Meridian Energy (MEL) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with safety instructions, a welcome to in-person and online attendees, and included auditors and solicitors.

• The hybrid format enabled shareholders to participate, ask questions, and vote both online and in person.

• Chair's address and Chief Executive's review were followed by shareholder questions and voting on resolutions.

• Voting procedures and the single formal resolution (director re-election) were outlined at the start.

Financial performance review

• Operating cash flows rose to NZD 667 million, up from NZD 509 million, with net profit after tax at NZD 429 million, influenced by NZD 249 million in net gains on hedge instruments.

• EBITDA increased 16% to NZD 905 million, and underlying net profit rose 14% to NZD 359 million.

• $349 million was invested in new and existing generation assets during the year.

• Growth was driven by higher customer sales and positive wholesale trading.

• Despite strong results, the current financial year is expected to be more challenging due to operational shifts and drought impacts.

Board and executive committee updates

• David Carter was welcomed as a new non-executive director, and Tania Simpson stood for re-election with board support.

• Only one executive team change occurred: Nick Kennedy resigned as CEO of Flux Federation, replaced on an interim basis by Bharat Ratanpal.

• Executive team and Board member details were provided.

• The board continues to focus on diversity and balanced perspectives.