau and possibly stage two of the Te Rahui solar farm.

Our customers and affordability
In a highly competitive market, Meridian continued to grow relationships with customers.
Sales volumes were up 12 percent year-on-year and customer connections increased to
455k, with growth across both Meridian and Powershop. The acquisition of Flick supported
that growth, and we expect our customer base to build toward 500,000 and then 600,000
customers before 2030 once we get through the migration that challenged us and
PowerShop customers this past Winter.

The migration to Kraken, our new retail platform, has passed the halfway mark. While there
have been some customer impacts during the transition, we have listened, fixed issues and

8

taken steps to improve the customer experience. We remain confident the platform will
improve service, enhance innovation and support more efficient operations over time.

Affordability is also front of mind. As Mark noted, wholesale futures prices fell materially
during early 2026, and we are seeing those lower prices flow through to commercial and
industrial customers as contracts are renewed. We also made a public commitment to
residential and small business customers to ensure that they had confidence over the next
year as well.

And we are continuing to support customers directly. Around 31,000 Meridian and
Powershop customers are now on a hot water plan, saving $120 a year by allowing hot
water cylinders to be switched off during peak periods.

Through our Energy Wellbeing Programme, we have supported around 4,000 customers
experiencing hardship. An additional $7 million has been approved to extend that
programme through to 2030, with a goal of reaching 10,000 customers.

Our support for communities is also aligned with the long-term interests of shareholders.
Through the Decarbonisation Fund, we supported 37 not-for-profit organisations to electrify
their operations, reduce ongoing costs and direct more funding back into the communities
they serve.

As such, this year we are increasing the fund to around $3 million to reach more
organisations supporting our communities.

Operational performance
Operational performance has also improved. Since 2024, engineering improvements have
added approximately 75MW of operational capacity to our core generation assets. We
optimised maintenance schedules to lift availability and, through DigiGEN, we are using data
and digital tools to improve maintenance, asset performance, procurement and outage
planning further.

People, Leadership and Safety
No business outcome happens on its own. It is the product of the people who come to work
every day and make Meridian what it is. Staff engagement improved during the year despite
significant change and external pressure.

9

Our development programme continues to grow and with it the risk profile of the business.
More construction, more contractors on site and more field-based work all increase the
importance of getting health and safety right. Meridian’s culture gives me confidence that our
people feel empowered to slow work down, or stop it if conditions warrant. This culture is not
yet flowing through to our contractors as consistently as it should, and our injury statistics
reflect that. I regularly tell contractors the same thing I tell our own people: when you're on a
Meridian site, it doesn't matter what badge you're wearing you are one of our team. And the
expectations and standards are the same. Our focus is on contractor induction, clearer
communications on site and stronger critical controls. Of all the responsibilities I have as
Chief Executive, keeping people safe is the most important.

Outlook for FY27
In my view, New Zealand has a once-in-a-generation opportunity to use renewable electricity
to lift productivity, improve energy security, reduce emissions and strengthen economic
growth.

Meridian has a crucial role to play in helping make that future a reality.
We are entering this financial year from a position of strength, with a clear strategy, a strong
pipeline of opportunities, and confidence in our ability to continue creating value for
shareholders.

Thank you for your continued support and confidence in our company.


ENDS

---

7 cm
2026
Annual Shareholder
Meeting
20 OCTOBER 2026

20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 2

Today’s business
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 3
TeAnau Lake Control structure.
Chair’s address.
Chief Executive’s review.
Shareholder questions.
Resolutions and voting.

20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 4
Chair’s address
Control structure and spillway, Lake Pūkaki, South Canterbury.

20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 5
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.

2026 performance
Focused on three core priorities:
Maintaining financial discipline,
Supporting customers through ongoing
cost-of-living pressures,
Continuing to build Meridian’s renewable
generation development programme.
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 6
200
300
400
500
600
700
800
900
1,000
201220132014201520162017201820192020202120222023202420252026
$M
Financial Year ended 30 June
EBITDAF
2
Source: Meridian.
2
Earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of
hedges and asset related adjustments.

Our customers
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 7
Meridian EV chargers, Cromwell.

Renewable investment
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 8
An artist’s impression of the Meridian and Nova Energy joint venture TeRahuiSolar Farm near Taupō.

Waitaki Power Scheme
As New Zealand’s largest and most flexible
hydroelectricity power scheme, Waitaki plays a
critical role in the country’s electricity system and
economy.
It consists of six power stations with an installed
capacity of 1,553MW -almost 30% of New
Zealand’s installed hydro capacity.
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 9
Meridian EV chargers, Cromwell
Headwaters of Lake Pūkaki in the Waitaki Power Scheme, South Canterbury.

Sustainability
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 10
ManapōuriPower Station in Fiordland National Park.

17.40
17.90
21.0021.00
22.50
0
5
10
15
20
25
20222023202420252026
cps
Financial Year ended 30 June
Ordinary dividends declared
Shareholder returns
Dividends declared for the 2026 financial
year totalled22.50 cents per share.
This was a 7.1% increase from the 2025
financial year.
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 11
Source: Meridian.

Closing
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 12
Meridian’s White Hill Wind Farm in Southland powers 22,000 average homes.

20 OCTOBER 2026
PAGE 13
Waitaki Power Station in South Canterbury.
Chief Executive’s review
2026 ANNUAL SHAREHOLDER MEETING

461
509
667
318
810
0
300
600
900
20222023202420252026
$M
Financial Year ended 30 June
Operating cash flows
FY26 financial performance
20 OCTOBER 2026
PAGE 14
Source: Meridian.
Delivered in the 2026 financial year:
$1 billion of EBITDAF.
$810 million of operating cash flow.
$308 million of underlying profit.
2026 ANNUAL SHAREHOLDER MEETING

Sector and regulatory context
20 OCTOBER 2026
PAGE 15
First row of panels at the Meridian and Nova Energy joint venture TeRahuiSolar Farm near Taupō.
2026 ANNUAL SHAREHOLDER MEETING

0
500
1,000
1,500
2,000
FY24FY25FY26FY27FY28
annual GWh
Meridian's risk management book
additional Pūkaki storageHuntly Strategic Energy Reserve
current NZAS DRRetail DR
HFOprevious NZAS DR
Contact swaptionNova swaption
Resilience
Portfolio of hydro risk management options
strengthened.
Multiple NZAS demand response options
available of 25MW, 50MW, 100MW or
185MW in total.
Huntly Strategic Energy Reserve provides
Meridian up to 75MW call option.
Lake Pūkakiadditional storage makes
available up to a further five metresof
storage to reduce dry-year risk.
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 16
Source: Meridian.
option 2
option 3
option 4
incremental
incremental

Tauhei Solar
Ruakākā Solar
Te Rahui Solar (Stage 1)
Te Rahui Solar (Stage 2)
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
Incremental 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
Renewable development
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 17
Source: Meridian.

Our customers and affordability
12% growth in customer numbers in the 2026
financial year, including ex Flick customers.
Over 245,000 customers now successfully
migrated to our new Kraken platform.
More than 30,900 Meridian and Powershop
customers now using our Smart Hot Water
product.
70 chargers, (140 DC fast charge points) added
to the Meridian network during the 2026
financial year.
Support for 1,048 households through our
Energy Wellbeing Programmein the 2026
financial year.
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 18
In partnership with Meridian, Lion NZ has installed one of the country’s largest rooftop solar arrays in East Tamaki.

20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 19
Barge transportation across Lake Manapōuriin Fiordland.
Operational performance

20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 20
Maintenance work at Meridian’s West Wind Farm near Wellington.
People, leadership and safety

20 OCTOBER 2026
PAGE 21
Pūkakicanal, South Canterbury.
Outlook for 2027
2026 ANNUAL SHAREHOLDER MEETING

20 OCTOBER 2026
PAGE 22
ManapōuriPower Station in Fiordland.
Shareholder questions
2026 ANNUAL SHAREHOLDER MEETING

20 OCTOBER 2026
PAGE 23
ŌhauA Power Station, South Canterbury.
Resolutions and voting
2026 ANNUAL SHAREHOLDER MEETING

Resolution 1:
Re-election of David Carter
That David Carter, who retires by rotation and is
eligible for re-election, be re-elected as a
Director of the Company.
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 24

Resolution 2:
Re-election of Mark Verbiest
That Mark Verbiest, who retires by rotation and
is eligible for re-election, be re-elected as a
Director of the Company.
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 25

Resolution 3:
Election of Fraser Whineray
That Fraser Whineray (appointed as a Director
of the Company by the Board with effect from
28 September 2026), who retires and offers
himself for election, be elected as a Director of
the Company.
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 26

Vote totals
20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING
PAGE 27
Resolution 1:
Resolution 2:Resolution 3:
Re-election of
David Carter
Re-election of
Mark Verbiest
Election of
Fraser Whineray
Postal and online votes already cast
For2,112,492,6402,079,131,0572,116,816,564
Against4,785,55538,072,370431,570
Abstain413,890490,607436,005
Votes appointed to proxies not yet cast
1
12,677,16112,675,21212,685,107
Total2,130,369,2462,130,369,2462,130,369,246
1
Votes held by the Chair, Directors and other proxies

20 OCTOBER 2026
PAGE 28
ManapōuriLake Control structure, Fiordland.
Closing
2026 ANNUAL SHAREHOLDER MEETING

Disclaimer
20 OCTOBER 2026
PAGE 29
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.
2026 ANNUAL SHAREHOLDER MEETING