Meridian Energy monthly operating report for January 2026

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 January 2026

13 February 2026


Attached is Meridian Energy Limited's monthly operating report for the month of January 2026.
Meridian Chief Executive Mike Roan says January has seen a continuation of wet summer conditions
and high lake levels.
“We are in a really solid position as we move towards autumn. Both water and snow storage in the
Waitaki catchment are well above historical averages for this time of year, putting the country in a
good position ahead of the coming winter.”
“Extended periods of spilling in both the Waitaki and Waiau catchments have now ended but drove
wholesale prices to remarkably low levels in January. Our average generation sales price was just
over $1 per megawatt hour last month,” says Mike Roan.

Key points this month include:
 In the month to 9 February 2026, national hydro storage decreased from
115%
to
92%
of
historical average.
 South Island storage decreased to
88%
of average and North Island storage decreased to 117
%

of average by 9 February 2026.
 Meridian’s January 2026 monthly total inflows were
108%
of historical average.
 To date this financial year, total inflows are
138%
of historical average, the second highest July to
January inflows on record.
 Waiau catchment inflows in January 2026 were
87%
of historical average.
 Meridian’s Waitaki catchment water storage at the end of January 2026 was
119%
of historical
average.
 Snow storage in Meridian’s Waitaki catchment was at
177%
of average in early February 2026.
 Water storage in Meridian’s Waiau catchment was
90%
of average at the end of January 2026.
 January was wet with record rainfall for parts of both islands. By contrast, the West Coast of the
South Island had below normal rainfall during the month. Temperatures were average or above
average for most of the country.
 National electricity demand in January 2026 was
3.1%
higher than January 2025.
 New Zealand Aluminium Smelters Ltd (NZAS) average load during January 2026 was
576MW
,
compared with 513MW a year ago, when NZAS volume was ramping up following Meridian
exercising call options under the demand response agreement.
 Meridian’s retail sales volumes in January 2026 were
2.9%
higher than January 2025.
 Compared to January 2025, segment sales in residential were 27.4% higher (including ex
customers of Flick), small medium business 12.5% higher, large business 15.3% higher,
agriculture 4.5% lower and corporate 8.5% lower.


Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels

meridianenergy.co.nz
PG 2

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
January 2026
Monthly operating report
13 FEBRUARY 2026

January key points
In the month to 9 February 2026, national hydro storage decreased from 115% to 92% of historical average.
South Island storage decreased to 88% of average and North Island storage decreased to 117% of average by 9 February 2026.
Meridian’s January 2026 monthly total inflows were 108% of historical average.
To date this financial year, total inflows are 138% of historical average, the second highest July to January inflows on record.
Waiau catchment inflows in January 2026 were 87% of historical average.
Meridian’s Waitaki catchment water storage at the end of January 2026 was 119% of historical average.
Snow storage in Meridian’s Waitaki catchment was at 177% of average in early February 2026.
Water storage in Meridian’s Waiau catchment was 90% of average at the end of January 2026.
January was wet with record rainfall for parts of both islands. By contrast, the West Coast of the South Island had below normal rainfall
during the month. Temperatures were average or above average for most of the country.
National electricity demand in January 2026 was 3.1% higher than January 2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during January 2026 was 576MW, compared with 513MW a year ago, when
NZAS volume was ramping up following Meridian exercising call options under the demand response agreement.
Meridian’s retail sales volumes in January 2026 were 2.9% higher than January 2025.
Compared to January 2025, segment sales in residential were 27.4% higher, small medium business 12.5% higher, large business 15.3%
higher, agriculture 4.5% lower and corporate 8.5% lower.
13 FEBRUARY 2026MONTHLY OPERATING REPORT FOR JANUARY 2026
PAGE 2

