Meridian Energy monthly operating report for May 2025

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 May 2025
16 June 2025
Attached is Meridian Energy Limited's monthly operating report for the month of May 2025.
Key points this month include:
 In the month to 9 June 2025, national hydro storage increased from 88% to 94% of historical
average
 South Island storage increased to 88% of average and North Island storage increased to 138% of
average by 9 June 2025
 Meridian’s May 2025 monthly total inflows were 106% of historical average
 Waiau catchment inflows in May 2025 were 123% of historical average
 Meridian’s Waitaki catchment water storage at the end of May 2025 was
84%
of historical average
 Water storage in Meridian’s Waiau catchment was
118%
of average at the end of May 2025
 May 2025 was another warm month, with temperatures well above average for most of the country.
Rainfall was mixed across both islands, with much of the South Island below normal levels.
 National electricity demand in May 2025 was
6.1%
lower than May 2024, which was a notably cold
month
 New Zealand Aluminium Smelter’s average load during May 2025 was
523MW

 Meridian’s retail sales volumes in May 2025 were
0.7%
higher than May 2024
 Compared to May 2024, segment sales in residential were 4.4% lower, small medium business
0.2% higher, large business 10.5% higher, agriculture 8.1% lower and corporate 3.8% 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:
Phil Clark
Head of Communications
027 838 5710

Monthly Operating Report
May 2025

May key points
16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |2
In the month to 9 June 2025,
national hydro storage
increased from 88% to 94% of
historical average
South Island storage
increased to 88% of average
and North Island storage
increased to 138% of average
by 9 June 2025
Meridian’s May 2025 monthly
total inflows were 106% of
historical average
Waiau catchment inflows in
May 2025 were 123% of
historical average
National electricity demand in
May 2025 was 6.1% lower than
May 2024, which was a
notably cold month
New Zealand Aluminium
Smelter’s average load during
May 2025 was 523MW
Meridian’s retail sales volumes
in May 2025 were 0.7% higher
than May 2024
Compared to May 2024,
segment sales in residential
were 4.4% lower, small
medium business 0.2% higher,
large business 10.5% higher,
agriculture 8.1% lower and
corporate 3.8% higher


Meridian’s Waitaki catchment
water storage at the end of
May 2025 was 84% of
historical average
Water storage in Meridian’s
Waiau catchment was 118%
of average at the end of May
2025
May 2025 was another warm
month, with temperatures
well above average for most
of the country. Rainfall was
mixed across both islands,
with much of the South
Island below normal levels.

Market data
16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |3
National electricity demand in May 2025
was 6.1% lower than May 2024, which was
a notably cold month
New Zealand Aluminium Smelter’s average
load during May 2025 was 523MW
May 2025 was another warm month, with
temperatures well above average for most
of the country. Rainfall was mixed across
both islands, with much of the South Island
below normal levels.
Demand in the last 12 months was 3.7%
lower than the preceding 12 months
12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.5% at the
end of April 2025
12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.4% at the end of
April 2025
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Apr 20Oct 20Apr 21Oct 21Apr 22Oct 22Apr 23Oct 23Apr 24Oct 24Apr 25
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 (2014-2024)202020212022202320242025

16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |4
June 2025 saw decreases in the shorter
term ASX electricity futures prices
National storage increased from 88% of
average on 12 May 2025 to 94% of
average on 9 June 2025
South Island storage increased to 88% of
historical average by 9 June 2025 and
North Island storage increased to 138% of
average
Source: ASXSource: ASX
Source: NZX
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels
Market data
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (9 June 2025)
Average storage (92yr)19922004
200820122022
202320242025
0
50
100
150
200
250
300
350
400
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
28 June 202428 February 202531 March 2025
30 April 202530 May 202511 June 2025
0
50
100
150
200
250
300
350
400
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
28 June 202428 February 202531 March 2025
30 April 202530 May 202511 June 2025

