Meridian announces share buyback for FY26 employee equity plans

Meridian Energy Limited (Meridian) has announced an on-market share buyback of up to 500,000 ordinary shares. This buyback is connected to the company's FY26 equity plans and is scheduled to occur between December 5, 2025, and December 31, 2025, exclusively on the NZX Main Board. The acquired shares will be held as treasury stock and will not be canceled.

The buyback serves to meet Meridian's obligations under its long-term incentive (LTI) scheme for senior employees and its new deferred equity short-term incentive plan (deferred STI plan) for the chief executive and executive employees. Under the LTI plan, participants receive share rights to acquire ordinary shares, conditional on Meridian’s total shareholder return over a three-year vesting period relative to its cost of equity and peer performance, and the participant's continued employment.

The deferred STI plan, introduced on July 1, 2025, involves equity payments deferred for two years. The number of shares awarded is discretionary and based on the achievement of company financial targets, executive scorecard alignment to business strategy, and individual performance. Shares will be transferred to participants upon the satisfaction of these vesting and award conditions.