2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
National demand
Range (2015-2025)202120222023202420252026
5%
7%
9%
11%
13%
15%
Dec 20Jun 21Dec 21Jun 22Dec 22Jun 23Dec 23Jun 24Dec 24Jun 25Dec 25
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in January 2026 was 3.1% higher than
January 2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during
January 2026 was 576MW, compared with 513MW a year ago,
when NZAS volume was ramping up following Meridian exercising
call options under the demand response agreement.
January was wet with record rainfall for parts of both islands. By
contrast, the West Coast of the South Island had below normal
rainfall during the month. Temperatures were average or above
average for most of the country.
Demand in the last 12 months was 1.5% higher than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 5.7% at the end of December
2025.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 14.2% at the end of
December 2025.
13 FEBRUARY 2026MONTHLY OPERATING REPORT FOR JANUARY 2026
PAGE 3
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 October 202510 November 2025
9 December 202520 January 202610 February 2026
0
50
100
150
200
250
Q1 2026Q2 2026Q3 2026Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027Q1 2028Q2 2028Q3 2028Q4 2028
$/MWh
Otahuhu ASX futures settlement price
11 June 20258 October 202510 November 2025
9 December 202520 January 202610 February 2026
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (9 February 2026)
Average storage (93yr)19922004200820122023202420252026
Market data
January 2026 saw increases in 2026 ASX electricity futures prices.
National storage decreased from 115% of average on 12 January
2026 to 92% of average on 9 February 2026.
South Island storage decreased to 88% of historical average by 9
February 2026 and North Island storage decreased to 117% of
average.
13 FEBRUARY 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 JANUARY 2026
PAGE 4
Source: NZX
Source: ASXSource: ASX

233
259
208
186
154
155
156
173
171
150
152
144
141
144
55
82
109
143
197
190
127
75
75
66
67
61
63
64
315
328
347
342
345
327
318
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
148
148
149
147
134
152
152
152
152
152
151
145
149
153
154
155
157
158
123
124
124
125
125
126
126
127
128
129
129
130
127
127
127
128
128
129
129
130
131
132
132
133
119
121
122
124
126
128
132
134
136
137
139
142
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
Meridian's customer connections
FY26 Meridian NIFY26 Meridian SIFY26 Powershop
FY25 Meridian NIFY25 Meridian SIFY25 Powershop
Retail
Meridian’s customer connection numbers decreased 0.2% during
January 2026 and have increased 18.0% since January 2025.
Retail sales volumes in January 2026 were 2.9% higher than January
2025.
Compared to January 2025, segment sales in residential were
27.4% higher, small medium business 12.5% higher, large business
15.3% higher, agriculture 4.5% lower and corporate 8.5% lower.
To date this financial year, retail sales volumes are 10.6% higher
than the same period last year.
Compared to last financial year to date, segment sales in
residential are 27.0% higher, small medium business 10.0% higher,
large business 14.2% higher, agricultural 8.4% higher and corporate
3.2% higher.
Residential sales from August 2025 include ex customers of Flick.
13 FEBRUARY 2026
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
MONTHLY OPERATING REPORT FOR JANUARY 2026
PAGE 5
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 1979-2020202120222023202420252026
0
2,000
4,000
6,000
8,000
10,000
12,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Jan YTD93 year average
Inflows and storage
January 2026 monthly total inflows were 108% of historical average.
Waiau catchment inflows in January 2026 were 87% of historical
average, 221% higher than the same month last year.
To date this financial year, total inflows are 138% of historical
average, the second highest July to January inflows on record.
Waitaki catchment water storage moved from 2,276GWh to
2,232GWh during January 2026.
Waitaki water storage at the end of January 2026 was 119% of
historical average and 15% higher than the same time last year.
Snow storage in Meridian’s Waitaki catchment is at 177% of
average in early February 2026.
Water storage in Meridian’s Waiau catchment was 90% of average
at the end of January 2026.
13 FEBRUARY 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 JANUARY 2026
PAGE 6
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 January 2026 was 14.5% higher than the
same month last year, reflecting higher hydro generation
andhigher wind generation.
To date this financial year, Meridian’s generation is 13.6% higher
than the same period last year, reflecting higher hydro generation
and higher wind generation.
The average price Meridian received for its generation in January
2026 was 98.9% lower than the same month last year.
The average price Meridian paid to supply customers in January
2026 was 94.3% lower than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 56.5% lower than the same period last year and
the average price paid to supply customers is 57.1% lower.
13 FEBRUARY 2026
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR JANUARY 2026
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
13 FEBRUARY 2026
See page 9 for footnotes
MONTHLY OPERATING REPORT FOR JANUARY 2026
PAGE 8
Meridian operating information
JANUARYJANUARYDECEMBERNOVEMBER7 MONTHS TO7 MONTHS TO
2026202520252025JANUARYJANUARY
MONTHMONTHMONTHMONTH20262025
New Zealand contracted sales
Residential sales v olume (GWh)156 122 155 154 1,351 1,064
Small medium business sales v olume (GWh)144 128 141 144 1,074 976
Agricultural sales v olume (GWh)127 133 190 197 903 833
Large business sales v olume (GWh)64 56 63 61 471 413
Corporate and industrial sales v olume (GWh)318 348 327 345 2,323 2,250
Retail contracted sales volume (GWh)809 787 876 902 6,121 5,536
Av erage retail contracted sales price
1
( $N Z/ MWh)$150.5$143.2$143.8$142.3$156.7$147.5
NZAS sales v olume (GWh)280 249 280 271 1,926 1,912
Financial contract sales v olumes
2
(GWh)332 396 432 314 2,457 1,733
Av erage w holesale & financial contracts sales price
3
( $N Z/ MWh)$87.8$86.6$71.9$76.7$93.8$95.1
Retail customer supply v olumes (GWh)849 835 927 958 6,454 5,834
Cost to supply retail customers ($NZ/MWh)$3.6$123.8$14.0$69.3$78.0$173.9
Cost to supply w holesale customers ($NZ/MWh)$1.9$117.1$4.9$52.8$68.9$172.9
Cost of financial contracts ($NZ/MWh)$13.3$111.8$16.5$58.2$72.5$177.6
BESS supply v olume (GWh)2 - 3 4 18 -
Cost to supply BESS ($NZ/MWh)$0.9$0.0$14.3$30.6$45.0$0.0
Demand response payments ($NZm)-$2.0-$7.3-$1.9-$1.9-$18.7-$96.8
Total New Zealand customer connections
4
456,274 386,645 457,336 455,035

