Meridian Energy Limited · NZX:MEL
Meridian Energy — Investor Day (November 2025)
77 slides from Meridian Energy's investor day presentation, Nov 20, 2025
Slide 1: 2025 Investor Day
2025 Investor Day 7 cm 20 NOVEMBER 2025
Slide 2: Welcome
Mike Roan – Chief Executive Welcome Owen Hackston Investor Relations Manager Maintenance at the West Wind Farm near Wellington. 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 2
Slide 3: Today's agenda
Today’s agenda 9.00am–9.05am Welcome Owen Hackston Investor Relations Manager 9.05am–9.15am Introduction Mike Roan Chief Executive 9.15am–9.45am Energy system modelling Rory Blundell General Manager Strategy & Portfolio 9.45am–10.15am Meridian Retail Lisa Hannifin Chief Customer Officer 10.15am–10.3
Slide 4: Introduction
Introduction Mike Roan Chief Executive The Waitaki Power Station. 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 4
Slide 5: 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 5
2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 5
Slide 6: Energy system modelling
Mike Roan – Chief Executive Energy system modelling Rory Blundell General Manager Strategy and Portfolio Headwaters of Lake Pūkaki. 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 6
Slide 7: Meridian's modelling framework since 1999
Meridian has maintained and matured a modelling framework since its inception in 1999… …amongst other things, it helps frame strategic choices and underpins our investment approach 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 7
Slide 8: We use scenarios to represent plausible futures
We use scenarios to represent plausible futures, including: . 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 8
Slide 9: Demand for generation projections aligned with others
At an aggregate level, our projections are generally aligned with others… We think that barriers to generation Annual NZ Demand for Generation 80,000 development, de-industrialisation, History and efficiency gains will constrain Evo rapid demand growth (relative to other 70,000 Revo forecasts, notin
Slide 10: Demand is the sum of many moving parts
Demand is the sum of many moving parts including behind the meter… Consumer involvement in electricity markets 25,000 BESS Charge 20,000 Heavy EV Load Decarbonisation Load Consumer Demand (GWh) EV Load 15,000 Industrial Response BESS Discharge 10,000 Load Participation Rooftop Solar 5,000 - -5,000 -
Slide 11: Innovation will deliver cost improvements over time
We believe innovation will deliver cost improvements over time, though now starting from a higher base… Typical Renewable Technology LCOE $200 Global history (IRENA) and NZ forecast (WMO25) 200 wind: MEL range solar: MEL range $175 175 on-shore wind (exc China) grid solar (exc China) off-shore wind
Slide 12: Significant investment in flexibility required
Significant investment in flexibility required no matter how you look at it… Within Week Firming Requirements - REVO Options to meet dry year energy needs Huntly Rankines x 2 4,000 6,000 Huntly Strategic Energy Reserve New Flexibility Genesis Huntly E3P (unit 5) Peakers 3,500 BESS 5,000 Current NZAS
Slide 13: Real prices ~$120–130/MWh in North Island from 2028
Putting it all together, you get Real prices ~$120–130/MWh in the North Island from 2028 Average Annual NZ Price Outlook at Ōtāhuhu $240 TWAP [$/MWh - real 2024] $220 $200 $180 $160 $140 $120 $100 $80 $60 WMO25 WMO23 History NI History (real) History-Avg $40 $20 $- FY1997 FY1999 FY2001 FY2003 FY2005
Slide 14: Average prices hide a very dynamic system
Average prices hide a very dynamic system… Example - Annual Price Participation WMO25 Average Half-Hourly Price Generation Correlation GWAP/TWAP 2036 - All Days, All Hydrologies 160% History WTK Chain 100% 250 MAN Wind Solar Wind Price [$/MWh] Solar WMO23 WTK Chain 90% 140% WMO23 MAN WMO23 Wind WMO2
Slide 15: Resource correlation drives price participation
Resource correlation drives price participation… …greater diversity in wind, much more concentration with solar 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 15
Slide 16: Rebuilt swaption book
We’ve rebuilt the swaption book with more non-gas backed risk instruments going forward… Meridian's swaption book - then and now 1,600 Further volume available under Option 4 Further volume available under Option 3 NZAS Option 2 1,400 2026 SERO (additional 25MW) estimated 2026 SERO (50MW) max 1,200
