Meridian Energy Limited · NZX:MEL
Meridian Energy — Non-Deal Roadshow (November 2026)
26 slides from Meridian Energy's roadshow presentation, November 2026
Slide 1: 2026 Investor Presentation
2026 Investor Presentation NOVEMBER 2026 7 cm
Slide 2: Why Meridian?
Why Meridian? Meridian’s Manapōuri Power Scheme in the Fiordland National Park. 2026 INVESTOR PRESENTATION NOVEMBER 2026 PAGE 2
Slide 3: High quality investment
High quality investment quality, high free progressive balance strong deep scale assets cash flow ordinary sheet growth renewable dividend headroom outlook development pipeline New renewables Customer participation Firming capacity Customer decarbonisation New demand 2026 INVESTOR PRESENTATION NOVEM
Slide 4: Leading sustainability performance
Leading sustainability performance Green Finance Climate-related Disclosures Framework Aotearoa New Zealand Climate Standards NZ CS 1, NZ CS 2, NZ CS 3 July 2022 Cover image by nadia@shuttershock and Stewart Watson 1 2026 INVESTOR PRESENTATION NOVEMBER 2026 PAGE 4
Slide 5: New Zealand's electricity system
Why NewMeridian? Zealand’s electricity system Meridian’s Ōhau A Power Station in the Mackenzie Basin, South Canterbury. 2026 INVESTOR PRESENTATION NOVEMBER 2026 PAGE 5
Slide 6: New Zealand's electricity system
New Zealand’s electricity system 4 major generators, all listed, 1 transmission grid 28 distribution 39 retail brands Approx. 2.3 million consumers 3 majority Government owned owner (state owned) businesses (various (39 TWh pa) ownership structures) 30 June 2026 30 June 2026 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 generation2 investment in new renewable generation. GWh projected 80,000 Significant amount of existing generation will either be History replaced or repowered in that timeframe. Evo Revo 70,000
Slide 8: About Meridian
About Meridian Headwaters of Lake Pūkaki in the Mackenzie Basin, South Canterbury. 2026 INVESTOR PRESENTATION NOVEMBER 2026 PAGE 8
Slide 9: About Meridian
Meridian Installed 2025/26 2025/26 generation capacity generation generation (MW) (GWh) (%) Hydro 2,403 12,571 87 Wind 647 1,905 13 Batteries 100 30 (200MWh) Total 3,150 14,506 100 Meridian owns 43% of New Zealand’s installed hydro capacity and in 2025/26 produced 49% of the country’s hydro generati
Slide 10: Our strategy
Our strategy 2026 INVESTOR PRESENTATION NOVEMBER 2026 PAGE 10
Slide 11: The value of hydro storage
The value of hydro storage Annual Price Participation GWAP/TWAP 160% Waitaki Power Scheme 140% 120% Manapōuri Power Scheme 100% 80% 60% Wind History 40% Solar 2002 2026 2050 Financial year ended 30 June Source: Meridian 2026 INVESTOR PRESENTATION NOVEMBER 2026 PAGE 11
Slide 12: Renewable development
Renewable development Cumulative GWh of new generation (from full power date) Total Wind Solar 6,384 GWh Wind Solar Total 6,000 Manawatū Wind Constructed 542 - 542 Western Bays Solar (Stage 2) In construction - 702 702 5,000 Consented 1,110 617 1,727 Waiinu Solar Currently in consent - 350 350 Conse
Slide 13: Waitaki Power Station Upgrade
Waitaki Power Station Upgrade Meridian has committed to upgrading the 92-year-old Waitaki hydro power station. $440M to $510M (nominal) investment over a 10-year period to deliver a full mechanical and electrical upgrade of all seven generating units, the connection assets, and balance of plant. The
Slide 14: Our customers
Customer connections Source: Meridian Our customers ICP (000) 500 Meridian Powershop Total 455 405 400 365 363 370 152 142 300 117 117 120 12% growth in customer numbers in the last year, including ex 200 Flick customers. 303 248 246 250 263 Over 245,000 customers now successfully migrated to our 10
Slide 15: Electricity pricing
Residential electricity costs v wholesale prices (real) Electricity pricing c/kWh [real, 2026] 20 18 16 14 12 Retailers play an important role in shielding households 10 8 from wholesale market volatility and high prices. Bulk tariff energy (MBIE) 6 4 OTA spot (rolling 3-yr) Allows retailers to refl
Slide 16: 2025/26 results
NOVEMBER 2026 2026 INVESTOR PRESENTATION PAGE 16
Slide 17: 2025/26 outcomes
2025/26 outcomes EBITDAF $M 1,000 800 600 400 200 2012 2014 2016 2018 2020 2022 2024 2026 Financial Year ended 30 June Financial Grow generation Deliver cleaner, Deliver Grow culture performance and firming cheaper energy operational and capability excellence • $1.05B EBITDAF • 5 metres more Lake •
Slide 18: Financial information
Financial information Control structure and spillway, Lake Pūkaki, South Canterbury. 2026 INVESTOR PRESENTATION NOVEMBER 2026 PAGE 18
Slide 19: Dividends
Ordinary dividends declared Dividends cps 25 Meridian’s ordinary dividend policy 20 Meridian’s ordinary dividend policy is to make distributions at a dividend payout ratio, within an 15 average over time, of 80% to 100% of Operating Free 10 21.00 21.00 22.50 Cash Flow, subject to the Board’s due con
Slide 20: Financial performance
Financial performance EBITDAF1 Net profit after tax (continuing operations) Capital expenditure $M $M $M Growth Stay in business Total 1,200 600 400 346 349 1,000 400 46 300 72 261 800 200 451 429 95 130 175 193 89 600 0 200 1,051 40 400 905 -200 300 277 80 709 783 -452 611 100 172 200 -400 135 113
Slide 21: Risk management
Risk management Portfolio of hydro risk management options strengthened. Meridian's risk management book annual GWh additional Pūkaki storage 2,000 Multiple NZAS demand response options available of 25MW, Huntly Strategic Energy Reserve 1,800 current NZAS DR 50MW, 100MW or 185MW in total. 1,600 Reta
Slide 22: Funding capacity
Debt maturity profile Funding capacity $M 600 NZD USPP AUD 500 Face value of debt of $1,916M as at 30 June 2026. 400 300 FY26 net debt of $1,665M, up 11% from FY25. 200 FY26 net debt to EBITDAF at 1.6 times (FY25: 2.5 times). 100 During the year Meridian replaced multiple bilateral bank 0 facilities
Slide 23: Financial metrics
Financial metrics Financial year 2022 2023 2024 2025 2026 Operating cash flow $M 461 509 667 318 810 Stay in business capital expenditure $M 40 46 72 80 89 Operating free cash flow $M 421 463 595 238 721 Investment grade credit rating (S&P: BBB+, Free cash flow per share cps 16.3 17.9 23.0 9.1 27.2
Slide 24: Green Finance Programme
Green Finance Programme Meridian launched its Green Finance Programme in 2020 covering both existing and future issuances of green debt instruments. The programme recognises Meridian’s commitment and investment in renewable energy and energy storage. The Green Finance Programme was issued under Meri
Slide 25: Use of Green Bond Proceeds
Use of Green Bond Proceeds The Renewable Energy and Energy Storage Pool in Meridian’s Green Finance Programme Register (Programme Register) currently consists of hydropower and energy storage assets which meet the Australian Sustainable Finance Taxonomy Eligibility Criteria below. In future, this ma
Slide 26: Disclaimer
Disclaimer The information in this presentation was prepared by Meridian Energy 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 informatio