Meridian Investor 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 Presentation

24 November 2025


Attached is a presentation Meridian Energy will be making at a series of investor meetings in the last
week of November 2025.

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
Presentation
NOVEMBER 2025

Why Meridian?
NOVEMBER 20252025 INVESTOR PRESENTATION
PAGE 2
Meridian’s Ōhau A Power Station in the Mackenzie Basin, South Canterbury.
Why Meridian?

Leading sustainability performance
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Green
Finance
Framework
1
Cover image by nadia@shuttershock and Ste wart Watson
Climate-related Disclosures
Aotearoa New Zealand Climate Standards
NZ CS 1, NZ CS 2, NZ CS 3
July 2022
Greenhouse
Gas Emissions
Inventory
Report

High quality investment
NOVEMBER 20252025 INVESTOR PRESENTATION
PAGE 4
quality,
scale assets
high free
cash flow
progressive
ordinary
dividend
balance
sheet
headroom
strong
growth
outlook
deep
renewable
development
pipeline

New Zealand’s electricity system
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Meridian’s Manapōuri Power Scheme in the Fiordland National Park.

52%
22%
9%
9%
5%
2%
1%
Annual generation
Hydro
Geothermal
Gas
Wind
Coal
Solar
Wood
Biogas
35%
23%
6%
31%
5%
Annual consumption
Residential
Commercial
Agriculture
Industrial
Other
New Zealand’s electricity system
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4major generators, all listed,
3 majority Government owned
1transmission grid
owner (state owned)
29distribution
businesses (various
ownership structures)
40 retail brands
Approx.2.3million consumers
(39 TWh pa)
Sources: Electricity Authority and Ministry of
Business, Innovation and Employment,
Hīkina Whakatutuki, Meridian
30 June 2025
30% share
XX% share
30 June 2025
24% share

Projected electricity demand
By 2050 New Zealand will require around $30 billion of
investment in new renewable generation.
Significant amount of existing generation will either be
replaced or repowered in that timeframe.
Consenting under the current Resource Management Act
(RMA) has become inefficient.
Fast-track approvals legislation can deliver a more efficient
process and ensure adequate environmental and community
safeguards.
NOVEMBER 20252025 INVESTOR PRESENTATION
PAGE 7
Source: Meridian;Ministry of Business, Innovation and Employment,HīkinaWhakatutuki;He Pou a Rangi, Climate Change Commission
Note: Evo and Revo refer to Meridian modelled future market scenarios characterised by different levels of decarbonisation.
30,000
40,000
50,000
60,000
70,000
80,000
GWh
Financial year ended 30 June
Annual NZ demand for generation
History
Evo
Revo
CCC - Reference
CCC - Net Zero
MBIE - Constraint
MBIE - Reference
MBIE - Environmental
MBIE - Innovation
projected
20002025
2050

0
50
100
150
200
0
700
1,400
2,100
20202022202420262028203020322034203620382040
PJ
PJ
Gas reserves and production
Remaining reserves (2P)Gas production (RHS)
Security of supply
2024/2025 security of supply was underpinned by new,
short-term transactions with NZAS and Methanex.
Declining production and reserves mean gas can no longer
reliably meet periodic electricity industry firming.
Future security of supply and dry-year risk can be managed
effectively through a combination of Huntly strategic energy
reserve, remaining gas plants and NZAS demand response.
Contingent storage will be key.
Operationalising Pūkaki contingent storage and enhancing
other hydro storage are needed, with the large NZAS
demand response options not available every year.
Meridian is accelerating renewable investment, targeting $2
billion of capital expenditure in the next 3 years.
Investment includes capacity upgrade at the Waitaki Hydro
Station.
NOVEMBER 20252025 INVESTOR PRESENTATION
PAGE 8
1
2P reserves represent annually assessed proven + probable reserves available for future production.
Source: Ministry of Business, Innovation and Employment
1

Government’s electricity sector review actions
Deliver an LNG import facility.
Enable the Mixed Ownership Model companies to raise
equity.
Leverage Government purchasing power to drive new energy
projects.
Resource management changes, the Fast-track approvals
process and offshore wind legislation.
Reduce sovereign risk for oil, gas and LNG infrastructure.
Strengthen the Electricity Authority’s enforcement powers.
Improve electricity market transparency.
Improve gas market transparency through a centralised
disclosure dashboard.
Strengthen the current regulatory framework to ensure that
dry year risk will not re-emerge in the future.
Improve distributor efficiency through increased regulation
and performance benchmarking.
Electricity Authority consulting on nondiscrimination obligations.
Sector reviews
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The RuakākāBattery Energy Storage System near Whangārei was completed in
May 2025, inside its $186 million capital envelope.

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Headwaters of Lake Pūkaki in the Mackenzie Basin, South Canterbury.
About Meridian

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Note: Te Rere Hau requires an additional
consent to relocate an Airways
Corporation facility from the current site.
About Meridian
New Zealand’s largest generator,
producing over 30% of the country’s
electricity needs, all production from
renewable sources.
Seven large Hydro Stations –flexible
plant with the country’s largest storage.
Eight Wind Farms and currently
constructing Meridian’s first Solar Farm.
The largest retailer of electricity (by
volume) in New Zealand.
Executing a renewable generation
pipeline to support future demand
growth.
Investment grade credit metrics.
Experienced leadership team and
Board.
Majority Government shareholding
(51%).

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Our strategy

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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
15 TWh
total
equivalent to 35% of current demand

Ruakākā Solar Farm
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Impression of Meridian’s $227 million Ruakākā Solar Farm near Whangārei, which is expected to be completed in early 2027.