Slide 17: C&I sales position
While less immediate than swaptions, the C&I book provides further flexibility to manage portfolio risks… C&I sales position 5,000 Un-contracted Contracted 4,000 GWh/year 3,000 2,000 1,000 0 2025 2026 2027 2028 …providing a swing channel to manage mass-market growth 2025 INVESTOR DAY 20 NOVEMBER 202
Slide 18: Summing up
Summing up We have a mature analytical framework to explore, understand and ultimately answer strategic issues facing Meridian and the market within a volatile future environment. Our plausible scenarios indicate what electricity generation “could” look like – we acknowledge we won’t get it right. W
Slide 19: Retail
Retail Lisa Hannifin Chief Customer Officer 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 19
Slide 20: 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 20
2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 20
Slide 21: Digital and data-driven customer experience
Digital and data-driven customer experience Our $30m ‘Next Gen Retail’ programme continues to hit major milestones and deliver value for our people, business and customers Base Op Kraken Migration Migration Camp model selected started complete FY25 – Q2 FY25 – Q3 FY25 – Q4 FY26 – Q1 FY26 – Q2 FY26 –
Slide 22: Making flex valuable for customers
Making flex valuable for customers We’re scaling our first mass market flex product that is making energy cleaner and cheaper for customers Hot water flex (ICP)1 25,000 $880,000 customer credits 20,000 applied via Smart Hot Water plan2 15,000 10,000 5,000 ~2,500 modelled MWh moved from peak 0 period
Slide 23: Electrifying transport and heat
Electrifying transport and heat We’re making progress on building Aotearoa’s largest and most loved public charging network 396 118 $20m Zero charge modelled future charge points points revenue stream under construction5 nationwide4 from Zero by 20307 1,104 194 80 weekly Zero charge point average c/
Slide 24: Optimising costs and efficiency
Optimising costs and efficiency We’re continuing to scale our business while managing costs Customer growth (ICP) Sales volume growth (GWh) 500,000 10,000 450,000 9,000 400,000 8,000 350,000 7,000 300,000 +58% 6,000 +71% 250,000 5,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY18 FY19 FY20
Slide 25: Increasing community good
Increasing community good As we build our Retail business, we can continue to support our customers, communities and climate Energy Wellbeing Programme Community & Business Decarbonisation Fund 1,716 2024 2025 households assisted in FY259 24 37 3,185 community groups across Aotearoa community groups
Slide 26: References
References Reference Page Source Explanation 1 4 Meridian Internal data source counting customers enrolled on the Smart Hot Water plan 2 4 Meridian Monthly customer volumes multiplied by $10 monthly credit, summed over the 7 month period 3 4 Meridian Modelled monthly MWh shifted out of peak times, s
Slide 27: Questions
Questions
Slide 28: Regulation
Regulation Jason Woolley General Counsel and Company Secretary The $448M Harapaki Wind Farm in Hawke’s Bay has been fully operational for a year, powering over 70,000 average homes. 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 28
Slide 29: Regulatory scrutiny is a constant; we are used to it
Regulatory scrutiny is a constant; we are used to it Electricity is fundamental to the Electricity sector reviews since 2000 economy and our lives – it will Date Govt Inquiry Outcome always be a focus for politicians. October 2000 Labour Ministerial Inquiry on improvements to electricity system. Sup
Slide 30: Frontier review confirmed the market is working
Frontier review confirmed that the market is working, competition is strong, and vertical integration supports consumers “While uncertainty around demand, supply and policy has influenced investment in recent years, a strong pipeline of new generation and battery projects, driven by both gentailers
Slide 31: Government actions; LNG and dry-year risk measures
We are largely supportive of Government actions; LNG (1.1) and dry-year risk measures (2.5) present most uncertainty Recommended action Meridian view Workstream 1: Invest in Energy Security Action 1.1: Deliver an LNG import facility. Neutral. Unclear if this will deliver security at lowest cost to c
