Mercury Nz Ltd. · NZX:MCY
Mercury Nz — Investor Day (June 2025)
81 slides from Mercury Nz's investor day presentation, Jun 10, 2025
Slide 1: Better Today, Building Tomorrow, Brighter Together
BETTER TODAY BUILDING TOMORROW BRIGHTER TOGETHER INVESTOR DAY STEW HAMILTON 10 JUNE 2025 CHIEF EXECUTIVE
Slide 2: Disclaimer
This presentation has been prepared by Mercury NZ Limited and its group of DISCLAIMER companies (“Company”) for informational purposes. This disclaimer applies to this document and the verbal or written comments of any person presenting it. Information in this presentation has been prepared by the C
Slide 3: Nau Mai, Haere Mai – Welcome
NAU MAI, HAERE MAI WELCOME
Slide 4: Agenda
AGENDA TOPIC Welcome and strategy introduction PRESENTERS Stew Hamilton Advantaged portfolio positioned for growth Tim Thompson Scale and efficiency unlock value Craig Neustroski, Fiona Smith, Moa Haar-Simmonds Lunch Accelerating generation development Matt Tolcher, Ben Pezaro Generation delivering
Slide 5: A Capable and Multi-Disciplined Executive Team
A CAPABLE AND MULTI-DISCIPLINED EXECUTIVE TEAM STEW HAMILTON LUCIE DRUMMOND RICHARD HOPKINS CHIEF EXECUTIVE CHIEF SUSTAINABILITY OFFICER CHIEF FINANCIAL OFFICER " Appointed CEO in 2024; joined Mercury " Leads strategy, ESG integration, " Joined in 2025 to lead financial strategy in 2021 as EGM, Gene
Slide 6: A Diversified Portfolio of Renewable Assets
A DIVERSIFIED PORTFOLIO OF RENEWABLE ASSETS ~8.8 TWh RENEWABLE GENERATION1 OUR PURPOSE Tiakina te anamata, m te tkhono i ng tngata me ~891k CUSTOMER CONNECTIONS2 ng whi o te inamata. Taking care of tomorrow, connecting people and place today. 10.3%TSR SINCE LISTING3 OUR BUSINESS Electricity generato
Slide 7: A Sector with Challenge and Opportunity
A SECTOR WITH CHALLENGE AND OPPORTUNITY We are well positioned to mitigate and manage sector risks and pursue key opportunities Declining trust Delivering more as we navigate renewable projects Resilience in a more the transition at the right rate renewable system and economics Customer Attract tale
Slide 8: The Energy Transition
THE ENERGY TRANSITION SUPPLY-DEMAND BALANCE — ANNUAL CONSUMPTION 2003 - 2024 Historic scale, at pace — delivering infrastructure while ensuring energy security 50% $10.2bn increase in installed investment in new capacity through generation through to 2030 to 2030 SUPPLY-DEMAND BALANCE — FIRM WINTER
Slide 9: Navigating a Higher-Cost Environment Amid a Cost of Living Squeeze
NAVIGATING A HIGHER-COST ENVIRONMENT AMID A COST OF LIVING SQUEEZE March 2025 inflation increase – the first since 2022 WORLD INFLATION RATES1 NEW ZEALAND INFLATION RATE RESIDENTIAL PRICE 1 IMF, World Economic Outlook, April 2025 MERCURY INVESTOR DAY REPORT JUNE 2025 9
Slide 10: New Zealand Not Immune from Global Trust Erosion
NEW ZEALAND NOT IMMUNE FROM GLOBAL TRUST EROSION The Trust Index in New Zealand has been declining incrementally since 2022 and for the first time NZ is in the distrust category Source: https://acumennz.com/acumen-edelman-trust-barometer/acumen-edelman-trust-barometer-2025/ https://eta-publications.
