Meridian Energy Limited 2026 Interim Results

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 rebounds off back of near-record inflows

25 February 2026


Meridian Energy has reported operating cash flows of $336 million for the six months ending 31
December 2025. This compares to $50 million in the same period last year when the company’s
financial performance was impacted by the cost of hedge and demand response contracts required to
support customers and electricity security through the record drought of Winter 2024.
The company recorded a net profit after tax (NPAT) of $227 million, compared to a net loss after tax
of $121 million for the first half of FY25. EBITDAF
1
was $506 million, up from $257 million, while
underlying NPAT increased from -$5 million to $143 million. The latter two are both non-GAAP
measures.
Meridian’s results for 1H FY26 were fuelled by a $264m (59%) year-on-year increase in energy
margin – the result of record wind generation and the second-best lake inflows on record. These
conditions put downward pressure on wholesale electricity prices, with daily spot prices averaging $84
per MWh over the six months to 31 December and falling to an average of $12 per MWh in
December. The company also achieved record retail sales volumes, up 12% on last year.
Meridian Chief Executive Mike Roan says this is a strong result and a welcome change from the hit
the company took last year after committing significant funds to help support Aotearoa’s security of
supply through Winter 2024.
“A core part of our business is to manage weather variability, so we were pleased Mother Nature
came to the party in the first half of the year. These conditions helped deliver a strong financial result
and a period of extremely low wholesale prices. This is a sign of a market that continues to function
well.”
“At the same time, the job is not done. That’s why we continue to work hard to improve the electricity
system and what it offers consumers. Over the past six months we have advanced our development
pipeline, enhanced the performance of existing assets, maintained our pursuit of contingent storage
and taken steps towards making electricity more affordable for Kiwi homes and businesses. These
remain our top priorities and this strong result will help us deliver them more quickly,” says Mike Roan.
The Meridian Board has declared an interim ordinary dividend of 6.40 cents per share, up from 6.15
cents per share in the first half of FY25. The dividend reinvestment plan will apply to this interim
dividend at a 2% discount.

1
Earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges, impairments and gains or
losses on sale of assets. EBITDAF is a non-GAAP financial measure but is commonly used within the electricity industry as a
measure of performance as it shows the level of earnings before impact of gearing levels and non-cash charges such as
depreciation and amortisation. Market analysts use the measure as an input into company valuation and valuation metrics used
to assess relative value and performance of companies across the sector.

meridianenergy.co.nz
PG 2

Half-Year Highlights

Meridian has continued to move at pace towards its goal of having seven projects in construction
ready between 2023 and 2030. With Harapaki Wind Farm and the Ruakākā BESS completed and
operational, construction is progressing on the Ruakākā and Te Rahui solar farms. Ruakākā is on
schedule for first power in November and the first stage of Te Rahui – a 50/50 joint venture with Nova,
who is leading construction – is scheduled for final power by mid-2027.
The company is targeting final investment decisions on three other projects this calendar year: Mt
Munro Wind Farm in the Wairarapa and the repowering of the Te Rere Hau Wind Farm in the
Manawatū and the second stage of the Te Rahui solar farm. Meridian also expects four consenting
outcomes by mid-2026: Swannanoa Solar (200 MW), Waikato Solar (100 MW), Manawatu Solar (100
MW) and the reconsenting of the Waitaki Power Scheme.
“Meridian is committed to doing its share of the heavy lifting required to give Kiwis cheaper power and
fuel the growth of our economy. Our team has done an excellent job of building momentum in our
pipeline. We now hold 8.0 TWh of secured development options and a further 7.3 TWh of advanced
prospects – more than a third of New Zealand’s current electricity demand.”
“While we have made significant progress in advancing generation developments to offset the
reduction of domestic gas, we need more firming capacity to restore the energy balance that New
Zealand has historically enjoyed. Meridian has adjusted elements of our strategy to reflect and
prioritise this, such as exploring hydro development options for the first time in decades.”
Meridian achieved record retail sales volumes, boosted by the acquisition of Flick customers last
August, increasing its residential market share from 17.5% to 19.5%. The migration of residential and
commercial customers to Meridian’s new Kraken platform has also made progress. More than 75,000
customers have now been migrated and the company is on track to complete all mass-market
customer migrations in the middle of the calendar year and the remaining corporate and industrial
customer accounts by late 2026.
“New Zealand has a highly competitive retail electricity market, and it’s vital that we invest in
technology that will enable us to innovate for all customers. People want more affordable energy and
an increasing range of options for how and when they use it. We’re already ramping up the rollout of
our Smart Hot Water product, which gives discounts to customers for allowing us to control when their
cylinder heats so we can take pressure off the grid in peak periods. Our competitive solar buyback
rates and EV plans are also helping Kiwis reduce their overall energy bills,” says Mike Roan.
The Generation team has excelled in the first half of FY26, maximising plant availability to enable the
company to manage high inflows and wind speeds while also carrying out significant maintenance
projects. These include a rotor replacement at Ōhau C and multiple large-scale projects at Manapōuri.
We’re lucky to have a world class generation team who are passionate about the role our assets play
in supporting Kiwi homes and businesses. The team is making increasing use of AI and other
technologies to maximise plant availability. This is something we believe has huge potential.”
Meridian has received further endorsement of its sustainability performance. In February, the
company secured its best result to date in the S&P Global Corporate Sustainability Assessment,
achieving an S&P Global Sustainability Yearbook 2026 distinction – Top 10% score globally in our
sector, with a score of 83 out of 100. The CSA is used to determine Dow Jones Best-in-Class Indices
inclusion, due in April 2026. “It’s currently our tenth successive year in this Index and the placement
is hard won. The Index provides customers, communities and investors independent validation that
Meridian meets globally relevant environmental, social and governance (ESG) standards right across
our business operations. Ultimately that translates into good outcomes for people and planet and is a
core element of Meridian’s competitive advantage,” says Mike Roan.

meridianenergy.co.nz
PG 3


MERIDIAN FINANCIAL RESULTS FOR SIX MONTHS ENDING 31 DECEMBER 2025
Segment Earnings Statement ($m)
2025 2024


Energy margin 708 444
Other revenue 24 26
Hosting expense (1) (2)
Energy transmission expense (45) (37)
Electricity metering expenses (27) (26)
Employee and other operating expenses (153) (148)
EBITDAF 506 257


Depreciation and amortisation (261) (225)
Asset related adjustments (3) (8)
Unrealised changes in fair value of energy hedges 124 (143)
Net finance costs (45) (38)
Net change in fair value of treasury hedges (4) (11)
Net profit before tax 317 (168)

Income tax expense (90) 47
Net profit after tax 227 (121)


Underlying net profit after tax
2025 2024

Net profit after tax 227 (121)
Underlying adjustments


Hedging instruments

Unrealis ed changes in fair value of energy hedges (124) 143
Net change in fair value of treasury hedges 4 11
Premiums paid on electricity options net of interest (3) (4)

Assets

Asset related adjustments 3 8
Total adjustments before tax (120) 158

Taxation

Tax effect of above adjustments 36 (42)
Underlying net profit after tax 143 (5)


Authorised for release by:

Jason Woolley
General Counsel and Company Secretary
Meridian Energy Limited

meridianenergy.co.nz
PG 4

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

---

Interim Results
MERIDIAN ENERGY LIMITED
CONDENSED INTERIM FINANCIAL STATEMENTS AS AT
AND FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.

MERIDIAN ENERGY LIMITED.
01
MENUGROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Contents
05About this report
06NNon-GAAP measures
07S Significant matters
in the six months
S1.Hydrological and
market conditions
S2.Acquisition of
NZ Windfarms Limited
S3. Acquisition of Flick
Energy Limited assets
S4.Huntly Strategic
Energy Reserve
S5.Te Rāhui Solar Farm
Joint Venture
S6.Establishment of
syndicated facility
09A Financial performance
A1. Segment performance
A2.Operating revenue
A3.Operating expenses
Notes to the condensed interim
financial statements
Condensed interim
financial statements
02Comprehensive
Income Statement
A summary of Meridian
Group performance in the
six months, including both
net income (from the profit and
loss) and other comprehensive
income (recognised through
equity reserves).
02Statement of Cash Flows
Cash generated and used
by the Meridian Group.
03Balance Sheet
A summary of the Meridian
Group assets and liabilities
at the end of the six months.
04Statement of
Changes in Equity
Components that make up
the capital and reserves of
the Meridian Group and the
changes of each component
during the six months.
13B Assets used to generate
and sell electricity
B1. Property, plant
and equipment
B2.Intangible assets
15C Managing funding
C1.
Capital management
C2.
Earnings per share
C3.
Dividends
C4.
Borrowings
C5.Interest expense
18D Financial instruments
used to manage risk
D1.Financial instruments
21EOther
E1. Group structure
E2. Contingent assets
and liabilities
E3.Subsequent events
22Signed report
Independent Auditor’s
Review Report

MERIDIAN ENERGY LIMITED.
02
MENUGROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
The notes to the condensed interim financial statements form an integral part of these financial statements.
Comprehensive Income Statement
For the six months ended 31 December 2025
UNAUDITEDUNAUDITED
NOTE
2025
$M
2024
$M
Operating revenueA2 2,008 2,255
Operating expensesA3(1,311) (1,700)
Depreciation and amortisationB1, B2(261) (225)
Asset related adjustments(3)(8)
Net change in fair value of energy hedgesD1(67) (441)
Interest expenseC5(47) (42)
Interest income 2 4
Net change in fair value of treasury hedgesD1(4) (11)
Net profit/(loss) before tax317(168)
Tax (expense)/benefit(90) 47
Net profit/(loss) after tax227(121)
Items that may be reclassifed to profit and loss
Change in cash flow hedge reserve (net of tax) 5 1
Comprehensive income232(120)
Earnings per share (EPS, in cents) - basic and dilutedC2 8.6 (4.7)
Statement of Cash Flows
For the six months ended 31 December 2025
UNAUDITEDUNAUDITED
NOTE
2025
$M
2024
$M
Operating activities
Receipts from customers 1,950 2,410
Interest received 2 4
Payments to suppliers and employees(1,531) (2,165)
Interest paid(42) (44)
Income tax paid(43) (155)
Operating cash flows 336 50
Investing activities
Purchase of property, plant and equipment(71) (104)
Purchase of intangible assets(6) (20)
Purchase of subsidiary, net of cash acquiredS2(66) –
Purchase of other investmentsS3, S5(125) (4)
Investing cash flows(268) (128)
Financing activities
Borrowings drawnC4 346 256
Borrowings repaidC4(91) (6)
Shares purchased for long term incentive(3) (6)
Dividends C3(260) (276)
Financing cash flows(8) (32)
Net cash flows 60 (110)
Cash at the beginning of the six months 123 221
Cash at the end of the six months 183 111

MERIDIAN ENERGY LIMITED.
03
MENUGROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
The notes to the condensed interim financial statements form an integral part of these financial statements.
UNAUDITEDUNAUDITEDAUDITED
NOTE
31 DEC
2025
$M
31 DEC
2024
$M
30 JUN
2025
$M
Current liabilities
Payables and accruals 284 261 401
BorrowingsC4107 493 369
Financial instrumentsD1 180 118 265
Tax payable 68 ––
Total current liabilities639 872 1,035
Non-current liabilities
Payables and accruals 134 60 55
BorrowingsC4 1,759 1,194 1,200
Financial instrumentsD1 479 163 496
Deferred tax 3,232 2,857 3,268
Total non-current liabilities 5,604 4, 274 5,019
Total liabilities 6,243 5,146 6,054
Shareholders' equity
Share capital 2,016 1,834 1,884
Reserves6,874 6,011 7,0 3 6
Total shareholders’ equity8,890 7, 8 4 5 8 ,920
Balance Sheet
As at 31 December 2025
UNAUDITEDUNAUDITEDAUDITED
NOTE
31 DEC
2025
$M
31 DEC
2024
$M
30 JUN
2025
$M
Current assets
Cash and cash equivalents 183 111 123
Trade receivables 295 310 406
Financial instrumentsD1 134 110 65
Tax receivable– 23 14
Other assets 69 52 72
Total current assets 681 606 680
Non-current assets
Property, plant and equipmentB1 13,912 12,059 14,032
Intangible assetsB290 71 47
Financial instrumentsD1 395 236 183
Investments in equity accounted
joint ventures
S5 55 ––
Other assets– 19 32
Total non-current assets14,452 12,385 14,294
Total assets15,133 12,991 14,974
For and on behalf of the Board of Directors who authorised the issue
of the condensed interim financial statements on 24 February 2026.
Mark Verbiest
Chair, 24 February 2026
Julia Hoare
Chair, Audit and Financial Risk Committee, 24 February 2026

