Meridian Energy Limited · NZX:MEL
Meridian Energy — Shareholder Meeting (October 2026)
29 slides from Meridian Energy's shareholder meeting presentation, Oct 20, 2026
Slide 1: 2026 Annual Shareholder Meeting
2026 Annual Shareholder Meeting 20 OCTOBER 2026 7 cm
Slide 2: 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 2
2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 2
Slide 3: Today's business
Today’s business Chair’s address. Chief Executive’s review. Shareholder questions. Resolutions and voting. Te Anau Lake Control structure. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 3
Slide 4: Chair's address
Chair’s address Control structure and spillway, Lake Pūkaki, South Canterbury. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 4
Slide 5: Meridian Board
Meridian Board Tania Simpson Appointed August 2021. Julia Hoare Appointed September 2019. Chair People, Remuneration Chair Audit and Financial Graham Cockroft Appointed July 2022. Fraser Whineray Appointed September 2026. 2026 election. and Culture Committee. Risk Committee. David Carter Appointed J
Slide 6: 2026 performance
2026 performance Focused on three core priorities: EBITDAF2 $M Maintaining financial discipline, 1,000 900 Supporting customers through ongoing 800 cost-of-living pressures, 700 600 Continuing to build Meridian’s renewable 500 generation development programme. 400 300 200 2012 2013 2014 2015 2016 20
Slide 7: Our customers
Our customers Meridian EV chargers, Cromwell. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 7
Slide 8: Renewable investment
Renewable investment An artist’s impression of the Meridian and Nova Energy joint venture Te Rahui Solar Farm near Taupō. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 8
Slide 9: Waitaki Power Scheme
Waitaki Power Scheme As New Zealand’s largest and most flexible hydroelectricity power scheme, Waitaki plays a critical role in the country’s electricity system and economy. It consists of six power stations with an installed capacity of 1,553MW - almost 30% of New Zealand’s installed hydro capacity
Slide 10: Sustainability
Sustainability Manapōuri Power Station in Fiordland National Park. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 10
Slide 11: Shareholder returns
Shareholder returns Dividends declared for the 2026 financial Ordinary dividends declared cps year totalled 22.50 cents per share. 25 This was a 7.1% increase from the 2025 20 financial year. 15 21.00 21.00 22.50 10 17.40 17.90 5 0 2022 2023 2024 2025 2026 Financial Year ended 30 June Source: Meridi
Slide 12: Closing
Closing Meridian’s White Hill Wind Farm in Southland powers 22,000 average homes. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 12
Slide 13: Chief Executive's review
Chief Executive’s review Waitaki Power Station in South Canterbury. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 13
Slide 14: FY26 financial performance
FY26 financial performance Delivered in the 2026 financial year: Operating cash flows $M $1 billion of EBITDAF. 900 $810 million of operating cash flow. 600 $308 million of underlying profit. 810 300 667 461 509 318 0 2022 2023 2024 2025 2026 Financial Year ended 30 June Source: Meridian. 2026 ANNUA
Slide 15: Sector and regulatory context
Sector and regulatory context First row of panels at the Meridian and Nova Energy joint venture Te Rahui Solar Farm near Taupō. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 15
Slide 16: Resilience
Resilience Portfolio of hydro risk management options Meridian's risk management book annual GWh strengthened. 2,000 additional Pūkaki storage Huntly Strategic Energy Reserve current NZAS DR Retail DR Multiple NZAS demand response options 1,500 HFO Contact swaption previous NZAS DR Nova swaption ava
Slide 17: Renewable development
Renewable development Incremental GWh of New Generation (from full power date) Total Wind Solar 6,384 GWh Wind Solar Total 6,000 Manawatū Wind Constructed 542 - 542 Western Bays Solar (Stage 2) In construction - 702 702 5,000 Consented 1,110 617 1,727 Waiinu Solar Currently in consent - 350 350 Cons
Slide 18: Our customers and affordability
Our customers and affordability 12% growth in customer numbers in the 2026 financial year, including ex Flick customers. Over 245,000 customers now successfully migrated to our new Kraken platform. More than 30,900 Meridian and Powershop customers now using our Smart Hot Water product. 70 chargers,
Slide 19: Operational performance
Operational performance Barge transportation across Lake Manapōuri in Fiordland. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 19
Slide 20: People, leadership and safety
People, leadership and safety Maintenance work at Meridian’s West Wind Farm near Wellington. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 20
Slide 21: Outlook for 2027
Outlook for 2027 Pūkaki canal, South Canterbury. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 21
Slide 22: Shareholder questions
Shareholder questions Manapōuri Power Station in Fiordland. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 22
Slide 23: Resolutions and voting
Resolutions and voting Ōhau A Power Station, South Canterbury. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 23
Slide 24: Resolution 1: Re-election of David Carter
Resolution 1: Re-election of David Carter That David Carter, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 24
Slide 25: Resolution 2: Re-election of Mark Verbiest
Resolution 2: Re-election of Mark Verbiest That Mark Verbiest, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 25
Slide 26: Resolution 3: Election of Fraser Whineray
Resolution 3: Election of Fraser Whineray That Fraser Whineray (appointed as a Director of the Company by the Board with effect from 28 September 2026), who retires and offers himself for election, be elected as a Director of the Company. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 26
Slide 27: Vote totals
Vote totals Resolution 1: Resolution 2: Resolution 3: Re-election of Re-election of Election of David Carter Mark Verbiest Fraser Whineray Postal and online votes already cast For 2,112,492,640 2,079,131,057 2,116,816,564 Against 4,785,555 38,072,370 431,570 Abstain 413,890 490,607 436,005 Votes app
Slide 28: Closing
Closing Manapōuri Lake Control structure, Fiordland. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 28
Slide 29: Disclaimer
Disclaimer The information in this presentation was prepared by Meridian Energy construed as an alternative to, other financial measures determined in with due care and attention. However, the information is supplied in accordance with GAAP. Although Meridian believes they provide useful summary for