Slide 32: Level playing field proposals refined
‘Level playing field’ proposals have been refined but consumer benefits remain unclear Updated ‘level playing field proposals’ released by the Electricity Authority on 14 October 2025. Would introduce ‘non-discrimination obligations’ with the intent of addressing perceived competition issues between
Slide 33: Improving access to contingent hydro storage
We are continuing efforts to improve access to contingent hydro storage Contingent storage availability ◼︎ Available at Alert status ◼︎ Available at Emergency status Source: Transpower Winter 2024 revealed current settings Lake Tekapo Lake Pūkaki Lake Hāwea to access ‘contingent storage’ at the GWh
Slide 34: Outlook to Election 2026
Outlook to Election 2026 Electricity is shaping up to be one of a number of 'cost-of-living' related election New Zealand Energy Risk year issues. NZ First has signalled they will take forward a platform of re-nationalisation and vertical separation of generation and retail. On the other hand, ACT i
Slide 35: Digital generation
Digital generation Tania Palmer General Manager Generation v Yanosh Irani Head of DigiGen Maintenance work at Benmore Power Station. 2025 INVESTOR DAY PRESENTATION 20 NOVEMBER 2025 PAGE 35
Slide 36: Meridian strategy
Meridian strategy 2025 INVESTOR DAY PRESENTATION 20 NOVEMBER 2025 PAGE 36
Slide 37: Strategic investment pipeline
Strategic investment pipeline 2025 INVESTOR DAY PRESENTATION 20 NOVEMBER 2025 PAGE 37
Slide 38: DigiGen value pools
DigiGen value pools Assessment suggests $25-$45 million p.a. of incremental upside from increased availability and operations & maintenance cost optimisation Lower range Upper range Source: McKinsey 2025 Type Value pool Potential value opportunity (NZ$M p.a.) of… …driven by improvements in Availabil
Slide 39: DigiGen initiatives
DigiGen initiatives Source McKinsey 2025 2025 INVESTOR DAY PRESENTATION 20 NOVEMBER 2025 PAGE 39
Slide 40: Capital expenditure
Capital expenditure Mandy Simpson Chief Financial Officer Penstocks at Ōhau A Power Station. 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 40
Slide 41: Stay in business capex
Stay in business capex The capital cost of maintaining Meridian’s asset base and systems. Includes asset and technology lifecycle costs, major repairs or replacement that extend existing asset lives. Excludes asset investment that delivers additional installed capacity and higher generation output.
Slide 42: An increasing trend
An increasing trend $M Stay in business capex 2021 2022 2023 2024 2025 Stay in business capital expenditure Property, own EV charging 1 1 2 18 2 $M Forest creation 1 4 2 5 2 Generation Retail ICT Development Corporate Total SCADA replacement 1 2 8 120 114 Flux 6 3 4 4 15 91 Recurring 90 80 Generatio
Slide 43: Peaking in FY26
Peaking in FY26 $M Stay in business capex Stay in business capital expenditure 2021 2022 2023 2024 2025 2026 2027 Property, own EV charging 1 1 2 18 2 11 1 $M Generation Retail ICT Development Corporate Total Forest creation 1 4 2 5 2 1 SCADA replacement 1 2 8 19 19 120 110 Flux 6 3 4 4 1 12 91 Recu
Slide 44: Generation control system replacement
Generation control system replacement Replacing the 1998 Siemens SCADA system with Hitachi’s Network Manager. Last significant spend on the generation control system was $50 million, completed 12 years ago. New system will improve security, operational Waitaki Power Station control room. efficiency
Slide 45: 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 45
2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 45
Slide 46: Benmore penstocks
Benmore penstocks 75% chance of major earthquake along the Alpine Fault in the next 50 years, making Benmore’s resilience critical. Benmore’s six concrete penstocks are globally unique, built in the 1960s from pre-cast segments instead of steel. Strengthening penstocks to ensure rapid power recovery
Slide 47: Questions
Questions
Slide 48: Development
Development Guy Waipara General Manager Development Impression of Meridian’s $227 million Ruakākā Solar Farm near Whangārei, which will produce enough electricity to power half the homes in Northland when completed in early 2027. 2025 INVESTOR DAY PRESENTATION 20 NOVEMBER 2025 PAGE 48
Slide 49: Construction and development
Construction and development Construction and development pipeline GWh (annual) Wind Solar Total 6,910 7,000 6,000 15 TWh total 5,000 4,000 equivalent to 35% of current demand 2,910 3,000 1,845 2,000 1,305 1,000 542 705 720 0 Constructed In construction Consented Currently in Consents to Secured Adv
Slide 50: Built assets
Built assets Harapaki Wind Farm Clocked just over a year in full operation. Slightly higher production 542–558GWh. Year one revenue up 50% and assessed NPV up from $38 million to $140 million compared to business case. Harapaki Harapaki Wind Farm. Ruakākā Battery Energy Storage System (BESS) Commiss
Slide 51: In construction
In construction Ruakākā solar 130MW, 230GWh. Capex $227 million. First power November 2026, full power February 2027. Ruakākā solar impression. Te Rahui Stage 1 solar (50% Meridian) 200MW, 389GWh. Capex $346 million, Equity $55 million. Te Rahui Stage 2 Final Investment Decision (FID) target end of
Slide 52: Consented and FID in 2026
Consented and FID in 2026 Mt Munro wind Consented in February 2025 for up to 20 turbines. Indicative Capex range $315–$345 million | 85MW | 360GWh. Considering enabling works to bring scheduled full power date forward. Target FID December 2026. Mt Munro impression. Te Rere Hau wind Several reworked
Slide 53: In consent
In consent Swannanoa solar 200MW | 350GWh. Lodged December 2024. Consents expected early 2026. Transpower design underway. Waikato solar Swannanoa solar site in Canterbury. 100MW | 180GWh. Lodged April 2025. Consents expected mid-2026. Transpower design underway. Manawatū solar 100MW | 190GWh. Lodge
Slide 54: Likely Fast-track applications
Likely Fast-track applications Waiinu Energy Park 350MW | 1,250GWh wind. 200MW | 380GWh solar. Iwi and community engagement ongoing. Fast-track referral to be lodged by end of 2025. Substantive application expected early 2026, Site of the Waiinu Energy Park neat Whanganui. subject to Ministerial ref
Slide 55: Waitaki reconsenting
Waitaki reconsenting A controlled activity that complies with the relevant catchment regional council plan. Direct referred to the Environment Court. Hearing occurred this month in Ōamaru, from 3–14 November 2025. Significant agreements in place with all catchment-based parties that will deliver bet
Slide 56: Pūkaki Fast-track for lake lowering
Pūkaki Fast-track for lake lowering Lake Pūkaki Additional hydro storage is available in Lake Pūkaki subject to electricity system security triggers. Meridian is seeking fast-track approval to use that hydro storage without the triggers over 2026–2028. Rock armouring would be placed on the Pūkaki da
Slide 57: Fast-track consenting
Fast-track consenting Humphrey Tapper Chief Legal Adviser Environment and Property Aviemore Power Station in the mid-Waitaki. 2025 INVESTOR DAY PRESENTATION 20 NOVEMBER 2025 PAGE 57
Slide 58: Background – consenting
Background – consenting The resource consenting process has become increasingly complex and protracted. Across the sector, both developers and environmental advocates agree that the Resource Management Act (RMA) is fundamentally broken and in need of reform. Meridian’s experience reflects this mixed
Slide 59: Current consenting options
Current consenting options Options available to consent wind, hydro, solar or battery projects: 1. Resource Management Act 1991 Non-notified. Limited notified. Publicly notified. Direct Referral. Call-in. Private Plan Change. 2. Fast-track Approvals Act 2024 3. Special legislation Mt Munro Wind Farm
Slide 60: Timeline
Timeline Consent duration for Meridian projects Total days Wind Hydro Battery Solar 1,600 1,400 1,200 1,000 800 600 400 200 0 Te Apiti White Hill West Wind North Bank Hayes Mill Creek Central Wind Hurunui Mt Munro Ruakaka BESS Ruakaka BESS Ruakaka solar - Ruakaka solar Bunnythorpe Bunnythorpe - Tunn
Slide 61: Fast-track Approvals Act 2024
Fast-track Approvals Act 2024 1. Current proposals The law was enacted on 23 December 2024, but it only applied to new activities not already listed as Fast-track Projects from 7 February 2025. Projects already consented: Port of Auckland’s Bledisloe North Wharf/Ferguson North Berth Extension, Maita
Slide 62: Fast-track Approvals Act 2024
