Meridian Investor Day Presentation

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 Investor Day Presentation

20 November 2025


Attached is a presentation Meridian Energy is making today at the company’s 2025 investor day.
The presentation will run from 9:00am to 2:35pm.

Registrations

Click here to register for the video link. Online participants will be able to ask questions using the Q&A
button on the right-hand side of the live stream web page.

A recording will also be posted to the investor presentations page of the Meridian website by the end
of today.

ENDS

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
2025
Investor Day
20 NOVEMBER 2025

Mike Roan –Chief Executive
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 2
Maintenance at the West Wind Farm near Wellington.
Welcome
Owen Hackston
Investor Relations Manager

Today’s agenda
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 3
9.00am–9.05amWelcomeOwen HackstonInvestor Relations Manager
9.05am–9.15amIntroductionMike RoanChief Executive
9.15am–9.45amEnergy system modellingRory BlundellGeneral Manager Strategy & Portfolio
9.45am–10.15amMeridian RetailLisa HannifinChief Customer Officer
10.15am–10.30amMorning tea
10.30am–11.00amRegulationJason WoolleyGeneral Counsel and Company Secretary
11.00am–11.30amDigital generationTania Palmer
Yanosh Irani
General Manager Generation
Head of DigiGen
11.30am–12.00pmCapital expenditureMandy SimpsonChief Financial Officer
12.00pm–12.30pm Renewable developmentGuy WaiparaGeneral Manager Development
12.30pm–1.30pmLunch
1.30pm–2.00pmFast-track consentingHumphrey TapperChief Legal Adviser, Environment & Property
2.00pm–2.30pmHydro developmentMurray HillHead of Hydro Development
2.30pm–2.35pmClosing commentsMike RoanChief Executive

20 NOVEMBER 20252025 INVESTOR DAY
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The Waitaki Power Station.
Introduction
Mike Roan
Chief Executive

20 NOVEMBER 20252025 INVESTOR DAY
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Mike Roan –Chief Executive
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 6
Headwaters of Lake Pūkaki.
Energy system modelling
Rory Blundell
General Manager Strategy and Portfolio

20 NOVEMBER 20252025 INVESTOR DAY
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Meridian has maintained and matured a
modelling framework since its inception in 1999...
...amongst other things, it helps frame strategic
choices andunderpins our investment approach

We use scenarios to represent plausible futures, including:
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 8
.

20 NOVEMBER 20252025 INVESTOR DAY
PAGE 9
We think that barriers to generation
development, de-industrialisation,
and efficiency gains will constrain
rapid demand growth (relative to other
forecasts, noting that even the Evolution
scenario outstrips historical trends
by 0.6%).
We see EV growth slower at first than
some, but a tipping point in early-30s,
rapid uptake thereafter –from ~90k today
to 700k–1.2min the coming decade.
Industrial electrification via process heat
has huge potential (4–9TWh by 2050).
45% to 70% moregeneration needsto
be built compared to today.
At an aggregate level, our projections
are generally aligned with others...
...but it’s not clear which trajectory we are on
30,000
40,000
50,000
60,000
70,000
80,000
FY1997FY1999FY2001FY2003FY2005FY2007FY2009FY2011FY2013FY2015FY2017FY2019FY2021FY2023FY2025FY2027FY2029FY2031FY2033FY2035FY2037FY2039FY2041FY2043FY2045FY2047FY2049FY2051
Demand for generation [GWh]
Annual NZ Demand for Generation
History
Evo
Revo
CCC - Reference
CCC - Net Zero
MBIE - Constraint
MBIE - Reference
MBIE - Environmental
MBIE - Innovation

20 NOVEMBER 20252025 INVESTOR DAY
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Demand is the sum of many moving
parts including behind the meter...
...quality and quantity matter
-10,000
-5,000
-
5,000
10,000
15,000
20,000
25,000
FY2025FY2026FY2027FY2028FY2029FY2030FY2031FY2032FY2033FY2034FY2035FY2036FY2037FY2038FY2039FY2040FY2041FY2042FY2043FY2044FY2045FY2046FY2047FY2048FY2049FY2050FY2051FY2052
Consumer Demand (GWh)
Consumer involvement in electricity markets
BESS Charge
Heavy EV Load
Decarbonisation Load
EV Load
Industrial Response
BESS Discharge
Load Participation
Rooftop Solar

20 NOVEMBER 20252025 INVESTOR DAY
PAGE 11
We believe innovation will deliver cost improvements
over time, though now starting from a higher base...
...but costs of getting stuff done in NZ add some stickiness
0
25
50
75
100
125
150
175
200
$-
$25
$50
$75
$100
$125
$150
$175
$200
201020152020202520302035204020452050
LCOE [2024 NZ$/MWh]
Typical Renewable Technology LCOE
Global history (IRENA) and NZ forecast (WMO25)
wind: MEL range
solar: MEL range
on-shore wind (exc China)
grid solar (exc China)
off-shore wind (exc China)
Turitea N
Kaiwera Downs I
Turitea S
Kaiwera Downs II
Ngatamariki
Waipipi
Lauriston
Tauhara
Te Huka
Kōwhai
Te Mihi Stage 2
Harapaki
Ruakākā
TRH
Lodestone
Te Rahui 1
Tauhei
IEA-Avg: solar
IEA-Avg: wind
IRENA global LCOE history
Meridian LCOEforecasts
geothermal
MCY
CEN
GNE
ME
L
others

