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 quorum was confirmed, enabling hybrid participation, questions, and voting.

• Chair's address and Chief Executive's review initiated the meeting, followed by shareholder questions and voting.

Financial performance review

• Operating cash flows rose to NZD 667 million for the year ending 30 June 2024, up from NZD 509 million.

• Net profit after tax increased to 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 last financial year.

• Growth was driven by higher customer sales and positive wholesale trading, despite significant costs from drought-related hedge and demand response actions.

Board and executive committee updates

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

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

• Executive team and Board member details were provided.