Meridian Energy monthly operating report for September 2026

Release






Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand
Level 2, 98 Customhouse Quay, Wellington 6011
meridianenergy.co.nz
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy monthly operating report for September
2026

20 October 2026


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

"Despite mild weather during September, we continue to have inflows and lake storage that are well
above historical averages,” says Chief Executive Mike Roan.

"These factors enabled us to maintain high levels of hydro generation, lifting our overall generation for
the first quarter of a financial year to a record level. It was also pleasing to see a return to growth in
customer numbers, while we have now migrated more than half of all our customers onto the Kraken
platform.”


Meridian’s revised total capital expenditure guidance for the 2027 financial year is unchanged at $370
million to $410 million. Stay in business capital expenditure is expected to be between $110 million
and $120 million, growth capital expenditure is expected to be between $220 million and $250 million,
and repowering capital expenditure is expected to be $40 million.


Call this afternoon with Mandy Binnie and Owen Hackston
Mandy Binnie (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating
result call via a Microsoft Teams Live event today, Tuesday 20 October at 2.30pm NZDT (12.30pm
AEDT).

Click on the link below at this time to join the call:

Meridian Energy Quarterly Operating results - Microsoft Teams Live Event

Please submit any questions using the Q&A panel on the right-hand side of the call window. If the
Q&A panel doesn’t automatically appear, please select the small 'Q&A' speech bubble.


Key points from September Operating Report

 In the month to 12 October, national hydro storage decreased from
155%
to
121%
of historical
average.
 South Island storage decreased to
133%
of average and North Island storage decreased to
78%

of average by 12 October 2026.
 Meridian’s September 2026 monthly total inflows were
150%
of historical average.
 Meridian’s Waitaki catchment water storage at the end of September 2026 was
183%
of historical
average.
 Snow storage in Meridian’s Waitaki catchment was
102%
of average in early October.
 Water storage in Meridian’s Waiau catchment was
133%
of average at the end of September
2026.

meridianenergy.co.nz
PG 2

 September was a mild month with temperatures above or near average for the whole country.
Rainfall was above normal for much of the South Island, whereas most of the North Island had
below normal rainfall.
 National electricity demand in September 2026 was
0.5%
lower than September 2025.
 NZAS average load during September 2026 was
578MW
, compared with 571MW a year ago.
 Meridian’s retail sales volumes in September 2026 were
6.4%
lower than September 2025.
 Compared to September 2025, segment sales in residential were 9.4% lower, small medium
business 11.7% higher, agriculture 21.4% lower, large business 9.2% higher and corporate 10.6%
lower.
 Total customer connections increased slightly in September. Over 245,000 customers have now
been migrated onto the Kraken platform.

Key points this quarter include:
 Q1 total inflows were
154%
of historical average and
29%
higher than Q1 last year.
 Meridian’s Waitaki catchment water storage at the end of Q1 was
100.3%
higher than Q1
last year.
 Compared to Q1 last year, Meridian’s generation was
18.9%
higher at a
64.3%
lower average
price.
 While nearer term electricity futures prices decreased during Q1, 2028-2029 quarterly prices
firmed slightly. 2030 futures began trading at the start of October and are currently priced slightly
higher than 2029.
 National electricity demand in Q1 was
0.4%
higher than Q1 last year. Excluding NZAS demand,
Q1 demand is
0.2%
higher than Q1 last year, when Meridian and NZAS had agreed a 50MW
demand response reduction for Winter 2025 (to August 2025).
 Winter 2026 was New Zealand's 3rd warmest winter on record. While northern areas experienced
near average temperatures, the rest of the country saw a relatively warm winter, particularly the
South Island. The North Island had a drier than usual winter, in contrast to the South Island, which
was significantly wetter than normal. El Niño conditions were present in the tropical Pacific
atmosphere and ocean and strengthened considerably from mid-winter onwards.
 At the end of Q1, Meridian’s customer numbers were
0.9%
lower than at the same time last year.
 Compared to Q1 last year, Meridian’s retail sales volumes were
3.0%
lower, with decreases in
agricultural and corporate, offset slightly by increases in residential, small business and large
business at a
1.1%
higher average price.
 Compared to Q1 last year, total operating costs were
1.1%
higher and total capital expenditure
was
93.9%
higher.