MERIDIAN ENERGY LIMITED.
04
MENUGROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
The notes to the condensed interim financial statements form an integral part of these financial statements.
Statement of Changes in Equity
For the six months ended 31 December 2025
$M
SHARE
CAPITAL
SHARE
OPTION
RESERVE
ASSET
REVALUATION
RESERVE
CASH FLOW
HEDGE
RESERVE
RETAINED
EARNINGS
SHAREHOLDERS
EQUITY
Balance at 1 July 2025 (audited) 1,884 5 9,657 (5) (2,621) 8,920
Net profit/(loss) for the period – – – – 227227
Changes in cash flow hedge reserve (net of tax) – – – 5 – 5
Recycling of asset revaluation (net of tax, where applicable) – – – – – –
Share-based transactions 4 (2) – – (4) (2)
Dividend reinvestment plan 128 – – – – 128
Dividends paid/reinvested – – – – (388) (388)
Balance at 31 December 2025 (unaudited) 2,016 3 9,657 –(2,786)8,890
Balance at 1 July 2024 (audited) 1,729 3 8,145 –(1,631) 8,246
Net (loss)/profit for the period – – – – (121) (121)
Changes in cash flow hedge reserve (net of tax) – – – 1 – 1
Recycling of asset revaluation (net of tax, where applicable) – – – – – –
Share-based transactions(3) – – – (2) (5)
Dividend reinvestment plan 108 – – – – 108
Dividends paid/reinvested – – – – (384) (384)
Balance at 31 December 2024 (unaudited) 1,834 3 8,145 1 (2,138) 7, 8 4 5

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
05
MENUABOUT US
About this report
These condensed interim financial
statements are for Meridian Energy
Limited (Meridian), its subsidiaries,
controlled entities and joint
arrangements (Group).
Meridian is a for-profit entity
domiciled and registered under the
Companies Act 1993 in New Zealand.
It is a Financial Markets Conduct (FMC)
reporting entity for the purposes of
the Financial Markets Conduct Act
2013. Meridian is dual listed on the
New Zealand Stock Exchange (NZX)
and the Australian Securities Exchange
(ASX). As a mixed ownership company,
majority owned by His Majesty the
King in Right of New Zealand, it is
bound by the requirements of the
Public Finance Act 1989.
These unaudited condensed interim
financial statements for the six
months ended 31 December 2025
have been prepared:
• in accordance with Generally
Accepted Accounting Practice
(GAAP) in New Zealand as
appropriate for interim financial
statements, complying with the
New Zealand equivalents to
International Accounting Standard
34 Interim Financial Reporting
(NZ IAS 34) and International
Accounting Standard 34 Interim
Financial Reporting (IAS 34), as
appropriate for a for-profit entity;
• using the same accounting
policies, methods of computation,
significant estimates and key
judgments as disclosed in the
2025 Integrated Report, unless
stated otherwise;
• on the basis of historical cost,
modified by revaluation of certain
assets and liabilities;
• in millions of New Zealand dollars
(NZD), unless otherwise noted; and
• with certain comparative amounts
reclassified to conform to current
period presentation.
The information in these condensed
interim financial statements should
be read in conjunction with the
2025 Integrated Report.
IN THIS SECTION
The summary notes to
the unaudited condensed
interim financial statements
include information which
is considered relevant and
material to assist the reader
in understanding changes in
Meridian's financial position
and performance. Information
is considered relevant and
material if:
the amount is
significant because
of its size and nature;
it is important for
understanding the
results of Meridian;
it helps to explain
changes in Meridian's
business; or
it relates to an aspect
of Meridian's operations
that is important to
future performance.

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
06
MENUNONSGAAP MEASURES
N. Non-GAAP measures
Non-GAAP
Meridian uses non-GAAP financial
measures within these condensed
interim financial statements and
accompanying notes. The limited
use of non-GAAP measures is
intended to supplement GAAP
measures to provide readers with
further information to broaden their
understanding of Meridian's financial
performance and position. They are
not a substitute for GAAP measures.
As these measures are not defined
by NZ GAAP, IFRS, or any other body
of accounting standards, Meridian's
calculations may differ from similarly
titled measures presented by other
companies. The measures are
described here, including references
to relevant notes to the condensed
interim financial statements.
EBITDAF
EBITDAF stands for earnings
before interest, tax, depreciation,
amortisation, unrealised changes
in fair value of hedges and asset
related adjustments.
EBITDAF allows the evaluation of
Meridian's operating performance
without the non-cash impact of
depreciation, amortisation, unrealised
fair value movements of hedging
instruments and other one-off or
infrequently occurring events and
the effects of Meridian's capital
structure and tax position. This allows
the reader to compare operating
performance with that of other
electricity industry companies.
Meridian uses this measure within
Note A1 Segment performance.
Energy margin
Energy margin provides a measure
of financial performance that,
unlike total revenue, accounts for
the variability of wholesale energy
markets and the broadly offsetting
impact of the wholesale prices on the
cost of Meridian's energy purchases
and revenue from generation.
Meridian uses this measure within
Note A1 Segment performance.
Net debt
Net debt is a metric commonly
used by investors as a measure of
Meridian's indebtedness that takes
account of liquid financial assets.
Meridian uses this measure within
Note C1 Capital management.
IN THIS SECTION
This section contains
explanations of non-GAAP
measures that are used within
the notes to the condensed
interim financial statements.

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
07
MENUSIGNIFICANT MATTERS
S1 Hydrological and
market conditions
The financial year commenced with
dry conditions in the South Island.
However, strong inflows in the
North Island and upper South Island
supported fuel availability through
July. From September, a succession of
westerly weather systems replenished
South Island catchments, leading to
some spill events during the period.
That fuel availability, combined with
Meridian’s well-contracted portfolio,
generation asset availability and
growth in customer sales, resulted in
strong interim financial performance.
Meridian’s hydro inflows during the
reporting period were the second
highest July to December inflows
on record, helping deliver a record
level of generation for an interim
reporting period.
S. Significant matters in the six months
IN THIS SECTION
This section outlines significant
matters which have impacted
Meridian's financial position
and performance.
S2 Acquisition of
NZ Windfarms Limited
On 30 July 2025, Meridian
acquired the remaining shares in
NZ Windfarms Limited (NZWF) via a
Scheme of Arrangement, increasing
its ownership from 19.99% to 100%
and thereby obtaining control. NZWF
is a New Zealand based renewable
energy company operating wind
generation assets.
The acquisition has been accounted
for as a business combination
achieved in stages in accordance with
NZ IFRS 3 Business Combinations.
Meridian previously held a non-
controlling interest in NZWF, which
was remeasured to fair value at the
acquisition date.
The previously held 19.99% interest
was remeasured to its fair value of
$18 million at the acquisition date. Fair
value was determined by reference
to the quoted market share price of
NZWF at the acquisition date. This
resulted in a gain of $0.4 million, which
has been recognised in profit or loss
under “Asset related adjustments”.
The total consideration transferred
for the acquisition of the remaining
shares was $73 million, settled in cash.
At the acquisition date, Meridian recognised the following provisional fair values
of NZWF’s identifiable assets and liabilities:
ITEM$M
Property, plant and equipment 27
Intangible assets 33
Cash and cash equivalents 7
Trade receivables and other assets 6
Deferred tax assets 3
Payables, accruals and other liabilities(2)
74
The goodwill arising from the acquisition is calculated as follows:
Fair value of consideration transferred 73
Fair value of previously held interest 18
Less: Fair value of net identifiable assets acquired(74)
Goodwill recognised 17
The goodwill reflected excess consideration over fair value of identifiable net
assets and liabilities.
The initial accounting for the acquisition of NZWF is provisional at balance date,
as permitted under NZ IFRS 3. The provisional amounts primarily relate to the fair
values of property, plant and equipment and intangible assets. Draft valuations
of these assets have been prepared, with the provisional amounts reflecting
best estimates pending finalisation and validation of the valuation inputs and
assumptions. Any adjustments to these provisional amounts will be recognised
retrospectively within the measurement period, which will not exceed 12 months
from the acquisition date, with a corresponding adjustment to goodwill.
From the acquisition date to 31 December 2025, NZWF contributed $3 million
in revenue and a $3 million loss before tax to the Group. Had NZWF been
consolidated for the full six-month period, the impact on the Group’s results
would have been an additional $1m loss.

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
08
MENUSIGNIFICANT MATTERS
S3 Acquisition of Flick
Energy Limited assets
On 22 July 2025, Meridian completed the
acquisition of certain assets from Flick Energy
Limited (Flick) and Z Energy Limited for a final net
consideration of $69 million. The assets acquired
include contracted electricity customers, a large
book of energy derivatives and the Flick brand.
The acquisition has been fully completed and
integrated into Meridian’s operations. The transaction
is accounted for as an asset acquisition under
NZ IFRS, rather than a business combination, as the
set of assets acquired does not constitute a business
as defined in NZ IFRS 3 Business Combinations.
The purchase price was allocated over the relative
fair values of the assets acquired, this resulted in
the allocation of 100% of the consideration paid
to the acquired electricity derivative portfolio.
The fair value of these derivatives was determined
using valuation techniques incorporating significant
unobservable inputs and, accordingly, the derivatives
are classified as level 3 under the NZ IFRS 13 Fair
Value Measurement fair value hierarchy.
S4 Huntly Strategic
Energy Reserve
On 4 August 2025, Meridian entered into
agreements with Genesis Energy, Mercury, and
Contact Energy to establish the Huntly Strategic
Energy Reserve (HSER) at the Huntly Power Station
and a related energy option. This is in response
to the ongoing challenges posed by gas supply
shortages and aims to enhance the security of
electricity supply and price stability in New Zealand.
The long term agreements were subject to review
and approval by the New Zealand Commerce
Commission, who provided authorisation on
6 November 2025.
The arrangement took effect from 1 January 2026.
The HSER has resulted in the below balance sheet
impact at initial recognition.
The contract has been accounted for as an
executory host contract containing a separated
derivative component in accordance with NZ IFRS 9
Financial Instruments.
BALANCE SHEET$M
Financial instruments
Current asset13
Non-current asset112
Payables and accruals
Current liability(10)
Non-current liability(83)
S5 Te Rāhui Solar Farm Joint Venture
On 29 August 2025, Meridian entered into a 50-50
joint venture with Nova Energy Limited (Nova) to
build and operate the 400MW Te Rāhui solar farm
at Rangitāiki near Taupō, which is expected to
be completed in two stages of approximately
200MW each.
The project offtake will be shared 50-50 between
Meridian and Nova by way of a power purchase
agreement under which Meridian buys 100% of the
offtake from the project, and a separate contract for
difference under which Meridian sells 50% of the
offtake to Nova.
Meridian has accounted for the joint venture using
the equity method of accounting in accordance
with NZ IAS 28 Investments in Associates and
Joint Ventures.
The $55 million invested in the joint venture is
recognised within “Investments in equity accounted
joint ventures” in the balance sheet. This includes
a long-term loan to the joint venture, with a fair
value of $4 million, that in substance forms part
of the investment.
S6 Establishment of syndicated facility
During the period, Meridian transitioned from
multiple bilateral bank facilities to a single
syndicated facility agreement executed in
December 2025. The syndicated facility provides
consolidated funding of NZ$1 billion across
multiple tranches. Refer to C4 Borrowings note
for more information.

