Meridian Energy monthly operating report for July 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 July 2025

15 August 2025

Attached is Meridian Energy Limited's monthly operating report f or the month of July 2025.
Key points this month include:
• In the month to 11 August 2025, national hydro storage decreased f rom 104% to 87% of historical
average.
• South Island storage decreased to 79% of average and North Island storage decreased to 119%
of average by 11 August 2025.
• Meridian’s July 2025 monthly total inf lows were 89% of historical average.
• Waiau catchment inf lows in July 2025 were 60% of historical average.
• Meridian’s Waitaki catchment water storage at the end of July 2025 was 89% of historical
average.
• Snow storage in Meridian’s Waitaki catchment was 76% of average in early August 2025.
• Water storage in Meridian’s Waiau catchment was 77% of average at the end of July 2025.
• July was the 4
th
warmest July on record, with temperatures above average across most of the
country. Rainf all was above normal f or most of the North Island and the top of the South. Central
and lower parts of the South Island experienced below normal rainf all.
• National electricity demand in July 2025 was 0.3% lower than July 2024.
• New Zealand Aluminium Smelters (NZAS) average load during July 2025 was 552MW.
• Meridian’s retail sales volumes in July 2025 were 9.4% higher than July 2024.
• Compared to July 2024, segment sales in residential were 15.9% higher, small medium business
8.6% higher, large business 21.7% higher, agriculture 3.3% higher and corporate 4.1% 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 f or 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:
Philip Clark
Head of Communications
0278 385 710

7 cm
July 2025
Monthly operating report
15 AUGUST 2025

July key points
In the month to 11 August 2025, national hydro storage decreased from 104% to 87% of historical average.
South Island storage decreased to 79% of average and North Island storage decreased to 119% of average by 11 August
2025.
Meridian’s July 2025 monthly total inflows were 89% of historical average.
Waiau catchment inflows in July 2025 were 60% of historical average.
Meridian’s Waitaki catchment water storage at the end of July 2025 was 89% of historical average.
Snow storage in Meridian’s Waitaki catchment was 76% of average in early August 2025.
Water storage in Meridian’s Waiau catchment was 77% of average at the end of July 2025.
July was the 4
th
warmest July on record, with temperatures above average across most of the country. Rainfall was above
normal for most of the North Island and the top of the South. Central and lower parts of the South Island experienced below
normal rainfall.
National electricity demand in July 2025 was 0.3% lower than July 2024.
New Zealand Aluminium Smelters (NZAS) average load during July 2025 was 552MW.
Meridian’s retail sales volumes in July 2025 were 9.4% higher than July 2024.
Compared to July 2024, segment sales in residential were 15.9% higher, small medium business 8.6% higher, large business
21.7% higher, agriculture 3.3% higher and corporate 4.1% higher.
15 AUGUST 2025
MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 2

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
Market data
National electricity demand in July 2025 was 0.3% lower
than July 2025.
NZAS average load during July 2025 was 552MW.
July was the 4
th
warmest July on record, with temperatures
above average across most of the country. Rainfall was
above normal for most of the North Island and the top of
the South. Central and lower parts of the South Island
experienced below normal rainfall..
Demand in the last 12 months was 3.6% lower than the
preceding 12 months.
12-month average switching rate of customers changing
retailers but not moving (“trader” switch) was 5.4% at the
end of June 2025.
12-month average switching rate of customers moving
and changing retailers (“move-in” switch) was 13.6% at
the end of June 2025.
15 AUGUST 2025
5%
7%
9%
11%
13%
15%
Jun 20Dec 20Jun 21Dec 21Jun 22Dec 22Jun 23Dec 23Jun 24Dec 24Jun 25
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Source: Electricity Authority
MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 3
Source: Electricity Authority

Market data
July 2025 saw increases in ASX electricity futures prices
across the curve.
National storage decreased from 104% of average on 14
July 2025 to 87% of average on 11 August 2025.
South Island storage decreased to 79% of historical
average by 11 August 2025 and North Island storage
decreased to 119% of average.
15 AUGUST 2025
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (11 August 2025)
Average storage (92yr)19922004
200820122022
202320242025
0
100
200
300
400
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 202430 April 202530 May 2025
11 June 202510 July 202513 August 2025
0
100
200
300
400
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 setttlement price
28 June 202411 April 202530 May 2025
11 June 202510 July 202513 August 2025
Source: ASX
Source: ASX
Source: NZX
MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 4