Monthly operating information
13 FEBRUARY 2026MONTHLY OPERATING REPORT FOR JANUARY 2026
PAGE 9
Meridian operating information
Footnotes
1.Contracted sales volumes and volume weighted average price received from contracted
customers less distribution costs.
2.Derivatives sold excluding the sell-side of virtual asset swaps.
3.Average price of both NZAS sales volume and derivative sales volumes.
4.Meridian Retail and Powershop New Zealand installation control points (ICPs), excluding vacants.
5.Volume weighted average price received for Meridian’s physical generation.
6.Over the counter and ASX contract volumes excluding the buy-side of virtual asset swaps.
JANUARYJANUARYDECEMBERNOVEMBER7 MONTHS TO7 MONTHS TO
2026202520252025JANUARYJANUARY
MONTHMONTHMONTHMONTH20262025
New Zealand generation
Hydro generation v olume (GWh)1,214 1,086 1,281 1,072 7,632 6,647
Wind generation v olume (GWh)158 113 176 155 1,210 1,139
BESS generation v olume (GWh)1 0 2 3 11 0
Total generation volume (GWh)1,373 1,199 1,459 1,229 8,853 7,786
Av erage generation price
5
($NZ/M Wh)$1.1$106.3$6.8$57.9$65.4$150.4
New Zealand hedging
Hedging v olume
6
(GWh)417 416 420 440 3,130 2,762
Hedging cost av erage price ($NZ/M Wh)$139.5$150.7$125.0$122.2$167.0$181.5
Hedging spot rev enue av erage price ($NZ/MWh)$8.0$124.8$18.7$67.3$77.2$178.3
Future contract close outs ($NZm)-$1.6-$5.7-$1.5$2.4-$4.3-$22.6
New Zealand costs
Employee and Operating Costs ($m)22 20 26 25 174 168
Stay in Business Capital Expenditure ($m)5 1 5 5 38 35
I nv estment Capital Expenditure ($m)13 5 10 11 66 75
Total Capital Expenditure ($m)18 7 15 16 104 110