20 NOVEMBER 20252025 INVESTOR DAY
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Significant investment in flexibility
required no matter how you look at it...
...and thermal generation needed for some time
to come (e.g. Huntly strategic energy reserve)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY2025FY2026FY2027FY2028FY2029FY2030FY2031FY2032FY2033FY2034FY2035FY2036FY2037FY2038FY2039FY2040FY2041FY2042FY2043FY2044FY2045FY2046FY2047FY2048FY2049FY2050FY2051FY2052
Firming Requirement (GWh)
Within Week Firming Requirements -REVO
New Flexibility
BESS
Fossil Peakers
-
1,000
2,000
3,000
4,000
5,000
6,000
FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36
Dry Year Energy (GWh)
Options to meet dry year energy needs
Huntly Rankines x 2
Huntly Strategic Energy Reserve
Genesis Huntly E3P (unit 5)
Peakers
Current NZAS DR
PŪKAKI - Contingent storage
Amount needed
Pūkaki–Contingent storage

20 NOVEMBER 20252025 INVESTOR DAY
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Putting it all together, you get Real prices
~$120–130/MWh in the North Island from 2028
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
$240
FY1997FY1999FY2001FY2003FY2005FY2007FY2009FY2011FY2013FY2015FY2017FY2019FY2021FY2023FY2025FY2027FY2029FY2031FY2033FY2035FY2037FY2039FY2041FY2043FY2045FY2047FY2049FY2051FY2053
TWAP [$/MWh
-
real 2024]
Average Annual NZ Price Outlook at Ōtāhuhu
WMO25WMO23HistoryNI History (real)History-Avg

20 NOVEMBER 20252025 INVESTOR DAY
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Average prices hide a very dynamic system...
...prices will need to keep adapting to the changing
physical market to drive the right investment
40%
60%
80%
100%
120%
140%
160%
FY2002FY2004FY2006FY2008FY2010FY2012FY2014FY2016FY2018FY2020FY2022FY2024FY2026FY2028FY2030FY2032FY2034FY2036FY2038FY2040FY2042FY2044FY2046FY2048FY2050FY2052FY2054
GWAP/TWAP
Example -Annual Price Participation
HistoryWTK Chain
MANWind
SolarWMO23 WTK Chain
WMO23 MANWMO23 Wind
WMO23 Solar
0
50
100
150
200
250
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1357911131517192123252729313335373941434547
TWAP ($/MWh)
Capacity Factor (%)
Trading period
WMO25 Average Half-Hourly Price Generation Correlation
2036 -All Days, All Hydrologies
SolarWindPrice [$/MWh]

20 NOVEMBER 20252025 INVESTOR DAY
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Resource correlation drives price participation...
...greater diversity in wind,
much more concentration with solar

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We’ve rebuilt the swaption book with more
non-gas backed risk instruments going forward...
...access to additional hydro storage
adds further options to manage risks
0
200
400
600
800
1,000
1,200
1,400
1,600
202320242025202620272028
Annual GWh
Meridian's swaption book -then and now
Further volume available under Option 4
Further volume available under Option 3
NZAS Option 2
2026 SERO (additional 25MW) estimated
2026 SERO (50MW) max
2024 Genesis HFO if extended
2024 Genesis HFO
previous NZAS DR + SDR
CEN
Nova
Retail DR (signed)

20 NOVEMBER 20252025 INVESTOR DAY
PAGE 17
While less immediate than swaptions, the C&I book
provides further flexibility to manage portfolio risks...
...providing a swing channel to manage mass-market growth
0
1,000
2,000
3,000
4,000
5,000
2025202620272028
GWh/year
C&I sales position
Un-contractedContracted

20 NOVEMBER 20252025 INVESTOR DAY
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We have a mature analytical framework to explore, understand and ultimately answer
strategic issues facing Meridian and the market within a volatile future environment.
Our plausible scenarios indicate what electricity generation “could” look like –we
acknowledge we won’t get it right.
While we back innovation to keep downward pressure on real prices in the long-run, our
forward view on prices has lifted due to increased build costs and assumed costs of
accessing more storable fuel across various time-scales to sit around $120–$130/MWh
(real, North Island) from FY28 for the next 15 years or so.
Firming all the new renewables does not look trivial. We need lots of it across all time
scales and demand-side participation will play a critical role.
The gas industry issues run deeper than we thought a year ago –we’ve adapted and
can further adjust our risk position.
With the Huntly Rankinesremaining in the market, the period to mid-2030’s looks
manageable from a security of supply perspective. However, if NZ wants better
affordability outcomes, we need to unlock more hydro storage.
Summing up

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Retail
Lisa Hannifin
Chief Customer Officer

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Digital and data-driven customer experience
Our $30m ‘Next Gen Retail’ programmecontinues to hit major milestones
and deliver value for our people, business and customers
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 21
FromTo
Operating model
Siloed functional teams working within
business units.
Defined value streams with cross functional
resources supported by enabling teams.
Technology
Customer Digital
Platforms
Billing Platform
Data Platform
A range of digital channels and tools with
inconsistent integration and experience.
Traditional retailing systems prioritising
stability and compliance.
Data distributed across multiple systems,
primarily for operations and compliance.
A modular consistent front-end built on
flexible tooling for innovation and iteration.
A modern, flexible, cloud-native platform
integrated with CX and data ecosystems.
A centraliseddata and AI platform directly
driving product innovation and efficiency.
FY25 –Q2FY25 –Q3FY25 –Q4FY26 –Q1FY26 –Q2FY26 –Q3FY26 –Q4
Base
Camp
Kraken
selected
Op
model
Migration
started
Migration
complete