Retail
Meridian’s customer connection numbers increased 1.4%
during July 2025 and have increased 11.2% since July
2024.
Retail sales volumes in July 2025 were 9.4% higher than July
2024.
Compared to July 2024, segment sales in residential were
15.9% higher, small medium business 8.6% higher, large
business 21.7% higher, agriculture 3.3% higher and
corporate 4.1% higher.
15 AUGUST 2025
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
131
134
145
123
124
124
125
125
126
126
127
128
129
129
130
127
127
127
128
128
129
129
130
131
132
132
133
119
121
122
124
126
128
132
134
136
137
139
142
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
Meridian's customer connections
FY26 Meridian NIFY26 Meridian SIFY26 Powershop
FY25 Meridian NIFY25 Meridian SIFY25 Powershop
233
173
55
75
315
201
191
158
144
125
123
122
111
127
138
172
201
159
159
137
133
130
129
128
127
138
133
154
153
54
80
88
116
167
196
133
167
94
77
67
49
61
65
57
62
56
56
56
52
59
59
67
68
303
314
303
321
326
336
348
333
367
331
337
302
0
300
600
900
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
Meridian's retail sales volume*
FY26 ResidentialFY26 SMBFY26 AgriFY26 Large BusFY26 Corporate
FY25 ResidentialFY25 SMBFY25 AgriFY25 Large BusFY25 Corporate
Source: Meridian
Source: Meridian
MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 5
Meridian operating information

Inflows and storage
July 2025 monthly total inflows were 89% of historical average.
Waiau catchment inflows in July 2025 were 60% of historical
average, 20% lower than the same month last year.
Waitaki catchment water storage moved from 1,369GWh to
1,210GWh during July 2025.
Waitaki water storage at the end of July 2025 was 89% of
historical average and 98% higher than the same time last
year.
Snow storage in Meridian’s Waitaki catchment was 76% of
average in early August.
Water storage in Meridian’s Waiau catchment was 77% of
average at the end of July 2025.
15 AUGUST 2025
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
0
200
400
600
800
1,000
1,200
1,400
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Jul YTD93 year average
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 1979-2019202020212022202320242025
Source: Meridian
Source: Meridian
MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 6
Meridian operating information

Generation
Meridian’s generation in July 2025 was 9.6% higher than the same
month last year, reflecting higher hydro generation andhigher
wind generation.
The average price Meridian received for its generation in July 2025
was 71.4% lower than the same month last year.
The average price Meridian paid to supply customers in July 2025
was 70.8% lower than the same month last year.
15 AUGUST 2025
*price received for Meridian’s physical generation
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY26 HydroFY26 WindFY25 HydroFY25 Wind
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
Meridian's average generation price*
FY26FY25
Source: Meridian
Source: Meridian
MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 7
Meridian operating information

Monthly operating information
15 AUGUST 2025
See page 9 for footnotes
MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 8
Meridian operating information
JULYJULYJUNEMAY1 MONTH TO1 MONTH TO
2025202420252025JULYJULY
MONTHMONTHMONTHMONTH20252024
New Zealand contracted sales
Residential sales volume (GWh)233 201 201 172 233 201
Small medium business sales volume (GWh)173 159 153 154 173 159
Agricultural sales volume (GWh)55 54 49 67 55 54
Large business sales volume (GWh)75 61 68 67 75 61
Corporate and industrial sales volume (GWh)315 303 302 337 315 303
Retail contracted sales volume (GWh)850 777 773 798 850 777
Average retail contracted sales price
1
($NZ/MWh)$172.4$162.4$165.6$171.4$172.4$162.4
NZAS sales volume (GWh)267 327 241 243 267 327
Financial contract sales volumes
2
(GWh)418 295 281 319 418 295
Average wholesale & financial contracts sales price
3
($NZ/MWh)$117.1$128.9$119.5$131.8$117.1$128.9
Retail customer supply volumes (GWh)892 813 809 825 892 813
Cost to supply retail customers ($NZ/MWh)$113.3$382.7$131.8$214.8$113.3$382.7
Cost to supply wholesale customers ($NZ/MWh)$102.2$388.9$121.2$205.2$102.2$388.9
Cost of financial contracts ($NZ/MWh)$105.1$375.3$126.6$209.0$105.1$373.8
BESS supply volume (GWh)1 - 1 2 1 -
Demand response payments ($NZm)-$5.4-$4.7-$18.3-$10.7-$5.4-$4.7
Total New Zealand customer connections
4
410,865 369,376 405,072 399,077

