Meridian Energy Limited · NZX:MEL
Meridian Energy — Debt Investor Presentation (September 2025)
27 slides from Meridian Energy's debt investor presentation, September 2025
Slide 1: Green Bond Offer
Green Bond Offer SEPTEMBER 2025 7 cm
Slide 2: Important notice
Important notice This presentation has been prepared by Meridian Energy Limited (Meridian) in relation to its offer of unsecured, unsubordinated fixed rate green bonds maturing on 11 March 2032 (Green Bonds) (Offer). The Offer of Green Bonds is made in reliance upon the exclusion in clause 19 of sch
Slide 3: Offer highlights
Offer highlights Meridian’s Harapaki Wind Farm in Hawke’s Bay was delivered inside its $448 million capital forecast. RETAIL BOND OFFER SEPTEMBER 2025 PAGE 3
Slide 4: Offer highlights
Offer highlights Issuer Meridian Energy Limited (Meridian). 6½ year unsecured, unsubordinated, fixed rate green bonds (Green Bonds). Description The Green Bonds are Green Debt instruments under Meridian’s Green Finance Framework dated February 2023 (as amended from time to time) and are certified by
Slide 5: New Zealand's electricity system
New Zealand’s electricity system Meridian’s Manapōuri Power Scheme in the Fiordland National Park. RETAIL BOND OFFER SEPTEMBER 2025 PAGE 5
Slide 6: New Zealand's electricity system
New Zealand’s electricity system 4 major generators, all listed, 1 transmission grid 29 distribution 40 retail brands Approx. 2.3 million consumers 3 majority Government owned owner (state owned) businesses (various (39 TWh pa) ownership structures) 31 March 2025 31 March 2025 Annual generation 1% 1
Slide 7: Projected electricity demand
Projected electricity demand By 2050 New Zealand will require around $30 billion of Annual NZ demand for generation GWh investment in new renewable generation. 75,000 history projected High Significant amount of existing generation will either be 70,000 replaced or repowered in that timeframe. 65,00
Slide 8: Security of supply
Security of supply Gas reserves and production 2024/2025 security of supply was underpinned by new, PJ PJ short-term transactions with NZAS and Methanex. Remaining reserves (2P) 2 Gas production (RHS) 2,100 200 Declining production and reserves mean gas can no longer reliably meet periodic electrici
Slide 9: Sector reviews
Sector reviews The final report for the Government review of the electricity sector has been completed by Frontier Economics. Expected to be published alongside a Government response by the end of September. On 19 August 2025, the Electricity Authority announced it has decided to progress three “Lev
Slide 10: About Meridian
About Meridian Headwaters of Lake Pūkaki in the Mackenzie Basin, South Canterbury. RETAIL BOND OFFER SEPTEMBER 2025 PAGE 10
Slide 11: About Meridian
About Meridian New Zealand’s largest generator, producing over 30% of the country’s electricity needs, all production from renewable sources. Seven large Hydro Stations – flexible plant with the country’s largest storage. Eight Wind Farms and currently constructing Meridian’s first Solar Farm. The l
Slide 12: Our strategy
Our strategy RETAIL BOND OFFER SEPTEMBER 2025 PAGE 12
Slide 13: Renewable Development Pipeline
Renewable Development Pipeline RETAIL BOND OFFER SEPTEMBER 2025 PAGE 13
Slide 14: Ruakākā Solar Farm
Ruakākā Solar Farm Impression of Meridian’s $227 million Ruakākā Solar Farm near Whangārei, which is expected to be completed in early 2027. RETAIL BOND OFFER SEPTEMBER 2025 PAGE 14
Slide 15: Our customers
Customer connections Source: Meridian Our customers ICP (000) 500 Meridian Powershop Total 405 Successful transformation of our Retail business and launch 400 365 363 370 of Smart Hot Water offer. 330 142 300 117 117 120 89 Renewable Energy Certificates and Energy Wellbeing Programme delivering resu
Slide 16: RETAIL BOND OFFER SEPTEMBER 2025 PAGE 16
RETAIL BOND OFFER SEPTEMBER 2025 PAGE 16
Slide 17: FY25 key points
FY25 key points comparisons are with FY24 RETAIL BOND OFFER SEPTEMBER 2025 PAGE 17
Slide 18: Financial information and capital structure
Financial Financialinformation informationand andcapital capitalstructure structure Meridian’s Benmore Hydro Station in the Mackenzie Basin, South Canterbury. RETAIL BOND OFFER SEPTEMBER 2025 PAGE 18
Slide 19: Financial performance
Financial performance EBITDAF1 Net profit after tax (continuing operations) Capital expenditure $M $M $M Growth Stay in business Total 1,000 600 400 346 349 800 400 46 300 72 200 415 451 429 600 193 0 95 200 175 400 905 692 709 783 102 40 300 277 80 611 -200 -452 200 100 38 -400 135 113 64 0 -600 0
Slide 20: Debt and funding
Debt maturity profile as at 30 June 2025 Debt and funding $M 700 Drawn debt maturing (face value) Available facilities maturing June 2025 total borrowings of $1,569 million. 600 500 243 Total funding facilities of $2,161 million, of which $658 million 400 were undrawn. 300 250 All facilities classif
Slide 21: Credit rating and covenants
Credit rating and covenants Key Metrics Meridian targets a long-term credit rating of BBB+. Financial Year ended 30 June 2021 2022 2023 2024 2025 $M Issuer Credit Rating: BBB+/Stable (S&P Global Ratings). Share capital 1,595 1,671 700 1,729 1,884 Solid rating headroom in near term financial metrics
Slide 22: Green Finance Programme
Green Finance Programme RETAIL BOND OFFER SEPTEMBER 2025 PAGE 22
Slide 23: Key dates and terms
Key dates and terms Maintenance work at Meridian’s West Wind Farm near Wellington RETAIL BOND OFFER SEPTEMBER 2025 PAGE 23
Slide 24: Key terms
Key terms Issuer Meridian Energy Limited. 6½ year, unsecured, unsubordinated, fixed rate green bonds. The Green Bonds are Green Debt instruments under Meridian’s Green Finance Framework dated February 2023 (as amended from Description time to time) and are certified by the Climate Bonds Initiative b
Slide 25: Key terms continued
Key terms continued The Trust Documents contain the following financial covenants: a) the ratio of EBITDA of the Group to Interest and Financing Costs must not be less than 2.5 times; b) at all times Debt will not be more than 55% of Debt plus Equity; Financial Covenants c) at all times Equity will
Slide 26: Key dates
Key dates Opening Date Monday, 1 September 2025. Closing Date 11.00am NZST, Thursday, 4 September 2025. Rate Set Date Thursday, 4 September 2025. Issue Date and Thursday, 11 September 2025. Allotment Date Expected Date of initial quotation on Friday, 12 September 2025. NZX Debt Market 11 September a
Slide 27: Disclaimer
Disclaimer The information in this presentation was prepared by Meridian with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or reliability of the information. To t
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