MCY - FY2023 EBITDAF guidance confirmed

Friday 27th January 2023

Mercury announced today that it has confirmed its FY2023 EBITDAF guidance of $620m or normalised EBITDAF of $795m after adjusting for the non-cash unwind of acquired swaps relating to the Norske Skog, Tilt and Trustpower transactions.

Very wet conditions across the Waikato catchment have lifted FY2023 hydro production forecasts to 4,700GWh (from 4,500GWh). This additional hydro production has mostly been generated during Q2 when spot electricity prices were low due to nationally wet conditions and the Lake Taupō level was actively managed within the consented operating limits. The integration of the Mercury and Trustpower retail businesses is ahead of schedule, but this is pulling forward integration costs from future years into FY2023.

In December 2022, Mercury acquired the remaining shares of NOW New Zealand Limited. Mercury made an initial investment for 48% of NOW back in March 2021. NOW provides telecommunications and broadband services to 24,000 residential and small commercial customers throughout New Zealand.

Guidance may change and remains subject to any material events, significant one-off expenses or other unforeseen circumstances including changes to hydrological conditions.

ENDS

Howard Thomas

General Counsel and Company Secretary

Mercury NZ Limited

For investor relations queries, please contact:

William Meek

Chief Financial Officer

0275 173 470

investor@mercury.co.nz

For media queries, please contact:

Shannon Goldstone

Head of Communications

027 210 5337

media@mercury.co.nz

FY2023 EBITDAF guidance confirmed

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