Vector delivers strong half year result

Market Release
26 February 2025
Vector delivers strong half year result

• Group net profit after tax, for continuing operations, of $118 million
• Adjusted EBITDA
1
for continuing operations of $202 million, up 16%
2

• Gross capital expenditure for continuing operations of $ 261 million
• Interim dividend 12 cents per share
3

Vector Group (NZX: VCT) today announces its result for the first half of the 2025 financial
year.
Vector chief executive Simon Mackenzie said: “We’re pleased to report strong financial
results for the group over the past six months, with a group net profit after tax, for continuing
operations, of $118 million.

“Adjusted EBITDA, which does not include the capital contributions customers pay for new
connections on the network, was up 16% to $202 million.

The company will pay an unimputed interim dividend of 12 cents per share.

The board has approved revisions to the dividend policy, linking to cash flow. The intent is to
align the policy with the Commerce Commission’s five-yearly regulatory cycle, as this is a
large part of what determines our revenue and earnings in each five year period. The revised
policy is attached to this release and is available on Vector’s website.

Mr Mackenzie said: “With the sale of Ongas and our shareholding in Liquigas, which was
completed on 31 January 2025, we have now concluded a number of transactions. This is
reflected in a new segment structure for our financial results, consisting of electricity, gas
distribution, and other.

“Our investment in Bluecurrent continues to perform within our expected range.

“Looking forward, we’re focussed on investing in our core networks and continuing to explore
growth opportunities including through Vector Technology Solutions.”

Key financial and operational information

1
EBITDA and Adjusted EBITDA are non-GAAP measures which the directors and management believe provide useful
information as they are used internally to evaluate performance of business units, to establish operational goals and to allocate
resources. Adjusted EBITDA excludes capital contributions. See the interim financial statements for further details or click on
this link
to see Vector’s policy.
2
Numbers are reported against continuing operations with the current and prior year comparatives being adjusted to exclude
Natural Gas Trading which was sold on 1 July 2024; and Ongas and Vector’s shareholding in Liguigas on 31 January 2025.

3
The dividend will be paid to shareholders who are on the register at 21 March 2025, with payment made on 31 March 2025.

Business segment H1 FY24 H1 FY25 % change
Electricity
- Revenue excluding contributions
- Adjusted EBITDA
- Total connections

$344m
$147m
620k

$372m
$172m
629k

+8%
+17%
+1.5%
Gas distribution
- Revenue excluding contributions
- Adjusted EBITDA
- Total connections

$33m
$23m
120k

$34m
$24m
121k

+3%
+3%
+0.4%
Other
- Revenue
4

- Adjusted EBITDA

$33m
$3m

$31m
$6m

-5%
+75%

Outlook

For the full year, adjusted EBITDA is expected to be in the range of $400 to $415 million;
gross capex to be in the range of $495 to $525 million, and capital contributions within $215
to $245 million. The current DPP3 regulatory period will end on 31 March 2025 with DPP4
starting 1 April 2025. This is the start of the new five year regulatory period as set by the
Commerce Commission.

ENDS

Vector’s interim financial statements are available here: vector.co.nz/reports.
Vector’s revised dividend policy is available here: vector.co.nz/investors/dividends.


Investor contact
Jason Hollingworth, chief financial officer
Jason.hollingworth@vector.co.nz
021 312 928

Media contact
Matt Britton, communications manager
Matthew.britton@vector.co.nz
021 224 2966


About Vector
Vector is an innovative New Zealand energy and digital solutions company, which runs a
portfolio of businesses delivering energy, technology and communication services to more
than 628,000 residential and commercial customers across New Zealand. Vector has a leading
role in creating a new energy future through its Symphony strategy which puts customers at
the heart of the energy system. Vector is listed on the New Zealand Stock Exchange with ticker

4
Note that capital contributions only apply to electricity and gas distribution segments.

symbol VCT. Our majority shareholder, with voting rights of 75.1%, is Entrust. For further
information, visit

---

creating a new energy future



Dividend Policy
Policy Statement
Vector’s policy is to target to distribute between 70% and 100% of its free cash flow in each
financial year as a dividend subject to the policy guidelines below.
Free cash flow is operating cash flow less investing cash flow plus debt financing of net capex
less lease liabilities.
Vector will target to debt fund 75% of net capex.
1

Vector will attach imputation credits to dividends to the maximum extent they are available.

Policy Guidelines
Vector will target an increase in dividends year on year within a regulatory period having regard
to the regulatory price path construct, the outlook within that period and company performance.
The board will ensure that after the payment of any dividend, the company:
1. Maintains at least a BBB credit rating from Standard & Poor’s, or an equivalent rating
from another credit rating agency;
2. Has the financial capacity to meet its actual or anticipated near term investment and
operating requirements; and
3. Complies with all funding covenants and the solvency test mentioned in the Companies
Act.
Dividend payments are made at the discretion of the board of Vector. The payment of
dividends is not guaranteed, and Vector’s dividend policy may change.

Payment
Dividend payments will be split between interim and final dividends.


1
Net capex is gross capex less capital contributions.

---

Financial and
Operational Results
HALF YEAR ENDING 31 DECEMBER 2024
Presentation Date: 26 February 2025

Disclaimer
This presentation contains forward-looking statements.
Forward-looking statements often include words such as “anticipates”, “estimates”, “expects”,
“intends”, “plans”, “believes” and similar words in connection with discussions of future operating
or financial performance.
The forward-looking statements are based on management's and directors’ current expectations
and assumptions regarding Vector’s businesses and performance, the economy and other future
conditions, circumstances and results.
As with any projection or forecast, forward-looking statements are inherently susceptible to
uncertainty and changes in circumstances. Vector’s actual results may vary materially from those
expressed or implied in its forward-looking statements.
2

Agenda
3
•Overview of Financial Performance
•Financial Performance
•Segment Performance
•Outlook & Market Commentary
•Q&A

OVERVIEW OF FINANCIAL
PERFORMANCE
4

503
560
174
202
19
118
234
261
188
277
123
69
18
12
7
7
4
3
626
630
192
214
26
125
238
264
188
277
FY24FY25FY24FY25FY24FY25FY24FY25FY24FY25
Overview of financial performance
5
Adjusted EBITDA is not a GAAP measure of profit. For a reconciliation of adjusted EBITDA to EBITDA and net profit refer to the appendix of this presentation.
FY24 refers to Financial Year 24 for the six month period ending 31 December 2023. FY25 refers to Financial Year 25 for the six month period ending 31 December 2024
Revenue
Adjusted
EBITDA
Gross Capital
Expenditure
Operating
Cashflow
NPAT
FY24 includes
Natural Gas
Trading with
Revenue of $55m
Variance
excludes
Discontinued
Operations
+11%+16%+12%+47%+50%
excluding FY24
Impairment
Figures shown in
$NZD Millions
Half Year FY25 vs Half Year FY24
Grey bars represent the discontinued operations of Gas Trading
which included Ongas, Liquigas and in prior years also Natural Gas.
The subset of Natural Gas was sold on 1 July 2024 with Ongas and
Liquigas are held for sale as at 31 December 2024 with the
transaction then completed on the 31
st
of January.
Blue bars represent the ongoing continuing operations of Vector.

FINANCIAL PERFORMANCE
6

Earnings from continuing operations are up $28m / 16%
7
FY25 H1 adjusted EBITDA movement vs prior year ($M)
174
+25
+1
+2202
FY24ElectricityGas
Distribution
OtherFY25
•With the sale of our gas trading segment, we now have a new segment reporting structure of electricity, gas
distribution and other.
•Other is a non-reportable segment and includes VTS, HRV, Vector Fibre, Equalise and group eliminations.
•Corporate centre is now allocated out to the revenue generating business units in line with the regulatory
allocation methodology.

NPAT from continuing operations is $118m
8
“Other” includes, depreciation and amortisation, share of associates, fair value changes on financial instruments and tax.
FY25 H1 NPAT from continuing operations movement vs prior year ($M)
19
+28
+30-15
+60-5
118
FY24Adj. EBITDACapital
Contributions
Net InterestFY24
Impairment
OtherFY25

Gross capex of $261m
9
•Gross capex increase of $27m to $261m. Net capex (after deducting contributions) down (2%) to $138m.
Contributions up 32% to $123m, largely attributable to new data centres and a largeKiwiRail project and
system growth contributions driven by higher incremental capacity
•Year on year decrease in replacement capex on the network primarily driven by work completed last year to
improve resilience and restore the network post the extreme weather events in FY23
Note 1. All years adjusted to exclude discontinued operations; 2. Capex figures prior to December 2021 do not include ROU additions.
Gross Capital Expenditure ($M)FY25 H1 Gross Capex movement vs prior year ($M)
Gas D’ and
Other Capex
Electricity
Network
Capex
127
129
109
116
142
138
45
51
72
97
93
123
172
180
182
213
234
261
H1 20H1 21H1 22H1 23H1 24H1 25
Net capexCapital contributions
218
243
17
18
234
+30-4
-2
+3261
FY24Electricity
Growth
Electricity
Replace-
ment
Gas
Distribution
OtherFY25

Group debt
10
Vector’s Standard and Poor’s credit rating remains at BBB+ with a stable outlook
Net Economic Debt and Gearing ($B)
Debt Maturity Profile ($M)
2.92
3.01
3.11
3.16
3.30
3.41
1.93
2.14
2.13
2.23
56%
56%
57%
57%
58%
59%
33%
36%36%
38%
-
10%
20%
30%
40%
50%
60%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JunDecJunDecJunDecJunDecJunDec
20202021202220232024
Economic net debt ($B)Gearing
7575
100
125
277
138
574
223
170
307
250
225
FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Bank FacilitiesUSPPWholesale Bonds
Capital BondsRetail Bonds
Note. Gearing is defined as economic net debt to economic net debt plus adjusted equity. Adjusted equity means total equity adjusted for hedge reserves.

SEGMENT PERFORMANCE
11

Electricity earnings up $25m / 17%
12
•Electricity revenue is higher due to
price adjustments reflecting the
impact of high historic inflation. We are
now recovering this through higher
prices as per the regulatory model
which has a 2 year lag on recovery.
•Opex costs are largely consistent to
prior year.
•Total net connections continue to grow
with electricity connections up 1.5% on
H1 FY24 to 628,990
•However, new connections in H1 FY25
have been 2,079 lower than in H1 FY24,
reflective of the broader economic
slowdown.
Adjusted EBITDA Movement ($M)
147
+28-3
172
FY24RevenueOpexFY25
New Connections
000’s
Total Connections
000’s
6.1
5.2
6.6
7.8
6.6
7.9
8.9
6.8
H1
18
H1
19
H1
20
H1
21
H1
22
H1
23
H1
24
H1
25
560
567
576
586
596
607
620
629
H1
18
H1
19
H1
20
H1
21
H1
22
H1
23
H1
24
H1
25
Note 1. New connections refers to gross new connections. Net connections accounts for disconnections and cancellations which represents the movement in total connections.

Gas Distribution earnings up $1m / 3%
13
•Our Gas Distribution business builds and
maintains the gas network within the
wider Auckland region.
•Gas revenue is higher due to price
increases and prior period wash up
partially offset by lower volumes.
Volumes were 7% lower compared with
H1 FY24, due to lower demand from both
the residential and industrial and
commercial sectors.
•Opex costs are consistent to prior year.
•Total net connections continue to grow
with gas connections up 0.4% on H1 FY24
to 120,761.
•However, new gas connections in H1 FY25
were down 510 on H1 FY24.
Adjusted EBITDA Movement ($M)
New Connections
000’s
Total Connections
000’s
23
+1-0
24
FY23RevenueOpexFY24
1.7
1.7
1.9
2.0
1.7
1.3
1.2
0.7
H1
18
H1
19
H1
20
H1
21
H1
22
H1
23
H1
24
H1
25
108
110
113
115
118
119
120
121
H1
18
H1
19
H1
20
H1
21
H1
22
H1
23
H1
24
H1
25
Note 1. New connections refers to gross new connections. Net connections accounts for disconnections and cancellations which represents the movement in total connections.

Bluecurrent
14
•Vector’s 50% equity accounted share of
Bluecurrent’s FY25 H1 net loss was $10.8m
(includes amortisation of intangible assets
and depreciation).
•While this business is making a net loss, it is
still cash generative and performing in line
with expectations.
•We are forecasting to receive $50m to $55m
in distributions for the FY25 year in relation
to our 50% shareholding.
•NBV of Vector’s investment in Bluecurrent
joint venture is $647m as at 31 December
2024

OUTLOOK & MARKET COMMENTARY
15

Outlook – FY25
16
•With the dividend policy linked to cashflow, going forward we will be providing guidance
on adjusted EBITDA, gross capex and capital contributions.
•For FY25 the range is as follows. Note that this includes discontinued operations.
•Adjusted EBITDA: $400m - $415m
•Gross Capex: $495m - $525m
•Capital Contributions: $215m – $245m
•The current DPP3 regulatory period will end on 31 March 2025 with DPP4 starting 1 April
2025. This is the start of the new five year regulatory period as set by the Commerce
Commission.

Interim FY25 Dividend
17
•Interim dividend of 12.00 cents per
share with no imputation
•Dividend record date of 21 March
2025 and payment date of 31 March
2025
•The new dividend policy aims to
distribute 70% to 100% of free cash
flow as a dividend to shareholders
Dividend (cents per share)
6.50
6.75
7.00
7.25
7.507.50
7.75
8.00
8.258.258.258.258.258.25
9.25
12.00
7.50
7.50
7.50
7.75
7.75
8.00
8.00
8.00
8.00
8.258.25
8.508.508.50
13.00
5.50
1.75
14.00
14.25
14.50
15.00
15.25
15.50
15.75
16.00
16.25
16.5016.50
16.7516.75
22.25
24.00
12.00
FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
InterimFinalSpecial

Q&A
ANY QUESTIONS?
18

APPENDICES
19

Segment Results – Continuing Operations
20
1. Other is not a reportable segment. Includes VTS, HRV, Vector Fibre, Equalise and inter-segment eliminations,
E le ctricity
Gas Dis tribu tion
Othe r
1
Total
H1
FY24
H1
FY25
Δ
H1
FY24
H1
FY25
Δ
H1
FY24
H1
FY25
Δ
H1
FY24
H1
FY25
Δ
Adju s te d E BI TDA
Revenue excl. Capital
Contributions
344
372
28
+8%
33
34
1
+3%
33
31
(2)
-5%
410
437
28
+7%
Operating Expenses
(197)
(200)
(3)
-2%
(10)
(10)
(0)
-3%
(30)
(26)
4
+13%
(236)
(236)
0
+0%
Ad ju ste d E B I TD A
1 4 7
1 7 2
25
+1 7 %
23
24
1
+3%
3
6
2
+7 5%
1 7 4
20 2
28
+1 6 %
Cape x
Growth
99
130
30
+30%
7
6
(1)
-14%
5
7
2
+37%
112
143
31
+28%
Replacement
118
114
(4)
-4%
4
3
(1)
-21%
1
2
1
+89%
123
119
(4)
-3%
Gross Ca p e x
21 8
24 3
26
+1 2%
10
9
(2)
- 1 7 %
6
9
3
+4 5%
234
26 1
27
+1 2%
Capital Contributions
86
117
31
+36%
6
6
(1)
-11%
0
1
0
+67%
93
123
30
+33%
N e t Ca p e x
1 31
1 27
(5)
- 4 %
4
3
(1 )
- 26 %
6
9
3
+4 4 %
1 4 2
1 38
(3)
- 2%

GAAP to Non-GAAP Reconciliation
21
Vector’s standard profit measure prepared under New Zealand GAAP
is net profit. Vector has used non-GAAP profit measures when
discussing financial performance in this document. The directors and
management believe that these measures provide useful
information as they are used internally to evaluate performance of
business units, to establish operational goals and to allocate
resources. For a more comprehensive discussion on the use of non-
GAAP profit measures, please refer to the policy ‘Reporting non-
GAAP profit measures’ available on our website (vector.co.nz).
Non-GAAP profit measures are not prepared in accordance with NZ
IFRS (New Zealand International Financial Reporting Standards) and
are not uniformly defined, therefore the non-GAAP profit measures
reported in this document may not be comparable with those that
other companies report and should not be viewed in isolation or
considered as a substitute for measures reported by Vector in
accordance with NZ IFRS.
Definitions
EBITDA
Earnings before interest, taxation, depreciation, amortisation,
impairment, associates and fair value changes.
Adjusted EBITDA
EBITDA adjusted for third party contributions and significant
one-off gains, losses, revenues and/or expenses.
Extract from the financial statements
G A A P to Non- G A A P reconcilia tion
FY24
FY25
G roup EBITDA a nd A djusted EBITDA
$M
$M
Reported net profit for the period (GAAP)-
continuing operations
18.9
118.1
Add back: net interest costs
24.5
39.0
Add back: tax (benefit)/expense
38.4
50.4
Add back: depreciation and amortisation
109.5
110.7
Add back: impairment
60.0
-
Associates (share of net (profit)/loss)
9.0
10.8
Fair value change on financial instruments
6.1
(4.4)
EBITDA - continuing opera tions
266.4
324 .6
A djusted for:
Capital contributions
(92.8)
(123.0)
A djusted EBITDA - continuing opera tions
17 3.6
201.6
A djusted EBITDA - discontinued opera tions
18.4
12.0
Tota l G roup a djusted EBITDA
192.0
213.6

END
22

---

FINANCIAL PERFORMANCE
$MILLION
31-DEC-24
6 MONTHS
31-DEC-23
6 MONTHS CHANGE
30-JUN-24
12 MONTHS
Total revenue – continuing operations
1
560.5502.7 11.5% 1,013.0
Adjusted EBITDA – continuing operations
1
201.6173.6 16.1% 345.3
Adjusted EBIT – continuing operations
1
90.964.1 41.8% 127.0
Net profit – continuing operations
1
118.118.9 524.9%75.6
Total revenue – discontinued operations69.3122.9 (43.6%) 228.6
Adjusted EBITDA – discontinued operations12.018.4 (34.9%) 36.5
Adjusted EBIT – discontinued operations10.511.6 (9.5%) 23.3
Net profit – including discontinued operations125.426.0 382.3%91.0
Operating cash flow – including discontinued operations276.9188.0 47.3% 445.1
FINANCIAL POSTION
$MILLION31-DEC-24 31-DEC-23 CHANGE 30-JUN-24
Total equity3,713.33,793.7 (2.1%) 3,776.7
Total assets7,128.07,278.5 (2.1%) 7,125.6
Economic net debt
2
2,230.02,139.5 4.2% 2,128.6
KEY FINANCIAL MEASURES
31-DEC-24 31-DEC-23 CHANGE 30-JUN-24
Adjusted EBITDA/ total revenue
1
36.0%34.5% 4.3% 34.1%
Adjusted EBIT/ total revenue
1
16.2%12.8% 26.6% 12.5%
Equity/total assets52.1%52.1% 0.0% 53.0%
Return on assets (adjusted EBITDA/assets)
1
2.8%2.4% 16.7% 4.8%
Gearing
3
37.5%36.2% 3.6% 36.2%
Net interest cover (adjusted EBIT/net interest costs) (times)2.63.1 (16.1%)2.9
Earnings (NPAT) per share (cents) – including
discontinued operations12.42.4 416.7%8.9
Dividends declared, cents per share12.009.25 29.7% 24.00
1.E xcludes contributions from natural gas and gas trading which are classified as discontinued operations for all periods presented.
2.
E
conomic net debt is borrowings and lease liabilities net of cash and cash equivalents.
3.
G
earing is defined as economic net debt to economic net debt plus adjusted equity. Adjusted equity means total equity adjusted for hedge reserves.
Total revenue
$629.8 MILLION
Operating cash flow
$276.9 MILLION
Financial overview
Vector Interim Financials 2025
1

