Meridian Energy Limited · NZX:MEL
Meridian Energy — Shareholder Meeting (October 2025)
26 slides from Meridian Energy's shareholder meeting presentation, Oct 21, 2025
Slide 1: 2025 Annual Shareholder Meeting
2025 Annual Shareholder Meeting 21 OCTOBER 2025 7 cm
Slide 2: Today's business
Today’s business Chair’s address. Chief Executive’s review. Shareholder questions. Resolutions and voting. Meridian Zero electric vehicle charging at Eastbourne near Wellington. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 2
Slide 3: Chair's address
Chair’s address The $448M Harapaki Wind Farm in Hawke’s Bay has been fully operational for a year, powering over 70,000 average homes. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 3
Slide 4: Our Board
Our Board Tania Simpson Michelle Henderson Graham Cockroft Appointed August 2021. Appointed October 2019. Appointed July 2022. Chair People, Remuneration 2025 re-election. 2025 re-election. and Culture Committee. Mark Verbiest Appointed March 2017. Appointed Chair October 2019. David Carter Appointe
Slide 5: FY25 performance
FY25 performance Historically low hydro inflows, two major droughts, periods of low wind, Meridian's Waitaki storage GWh and a dramatic decline in gas 2,500 FY25 average availability made this a very challenging year. 2,000 2nd wettest September Five resource consents secured for to November on reco
Slide 6: Regulatory change
Regulatory change Government’s electricity sector review actions Deliver an LNG import facility. Enable the Mixed Ownership Model companies to raise equity. Leverage Government purchasing power to drive new energy projects. Resource management changes, the Fast-track approvals process and offshore w
Slide 7: Huntly strategic reserve
Huntly strategic reserve In August 2025, a group of large electricity suppliers, including Meridian, signed an agreement with Genesis. This will improve the operational resilience of Huntly Power Station. And provide continuing generation capacity, along with the necessary fuel, over the next 10 yea
Slide 8: Chief Executive transition
Chief Executive transition During the past financial year, Neal Barclay’s tenure as Chief Executive ended. Under Neal’s leadership, Meridian has: • Grown a renewable development pipeline that will double the size of the current asset base. • Refocused our business around customers while significantl
Slide 9: Shareholder returns
Shareholder returns Total shareholder return Meridian TSR NZX50 Index 30% 25% 20% 15% 25% 10% 17% 5% 12% 6% 0% -5% -8% -2% -10% -15% -20% 2021 2022 2023 2024 2025 2026 (to date) Financial Year ended 30 June Source: Meridian 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 9
Slide 10: Chief Executive's review
Chief Executive’s review Headwaters of Lake Pūkaki in the Mackenzie Basin, South Canterbury. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 10
Slide 11: Financial performance
Financial performance $M Operating cash flows 800 600 Operating cash flows of $318 million, down $349 million (52%) from the previous year. 400 667 461 509 200 431 Net profit after tax, which also reflected the 318 changed treatment of the main NZAS 0 2021 2022 2023 2024 2025 contract, was a $452 mi
Slide 12: Executive changes
Executive changes Rory Blundell Jason Woolley Bharat Ratanpal General Manager General Counsel & Chief Information Strategy & Portfolio Company Secretary Officer Appointed June 2025 Mandy Simpson Chief Financial Officer Appointed September 2025 Tania Palmer Claire Shaw General Manager General Manager
Slide 13: Renewable Development Pipeline
Renewable Development Pipeline 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 13
Slide 14: Generation
Generation Meridian’s White Hill Wind Farm in Southland powers 22,000 average homes. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 14
Slide 15: Retail
Retail Customer connections Meridian Powershop Total ICP (000) 500 Record growth of 10% in customer 405 365 370 connections. 400 330 363 142 117 117 120 Acquisition of 35,000 Flick customers. 300 89 200 Launch of Smart Hot Water and Four 263 Hours Free plans. 100 241 248 246 250 Selection of Kraken
Slide 16: Sustainability
Sustainability Elver trap and transfer in the Waitaki Valley 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 16
Slide 17: Outlook
Outlook Impression of Meridian’s $227M Ruakākā Solar Farm near Whangārei, which will produce enough electricity to power half the homes in Northland when it is completed in early 2027. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 17
Slide 18: Shareholder questions
Shareholder questions Maintenance work at Meridian’s West Wind Farm near Wellington. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 18
Slide 19: Resolutions and voting
Resolutions and voting Meridian’s Benmore Power Station in the Mackenzie Basin, South Canterbury. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 19
Slide 20: Resolution 1: Re-election of Julia Hoare
Resolution 1: 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. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 20
Slide 21: Resolution 2: Re-election of Michelle Henderson
Resolution 2: 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. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 21
Slide 22: 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. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 22
Slide 23: Resolution 4: Re-election of Graham Cockroft
Resolution 4: Re-election of Graham Cockroft That Graham Cockroft, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 23
Slide 24: Vote totals
Vote totals 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 24
Slide 25: Closing
Closing Meridian’s Ōhau A Power Station in the Mackenzie Basin, South Canterbury. 2025 ANNUAL SHAREHOLDER MEETING 21 OCTOBER 2025 PAGE 25
Slide 26: 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