FY26 operating information
13 FEBRUARY 2026MONTHLY OPERATING REPORT FOR JANUARY 2026
PAGE 10
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202520252025202520252025202620262026202620262026FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233 259 208 186 154 155 156 700 +150495 +104
Small medium business sales v olume (GWh)173 171 150 152 144 141 144 494 +38436 +44
Agricultural sales v olume (GWh)55 82 109 143 197 190 127 246 +25530 +51
Large business sales v olume (GWh)75 75 66 67 61 63 64 215 +32192 +18
Corporate and industrial sales v olume (GWh)315 328 347 342 345 327 318 989 +701,015 +33
Retail contracted sales volume (GWh)850 913 880 890 902 876 809 2,644 +3142,668 +248
Av erage retail contracted sales price ($NZ/MWh)$172.4$172.5$171.0$144.3$142.3$143.8$150.5$171.9+$9.6$143.4+$8.7
NZAS sales v olume (GWh)267 276 271 280 271 280 280 814 -8832 -10
Financial contract sales v olumes (GWh)418 349 291 321 314 432 332 1,058 +3351,067 +453
Av erage w holesale & financial contracts sales price ($NZ/MWh)$117.1$116.4$111.4$75.8$76.7$71.9$87.8$115.1-$6.6$74.6+$4.0
Retail customer supply v olumes (GWh)892 949 925 953 958 927 849 2,766 +3222,838 +285
Cost to supply retail customers ($NZ/MWh)$113.3$184.4$119.3$36.4$69.3$14.0$3.6$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$1.9$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$13.3$130.4-$199.9$33.6-$6.6
BESS supply v olume (GWh)1 2 3 4 4 3 2 5 +511
+11
Cost to supply BESS ($NZ/MWh)$86.5$138.1$73.7$11.1$30.6$14.3$0.9$95.1+$0.0$19.3+$0.0
Demand response payments ($NZm)-$5.4-$3.1-$1.9-$2.5-$1.9-$1.9-$2.0-$10.4+$38.3-$6.3+$34.5
Total New Zealand customer connections410,865 450,317 452,970 454,057 455,035 457,336 456,274 452,970 +79,300457,336 +74,628
Generation
Hydro generation v olume (GWh)1,022 1,030 931 1,083 1,072 1,281 1,214 2,982 +4583,435 +398
Wind generation v olume (GWh)135 148 220 217 155 176 158 504 -5548 +30
BESS generation v olume (GWh)0 1 2 2 3 2 1 3 +37 +7
Total generation volume (GWh)1,157 1,179 1,153 1,302 1,229 1,459 1,373 3,490 +4573,990 +436
Av erage generation price ($NZ/MWh)$108.1$176.6$109.9$28.0$57.9$6.8$1.1$131.8-$174.3$29.5-$3.0
Hedging
Hedging v olume (GWh)473 472 437 472 440 420 417 1,382 +481,332 +320
Hedging cost av erage price ($NZ/M Wh)$215.9$218.2$213.7$127.0$122.2$125.0$139.5$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$8.0$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-$1.6-$4.0$21.5$3.1-$4.4
Other
Employee and Operating Costs ($NZ m)24242726252622$76-$4$77+$9
Stay in Business Capital Expenditure ($NZ m)3595555$18+$4$16-$5
I nv estment Capital Expenditure ($NZ m)111146111013$26-$7$27-$10
Total Capital Expenditure ($NZ m)14161311161518$43-$3$42-$15