JULYJULYJUNEMAY1 MONTH TO1 MONTH TO
2025202420252025JULYJULY
MONTHMONTHMONTHMONTH20252024
New Zealand generation
Hydro generation volume (GWh)1,022 927 925 895 1,022 927
Wind generation volume (GWh)135 129 148 163 135 129
BESS generation volume (GWh)0 - 0 1 0 -
Total generation volume (GWh)1,157 1,056 1,073 1,058 1,157 1,056
Average generation price
5
($NZ/MWh)$108.1$376.2$121.0$196.0$108.1$376.2
New Zealand hedging
Hedging volume
6
(GWh)473 451 379 422 473 451
Hedging cost average price ($NZ/MWh)$215.9$174.5$200.6$201.7$215.9$174.5
Hedging spot revenue average price ($NZ/MWh)$107.4$346.6$126.8$204.2$107.4$346.6
Future contract close outs ($NZm)-$0.7-$13.0-$0.6-$2.0-$0.7-$13.0
New Zealand costs
Employee and Operating Costs ($m)24 26 26 24 24 26
Stay in Business Capital Expenditure ($m)3 4 19 8 3 4
Investment Capital Expenditure ($m)11 12 17 3 11 12
Total Capital Expenditure ($m)14 16 36 11 14 16
Monthly operating information
15 AUGUST 2025
MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 9
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.

Jul
AugSepOct
Nov
Dec
JanFeb
MarApr
May
JunQ1
YoYQ2YoYQ3YoY
Q4YoY
20252025
20252025
2025
2025
20262026
20262026
2026
2025FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233
Small medium business sales v olume (GWh)173
Agricultural sales v olume (GWh)55
Large business sales v olume (GWh)75
Corporate and industrial sales v olume (GWh)315
Retail contracted sales volume (GWh)850
Av erage retail contracted sales price ($NZ/MWh)$172.4
NZAS sales v olume (GWh)267
Financial contract sales v olumes (GWh)418
Av erage w holesale & financial contracts sales price ($NZ/MWh)$117.1
Retail customer supply v olumes (GWh)892
Cost to supply retail customers ($NZ/MWh)$113.3
Cost to supply w holesale customers ($NZ/MWh)$102.2
Cost of financial contracts ($NZ/MWh)$105.1
BESS supply v olume (GWh)$0.7
Demand response payments ($NZm)-$5.4
Total New Zealand customer connections410,865
Generation
Hydro generation v olume (GWh)1,022
Wind generation v olume (GWh)135
BESS generation v olume (GWh)0
Total generation volume (GWh)1,157
Av erage generation price ($NZ/MWh)$108.1
Hedging
Hedging v olume (GWh)473
Hedging cost av erage price ($NZ/M Wh)$215.9
Hedging spot rev enue av erage price ($NZ/MWh)$107.4
Future contract close outs ($NZm)-$0.7
Other
Employee and Operating Costs ($NZ m)24
Stay in Business Capital Expenditure ($NZ m)3
I nv estment Capital Expenditure ($NZ m)11
Total Capital Expenditure ($NZ m)14
FY26 operating information
15 AUGUST 2025MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 10
Meridian operating information

