Meridian Energy monthly operating report for December 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 December
2025

21 January 2026


Attached is Meridian Energy Limited's monthly operating report for the month of December 2025.

Meridian Chief Executive Mike Roan says it’s been a wet spring and early summer, which has been
good for the company and broader electricity market.
“We’ve begun 2026 in a very strong position when it comes to hydro storage. Inflows, current storage
and remaining snowpack are all well above the long-term averages, which has meant we’ve had
extended periods of spilling in both the Waitaki and Waiau catchments since early December.”
“This has resulted in low wholesale prices. Our average generation sales price was under $7 per
Megawatt Hour in December, and an average of $77 for the first six months of this financial year, half
the level of the same period last year. As the authors of the Frontier report said, that’s the wholesale
market working as it should,” says Mike Roan.
“Overall, we’re generating and selling more at this point of the financial year than we were a year ago.
Generation volumes are 13% higher, and retail sales volumes 12% higher than the first half of the last
financial year. Our customers numbers are also growing, with total connections 19.5% higher than in
December 2024.”

Key points this month include:
 In the month to 12 January 2026, national hydro storage decreased from
153%
to
115%
of
historical average.
 South Island storage decreased to
113%
of average and North Island storage decreased to
126%

of average by 12 January 2026.
 Meridian’s December 2025 monthly total inflows were
123%
of historical average.
 To date this financial year, total inflows are
144%
of historical average, the second highest July to
December inflows on record.
 Waiau catchment inflows in December 2025 were
147%
of historical average.
 Meridian’s Waitaki catchment water storage at the end of December 2025 was
138%
of historical
average.
 Snow storage in Meridian’s Waitaki catchment was at
124%
of average in early January 2026.
 Water storage in Meridian’s Waiau catchment was
131%
of average at the end of December
2025.
 December was unsettled, with alternating hot and cool spells and a wet end to the month for
many areas. Temperatures were average or above for most of the country, with a wide variation
in rainfall totals compared to regional averages.
 National electricity demand in December 2025 was
4.3%
higher than December 2024.
 New Zealand Aluminium Smelters Ltd (NZAS) average load during December 2025 was
574MW
,
compared with 485MW a year ago, when Meridian was exercising call options under the demand
response agreement.
 Meridian’s retail sales volumes in December 2025 were
4.5%
higher than December 2024.

meridianenergy.co.nz
PG 2

 Compared to December 2024, segment sales in residential were 26.4% higher (including ex
customers of Flick), small medium business 9.5% higher, large business 13.5% higher,
agriculture 3.2% lower and corporate 2.4% lower.


Key points this quarter include:
 Q2 total inflows were
159%
of historical average, the 4
th
highest Q2 inflows on record and
41%

higher than Q2 last year.
 Meridian’s Waitaki catchment water storage at the end of Q2 was
2.2%
higher than Q2 last year.
 Compared to Q2 last year, Meridian’s generation was
12.3%
higher at a
9.2%
lower average
price.
 2026 electricity futures prices decreased during Q2.
 National electricity demand in Q2 was
5.6%
higher than Q2 last year.
 Spring 2025 was the warmest spring on record, with temperatures above average almost
everywhere. Most of the country experienced a wetter than average spring, except for eastern
areas of both islands.
 Earth Sciences summer 2026 outlook sees current weak El Niño conditions present in the tropical
Pacific, with ENSO-neutral conditions expected. This suggests higher than average temperatures
across the country and variable South Island rainfall.
 At the end of Q2, Meridian’s customer numbers were
19.5%
higher than at the same time last
year.
 Compared to Q2 last year, Meridian’s retail sales volumes were
10.3%
higher, with increases in
all segments, at a
6.4%
higher average price.
 Compared to Q2 last year, total operating costs were
13.7%
higher and total capital expenditure
was
26.2%
lower.