Making flex valuable for customers
We’re scaling our first mass market flex product that is
making energy cleaner and cheaper for customers
20 NOVEMBER 20252025 INVESTOR DAY
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0
5,000
10,000
15,000
20,000
25,000
Jan-25Feb-25Mar-25Apr-25May-25Jun-25Jul-25Aug-25Sept-25
Q3Q4Q1
Hot water flex (ICP)
1
$880,000
customer credits
applied via
Smart Hot
Water plan
2
~2,500
modelled MWh
moved from peak
periods
3

Electrifying transport and heat
We’re making progress on building Aotearoa’s largest
and most loved public charging network
20 NOVEMBER 20252025 INVESTOR DAY
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396
Zero charge
points
nationwide
4
1,104
weekly Zero
charging
sessions
4
118
charge points
under construction
5
194
charge point
agreements
signed
6
$20m
modelled future
revenue stream
from Zero by 2030
7
80
average c/kWh
charge from DC
network
8

0
50
100
150
200
250
FY18FY19FY20FY21FY22FY23FY24FY25FY26
Cost to serve ($/ICP)
Optimisingcosts and efficiency
We’re continuing to scale ourbusiness while managing costs
20 NOVEMBER 20252025 INVESTOR DAY
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*Percentage change reflects an FY18 vs FY26 comparison. FY26 is a modelled datapoint based on YTD actuals and FY projections
250,000
300,000
350,000
400,000
450,000
500,000
FY18FY19FY20FY21FY22FY23FY24FY25FY26
Customer growth (ICP)
5,000
6,000
7,000
8,000
9,000
10,000
FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Sales volume growth (GWh)
80
90
100
110
120
130
140
150
FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Netback growth ($/MWh)
+58%+71%
+63%-31%

Increasing community good
As we build our Retail business, we can continue
to support our customers, communities and climate
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 25
2024
24
community groups
across Aotearoa
$1.5
million in funding
10
2025
37
community groups
across Aotearoa
$1.8
million in funding
11
Community & Business Decarbonisation Fund
3,185
households assisted since programme
inception
9
1,716
households assisted in FY25
9
~$2.0m
invested in the Energy Wellbeing
programme
Energy Wellbeing Programme

References
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 26
ReferencePageSourceExplanation
14MeridianInternal data source counting customers enrolled on the Smart Hot Water plan
24MeridianMonthly customer volumes multiplied by $10 monthly credit, summed over the 7 month period
34MeridianModelled monthly MWh shifted out of peak times, summed over the 7 month period
45MeridianInternal Zero network reporting, total charging sessions from July 25 to October 25, divided by 17.5 weeks
55MeridianTotal charge points with approved and committed network upgrades, as of 5/11/2025
65MeridianTotal charge points with signed customer agreements, as of 05/11/2025. Includes under construction volumes
75Meridian
By 2030, we project an annual revenue stream of $20million, increasing year on year as utilisationgrows
85MeridianAverage price Zero users pay per unit (c/kWh) through the Meridian/Zero DC public charging network
97Meridian Energy Wellbeing numbers as reported in the FY25 annual report
107MeridianCertified Impact & Transparency Report 2024
117Meridian2025 Community & Business Decarbonation Fund panel assessment

Questions

20 NOVEMBER 20252025 INVESTOR DAY
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The $448M HarapakiWind Farm in Hawke’s Bay has been fully operational for a year, powering over 70,000 average homes.
Regulation
Jason Woolley
General Counsel and Company Secretary

Regulatory scrutiny is a constant; we are used toit
Electricity is fundamental to the
economy and our lives –it will
always be a focus for politicians.
Winter 2024 heightened the focus –
but we have been here before.
Reviews over the last 15 years
have consistently confirmed the
broad structure and design of
New Zealand’s electricity sector
is working well.
Review of Winter 2024 found
high prices reflected scarcity and
were driven by fuel shortages.
20 NOVEMBER 20252025 INVESTOR DAY
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DateGovt InquiryOutcome
October 2000LabourMinisterial Inquiry on improvements to
electricity system.
Supported evolution of industry self-regulation but with introduction of
price control for lines businesses.
December 2001Labour Review into electricity system
functioning during winter 2001.
Spot market worked as expected. Greater information disclosure and
demand-side participation needed.
December 2006Labour Electricity market review of security of
supply concerns and prices.
Electricity market performance has been mixed. Recommended security
of supply enhancements.
July 2008LabourElectricity Commission review of
market design.
Recommended improving retail competition, energy affordability, and
demand-side participation.
December 2009National Ministerial review prompted by the dry
winter 2008.
Recommended sale of Tekapo stations to GNE from MEL, virtual asset
swaps between MEL, MCY and GNE, replacing EC with EA, and abolishing
reserve energy scheme.
May 2019LabourElectricity price review considered how
electricity prices can be fair and
reasonable.
Recommended strengthening the consumer voice, reducing energy
hardship, increasing retail competition, and reinforcing wholesale market
competition.
November 2021LabourElectricity Authority review of the
wholesale electricity market.
Raised various issues but the only substantive change was the EA now
approving large electricity contracts e.g. NZAS.
December 2023NationalPrice discovery in a renewables-based
electricity system, undertaken by MDAG.
Concluded a wholesale market remains the best approach while
recommending actions to ‘beef up’ the market to prepare for a highly
renewables future.
August 2024NationalEnergy Competition Task Force
established following winter 2024
(comprised of EA + ComCom).
In progress. Proposals include introduction of mandatory time-varying
pricing, an emergency reserve scheme and non-discrimination principles
on generator-retailers.
April 2025NationalElectricity Authority review of Winter
2024.
Concluded price increases were driven by fuel shortages, generators were
not making bigger margins, and large industrials had access to sufficient
hedges.
May 2025NationalWide-ranging review of electricity
market by Frontier Economics following
dry winter 2024.
Concluded the market is working, competition is strong, and vertical
integration supports consumers, but sovereign risk has impacted
investment in firming generation.
Electricity sector reviews since 2000
Sources: Forsyth Barr, Meridian

