Governance Roadshow Presentation – August 2025

SCOTT STJOHN
CHAIR
August 2025
:w:
Mercur~

•
•
•
•
A DIVERS I FlED
PORTFOLIO OF
RENEWABLE ASSETS
:.:
Mercur~
OUR PURPOSE
Tiakina te anamata, rna te
tuhono i nga tangata me
nga wahi o te inamata.
Taking care of tomorrow,
connecting people and place today.
OUR BUSINESS
Electricity generator and multi-product
retailer across electricity, gas and
telco in NZ
19% Generation market share
4
25% Retail electricity market share
2
206k Broadband and mobile connections
2
209k customers with two or more
products
2
1 Annual mean renewable generation
2 As at
31 March 2025
3 Annualised Total Shareholder Ret urn f rom 10 May 2013 to 31 May 2025
4 For the 12 m onths to 31 March 2025
~8.8 TWh
RENEWABLE GENERATION
1
~891k
CUSTOMER CONNECTIONS
2
10.3%TSR
SINCE LISTING
3
$1b
Renewa bles in-construction
$8nm
FY24 EBITDAF
KAW ERAU m
0 ARAPUNI
~AI PAPA
MARAETAII /\
AND II V) ;--, ATIAMU~
WHAMM~R:KAI~ :::::I~
ARATIATIA 0 -~~~ -~~~ ROTOKAWA
{); HYDRO STATIONS
~~~ GEOTHERMAL STATIONS
+ WIND FARMS
NGAAWA
PURUA+
MAHINERANGI
+ not 100% owned by Mercury
++ under construct ion
+
3

•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

A SECTOR WITH CHALLENGE AND OPPORTUNITY
We are well positioned to mitigate and manage
sector risks and
pursue key opportunities
Declining trust
as we navigate
the transition
Customer
affordability,
connectivity
and electrification
Delivering more
renewable projects
at the right rate
and economics
Deliver performance
through technology
and talent
Resilience in a more
renewable system
Attract talent and
excite
them with
our purpose, culture
and rewards
5

STRATEGY REFRESH: FOCUS ON PRIORITIES THAT WILL DELIVER VALUE
:.:
Mercur~
Strategic Framework
OUR PURPOSE
Tiakina te anamata, rna
te tuhono i nga tangata
me nga wahi o te inamata.
Taking care of tomorrow,
connecting
people and
place today.
FY35
ASPIRATIONS
$
ooo
~
~
00
CV"')
'+-'
KAITIAKITANGA
Stewardship
Our assets and the natural
environment are thriving.
ARUMONI
Commercial
We are leaders
in commercial growth.
KIRITAKI
Customer
Customers are at
the heart of what we do.
- -
NGATANGATA
Our People
We learn and adapt
to realise our full potential.
KOTUITANGA
Partnerships
We are the trusted partner
of choice.
FY30
PRIORITIES
Deliver more reliable
and renewable energy
Achieve
what matters most
through financial growth
Accelerate the shift
to a low-carbon future
Perform with an adaptive
culture enabled by technology
Create success with others
STRATEGIC OBJECTIVES
~
0 0
w
0
C@
Generation
development uplift
Earnings
transformation
Capturing energy
transition
growth
Connected and inclusive
employee experience
Rebuild sector
confidence
6

TODAY. TOMORROW.
TOGETHER.
0 0
00
Customer:
Retail integration synergies delivered, journey to lm connections by FY28 underway,
operating for
value and driving efficiencies
Generation:
8 .8 TWh new baseline. SIB capex maintained at $150m. Increasing output
(32 GWh at Karapiro and 87 GWh from future rehabs). Operational efficiencies
being found across hydro and
geothermal.
Cost Discipline:
Lower operating costs to maintain $370m from FY26 to FY28
Building for value with the best renewable pipeline to grow energy and capacity:
Plan to deliver 3.5 TWh of new generation by 2030 and lift total generation by ---40% pa
Best renewable development track-record to execute current projects:
Reached FlO or delivered 5 of the 6 New Zealand wind projects in the last 5 years
Generation development:
Happy to stand out from the crowd. Backing LRMC winners - Leading position in wind
development will continue to monitor other technologies as economics evolves
Successful partnerships sets us apart
Differentiated approach to iwi, supplier and customer relationships
Socia I Licence
On track for zero disconnections in FY25. Electricity hedges to social retailers.
Geothermal opportunity is significant:
Currently generating from ---10% of total prospect acreage of 33k ha.
Up
to 5 TWh of potential geothermal opportunities beyond 2030.
FutureTSR
underpinned
by operational
excellence
Value accretive
pipeline.
Disciplined
decision making
History of
winning through
partnerships.
Well positioned
for future
7

•
•
•
•
•
•

•
•
•
Replaced previous Risk Assurance and Audit Committee

•
•
•
ASM RESOLUTIONS
Board appointments
Re-election
of Scott StJohn
Re-election of Susan Peterson
Election
of Rob Hamilton
10

•
•
•
•
FY25 REMUNERATION PERFORMANCE
PACKAGE
Remuneration linked to strategy, performance and TSR
Mercury's executive remuneration policy is founded on
three
guiding principles:
Remuneration
is aligned to long-term sustainable
shareholder value
Remuneration for individuals reflects
the level of
performance and delivery of successful outcomes
Simplicity over complexity is reflected in the design
E
-{/}
CE remuneration performance pay for FY25
2.5
2.0
1.5
1.0
0.5
0.0
Fixed On-plan Maximum
Long-term incentives performance pay granted (2027 vesting)
• Annual variable with performance hurdles
Base Salary
& Benefits
11

ercur
9