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
09
MENUFINANCIAL PERFORMANCE
A. Financial performance
A1 Segment performance
The Chief Executive (the chief
operating decision-maker) monitors
the operating performance of each
segment for the purpose of making
decisions on resource allocation and
strategic direction. The Chief Executive
considers the business according
to the nature of the products and
services as set out below:
Wholesale
• Generation of electricity
and its sale into the wholesale
electricity market.
• Purchase of electricity from the
wholesale electricity market and
its sale to the Retail segment
and to large industrial customers,
including New Zealand’s
Aluminium Smelter (NZAS)
representing the equivalent of
22.02% (2024: 25%) of Meridian's
generation production volume.
• Development of renewable
electricity generation opportunities.
Retail
• Retailing of electricity and
complementary products
through two brands: Meridian
and Powershop.
• Electricity sold to residential,
business and industrial customers
on fixed price variable volume
contracts is purchased from the
Wholesale segment at an average
annual fixed price of $142 per
megawatt hour (MWh) (2024:
$137 per MWh). Electricity sold to
business and industrial customers
on spot (variable price) agreements
is purchased from the Wholesale
segment at prevailing wholesale
spot market prices.
• Agency margin from spot sales
is included within "Contracted
sales, net of distribution costs
and hedging".
Other and unallocated
• Other operations that are not
considered reportable segments,
including licensing of the Flux
developed electricity and gas
retailing platform.
• Activities and centrally based
costs that are not directly
allocated to other segments.
The financial performance of the
operating segments is assessed
using energy margin and EBITDAF
(for definitions, see the Non-GAAP
Measures page) before unallocated
central corporate expenses. Balance
sheet items are not reported to
the Chief Executive at an operating
segment level.
IN THIS SECTION
This section provides an
analysis of Meridian's
financial performance for
the six months by key area
including operating segments,
operating revenue and
operating expenses.

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
10
MENUFINANCIAL PERFORMANCE
GROUP
FOR THE SIX MONTHS ENDED 31 DECEMBER
WHOLESALE RETAIL
OTHER AND
UNALLOCATEDINTER-SEGMENTUNAUDITEDUNAUDITED
2025
$M
2024
$M
2025
$M
2024
$M
2025
$M
2024
$M
2025
$M
2024
$M
2025
$M
2024
$M
Contracted sales, net of distribution costs and hedging 357 291 837 704 – – – – 1,194 995
Costs to supply customers, net of hedging (857) (1,631) (799) (653) – – 832 719 (824)(1,565)
Net cost of other hedges (229) (15) – – – – – – (229) (15)
Generation spot revenue, net of hedging 577 1,042 – – – – – – 577 1,042
Inter-segment electricity sales 832 719 – – – – (832) (719) – –
Virtual asset swap margins (4) (9) – – – – – – (4) (9)
Other market revenue/(costs) (5) (3) (1)(1) – – – – (6)(4)
Energy margin (see reconciliation on next page) 671 394 37 50 – – – – 708 444
Other revenue 2 2 11 13 15 16 (4) (5) 24 26
Hosting expense – – – – (1) (2) – – (1) (2)
Energy transmission expense (45) (37) – – – – – – (45) (37)
Energy metering expenses – – (27) (26) – – – – (27) (26)
Gross margin 628 359 21 37 14 14 (4) (5) 659 405
Employee expenses (19) (16) (18) (20) (30) (32) – – (67) (68)
Other operating expenses (46) (40) (24) (21) (20) (23) 4 4 (86) (80)
EBITDAF (see reconciliation on next page) 563 303 (21) (4) (36) (41) – (1) 506 257
Depreciation and amortisation (261) (225)
Asset related adjustments(3) (8)
Unrealised changes in fair value of energy hedges (see reconciliation on next page) 124 (143)
Interest expense (47) (42)
Interest income 2 4
Net change in fair value of treasury hedges (4) (11)
Net profit/(loss) before tax317 (168)
Tax (expense)/benefit (90) 47
Net profit/(loss) after tax227(121)
A1 Segment performance continued

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
11
MENUFINANCIAL PERFORMANCE
UNAUDITEDUNAUDITED
FOR THE SIX MONTHS ENDED 31 DECEMBER
RECONCILIATION OF ENERGY MARGINNOTE
2025
$M
2024
$M
Energy sales to customersA2 1,391 1,178
Generation revenueA2 593 1,051
Energy expensesA3 (589) (1,094)
Energy distribution expensesA3 (496) (393)
Realised energy hedges (refer below) (191) (298)
Energy margin 708 444
A1 Segment performance continued
UNAUDITEDUNAUDITED
RECONCILIATION OF EBITDAFNOTE
2025
$M
2024
$M
Operating revenueA2 2,008 2,255
Operating expensesA3 (1,311) (1,700)
Realised energy hedges (refer below) (191) (298)
EBITDAF 506 257
UNAUDITEDUNAUDITED
RECONCILIATION OF NET CHANGE IN FAIR VALUE OF ENERGY HEDGES
2025
$M
2024
$M
Realised energy hedges shown within energy margin (refer above) (191) (298)
Unrealised changes in the fair value of energy hedges
(as noted on previous page)
124 (143)
Net change in fair value of energy hedges in profit and loss(67) (441)

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
12
MENUFINANCIAL PERFORMANCE
A2 Operating revenue
SIX MONTHS ENDED 31 DECEMBERUNAUDITEDUNAUDITED
OPERATING REVENUE
2025
$M
2024
$M
Energy sales to customers 1,391 1,178
Generation revenue 593 1,051
Energy related services revenue 6 5
Other revenue 18 21
Total operating revenue 2,008 2,255
A3 Operating expenses
SIX MONTHS ENDED 31 DECEMBERUNAUDITEDUNAUDITED
OPERATING EXPENSES
2025
$M
2024
$M
Energy expenses 589 1,094
Energy distribution expenses 496 393
Energy transmission expenses 45 37
Energy metering expenses 27 26
Hosting expenses 1 2
Employee expenses 67 68
Other expenses 86 80
Total operating expenses 1,311 1,700

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
13
MENUASSETS USED TO GENERATE AND SELL ELECTRICITY
B1 Property, plant and equipment
POSITION AS AT
UNAUDITEDUNAUDITEDAUDITED
31 DEC 2025
$M
31 DEC 2024
$M
30 JUN 2025
$M
Opening net book value 14,032 12,192 12,192
Additions 131 81 165
Disposals – – (5)
Adjustment of right of use assets – 1 1
Revaluation, taken to the asset
revaluation reserve
– – 2,108
Depreciation expense(251) (215) (429)
Closing net book value 13,912 12,059 14,032
Fair value and revaluation of
generation structures and plant
Within property, plant and equipment,
generation structures and plant are
carried at fair value. Revaluations are
performed with sufficient regularity
to ensure that carrying value does not
differ materially from that which would
be determined using fair values at
balance date.
A review and assessment of key
inputs included in the valuation of
generation structures and plant has
been undertaken as at 31 December
2025, indicating that the carrying
value was materially in line with fair
value and therefore a revaluation
was unnecessary (2024: assets were
not revalued). Generation structures
and plant were last revalued at
30 June 2025.
Additions to property,
plant and equipment
Additions during the period include
$27 million of property, plant and
equipment recognised on the
acquisition of NZWF, as disclosed
in Note S2, with the remainder
relating to new assets and
ongoing capital projects.
Capital commitments
At 31 December 2025, Meridian has
capital commitments of $240 million
(30 June 2025: $205 million,
31 December 2024: $50 million).
B. Assets used to generate and sell electricity
IN THIS SECTION
This section shows the core
tangible and intangible
assets Meridian uses in
the production and sale
of electricity to generate
operating revenues.

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
14
MENUASSETS USED TO GENERATE AND SELL ELECTRICITY
B2 Intangible assets
POSITION AS AT
UNAUDITEDUNAUDITEDAUDITED
31 DEC 2025
$M
31 DEC 2024
$M
30 JUN 2025
$M
Opening net book value 47 62 62
Additions 54
22 36
Impairment(1) (3) (33)
Amortisation expense (finite-lived intangibles)(10) (10) (18)
Closing net book value90 71 47
Intangible assets
Additions during the period primarily relate to intangible assets recognised
on the acquisition of NZWF, as disclosed in Note S2, including finite-lived
intangible assets, indefinite-lived intangible assets and goodwill, together
with capitalised additions to existing finite-lived intangibles. Goodwill and
indefinite-lived intangible assets are not amortised.
Amortisation expense relates to finite-lived intangible assets only.

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
15
MENUMANAGING FUNDING
IN THIS SECTION
This section summarises
Meridian's capital position
and returns to shareholders.
C1 Capital management
Capital is defined by Meridian as the
combination of shareholders equity,
reserves and net debt.
Meridian's objective when managing
capital is to provide appropriate
returns to shareholders whilst
maintaining a capital structure that
safeguards its ability to remain a
going concern and optimises the
cost of capital. Refer to note C1 in
the 2025 Integrated Report for
further details on how Meridian
manages its capital.
C. Managing funding
POSITION AS AT
UNAUDITEDUNAUDITEDAUDITED
NOTE
31 DEC 2025
$M
31 DEC 2024
$M
30 JUN 2025
$M
Share capital 2,016 1,834 1,884
Retained earnings(2,786)(2,138) (2,621)
Other reserves 9,660 8,149 9,657
8,890 7, 8 4 5 8 ,920
add: Drawn borrowingsC41,789 1,612 1,531
less: Cash and cash equivalents (183) (111) (123)
1,606 1,501 1,408
Net capital10,496 9,3 4 6 10,328
Drawn borrowingsC41,7891 ,6121,531
less: Cash and cash equivalents(183)(111)(123)
add back: restricted cash499397
Net debt1,6551,5941,505

16
MENUMANAGING FUNDING
MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
C2 Earnings per share
UNAUDITEDUNAUDITED
BASIC AND DILUTED EARNINGS PER SHARE (EPS)31 DEC 202531 DEC 2024
Net profit/(loss) after tax ($M)227(121)
Weighted average number of shares
used in the calculation of EPS
2,629,230,964
2,596,488,167
Basic and diluted EPS (cps) 8.6 (4.7)
C3 Dividends
SIX MONTHS ENDED 31 DECEMBER
DIVIDENDS DECLARED & PAID
UNAUDITEDUNAUDITED
2025
$M
2024
$M
Final ordinary dividend 2025: 14.85cps (2024: 14.85cps) 388 384
Total dividends paid 388 384
Dividends declared and not recognised as a liability
Interim ordinary dividend 2026: 6.40cps (2025: 6.15cps) 169160
Dividend Reinvestment Plan (DRP)
Meridian operates a DRP under which
shareholders can elect to receive
dividends in additional shares rather
than cash. For the September 2025
final dividend payment, new shares
were issued at a 2% discount to the
prevailing market price of Meridian
shares around the time of issue.
Meridian investors were issued
22,734,270 new shares with a value of
$128 million (2024: 18,204,174 new
shares with a value of $108 million).
Shares issued in lieu of cash are
excluded from dividends paid in
the Statement of Cash Flows.
SUBSEQUENT EVENT –
DIVIDEND DECLARED
On 25 February 2026 the
Board declared a partially
imputed interim ordinary
dividend of 6.40cps.