Frontier review confirmed that the market
is working, competition is strong, and
vertical integration supports consumers
“While uncertainty around demand, supply and policy has influenced investment
in recent years, a strong pipeline of new generation and battery projects, driven
by both gentailersand independent providers, is now underway. As a result, we
see no need for fundamental market design changes. Specifically, we
recommend the retention of the gross pool energy-only market and do not
propose changes to the market structure.”
“The New Zealand electricity market has a structure to support effective
competition, with multiple large and small players and concentration rates below
internationally recognised thresholds or below concentration rates seen in other
electricity markets. Further, electricity costs to households and commercial
customers have been declining in real terms in recent years.”
“Rather than misusing market power, we believe the gentailersare likely acting
to protect residential customers at the expense of their own margins.”
20 NOVEMBER 20252025 INVESTOR DAY
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Frontier’s Review of Electricity Market Performance
was released on 1 October 2025.

We are largely supportive of Government actions; LNG (1.1)
and dry-year risk measures (2.5) present most uncertainty
20 NOVEMBER 20252025 INVESTOR DAY
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Recommended actionMeridian view
Workstream 1: Invest in Energy Security
Action 1.1:Deliver an LNG import facility.Neutral.Unclear if this will deliver security at lowest cost to consumers.
Action 1.2:Enable the MoM companies to raise equity, with expectation that these
companies seek out and bring forward opportunities for new generation.
Support.Welcome a clear signal that the Government will back larger
projects.
Action 1.3:Leverage Government purchasing power to drive new energy projects.Support.Could support new generation. May be more targeted at
independent generators.
Action 1.4:Resource management changes, the Fast Track approvals process and
offshore wind legislation.
Support.Consenting process remains a key hindrance to new generation.
We support all efforts to streamline this.
Workstream 2: Build Stronger Markets
Action 2.1:Reduce sovereign risk for oil, gas and LNG infrastructure via indemnities,
co-investment, and public private partnerships.
Support.Focused on upstream and thermal sectors, could help with a
smoother transition.
Action 2.2:Strengthen the Electricity Authority’s enforcement powers and maximum
penalties.
Support.We support a strong and capable regulator with appropriate
enforcement powers.
Action 2.3:Improve electricity market transparency and information to encourage
new entry and competition.
Support.We back efforts to foster a liquid and transparent hedge market.
Action 2.4:Improve gas market transparency through a centralised disclosure
dashboard.
Support.Should lead to better planning and decision-making, and avoid
market shocks.
Action 2.5:Strengthen the current regulatory framework to ensure that dry year risk
will not re-emerge.
Neutral.Few details to date. Proportionality and appropriate cost allocation
will be key.
Action 2.6:Improve distributor efficiency through increased regulation and
performance benchmarking.
Support.A sensible and low-risk first step to manage distributor costs.

‘Level playing field’ proposals have been
refined but consumer benefits remain unclear
Updated ‘level playing field proposals’ released by the Electricity Authority on
14 October 2025.
Would introduce ‘non-discrimination obligations’ with the intent of addressing
perceived competition issues between generator-retailers and independent retailers.
Frontier said the original proposal would “cause increased costs for electricity and
will not address the underlying problem of a lack of new firm capacity in the market”.
Updated proposals are more refined but evidence of a problem remains unclear, risk
of unintended consequences persists, and consumer benefits are uncertain.
There remains a significant risk that these measures could require large retailers to
increase retail prices.
Currently targeting a 1 July 2026 implementation date.
The Authority estimates each generator-retailer will incur costs of $2.2 million in year
one and $0.88 million for each year thereafter.
Competition impacts are difficult to predict.
20 NOVEMBER 20252025 INVESTOR DAY
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Benmore Power Station.

We are continuing efforts to improve
access to contingent hydro storage
Winter 2024 revealed current settings
to access ‘contingent storage’ at the
bottom of Lakes Tekapo, Pūkakiand
Hāweawere inadequate.
Meridian estimates better access to
this resource can reduce consumers
costs by $527 million each year.
20 NOVEMBER 20252025 INVESTOR DAY
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◼︎Available at Alert status ◼︎Available at Emergency status
Contingent storage availability
0
100
200
300
400
500
600
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
Lake Tekapo
JanFebMarAprMayJunJulAugSepOctNovDec
Lake Pūkaki
JanFebMarAprMayJunJulAugSepOctNovDec
Lake Hāwea
We are advocating for changes to the relevant triggers as set
out in Transpower’s security of supply documents.
Transpower’s initial proposals fall short of what is needed to
give the market confidence that this resource will be available
when needed.
We are also continuing to seek temporary (3 year) removal of
constraints on contingent storage in Lake Pūkakito to ensure
New Zealand can receive the full benefit of this resource for
the next few years, while substantial new renewable energy
capacity comes online.
220
331
214
67
Source: Transpower
0
300
600
900
1,200
1,500
Jun-25Aug-25Oct-25Dec-25Feb-26Apr-26Jun-26Aug-26Oct-26Dec-26
GWh
System Operator alert curves
Pūkaki (Emergency)Tekapo + Pūkaki + Hāwea (Alert)
Alert buffer4% ERC
10% ERCAlert curve
Emergency curve
Source: Transpower

