Slides
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7 cm 2026 Governance Roadshow 5-7 OCTOBER 2026
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5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 2 Meridian Board David Carter Appointed July 2023. 2026 re-election. Julia Hoare Appointed September 2019. Chair Audit and Financial Risk Committee. Tania Simpson Appointed August 2021. Chair People, Remuneration and Culture Committee. Mark Verbiest Appointed March 2017. Appointed Chair October 2019. 2026 re-election. Nagaja Sanatkumar Appointed January 2020. Chair Safety, Sustainability and Operational Risk Committee. Graham Cockroft Appointed July 2022. Kylie Reiri Appointed November 2025. Future Director1. 1The Future Director Programme of the Institute of Directors is designed to help grow the next generation of directors in Aotearoa. Future Directors do not have voting rights and are not involved in any decision making. Fraser Whineray Appointed September 2026. 2026 election.
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Director skills matrix 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 3 As at 30 June 226 Strategic focus Mark Verbiest Julia Hoare Nagaja Sanatkumar Tania Simpson Graham Cockroft David Carter Capital markets, corporate finance and investment community Engineering, construction and physical infrastructure Executive leadership Financial acumen Future of customer Governance of listed companies Government, public policy and regulation Industry experience Iwi relationships and connections Risk management Strategic and commercial experience Sustainability Technology and digital Technology and security ◼︎primary focus ◼︎secondary focus Additionally, the Board is supported by Carl Hansen, an independent strategic advisor in relation to regulatory and policy issues. Fraser Whineray has been appointed as a Director with effect from 28 September 2026 and is offering himself for election at the upcoming Annual Shareholder Meeting. Fraser brings deep executive leadership and governance experience across the energy, infrastructure and primary industry sectors as well as in capital markets. He is a former Chief Executive of Mercury NZ, and subsequently served as Chief Operating Officer of Fonterra. Fraser’s current governance roles include being a Director of Waste Management New Zealand and Chair of TenPeaks Data Centres. He has also held governance roles across renewable energy, infrastructure, investment banking and technology entities.
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Key governance metrics 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 4 Gender composition Ethnicity composition female male gender diverse Māori Asian European Number of directors 3 3 0 1 1 4 Percentage of directors 50% 50% 0% 16.7% 16.7% 66.7% Number of officers 4 6 0 1 1 8 Percentage of officers 40% 60% 0% 10% 10% 80% Annual director fee pool and breakdown FY25 FY26 Board fees $950,500 $900,881 Committee fees $222,700 $185,661 Unallocated fee pool $25,800 $112,458 Total pool $1,199,000 $1,199,000 Chair $250,000 $250,000 Director $116,750 $116,750 Audit & Financial Risk Committee Chair $32,600 $32,600 Audit & Financial Risk Committee member $16,300 $16,300 SS&OR1 and PR&C2 Committee Chair $27,000 $27,000 SS&OR and PR&C Committee member $12,000 $12,000 Cyber Security Committee Chair $13,500 $13,500 Cyber Security Committee member $6,000 $6,000 Meeting attendance Board A&FR3 Committee PR&C Committee SS&OR Committee Number of meetings 9 5 5 6 David Carter 9 1 6 Graham Cockroft 9 5 5 1 Michelle Henderson 6 2 1 Julia Hoare 9 5 Nagaja Sanatkumar 9 3 5 6 Tania Simpson 9 5 4 Mark Verbiest 9 5 5 2 Notes At the 2024 ASM, the director fee pool was re-allocated with effect from 1 July 2024. The overall fee pool remains at the level approved in 2021. The Board has a minimum target of 30% of its directors being persons of who self identify as male and 30% who self identify as female. The Board also has a target of at least one director with a detailed understanding of tikanga Māori and iwi relationships, with particular reference to the significance of the Ngāi Tahu relationship with Meridian. Director tenure: 0-5 years, 3 directors; 5-10 years, 3 directors; 10+ years, 0 directors. The average director tenure was 5 years and 8 months as at 30 June 2026. Directors not members of Board Committees attend at least 1 meeting as an ex officio member. Attendance at Cyber Security Committee meetings is included in the number reported in the Safety, Sustainability and Operational Risk Committee figure, as this committee became responsible for cyber security part way through the year. Michelle Henderson ceased to be a Director, effective 27 January 2026. 1Safety, Sustainability and Operational Risk 2People, Remuneration and Culture 3Audit and Financial Risk
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5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 5 Our strategy map FY26 PROGRESS