Meridian retail
16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |5
Meridian’s customer connection numbers
increased 0.4% during May 2025 and have
increased 8.1% since June 2024
Retail sales volumes in May 2025 were
0.7% higher than May 2024
Compared to May 2024, segment sales in
residential were 4.4% lower, small medium
business 0.2% higher, large business 10.5%
higher, agriculture 8.1% lower and
corporate 3.8% higher
To date this financial year, retail sales
volumes are 1.7% lower than the same
period last year
Compared to last financial year, segment
sales in residential are 0.5% lower, small
medium business 0.3% higher, large
business 7.8% higher, agricultural 13.2%
lower and corporate are flat
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
124
124
125
125
126
126
127
128
129
129
127
127
127
128
128
129
129
130
131
132
132
119
121
122
124
126
128
132
134
136
137
139
122
122
122122
123
124
124
124
124
124
123
123
125
125
125
125
126
127
127
127
127
127
126
127
117
118
118
119
120
121
122
122
122
122
121
120
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S CUSTOMER CONNECTIONS
FY25 Meridian NIFY25 Meridian SIFY25 Powershop
FY24 Meridian NIFY24 Meridian SIFY24 Powershop
201
191
158
144
125
123
122
111
127
138
172
159
159
137
133
130
129
128
127
138
133
154
54
80
88
116
167
196
133
167
94
77
67
61
65
57
62
56
56
56
52
59
59
67
303
314
303
321
326
336
348
333
367
331
337
200
201
155
144
124
123
119
112
127
136
180
178
154
161
141
134
132
127
129
130
134
127
154
144
53
76
112
120
150
184
210
186
158
104
73
47
60
61
54
51
52
51
54
53
54
51
60
59
334
337
318
331
332
332
331
326
338
317
325
288
0
300
600
900
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY25 ResidentialFY25 SMBFY25 AgriFY25 Large Bus
FY25 CorporateFY24 ResidentialFY24 SMBFY24 Agri
FY24 Large BusFY24 Corporate

Meridian inflows and storage
16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |6
May 2025 monthly total inflows were
106% of historical average
Waiau catchment inflows in May 2025
were 123% of historical average, 187%
higher than the same month last year
To date this financial year, total inflows are
98% of historical average
2025 calendar year inflows are 66% of
historical average
Waitaki catchment water storage remained
steady during May 2025
Waitaki water storage at the end of May
2025 was 84% of historical average and 8%
higher than the same time last year
Water storage in Meridian’s Waiau
catchment was 118% of average at the end
of May 2025
Meridian operating information
Source: Meridian
Source: Meridian
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels
0
500
1,000
1,500
2,000
2,500
1-Jan1-Feb1-Mar1-Apr1-May1-Jun1-Jul1-Aug1-Sep1-Oct1-Nov1-Dec
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201920202021
2022202320242025
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
May YTD92 year average

Meridian generation
16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |7
Meridian’s generation in May 2025 was
14.2% lower than the same month last
year, reflecting lower hydro generation
andhigher wind generation
To date this financial year, Meridian’s
generation is 7.0% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
The average price Meridian received for its
generation in May 2025 was 32.9% lower
than the same month last year
The average price Meridian paid to supply
customers in May 2025 was 28.7% lower
than the same month last year
To date this financial year, the average
price Meridian received for its generation
is 15.7% higher than the same period last
year and the average price paid to supply
customers is 25.9% higher
Meridian operating information
Source: Meridian
Source: Meridian
*price received for Meridian’s physical generation
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S GENERATION
FY25 HydroFY25 WindFY24 HydroFY24 Wind
378
485
64
50
30
20
106
253
302
332
196
111
133
111
108
130
171
189
136
205
213
292
264
0
50
100
150
200
250
300
350
400
450
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY25FY24

Monthly operating information
16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |8
Meridian operating information
See page 10 for footnotes
MAY
MAYAPRILMARCH11 MONTHS TO11 MONTHS TO
2025202420252025MAYMAY
MONTHMONTHMONTHMONTH20252024
New Zealand contracted sales
Residential sales volume (GWh)172 180 138 127 1,612 1,621
Small medium business sales volume (GWh)154 154 133 138 1,529 1,525
Agricultural sales volume (GWh)67 73 77 94 1,238 1,427
Large business sales volume (GWh)67 60 59 59 650 602
Corporate and industrial sales volume (GWh)337 325 331 367 3,619 3,620
Retail contracted sales volume (GWh)798 793 738 786 8,649 8,794
Average retail contracted sales price
1
( $N Z/ MWh)$171.4$161.3$161.6$149.8$150.6$142.1
NZAS sales volume (GWh)243 426 236 247 2,878 4,608
Financial contract sales volumes
2
(GWh)319 297 281 407 3,058 3,124
Average wholesale & financial contracts sales price
3
( $N Z/ MWh)$131.8$89.7$132.7$103.0$102.7$74.1
Retail customer supply volumes (GWh)825 847 776 821 9,089 9,317
Cost to supply retail customers ($NZ/MWh)$214.8$312.3$334.8$308.7$212.3$178.3
Cost to supply wholesale customers ($NZ/MWh)$205.2$286.4$345.1$324.0$210.7$162.3
Cost of financial contracts ($NZ/MWh)$209.0$285.6$326.1$281.8$214.3$161.1
Demand response payments ($NZm)-$10.7$0.0-$10.7-$10.3-$133.4$0.0
Total New Zealand customer connections
4
399,077 369,980 397,551 394,951