Outlook to Election 2026
20 NOVEMBER 20252025 INVESTOR DAY
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Electricity is shaping up to beone of a number of'cost-of-living' related election
year issues.
NZ First has signalled they will take forward a platform of re-nationalisation and
vertical separation of generation and retail.
On the other hand, ACT is advocating for a further sell-down of the power companies,
greater use of thermal plant, and removing barriers to nuclear generation.
Opposition parties have yet to announce a great deal in the energy policy space;
itis unclear whatthe balance of views within any future Government will be.
The current outlook for Winter 2026 suggests the risk of stress is relatively low;
if we see average levels of inflows into the hydro catchments over the first half of
2026,some heat may come out of this issue.
At the same time, the Commerce Commission has locked in price increases over the
next 4 years that will continue to impact consumers.
We continue to engage with all stakeholders to ensure they have the facts while
keeping a clear focus on what is best for New Zealand households, businesses and
the wider economy; this includes substantial agreements to support security of supply.
Source: Transpower
New Zealand Energy Risk
South Island Energy Risk

20 NOVEMBER 20252025 INVESTOR DAY PRESENTATION
PAGE 35
Maintenance work at Benmore Power Station.
v
Digital generation
Tania Palmer
General Manager Generation
YanoshIrani
Head of DigiGen

Meridianstrategy
20 NOVEMBER 20252025 INVESTOR DAY PRESENTATION
PAGE 36

Strategic investment pipeline
20 NOVEMBER 20252025 INVESTOR DAY PRESENTATION
PAGE 37

DigiGenvalue pools
20 NOVEMBER 2025
Lower rangeUpper range
Source: McKinsey 2025
Assessment suggests $25-$45 million p.a. of incremental upside from
increased availability and operations & maintenance cost optimisation
Availability
and Opex
SiBCapex
Availability
and Opex
SiBCapex
Hydro
Wind
Total
~10-20
~2-3
~11-19
~2-3
~25-45
TypeValue poolPotential value opportunity (NZ$M p.a.) of... ...driven by improvements in
-15–25% reduction in Opexto $16–18M
+3–5% increase in availability to ~93–95%
-45–55% reduction in Capex to $3–4M
-12–18% reduction in Opexto $16–17M
-12–18% reduction in Capex to ~$16–17M
+5–7% increase in availability to ~95–97%
2025 INVESTOR DAY PRESENTATION
PAGE 38

DigiGeninitiatives
20 NOVEMBER 2025
Source McKinsey 2025
2025 INVESTOR DAY PRESENTATION
PAGE 39

20 NOVEMBER 20252025 INVESTOR DAY
PAGE 40
Penstocks at ŌhauA Power Station.
Capital expenditure
Mandy Simpson
Chief Financial Officer

Stay in business capex
The capital cost of maintaining Meridian’s asset base
and systems.
Includes asset and technology lifecycle costs, major
repairs or replacement that extend existing asset lives.
Excludes asset investment that delivers additional
installed capacity and higher generation output.
Excludes major wind components repairs, which we
treat as operating expenditure.
A component of operating free cash flow, the basis of
Meridian’s dividend.
A factor in the market’s valuation of Meridian and our
internal accounting valuation.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 41
TeAnau lake control, Southland.

An increasing trend
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 42
17
18
18
24
47
64
41
12
13
16
18
25
30
37
20
15
38
40
46
72
80
114
91
0
30
60
90
120
2021202220232024202520262027
$M
Financial Year ended 30 June
Stay in business capital expenditure
GenerationRetailICTDevelopmentCorporateTotal
1 in 10-year SCADA system replacement.
1 in 20-year property investment and Manapōuriautomation.
1 in 40-year transformer replacements.
1 in 50-year Benmore penstocks seismic strengthening.
$MStay in business capex
20212022202320242025
Property, own EV charging
112182
Forest creation
14252
SCADA replacement
128
Flux
6344
Recurring
Generation
1512101419
IT
1213151617
Vehicles
1223
Consenting/other
211
Periodic generation
Manapōuri automation
25533
Benmore penstocks
1312
Transformers
215
Manapōuri wicket gates
25
Other
23
Total
3840467280

Peaking in FY26
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 43
17
18
18
24
47
64
41
12
13
16
18
25
30
37
20
12
38
40
46
72
80
110
91
0
30
60
90
120
2021202220232024202520262027
$M
Financial Year ended 30 June
Stay in business capital expenditure
GenerationRetailICTDevelopmentCorporateTotal
Medium-term recurring spend of $40–$50 million.
Periodic spend is variable, annual range of $20–$30 million,
depending on business decisions.
$MStay in business capex
2021202220232024202520262027
Property, own EV charging112182111
Forest creation142521
SCADA replacement1281919
Flux63441
Recurring
Generation15121014191512
IT12131516171118
Vehicles122334
Consenting/other21119
Periodic generation
Manapōuri automation2553338
Benmore penstocks13121215
Transformers215155
Manapōuri wicket gates255
Other23131
Total384046728011091

Generation control system
replacement
Replacing the 1998 Siemens SCADA system with
Hitachi’s Network Manager.
Last significant spend on the generation control
system was $50 million, completed 12 years ago.
New system will improve security, operational
efficiency and remote accessibility.
Key system elements have been successfully tested,
with a secure test facility established in Twizel and
work underway on data centresat Benmore and
ŌhauB.
Investing $55 million in this upgrade.
We aim to go live by mid-2027.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 44
Meridian’s Wellington generation control centre.
Waitaki Power Station control room.