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



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
September 2026
Monthly operating report
20 OCTOBER 2026

September key points
In the month to 12 October, national hydro storage decreased from 155% to 121% of historical average.
South Island storage decreased to 133% of average and North Island storage decreased to 78% of average by 12 October 2026.
Meridian’s September 2026 monthly total inflows were 150% of historical average.
Meridian’s Waitaki catchment water storage at the end of September 2026 was 183% of historical average.
Snow storage in Meridian’s Waitaki catchment was 102% of average in early October.
Water storage in Meridian’s Waiau catchment was 133% of average at the end of September 2026.
September was a mild month with temperatures above or near average for the whole country. Rainfall was above normal for much of
the South Island, whereas most of the North Island had below normal rainfall.
National electricity demand in September 2026 was 0.5% lower than September 2025.
NZAS average load during September 2026 was 578MW, compared with 571MW a year ago.
Meridian’s retail sales volumes in September 2026 were 6.4% lower than September 2025.
Compared to September 2025, segment sales in residential were 9.4% lower, small medium business 11.7% higher, agriculture 21.4% lower,
large business 9.2% higher and corporate 10.6% lower.
Total customer connections increased slightly in September. Over 245,000 customers have now been migrated onto the Kraken platform.
Meridian’s revised total capital expenditure guidance for the 2027 financial year is unchanged at $370 million to $410 million. Stay in
business capital expenditure is expected to be between $110 million and $120 million, growth capital expenditure expected to be
between $220 million and $250 million and repowering capital expenditure of $40 million.
20 OCTOBER 2026MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 2

Q1 total inflows were 154%of historicalaverage and 29% higher than Q1last year.
Meridian’s Waitaki catchmentwater storage at the end ofQ1 was 100.3% higher than Q1 lastyear.
Compared to Q1 last year,Meridian’s generation was18.9%higher at a 64.3% loweraverage price.
While nearer term electricity futures prices decreased during Q1, 2028-2029 quarterly prices firmed slightly. 2030 futures began trading at
the start of October and are currently priced slightly higher than 2029.
National electricity demand in Q1 was 0.4% higher than Q1 last year. Excluding NZAS demand, Q1 demand was 0.2% higher than Q1
last year, when Meridian and NZAS had agreed a 50MW demand response reduction for Winter 2025 (to August 2025).
Winter 2026 was New Zealand's 3
rd
warmest winter on record. While northern areas experienced near average temperatures, the rest of
the country saw a relatively warm winter, particularly the South Island. The North Island had a drier than usual winter, in contrast to the
South Island, which was significantly wetter than normal. El Niño conditions were present in the tropical Pacific atmosphere and ocean
and strengthened considerably from mid-winter onwards.
At the end of Q1, Meridian’s customer numbers were 0.9% lower than at the same time last year.
Compared to Q1 last year, Meridian’s retail sales volumes were 3.0% lower, with decreases in agricultural and corporate, offset slightly
by increases in residential, small business and large business at a 1.1% higher average price.
Compared to Q1 last year, total operating costs were 1.1% higher and total capital expenditure was 93.9% higher.
Q1 key points
20 OCTOBER 2026MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 3

3%
5%
7%
9%
11%
13%
15%
Aug 21Feb 22Aug 22Feb 23Aug 23Feb 24Aug 24Feb 25Aug 25Feb 26Aug 26
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
National demand
Range (2015-2025)202120222023202420252026
Market data
National electricity demand in September 2026 was 0.5% lower
than September 2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during
September 2026 was 578MW, compared with 571MW a year ago.
September was a mild month with temperatures above or near
average for the whole country. Rainfall was above normal for
much of the South Island, whereas most of the North Island had
below normal rainfall.
Demand in the last 12 months was 2.4% higher than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 4.8% at the end of August
2026.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 14.0% at the end of
August 2026.
20 OCTOBER 2026MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 4
Source: Electricity Authority
Source: Electricity Authority

0
50
100
150
200
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
Q1
2029
Q2
2029
Q3
2029
Q4
2029
Q1
2030
Q2
2030
Q3
2030
Q4
2030
$/MWh
Benmore ASX futures settlement price
9 June 20267 July 20265 August 20269 September 20269 October 2026
0
50
100
150
200
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
Q1
2029
Q2
2029
Q3
2029
Q4
2029
Q1
2030
Q2
2030
Q3
2030
Q4
2030
$/MWh
Ōtāhuhu ASX futures settlement price
9 June 20267 July 20265 August 20269 September 20269 October 2026
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (12 October 2026)
Average storage (93yr)19922004200820122023202420252026
Market data
September 2026 saw slight movements in the ASX electricity futures
prices.
National storage decreased from 155% of average on 7 September
2026 to 121% of average on 12 October 2026.
South Island storage decreased to 133% of historical average by 12
October 2026 and North Island storage decreased to 78% of
average.
20 OCTOBER 2026
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 5
Source: NZX
Source: ASXSource: ASX
National hydro storage levels exclude any Lake Pūkaki storage below 518m above sea level.