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:
Lachlan Forsyth
Media & Content Manager
021 243 5342

7 cm
December 2025
Monthly operating report
21 JANUARY 2026

December key points
In the month to 12 January 2026, national hydro storage decreased from 153% to 115% of historical average.
South Island storage decreased to 113% of average and North Island storage decreased to 126% of average by 12 January 2026.
Meridian’s December 2025 monthly total inflows were 123% of historical average.
To date this financial year, total inflows are 144% of historical average, the second highest July to December inflows on record.
Waiau catchment inflows in December 2025 were 147% of historical average.
Meridian’s Waitaki catchment water storage at the end of December 2025 was 138% of historical average.
Snow storage in Meridian’s Waitaki catchment was at 124% of average in early January 2026.
Water storage in Meridian’s Waiau catchment was 131% of average at the end of December 2025.
December was unsettled, with alternating hot and cool spells and a wet end to the month for many areas. Temperatures were average
or above for most of the country, with a wide variation in rainfall totals compared to regional averages.
National electricity demand in December 2025 was 4.3% higher than December 2024.
New Zealand Aluminium Smelters Ltd (NZAS) average load during December 2025 was 574MW, compared with 485MW a year ago,
when Meridian was exercising call options under the demand response agreement.
Meridian’s retail sales volumes in December 2025 were 4.5% higher than December 2024.
Compared to December 2024, segment sales in residential were 26.4% higher (including ex customers of Flick), small medium business
9.5% higher, large business 13.5% higher, agriculture 3.2% lower and corporate 2.4% lower.
21 JANUARY 2026MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 2

Q2 total inflows were 159%of historicalaverage,the 4
th
highest Q2 inflows on record and 41% higher than Q2last year.
Meridian’s Waitaki catchmentwater storage at the end ofQ2 was 2.2% higher than Q2 lastyear.
Compared to Q2 last year,Meridian’s generation was12.3%higher at a 9.2% loweraverage price.
2026 electricity futures prices decreased during Q2.
National electricity demand in Q2 was 5.6% higher than Q2 last year.
Spring 2025 was the warmest spring on record, with temperatures above average almost everywhere. Most of the country experienced
a wetter than average spring, except for eastern areas of both islands.
Earth Sciences summer 2026 outlook sees current weak El Niño conditions present in the tropical Pacific, with ENSO-neutral conditions
expected. This suggests higher than average temperatures across the country and variable South Island rainfall.
At the end of Q2, Meridian’s customer numbers were 19.5% higher than at the same time last year.
Compared to Q2 last year, Meridian’s retail sales volumes were 10.3% higher, with increases in all segments, at a6.4% higher average
price.
Compared to Q2 last year, total operating costs were 13.7% higher and total capital expenditure was 26.2% lower.
Q2 key points
21 JANUARY 2026MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 3

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
5%
7%
9%
11%
13%
15%
Nov 20May 21Nov 21May 22Nov 22May 23Nov 23May 24Nov 24May 25Nov 25
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in December 2025 was 4.3% higher
than December 2024.
NZAS average load during December 2025 was 574MW,
compared with 485MW a year ago, when Meridian was exercising
call options under the demand response agreement.
December was unsettled, with alternating hot and cool spells and
a wet end to the month for many areas. Temperatures were
average or above for most of the country, with a wide variation in
rainfall totals compared to regional averages.
Demand in the last 12 months was 0.8% higher than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 5.8% at the end of November
2025.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 14.1% at the end of
November 2025.
21 JANUARY 2026MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 4
Source: Electricity Authority
Source: Electricity Authority

0
50
100
150
200
250
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
11 June 20258 September 20258 October 2025
10 November 20259 December 202513 January 2026
0
50
100
150
200
250
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
11 June 20258 September 20258 October 2025
10 November 20259 December 202513 January 2026
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (12 January 2026)
Average storage (93yr)19922004200820122023202420252026
Market data
December 2025 saw decreases in short term ASX electricity futures
prices.
National storage decreased from 153% of average on 8
December 2025 to 115% of average on 12 January 2026.
South Island storage decreased to 113% of historical average by 12
January 2026 and North Island storage decreased to 126% of
average.
21 JANUARY 2026
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 5
Source: NZX
Source: ASXSource: ASX

233
259
208
186
154
155
173
171
150
152
144
141
55
82
109
143
197
190
75
75
66
67
61
63
315
328
347
342
345
327
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
250
500
750
1,000
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
Meridian's retail sales volume*
FY26 ResidentialFY26 SMBFY26 AgriFY26 Large BusFY26 Corporate
FY25 ResidentialFY25 SMBFY25 AgriFY25 Large BusFY25 Corporate
131
149
148
148148
149
134
152
152
152
152
152
145
149
153
154
155
157
123
124
124
125
125
126
126
127
128
129129
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
Retail
Meridian’s customer connection numbers increased 0.5% during
December 2025 and have increased 19.5% since December 2024.
Retail sales volumes in December 2025 were 4.5% higher than
December 2024.
Compared to December 2024, segment sales in residential were
26.4% higher, small medium business 9.5% higher, large business
13.5% higher, agriculture 3.2% lower and corporate 2.4% lower.
To date this financial year, retail sales volumes are 11.9% higher
than the same period last year.
Compared to last financial year to date, segment sales in
residential are 26.9% higher, small medium business 9.6% higher,
large business 14.0% higher, agricultural 10.8% higher and
corporate 5.4% higher.
Residential sales from August 2025 include ex customers of Flick.
21 JANUARY 2026
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 6
Meridian operating information
Source: Meridian
Source: Meridian