Slide 11: Capability and Strength Form the Basis for Value Delivery
CAPABILITY AND STRENGTH FORM THE BASIS FOR VALUE DELIVERY Diverse portfolio – type and location Strong connection with critical suppliers to protect and maximise value of wind, geo and hydro tech River peaking that matches demand Large retail book with bundling capability Best pipeline of wind prosp
Slide 12: Strategy Refresh: Focus on Priorities That Will Deliver Value
STRATEGY REFRESH: FOCUS ON PRIORITIES THAT WILL DELIVER VALUE FY35 FY30 ASPIRATIONS PRIORITIES STRATEGIC OBJECTIVES KAITIAKITANGA Strategic Framework Stewardship Deliver more reliable Generation Our assets and the natural and renewable energy development uplift environment are thriving. ARUMONI Comm
Slide 13: Rebuilding Sector Confidence Through the Energy Transition
REBUILDING SECTOR CONFIDENCE THROUGH THE ENERGY TRANSITION INTERCONNECTED ENERGY SYSTEM NEW ZEALAND MARKET MERCURY’S RESPONSE CHALLENGES / OPPORTUNITIES AND POLICY SETTINGS EVOLVING Affordability increasingly challenging across Government Review of electricity Helping shape solutions to deliver affo
Slide 14: Policy Priorities for Navigating the Transition
POLICY PRIORITIES FOR NAVIGATING THE TRANSITION Firming generation needed Boost hedge market to enable to keep lights on vibrant competition Declining gas supplies and New Zealand’s dry year problem The EA and ComCom Energy Competition Task Force is have exacerbated the need for more firming generat
Slide 15: Today. Tomorrow. Together.
TODAY. TOMORROW. TOGETHER. " Better productivity to lift performance " Best renewable development track-record to execute current projects Using our " Strong core and scale to focus on delivery capability to operate for value " Advantaged portfolio positioned for supply growth " Bigger value-accreti
Slide 16: Advantaged Portfolio Positioned for Growth
ADVANTAGED PORTFOLIO POSITIONED FOR GROWTH INVESTOR DAY TIM THOMPSON 10 JUNE 2025 EGM WHOLESALE MARKETS
Slide 17: Superior Returns Today
SUPERIOR RETURNS TODAY MERCURY INVESTOR DAY REPORT JUNE 2025 17
Slide 18: Our Resilient Portfolio Is Delivering Superior Returns Today
OUR RESILIENT PORTFOLIO NATIONAL DEMAND VS. CATCHMENT INFLOWS IS DELIVERING SUPERIOR RETURNS TODAY Renewable generation Substantial near-term growth " Baseload geothermal, intermittent " 1+ TWh new generation in wind, flexible hydro construction (wind + geothermal) " Diversified, complementary, " Ba
Slide 19: The Waikato Hydro System Plays a Critical Firming Role
THE WAIKATO HYDRO SYSTEMS PLAYS A CRITICAL FIRMING ROLE PEAK DEMAND DUNKELFLAUTE1 DRY-YEAR (Trading Periods) (Weeks) (Months) Our advantaged portfolio: Diverse renewable generation / Superior asset location / Experienced trading & risk management / Proven track record Portfolio Management Average po
Slide 20: Building on Our Advantage with Technology Enabled Innovation
WE’RE BUILDING ON OUR ADVANTAGE WITH TECHNOLOGY ENABLED INNOVATION Leveraging What We Have Delivering Tangible Outcomes – 50GWh annual benefit " Digital River is Mercury’s AI-powered decision platform " On track for record hydro efficiency and digital twin in FY2025 " Optimises hydro operations by "
Slide 21: Building for Tomorrow Through a Challenging Transition
BUILDING FOR TOMORROW THROUGH A CHALLENGING TRANSITION MERCURY INVESTOR DAY REPORT JUNE 2025 21
Slide 22: Positioned for Growth but Adaptable to All Future Outcomes