264
252
188
178
163
168
56
79
86
80
78
72
291
297
310
233
259
208
186
154
155
156
142
163
172
208
234
173
171
150
152
144
141
144
138
150
145
165
161
55
82
109
143
197
190
127
106
122
82
74
49
75
75
66
67
61
63
64
62
67
66
72
74
315
328
347
342
345
327
318
321
374
334
341
304
0
250
500
750
1,000
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
Meridian's retail sales volume*
FY27 ResidentialFY27 SMBFY27 AgriFY27 Large BusFY27 Corporate
FY26 ResidentialFY26 SMBFY26 AgriFY26 Large BusFY26 Corporate
304
304
306
150
145
143
266
301
300
300
300
301
299
306
305
301
301
303
145
149
153
154
155
157
158
160
160
159
156
152
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
Meridian's customer connections
FY27 MeridianFY27 PowershopFY26 MeridianFY26 Powershop
Retail
Meridian’s customer connection numbers increased 0.03% during
September 2026 and have decreased 0.9% in the last 12 months.
Retail sales volumes in September 2026 were 6.4% lower than
September 2025.
Compared to September 2025, segment sales in residential were
9.4% lower, small medium business 11.7% higher, agriculture 21.4%
lower, large business 9.2% higher and corporate 10.6% lower.
To date this financial year, retail sales volumes are 3.0% lower than
the same period last year.
Compared to last financial year to date, segment sales in
residential are 0.7% higher, small medium business 3.2% higher,
agricultural 10.2% lower, large business 7.2% higher and corporate
9.2% lower.
20 OCTOBER 2026MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 6
Meridian operating information
Source: Meridian
Source: Meridian

0
500
1,000
1,500
2,000
2,500
1-Jan1-Feb1-Mar1-Apr1-May1-Jun1-Jul1-Aug1-Sept1-Oct1-Nov1-Dec
GWh
Meridian's Waitaki storage
Average 1979-2020202120222023202420252026
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
20112012201320142015201620172018201920202021202220232024202520262027
GWh
Financial
year
Meridian's combined catchment inflows
Sep YTD94 year average
Inflows and storage
September 2026 monthly total inflows were 150% of historical
average.
Waiau catchment inflows in September 2026 were 156% of
historical average, 22% lower than the same month last year.
To date this financial year, inflows are 154% of historical average.
Waitaki catchment water storage
1
moved from 1,810GWh to
1,806GWh during September 2026.
Waitaki water storage at the end of September 2026 was 183% of
historical average and 100% higher than the same time last year.
Snow storage in Meridian’s Waitaki catchment was 102% of
average in early October.
Water storage in Meridian’s Waiau catchment was 133% of
average at the end of September 2026.
20 OCTOBER 2026
1
Waitaki water storage levels exclude any Lake Pūkaki storage below 518m above sea level.
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

0
50
100
150
200
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
Meridian's average generation price*
FY27FY26
0
200
400
600
800
1,000
1,200
1,400
1,600
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY27 HydroFY27 WindFY26 HydroFY26 Wind
Generation
Meridian’s generation in September 2026 was 17.6% higher than
the same month last year, reflecting higher hydro generation
andlower wind generation.
To date this financial year, Meridian’s generation is 18.9% higher
than the same period last year, reflecting higher hydro generation
and lower wind generation.
The average price Meridian received for its generation in
September 2026 was 76.5% lower than the same month last year.
The average price Meridian paid to supply its retail customers in
September 2026 was 69.4% lower than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 64.3% lower than the same period last year and
the average price paid to supply customers is 60.0% lower.
20 OCTOBER 2026
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 8
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
20 OCTOBER 2026
See page 10 for footnotes
MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 9
Meridian operating information
SEPTEMBERSEPTEMBERAUGUSTJULY3 MONTHS TO3 MONTHS TO
2026202520262026SEPTEMBERSEPTEMBER
MONTHMONTHMONTHMONTH20262025
Retail contracted sales
Residential sales v olume (GWh)188 208 252 265 705 700
Small medium business sales v olume (GWh)168 150 163 178 509 494
Agricultural sales v olume (GWh)86 109 79 56 221 246
Large business sales v olume (GWh)72 66 78 80 231 215
Corporate and industrial sales v olume (GWh)310 347 297 291 898 989
Retail contracted sales volume (GWh)824 880 870 870 2,565 2,644
Av erage retail contracted sales price
1
($/M Wh)$175.5$171.0$170.9$175.4$173.9$172.0
NZAS sales v olume (GWh)271 271 280 280 832 814
Financial contract sales v olumes
2
(GWh)423 291 449 455 1,326 1,058
Av erage w holesale & financial contracts sales price
3
($/M Wh)$93.0$111.4$99.4$101.8$98.2$115.1
Retail customer supply v olumes (GWh)864 925 917 919 2,700 2,766
Cost to supply retail customers ($/MWh)$38.1$119.3$82.2$59.7$60.4$139.7
Cost to supply w holesale customers ($/MWh)$19.6$112.2$60.5$42.6$41.2$134.0
Cost of financial contracts ($/MWh)$39.1$117.5$55.6$53.2$49.5$130.4
BESS supply v olume (GWh)7 3 7 6 20 5
Cost to supply BESS ($/MWh)$30.7$73.7$66.6$41.9$46.5$95.1
Demand response payments ($m)-$1.9-$1.9-$1.9-$1.9-$5.8-$10.4
Total New Zealand customer connections
4
448,725 452,970 448,573 454,167

Monthly operating information
20 OCTOBER 2026MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 10
Meridian operating information
Footnotes
1.Contracted sales volumes and volume weighted average price received from contracted
customers less distribution costs.
2.Derivatives sold excluding the sell-side of virtual asset swaps.
3.Average price of both NZAS sales volume and derivative sales volumes.
4.Meridian Retail and Powershop New Zealand installation control points (ICPs), excluding vacants.
5.Volume weighted average price received for Meridian’s physical generation.
6.Over the counter and ASX contract volumes excluding the buy-side of virtual asset swaps.
SEPTEMBERSEPTEMBERAUGUST
JULY3 MONTHS TO3 MONTHS TO
2026202520262026
SEPTEMBERSEPTEMBER
MONTHMONTHMONTHMONTH20262025
Generation
Hydro generation v olume (GWh)
1,183


931

1,258 1,202 3,644
2,982
Wind generation v olume (GWh)170
220 168

164
502 504

BESS generation v olume (GWh)5 2

5
5
16

3


Total generation volume (GWh)1,358
1,153 1,432 1,371 4,161 3,490

Av erage generation price
5
($/M Wh)$25.8$109.9$66.6$47.7$47.1$131.8
Hedging
Hedging v olume
6
(GWh)420 437
465 497 1,382 1,382
Hedging cost av erage price ($/MWh)$195.4$213.7$192.9$196.3$194.9$216.0
Hedging spot rev enue av erage price ($/MWh)$58.6$115.7$65.2$64.6$63.0
$132.9
Future contract close outs ($m)-$5.7-$2.3-$2.0-$2.1-$9.9
-$4.0
Costs
Employee and Operating Costs ($m)23 27 26 27 77 76
Stay in Business Capital Expenditure ($m)8 9 6 4 18 18
I nv estment Capital Expenditure ($m)17
4