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5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 6 Grow renewable generation and firming capacity Key initiatives FY27 targets Accelerate Aotearoa NZ’s decarbonisation by delivering scale energy projects at pace • Build renewable generation options • Deliver on our 7 in 7 • Secure long-term access to water Reach FID for two new generation developments Consents: gain two and lodge one Waitaki reconsented and strategy developed for Manapōuri reconsenting Deliver Ruakākā and Te Rahui Stage 1 solar full power Identify opportunities to grow hydro capacity (storage and flexible generation) with options quantified and investment choices determined Grow system flexibility • Grow our dispatchable MW capacity • Grow hydro storage and our demand response portfolio • Develop options for new, large demand • Grow medium to long-duration flexibility Deliver 18MW+ of peaking capacity (flex and new operational capacity) Deliver BESS business case benefits Secure commercial intent agreements with two new industrial demand opportunities Realise Manapōuri Station MW capacity - MAN900 options quantified Ōhau Station Capacity Upgrade options quantified and investment choices determined Waitaki Upgrade Project turbine contract awarded and enabling works commenced Deliver cleaner, cheaper energy Key initiatives FY27 targets Create more value for customers • Develop digital capability and innovation to optimise operations, achieve scale and grow customer relationships • Expand the energy product set to unlock the value of transport electrification, process heat and demand flex Customer numbers grow to 500,000 ICPs Improve post-interaction customer satisfaction score (CHI – Customer Happiness Index) to 80% Launch at least two new products that deliver tangible value to customers 200 new high-capacity charge points (100 new chargers) installed (delivering $1.7m revenue) Increase community good • Continued investment in energy hardship and community programmes that promote equitable access to the benefits of the energy transition Support an additional 1k customers in energy hardship Community decarbonisation distributions of $2m Active policy and industry advocacy that supports New Zealanders through the energy transition Advocate for energy sector policy that promotes the best interests of customers, including: • encouraging investment • securing RMA and other reform that speeds up and simplifies consenting of energy infrastructure • if LNG is introduced, it is treated like insurance and costs are levied in a way that does not distort the market • the position of NZ relative to other countries in successfully navigating the energy transition is well understood • level-playing field measures do not result in increased retail prices • the trade-offs between affordability, security and sustainability are well understood. FY27 focus
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5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 7 FY27 focus Deliver operational excellence Key initiatives FY27 targets Build operational flex and agility while sustaining excellent asset productivity Deliver $6m in value including at least $2m of expenditure reductions through DigiGEN Deliver critical asset health projects safely and realise project benefits Implement modern data and digital systems to promote collaboration, operational efficiency, innovation and data- driven decisions Lift business performance by: • enabling the business to work faster and smarter by embedding responsible AI • bringing self-service data into everyday decision making Lift security maturity by: • improving NIST score (across corporate and retail systems) • achieving AESCSF (SP1) compliance for generation systems Implement modern data: • SCADA implementation key milestones achieved • deliver Strategy and Portfolio modernisation business case, and commence priority improvements with value recognised Grow culture and capability Key initiatives FY27 targets Grow a diverse and inclusive, skilled workforce that reflects the country we live in Increase Māori representation in bands G+ against a FY26 baseline Representation and progression outcomes for under-represented groups (ethnic and gender minorities) improve above baseline Grow safety leadership maturity as we build into the energy transition Safety leadership will be strengthened across the company to proactively reduce harm . 90% of leaders will take part in a Safety and Wellbeing Leadership education programme The serious harm risk rate will be reduced in a material and sustainable way Nurture leadership capability to support the cultural and digital maturity of a future Meridian Increase annual engagement leadership ‘factor’ score from FY26 baseline Deliver a measurable uplift in constructive leadership behaviours from the FY26 baseline, reflecting the combined impact of multiple leadership programmes and initiatives All business units are demonstrably building digital capability Develop our understanding of the Māori world view to help build long-term relationships with tangata whenua Growing competence in te ao Māori Iwi relationship outcomes tracker established to provide visibility of outcomes that align with iwi aspirations Foster sustainability culture and leadership that benefits people and planet, inspires climate action and attracts investors Inclusion within Dow Jones Best-in-Class World Index as an independent benchmark for leadership and sustainable practice Business emission reduction plan initiatives delivered. Biodiversity roadmap (FY27 scope) delivered Forever Forests phase 2 business case completed. Waste innovation roadmap actions delivered
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Waitaki project upgrade Meridian has committed to upgrading the 92-year-old Waitaki hydro power station. The investment will deliver a full mechanical and electrical upgrade of all seven generating units. $440M to $510M (nominal) investment over a 10-year period, delivering a 15%-20% IRR. The investment will be treated as a combination of growth capital expenditure (15% of the investment) and a new classification, repowering capital expenditure (85% of the investment). Repowering capital expenditure, as it is incurred, will be excluded from the calculation of operating free cash flow under Meridian’s Dividend Policy. It will, however, be added back into operating free cash flow calculations proportionately over the expected useful life of the repowered station, currently estimated at 50 years. 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 8 Construction of the Waitaki hydro power station originally began in the 1930’s.