17
MENUMANAGING FUNDING
MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
C4 Borrowings
UNAUDITEDUNAUDITEDAUDITED
POSITION AS AT
31 DEC 2025
$M
31 DEC 2024
$M
30 JUN 2025
$M
Commercial paper 100 100 164
Drawn bank facilities 220 181 243
Retail bonds 850 700 500
Export credit agency facility 5 15 10
Lease liabilities 28 30 28
US Private placement notes 586 586 586
Face value of borrowings 1,789 1,612 1,531
Deferred financing costs(3) (2) (2)
Fair value adjustment on hedged borrowings 80 77 40
Total carrying value of borrowings 1,866 1,687 1,569
of which
Current107 493 369
Non-current1,759 1,194 1,200
Total carrying value of borrowings 1,866 1,687 1,569
The below table details changes in Meridian’s borrowings over the current and
comparative reporting period.
UNAUDITEDUNAUDITED
MOVEMENTS IN BORROWINGS
2025
$M
2024
$M
Balance 30 June 1,569 1,378
Borrowings drawn 346 256
Borrowings repaid(90) (5)
Lease liabilities repaid(1) (1)
Change in fair value adjustments on hedged borrowings 2 1
Movements due to changes in foreign exchange rates 40 58
Balance 31 December 1,866 1,687
During the period, Meridian
transitioned from multiple bilateral
bank facilities to a single syndicated
facility agreement executed in
December 2025. The syndicated
facility provides consolidated
funding of $1 billion across multiple
tranches. In addition, Meridian
issued $350 million of unsecured,
unsubordinated, fixed-rate green
bonds in September 2025. As at
31 December 2025, Meridian
had committed bank facilities of
$1 billion of which $225 million were
drawn (2024: facilities of $915 million
of which $196 million were drawn).
Where facilities have expiry dates,
these range from December 2027
to December 2028. $100 million of
facilities are evergreen and have no
expiry dates.
All borrowings other than leases
are Green Debt instruments
under Meridian's Green Finance
Programme. Further information
is available on the Green Finance
section of Meridian's website.
Within borrowings, there are longer
dated instruments with fixed rate
coupons which are not in hedge
accounting relationships. As at
31 December 2025, the fair value is
$22 million higher than the carrying
value (2024: fair value $24 million
higher than carrying value). This is
driven by the fixed rate Retail bonds.
C5 Interest expense
SIX MONTHS ENDED 31 DECEMBERUNAUDITEDUNAUDITED
INTEREST EXPENSE
2025
$M
2024
$M
Interest on borrowings 47 46
Interest on lease liabilities 1 1
Less capitalised interest(1) (5)
Total interest expense 47 42
Capitalised interest
Meridian capitalises interest expenses relating to building new assets. The average
rate used to determine the amount of borrowing costs eligible for capitalisation
was 5.56% (2024: 5.71%)

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
18
MENUFINANCIAL INSTRUMENTS USED TO MANAGE RISK
D1 Financial instruments
A summary of financial instruments
and their impact on Meridian's
financial position is noted opposite,
grouped by type of hedge. There
were no changes in valuation
processes, valuation techniques or
types of inputs used in the calculation
of fair values and their movements
during the period. Refer to the 2025
Integrated Report for information
about the fair value hierarchy of
our inputs.

FAIR VALUE ON THE BALANCE SHEET
FAIR VALUE MOVEMENTS
IN PROFIT AND LOSS
UNAUDITEDUNAUDITEDAUDITEDUNAUDITEDUNAUDITED
31 DEC 202531 DEC 202430 JUN 2025
SIX MONTHS
ENDED
31 DEC 2025
SIX MONTHS
ENDED
31 DEC 2024
$MLEVELASSETSLIABILITIESASSETSLIABILITIESASSETSLIABILITIES
Treasury hedges
Fair value movements
in profit and loss
2(28) – (51)–(28)(1)––
CCIRS – basis and margin risk2 – – 4(3)–(2)––
CCIRS – foreign exchange risk2108 – 129–70–––
Total CCIRS80–82(3)42(3)––
Foreign exchange hedges21 – –––(5)1–
Interest rate swaps238(25)37(19)33(16)(5)(11)
Total treasury hedges119(25)119(22)75(24)(4)(11)
Energy hedges
Market traded energy hedges1 10 (67) 10(74)7(121)(42)(119)
Other energy hedges3 207 (112) 88(103)99(103)(29)(107)
Energy options3 161 – 71–52–(14)(1)
New Zealand’s
Aluminium Smelter
3 32 (455) 58(82)15(513)18(214)
Total energy hedges410(634)227(259)173(737)(67)(441)
Total hedges529(659)346(281)248(761)(71)(452)
of which
Current134(180)110(118)65(265)
Non-current395(479)236(163)183(496)
Total hedges529(659)346(281)248(761)
D. Financial instruments used to manage risk
IN THIS SECTION
This section summarises
the financial (hedging)
instruments Meridian
uses to manage risk.

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
19
MENUFINANCIAL INSTRUMENTS USED TO MANAGE RISK
Analysis of fair value movements on energy hedges
The table below provides an analysis of fair value movements on energy hedges. In Note A1 Segment performance,
realised movements on energy hedges are presented within Energy Margin and EBITDAF.
UNAUDITEDUNAUDITED
SIX MONTHS ENDED 31 DEC 2025SIX MONTHS ENDED 31 DEC 2024
$M
MARKET
TRADED
ENERGY
HEDGES
OTHER
ENERGY
HEDGES
ENERGY
OPTIONSNZASTOTAL
MARKET
TRADED
ENERGY
HEDGES
OTHER
ENERGY
HEDGES
ENERGY
OPTIONSNZASTOTAL
Realised movements in energy hedges(92) (73) 1 (27) (191) (44) (83) 24 (195) (298)
Unrealised movements in energy hedges 50 44 (15) 45 124 (75) (24) (25) (19) (143)
Total fair value movements in energy hedges(42) (29) (14) 18 (67) (119) (107) (1) (214) (441)
Level 3 financial instrument analysis
The table below provides a summary of the movements through EBITDAF and movements in the fair value of level 3 financial instruments:
UNAUDITEDUNAUDITED
31 DEC 202531 DEC 2024
$M
OTHER
ENERGY
HEDGES
ENERGY
OPTIONS NZAS TOTAL
OTHER
ENERGY
HEDGES
ENERGY
OPTIONS NZAS TOTAL
Net change in fair value of energy hedges:
Realised movements(73) 1 (27) (99)(83)24(195)(254)
Unrealised movements 44 (15) 45 74 (24)(25)(19)(68)
Total net change in fair value of energy hedges(29) (14) 18 (25) (107)(1)(214) (322)
Balance at the beginning of the period(4)52(498)(450)4193(19)115
Fair value movements in the Income Statement(29)(14)18(25)(107)(1)(214)(322)
Remeasurement59(1)5711551(28)209232
New hedge recognised69124–193–7–7
Balance at the end of the period95161(423)(167)(15)71(24)32
D1 Financial instruments continued

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
20
MENUFINANCIAL INSTRUMENTS USED TO MANAGE RISK
Fair value technique and key inputs
In estimating the fair value of an asset
or liability, Meridian uses market-
observable data to the extent that it is
available. The Audit and Financial Risk
Committee of Meridian determines
the overall appropriateness of key
valuation techniques and inputs for fair
value measurement. The Chief Financial
Officer explains fair value movements
in their report to the Board.
Where the fair value of a financial
instrument is calculated as the
present value of the estimated future
cash flows of the instrument (DCFs),
a number of inputs and assumptions
are used by the valuation technique.
These are:
• forward price curves referenced to
the ASX for electricity, published
market interest rates and published
forward foreign exchange rates;
• Meridian's best estimate of
volumes called over the life of
energy options;
• discount rates based on the market
wholesale interest rate curves,
adjusted for counterparty risk;
• calibration factor applied
to forward price curves as a
consequence of initial recognition
differences;
• NZAS continues to operate to
31 December 2044; and
• contracts run their full term.
The below table describes the additional key inputs and techniques used in the valuation of level 3 financial instruments:
FINANCIAL ASSET
OR LIABILITYDESCRIPTION OF INPUT
RANGE OF SIGNIFICANT
UNOBSERVABLE INPUTSRELATIONSHIP OF INPUT TO FAIR VALUE
Other electricity
hedges and NZAS
Where quoted prices are not available or not relevant
(i.e. for long dated contracts), Meridian's best estimate of
long-term forward wholesale electricity price is used. This is
based on a fundamental analysis of expected demand and
the cost of new supply and any other relevant wholesale
market factors. It takes into account any fixed discount
applicable at inception.
$59/MWh to $214/MWh
(30 June 2025: $59/MWh
to $139/MWh) (in nominal
terms, excludes observable
ASX prices).
An increase in forward wholesale electricity price increases
the fair value of buy hedges and decreases the fair value of
sell hedges.
A decrease in forward wholesale electricity price has the
opposite effect.
NZASThe NZAS CFD and DRA contain price adjustments for
inflation, subject to movements in average annual aluminium
price. Actual and forecast Consumer Price Inflation (CPI), as
published by the New Zealand Treasury, is used as an input.
This is adjusted for the probability of CPI increases applying to
the contracts. Meridian assesses probability of CPI increases
by historical analysis of aluminium prices.
CPI 0%–2%
Probability 60%
(30 June 2025: CPI
0%–2%, Probability 57%)
For the CFD, as CPI rises, its value increases. A decrease in
CPI has the opposite effect.
For the DRA embedded derivative, as CPI rises, the value
decreases. A decrease in the CPI has the opposite effect.
D1 Financial instruments continued

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
21
MENUOTHER
E1 Group structure
The Group comprises Meridian Energy Limited and its controlled entities,
together with interests in joint arrangements.
During the six months ended 31 December 2025, the Group acquired
NZ Windfarms Limited, as detailed in Note S2. Following the acquisition,
NZWF’s subsidiaries, NZWL – TRH Limited and TRH Services Limited,
were amalgamated into NZWF. These amalgamations did not result in
a change in control.
During the period, the Group entered into a 50% joint venture with
Nova Energy Limited through TM Solar Holdings Limited to develop
and operate the 400 MW Te Rāhui solar farm. This arrangement is
detailed in Note S5 Te Rāhui Solar Farm Joint Venture.
There were no other changes to the Group structure during the period.
E2 Contingent assets and liabilities
There are no contingent assets or liabilities as at 31 December 2025
(30 June 2025: Nil, 31 December 2024: Nil).
E3 Subsequent events
The Directors declared an interim dividend on 25 February 2026.
Refer to Note C3 Dividends for further details.
E. Other

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
22
MENUINDEPENDENT AUDITOR'S REVIEW REPORT
The Auditor-General is the auditor
of Meridian Energy Limited (‘the
Company’) and its subsidiaries (‘the
Group’). The Auditor-General has
appointed me, Anthony Smith, using
the staff and resources of Deloitte
Limited, to carry out the review
of the condensed consolidated
interim financial statements (‘interim
financial statements’) of the Group
on his behalf.
Conclusion
We have reviewed the interim
financial statements of the
Group on pages 2 to 21 which
comprise the balance sheet as
at 31 December 2025, the
comprehensive income statement,
statement of changes in equity
and statement of cash flows for
the six months ended on that date,
and notes to the interim financial
statements, including material
accounting policy information.
Based on our review, nothing has
come to our attention that causes
us to believe that the interim financial
statements of the Group do not
present fairly, in all material respects,
the financial position of the Group
as at 31 December 2025, and its
financial performance and cash flows
for the six months ended on that
date, in accordance with NZ IAS 34
Interim Financial Reporting and
IAS 34 Interim Financial Reporting.
Basis for Conclusion
We conducted our review in
accordance with NZ SRE 2410
(Revised) Review of Financial
Statements Performed by the
Independent Auditor of the Entity
(‘NZ SRE 2410 (Revised)’). Our
responsibilities are further described
in the Auditor’s Responsibilities for
the Review of the Interim Financial
Statements section of our report.
We are independent of the Group
in accordance with the independence
requirements of the Auditor-
General’s Auditing Standards as
applicable to the audits and reviews
of public interest entities, which
incorporate the independence
requirements of Professional and
Ethical Standard 1 International Code
of Ethics for Assurance Practitioners
issued by the New Zealand Auditing
and Assurance Standards Board.
In addition to this review and the
audit of the Group annual financial
statements, our firm carries out
other assurance assignments for
the Group in the areas of supervisor
reporting, assurance services relating
to the securities and fixed rate bonds
registers, selected greenhouse gas
emissions disclosed in the Group
Climate Statements, greenhouse
gas emissions reported in the
greenhouse gas emission Inventory
Report, the sustainability content
in the integrated report prepared
in accordance with the Global
Reporting Initiative Sustainability
Reporting Standards, vesting of the
executive long-term incentive plan,
the solvency return of Meridian
Energy Captive Insurance Limited
and an agreed upon procedures
engagement for Meridian Energy
Captive Insurance Limited.
We also carried out non-assurance
assignments for the Group relating to
cyber security services and services
to the Corporate Taxpayers Group
of which Meridian Energy Limited
is a member. These services are
compatible with those independence
requirements.
Independent Auditor’s Review Report
TO THE SHAREHOLDERS OF MERIDIAN ENERGY LIMITED

MERIDIAN ENERGY LIMITED. NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
23
MENUINDEPENDENT AUDITOR'S REVIEW REPORT
Directors’ responsibilities
for the interim financial
statements
The directors are responsible,
on behalf of the Group, for the
preparation and fair presentation of
these interim financial statements in
accordance with NZ IAS 34 Interim
Financial Reporting and IAS 34
Interim Financial Reporting and for
such internal control as the directors
determine is necessary to enable the
preparation and fair presentation of
the interim financial statements that
are free from material misstatement,
whether due to fraud or error.
The directors are also responsible for
the publication of the interim financial
statements, whether in printed or
electronic form.
Auditor’s responsibilities
for the review of the interim
financial statements
Our responsibility is to express a
conclusion on the interim financial
statements based on our review.
NZ SRE 2410 (Revised) requires us
to conclude whether anything has
come to our attention that causes us
to believe that the interim financial
statements, taken as a whole,
are not prepared, in all material
respects, in accordance with
NZ IAS 34 Interim Financial
Reporting and IAS 34 Interim
Financial Reporting.
A review of the interim financial
statements in accordance with
NZ SRE 2410 (Revised) is a limited
assurance engagement. We
perform procedures, primarily
consisting of making enquiries,
primarily of persons responsible
for financial and accounting
matters, and applying analytical
and other review procedures.
The procedures performed in a
review are substantially less than
those performed in an audit
conducted in accordance with
International Standards on Auditing
(New Zealand) and consequently
do not enable us to obtain
assurance that we might identify
in an audit. Accordingly, we do not
express an audit opinion on these
interim financial statements.

