Meridian to initiate share buyback for FY26 equity plans

Meridian Energy Limited announced today that it will commence an on-market share buyback program to acquire a maximum of 500,000 ordinary shares. This buyback, scheduled to run from December 5, 2025, until December 31, 2025, is in connection with the company's FY26 equity plans and will involve acquisitions solely on the NZX Main Board. The acquired shares will be held as treasury stock and will not be cancelled.

The buyback is intended to meet Meridian’s obligations under its long-term incentive (LTI) scheme and a new deferred equity short-term incentive (deferred STI) plan. The LTI scheme grants share rights to senior employees, vesting based on Meridian's total shareholder return relative to its cost of equity and a peer group, as well as continued employment. The deferred STI plan, introduced on July 1, 2025, for chief executive and executive employees, will involve equity payments deferred for two years, contingent on achieving board-approved financial targets and individual performance.

Meridian will transfer shares from its treasury stock to participants once the vesting and award conditions of these equity plans are satisfied.