WE’RE POSITIONED FOR GROWTH BUT ADAPTABLE TO ALL FUTURE OUTCOMES Electrification is NZ’s Path Affordability Relies on Efficient MERCURY STRATEGIC SCENARIOS to Net Zero Investment " Electrifying transport & heat " System cost pressures driven by can deliver ~70% of NZ’s security needs and infrastruct
Slide 23: Positioning for Resilient Long-Term Growth
POSITIONING FOR RESILIENT LONG-TERM GROWTH MERCURY INVESTOR DAY REPORT JUNE 2025 23
Slide 24: We Have an Integrated Long-Term Portfolio Plan
WE HAVE AN INTEGRATED LONG-TERM PORTFOLIO PLAN Proven Portfolio Strategy INDICATIVE NET POSITION BREAKDOWN " Mercury has a proven track record FY2026 FY2030 in portfolio management " Net long generation ~750GWh annually (varies with hydrology, plant availability, hedging, and sales) " Closely aligne
Slide 25: Our Approach to Capacity Will Unlock Further Hydro Firming
OUR APPROACH TO CAPACITY MARGINAL WIND PORTFOLIO CONTRIBUTION OF KAIWAIKAWE1 WILL UNLOCK FURTHER HYDRO FIRMING Portfolio-Enabled Firming with Capacity Additions Unlock a Hydro Cornerstone Hydro Firming " Waikato Hydro Scheme provides " Hydro firming limited by peak significant firming today demand p
Slide 26: Our Firming Potential Is Sufficient to Enable Our Growth Ambitions
OUR FIRMING POTENTIAL IS SUFFICIENT TO ENABLE OUR GROWTH AMBITIONS INDICATIVE FY30 CAPACITY REQUIREMENTS VS. OPTIONS Renewable diversity Proof Point: Geographic diversity of wind developments / Geothermal feature in Generation Development pipeline / hydro refurbishment programme enhancing capacity ‘
Slide 27: Advantaged Portfolio Positioned for Growth
ADVANTAGED PORTFOLIO POSITIONED FOR GROWTH SUPERIOR RETURNS TODAY Our advantaged portfolio: Diversified renewable generation / Superior asset location / Substantial near-term growth / Experienced trading 400 GWh & risk management / Track record of performance C&I electrification / new demand by 2027
Slide 28: Scale & Efficiency Unlock Value
SCALE & EFFICIENCY UNLOCK VALUE INVESTOR DAY CRAIG NEUSTROSKI FIONA SMITH MOA HAAR-SIMMONDS 10 JUNE 2025 COO – CUSTOMER CHIEF PEOPLE EXPERIENCE GM ENGAGE & TECHNOLOGY OFFICER
Slide 29: Value Delivered by Integration
VALUE DELIVERED BY INTEGRATION MERCURY INVESTOR DAY REPORT JUNE 2025 29
Slide 30: Synergies Secured
SYNERGIES SECURED Delivering Value Through Synergies MARCH 2023 MAY 2025 " $34 million of synergies delivered DELIVERY OF SYNERGIES ON TRACK SYNERGIES SECURE by the end of FY25, including $30 million • On track to realise forecast cost • On track to exceed forecast cost in Opex synergies (Opex and C
Slide 31: Business Case Assumptions Were Conservative
BUSINESS CASE ASSUMPTIONS SPLIT OF CUSTOMERS SINCE INTEGRATION WERE CONSERVATIVE Growing the multi-product customer base " Trustpower acquisition enabled connection growth via telco cross-sell and multi-product acquisition " Dual energy + telco customers increased from 21.9% to 26.7%. In the last 12
Slide 32: Set to Deliver Further Value
SET TO DELIVER FURTHER VALUE CUSTOMER CONNECTIONS AND BUNDLING GROWTH The Strategic Contribution of the Customer Business Is Delivering Earnings Transformation Delivered by: What this looks like: " Scaling connection growth " More multi-product customers, through telco bundling 1m connections, and m
Slide 33: Smart Operations & Tech Unlock Scalable Efficiency
SMART OPERATIONS & TECH UNLOCK SCALABLE EFFICIENCY MERCURY INVESTOR DAY REPORT JUNE 2025 33
Slide 34: From Labour Led to Tech Enabled