20 NOVEMBER 20252025 INVESTOR DAY
PAGE 45

Benmore penstocks
75% chance of major earthquake along the Alpine Fault
in the next 50 years, making Benmore’s resilience critical.
Benmore’s six concrete penstocks are globally unique, built
in the 1960s from pre-cast segments instead of steel.
Strengthening penstocks to ensure rapid power recovery
after a major quake.
Seismic upgrades include joint modifications, shock
absorbers, anti-seismic bearings and fiberglass
reinforcement.
A pilot in 2023–24 will enable 636 bearing replacements
without outages, saving 1,260 days of downtime.
Project will run from early 2026 to mid-2029.
Expected cost are currently $111 million.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 46
Benmore Power Station.

Questions

20 NOVEMBER 20252025 INVESTOR DAY PRESENTATION
PAGE 48
Impression of Meridian’s $227 million RuakākāSolar Farm near Whangārei, which will produce enough electricity to power half the homes in Northland when completed in early2027.
Development
Guy Waipara
General Manager Development

542
705
1,305
720
2,910
1,845
6,910
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
ConstructedIn constructionConsentedCurrently in
consent
Consents to
lodge in FY26
Secured
options
Advanced
prospects
GWh (annual)
Construction and development pipeline
WindSolarTotal
Construction and development
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 49
15 TWh
total
equivalent to 35% of current demand

Built assets
Harapaki Wind Farm
Clocked just over a year in full operation.
Slightly higher production 542–558GWh.
Year one revenue up 50% and assessed NPV up from
$38 million to $140 million compared to business case.
RuakākāBattery Energy Storage System (BESS)
Commissioned in May 2025.
Three main value pools. Arbitrage, reserves and portfolio
(HVDC cost allocation, North Island portfolio hedge cover
and South Island generation uplift).
Still in a state of “experimentation” around optimal
operational use cases.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 50
Harapaki
RuakākāBESS .
Harapaki Wind Farm.

In construction
Ruakākāsolar
130MW, 230GWh.
Capex $227 million.
First power November 2026, full power February 2027.
TeRahuiStage 1 solar (50% Meridian)
200MW, 389GWh.
Capex $346 million, Equity $55 million.
TeRahuiStage 2 Final Investment Decision (FID) target
end of 2026.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 51
Ruakākāsolar impression.
TeRahuisite works near Taupō.

Consented and FID in 2026
Mt Munro wind
Consented in February 2025 for up to 20 turbines.
IndicativeCapex range $315–$345 million | 85MW | 360GWh.
Considering enabling works to bring scheduled full power
date forward.
Target FID December 2026.
TeRereHau wind
Several reworked consents were achieved in 2025 to allow
for the larger turbine solution.
Capex $695–720 million | 170MW | 750GWh for 39 turbines.
Note that a new turbine location was recently consented to
take total turbine numbers to 40. The impact of the additional
turbine is yet to be worked through the project metrics.
New Airways facility being considered at Marima Peak.
Consenting and license to occupy are underway.
Considering enabling works to bring full power date forward.
FID expected Q3 2026 prior to start of construction window
in October 2026.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 52
Mt Munro impression.
TeRereHau early works.

In consent
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 53
Swannanoa solar
200MW | 350GWh.
Lodged December 2024. Consents expected early 2026.
Transpowerdesign underway.
Waikato solar
100MW | 180GWh.
Lodged April 2025. Consents expected mid-2026.
Transpowerdesign underway.
Manawatūsolar
100MW | 190GWh.
Lodged in October 2025. Consents expected mid-2026.
Transpowerdesign underway.
Swannanoa solar site in Canterbury.
Manawatūsolar site.

Likely Fast-track applications
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 54
WaiinuEnergy Park
350MW | 1,250GWh wind.
200MW | 380GWh solar.
Iwi and community engagement ongoing.
Fast-track referral to be lodged by end of 2025.
Substantive application expected early 2026,
subject to Ministerial referral.
Western Bays solar
500MW | 980GWh two-stage solar.
Iwi and community engagement ongoing.
Fast-track referral to be lodged by end of 2025.
Substantive application expected early 2026,
subject to Ministerial referral.
Site of the WaiinuEnergy Park neat Whanganui.
Site of Western Bays solar near Taupō.

Waitaki reconsenting
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 55
A controlled activity that complies with the relevant catchment
regional council plan.
Direct referred to the Environment Court.
Hearing occurred this month in Ōamaru, from 3–14 November 2025.
Significant agreements in place with all catchment-based parties
that will deliver better cultural and conservation outcomes while
maintaining existing generation and flexibility of operation.
Forest & Bird is the only submitter opposing.
Tekapo fast track decision was a helpful precedent.
We estimate a decision could be forthcoming in mid-2026.
However Forest & Bird have appeal rights to the High Court.

PūkakiFast-track for lake lowering
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 56
Additional hydro storage is available in Lake Pūkakisubject to electricity system security triggers. Meridian is seeking
fast-track approval to use that hydro storage without the triggers over 2026–2028.
Rock armouring would be placed on the Pūkakidam to protect it from erosion risk from low operation.
The project was referred into Fast-track in August 2025. The Substantive Application was lodged in November 2025.
Lake Pūkaki

20 NOVEMBER 20252025 INVESTOR DAY PRESENTATION
PAGE 57
Aviemore Power Station in the mid-Waitaki.
Fast-track consenting
Humphrey Tapper
Chief Legal Adviser
Environment and Property

Background –consenting
The resource consenting process has become increasingly
complex and protracted.
Across the sector, both developers and environmental
advocates agree that the Resource Management Act (RMA)
is fundamentally broken and in need of reform. Meridian’s
experience reflects this mixed reality.
The Fast-track Approvals Act 2024 was introduced as part
of the solution for nationally and regionally significant
infrastructure projects. Most recently, the Fast-track
Approvals Amendment Bill was introduced on 3 November,
signaling further changes.
Separately, a critical question remains: What will replace
the RMA? Will the new framework genuinely deliver better
outcomes? As always, the devil is in the detail. We expect
the replacement Bills to be released in December 2025.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 58
Doubtful Sound in the Fiordland National Park.

