Mercury Nz Ltd. · NZX:MCY
Mercury Nz — Non-Deal Roadshow (September 2025)
29 slides from Mercury Nz's roadshow presentation, Sep 30, 2025
Slide 1: International investor presentations
STOCK EXCHANGE LISTINGS: NZX (MCY) / ASX (MCY) ANNOUNCEMENT International investor presentations 30 September 2025 – Mercury is holding a series of international investor meetings in September and For personal use only October 2025. The presentation materials are attached. ENDS Howard Thomas General
Slide 2: International Engagements | September 2025
For personal use only BETTER TODAY BUILDING TOMORROW BRIGHTER TOGETHER MERCURY International Engagements | September 2025 Mercury
Slide 3: Disclaimer
For personal use only DISCLAIMER This presentation has been prepared by Mercury NZ Limited and its group of 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
Slide 4: Content
For personal use only CONTENT Mercury — Strong investor proposition New Zealand - Growing electricity sector Mercury — Positioned for growth and accelerating generation development Geothermal - Deep diving Mercury's investor exposure FY30 EBITDAF aspiration — Targeting $1.15b to $1.25b 4-8 9-TI 12-1
Slide 5: A diversified portfolio of renewable assets
For personal use only A DIVERSIFIED PORTFOLIO OF RENEWABLE ASSETS Mercurge> OUR PURPOSE Tiakina te anamata, ma te tihono i nga tangata me nga wahi 0 te inamata. Taking care of tomorrow, connecting people and place today. OUR BUSINESS Electricity generator and multi-product retailer across electricit
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Forsyth Jarden Barr For personal use only UBS Macquarie Craigs
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Slide 9: Why Mercury - strong investor proposition
WHY MERCURY - STRONG INVESTOR PROPOSITION > c [o) o wn =) g Superior Growth Attractive oD 9 ong 3 Portfolio Opportunities Returns ‘Diversified renewable generation with superior Best pipeline of wind prospects, exciting Progressive dividends and a strong balance asset location and hydro river peakin
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Slide 11: Mercury positioned for national demand growth but adaptable to all future outcomes
For personal use only MERCURY'’S POSITIONED FOR NATIONAL DEMAND GROWTH BUT ADAPTABLE TO ALL FUTURE OUTCOMES Remaining 2P gas reserves in NZ 2,500 27% decline in 2,000 wn CV24 1,500 2 1,000 500 (e) 2020 2021 2022 2023 2024 2025 Fast-changing gas picture * Gas is a key energy system challenge * Natura
Slide 12: New Zealand's electricity system comparable to the best in the world
NEW ZEALAND’S ELECTRICITY SYSTEM COMPARABLE TO THE BEST IN THE WORLD Eu UK Canada USA Aus? NZ LNG import markets — tend towards higher prices NZ able to deliver energy — consistently and affordably, even through ary years due 650 | to market's heagea position Affordability Ne T Drea ave a a ate a S
Slide 13: Strategy refresh: focus on priorities that will deliver value
For personal use only STRATEGY REFRESH: FOCUS ON PRIORITIES THAT WILL DELIVER VALUE Mercury Strategic Framework OUR PURPOSE Tiakina te anamata, ma te tihono i nga tangata me nga wahio te inamata. Taking care of tomorrow, connecting people and place today. FY35 FY30 ASPIRATIONS PRIORITIES STRATEGIC O
Slide 14: Geothermal
For personal use only Geothermal
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Slide 16: Growing opportunities - electricity price signals further investment
For personal use only GROWING OPPORTUNITIES - ELECTRICITY PRICE SIGNALS FURTHER INVESTMENT Generation Project Economics - LCOE & LRMC ($/MWh)! 250 1 1 1 200 I 1 , ! . 150 Mercury owned generation 1 Generic Solar In-Construction ! 1 100 ' 1 1 50 1 1 1 0 1 KWK Wind KD2 Wind OEC5 Geothermal Generic Sol
Slide 17: Mercury's geothermal opportunity is significant
For personal use only MERCURY'S GEOTHERMAL OPPORTUNITY IS SIGNIFICANT * Mercury has 0.5GW / 3.6 TWh of conventional geothermal under operation and looking to unlock up to 5TWh of conventional geothermal post 2030. * The NZ Government has selected Rotokawa geothermal field, where Mercury operates ~1.
Slide 18: Our strong geothermal foundation
For personal use only OUR STRONG GEOTHERMAL FOUNDATION LARGE, HIGH VALUE AND DIVERSE EXISTING CONVENTIONAL GEOTHERMAL PORTFOLIO Py MOKAI KAWERAU ROTOKAWA Joint venture with Mercury owned Joint venture with Tauhara Tiaropaki Trust North No.2 Trust NGA AWA PURUA NGATAMARIKI Joint venture with Tauhara
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Slide 20: Mercury's generation development platform has quality options across the lifecycle
For personal use only Mercury's generation development platform has quality options across the entire development lifecycle Mercury's Generation Development Programme We're advancing ~15 TWh of options at various stages of development. 1.1 TWhis currently in construction, and we're planning to deliv
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Slide 22: Why Mercury - strong investor proposition
WHY MERCURY - STRONG INVESTOR PROPOSITION > c [o) o wn =) g Superior Growth Attractive wn . ege 3 Portfolio Opportunities Returns ‘Diversified renewable generation with superior Best pipeline of wind prospects, exciting Progressive dividends and a strong balance asset location and hydro river peakin
Slide 23: Appendix
For personal use only APPENDIX Mercury
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Slide 25: FY25 Climate Action Plan
This FY25 Climate Action Plan continues Mercury’s journey toward a low- emissions, climate resilient future. It builds on the foundations laid in our 2023 Climate Transition Action Plan and our streamlined FY24 Climate Action Plan, with a sharper focus on tracking progress, maintaining transparency,
Slide 26: Financials - FY25 segment results and operating information
FINANCIALS — FY25 SEGMENT RESULTS AND OPERATING INFORMATION Generation/ Inter Twelve months ended Twelve months ended Wholesale Customer Other segment Total OPERATING INFORMATION 30 June 2025 30 June 2024 Year ended 30 June 2025 $M $M $M $M $M Generation 148 - 7 - 1418 CONNECTION NUMBERS ('000s) Sal
Slide 27: Demand lower due to industrial response, wetter conditions
For personal use only DEMAND LOWER DUE TO INDUSTRIAL RESPONSE, WETTER CONDITIONS Key messages * FY25 national demand down 2.2%! versus FY24 Demand primarily down in FY25 due to Tiwai demand response option exercise and industrial closures Irrigation demand down relative to FY24 due to wetter conditi
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Slide 29: Strong balance sheet to support growth
For personal use only STRONG BALANCE SHEET TO SUPPORT GROWTH Capital structure well positioned for growth Net Debt and Debt/EBITDA * Mercury targets Debt / EBITDA between 2x - BBB+ R. Net Debt <-"Liquidity Headroom? —Debt/EBITDA 3x after adjusting for S&P Global treatment, 3 Se BBBY Range SSNet Debt