Meridian Energy Limited · NZX:MEL
Meridian Energy — Shareholder Meeting (October 2022)
29 slides from Meridian Energy's shareholder meeting presentation, Oct 18, 2022
Slide 1: 2022 Annual Shareholder Meeting
2022 Annual Shareholder Meeting 18 OCTOBER 2022
Slide 2: Today's business
Today’s business Chair’s address Chief Executive’s review Shareholder questions Resolutions and voting Cover: planting the next phase of coastal forest on the Kaitoke Peninsula with Raglan Area School Part of Meridian’s EV Zero electric vehicle charging network 1 8 OCT OB E R 20 22 20 22 AN N U AL S
Slide 3: Chair's address
Chair’s address Meridian’s Benmore hydro station in the South Island’s Waitaki District generates enough electricity each year for about 298,000 average New Zealand homes 18 OCTOB E R 2 02 2 2 02 2 AN N UAL S HAR E HOLD E R M E E TI N G 3
Slide 4: Our Board
Our Board Michelle Henderson Jan Dawson (ret.) Julia Hoare Nagaja Sanatkumar Graham Cockroft Mark Cairns Mark Verbiest Tania Simpson 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 4
Slide 5: Clean energy
Clean energy 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 5
Slide 6: Climate Action Plan
Climate Action Plan Climate Action Plan Our Meridian’s purpose of Clean energy for a fairer and healthier world purpose is at the centre of everything we do on our journey to net zero. Our Our energy Wind. Water. Sun. We are continuing development of business generation is from • additional renewabl
Slide 7: Meridian Energy Australia sale
Meridian Energy Australia sale § $750 million of sales proceeds Net debt $ Billion § $214 million gain on sale 2.0 § Proceeds used to repay short-term 1.5 debt and retained as cash 1.0 § Supports funding of future 1.5 1.4 1.5 1.6 investment in new New Zealand 0.5 1.1 1.2 0.8 generation 0.0 2016 2017
Slide 8: Aotearoa New Zealand's renewable growth future
Aotearoa New Zealand’s renewable growth future Annual market demand for generation $30+ TWh billion of 70 new generation 65 investment 60 55 50 45 Harapaki wind farm Carbon neutral, stable on schedule operational emissions 40 20 in 28 35 history range of future growth 30 1997 2000 2003 2006 2009 201
Slide 9: New Zealand's Aluminium Smelter possible exit
New Zealand’s Aluminium Smelter possible exit New Zealand’s Aluminium Smelter at Tiwai Point, Southland 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 9
Slide 10: Aotearoa New Zealand's first Emissions Reduction Plan
Aotearoa New Zealand’s first Emissions Reduction Plan § Three emissions budgets that set out Average annual emissions Mt CO2-e the total amount of emissions New Emissions Reduction Plan 100 Zealand must cut over the next 14 79.5 79.5 years 80 72.5 61.0 § Three further budgets will follow with 60 48.
Slide 11: Board changes
Board changes § Tania Simpson elected as a Director a year ago § Graham Cockroft appointed as a Director in July 2022 and standing for election at this meeting § Jan Dawson retiring today after 10 years as a Director 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 11
Slide 12: 2022 financial performance
2022 financial performance Total shareholder return1 Total dividends declared Cents per share 80% Meridian TSR NZX50 Index 25 Ordinary dividends Special dividends 60% 20 4.88 2.44 4.88 40% 15 60% 18% 19% 20% 10 16.42 16.90 16.90 17.40 15% 10% 12% 14.32 0% 5 9% 11% -8% -20% -14% 0 2018 2019 2020 2021
Slide 13: Chief Executive's review
Chief Executive’s review 18 OCTOB E R 2 02 2 2 02 2 AN N UAL S HAR E HOLD E R M E E TI N G 13
Slide 14: Executive team
Executive team Jason Stein Guy Waipara Tania Palmer Mike Roan Nic Kennedy Chris Ewers Lisa Hannifin Claire Shaw Bharat Ratanpal Jason Woolley Neal Barclay 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 14
Slide 15: Employee engagement and injury rates
Employee engagement and injury rates Employee engagement Lost time injury frequency rate Per million hours Meridian employees 100% Meridian on-site contractors 15 80% 12 60% 9 15.0 13.6 40% 85% 6 11.8 78% 80% 74% 72% 7.4 8.0 9.1 3 20% 4.2 3.4 4.3 1.7 0 0% 2018 2019 2020 2021 2022 FY19 FY20 May-21 No