Current consenting options
Options available to consent wind, hydro,
solar or battery projects:
1. Resource Management Act 1991
Non-notified.
Limited notified.
Publicly notified.
Direct Referral.
Call-in.
Private Plan Change.
2. Fast-track Approvals Act 2024
3. Special legislation
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 59
Mt Munro Wind Farm pop-in shop in Eketāhuna.

Timeline
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 60
0
200
400
600
800
1,000
1,200
1,400
1,600
Te ApitiWhite HillWest WindNorth Bank
Tunnel
HayesMill CreekCentral WindHurunuiMt MunroRuakaka BESS
Regional
Ruakaka BESS
District
Ruakaka solar -
Regional
Ruakaka solar
District
Bunnythorpe
BESS -
Regional
Bunnythorpe -
BESS District
Total days
Consent duration for Meridian projects
WindHydroBatterySolar

1. Current proposals
The law was enacted on 23 December 2024, but it only applied to new activities not already listed as Fast-track Projects
from 7 February 2025.
Projects already consented: Port of Auckland’s Bledisloe North Wharf/Ferguson North Berth Extension, MaitahiVillage
43.7ha development in Nelson, Milldale development in Auckland includes 1,100 homes, Tekapo Power Scheme
reconsenting and Drury Metropolitan Centre development in South Auckland.
Currently, 24 substantive applications are being processed, with four additional decisions expected by Christmas 2025.
2. What’s Meridian doing?
Current proposals are following similar approaches, such as the reconsenting of Waitaki Power Scheme, which is being
heard via Direct Referral in the Environment Court, and bespoke consenting processes for major developments. Batteries
and some solar projects may still proceed through standard consenting routes.
Three applications are currently in play: Contingent Storage Referral Application (lodged on 5 November 2025), Waiinu
Energy Park and Western Bays Solar.
Fast-track Approvals Act 2024
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 61

3. Different purpose, different Act
Under the RMA, Part II is often described as the “engine room,” with its core purpose being sustainable management.
In contrast, the Fast-track Approvals Act is designed to facilitate the delivery of infrastructure and development projects
that provide significant regional or national benefits.
4. Projects must have significant regional or national benefits
Unlike the RMA, the Fast-track process applies specific eligibility criteria. A project must meet one or more of the following:
Be identified as a priority project in a plan.
Deliver new nationally or regionally significant infrastructure or maintain existing critical infrastructure.
Increase housing supply or contribute to a well-functioning urban environment.
Provide significant economic benefits.
Support primary industries or the development of natural resources.
Contribute to climate change mitigation or adaptation.
5. Speed
Trades broad public participation for targeted engagement, prioritisingspeed and certainty, while still requiring
comprehensive environmental assessments.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 62
Fast-track Approvals Act 2024

6. Ineligible projects
Some projects are ineligible for the Fast-track process. These generally include activities that:
Occur on Māori land, customary marine title areas, or protected customary rights areas without written agreement,
Involve access arrangements under land governed by the Crown Minerals Act 1991 or would occur in an area for which a
permit cannot be granted,
Relate to certain aquaculture activities,
Are located within National Parks or National Reserves (see Schedule 4, subject to section 24).
7. One stop shop
Takes a broad approach to additional approvals, which may include:
Concessions from the Department of Conservation (TePapa Atawhai),
An archaeological authority from Heritage New Zealand PouhereTaonga,
A mining permit from New Zealand Petroleum and Minerals.
These requirements reflect the variety of environmental authorisationsthat may be sought under the process.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 63
Fast-track Approvals Act 2024

8. Decisions
The application is heard by an Expert Panel. It must state the panel’s reasons and include main findings. A draft copy of the
decision must also be shared with the applicant.
9. Hearings
The panel determines how it wishes to hear the application –no hearing required.
10. Key tests
The Panel can only decline if adverse effects “sufficiently outweigh” the Act’s purpose.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 64
Approval maybe declined if adverse impacts out of proportion to regional or
national benefits
A panel may decline an approval if, in complying with section 81(2), the panel
forms the view that—
(a) there are 1 or more adverse impacts in relation to the approval sought; and
(b) those adverse impacts are sufficiently significant to be out of proportion to the
project's regional or national benefits that the panel has considered under
section 81(4), even after taking into account—
(i) any conditions that the panel may set in relation to those adverse impacts;
and
(ii) any conditions or modifications that the applicant may agree to or propose
to avoid, remedy, mitigate, offset, or compensate for those adverse impacts.
Criteria and other matters for assessment of consent application
For the purposes of section 81, when considering a consent application, including
conditions in accordance with clauses 18 and 19, the panel must take into account,
giving the greatest weight to paragraph (a):
(a)the purpose of this Act; and
(b)the provisions of Parts 2, 3, 6, and 8 to 10 of the Resource Management Act 1991
that direct decision making on an application for a resource consent (but
excluding section 104D of that Act); and
(c)the relevant provisions of any other legislation that directs decision making under
the Resource Management Act 1991.
Fast-track Approvals Act 2024

2025 INVESTOR DAY20 NOVEMBER 2025
PAGE 65
Referral Application
Pre-lodgementconsultation.
10-working day ‘Completeness check’. If complete, the Fast-track team will
then provide the application to the panel convener.
The Ministry for the Environment assesses referral applications and provides
advice to the Minister for Infrastructure to inform his decisions on referral
applications.
Minister’s decision on referral has no fixed days in the Act but expected
within 20 working days after completeness check and comments invited
(other Ministers, local government and relevant Māori groups).
Broad discretion exists.
Fast-track Approvals Act 2024