Building tomorrow FROM LABOUR SELF SERVICE CHANNEL SHIFTS OVER TIME " Seamless integration - minimal customer impact, on time & within budget LED TO TECH " Data mastery – building on solid platforms " Software Engineering – AI coding ENABLED " AI Assistant pilots & Robotics – unlocking productivity
Slide 35: Leveraging Smart Tech to Drive Cost Out
LEVERAGING SMART TECH Building tomorrow " Telephony integrations – modular & fit for future TO DRIVE COST OUT " Automation & Digitisation – self-service channel volume triples to 3.3 million interactions " AI assistants for all – productivity & cost savings every day " Geothermal optimisation – more
Slide 36: Transforming Customer Experience to Deliver Efficiency & Lift Satisfaction
TRANSFORMING CUSTOMER EXPERIENCE TO DELIVER EFFICIENCY & LIFT SATISFACTION MERCURY INVESTOR DAY REPORT JUNE 2025 36
Slide 37: Simple and Smart with a Human Touch
SIMPLE AND SMART WITH A HUMAN TOUCH Significantly reducing our cost FROM HIGH COST TO LOWER COST SERVICE CHANNELS to serve by: " Simplifying - Personalising customer interactions " Shifting - Offering smart digital-first experiences investing in self service capability " Earning - Maintaining strong
Slide 38: Our Approach to Affordability
OUR APPROACH TO AFFORDABILITY MERCURY RESIDENTIAL POST PAY CREDIT DISCONNECTIONS JAN 20 - MAR 25 Delivering greater clarity, control and care " Clarity in cost through real-time usage insights that help customers understand and manage what they are spending " Control through choice, providing flexib
Slide 39: Leveraging Our Scale to Deliver Value for Customers & Shareholders
LEVERAGING VALUE DELIVERED BY INTEGRATION OUR SCALE TO DELIVER • We have reached scale and completed integration VALUE FOR CUSTOMERS • Synergies have been secured ($40m+) Synergies Secured & SHAREHOLDERS • Mercury is well-positioned to deliver value. Broadband and mobile cross- sell potential is sig
Slide 40: Accelerating Generation Development
ACCELERATING GENERATION DEVELOPMENT INVESTOR DAY MATT TOLCHER BEN PEZARO 10 JUNE 2025 EGM GENERATION HEAD OF GEOTHERMAL DEVELOPMENT GENERATION DEVELOPMENT
Slide 41: Better Delivery Today
BETTER DELIVERY TODAY MERCURY INVESTOR DAY REPORT JUNE 2025 41
Slide 42: Our Track Record Is One of Success & Sustained Momentum
OUR TRACK RECORD IS ONE OF WE’RE OUTPACING OUR PEERS AT BUILDING VALUE ACCRETIVE RENEWABLES SUCCESS & SUSTAINED MOMENTUM " Our team reached FID or delivered 5 of the 6 New New generation Zealand wind projects in the last 5 years commissioned " Our three construction projects are going and committed
Slide 43: Our In-House Team Is Seasoned, with End-to-End Capability
OUR IN-HOUSE TEAM IS SEASONED, WITH END-TO-END CAPABILITY IN WIND AND GEO 2020 2021 2022 2023 2024 2025 " Gen Dev is in our DNA and our Project Management, OEC5, KD2 & KWK organisation is structured to deliver Engineering and Turitea & KD1 Constructed Under Construction on our Gen Dev ambitions Cons
Slide 44: Our Supply Chain Is Proven and Ready to Deliver
OUR SUPPLY CHAIN IS PROVEN AND READY TO DELIVER “We deeply value our long- term partnership with Mercury — built on a strong track record and steady pipeline of projects. What makes this partnership powerful is how it combines Vestas’ global supply chain strength with Mercury’s tenacity, capability,
Slide 45: Positioned to Build for Value Tomorrow
POSITIONED TO BUILD FOR VALUE TOMORROW MERCURY INVESTOR DAY REPORT JUNE 2025 45
Slide 46: Generation Development Platform Has Quality Options Across the Lifecycle