Slide 16: 2022 earnings
2022 earnings EBITDAF1 $M 1,000 800 600 400 774 787 692 709 621 622 200 0 2017 2018 2019 2020 2021 2022 Financial Year ended 30 June Source: Meridian 1Earnings from continuing operations before interest, tax, depreciation, amortisation, changes in fair value of hedges, impairments and gains or losse
Slide 17: Harapaki wind farm – Hawke's Bay
Harapaki wind farm – Hawke’s Bay § $448m capital costs § To power the equivalent of 70,000 homes § Local iwi are integral part of our team § Sustainability focus to design out emissions Site development at Meridian’s Harapaki wind farm, Hawke’s Bay, mid-2022 1 8 OCT OB E R 20 22 20 22 AN N U AL SH A
Slide 18: Meridian's renewable development pipeline
Meridian’s renewable development pipeline § Deep pipeline of 2.3 GW (5.4 TWh) of development options § 1.1 GW secured, 1.2 GW in advanced prospects, further battery site acquired § North Island focus, flexibility on South Island options maintained Taranaki Ruakaka (100 MW) (75 MW) Secured Advanced A
Slide 19: Green hydrogen
Green hydrogen final final responses commercial investment and development decision selection 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 19
Slide 20: Evolving our customer approach
Evolving our customer approach To energy solutions that enable customers to decarbonise Accelerate Energy Innovation Predict VPP Optimise Aggregate Transport Distributed Process Heat Demand Flexibility Gen/Storage 2025 Draft Retail to 30% of Retail to or operate 50MW of flexibility Utility scale VPP
Slide 21: Shareholder questions
Shareholder questions Maintenance teams at Meridian’s Benmore hydro station in the South Island’s Waitaki District 18 OCTOB E R 2 02 2 2 02 2 AN N UAL S HAR E HOLD E R M E E TI N G 21
Slide 22: Resolutions and voting
Resolutions and voting Tūī Corridor native planting at Christchurch Adventure Park, Ōtautahi Christchurch 18 OCTOB E R 2 02 2 2 02 2 AN N UAL S HAR E HOLD E R M E E TI N G 22
Slide 23: Resolution 1: Re-election of Michelle Henderson
Resolution 1 Re-election of Michelle Henderson That Michelle Henderson, who retires by rotation and is eligible for re- election, be re-elected as a Director of the Company 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 23
Slide 24: Resolution 2: Re-election of Julia Hoare
Resolution 2 Re-election of Julia Hoare That Julia Hoare, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 24
Slide 25: Resolution 3: Re-election of Nagaja Sanatkumar
Resolution 3 Re-election of Nagaja Sanatkumar That Nagaja Sanatkumar, who retires by rotation and is eligible for re- election, be re-elected as a Director of the Company 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 25
Slide 26: Resolution 4: Election of Graham Cockroft
Resolution 4 Election of Graham Cockroft That Graham Cockroft (appointed as a Director of the Company by the Board with effect from 26 July 2022), who retires and is eligible for election, be elected as a Director of the Company 1 8 OCT OB E R 20 22 20 22 AN N U AL SH ARE H OL D E R M E E T I N G 26
Slide 27: Vote totals
Vote totals Resolution 1: Resolution 2: Resolution 3: Resolution 4: Re-election of Re-election of Re-election of Election of Michelle Henderson Julia Hoare Nagaja Sanatkumar Graham Cockroft Postal and online votes already cast For 1,921,002,480 1,861,846,975 1,927,348,808 1,935,507,026 Against 14,99
Slide 28: Closing
Closing Lake Manapōuri, Fiordland National Park, Southland 18 OCTOB E R 2 02 2 2 02 2 AN N UAL S HAR E HOLD E R M E E TI N G 28
Slide 29: Disclaimer
Disclaimer The information in this presentation was prepared by Meridian This presentation contains a number of non-GAAP financial Energy with due care and attention. However, the information is measures, including Energy Margin, EBITDAF, Underlying NPAT and supplied in summary form and is therefore