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
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Dec YTD93 year average
Inflows and storage
December 2025 monthly total inflows were 123% of historical
average.
Waiau catchment inflows in December 2025 were 147% of
historical average, 53% higher than the same month last year.
To date this financial year, total inflows are 144% of historical
average, the second highest July to December inflows on record.
Waitaki catchment water storage moved from 2,200GWh to
2,276GWh during December 2025.
Waitaki water storage at the end of December 2025 was 138% of
historical average and 2% higher than the same time last year.
Snow storage in Meridian’s Waitaki catchment is at 124% of
average in early January 2026.
Water storage in Meridian’s Waiau catchment was 131% of
average at the end of December 2025.
21 JANUARY 2026
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
Meridian's average generation price*
FY26FY25
0
200
400
600
800
1,000
1,200
1,400
1,600
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY26 HydroFY26 WindFY25 HydroFY25 Wind
Generation
Meridian’s generation in December 2025 was 16.3% higher than
the same month last year, reflecting higher hydro generation
andhigher wind generation.
To date this financial year, Meridian’s generation is 13.4% higher
than the same period last year, reflecting higher hydro generation
and higher wind generation.
The average price Meridian received for its generation in
December 2025 was 65.1% lower than the same month last year.
The average price Meridian paid to supply customers in December
2025 was 43.7% lower than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 51.2% lower than the same period last year and
the average price paid to supply customers is 53.7% lower.
21 JANUARY 2026
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 8
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
21 JANUARY 2026
See page 10 for footnotes
MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 9
Meridian operating information
DECEMBERDECEMBERNOVEMBEROCTOBER6 MONTHS TO6 MONTHS TO
2025202420252025DECEMBERDECEMBER
MONTHMONTHMONTHMONTH20252024
New Zealand contracted sales
Residential sales v olume (GWh)155 123 154 186 1,195 941
Small medium business sales v olume (GWh)141 129 144 152 930 848
Agricultural sales v olume (GWh)190 196 197 143 776 700
Large business sales v olume (GWh)63 56 61 67 407 357
Corporate and industrial sales v olume (GWh)327 336 345 342 2,005 1,902
Retail contracted sales volume (GWh)876 839 902 890 5,312 4,749
Av erage retail contracted sales price
1
($NZ/MWh)$143.8$132.3$142.3$144.3$157.6$148.3
NZAS sales v olume (GWh)280 303 271 280 1,646 1,663
Financial contract sales v olumes
2
(GWh)432 212 314 321 2,125 1,337
Av erage w holesale & financial contracts sales price
3
($NZ/MWh)$71.9$65.0$76.7$75.8$94.7$96.9
Retail customer supply v olumes (GWh)927 877 958 953 5,605 4,998
Cost to supply retail customers ($NZ/MWh)$14.0$27.6$69.3$36.4$89.3$182.3
Cost to supply w holesale customers ($NZ/MWh)$4.9$19.2$52.8$26.8$80.3$181.2
Cost of financial contracts ($NZ/MWh)$16.5$25.8$58.2$32.7$81.8$197.1
BESS supply v olume (GWh)3 - 4 4 16 -
Cost to supply BESS ($NZ/MWh)$14.3$0.0$30.6$11.1$45.0$0.0
Demand response payments ($NZm)-$1.9-$8.8-$1.9-$2.5-$16.7-$89.5
Total New Zealand customer connections
4
457,336 382,708 455,035 454,057

Monthly operating information
21 JANUARY 2026MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 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.
DECEMBER
DECEMBER
NOVEMBER
OCTOBER
6 MONTHS TO
6 MONTHS TO
2025
2024
2025
2025
DECEMBER
DECEMBER
MONTH
MONTH
MONTH
MONTH
2025
2024
New Zealand generation
Hydro generation v olume (GWh)
1,281