28
21 66 26
Total Capital Expenditure ($m)25 13 34 25 84 44

FY27 operating information
20 OCTOBER 2026MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 11
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202620262026202620262026202720272027202720272027FY27changeFY27changeFY27changeFY27change
Retail contracted sales
Residential sales v olume (GWh)264 252 188 705 +5
Small medium business sales v olume (GWh)178 163 168 509 +16
Agricultural sales v olume (GWh)56 79 86 221 -25
Large business sales v olume (GWh)80 78 72 231 +15
Corporate and industrial sales v olume (GWh)291 297 310 898 -91
Retail contracted sales volume (GWh)870 870 824 2,565 -79
Av erage retail contracted sales price ($/MWh)$175.4$170.9$175.5$173.9+$1.9
NZAS sales v olume (GWh)280 280 271 832 +19
Financial contract sales v olumes (GWh)455 449 423 1,326 +268
Av erage w holesale & financial contracts sales price ($/MWh)$101.8$99.4$93.0$98.2-$17.0
Retail customer supply v olumes (GWh)919 917 864 2,700 -67
Cost to supply retail customers ($/MWh)$59.7$82.2$38.1$60.4-$79.3
Cost to supply w holesale customers ($/MWh)$42.6$60.5$19.6$41.2-$92.9
Cost of financial contracts ($/MWh)$53.2$55.6$39.1$49.5-$80.9
BESS supply v olume (GWh)6 7 7 20 +14
Cost to supply BESS ($/MWh)$41.9$66.6$30.7$46.5+$0.0
Demand response payments ($m)-$1.9-$1.9-$1.9-$5.8+$4.6
Total New Zealand customer connections454,167 448,573 448,725 448,725 -4,245
Generation
Hydro generation v olume (GWh)1,202 1,258 1,183 3,644 +661
Wind generation v olume (GWh)164 168 170 502 -2
BESS generation v olume (GWh)5 5 5 16 +13
Total generation volume (GWh)1,371 1,432 1,358 4,161 +671
Av erage generation price ($/MWh)$47.7$66.6$25.8$47.1-$84.8
Hedging
Hedging v olume (GWh)497 465 420 1,382 -0
Hedging cost av erage price ($/MWh)$196.3$192.9$195.4$194.9-$21.1
Hedging spot rev enue av erage price ($/MWh)$64.6$65.2$58.6$63.0-$69.9
Future contract close outs ($m)-$2.1-$2.0-$5.7-$9.9-$5.9
Costs
Employee and Operating Costs ($m)272623$77+$1
Stay in Business Capital Expenditure ($m)468$18+$1
I nv estment Capital Expenditure ($m)212817$66+$40
Total Capital Expenditure ($m)253425$84+$41

FY26 operating information
20 OCTOBER 2026MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
PAGE 12
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202520252025202520252025202620262026202620262026FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233 259 208 186 154 155 156 142 163 172 208 234 700 +150495 +104461 +100614 +103
Small medium business sales v olume (GWh)173 171 150 152 144 141 144 138 150 145 165 161 494 +38436 +44432 +39472 +31
Agricultural sales v olume (GWh)55 82 109 143 197 190 127 106 122 82 74 49 246 +25530 +51355 -39204 +11
Large business sales v olume (GWh)75 75 66 67 61 63 64 62 67 66 72 74 215 +32192 +18193 +26212 +18
Corporate and industrial sales v olume (GWh)315 328 347 342 345 327 318 321 374 334 341 304 989 +701,015 +331,013 -35979 +9
Retail contracted sales volume (GWh)850 913 880 890 902 876 809 770 876 799 860 822 2,644 +3142,668 +2482,455 +912,481 +172
Av erage retail contracted sales price ($/MWh)$172.4$172.5$171.0$144.3$142.3$143.8$150.5$151.2$155.4$169.2$175.1$180.3$171.9+$9.6$143.4+$8.7$152.5+$7.5$174.9+$8.6
NZAS sales v olume (GWh)267 276 271 280 271 280 280
253 280 272 280 271 814 -8832 -10814 +79824 +104
Financial contract sales v olumes (GWh)418 349 291 321 314 432 332 394 523 343 347 334 1,058 +3351,067 +4531,249 +1281,024 +143
Av erage w holesale & financial contracts sales price ($/MWh)$117.1$116.4$111.4$75.8$76.7$71.9$87.8$86.6$92.6$116.3$111.2$110.9$115.1-$6.6$74.6+$4.0$89.3-$5.4$112.8-$15.3
Retail customer supply v olumes (GWh)892 949 925 953 958 927 849 801 917 843 901 862 2,766 +3222,838 +2852,568 +772,605 +196
Cost to supply retail customers ($/MWh)$113.3$184.4$119.3$36.4$69.3$14.0$3.6$49.6$154.2$105.2$81.9$42.9$139.7-$189.3$40.2-$1.7$71.7-$161.9$76.5-$149.0
Cost to supply w holesale customers ($/MWh)$102.2$186.2$112.2$26.8$52.8$4.9$1.9$39.2$151.7$105.2$77.3$36.2$134.0-$202.4$27.9-$2.1$65.1-$170.9$72.9-$150.0
Cost of financial contracts ($/MWh)$105.1$171.5$117.5$32.7$58.2$16.5$13.3$40.7$111.4$107.8$71.8$42.7$130.4-$199.9$33.6-$6.6$63.0-$144.9$74.4-$145.6
BESS supply v olume (GWh)1 2 3 4 4 3 2 4 4 5 6 7 5 +511 +1110 +818 +14
Cost to supply BESS ($/MWh)$86.5$138.1$73.7$11.1$30.6$14.3$0.9$29.4$118.5$64.0$76.7$25.8$95.1+$0.0$19.3+$0.0$55.4-$249.553 -$181.7
Demand response payments ($m)-$5.4-$3.1-$1.9-$2.5-$1.9-$1.9-$2.0-$1.9-$2.0-$1.9-$1.9-$1.9-$10.4+$38.3-$6.3+$34.5-$5.3+$17.2-$4.8+$34.9
Total New Zealand customer connections410,865 450,317 452,970 454,057 455,035 457,336 456,274 465,780 464,985 459,998 456,098 454,907 452,970 +79,300457,336 +74,628464,985 +70,034454,907 +49,835
Generation
Hydro generation v olume (GWh)1,022 1,030 931 1,083 1,072 1,281 1,214 949 1,085 868 1,042 996 2,982 +4583,435
+3983,248 +4302,905 +341
Wind generation v olume (GWh)135 148 220 217 155 176 158 130 124 137 143 162 504 -5548 +30412 +81442 -10
BESS generation v olume (GWh)0 1 2 2 3 2 1 3 2 4 4 6 3 +37 +76 +613 +12
Total generation volume (GWh)1,157 1,179 1,153 1,302 1,229 1,459 1,373 1,082 1,211 1,008 1,189 1,164 3,490 +4573,990 +4363,666 +5163,360 +343
Av erage generation price ($/MWh)$108.1$176.6$109.9$28.0$57.9$6.8$1.1$41.3$146.5$100.5$74.5$44.1$131.8-$174.3$29.5-$3.0$61.0-$150.5$71.8-$137.4
Hedging
Hedging v olume (GWh)473 472 437 472 440 420 417 460 460 424 421 376 1,382 +481,332 +3201,336 -51,221 -32
Hedging cost av erage price ($/MWh)$215.9$218.2$213.7$127.0$122.2$125.0$139.5$142.6$139.9$187.4$185.5$186.2$216.0+$5.6$124.8-$31.2$140.7-$20.5$186.4-$15.6
Hedging spot rev enue av erage price ($/MWh)$107.4$174.2$115.7$36.4$67.3$18.7$8.0$50.3$143.5$107.2$72.7$43.2$132.9-$162.7$41.0-$4.6$69.2-$156.5$75.6-$144.5
Future contract close outs ($m)-$0.7-$1.0-$2.3$0.4$2.4-$1.5-$1.6-$0.9-$3.6$0.5-$1.0$1.2-$4.0$21.5$3.1-$4.4-$6.1$9.9$1.1$3.3
Costs
Employee and Operating Costs ($m)242427262526222225252442$76-$4$77+$9$69+$3$92+$16
Stay in Business Capital Expenditure ($m)3595555977524$18+$4$16-$5$20+$7$36+$3
I nv estment Capital Expenditure ($m)1111461110131718202328$26-$7$27-$10$48+$36$72+$39
Total Capital Expenditure ($m)141613111615182525282952$43-$3$42-$15$68+$44$108+$42