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Renewable Development 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 9 Tauhei Solar Ruakākā Solar Te Rahui Solar (Stage 1) Te Rahui Solar (Stage2) Mt Munro Wind Te Rere Hau Wind Manawatū Solar Morrinsville Solar Swannanoa Solar Western Bays Solar (Stage 1) Canterbury Solar Waiinu Wind Waiinu Solar Western Bays Solar (Stage 2) Manawatū Wind 0 1,000 2,000 3,000 4,000 5,000 6,000 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 GWh Cumulative GWh of new generation (from full power date) Wind Solar Total Constructed 542 - 542 In construction - 702 702 Consented 1,110 617 1,727 Currently in consent - 350 350 Consents to lodge in FY27 1,875 1,730 3,605 Total (not constructed) 2,985 3,399 6,384 Wind Solar Total 6,384
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Risk management Meridian operates an active programme to ensure ongoing risk management. The Risk Management Framework, Policy and Guidelines have been developed to meet ISO 31000 Risk Management – Guidelines. 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 10 Material Risk Climate Related Disclosure Link Adverse hydrological conditions Physical Risk 2: Changing seasonal weather patterns increases hydro inflow volatility. Cyber security Access to water Legislative and regulatory Demand Transition Risk 14: Structural decline in electricity demand from industrial customers. Peak capacity Transition Risk 1: Insufficient flexibility for a fully renewable electricity system leads to supply shortages. Market supply Transition Risk 1: Insufficient flexibility for a fully renewable electricity system leads to supply shortages. Development pipeline Critical equipment or technology failure Health and safety Catastrophic event Physical Risk 3: Increased severe weather events could damage assets and infrastructure. Four risk categories: People – including impacts to staff, contractors, suppliers, customers and the public (including communities, iwi and mana whenua). Financial – increased costs, loss of revenue and reduction in value. Environmental – impacts on the environment’s current baseline. Reputational – events that cause the deterioration of Meridian’s reputation.
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Climate related disclosures 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 11
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5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 12 Meridian Executive Tania Palmer General Manager Generation Jason Stein Chief People Officer Rory Blundell General Manager Strategy & Portfolio Lisa Hannifin Chief Customer Officer Jason Woolley General Counsel & Company Secretary Mike Roan Chief Executive Guy Waipara General Manager DevelopmentBharat Ratanpal Chief Information Officer Claire Shaw General Manager Corporate Affairs & Sustainability Mandy Binnie Chief Financial Officer
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Chief Executive remuneration 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 13 Total remuneration earned FY25 (Neal Barclay) FY26 (Mike Roan) Base salary $1,433,000 $1,123,870 KiwiSaver on base salary $57,320 $44,955 Total fixed remuneration $1,490,320 $1,168,825 Short-term incentive scheme outcome (142% max) 0% 110.4% Short-term incentive earned $0 $893,504 Long-term incentive scheme outcome (100% max) 100% 28.76% Long-term incentive earned (vested shares) $980,285 $98,963 Employee share scheme (award shares) $2,500 $2,500 Total remuneration earned $2,473,105 $2,163,792 Total remuneration package FY27 (Mike Roan) Base salary $1,180,064 KiwiSaver on base salary $47,202 Total fixed remuneration $1,227,266 Short-term incentive cash (50% of fixed remuneration, incl. KiwiSaver) $613,633 Short- term incentive deferred equity (20% of base salary, excl. KiwiSaver) $236,013 Long-term incentive earned equity (50% of base salary, excl. KiwiSaver) $590,032 Employee share scheme (award shares) $2,500 Total remuneration package $2,666,944 60% weighted on financial measure of EBITDAF less capital charge outcome (138.7% outcome in FY26). 40% weighted on Executive Scorecard (68.0% outcome in FY26). 110.4% total outcome in FY26. 50% weighting on absolute 3- year TSR comparison against the company's compounded cost of equity over the same period (0% outcome in FY26). 50% weighting on relative 3- year TSR comparison against a peer group of other companies listed in the S&P/NZX50 Index over the same period (57.53% outcome in FY26). 28.76% total outcome in FY26. Variable incentive remuneration assumed at target. The cash-based STI is the gross cash payment based on performance achieved for the applicable period and includes 4 percent company KiwiSaver contributions. The above table includes the Deferred Equity STI earned during FY26, but which will not be awarded until the end of the vesting period (FY28). The FY26 LTI amount for Mike Roan relates to the vested Performance Share Rights (PSRs) from the FY24 LTI, granted when he held the role of Chief Financial Officer. The cash-based STI, and the LTI amounts above were earned during the FY26 and FY25 periods but were or will be awarded in the following applicable periods (i.e., FY27 and FY26). The total remuneration paid/awarded to Chief Executive Mike Roan within the FY26 year was $1,672,317 (gross). This included $0 for FY25 STI, and the LTI and MyShare payments that were made to him in August-October 2025, all related to when he was CFO.