1,079


1,072


1,083


6,418


5,561


Wind generation v olume (GWh)
176


174


155


217


1,051


1,026


BESS generation v olume (GWh)
2


-


3


2


10


-


Total generation volume (GWh)
1,459


1,253


1,229


1,302


7,479


6,587


Av erage generation price
5
($NZ/MWh)
$6.8
$19.6
$57.9
$28.0
$77.2
$158.4
New Zealand hedging
Hedging v olume
6
(GWh)
420


331


440


472


2,714


2,346


Hedging cost av erage price ($NZ/MWh)
$125.0
$125.3
$122.2
$127.0
$171.2
$186.9
Hedging spot rev enue av erage price ($NZ/MWh)
$18.7
$35.9
$67.3
$36.4
$87.8
$187.8
Future contract close outs ($NZm)
-$1.5
$0.1
$2.4
$0.4
-$2.7
-$16.9
New Zealand costs
Employee and Operating Costs ($m)
26


23


25


26


153


148


Stay in Business Capital Expenditure ($m)
5


6


5


5


33


34


I nv estment Capital Expenditure ($m)
10


18


11


6


53


69


Total Capital Expenditure ($m)
15


24


16


11


86


104

FY26 operating information
21 JANUARY 2026MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 11
Meridian operating information
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Q1
YoY
Q2
YoY
Q3
YoY
Q4
YoY
2025
2025
2025
2025
2025
2025
2026
2026
2026
2026
2026
2026
FY26
change
FY26
change
FY26
change
FY26
change
Retail contracted sales
Residential sales v olume (GWh)
233


259


208


186


154


155


700


+150
495


+104
Small medium business sales v olume (GWh)
173


171


150


152


144


141


494


+38
436


+44
Agricultural sales v olume (GWh)
55


82


109


143


197


190


246


+25
530


+51
Large business sales v olume (GWh)
75


75


66


67


61


63


215


+32
192


+18
Corporate and industrial sales v olume (GWh)
315


328


347


342


345


327


989


+70
1,015


+33
Retail contracted sales volume (GWh)
850


913


880


890


902


876


2,644


+314
2,668


+248
Av erage retail contracted sales price ($NZ/MWh)
$172.4
$172.5
$171.0
$144.3
$142.3
$143.8
$171.9
+$9.6
$143.4
+$8.7
NZAS sales v olume (GWh)
267


276


271


280


271


280


814


-8
832


-10
Financial contract sales v olumes (GWh)
418


349


291


321


314


432


1,058


+335
1,067


+453
Av erage w holesale & financial contracts sales price ($NZ/MWh)
$117.1
$116.4
$111.4
$75.8
$76.7
$71.9
$115.1
-$6.6
$74.6
+$4.0
Retail customer supply v olumes (GWh)
892


949


925


953


958


927


2,766


+322
2,838


+285
Cost to supply retail customers ($NZ/MWh)
$113.3
$184.4
$119.3
$36.4
$69.3
$14.0
$139.7
-$189.3
$40.2
-$1.7
Cost to supply w holesale customers ($NZ/MWh)
$102.2
$186.2
$112.2
$26.8
$52.8
$4.9
$134.0
-$202.4
$27.9
-$2.1
Cost of financial contracts ($NZ/MWh)
$105.1
$171.5
$117.5
$32.7
$58.2
$16.5
$130.4
-$199.9
$33.6
-$6.6
BESS supply v olume (GWh)
1


2


3


4


4


3


5


+5
11


+11
Cost to supply BESS ($NZ/MWh)
$86.5
$138.1
$73.7
$11.1
$30.6
$14.3
$95.1
+$0.0
$19.3
+$0.0
Demand response payments ($NZm)
-$5.4
-$3.1
-$1.9
-$2.5
-$1.9
-$1.9
-$10.4
+$38.3
-$6.3
+$34.5
Total New Zealand customer connections
410,865

450,317

452,970

454,057

455,035

457,336

452,970

+79,300
457,336

+74,628
Generation
Hydro generation v olume (GWh)
1,022


1,030


931


1,083


1,072


1,281


2,982


+458
3,435


+398
Wind generation v olume (GWh)
135


148


220


217


155


176


504


-5
548


+30
BESS generation v olume (GWh)
0


1


2


2


3


2


3


+3
7


+7
Total generation volume (GWh)
1,157


1,179


1,153


1,302


1,229


1,459


3,490


+457
3,990


+436
Av erage generation price ($NZ/MWh)
$108.1
$176.6
$109.9
$28.0
$57.9
$6.8
$131.8
-$174.3
$29.5
-$3.0
Hedging
Hedging v olume (GWh)
473