Successful transformation of our Retail business and launch
of Smart Hot Water offer.
Renewable Energy Certificates and Energy Wellbeing
Programmedelivering results.
388 chargers now installed in our Zero network.
Acquisition of Flick.
Selection of Kraken as retail technology partner. Will mean
dual retail system costs through FY26 implementation.
Double-digit growth of 10% in customer connections in FY25
and 14% since June 2025.
Our customers
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241
248
246
250
263
89
117
117
120
142
330
365
363
370
405
0
100
200
300
400
500
Jun-21Jun-22Jun-23Jun-24Jun-25
ICP (000)
Customer connections
MeridianPowershopTotal
+7%+7%
-1%+2%
+10%
YoY growth
Meridian has selected Kraken as its retail technology partner
Source: Meridian

NOVEMBER 20252025 INVESTOR PRESENTATION
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The value of hydro storage
40%
60%
80%
100%
120%
140%
160%
GWAP/TWAP
Financial year ended 30 June
Annual Price Participation
HistoryWTK ChainMANWindSolar
20022025
2050

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FY25 key points
comparisons are with FY24

Financial information and capital structure
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Maintenance work at Meridian’s West Wind Farm near Wellington.
Financial information
Financial performance

Dividends
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Meridian’s ordinary dividend policy
Meridian’s ordinary dividend policy is to make
distributions at a dividend payout ratio, within an
average over time, of 80% to 100% of Operating Free
Cash Flow, subject to the Board’s due consideration of:
▪Meridian’s working capital requirements and its
medium-term investmentprogramme;
▪a sustainable financial structure from
Meridian,recognisingthe Company’s targeted long-
term credit rating of BBB+ by S&P; and
▪the risks from short and medium term economic,
market and catchment hydrology conditions and
expected financial performance.
Operating Free Cash Flow is calculated as Operating
Cash Flow, less the annual capital cost of maintaining
Meridian’s asset base and systems (Stay in Business
Capital Expenditure).
16.90
17.40
17.90
21.0021.00
0
5
10
15
20
25
20212022202320242025
cps
Financial Year ended 30 June
Ordinary dividends declared
Source: Meridian

Financial performance
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692
709
783
905
611
0
200
400
600
800
1,000
20212022202320242025
$M
Financial Year ended 30 June
EBITDAF
1
415
451
95
429
-452
-600
-400
-200
0
200
400
600
20212022202320242025
$M
Financial Year ended 30 June
Net profit after tax (continuing operations)
64
135
300
277
113
38
40
46
72
80
102
175
346
349
193
0
100
200
300
400
20212022202320242025
$M
Financial Year ended 30 June
Capital expenditure
GrowthStay in businessTotal
431
461
509
667
318
0
100
200
300
400
500
600
700
800
20212022202320242025
$M
Financial Year ended 30 June
Operating cash flows
231
233
315
359
56
0
50
100
150
200
250
300
350
400
20212022202320242025
$M
Financial Year ended 30 June
Underlying NPAT
2
1.6
0.8
1.2
1.3
1.5
0
1
2
20212022202320242025
$B
Financial Year ended 30 June
Net debt
3
1
A non-GAAP measure of earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges, impairments and gains and losses on sale of assets.
2
A non-GAAP measure of net profit after tax adjusted for the effects of unrealised changes in fair value of hedges, electricity option premiums and other non-cashitems and their tax effects.
3
A non-GAAP measure of drawn borrowings less cash and cash equivalents.
Source: Meridian
Source: Meridian
Source: Meridian
Source: Meridian
Source: Meridian
Source: Meridian

FY25 net debt of $1,505 million, net debt to EBITDAF at 2.5
times.
June 2025 total borrowings of $1,569 million.
Total funding facilities of $2,161 million, of which $658 million
were undrawn.
All facilities classified under Meridian’s Green Finance
Programme.
Minimum headroom required in addition to forecast
requirements is $200 million.
$350 million, 6½ year unsecured, unsubordinated, fixed rate
green bond issued in September 2025.
Next capital market maturity is September 2028 ($200 million
green bond).
Debt and funding
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160
405
0
383
300
256
250
243
0
100
200
300
400
500
600
700
CY26CY27CY28CY29CY30CY31+
$M
Financial Year ended 30 June
Debt maturity profile as at 30 June 2025
Drawn debt maturing (face value)Available facilities maturing
42%
0%
23%
27%
8%
Sources of funding as at 30 June 2025
NZ$ bank facilities drawn/undrawn
EKF - Danish export credit
Retail Bonds
US private placement
Commercial paper
Source: Meridian
Source: Meridian

Financial metrics
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Financial year20212022202320242025
Operating cash flow$M431461509667318
Stay in business capital expenditure$M3840467280
Operating free cash flow$M393421463595238
Annual dividend declared (cps)cps16.917.417.921.021.2
Free cash flow payout ratio%110.2106.599.891.2230.3
Net dividend yield%3.23.73.23.33.6
(based on June closing share price)
Depreciation & amortisation $M271293294334447
SIB capex/depreciation & amortisation %14.013.715.621.617.9
Underlying NPAT$M23123331535956
EPS (underlying)cps9.09.012.213.92.1
PE (underlying)x59524645276
EBITDAF$M692709783905611
EV/EBITDAFx22.118.220.019.427.7
Net debt/EBITDAFx2.31.21.61.42.5
EBITDAF interest coverx8.79.111.310.66.6
Return on equity (average)%4.54.35.55.00.6
Debt/(debt+equity)%18.718.617.414.315.0

Disclaimer
NOVEMBER 20252025 INVESTOR PRESENTATION
PAGE 24
The information in this presentation was prepared by Meridian Energy with due care and attention. However, the information issupplied 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 forany 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. Exceptasrequired by law or NZX or ASX
listing rules, Meridian is not obliged to update this presentation after 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.