MERCURY’S GENERATION DEVELOPMENT PLATFORM HAS QUALITY OPTIONS ACROSS THE ENTIRE DEVELOPMENT LIFECYCLE Mercury’s Generation Development Programme Technology Fundamentals Drive Portfolio Composition We’re advancing ~15 TWh of options at various stages of development. 1.1 TWh is currently in constructi
Slide 47: $1B & 1.1 TWh of Construction Projects Are on Time and on Budget
OUR $1B & 1.1 TWH OF CONSTRUCTION PROJECTS ARE ON TIME AND ON BUDGET NG TAMARIKI OEC5 GEO KAIWERA DOWNS S2 WIND KAIWAIKAWE WIND • Baseload gen adds energy & supports firming • Hedged and supporting Tiwai’s long-term • Northland location commitment to NZ • Leverages existing reservoir and geothermal
Slide 48: $1B & 1.1 TWh of Construction Projects Are on Time and on Budget
OUR $1B & 1.1 TWH OF CONSTRUCTION PROJECTS ARE ON TIME AND ON BUDGET OEC5 GEOTHERMAL KD2 WIND FARM KAIWAIKAWE WIND FARM CONSTRUCTION START – MAY 2024 220KV SUBSTATION CIVIL & STRUCTURES ARE COMPLETE BULK EARTHWORKS ARE NEARLY COMPLETE ONE YEAR ON – MAY 2025 FINISHED ROADING, HARDSTAND & FOUNDATION B
Slide 49: We Are Planning to Deliver 3.5 TWh by 2030
WE ARE PLANNING TO DELIVER 3.5 TWH BY 2030 " We’re leveraging our strength in wind / geo and our advantaged project pipeline " ~35% is being delivered through projects currently in construction (OEC5, Kaiwera Downs S2, Kaiwaikawe) " ~150MW of capacity is targeted for delivery in FY28 via Whakamaru B
Slide 50: Mahinerangi Stage 2 Is Advancing to Consent, Procurement & FID
MAHINERANGI STAGE 2 IS ADVANCING TO CONSENT, PROCUREMENT & FID MAHINERANGI STAGE 2 WF • Good wind & efficient capex, leverages Mahinerangi 1 investment • Hi-grading by increasing the MWs – from 138MW to 170-190MW • MCY has limited Portfolio exposure in the South Island LODGE CONSENT CONSENT GRANTED
Slide 51: Secured Rights for a 300MW BESS to Contribute to Firming
WE’VE SECURED RIGHTS FOR A 300MW BESS TO CONTRIBUTE TO FIRMING OUR RENEWABLE GROWTH AMBITIONS WHAKAMARU BESS BESS CAPEX REDUCTIONS LIKELY TO BENEFIT WHAKAMARU • All rights secured – Land, Consent, Grid • Large BESS in a beneficial location – can be delivered in phases • Trading synergy via bulk disp
Slide 52: Optimising & De-Risking Optionality for 2030 Delivery
WE’RE ACTIVELY OPTIMISING & DE-RISKING OPTIONALITY FOR 2030 DELIVERY Waikokowai: We’re focused on securing remaining land • Additional land rights to increase project size by 50 to 100MW rights, progressing consenting studies, and optimising are due to be signed, increasing the project to ~300 to 35
Slide 53: Developing a Pipeline of High-Quality Options
WE’RE DEVELOPING A PIPELINE OF HIGH-QUALITY OPTIONS THAT POSITION US TO LEAD MERCURY’S PIPELINE FOCUSES ON HIGH VALUE FUELS AND LEVERAGES OUR THE ENERGY TRANSITION POST-2030 COMPETITIVE ADVANTAGE IN WIND AND GEOTHERMAL " Our post-2030 opportunity set continues to be guided by technology fundamentals
Slide 54: Our Strong Geothermal Foundation Unlocks the Next Round of Geo Growth
OUR STRONG GEOTHERMAL FOUNDATION UNLOCKS THE NEXT ROUND OF GEO GROWTH LARGE, HIGH VALUE AND DIVERSE EXISTING GEOTHERMAL PORTFOLIO GEOTHERMAL OPPORTUNITY AT SCALE Up to 5 TWh of potential geothermal opportunities (unfiltered) 112MW 107MW 34MW MMKAI KAWERAU ROTOKAWA Joint venture with Mercury owned Jo
Slide 55: Evaluating Post-2030 Geothermal Potential
WE’RE EVALUATING POST-2030 NG TAMARIKI EXAMPLE High quality resource with proven phased development GEOTHERMAL POTENTIAL history and potential for expansion Ng Tamariki Geothermal Field N Deep temperature contours +260ºC +280ºC Injection +290ºC Current production area OEC1-5 +280ºC Injection +260ºC