Glossary
Hedging volumesbuy-side electricity derivatives excluding the buy-side of virtual asset swaps
Average generation pricethe volume weighted average price received for Meridian’s physical generation
Average retail contracted sales pricevolume weighted average electricity price received from retail customers, less distribution costs
Average wholesale contracted sales pricevolume weighted average electricity price received from wholesale customers (including NZAS) and financial contracts
Combined catchment inflowscombined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of hedgesvolume weighted average price Meridian pays for derivatives acquired
Cost to supply contracted salesvolume weighted average price Meridian pays to supply contracted customer sales and financial contracts
Contracts for Difference (CFDs)an agreement between parties to pay the difference between the wholesale electricity price and an agreed fixed price for
a specified volume of electricity. CFDs do not result in the physical supply of electricity
Customer connections number of installation control points, excluding vacants
GWhgigawatt hour. Enough electricity for 125 average New Zealand households for one year
Historic average inflowsthe historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 94 years
Historic average storagethe historic average level of storage in Meridian’s Waitaki catchment since 1979
HVDChigh voltage direct current link between the North and South Islands of New Zealand
ICPNew Zealand installation control points, excluding vacants
ICP switchingthe number of installation control points changing retailer supplier, recorded in the month the switch was initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
National demandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz

NZASNew Zealand Aluminium Smelters Limited
Retail sales volumescontract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Financial contract salessell-side electricity derivatives excluding the sell-side of virtual asset swaps
20 OCTOBER 2026MONTHLY OPERATING REPORT FOR SEPTEMBER 2026
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