Meridian Energy issues performance share rights to senior executives

On October 31, 2025, Meridian Energy Limited issued 778,614 performance share rights to senior executives and management as part of its Executive Long-Term Incentive Scheme. These share rights, which do not require consideration for issuance, are designed to align management incentives with shareholder returns over a three-year performance period from July 1, 2026, to June 30, 2028. The vesting of these rights is contingent on the company's total shareholder return relative to its cost of equity and a peer group of S&P/NZX50 companies.

Each performance share right, upon vesting and exercise, entitles the holder to one ordinary share in the company, plus an additional number of shares equivalent to the value of gross cash dividends paid to a New Zealand tax resident for a share held during the vesting period. If all share rights vest and are exercised, they represent 0.0327% of Meridian Energy's ordinary shares currently on issue, plus the dividend adjustment. These shares will rank equally with existing ordinary shares upon transfer.

The share rights do not grant voting rights or immediate dividend entitlements and are non-transferable. They will lapse if performance hurdles are not met or if employment ceases, though the board retains discretion for certain circumstances like death or redundancy. Following this issuance, Meridian Energy has 2,639,273,336 ordinary shares outstanding, 1,324,495 treasury stock, and 2,151,080 performance share rights.