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FY27 Executive Scorecard 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 14 Category FY27 objective Measure Adequate (<75%) Target outcome – good (75%) Excellent (>75%) Weighting Financial (in addition to the EBITDAF target) Deliver sustainable value and attract investors Key measure: Operating expenditure (This measure is in addition to the above 60% EBITDAF component) If this category’s outcome is materially behind target (Not disclosed) The outcome must be delivered, and be materially ahead of target 20% Customer Deliver cleaner, cheaper energy through innovation that unlocks value for customers Key measure: Customer growth If at least one of this category’s target outcomes is materially behind target 500,000 ICPs The target outcomes must be delivered, and one must be materially ahead of target 20% Other metrics that will be factored into the key metric outcome under this objective include: • Customer happiness index • Customer retention • Cost to serve • Revenue from EV charging Energy transition Grow renewable generation and firming capacity, and operate our assets effectively Key measure: Quantity of new renewable generation If at least one of this category’s target outcomes is materially behind target 1,136GWh The target outcomes must be delivered, and one must be materially ahead of target 20% Other metrics that will be factored into the key metric outcome under this objective include: • Quality – additional asset and demand response peaking capability • Generation availability (wind and hydro) • Hydro development – whether the market has been informed of feasibility People and safety Grow capability and culture, including safety leadership maturity Key measure: Safety metric If at least one of this category’s target outcomes is materially behind target Safety leadership target Serious harm reduction target The target outcomes must be delivered, and one must be materially ahead of target 20% Other metrics that will be factored into the key metric outcome under this objective include: • Engagement survey leadership score • Māori representation in senior roles Licence to operate Deliver operational excellence to protect and strengthen Meridian’s reputation Key measure 1: Energy hardship customers If at least one of this category’s target outcomes is materially behind target 1,000 new households (5,000 total) The target outcomes must be delivered, and one must be materially ahead of target 20% Key measure 2: Scope 1 and 2 emissions reduction 561tCO2e Other metrics that will be factored into the key metric outcome under this objective include: • Notifiable privacy breaches • Scope 3 emissions intensity • Corporate trust The above scorecard measures remain subject to a ‘Safety performance and leadership’ gate which requires the Executive Team to demonstrate an improvement in safety leadership and outcomes across the business and will be considered in the context of both lead and lag indicators. In addition to the ‘Safety’ gate, the Board can (on the recommendation of the Chief Executive) lift or reduce outcomes by up to 20 percent. At their discretion additionally, the Chief Executive may flex an individual executive up or down by up to 10 percent based o n how that individual has reflected the company values, brand, and positions externally, internally and within the Executive Team.
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Disclaimer 5-7 OCTOBER 20262026 GOVERNANCE ROADSHOW PAGE 15 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 information. In addition, neither the company nor any of its directors, employees, shareholders nor any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it. This presentation may contain forward-looking statements and projections. These reflect Meridian’s current expectations, based on what it thinks are reasonable assumptions. Meridian gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX or ASX listing rules, Meridian is not obliged to update this presentation after its release, even if things change materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy Meridian Energy securities and may not be relied upon in connection with any purchase of Meridian Energy securities. This presentation contains a number of non-GAAP financial measures, including Energy Margin, EBITDAF, Underlying NPAT and gearing. Because they are not defined by GAAP or IFRS, Meridian's calculation of these measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although Meridian believes they provide useful information in measuring the financial performance and condition of Meridian's business, readers are cautioned not to place undue reliance on these non-GAAP financial measures. The information contained in this presentation should be considered in conjunction with the company’s financial statements, which are included in Meridian’s integrated report for the year ended 30 June 2026, available at: www.meridianenergy.co.nz/about-us/investors All currency amounts are in New Zealand dollars unless stated otherwise.