Monthly operating information
16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |9
Meridian operating information
See page 10 for footnotes
MAYMAYAPRILMARCH11 MONTHS TO11 MONTHS TO
2025202420252025MAYMAY
MONTHMONTHMONTHMONTH20252024
New Zealand generation
Hydro generation volume (GWh)895 1,124 745 792 10,018 11,242
Wind generation volume (GWh)163 108 141 133 1,661 1,312
Total generation volume (GWh)1,058 1,232 885 925 11,679 12,554
Average generation price
5
( $N Z/ MWh)$196.0$291.8$332.4$302.1$189.4$163.7
New Zealand hedging
Hedging volume
6
(GWh)422 490 453 492 4,561 5,266
Hedging cost average price ($NZ/MWh)$201.7$151.2$203.4$169.3$182.4$130.9
Hedging spot revenue average price ($NZ/MWh)$204.2$293.9$313.0$293.4$212.9$172.0
Future contract close outs ($NZm)-$2.0-$3.2$0.3-$4.4-$34.6$13.9

Monthly operating information
16 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |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
MAY
MAYAPRILMARCH11 MONTHS TO11 MONTHS TO
2025202420252025MAYMAY
MONTHMONTHMONTHMONTH20252024
New Zealand costs
Employee and Operating Costs ($m)24 23 26 25 263 251
Stay in Business Capital Expenditure ($m)8 7 6 8 61 65
Investment Capital Expenditure ($m)3 35 14 1 97 273
Total Capital Expenditure ($m)11 42 20 9 158 338

FY25 operating information
1116 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
New Zealand contracted sales
Residential sales volume (GWh)201 191 158 144 125 123 122 111 127 138 172 550 -5392 -1361 +4
Small medium business sales volume (GWh)159 159 137 133 130 129 128 127 138 133 154 456 -1393 -1393 +0
Agricultural sales volume (GWh)54 80 88 116 167 196 133 167 94 77 67 221 -20479 +25394 -160
Large business sales volume (GWh)61 65 57 62 56 56 56 52 59 59 67 183 +9174 +19167 +5
Corporate and industrial sales volume (GWh)303 314 303 321 326 336 348 333 367 331 337 920 -69983 -121,048 +53
Retail contracted sales volume (GWh)777 810 743 776 805 839 787 791 786 738 798 2,330 -872,419 +312,363 -98
Average retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$135.2$132.3$143.2$141.5$149.8$161.6$171.4$162.3+$12.7$134.8+$5.7$144.9+$7.6
NZAS sales volume (GWh)327 261 233 265 275 303 249 239 247 236 243 821 -441842 -421735 -510
Financial contract sales volumes (GWh)295 222 206 192 210 212
396 318 407 281 319 723 -357614 -701,121 +368
Average wholesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$65.0$86.6$94.3$103.0$132.7$131.8$121.7+$43.9$70.6+$12.1$94.7+$21.9
Retail customer supply volumes (GWh)813 866 766 818 858 877 835 834 821 776 825 2,444 -1172,554 +72,491 -93
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$27.6$123.8$269.8$308.7$334.8$214.8$329.0+$196.4$41.9-$110.0$233.6+$43.4
Cost to supply wholesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$23.3$19.2$117.1$269.1$324.0$345.1$205.2$336.4+$218.7$30.0-$105.0$236.0+$60.0
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$33.8$25.8$111.8$233.2$281.8$326.1$209.0$330.9+$211.4$40.3-$92.2$207.9+$31.6
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$13.2-$8.8-$7.3-$5.0-$10.3-$10.7-$10.7-$48.7-$48.7-$40.7-$40.7-$22.5-$22.5
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 397,551 399,077 373,670 +8,217382,708 +10,908394,951 +21,619
New Zealand generation
Hydro generation volume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 745 895 2,524 -6823,037 +152,818 -125
Wind generation volume (GWh)129 192 187 179 164 174 113 85 133 141 163 509 +147517 +159332 -36
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 885 1,058 3,033 -5353,554 +1743,149 -161
Average generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$19.6$106.3$253.1$302.1$332.4$196.0$306.2+$187.2$32.5-$103.8$211.6+$34.7
New Zealand hedging
Hedging volume (GWh)451 451 432 403 277 331 416 433 492 453 422
1,334 -1681,011 -3471,341 -105
Hedging cost average price ($NZ/MWh)$174.5$226.1$231.4$196.2$134.2$125.3$150.7$162.1$169.3$203.4$201.7$210.4+$72.6$156.0+$46.9$161.2+$28.3
Hedging spot revenue average price ($NZ/MWh)$346.6$451.9$79.1$61.2$34.7$35.9$124.8$245.7$293.4$313.0$204.2$295.5+$171.5$45.6-$103.1$225.7+$39.0
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9$0.4$0.1-$5.7-$5.9-$4.4$0.3-$2.0-$24.4-43.0$7.4+8.0-$16.0-$16.6
Meridian Group
Employee and Operating Costs ($NZ m)2625302123232021252624$80+$11$68-$3$65-$1
Stay in Business Capital Expenditure ($NZ m)46478614868$14+$0$20+$4$13-$10
Investment Capital Expenditure ($NZ m)1391111818541143$32-$18$37-$46$10-$74
Total Capital Expenditure ($NZ m)1615151816247892011$46-$18$57-$42$24-$83