Anthony Smith, Partner
for Deloitte Limited
On behalf of the Auditor-General
Christchurch, New Zealand
24 February 2026
In addition, partners and employees
of our firm deal with the Group
on arm’s length terms within the
ordinary course of trading activities
of the Group. These services and
trading activities have not impaired
our independence as auditor of
the Group.
Other than these engagements
and arm’s length terms transactions,
and in our capacity as auditor acting
on behalf of the Auditor-General,
we have no relationship with,
or interests in the Group.

MERIDIAN ENERGY LIMITED.
CONDENSED INTERIM FINANCIAL STATEMENTS AS AT
AND FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.

---

7 cm
2026
Interim Results
Presentation
25 FEBRUARY 2026

Mike Roan –Chief Executive
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 2
Meridian has now installed 418 Zero charge points nationwide.

25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 3
Key points
4
Earnings before interest, tax, depreciation, amortisation, unrealisedchanges in fair value of hedges and asset related adjustments.
5
Net profit after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity option premiums and other non-cash items and their tax effects.
4
5

0
150
300
450
600
750
900
Jan-24Apr-24Jul-24Oct-24Jan-25Apr-25Jul-25Oct-25Jan-26
$/MWh
Daily average spot electricity prices
50
100
150
200
250
300
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
ŌtāhuhuASX futures settlement price
20 February 202628 February 202513 August 202530 April 2025
Wholesale electricity pricing
Since the record dry period over summer and autumn 2025,
spot and forward electricity prices have declined.
Current low spot prices show that the market continues to
function well, with near full system hydro storage reflected in
very low spot wholesale prices.
The Huntly Strategic Energy Reserve announced in August
2025 provides another option to support greater system
security andincreased price stability.
The forward wholesale curve, while declining, reflects risks
priced in of further disruption to declining gas supply and
thermal plant reliability.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 4
Source: ASX
Source: Electricity Authority
2024: $200 average
6 days when average daily prices >$800/MWh
2025: $152 average
2026: $18 average

-0.7%
+2.4%
+4.9%
+4.6%
+12.2%
+0.6%
+7.4%
+13.1%
+8.1%
+16.2%
+7.1%
+7.3%
+9.8%
+12.2%
+8.8%
-3%
0%
3%
6%
9%
12%
15%
18%
Dec-21Dec-22Dec-23Dec-24Dec-25
Annual inflation
1
-household utilities
Electricity (incl lines)GasLocal authority ratesAnnual inflation
+2.7%
+3.7%
+4.1%
+3.7%
+10.4%
+4.5%
+2.2%
-0.2%
+7.4%
+16.7%
+1.7%
+4.7%
+6.8%
+1.7%
+6.6%
-3%
0%
3%
6%
9%
12%
15%
18%
Sep-21Sep-22Sep-23Sep-24Sep-25
Residential electricity cost increases
2
Total costLines componentEnergy & other component
Residential electricity pricing
Household utilities are currently a significant upward
contributor to inflation (December 2025 annual CPI running
at 3.1%).
Residential gas costs reflect wider supply pressures -declining
production, availability uncertainty and accelerated
depletion of known reserves.
The risk of gas availability and pricing for electricity
generation when needed has put upward pressure on
wholesale and retail electricity prices.
Current and future regulated transmission and lines cost
increases are significant.
2025 was the first year of a 5-year period that will see
regulated transmission and lines companies revenue increase
more than 40% over the previous 5-year regulatory period.
Much of this increase is attributable to inflation and historic
interest rate impacts on higher regulated costs of capital.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 5
Source: Ministry of Business, Innovation and Employment
Source: Stats NZ
1
Selected CPI household utility classes, comparisons are with the preceding December quarter.
2
Nominal residential cost of electricity (including GST), comparisons are with preceding
September quarter.

542
702
1,302
720
2,920
2,315
7,350
0
2,000
4,000
6,000
8,000
ConstructedIn constructionConsentedCurrently in
consent
Consents to
lodge in FY26 &
FY27
Secured optionsAdvanced
prospects
GWh (annual)
Construction and development pipeline
WindSolarTotal (GWh)
Meridian construction and development
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 6
Source: Meridian
15.3 TWh
total
excludes
completed
construction
In addition, Meridian’s pipeline includes 500MW | 2,400GWh of battery energy storage.
Harapaki
Ruakākāsolar
TeRahuisolar (stage 1, JV)
Tauheisolar (PPA)
project detail on slide 3
Consents
applied for

Update with new
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 7
Renewable Development Pipeline

In construction
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 8
Ruakākāsolar
130MW | 230GWh.
Capex $227 million.
First power Q4 2026, full power Q1 2027.
TeRahuiStage 1 solar (50% Meridian)
200MW | 384GWh.
Capex $346 million, Equity $55 million.
Full power mid-2027.
Ruakākāsolar construction.
TeRahuiimpression near Taupō.

Consented and FID
1
in 2026
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 9
Mt Munro wind
IndicativeCapex range $315–$345 million | 85MW | 360GWh.
Considering enabling works to bring scheduled full power
date forward.
Target FID Q4 2026.
Manawatūsolar & battery energy park
Battery consent obtained in Q4 2024. Transmission consent
obtained in January 2026. Solar consent expected in Q1 2026.
FID expected in Q2 2027.
Te Rahui Stage 2 solar (JV with Nova, 50% Meridian)
200MW | 384GWh. FID expected Q4 2026.
Te Rere Hau wind
Capex $695–720 million | 170MW | 750GWh for 39 or 40 turbines.
License to occupy at Marima Peak for new Airways facility. New
consent progressing.
FID expected Q4 2026 prior to start of summer construction
window.
Mt Munro impression.
Te Rere Hau early works.
1
Meridian Board final investment decision.

Consents applied for
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 10
Swannanoa solar
200MW | 350GWh.
Lodged December 2024. Consents expected Q2 2026.
Transpowerdesign underway.
Waikato solar
100MW | 180GWh.
Lodged April 2025. Consents expected Q2 2026.
Transpowerdesign underway.
Manawatūsolar
100MW | 190GWh.
Lodged in October 2025. Consents expected Q1 2026.
Transpowerdesign underway.
Waitaki reconsenting
Decision expected Q3 2026.
Forest & Bird have appeal rights to the High Court.
Pūkakilake lowering (Fast-track)
Fast-track Convener conference occurred in late January 2026.
Swannanoa solar site in Canterbury.
Manawatū solar site.

Fast-track applications and
repowering
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 11
WaiinuEnergy Park
350MW | 1,250GWh wind.
200MW | 390GWh solar.
Iwi and community engagement ongoing.
Fast-track referral to be lodged Q1 2026. Substantive
application expected by Q3 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 Q2 2026.
Substantive application expected Q3 2026, subject to
Ministerial referral.
Waitaki repowering
FID expected in the second half of 2026.
Site of the WaiinuEnergy Park near Whanganui.
Site of Western Bays solar near Taupō.

117
117
120
142
156
248
246
250
263
301
365
363
370
405
457
0
100
200
300
400
500
Jun-22Jun-23Jun-24Jun-25Dec-25
ICP (000)
Customer connections
PowershopMeridianTotal
Our customers
75k customers now migrated onto the Kraken platform.
Positive customer feedback on new app experience.
Mass market customer migration expected to be completed
by June 2026, corporate & industrial customers by October
2026.
Record retail sales volumes, boosted by the acquisition ofex
Flick customers in August 2025, increasing market share from
17.5% to 19.5%.
563GWh of higher retail contracted sales in 1H FY26 helped
mitigate the low spot exposed price of 901GWh of higher
generation volume.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 12
+5%-1%
+2%+10%
+13%
Growth

Mandy Simpson –Chief Financial Officer
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 13
Meridian’s Harapaki Wind Farm produced more generation than expected in its first full year of operation.

394
425
443
257
506
315
358
462
354
709
783
905
611
0
200
400
600
800
1,000
20222023202420252026
$M
Financial Year ended 30 June
EBITDAF
InterimFinal half-yearTotal
225
265
303
50
336
236
244
364
268
461
509
667
318
0
100
200
300
400
500
600
700
20222023202420252026
$M
Financial Year ended 30 June
Operating cash flows
InterimFinal half-yearTotal
Cash flows and EBITDAF
Record operating cash flows, $286M increase on 1H FY25. 11%
higher than 1H FY24.
Record EBITDAF, $249M increase on 1H FY25. 14% higher than
1H FY24.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 14
Source: Meridian
Source: Meridian
Six months ended 31 December 20251H FY26
YoY
1H FY26
YoY
OperatingchangeEBITDAFchange
cash flows$M$M
$M
Receipts from customers1,950
Interest received2
Payments to suppliers & employees(1,531)
Gross operating cash flows421
⎯⎯⎯⎯⎯⎯
+ $85m differences
506
+249
Interest paid(42)
Income tax paid(43)
Total336+286

5.85
6.00
6.156.15
6.40
11.55
11.90
14.8514.85
17.40
17.90
21.0021.00
0
5
10
15
20
25
20222023202420252026
CPS
Financial Year ended 30 June
Dividends declared
Interim dividendFinal dividendTotal
Dividend
Interim ordinary dividend declared of 6.40cps, 4.1% increase
on 1H FY25, 85% imputed.
Dividend reinvestment plan will apply to this interim dividend
at 2% discount.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 15
Dividend Reinvestment Plan Dates
Ex dividend date5 MarchStrike price announced12 March
Record date6 MarchDividend paid/shares issued24 March
Elections close9 March
Source: Meridian
Dividendsdeclared1H FY261H FY25
centsper shareimputationcentsper shareimputation
Ordinary
dividends6.4085%6.1585%

506
257
+264
-2
+1
-8
-1
-5
0
100
200
300
400
500
600
EBITDAF
31 Dec 24
Energy
margin
Other
revenue
Hosting
expense
Transmission
expenses
Metering
expenses
Operating
expenses
EBITDAF
31 Dec 25
$M
Movement in EBITDAF
Movement in EBITDAF
Record level of interim EBITDAF, 97% increase on 1H FY25.
Higher customer and financial contract sales, lower purchase
and demand response costs and higher generation volumes
contributed to a 59% increase in energy margin.
Higher generation volumes reflected record wind output and
the second highest July to December hydro inflows on record.
Transmission expenses and distribution costs include
higher regulated costs in place from April 2025.
3% increase in employee and other operating costs from
Kraken implementation, wind components and inclusion of
NZ Windfarms.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 16
Source: Meridian