Slide 56: Shaping the NZ Development Ecosystem
SHAPING THE NZ DEVELOPMENT ECOSYSTEM MERCURY INVESTOR DAY REPORT JUNE 2025 56
Slide 57: Leaning into Development Enablers to Unlock Renewables Growth
WE’RE LEANING INTO DEVELOPMENT ENABLERS TO UNLOCK RENEWABLES GROWTH AND CREATE STRATEGIC ADVANTAGE Social License – to bring Grid Connection & Transmission – communities along to ensure the grid is ready " We’re proactive and transparent " We consult with Transpower on in our consultation with iwi,
Slide 58: Best in Class Renewables Development
BEST IN CLASS RENEWABLES DEVELOPMENT BETTER DELIVERY TODAY • NZ’s most consistent and successful renewables developer • Seasoned, end-to-end inhouse capability with a supply chain Plan to poised to support deliver 3.5 TWh of new generation POSITIONED TO BUILD FOR VALUE TOMORROW by 2030 " $1B / 1.1 T
Slide 59: Generation Delivering Value
GENERATION DELIVERING VALUE INVESTOR DAY KEVIN TAYLOR 10 JUNE 2025 CHIEF OPERATING OFFICER
Slide 60: Delivering Safe and Reliable Generation Performance
DELIVERING SAFE AND RELIABLE GENERATION PERFORMANCE Mercury Generation HSW Performance Generation has delivered strong Mercury generation has continued performance for safety to deliver an uplift YoY with respect to and production outcomes normalised Production & Availability. Mercury has a defined
Slide 61: Delivering Value Today
DELIVERING VALUE TODAY MERCURY INVESTOR DAY REPORT JUNE 2025 61
Slide 62: Carbon Reduction Programme Update: Emissions Reduction Across Geothermal
CARBON REDUCTION PROGRAMME UPDATE: EMISSIONS REDUCTION DELIVERY MERCURY EMISSION PROFILE (220,000 tCO2e/y) KAWERAU (~94,000 tCO2e/y) REINJECTION +/- DIRECT USE ACROSS GEOTHERMAL FY25 Feasibility Studies and Assessments Complete Supports Mercury’s Climate Action Plan target: 70% reduction in Scope 1
Slide 63: Geothermal Well Drilling
GEOTHERMAL WELL DRILLING The Geothermal drilling campaign has Field Well FY23-FY252 Drilling Outcomes invested $147M for delivery of 6 wells, % to Target with 2 additional wells to complete the Production 1 140% campaign with a total investment of $175M. Kawerau The campaigns purpose is to: Injectio
Slide 64: Karāpiro Rehabilitation Project Update
KARPIRO REHABILITATION PROJECT UPDATE " The Karpiro rehabilitation project is a $90 million investment in the station commissioned in 1946 " Scope includes full replacement of all three generating units: generators, turbines, and governors " Intake gates are also being replaced " Karpiro will increa
Slide 65: Disciplined Stay-in-Business Capital Allocation
DISCIPLINED STAY-IN-BUSINESS STAY-IN-BUSINESS CAPEX CAPITAL ALLOCATION " We prioritise capital efficiency, focusing 160 investment on the highest-return opportunities " Long term SIB capex remains at $150m 140 per year as previously stated. We phase spend to manage this reinvestment profile whilst 1
Slide 66: Protecting Value Through Asset Resilience
PROTECTING VALUE THROUGH ASSET RESILIENCE MERCURY INVESTOR DAY REPORT JUNE 2025 66
Slide 67: Asset Resilience and Strengthening Our Social Licence
ASSET RESILIENCE AND STRENGTHENING OUR SOCIAL LICENSE TAUPM CONTROL GATES " Constructed in the 1940s, the TaupM Control Gates involved diverting the original river channel " Mercury monitors the gates as part of its ongoing assurance programme " The structure is currently safe and fit for use " Long
Slide 68: Reducing Risk and Strengthening Asset Resilience: Arapuni Left Abutment