472


437


472


440


420


1,382


+48
1,332


+320
Hedging cost av erage price ($NZ/MWh)
$215.9
$218.2
$213.7
$127.0
$122.2
$125.0
$216.0
+$5.6
$124.8
-$31.2
Hedging spot rev enue av erage price ($NZ/MWh)
$107.4
$174.2
$115.7
$36.4
$67.3
$18.7
$132.9
-$162.7
$41.0
-$4.6
Future contract close outs ($NZm)
-$0.7
-$1.0
-$2.3
$0.4
$2.4
-$1.5
-$4.0
$21.5
$3.1
-$4.4
Other
Employee and Operating Costs ($NZ m)
24
24
27
26
25
26
$76
-$4
$77
+$9
Stay in Business Capital Expenditure ($NZ m)
3
5
9
5
5
5
$18
+$4
$16
-$5
I nv estment Capital Expenditure ($NZ m)
11
11
4
6
11
10
$26
-$7
$27
-$10
Total Capital Expenditure ($NZ m)
14
16
13
11
16
15
$43
-$3
$42
-$15

FY25 operating information
21 JANUARY 2026MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 12
Meridian operating information
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Q1
YoY
Q2
YoY
Q3
YoY
Q4
YoY
2024
2024
2024
2024
2024
2024
2025
2025
2025
2025
2025
2025
FY25
change
FY25
change
FY25
change
FY25
change
Retail contracted sales
Residential sales v olume (GWh)
201


191


158


144


125


123


122


111


127


138


172


201


550


-5
392


-1
361


+4
511


+17
Small medium business sales v olume (GWh)
159


159


137


133


130


129


128


127


138


133


154


153


456


-1
393


-1
393


+0
441


+15
Agricultural sales v olume (GWh)
54


80


88


116


167


196


133


167


94


77


67


49


221


-20
479


+25
394


-160
194


-31
Large business sales v olume (GWh)
61


65


57


62


56


56


56


52


59


59


67


68


183


+9
174


+19
167


+5
193


+23
Corporate and industrial sales v olume (GWh)
303


314


303


321


326


336


348


333


367


331


337


302


920


-69
983


-12
1,048


+53
970


+40
Retail contracted sales volume (GWh)
777


810


743


776


805


839


787


791


786


738


798


773


2,330


-87
2,419


+31
2,363


-98
2,309


+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


-441
842


-421
735


-510
720


-512
Financial contract sales v olumes (GWh)
295


222


206


192


210


212


396


318


407


281


319


281


723


-357
614


-70
1,121


+368
881


-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


-117
2,554


+7
2,491


-93
2,409


+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


+1
4


+4
Cost to supply BESS ($NZ/MWh)
$304.8
$327.0
$178.2
$133.2
$304.8
$304.8
$235.0
$235.0
Demand response payments ($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 connections
369,376

371,479

373,670

376,126

379,348

382,708

386,645

390,314

394,951

397,551

399,077

405,072

373,670

+8,217
382,708

+10,908
394,951

+21,619
405,072

+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


-682
3,037


+15
2,818


-125
2,564


-391
Wind generation v olume (GWh)
129


192


187


179


164


174


113


85


133


141


163


148


509


+147
517


+159
332


-36
452


+99
BESS generation v olume (GWh)
-


-


-


-


-


-


-


-


0


1


1


0


-


+0
-


+0
0


+0
2


+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


-535
3,554


+174
3,149


-161
3,018


-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


-168
1,011


-347
1,341


-105
1,253


-223
Hedging cost av erage 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
$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)
26
25
30
21
23
23
20
21
25
26
24
26
$80
+$11
$68
-$3
$65
-$1
$76
-$0
Stay in Business Capital Expenditure ($NZ m)
4
6
4
7
8
6
1
4
8
6
8
19
$14
+$0
$20
+$4
$13
-$10
$33
+$13
I nv estment Capital Expenditure ($NZ m)
12
9
11
11
8
18
5
4
1
14
3
17
$32
-$18
$37
-$46
$10
-$74
$33
-$26
Total Capital Expenditure ($NZ m)
16
15
15
18
16
24
7
8
9
20
11
36
$46
-$18
$57
-$42
$24
-$83
$66
-$13

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
21 JANUARY 2026MONTHLY OPERATING REPORT FOR DECEMBER 2025
PAGE 13