708
444
+117
+16
-1
-465
+579
-136
+79
+72
+5
-2
0
0
250
500
750
Energy
Margin 31
Dec 24
Mass
market
sales
C&I salesNZAS salesGeneration
spot
revenue
Cost to
supply
customers
& BESS
Derivative
sales and
purchases
Cost of
derivative
sales and
purchases
Demand
response
payments
Net VASOtherEnergy
Margin 31
Dec 25
$M
Energy margin movement
Energy margin
Volume growth in corporate sales, volume and price
growth in mass market sales.
Record wind volumes and the second highest July
to December hydro inflows on record drove a 14%
increase in generation volumes compared to 1H
FY25.
The abundant hydro fuel supply was reflected in
lower wholesale spot prices; Meridian’s average
generation price was 51% lower than 1H FY25.
And that fuel supply supported a 59% increase in
financial contract sales compared to 1H FY25.
The lower wholesale spot prices reduced both
derivative sales and their purchase costs.
1H FY26 saw $14M lower cost of financial contract
close outs and $72M lower demand response costs
from significantly lower call volumes.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 17
physical +$246M
financial +$20M
Source: Meridian

106
118
128
137
146
0
40
80
120
160
20212022202320242025
$/MWh
Six Months ended 31 December
Retail netback
Retail sales
16% sales volume growth across mass market segments,
including ex customers of Flick.
10% higher mass market net average sales price.
Mass market revenue increased $117M (27%).
5% corporate sales volume at a flat net average sales price.
Corporate revenue increased $16M (6%).
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 18
Retail customer sales
Average
price
($/MWh)
Total sales
volume
(GWh)
North Island
sales volume
(GWh)
South Island
sales volume
(GWh)
1H FY26
Residential1,194681513
Small medium business930571359
Agricultural776232544
Large business407260147
Total mass market$166 3,3071,7441,563
Corporate$143 2,0051,006999
1H FY25
Residential941522419
Small medium business848518330
Agricultural700221479
Large business358232126
Total mass market$152 2,8471,4931,354
Corporate$143 1,902971932
Source: Meridian

590
520
1,612
2,441
1,796
1,660
89%
73%
181%
212%
149%
123%
0%
50%
100%
150%
200%
250%
0
1,000
2,000
3,000
Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25
GWh
Six Months ended 31 December
Monthly combined catchment inflows
Inflows% of monthly average (RHS)
6,402
6,574
6,227
5,561
6,418
709
640
720
1,026
1,051
7,111
7,214
6,947
6,587
7,479
0
3,000
6,000
9,000
20212022202320242025
GWh
Six Months ended 31 December
Generation
HydroWindBESSTotal
Generation
Second highest July to December period inflows on record.
Wettest September to December period on record.
Significant spill was required to manage lake levels to
maximum consented levels –Manapōuri1,608GWh, Pūkaki
521GWh.
High plant availability maintained to manage extreme hydro
inflows and periods of high wind speeds.
Significant maintenance projects ongoing at Manapōuriand
ŌhauC.
Seismic strengthening work on Benmore penstocks being
carried out from late 2025 to early 2029.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 19
wettest September to December on record
Source: Meridian
Source: Meridian
10

153
148
+3
+3
-2+2
-1
130
140
150
160
Opex
31 Dec 24
ContractorsPlant
maintenance
ICT spendNZ
Windfarms
Staff costsOpex
31 Dec 25
$M
Expense movement
98
123
139
148
153
118
126
142
141
216
249
281
289
0
100
200
300
400
20222023202420252026
$M
Financial Year ended 30 June
Employee and other operating costs
InterimFinal half-yearTotal
Employee and other
operating expenses
1H FY26 operating expenses $5M (3%) higher than 1H FY25.
Movement in 1H FY26 operating costs from:
Contractor costs supporting Kraken implementation.
Higher wind component costs.
Lower ICT spend following last year’s Oracle
implementation.
Inclusion of NZ Windfarms following July 2025
acquisition.
Lower staff costs.
Full year guidance unchanged at $311M-$316M.
2H FY26 operating costs include continued Kraken
implementation costs and the DigiGenprogramme.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 20
Source: Meridian
Source: Meridian
163
↑
158
316
↑
311

29
3
8
7
6
4
5
3
13
6
2
0
5
10
15
20
25
30
Ruakākā SolarTe Rere Hau
repowering
Development
costs
Commercial
solar, EV
charging
OtherBenmore
penstocks
Manapōuri
transformers
SCADA
replacement
Asset
maintenance
ICTOther
$M
Capital expenditure
92
171
163
104
86
83
175
186
89
175
346
349
193
0
150
300
450
20222023202420252026
$M
Financial Year ended 30 June
Capital expenditure
InterimFinal half-yearTotal
Capital expenditure
1H FY26 capital expenditure was $86M, split $53M growth
and $33M stay in business spend.
Growth spend included commencement of RuakākāSolar
Farm construction.
Other growth spend includes Kraken implementation.
Asset maintenance costs include new transformers.
Full year guidance unchanged at $330M-$360M.
2H FY26 capital expenditure includes higher spend on current
projects.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 21
Growth $53M
Stay in business $33M
Source: Meridian
Source: Meridian
274
↑
244
360
↑
330
periodic $15M
3
10
recurring $18M

145
181
175
-5
143
88
134
184
61
233
315
359
56
-50
0
50
100
150
200
250
300
350
400
20222023202420252026
$M
Financial Year ended 30 June
Underlying Net Profit after Tax
InterimFinal half-yearTotal
145
201
191
-121
227
306
-106
238
-331
451
95
429
-452
-500
-300
-100
100
300
500
20222023202420252026
$M
Financial Year ended 30 June
Net Profit after Tax
InterimFinal half-yearTotal
Below EBITDAF
$36M increase in depreciation and amortisationlargely from
FY25 $2B increase in generation and plant valuation.
$120M increase in NPBT
1
from the net unrealisedchange in
fair value of hedges
2
($154M decrease in 1H FY25).
$7M increase in finance costs from higher net debt.
Resulted in NPAT
3
of $227M compared with -$121M in 1H FY25.
And underlying NPAT
4
of $143M compared with -$5M in 1H
FY25.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 22
1
Net profit before tax.
2
Net changes in the fair value of unrealisedenergy hedges and treasury hedges.
3
Net profit after tax.
4
Net profit after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity
option premiums and other non-cash items and their tax effects.
A reconciliation of NPAT to Underlying NPAT is on page 42.
Source: Meridian
Source: Meridian

39%
34%
23%
4%
Sources of funding as at 31 December 2025
NZ$ bank facilities drawn/undrawn
Retail Bonds
US private placement
Commercial paper
153
100
420
183
300
606
680
0
200
400
600
800
1,000
1,200
CY26CY27CY28CY29CY30CY31+
$M
Debt maturity profile as at 31 December 2025
Drawn debt maturing (face value)Available facilities maturing
Debt and funding
December 2025 total borrowings of $1,866M.
In December 2025, Meridian transitioned from multiple
bilateral bank facilities to a $1B syndicated facility.
Meridian issued $350M of 6.5-year unsecured,
unsubordinated, fixed-rate green bonds in September 2025.
All borrowings are Green Debt instruments under Meridian’s
2026 Green Finance Framework, externally verified as
aligned to relevant sustainable financial market standards.
December 2025 net debt of $1,655M, up 10% from June 2025.
December 2025 net debt to EBITDAF
1
at 1.9 times (June 2025:
2.5 times).
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 23
Source: Meridian
Source: Meridian
1
12-month EBITDAF to 31 December 2025, net debt as at 31 December 2025.

0
500
1,000
1,500
2,000
2,500
3,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows for January
January month93 year average
0
500
1,000
1,500
2,000
2,500
1-Jan1-Mar1-May1-Jul1-Sep1-Nov
GWh
Meridian's Waitaki storage
Average 1979-2020202120222023202420252026
January 2026 operating
result
Earnings momentum continues with a solid January result.
Meridian inflows were 108% of average.
Waitaki hydro storage at 119% of average at 31 January 2026,
snow storage at 177% of average in early February.
Retail sales volumes in January 2026 were 2.9% higher than
January 2025, despite lower agricultural volumes.
Generation in January 2026 was 14.5% higher than January
2025.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 24
Source: Meridian
Source: Meridian
1-Dec

Mike Roan –Chief Executive
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 25
Waitaki Power Station –turbine inlet Unit 6.

Closing comments
Strong earnings reversion in 1H FY26.
Momentum continued through January 2026, despite
$1/MWh average generation prices.
High storage ahead of winter –Pūkakinear 100% full,
250GWh of snow storage.
Kraken customer migration ongoing, dual retail system costs
should cease in 2027.
TeRereHau delay will see Mt Munro construction brought
forward.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 26
Doubtful Sound in the Fiordland National Park.

Questions
25 FEBRUARY 2026

Additional
information
25 FEBRUARY 2026

Segment results
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 29
$MWholesaleRetailOther & unallocatedInter-segmentTotal
1H FY261H FY251H FY261H FY251H FY261H FY251H FY261H FY251H FY261H FY25
Contracted sales357291837704----1,194995
Cost to supply customers(857)(1,631)(799)(653)--832719(824)(1,565)
Net cost of hedging(229)(15)------(229)(15)
Generation spot revenue5771,042------5771,042
Inter-segment electricity sales832719----(832)(719)--
Virtual asset swap margins(4)(9)------(4)(9)
Other market revenue/(costs)(5)(3)(1)(1)----(6)(4)
Energy margin6713943750----708444
Other revenue 2211131516(4)(5)2426
Hosting expense----(1)(2)--(1)(2)
Energy transmission expense(45)(37)------(45)(37)
Energy metering expense--(27)(26)----(27)(26)
Gross margin62835921371414(4)(5)659405
Employee expenses(19)(16)(18)(20)(30)(32)--(67)(68)
Other operating expenses(46)(40)(24)(21)(20)(23)44(86)(80)
Operating expenses(65)(56)(42)(41)(50)(55)44(153)(148)
EBITDAF563303(21)(4)(36)(41)-(1)506257

EBITDAF reconciliation to the income statement
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 30
Six months ended 31 December
2025202420252024
Income statementSegment earnings statement
Energy sales to customers1,3911,178
Energy margin708444
Generation revenue5931,051
Other revenue 2426
Energy related services revenue65
Energy transmission expense(45)(37)
Other revenue1821
Hosting expenses(1)(2)
Total operating revenue2,0082,255
Energy metering expense(27)(26)
Gross margin659405
Energy expenses(589)(1,094)
Employee expenses(67)(68)
Energy distribution expenses(496)(393)
Other operating expenses(86)(80)
Energy transmission expenses(45)(37)
EBITDAF506257
Hosting expenses(1)(2)
Electricity metering expenses(27)(26)
Employee expenses(67)(68)
Other expenses(86)(80)
Total operating expenses(1,311)(1,700)
Depreciation and amortisation(261)(225)
Asset related adjustments(3)(8)
realised energy hedges(191)(298)
unrealised energy hedges124(143)
Net change in fair value of energy hedges(67)(441)
Net finance costs(45)(38)
Net change in fair value of treasury hedges(4)(11)
Net profit before tax317(168)
Income tax expense(90)47
Net profit after tax227(121)

2,569
2,750
2,822
2,847
3,307
1,883
1,920
1,984
1,902
2,005
4,452
4,670
4,806
4,749
5,312
0
1,000
2,000
3,000
4,000
5,000
6,000
20212022202320242025
GWh
Six Months ended 31 December
Retail sales volume
Residential, SMB, AgriCorporateTotal
Retail
13% increase in customer connections since June 2025.
Mass market segment
27% increase in residential volumes.
10% increase in small medium business volumes.
14% increase in large business volumes.
11% increase in agricultural volumes.
10% increase in net average sales price.
Corporate Segment
5% increase in volumes.
Flat net average sales price.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 31
Source: Meridian
Source: Meridian
117117
120
142
156
248
246
250
263
301
365
363
370
405
457
0
100
200
300
400
500
Jun-22Jun-23Jun-24Jun-25Dec-25
ICP (000)
Customer connections
PowershopMeridianTotal

