Meridian Energy (MEL) investor relations material

Opening remarks and agenda

• The meeting opened with a quorum in person and online; the agenda covered the Chair’s address, Chief Executive’s review, shareholder questions and resolutions, with three director resolutions to be decided by poll.

Financial performance review

• FY2026 EBITDAF exceeded NZD 1 billion, operating cash flow was NZD 810 million and underlying net profit was NZD 308 million.

• Stronger retail revenue, improved portfolio design and asset availability, disciplined execution and careful market management supported recovery from FY2025 challenges.

• FY2026 priorities included financial discipline, customer support amid cost-of-living pressures and continued investment in renewable generation.

Board and executive committee updates

• Fraser Whineray joined the Board effective 28 September 2026 and stood for election; David Carter and Mark Verbiest stood for re-election, with unanimous Board recommendations supporting all three resolutions.

• Verbiest said he would serve for up to two more years if shareholders supported his re-election.

• Michelle Henderson stepped down to become CEO of New Zealand Aluminium Smelters; Kylie Reiri became Future Director effective 3 November 2025, without voting rights or a decision-making role.

• Committee chairs were Tania Simpson for People, Remuneration and Culture; Julia Hoare for Audit and Financial Risk; and Nagaja Sanatkumar for Safety, Sustainability and Operational Risk.