REDUCING RISK AND STRENGTHENING ASSET RESILIENCE ARAPUNI LEFT ABUTMENT " The Arapuni Dam was constructed in 1927 and has experienced seepage issues since inception " The original seepage controls, installed in the 1930s, are now OVERLAPPING PILES ineffective due to age " Seepage changes were observe
Slide 69: Enhancing Future Value
ENHANCING FUTURE VALUE MERCURY INVESTOR DAY REPORT JUNE 2025 69
Slide 70: Hydro Rehabilitation Programme: Enhancing Our Peaking Stations
HYDRO REHABILITATION PROGRAMME: ENHANCING OUR PEAKING STATIONS FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 Aratiatia (3 units) REHAB LEAD IN TURBINES Ohakuri (4 units) TURBINES LEAD IN GENERATORS Atiamuri (4 u
Slide 71: Optimising Performance of Existing Assets
OPTIMISING Using Machine learning and digital science Centralising Geothermal control room PERFORMANCE to optimise geothermal stations operations - unattended stations with improved safety outcomes OF EXISTING ASSETS Optimising existing plant: Developing a funnel of innovative opportunities to deliv
Slide 72: Delivering Value Today and Tomorrow
DELIVERING VALUE TODAY AND TOMORROW. DELIVERING VALUE TODAY • Geothermal Well Delivery. • First to delivery Carbon Capture. Protect • Successful delivery of Karpiro Rehabilitation to plan. & Enhance • Stay in Business Capital profile. Annual Generation: 8.8 TWh PROTECTING VALUE THROUGH ASSET RESILIE
Slide 73: CFO Presentation & CE Wrap
CFO PRESENTATION & CE WRAP INVESTOR DAY RICHARD HOPKINS 10 JUNE 2025 CHIEF FINANCIAL OFFICER
Slide 74: What I've Seen at Mercury
WHAT I’VE SEEN AT MERCURY CFO Early Observations People Value Governance " Great people and depth of talent " Bold choices have paid off " Leading Board " Experienced executive with industry " Value accretive projects and " Disciplined project governance and external perspectives technology choices
Slide 75: What I've Heard from Listening to Investors
WHAT I’VE HEARD FROM LISTENING TO INVESTORS PERIOD TSR ANNUALISED TSR Strong track-record and Recent executive 1-year -2% -2% 5-year 49% 8% history of delivery team change Since listing 226% 10% Operating costs higher Value our capital than peers Continue the strong value Continue the progressive cr
Slide 76: Operating Cost Discipline
OPERATING COST DISCIPLINE OPERATING EXPENSES " Cost out programme to lower operating 400 costs to maintain $370m from FY26 to FY28 395 " Mercury-led, with support from an external provider 380 385 " Programme consists of three phases, diagnostic, design and implementation. We are now in the implemen
Slide 77: Today. Tomorrow. Together.
TODAY. TOMORROW. Customer: TOGETHER. Retail integration synergies delivered, journey to 1m connections by FY28 underway, operating for value and driving efficiencies Future TSR Generation: 8.8 TWh new baseline. SIB capex maintained at $150m. Increasing output underpinned (32 GWh at Karpiro and 87 GW
Slide 78: Indicative FY30 EBITDAF Aspiration Supported by Value Accretive Renewable Development
INDICATIVE FY30 EBITDAF ASPIRATION SUPPORTED BY VALUE ACCRETIVE RENEWABLE DEVELOPMENT Targeting FY30 EBITDAF $1,150m to $1,250m " 1.1 TWh of generation in- " $50m: Mahinerangi 2 wind farm is construction across 3 projects, Mercury’s next highest confidence Ng Tamariki OEC5 geothermal, generation dev
Slide 79: Q&A
Q&A INVESTOR DAY STEW HAMILTON RICHARD HOPKINS 10 JUNE 2025 CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER
Slide 80: Ngā Mihi – Thank You
NG MIHI THANK YOU INVESTOR DAY STEW HAMILTON 10 JUNE 2025 CHIEF EXECUTIVE
Slide 81: Mercury
Mercury