0
500
1,000
1,500
2,000
2,500
1-Jan1-Mar1-May1-Jul1-Sep1-Nov
GWh
Meridian's Waitaki storage
Average 1979-2019202020212022202320242025
0
3,000
6,000
9,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Dec YTD93 year average
Hydrology
Inflows
1H FY26 inflows were 144% of historical average.
January 2026 inflows were 108% of historical average.
Storage
Meridian’s Waitaki storage as at 31 December 2025 was 138%
of historical average.
By 31 January 2026, Waitaki storage was 119% of historical
average.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 32
Source: Meridian
Source: Meridian
1-Dec

93
51
127
158
77
0
30
60
90
120
150
180
20212022202320242025
$/MWh
Six Months ended 31 December
Average generation price
6,402
6,574
6,227
5,561
6,418
709
640
720
1,026
1,051
7,111
7,214
6,947
6,587
7,479
0
3,000
6,000
9,000
20212022202320242025
GWh
Six Months ended 31 December
Generation
HydroWindBESSTotal
Generation
Volumes
1H FY26 generation was 13% higher than 1H FY25, with higher
hydro generation and higher wind generation.
Price
1H FY26 average price Meridian received for its generation
was 51% lower than 1H FY25.
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 33
Source: Meridian
Source: Meridian
10

EBITDAF to NPAT
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 34
*Net changes in the fair value of unrealised energy hedges and treasury hedges.
Six months ended 31 December20252024
EBITDAF506257
Depreciation and amortisation(261)(225)
Premiums paid on electricity options net of interest(3)(4)
Net finance costs(45)(38)
Tax(54)5
Underlying NPAT143(5)
Net change in fair value hedges*120(154)
Asset related adjustments(3)(8)
Premiums paid on electricity options net of interest34
Tax(36)42
Net profit after tax227(121)

708
550
287
357
577
-632
-17
-174
-1
-464
238
-3
-4
-6
0
300
600
900
1,200
1,500
1,800
Mass
market
sales
C&I salesFinancial
contract
sales (incl
NZAS)
Generation
spot
revenue
Cost to
supply
customers
Demand
response
payments
Cost to
supply
financial
contracts
BESS
purchases
Hedging
fixed costs
Hedging
spot
revenue
Contract
close outs
VAS
margins
Other
market
costs
Energy
Margin
$M
Energy margin
Energy margin
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 35
Source: Meridian

708
444
+117
+16
+66
-465
+580
+72
+90
-1
-25
-203
+14
+5
-2
0
200
400
600
800
1,000
Energy
Margin
31 Dec 24
Mass
market
sales
C&I salesFinancial
contract
sales (incl
NZAS)
Generation
spot
revenue
Cost to
supply
customers
Demand
response
payments
Cost to
supply
financial
contracts
BESS
purchases
Hedging
fixed costs
Hedging
spot
revenue
Contract
close outs
VAS
margins
Other
market
costs
Energy
Margin
31 Dec 25
$M
Energy margin movement
Energy margin movement
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 36
Source: Meridian

Energy margin
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 37
Defined as:
Revenues received from sales to customers net of
distribution costs (fees to distribution network companies
that cover the costs of distribution of electricity to
customers), sales to large industrial customers and fixed
price revenues from financial contracts sold (contract sales
revenue).
The volume of electricity purchased to cover contracted
customer sales and financial contracts sold (cost to supply
customers).
The fixed cost of derivatives used to manage market risks,
net of spot revenue received from those derivatives, and
demand response payments (net cost of hedging).
Revenue from the volume of electricity that Meridian
generates (generation spot revenue).
The net margin position of virtual asset swaps with Genesis
Energy and Mercury New Zealand.
Other associated market revenues and costs including
Electricity Authority levies and ancillary generation
revenues, such as frequency keeping.
A non-GAAP financial measure representing energy sales
revenue less energy related expenses and energy
distribution expenses.
Used to measure the vertically integrated performance of
the retail and wholesale businesses.
Used in place of statutory reporting which requires gross
sales and costs to be reported separately, therefore not
accounting for the variability of the wholesale spot market
and the broadly offsetting impact of wholesale prices on
the cost of retail electricity purchases.

Energy margin
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 38
1H FY261H FY25
VolumeVWAP$MVolumeVWAP$M
Res, business, agri sales3,307$1665502,847$152433
Corporate and industrial sales2,005$1432871,902$143271
Retail contracted sales5,312$1588374,749$148704
NZAS sales1,646$641051,663$64106
Financial contract sales2,125$1192521,337$138185
Wholesale contracted sales3,771$953573,000$97291
Cost to supply retail customers5,605-$89(500)4,998-$182(911)
Cost to supply wholesale customers1,646-$80(132)1,663-$181(301)
Demand response payments(17)(89)
Cost of financial contracts2,125-$82(174)1,337-$198(264)
Battery supply costs16-$44(1)0-
Cost to supply customers9,392-$88(824)7,998-$196(1,565)
Hedging costs2,714-$171(464)2,346-$187(439)
Hedging spot revenue2,714$882382,346$188441
Close-outs(3)(17)
Net cost of hedging(229)(15)
Hydro generation6,418$785015,561$162900
Wind generation1,051$71751,026$138142
BESS generation10$11510-
Generation revenue7,479$775776,579$1581,042
Virtual asset swap margins(4)(9)
Other(6)(4)
Energy margin708444

NZAS demand response agreement options
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 39
Option
Equivalent
reduced
consumption
(MWh per
hour)
ExercisableReduction
from Meridian
demand response
agreement (MWh per
hour)
Usual
Ramp-
Down
Notice
Period
DR Period
(equivalent
number of days)
Usual Ramp-
Down Period
(equivalent
numberof days)
Usual Ramp-Up
Notice Period
(equivalent
number ofdays)
Usual Ramp-Up
Period
(equivalent
number ofdays)
Maximum Calls
12518.75
3
Business
Days
Minimum
10 days,
maximum
150days
5 days3 days15 days
Unlimited, but the
Option cannotbe
exercised more than 4
times inany 12-month
period
250
37.5
3
Business
Days
Minimum
15days,
maximum
145 days
10 days3 days30 days
Unlimited, but the
Option cannotbe
exercised more than 2
times inany 18-month
period
3
100
75
3
Business
Days
Minimum
22days,
Maximum
137days
18 days5 days100 days
The Option cannot be
exercisedmore than 8
times over the Term
4185
138.75
5
Business
Days
Minimum
30days,
maximum
75 days
25 days5 days200 days
The Option cannot be
exercisedmore than 4
times over the Term
Stand down periods
If previous call was Option 1, 30 days for any Option.
If previous call was Option 2, 50 days for any Option.
If previous call was Option 3, 60 days for Options 1 &2, 270 days for Options 3&4.
If previous call was Option 4, 60 days for Option 1, 90 days for Option 2, 365 days for Option 3&4.

402
-351
249
-1,259
-71
-1,400
-1,200
-1,000
-800
-600
-400
-200
0
200
400
600
FY22FY23FY24FY251H FY26
$M
Net change in fair value of hedges
Fair value movements
Meridian uses derivative instruments to manage interest rate,
foreign exchange and electricity price risk.
As forward prices and rates on these instruments move, non-
cash changes to their carrying value are reflected in NPAT.
Accounting standards only allow hedge accounting if specific
conditions are met, which creates NPAT volatility.
$67M decrease in NPBT from fair value of energy hedges
($441M decrease in 1H FY25).
$4M decrease in NPBT from fair value of treasury hedges
($11M decrease in 1H FY25).
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 40
Source: Meridian

Segment earnings statement
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 41
Segment earnings statement
Six months ended 31 December20252024
$M
Energy margin708444
Other revenue2426
Hosting expense(1)(2)
Energy transmission expense(45)(37)
Electricity metering expenses(27)(26)
Employee and other operating expenses(153)(148)
EBITDAF506257
Depreciation and amortisation(261)(225)
Asset related adjustments(3)(8)
Net change in fair value of energy hedges124(143)
Net finance costs(45)(38)
Net change in fair value of treasury hedges(4)(11)
Net profit before tax317(168)
Income tax expense(90)47
Net profit after tax227(121)

Underlying NPAT reconciliation
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 42
Underlying net profit after tax
Six months ended 31 December20252024
$M
Net profit after tax227(121)
Underlying adjustments
Hedging instruments
Unrealisedchanges in fair value of energy hedges(124)143
Net change in fair value of treasury hedges411
Premiums paid on electricity options net of interest(3)(4)
Assets
Asset related adjustments38
Total adjustments before tax(120)158
Taxation
Tax effect of above adjustments36(42)
Underlying net profit after tax143(5)

Cash flow statement
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 43
Cash flow statement
Six months ended 31 December20252024
$M
Receipts from customers1,9502,410
Interest received24
Payments to suppliers and employees(1,531)(2,165)
Interest paid(42)(44)
Income tax paid(43)(155)
Operating cash flows33650
Purchase of property, plant and equipment(71)(104)
Purchase of intangible assets(6)(20)
Purchase of subsidiary, net of cash acquired(66)
Purchase of other investments(125)(4)
Investing cash flows(268)(128)
Borrowings drawn346256
Borrowings repaid(91)(6)
Shares purchased for long term incentive(3)(6)
Dividends(260)(276)
Financing cash flows(8)(32)
Net (decrease)/increase in cash and cash equivalents60(110)

Balance sheet
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 44
Balance sheet
Six months ended 31 December20252024
$M
Cash and cash equivalents183111
Trade receivables295310
Financial instruments134110
Other assets6975
Total current assets681606
Property, plant and equipment13,91212,059
Intangible assets9071
Financial instruments395236
Investment in equity accounted joint ventures55-
Other assets-19
Total non-current assets14,45212,385
Payables, and accruals284261
Borrowings107493
Financial instruments180118
Tax payable68-
Total current liabilities639872
Payables and accruals13460
Borrowings1,7591,194
Deferred tax3,2322,857
Financial instruments479163
Total non-current liabilities5,6044,274
Share capital2,0161,834
Reserves6,8746,011
Total shareholders' equity8,8907,845

Glossary
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 45
Hedging volumesbuy-side electricity derivativesexcludingthe 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 betweenparties 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 connectionsnumber 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 Waiauhydro storage lakes over the last 93 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 in New Zealand, recorded in the month the switch was initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
NationaldemandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NZASNew Zealand’s Aluminium SmelterLimited
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 thesell-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

Disclaimer
25 FEBRUARY 20262026 INTERIM RESULTS PRESENTATION
PAGE 46
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 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 condensed financial statements
for the six months ended 31 December2025, available at:
www.meridianenergy.co.nz/about-us/investors
All currency amounts are in New Zealand dollars unless stated
otherwise.

