Meridian Energy (MEL) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with a welcome, cultural acknowledgment, safety instructions, and addresses from the Chair and Chief Executive, followed by shareholder questions and voting on resolutions.

• Auditors, legal counsel, and Treasury representatives were introduced, and quorum was confirmed.

• Voting procedures and Q&A protocols were outlined, with four director re-elections on the agenda.

Financial performance review

• Operating cash flows for FY2025 were $318 million, down 52% from the previous year.

• Net profit after tax was a $452 million loss, compared to a $429 million profit previously.

• EBITDA/EBITDAF fell 32% to $611 million; underlying net profit after tax dropped 84% to $56 million.

• Total shareholder return for FY25 was 6%, underperforming the NZX50 Index.

• The downturn was attributed to record low hydro inflows, low wind, droughts, and gas shortages.

Board and executive committee updates

• The Board composition remained unchanged, with all directors present and four standing for re-election.

• Mike Roan was appointed Chief Executive in July 2025, succeeding Neal Barclay; Mandy Simpson joined as CFO.

• New roles and internal promotions included a new GM Strategy and Portfolio.