20 NOVEMBER 20252025 INVESTOR DAY
PAGE 66
Substantive Application
The substantive application must be made within 2 years of the referral.
Can only use one consenting route.
Digital lodgement.
Completeness check by EPA: 15 working days.
Panel Appointed;
Panel invites comments: Affected parties, iwi, and agencies have
20 working days to respond.
Panel decision: Default timeframe: 30 working days after comments
are received, unless extended. Priority projects can be expedited by
Ministerial direction.
Fast-track Approvals Act 2024

Costs
User pay system.
The levy covers Fast-track consenting
overhead costs.
The application fee is fixed based and covers
costs from the EPA and other administering
agencies, local councils, iwi, and expert panels.
The EPA may also recover other relevant third-
party costs, which may include iwi authorities,
hapū and Treaty settlement entities.
The EPA will recover the actual and reasonable
costs of staff time (plus GST). The EPA will
recover the panel convener, the expert panel
chairperson and the panel members at the
following rates.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 67
Application
Type
LevyApplication
Fee
Total
Referral
application
$6,700
+ GST
$12,000
+ GST
$21,505
Land exchange
application
$13,400
+ GST
$36,000
+ GST
$56,810
Substantive
application
$140,000
+ GST
$250,000 +
GST
$448,500
Role Fee Table per hour
(From 7 Feb 2025)
RoleFee
Administrator$152
Advisor$192
Application Lead/Analyst$266
Team Leader/Principal Advisor$319
Surge Resources$450
Panel PositionDaily fee (excluding GST)
Panel Convenor$3,600 –$5,000
Panel Convenor as
Panel Chair
Their equivalent daily
Note: There will be no double payments for performing both Convener and
Chair roles in a single day.
Judge as Panel Chair
Same as their equivalent daily fee as a judge at the time of appointment and
does not exceed the daily fee of a High Court Judge.
Non-judge Chair$1,600 –$5,000
All other panel members$1,600 –$5,000
Fast-track Approvals Act 2024

Key changes
Appeals to the High Court on points of law only. No appeals to Court of Appeal from a
High Court finding but leave may be sought from the Supreme Court. After that, there
is the ability to be heard by the Court of Appeal.
Parties that may appeal are limited, i.e. targeted.
If identified in a General Policy Statement, the project would have significant regional
or national benefits.
Description of its approximate geographical location in Schedule 2 of the FTAA be
amended, provided not substantially different –Stella Passage Development -Mt
Maunganui Wharf.
Minister may provide general direction to the EPA as to its performance and exercise of
its functions, duties and powers (but not as it relates to any particular application).
Minister can determine that a project is a priority before a panel is made up.
Applicants can now modify their substantive applications by giving notice to the panel,
and the Minister can then consider.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 68
Fast-track Approvals Bill

Key changes
Listed projects may make a written request to the
Minister for stages.
Reduced consultation –applicants no longer need to
consult with local authorities, iwi authorities, hapū, or
Treaty settlement entities before lodging a referral
application –now only need to notify in writing, with a
response in 20 working days.
Ability for the EPA to request further information.
Maximum timeframe to a decision is 60 working days
after comments deadline.
Comments need to be provided within 15 rather than 20
working days.
Panel Convenor must elect a panel within 15 working
days after receiving a notice.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 69
Blade transportation at Harapaki Wind Farm in Hawke’s Bay.
Fast-track Approvals Bill

Key changes
Panel Convenor must elect a panel within 15 working days
after receiving a notice.
An applicant or local authority can raise concerns about a
prospective panel member.
Speed up –a referral application or substantive application
may be subject to a further information request during the
‘complete and within scope check’ as opposed to simply
returning it.
Applicant’s can continue with competing applications –s124.
Submissions closed 17 November 2025.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 70
Lake Manapōuriin the Fiordland National Park.
Fast-track Approvals Bill

20 NOVEMBER 20252025 INVESTOR DAY
PAGE 71
Waitaki Power Station –turbine inlet Unit 6.
Hydro development
Murray Hill
Head of Hydro Development

A hydro-focused response to
an uncertain energy transition
The Challenge:
System Capacity–to support economy-wide decarbonisation,
the power system may need to double in capacity by 2050.
Security of Supply–with ~2GW of thermal generation
expected to retire by 2030, and domestic gas supply in decline.
Requires~5GW of flexible capacity and ~3-3.5TWh of energy
to resolve dry-year deficit. Opportunity for hydro to solve a
large proportion.
We last pursued hydro development over a decade ago, so our
approach is to:
Acknowledge the complexity and challenges involved.
Recognisethe urgency and momentum required.
Begin with expansive, unconstrained thinking.
Draw on past experience, leverage our operational hydro
knowledge, and supplement with external expertise.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 72
ŌhauC Power Station.

A strategic imperative for Meridian and Aotearoa
Hydro has always been the foundation of our electricity system; it can deliver a compelling future for our nation.
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 73

Deliver feasible opportunities across our time horizons
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 74

Questions

20 NOVEMBER 20252025 INVESTOR DAY PRESENTATION
PAGE 76
Meridian is building Aotearoa New Zealand’s largest public charging network.
Closing comments
Mike Roan
Chief Executive

Disclaimer
20 NOVEMBER 20252025 INVESTOR DAY
PAGE 77
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 presentationafter 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 2025, available at:
www.meridianenergy.co.nz/about-us/investors
All currency amounts are in New Zealand dollars unless stated otherwise.