FY24 operating information
1216 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 124 123 119 112 127 136 180 178 555 -9392 +2358 +14494 +27
Small medium business sales volume (GWh)154 161 141 134 132 127 129 130 134 127 154 144 457 +9393 -5393 +18425 +14
Agricultural sales volume (GWh)53 76 112 120 150 184 210 186 158 104 73 47 241 +27454 +29554 +135225 +34
Large business sales volume (GWh)60 61 54 51 52 51 54 53 54 51 60 59 175 +2155 +17161 +17170 +13
Corporate and industrial sales volume (GWh)334 337 318 331 332 332 331 326 338 317 325 288 989 +19995 +45995 +1930 -74
Retail contracted sales volume (GWh)800 836 781 781 790 818 843 806 811 735 793 717 2,417 +482,389 +882,461 +1862,244 +15
Average retail contracted sales price ($NZ/MWh)$149.2$151.2$148.2$131.5$130.1$125.9$136.4$135.9$139.5$155.7$161.3$157.2$149.6+$15.5$129.1+$6.4$137.3+$7.9$158.1+18
NZAS sales volume (GWh)426 426 411 426 412 426 426
398 421 412 426 394 1,262 +11,263 +11,245 +91,232 -18
Financial contract sales volumes (GWh)338 371 371 221 250 212 275 206 272 311 297 293 1,080 +433683 -101753 +76901 -88
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$61.9$57.5$75.0$68.8$74.1$91.7$89.7$87.9$77.8+$18.9$58.5+$3.0$72.8+$4.1$89.8+13
Retail customer supply volumes (GWh)845 892 825 829 838 879 884 851 850 778 847 733 2,561 +612,546 +822,584 +1882,359 +46
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$143.3$186.1$201.4$155.1$213.8$230.0$312.3$284.0$132.6+$57.9$151.9+$101.1$190.2+$45.1$276.3+191
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$105.1$128.5$171.4$187.1$136.4$202.5$212.8$286.4$269.6$117.7+$55.0$135.0+$97.2$176.1+$36.1$256.4+188
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$105.8$127.1$166.7$181.8$134.9$202.2$212.6$285.6$271.0$119.5+$41.4$132.5+$89.8$176.3+$48.0$255.7+179
Demand response payments ($NZm)$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0+$0.0$0.0+$0.0$0.0+$0.0$0.0+0
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 371,800 372,604 373,536 373,332 373,161 369,980 369,667 365,453 -3,294371,800 +4,864373,332 +8,072369,667 +6,332
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 987 1,010 962 972 948 1,124 883 3,206 -943,022 -2522,943 +2502,955 -480
Wind generation volume (GWh)118 107 138 128 111 119 106 127 134 117 108 128 362 +31358 +49367 +76
353 +82
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 1,106 1,116 1,089 1,106 1,064 1,232 1,011 3,567 -633,380 -2033,311 +3263,308 -397
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$130.4$170.8$188.6$136.4$205.0$212.0$291.8$262.6$119.0+$56.8$136.3+$95.7$176.9+$45.7$257.2+$187.5
New Zealand hedging
Hedging volume (GWh)505 539 458 496 404 458 504 438 504 470 490 516 1,502 +2971,358 +3041,446 +1701,476 +244
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$105.6$110.1$127.4$131.9$139.1$145.0$151.2$147.7$137.8+$14.0$109.1+$8.2$132.9+$4.4$148.0+$12.6
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$123.7$144.7$179.4$192.6$156.1$207.6$219.9$293.9$258.2$124.1+$51.1$148.8+$102.7$186.8+$45.4$257.8+$174.5
Future contract close outs ($NZm)$14.0$3.2$1.4-$0.7-$0.9$1.0$2.1$0.0-$1.5-$1.6-$3.2-$2.2$18.6-13.7-$0.6-19.5$0.6$6.7-$6.9-$7.9
Meridian Group
Employee and Operating Costs ($NZ m)232422222424202422222330$69+9$71+9$66+$6$76+$8
Stay in Business Capital Expenditure ($NZ m)364475698578$13+3$16+5$23+$14$20+$5
Investment Capital Expenditure ($NZ m)16201516541312363521353$51+20$83-36$84-$6$59-$2
Total Capital Expenditure ($NZ m)192619206118184544264211$64+23$99-31$107+$8$79+$3

Glossary
1316 JUNE 2025 | MONTHLY OPERATING REPORT FOR MAY 2025 |
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 85 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
Virtual Asset Swaps (VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity