MERCURY NZ LIMITED — Share Issue/Capital Change 2026

Apr 15, 2026

Mercury

STOCK EXCHANGE LISTINGS: NZX (MCY) / ASX (MCY)

ANNOUNCEMENT

Capital Change Notice

16 April 2026 – Attached is a Capital Change Notice which was released to the NZX today in respect of an issue of unquoted performance share rights pursuant to Mercury’s Executive Long Term Incentive scheme.

ENDS

Howard Thomas

General Counsel and Company Secretary
Mercury NZ Limited

For investor relations queries, please contact:
Paul Ruediger
Head of Business Performance & Investor Relations
027 517 3470
investor@mercury.co.nz

For media inquiries, please contact:
Catherine Morab
Reputation and Social Impact Lead
09 282 1158
mercurycommunications@mercury.co.nz

ABOUT MERCURY NZ LIMITED

Mercury’s generation assets produce electricity from 100% renewable sources: hydro, geothermal and wind. We’re also a retailer of electricity, gas, broadband and mobile services. We’re listed on the New Zealand Stock Exchange and the Australian Stock Exchange with the ticker symbol ‘MCY’, with foreign exempt listed status. The New Zealand Government holds a legislated minimum 51% shareholding of Mercury.

Visit us at: www.mercury.co.nz

The Mercury Building, 33 Broadway, Newmarket 1023
PO Box 90399, Auckland 1142

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NZX

NEW ZEALAND'S EXCHANGE

Capital Change Notice

Section 1: Issuer information
Name of issuer	Mercury NZ Limited (Mercury)
NZX ticker code	MCY
Class of financial product	Unquoted Performance share rights (PSRs), convertible to Mercury NZ Limited ordinary shares pursuant to Mercury's Executive LTI Plan
ISIN (If unknown, check on NZX website)	N/A
Currency	NZD
Section 2: Capital change details
Number issued/acquired/redeemed	422,107
Nominal value (if any)	Nil
Issue/acquisition/redemption price per security	Nil
Nature of the payment (for example, cash or other consideration)	No consideration is payable for the PSRs. The PSRs have a set exercise price of $0
Amount paid up (if not in full)	N/A
Percentage of total class of Financial Products issued/acquired/redeemed/ (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence)	The PSRs comprise 100% of the financial products of that class.
For an issue of Convertible Financial Products or Options, the principal terms of Conversion (for example the Conversion price and Conversion date and the ranking of the Financial Product in relation to other Classes of Financial Product) or the Option (for example, the exercise price and exercise date)	Conversion of PSRs is subject to certain performance hurdles being met over an initial 3-year performance period (or pro-rated performance period, as applicable) and in certain other exceptional circumstances. On becoming exercisable, each PSR entitles the holder to one fully paid ordinary Mercury NZ Limited share, ranking equally with all other Mercury NZ Limited ordinary shares. The PSRs have a set exercise price of $0.
Reason for issue/acquisition/redemption and specific authority for issue/acquisition/redemption/ (the reason for change must be identified here)	Issue of 422,107 PSRs under the Mercury Executive LTI Plan for senior executives of Mercury NZ Limited. Directors' resolutions dated 5 December 2025.
Total number of Financial Products of the Class after the issue/acquisition/redemption/Conversion (excluding Treasury Stock) and the total number of Financial Products of the Class held as Treasury Stock after the issue/acquisition/redemption.	422,107 PSRs. No PSRs are held as treasury stock.
In the case of an acquisition of shares, whether those shares are to be held as treasury stock	N/A

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| Specific authority for the issue, acquisition, or redemption, including a reference to the rule pursuant to which the issue, acquisition, or redemption is made | Directors’ resolutions dated 5 December 2025.
Listing Rule 4.6.1. |
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| Terms or details of the issue, acquisition, or redemption (for example: restrictions, escrow arrangements) | Conversion of PSRs is subject to certain performance hurdles being met over an initial 3-year performance period (or pro-rated performance period, as applicable) and in certain other exceptional circumstances.
On becoming exercisable, each PSR entitles the holder to one fully paid ordinary Mercury NZ Limited share, ranking equally with all other Mercury NZ Limited ordinary shares.
PSRs do not entitle the holder to receive dividends or other distributions, or vote in respect of Mercury NZ Limited ordinary shares, although under the terms of the plan an additional number of shares will be issued on conversion of fully vested PSRs to reflect dividends paid to Mercury NZ Limited shares prior to exercise.
Holders of PSRs cannot transfer or grant security interests over them. |
| Date of issue/acquisition/redemption | 16 April 2026 |
| Section 4: Authority for this announcement and contact person | |
| Name of person authorised to make this announcement | Howard Thomas, General Counsel & Company Secretary |
| Contact person for this announcement | Howard Thomas |
| Contact phone number | 09 308 8270 |
| Contact email address | Howard.Thomas@mercury.co.nz |
| Date of release through MAP | 16 April 2026 |