---

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025.
MERIDIAN ENERGY LIMITED
Investor Letter

1
INVESTOR LETTER FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
MERIDIAN ENERGY LIMITED
Meridian has announced an interim financial result that reflects
a return to more favourable weather conditions, with record wind
generation and near record lake inflows, and the benefits of
investments made to strengthen the business over the past two years.
MARK VERBIEST, CHAIR
MIKE ROAN, CHIEF EXECUTIVE.
We have reported operating cash
flows of $336 million for the six
months to 31 December 2025,
a significant improvement on
the $50 million reported in the
prior corresponding period when
Meridian absorbed substantial
costs associated with hedge and
demand response contracts to
support New Zealand’s electricity
system through Winter 2024.
Net profit after tax was $227 million,
compared with a net loss after tax
of $121 million in last year’s interim
result. EBITDAF
1
was $506 million, up
from $257 million, while underlying
NPAT
2
increased from -$5 million to
$143 million. The latter two are both
non-GAAP measures.
1 Earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges, impairments and gains or losses on sale
of assets. EBITDAF is a non-GAAP financial measure but is commonly used within the electricity industry as a measure of performance as it
shows the level of earnings before impact of gearing levels and non-cash charges such as depreciation and amortisation. Market analysts
use the measure as an input into company valuation and valuation metrics used to assess relative value and performance of companies
across the sector.
2 Net profit after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity option premiums and other non-cash items
and their tax effects. Underlying net profit after tax is a non-GAAP financial measure. Because they are not defined by GAAP or IFRS, Meridian’s
calculation of such 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.
These outcomes were driven by
a $264 million (59%) year on year
increase in energy margin, reflecting
record wind generation and the
second best lake inflows on record.
These conditions placed downward
pressure on wholesale electricity
prices, with average daily spot prices
of $84 per MWh over the six months,
falling to an average of $12 per MWh
in December. The combination of a
strong financial result and a period
of extremely low wholesale prices
is a sign of an electricity market that
continues to function well.
The Board has announced an
interim ordinary dividend of 6.40
cents per share, up from 6.15 cents
per share for the previous interim
result. The Dividend Reinvestment
Plan will apply to this interim
dividend at a 2% discount.
The interim dividend will be paid
and new shares issued under the
reinvestment plan on 24 March 2026.
Meridian’s balance sheet remains in
a strong position, with the company
maintaining a BBB+ credit rating
as defined by the rating agency
Standard & Poor’s.
Some key highlights of the first six
months of this financial year are
outlined below. If you’d like more
information about our financial
performance during this period, the
full financial commentary is available
at meridianenergy.co.nz /about-
us/investors/reports/interim-
results-and-reports.
DIVIDEND REINVESTMENT
PLAN DATES
5 March
Ex-dividend date
6 March
Record date
9 March
Elections close
12 March
Strike price announced
24 March
Dividend paid/shares issued

2
INVESTOR LETTER FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
MERIDIAN ENERGY LIMITED
Renewable development
and construction
While weather conditions were
certainly favourable, our focus
remains on strengthening the
underlying fundamentals of the
business to ensure Meridian can
continue to deliver returns to
shareholders and support secure,
affordable and sustainable electricity
supply over the long term.
We have continued to move at
pace towards the goal of having
seven projects construction ready
between 2023 and 2030. Harapaki
Wind Farm and the Ruakākā
Battery Energy Storage System are
now completed and operational,
providing important new renewable
generation and firming capability.
Construction is progressing well
on the Ruakākā Solar Farm in
Northland and Te Rahui Solar Farm
at Rangitāiki near Taupō. Ruakākā
is on schedule for first power in
November, while the first phase of
Te Rahui – a 50:50 joint venture with
Nova, who is leading construction
– is scheduled for full power by
m i d - 2 0 2 7.
We are targeting final investment
decisions this calendar year for
the Mt Munro Wind Farm in the
Wairarapa and the repowering of
the Te Rere Hau Wind Farm in the
Manawatū. By mid-2026, Meridian
expects four consenting outcomes:
Swannanoa Solar (200 MW), Waikato
Solar (100 MW), Manawatū Solar
(100 MW) and the reconsenting
of the Waitaki Power Scheme.
With these projects, other
secured developments and more
advanced prospects, Meridian holds
development options equivalent to –
more than a third of New Zealand’s
current electricity demand.
At the same time, as domestic gas
supply continues to decline, we are
sharpening our focus on the firming
capacity required to restore the
energy balance New Zealand has
historically enjoyed. This includes, for
the first time in decades, exploring
further hydro development options.
We are also continuing to actively
pursue better access to contingent
storage at Lake Pūkaki.
INFLOWS

CUSTOMERS
2nd
Highest July–
December on record
+13%
Including ex-Flick
customers

WIND GENERATION

CUSTOMER SALES
1st
Highest July–
December on record
+16%
Growth in
all segments

WHOLESALE PRICES

KRAKEN MIGRATION
-51%
Lower generation
price than last year
75,000
Target completion:
October 2026
5 March
Ex-dividend date
6 March
Record date
9 March
Elections close
12 March
Strike price announced
24 March
Dividend paid/shares issued
SOLAR CONSTRUCTION INTERIM DIVIDEND
Ruakākā
Te Rahui STAGE 1
6.40cps
4% increase

CONSENTED

STRONG FINANCIAL RESULTS
1,302GWh
3
$506m
EBITDAF
$336m
Operating cash flow
$143m
Underlying profit

CONSENTS APPLIED FOR
720GWh
4

UPCOMING CONSENTS
2,920GWh
5
to lodge in the
next 18 months
FootnotesGWh
3Mt Munro Wind Farm360
Te Rere Hau Wind Farm750
Te Rahui Solar Farm (stage 2)192
4Waikato Solar Farm180
Manawatū Solar Farm190
Swannanoa Solar Farm350
5Waiinu Wind and Solar Farm1,640
Canterbury Solar Farm300
Western Bays Solar Farm
(stage 1 & 2)
980

3
INVESTOR LETTER FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
MERIDIAN ENERGY LIMITED
Customers and
retail momentum
Meridian achieved record retail
sales volumes during the first half
of the financial year (up 12%),
supported by the acquisition of
ex customers of Flick in August 2025.
This, together with new products
and great customer service has
seen our market share increase
from 17.5% to 19.5%.
The migration of customers to
Meridian’s new Kraken technology
platform continued, with more than
75,000 customers now transitioned.
We remain on track to complete all
mass market customer migrations in
the middle of 2026, with remaining
corporate and industrial customer
accounts expected to transition
late in the year.
New Zealand has a highly
competitive retail electricity
market, and it’s vital that we invest
in technology like Kraken that will
enable us to provide even better
customer experiences and make
the development of new products
quicker and easier.
We recognise that people want
more affordable energy and an
increasing range of options for how
and when they use it. So, while
Kraken will be a game-changer,
we’re not holding back and waiting.
We’ve been busy ramping up the
rollout of our Smart Hot Water
product, which gives discounts to
customers for allowing us to control
when their cylinder heats so we can
take pressure off the grid in peak
periods, and our competitive solar
buyback rates and EV plans are also
helping Kiwis reduce their overall
energy bills.
Generation performance
and discipline
Meridian’s generation fleet
performed strongly in the six
months to 31 December. High
plant availability meant we could
manage elevated inflows and wind
conditions, and the team achieved
this while also delivering significant
maintenance programmes such as
a rotor replacement at Ōhau C and
major works at Manapōuri.
The Generation team’s increasing
use of AI and advanced analytics
is contributing to improved asset
performance through initiatives
like technology-led asset condition
monitoring.
PROVIDING OUR CUSTOMERS WITH SMART, DIGITAL SERVICE SOLUTIONS.

4
INVESTOR LETTER FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
MERIDIAN ENERGY LIMITED
WATER BEING RELEASED FROM LAKE BENMORE DUE TO AN EXTENDED PERIOD OF RECORD RAINFALL.
Sustainability and
long-term value
Meridian’s sustainability credentials
continued to strengthen. In
December we achieved our best
ever result in the Dow Jones Best
in Class Index in December, scoring
83 out of 100. This marks Meridian’s
eleventh consecutive year in the
Index and reflects consistent
performance across environmental,
social and governance measures.
Looking ahead
While the first half of the financial
year benefited from favourable
wind and hydro, we remain
focused on disciplined execution
of our strategy – advancing new
renewable generation, investing in
firming solutions, improving asset
performance and using technology
to deliver better outcomes
for customers.
Security of supply has improved
materially. As conditions normalise,
affordability remains our top
priority, alongside the continued
build of generation and storage
needed to support New Zealand’s
electrification.
On behalf of the Board and
the Executive Team, thank you
for your continued support.
Ngā mihi nui
Mike Roan
Chief Executive
Mark Verbiest
Chair

VISIT MERIDIAN.CO.NZ/INVESTORS TO DOWNLOAD
THE FULL MERIDIAN CONDENSED INTERIM FINANCIAL
STATEMENTS AS AT AND FOR THE SIX MONTHS ENDED
31 DECEMBER 2025.

---

01
FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
MERIDIAN ENERGY LIMITED
UNDERLYING NET
PROFIT AFTER TAX
Financial year ended 30 June
EBITDAF
Financial year ended 30 JuneFinancial year ended 30 June
NET PROFIT AFTER TAX
KEYInterimFinal half-yearTotal
KEYInterimFinal half-yearTotal
KEYInterimFinal half-yearTotalKEYInterimFinal half-yearTotal
Five-year performance
Financial
Commentary
1,000
800
200
600
400
0
$M2022
315
709
394
2023
358
783
425
2024
462
905
443
2025
354
611
257
2026
506
500
300
-300
100
-100
-500
$M2022
306
451
145
2023
201
95
-106
2024
238
429
191
2025
-121
-452
-331
2026
227
400
300
200
100
0
$M2022
88
233
145
2023
134
315
181
2024
184
359
175
2025
61
56
-5
2026
143
DIVIDENDS DECLARED
CAPITAL EXPENDITUREOPERATING CASH FLOWS
Financial year ended 30 JuneFinancial year ended 30 JuneFinancial year ended 30 June
KEYInterimFinal half-yearTotalKEYInterimFinal half-yearTotal
700
600
500
200
300
400
100
0
$M2022
236
461
225
2023
244
509
265
2024
364
667
303
2025
268
318
50
2026
336
25
20
15
5
10
0
CPS2022
11.55
17.40
5.85
2023
11.90
17.90
6.00
2024
14.85
21.00
6.156.15
2025
14.85
21.00
2026
6.40
400
300
200
100
0
$M2022
83
175
92
2023
175
346
171
2024
186
349
163
2025
89
193
104
2026
86

02
FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
MERIDIAN ENERGY LIMITED
143
336
50
169
160
227
-121
153
148
45
37
Meridian Energy has reported operating cash flows of $336 million for
the six months ending 31 December 2025, up from $50 million in the same
period last year, when the company’s financial performance was impacted
by the cost of hedge and demand response contracts required to help
New Zealand through record drought during Winter 2024.
The company recorded a net profit after tax (NPAT) of $227 million, compared
to a net loss after tax of $121 million for the first half of FY25. EBITDAF
1
was
$506 million, up from $257 million. Underlying net profit
2
increased from
-$5 million to $143 million with the EBITDAF increase partially reduced by
higher depreciation expense from the June 2025 asset revaluation.
Meridian’s results for the six months ended 31 December 2025 were fuelled
by a $264 million (59%) year on year increase in energy margin – the result of
record wind generation and the second-best lake inflows on record. These
conditions put downward pressure on wholesale electricity prices. Daily spot
prices averaged $84 per MWh over the six months to 31 December, falling
to an average of $12 per MWh in December. The company achieved record
retail sales volumes, up 12% on last year.
1 Earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges,
impairments and gains or losses on sale of assets. EBITDAF is a non-GAAP financial measure but is commonly
used within the electricity industry as a measure of performance as it shows the level of earnings before impact
of gearing levels and non-cash charges such as depreciation and amortisation. Market analysts use the
measure as an input into company valuation and valuation metrics used to assess relative value and
performance of companies across the sector.
2 Net profit after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity option
premiums and other non-cash items and their tax effects. Underlying net profit after tax is a non-GAAP
financial measure. Because they are not defined by GAAP or IFRS, Meridian’s calculation of such 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. A reconciliation of underlying net profit after tax is included on page 6.
Overview
FINANCIAL PERFORMANCE AGAINST PRIOR YEAR
-5
$MEnergy
margin
N PATTransmission
costs
Underlying
N PAT
Employee and
other operating
expenses
Operating
cash flow
EBITDAFDividends
declared
708
444
KEYSix months ended 31 December 2024Six months ended 31 December 2025
800
600
400
200
0
-200
506
257

03
FINANCIAL COMMENTARY FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
MERIDIAN ENERGY LIMITED
EBITDAF
MOVEMENT IN EBITDAF
0
1,200
900
600
300
$M
EBITDAF
31 Dec 2025
EBITDAF
31 Dec 2024
Wholesal
e
contracted sale
s
Virtual
asset swaps
Generatio
n
spot revenue
Cost to suppl
y
customers
Other
revenue
Hostin
g
expens
e
Transmissio
n
expenses
Meterin
g
expenses
Employee
&
other operatin
g
expenses
Net cos
t
of hedges
Other
market costs
Retai
l
contracted sale
s
257
506
+133
+66
+741
-465
-214
+5
-2
-2
+1
-8
-1
-5
ENERGY MARGIN +$264M
PŪKAKI CANAL INLET IN THE MACKENZIE COUNTRY