Mercury Nz Ltd. · NZX:MCY
Mercury Nz — H1 FY2026 Earnings Presentation
28 slides from Mercury Nz's earnings presentation, Feb 24, 2026
Slide 1: Interim Results 2026
auton INTERIM RESULTS Mercury 2026 LL STEW HAMILTON 24 February 2026 Chief Executive onal us RICHARD HOPKINS Chief Financial | Officer PAUL RUEDIGER Head of Business Performan: ce & Investor Relations
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Mercury NZ Limited and its group of companies ("Company") for informational purposes. This disclaimer S2pplies to this document and the verbal or written comments of any person presenting it. nformation in this presentation has been prepared by the C
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Slide 4: Focused on Progressing Strategic Priorities
FOCUSED ON PROGRESSING STRATEGIC PRIORITIES FY35 FY30 ASPIRATIONS PRIORITIES STRATEGIC OBJECTIVES ES ES : MERCURY HALF YEAR RESULTS FY26 Generation development uplift Capture energy transition growth Rebuild sector confidence Connected and high-performing culture Earnings transformation KEY INITIATI
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Slide 7: Disciplined Execution Delivers Strong Performance
DISCIPLINED EXECUTION DELIVERS STRONG PERFORMANCE 800 5 y ° 3° 3S 3° ° 3 3° Ersgnal usé:on| Expenditure FINANCIAL PERFORMANCE . Oo LL MERCURY HALF YEAR RESULTS FY26 EBITDAF was higher primarily due to above average hydrology and lower operating expenditure NPAT improved due to higher EBITDAF partial
Slide 8: Higher Generation and Lower Operating Expenses Lifts Performance
HIGHER GENERATION AND LOWER OPERATING EXPENSES LIFTS PERFORMANCE EBITDAF bridge (HY25 to HY26) 600 Decrease Mi Increase = 2 S 2 (46) 4 p= 500 @ & 2 eS 2 4 > 3 a 537 400 © 418 O 300 Y) HY25, Generation Mass Market Yields C&l Yields Net position (other) Other Operating HY26 o volume income Expense * G
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Slide 11: Strong Taupo Hydro Storage Position to Start H2 FY26
STRONG TAUPO HYDRO STORAGE POSITION TO START H2 FY26 LAKE TAUPO STORAGE (avo, since 1 Jul 1999) Min / Max —Avg ~~-Lake Taupo MCI —FY26 —FY25 600 > s00 ¢ 400 (o) = 300 é rab) 200 Y) 100 “wa ° inth End Jul Aug Sep | Oct Nov Dec | Jan FebS Mar Apr May Jun ‘==Hydro Generation - 7 oe heesane’ (Wh) 160 82
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Slide 15: Leading Wind Delivery in New Zealand - Projects Tracking on Time and Budget
LEADING WIND DELIVERY IN NEW ZEALAND - PROJECTS TRACKING ON TIME AND ON BUDGET Kaiwera Downs Stage 2 under construction MERCURY HALF YEAR RESULTS FY26 + Southland location * On time and on budget + First generation expected by May 2026 with Tl turbines ready fo generate when connected + Northland lo
Slide 16: Generation Pipeline Up TWh
GENERATION PIPELINE UP 2 TWH TO 17 TWH We are leveraging our strength in wind and geothermal, our superior project pipeline and a strong financial position ec Pipeline (TWh) 2) sea, ® _—_ 2) Pre-Pipeline 5 > 10 — Central NI (a0) 8 Cc Oo i) Oo we Lower NI 2 ior south and — 4 jo) ; LL —_ 2025 HY26 Sta
Slide 17: Progressing at Pace to Deliver 3.5 TWh by 2030
PROGRESSING AT PACE TO DELIVER 3.5 TWH BY 2030 Project status Estimated Capacity Next investment gate mW) output & timing targeted Progress update ( (gwh) | Consent | Procure | Construct | Commission g tang CECE Geothermal 46 390 Fully online - Q3 FY26 Final commissioning at full generation is under
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Slide 20: Customer Scale and Efficiency Unlock Value
CUSTOMER SCALE AND EFFICIENCY UNLOCK VALUE Donating momentum: 40% of our customers are now on two or Cc more products eo) Connection growth: Total connections up ~30k vs PCP. Growth led by telco with stable energy ICPs VW) Fibre milestone: Surpassed 150,000 fibre connections in HY26. Over 94% of bro
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Slide 23: FY26 Guidance
FY26 GUIDANCE FY26 EBITDAF guidance unchanged at $1.0b on 4.4TWh of hydro ==egeneration subject to hydrological volatility, wholesale market conditions and Cany material adverse events, significant one-off expenses or other Obunforeseeable circumstances * FY26 ordinary dividend guidance unchanged at
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Slide 25: Questions
STEW HAMILTON CHIEF EXECUTIVE RICHARD HOPKINS CHIEF FINANCIAL OFFICER
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Mercury Ajuo asn yeuosiad JOS
Slide 27: Our Portfolio Is Well Hedged and Geared to Receive New Generation
OUR PORTFOLIO IS WELL HEDGED AND GEARED TO RECEIVE NEW GENERATION For personal use only Portfolio management via tactical and strategic sales combined with flexible hydro resulted in ~98% of HY26 generation hedged and spot sales of 0.1 TWh Addition of long term HFO combined with net long position pr
Slide 28: From Trustpower Acquisition Benefit to ASX-Linked Outcomes
FROM TRUSTPOWER ACQUISITION BENEFIT TO ASX-LINKED OUTCOMES > From FY27, the Trustpower acquisition benefit tapers as the legacy pricing Qhrechanism transitions to ASX-linked outcomes - a known, managed transition reflected in our FY30 EBITDAF target and our guidance on peak CLoebt/EBITDA, while rema