Fast-track Approvals Act 2024 3. Different purpose, different Act Under the RMA, Part II is often described as the “engine room,” with its core purpose being sustainable management. In contrast, the Fast-track Approvals Act is designed to facilitate the delivery of infrastructure and development pro
Slide 63: Fast-track Approvals Act 2024
Fast-track Approvals Act 2024 6. Ineligible projects Some projects are ineligible for the Fast-track process. These generally include activities that: Occur on Māori land, customary marine title areas, or protected customary rights areas without written agreement, Involve access arrangements under l
Slide 64: Fast-track Approvals Act 2024
Fast-track Approvals Act 2024 8. Decisions The application is heard by an Expert Panel. It must state the panel’s reasons and include main findings. A draft copy of the decision must also be shared with the applicant. 9. Hearings The panel determines how it wishes to hear the application – no hearin
Slide 65: Fast-track Approvals Act 2024
Fast-track Approvals Act 2024 Referral Application Pre-lodgement consultation. 10-working day ‘Completeness check’. If complete, the Fast-track team will then provide the application to the panel convener. The Ministry for the Environment assesses referral applications and provides advice to the Min
Slide 66: Fast-track Approvals Act 2024
Fast-track Approvals Act 2024 Substantive Application The substantive application must be made within 2 years of the referral. Can only use one consenting route. Digital lodgement. Completeness check by EPA: 15 working days. Panel Appointed; Panel invites comments: Affected parties, iwi, and agencie
Slide 67: Fast-track Approvals Act 2024
Fast-track Approvals Act 2024 Costs Application Levy Application Total Role Fee Table per hour User pay system. (From 7 Feb 2025) Type Fee The levy covers Fast-track consenting Referral $6,700 $12,000 $21,505 Role Fee application + GST + GST Administrator $152 overhead costs. Land exchange $13,400 $
Slide 68: Fast-track Approvals Bill
Fast-track Approvals Bill Key changes Appeals to the High Court on points of law only. No appeals to Court of Appeal from a High Court finding but leave may be sought from the Supreme Court. After that, there is the ability to be heard by the Court of Appeal. Parties that may appeal are limited, i.e
Slide 69: Fast-track Approvals Bill
Fast-track Approvals Bill Key changes Listed projects may make a written request to the Minister for stages. Reduced consultation – applicants no longer need to consult with local authorities, iwi authorities, hapū, or Treaty settlement entities before lodging a referral application – now only need
Slide 70: Fast-track Approvals Bill
Fast-track Approvals Bill Key changes Panel Convenor must elect a panel within 15 working days after receiving a notice. An applicant or local authority can raise concerns about a prospective panel member. Speed up – a referral application or substantive application may be subject to a further infor
Slide 71: Hydro development
Hydro development Murray Hill Head of Hydro Development Waitaki Power Station – turbine inlet Unit 6. 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 71
Slide 72: A hydro-focused response to an uncertain energy transition
A hydro-focused response to an uncertain energy transition The Challenge: System Capacity – to support economy-wide decarbonisation, the power system may need to double in capacity by 2050. Security of Supply – with ~2GW of thermal generation expected to retire by 2030, and domestic gas supply in de
Slide 73: A strategic imperative for Meridian and Aotearoa
A strategic imperative for Meridian and Aotearoa Hydro has always been the foundation of our electricity system; it can deliver a compelling future for our nation. 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 73
Slide 74: Deliver feasible opportunities across our time horizons
Deliver feasible opportunities across our time horizons 2025 INVESTOR DAY 20 NOVEMBER 2025 PAGE 74
Slide 75: Questions
Questions
Slide 76: Closing comments
Closing comments Mike Roan Chief Executive Meridian is building Aotearoa New Zealand’s largest public charging network. 2025 INVESTOR DAY PRESENTATION 20 NOVEMBER 2025 PAGE 76
Slide 77: Disclaimer
Disclaimer 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 informatio