Meridian Energy monthly operating report for June 2025

Attached is Meridian Energy Limited's monthly operating report for the month of June 2025. Key points this month include:  In the month to 14 July 2025, national hydro storage increased from 94% to 104% of historical average  South Island storage increased to 95% of average and North Island storage increased to 150% of average by 14 July 2025  Meridian’s June 2025 monthly total inflows were 111% of historical average  Waiau catchment inflows in June 2025 were 113% of historical average  Meridian’s Waitaki catchment water storage at the end of June 2025 was 87% of historical average  Water storage in Meridian’s Waiau catchment was 130% of average at the end of June 2025  June was a mild month, with temperatures above average for most of the country, apart from the Mackenzie Basin. Rainfall was generally above average, except for the North Island’s east coast and southern parts of the South Island’s West Coast  National electricity demand in June 2025 was 1.4% higher than June 2024  New Zealand Aluminium Smelter’s (NZAS) average load during June 2025 was 530MW  Meridian’s retail sales volumes in June 2025 were 7.9% higher than June 2024  Compared to June 2024, segment sales in residential were 12.7% higher, small medium business 6.3% higher, large business 15.2% higher, agriculture 5.5% higher and corporate 4.5% higher Key points this quarter include:  Q4 total inflows were 102% of historical average, 19% higher than Q4 last year  Meridian’s Waitaki catchment water storage at the end of Q4 was 37% higher than Q4 last year  Compared to Q4 last year, Meridian’s generation was 8.8% lower at a 18.6% lower average price  Electricity futures prices decreased during Q4, with all future winter quarters’ prices falling  National electricity demand in Q4 was 2.6% lower than Q4 last year  Autumn 2025 was mild with above average temperatures across most of the country. It was wet for the eastern South Island and northern parts of both islands.  NIWA’s winter 2025 outlook suggests higher than average temperatures and above or near normal rainfall across the country  NZAS sales volumes in Q4 were lower than Q4 last year  During the quarter, Meridian made calls on volume under an agreed 50MW smelter demand response reduction  On 6 June 2025, Meridian announced agreement with NZAS to end the current demand response, targeting 11 August 2025 completion date  At the end of Q4, Meridian’s customer numbers were 9.6% higher than the same time last year  Compared to Q4 last year, Meridian’s retail sales volumes were 2.9% higher at a 5.2% higher average price  Sales increased in all segments except agriculture  Compared to Q4 last year, total operating costs were 0.2% lower  Compared to Q4 last year, total capital expenditure was 16.5% lower Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels