Meridian Energy Limited · NZX:MEL
Meridian Energy — Shareholder Meeting (October 2026)
39 slides from Meridian Energy's shareholder meeting presentation, Oct 20, 2026
Slide 1: Meridian Annual Shareholder Meeting release
Release For personal use only Stock Exchange Listings NZX (MEL) ASX (MEZ) Meridian Annual Shareholder Meeting 20 October 2026 Please find attached the following announcements that will be delivered at Meridian Energy’s Annual Shareholder Meeting today at 9.30am in Wellington and online: 1. Chair’s a
Slide 2: Chair Address
MERIDIAN ENERGY ANNUAL SHAREHOLDER MEETING – 20 OCTOBER 2026 CHAIR ADDRESS For personal use only I will begin my Chair’s address by introducing the Meridian Board and some of the Management Team. Our Board This year, some of the Meridian Board members are present at our Wellington office, some are o
Slide 3: FY26 Performance
FY26 Performance This has been an important year for Meridian - a year in which we recovered strongly from a challenging 2024/25, continued to invest for the future, and stayed focused on serving our For personal use only customers and communities well, and delivering long-term value for shareholder
Slide 4: Renewable Investment
We have also made public commitments to residential and small business customers. However, we do not set all the elements of the bill. Customers will see at least three more For personal use only years of regulated increases in lines and transmission charges. Renewable Investment If New Zealand is t
Slide 5: Sustainability
Securing long-term certainty over its future operation provides confidence for customers, investors, local communities, iwi, and the wider economy. It also supports the ongoing role of renewable hydro generation within our energy system, at a time when resilience, reliability, For personal use only
Slide 6: Closing
Closing In closing, New Zealand is at an important point in its energy transition. The choices made over the coming decade will influence the affordability, security, and sustainability of our For personal use only energy system for generations. We believe the opportunity before us is clear: to cont
Slide 7: Sector and Regulatory context
But the numbers only tell part of the story. Meridian is a stronger, more resilient and capable business than it was twelve months ago For personal use only and the performance also reflects disciplined execution across the business: stronger retail revenue, improvements in portfolio design, better
Slide 8: Renewable Development
Renewable Development At the same time, we are investing in the next generation of renewable assets that will support New Zealand's growing demand for electricity and Meridian's future growth. For personal use only One of the most significant successes of the year was securing resource consent for t
Slide 9: Customers and affordability
taken steps to improve the customer experience. We remain confident the platform will improve service, enhance innovation and support more efficient operations over time. For personal use only Affordability is also front of mind. As Mark noted, wholesale futures prices fell materially during early 2
Slide 10: Health and safety
Our development programme continues to grow and with it the risk profile of the business. More construction, more contractors on site and more field-based work all increase the importance of getting health and safety right. Meridian’s culture gives me confidence that our For personal use only people
Slide 11: Annual Shareholder Meeting October 2026
2026 rsonal use only Annual Shareholder Meeting 20 OCTOBER 2026 7 cm
Slide 12: rsonal use only
rsonal use only 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 2
Slide 13: Today's business
Today’s business Chair’s address. rsonal use only Chief Executive’s review. Shareholder questions. Resolutions and voting. Te Anau Lake Control structure. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 3
Slide 14: Chair's address
Chair’s address rsonal use only Control structure and spillway, Lake Pūkaki, South Canterbury. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 4
Slide 15: 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 16: 2026 performance
2026 performance Focused on three core priorities: EBITDAF2 rsonal use only $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 2
Slide 17: Our customers
Our customers rsonal use only Meridian EV chargers, Cromwell. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 7
Slide 18: Renewable investment
Renewable investment rsonal use only 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 19: Waitaki Power Scheme
Waitaki Power Scheme As New Zealand’s largest and most flexible rsonal use only 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 installe
Slide 20: Sustainability
Sustainability rsonal use only Manapōuri Power Station in Fiordland National Park. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 10
Slide 21: Shareholder returns
Shareholder returns Dividends declared for the 2026 financial Ordinary dividends declared rsonal use only 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 Jun
Slide 22: Closing
Closing rsonal use only Meridian’s White Hill Wind Farm in Southland powers 22,000 average homes. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 12
Slide 23: Chief Executive's review
Chief Executive’s review rsonal use only Waitaki Power Station in South Canterbury. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 13
Slide 24: FY26 financial performance
FY26 financial performance Delivered in the 2026 financial year: Operating cash flows rsonal use only $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: Meri
Slide 25: Sector and regulatory context
Sector and regulatory context rsonal use only 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 26: Resilience
Resilience Portfolio of hydro risk management options Meridian's risk management book rsonal use only 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 N
Slide 27: 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 rsonal use only Western Bays Solar (Stage 2) In construction - 702 702 5,000 Consented 1,110 617 1,727 Waiinu Solar Currently in consen
Slide 28: Our customers and affordability
Our customers and affordability 12% growth in customer numbers in the 2026 rsonal use only 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 produc
Slide 29: Operational performance
Operational performance rsonal use only Barge transportation across Lake Manapōuri in Fiordland. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 19
Slide 30: People, leadership and safety
People, leadership and safety rsonal use only Maintenance work at Meridian’s West Wind Farm near Wellington. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 20
Slide 31: Outlook for 2027
Outlook for 2027 rsonal use only Pūkaki canal, South Canterbury. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 21
Slide 32: Shareholder questions
Shareholder questions rsonal use only Manapōuri Power Station in Fiordland. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 22
Slide 33: Resolutions and voting
Resolutions and voting rsonal use only Ōhau A Power Station, South Canterbury. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 23
Slide 34: Resolution 1: Re-election of David Carter
Resolution 1: Re-election of David Carter That David Carter, who retires by rotation and is rsonal use only eligible for re-election, be re-elected as a Director of the Company. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 24
Slide 35: Resolution 2: Re-election of Mark Verbiest
Resolution 2: Re-election of Mark Verbiest That Mark Verbiest, who retires by rotation and rsonal use only is eligible for re-election, be re-elected as a Director of the Company. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 25
Slide 36: Resolution 3: Election of Fraser Whineray
Resolution 3: Election of Fraser Whineray That Fraser Whineray (appointed as a Director rsonal use only 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 20
Slide 37: Vote totals
Vote totals Resolution 1: Resolution 2: Resolution 3: Re-election of Re-election of Election of David Carter Mark Verbiest Fraser Whineray rsonal use only 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 4
Slide 38: Closing
Closing rsonal use only Manapōuri Lake Control structure, Fiordland. 2026 ANNUAL SHAREHOLDER MEETING 20 OCTOBER 2026 PAGE 28
Slide 39: 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