Jul
AugSepOct
NovDec
Jan
FebMar
AprMay
JunQ1
YoYQ2YoY
Q3YoY
Q4
YoY
2024
20242024
20242024
2024
2025
2025202520252025
2025FY25
changeFY25changeFY25changeFY25change
Retail contracted sales
Residential sales v olume (GWh)201 191 158 144 125 123 122 111 127 138 172 201 550 -5392 -1361 +4511 +17
Small medium business sales v olume (GWh)159 159 137 133 130 129 128 127 138 133 154 153 456 -1393 -1393 +0441 +15
Agricultural sales v olume (GWh)54 80 88 116 167 196 133 167 94 77 67 49 221 -20479 +25394 -160194 -31
Large business sales v olume (GWh)61 65 57 62 56 56 56 52 59 59 67 68 183 +9174 +19167 +5193 +23
Corporate and industrial sales v olume (GWh)303 314 303 321 326 336 348 333 367 331 337 302 920 -69983 -121,048 +53970 +40
Retail contracted sales volume (GWh)777 810 743 776 805 839 787 791 786 738 798 773 2,330 -872,419 +312,363 -982,309 +65
Av erage 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$165.6$162.3+$12.7$134.8+$5.7$144.9+$7.6$166.3+8
NZAS sales v olume (GWh)327 261 233 265 275 303 249
239 247 236 243 241 821 -441842 -421735 -510720 -512
Financial contract sales v olumes (GWh)295 222 206 192 210 212 396 318 407 281 319 281 723 -357614 -701,121 +368881 -20
Av erage w holesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$65.0$86.6$94.3$103.0$132.7$131.8$119.5$121.7+$43.9$70.6+$12.1$94.7+$21.9$128.1+38
Retail customer supply v olumes (GWh)813 866 766 818 858 877 835 834 821 776 825 809 2,444 -1172,554 +72,491 -932,409 +51
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$27.6$123.8$269.8$308.7$334.8$214.8$131.8$329.0+$196.4$41.9-$110.0$233.6+$43.4$225.6-51
Cost to supply w holesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$23.3$19.2$117.1$269.1$324.0$345.1$205.2$121.2$336.4+$218.7$30.0-$105.0$236.0+$60.0$222.9-33
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$33.8$25.8$111.8$233.2$281.8$326.1$209.0$126.6$330.9+$211.4$40.3-$92.2$207.9+$31.6$220.1-36
BESS supply v olume (GWh)1 2 2 1 1 +14 +4
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$13.2-$8.8-$7.3-$5.0-$10.3-$10.7-$10.7-$18.3-$48.7-$48.7-$40.7-$40.7-$22.5-$22.5-$39.7-$39.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 397,551 399,077 405,072 373,670 +8,217382,708 +10,908394,951 +21,619405,072 +35,405
Generation
Hydro generation v olume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 745 895 925 2,524 -6823,037 +152,818 -1252,564 -391
Wind generation v olume (GWh)129 192 187 179 164 174 113 85 133 141 163 148 509 +147517
+159332 -36452 +99
BESS generation v olume (GWh)- - - - - - - - 0 1 1 0 - +0- +00 +02 +2
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 886 1,058 1,073 3,033 -5353,554 +1743,149 -1613,018 -290
Av erage generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$19.6$106.3$253.1$302.1$332.4$196.0$121.0$306.2+$187.2$32.5-$103.8$211.6+$34.7$209.4-$47.7
Hedging
Hedging v olume (GWh)451 451 432 403 277 331 416 433 492 453 422 379 1,334 -1681,011 -3471,341 -1051,253 -223
Hedging cost av erage price ($NZ/M Wh)$174.5$226.1$231.4$196.2$134.2$125.3$150.7$162.1$169.3$203.4$201.7$200.6$210.4+$72.6$156.0+$46.9$161.2+$28.3$202.0+$54.0
Hedging spot rev enue av erage price ($NZ/MWh)$346.6$451.9$79.1$61.2$34.7$35.9$124.8$245.7$293.4$313.0$204.2$126.8$295.5+$171.5$45.6-$103.1$225.7+$39.0$220.1-$37.7
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9$0.4$0.1-$5.7-$5.9-$4.4$0.3-$2.0-$0.6-$24.4-43.0$7.4+8.0-$16.0-$16.6-$2.2$4.7
Other
Employee and Operating Costs ($NZ m)262530212323202125262426$80+$11$68-$3$65-$1$76-$0
Stay in Business Capital Expenditure ($NZ m)464786148
6819$14+$0$20+$4$13-$10$33+$13
I nv estment Capital Expenditure ($NZ m)1291111
81854114317$32-$18$37-$46$10-$74$33-$26
Total Capital Expenditure ($NZ m)1615
151816247892011
36$46-$18$57-$42$24-$83$66
-$13
FY25 operating information
15 AUGUST 2025MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 11
Meridian operating information

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 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
15 AUGUST 2025MONTHLY OPERATING REPORT FOR JULY 2025
PAGE 12