FY25 operating information
13 FEBRUARY 2026MONTHLY OPERATING REPORT FOR JANUARY 2026
PAGE 11
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
Retail contracted sales
Residential sales v olume (GWh)201 191 158 144 125 123 122 111 127 138 172 201 550 -5392 -1361 +4511 +17
Small medium business sales v olume (GWh)159 159 137 133 130 129 128 127 138 133 154 153 456 -1393 -1393 +0441 +15
Agricultural sales v olume (GWh)54 80 88 116 167 196 133 167 94 77 67 49 221 -20479 +25394 -160194 -31
Large business sales v olume (GWh)61 65 57 62 56 56 56 52 59 59 67 68 183 +9174 +19167 +5193 +23
Corporate and industrial sales v olume (GWh)303 314 303 321 326 336 348 333 367 331 337 302 920 -69983 -121,048 +53970 +40
Retail contracted sales volume (GWh)777 810 743 776 805 839 787 791 786 738 798 773 2,330 -872,419 +312,363 -982,309 +65
Av erage retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$135.2$132.3$143.2$141.5$149.8$161.6$171.4$165.6$162.3+$12.7$134.8+$5.7$144.9+$7.6$166.3+8
NZAS sales v olume (GWh)327 261 233 265 275 303 249
239 247 236 243 241 821 -441842 -421735 -510720 -512
Financial contract sales v olumes (GWh)295 222 206 192 210 212 396 318 407 281 319 281 723 -357614 -701,121 +368881 -20
Av erage w holesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$65.0$86.6$94.3$103.0$132.7$131.8$119.5$121.7+$43.9$70.6+$12.1$94.7+$21.9$128.1+38
Retail customer supply v olumes (GWh)813 866 766 818 858 877 835 834 821 776 825 809 2,444 -1172,554 +72,491 -932,409 +51
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$27.6$123.8$269.8$308.7$334.8$214.8$131.8$329.0+$196.4$41.9-$110.0$233.6+$43.4$225.6-51
Cost to supply w holesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$23.3$19.2$117.1$269.1$324.0$345.1$205.2$121.2$336.4+$218.7$30.0-$105.0$236.0+$60.0$222.9-33
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$33.8$25.8$111.8$233.2$281.8$326.1$209.0$126.6$330.9+$211.4$40.3-$92.2$207.9+$31.6$220.1-36
BESS supply v olume (GWh)1 2 2 1 1 +14 +4
Cost to supply BESS ($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-$39.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 397,551 399,077 405,072 373,670 +8,217382,708 +10,908394,951 +21,619405,072 +35,405
Generation
Hydro generation v olume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 745 895 925 2,524 -6823,037 +152,818 -1252,564 -391
Wind generation v olume (GWh)129 192 187 179 164 174 113 85 133 141 163 148
509 +147517 +159332 -36452 +99
BESS generation v olume (GWh)- - - - - - - - 0 1 1 0 - +0- +00 +02 +2
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 886 1,058 1,073 3,033 -5353,554 +1743,149 -1613,018 -290
Av erage generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$19.6$106.3$253.1$302.1$332.4$196.0$121.0$306.2+$187.2$32.5-$103.8$211.6+$34.7$209.4-$47.7
Hedging
Hedging v olume (GWh)451 451 432 403 277 331 416 433 492 453 422 379 1,334 -1681,011 -3471,341 -1051,253 -223
Hedging cost av erage price ($NZ/M Wh)$174.5$226.1$231.4$196.2$134.2$125.3$150.7$162.1$169.3$203.4$201.7$200.6$210.4+$72.6$156.0+$46.9$161.2+$28.3$202.0+$54.0
Hedging spot rev enue av erage price ($NZ/MWh)$346.6$451.9$79.1$61.2$34.7$35.9$124.8$245.7$293.4$313.0$204.2$126.8$295.5+$171.5$45.6-$103.1$225.7+$39.0$220.1-$37.7
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9$0.4$0.1-$5.7-$5.9-$4.4$0.3-$2.0-$0.6-$24.4-43.0$7.4+8.0-$16.0-$16.6-$2.2$4.7
Other
Employee and Operating Costs ($NZ m)262530212323202125262426$80+$11$68-$3$65-$1$76-$0
Stay in Business Capital Expenditure ($NZ m)4647861486819$14+$0$20+$4$13-$10$33+$13
I nv estment Capital Expenditure ($NZ m)129111181854114317$32-$18$37-$46$10-$74$33-$26
Total Capital Expenditure ($NZ m)161515181624789201136$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
13 FEBRUARY 2026MONTHLY OPERATING REPORT FOR JANUARY 2026
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