Manawa Energy (MNW) investor relations material

Opening remarks and agenda

• Chair opened the scheme meeting, introduced board members, CEO, CFO, and noted presence of auditors and registrar.

• Meeting held both in person and online, quorum confirmed, and procedural instructions provided.

• Announcement of a Scheme Implementation Agreement for the acquisition of all shares in Manawa by Contact, with shareholders to vote on the proposal in July 2025.

• Independent Adviser’s Report prepared by Grant Samuel to assess the merits of the Scheme for shareholders and the High Court.

Shareholder proposals

• Contact Energy proposed to acquire all shares via a scheme of arrangement, offering $1.12 cash and 0.583 new Contact shares per Manawa share.

• Overseas shareholders will receive net proceeds from sold scrip consideration, not shares directly.

• Implied consideration per share is $6.37 as of 04/30/2025, subject to market fluctuations.

Financial performance review

• Manawa’s FY24 EBITDAF was $145 million, with a forecast decline to $93 million in FY25 due to lower hydro generation and wind PPA volumes.

• Manawa’s net assets as of 30 September 2024 were $1,159 million, with gearing at 29%.

• Contact’s FY24 EBITDAF was $675 million, with strong performance from increased thermal generation and higher prices.

• Manawa’s share price traded between $3.94 and $4.74 in the 12 months prior to the Scheme announcement, underperforming the NZX50.