0
25
50
75
100
125
150
20242023202220212020
102.1
115.5
100.3
26.0
*
125.4
NET PROFIT
(including discontinued operations)
for the six months ended 31 December
$ MILLION
TOTAL REVENUE
for the six months ended 31 December
$ MILLION

ELECTRICITY DISTRIBUTION

GAS DISTRIBUTION

OTHER
1

DISCONTINUED OPERATIONS – TOTAL

TOTAL GROUP

TOTAL CONTINUING OPERATIONS
ADJUSTED EBITDA
for the six months ended 31 December
$ MILLION

ELECTRICITY DISTRIBUTION

GAS DISTRIBUTION

OTHER
1


DISCONTINUED OPERATIONS – TOTAL

TOTAL GROUP

TOTAL CONTINUING OPERATIONS
Financial performance trends
1. Includes eliminations of transactions between segments, and with discontinued operations

* Six-months to 31 December 2023 includes $60.6 million of non-cash
impairment.
0
100
200
300
400
500
600
700
800
20242023202220212020
424.2
457.4
560.5
629.8
496.4
502.7
69.3
223.5
227.2
247.9
122.9
647.7
684.6
744.3
625.6
20242023
173.6
192.0
213.6
201.6
0
50
100
150
200
250
300
20242023
234.4
238.1
264.4
261.4
0
50
100
150
200
250
300
CAPITAL EXPENDITURE
for the six months ended 31 December
$ MILLION
Vector Interim Financials 2025
2

OPERATING CASH FLOWS
(including discontinued operations)
for the six months ended 31 December
$ MILLION
0
50
100
150
200
250
300
20242023202220212020
276.9
271.3
283.6
260.2
188.0
3,714.1
2,230.0
2
0
2
4
2
0
2
3
2,139.53,768.4
SOURCE OF FUNDING – GEARING
(including discontinued operations)
as at 31 December
$ MILLION

ECONOMIC NET DEBT

ADJUSTED EQUITY
Financial performance trends (continued)
Vector Interim Financials 2025
3

---

INTERIM
FINANCIAL
STATEMENTS
for the six months ended 31 December 2024

CONTENTS
Independent Review Report3
Group Condensed Interim Financial Statements
Profit or Loss5
Other Comprehensive Income6
Balance Sheet7
Cash Flows9
Changes in Equity 10
Notes to the Group Condensed Interim Financial Statements11
GROUP CONDENSED INTERIM FINANCIAL STATEMENTS
These group condensed interim financial statements for the six months ended 31 December 2024 are dated
25 February 2025, and signed for and on behalf of Vector Limited by:
Chair
Chair, audit committee
And management of Vector Limited by:
Group Chief Executive
Chief Financial Officer
Group Condensed Interim Financial Statements
for the six months ended 31 December 2024 (unaudited)
2
Vector Interim Financials 2025

Independent Review Report
for the six months ended 31 December 2021

© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public

Independent Auditor’s Review
Report
To the shareholders of Vector Limited (Group)
Report on the group condensed interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the group
condensed interim financial statements on pages 5 to
24 do not:
‒ present fairly, in all material respects, the
Group’s financial position as at 31
December 2024 and its financial
performance and cash flows for the 6 month
period then ended and comply with New
Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New
Zealand Accounting Standards Board.

We have completed a review of the accompanying
group condensed interim financial statements which
comprise:
‒ the group interim balance sheet as at 31
December 2024;
‒ the group interim profit or loss, other
comprehensive income, changes in equity
and cash flows for the 6 month period then
ended; and
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor's Responsibilities for the Review of the interim consolidated
financial statements section of our report.
We are independent of Vector Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to the annual audit, regulatory assurance services,
other assurance services, agreed upon procedures and compliance services in relation to R&D tax credit.
Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms
within the ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholders. Our review work has been undertaken so that we might state to
the shareholders those matters we are required to state to them in the Independent Auditor’s Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the shareholders for our review work, this report, or any of the conclusions we have formed.
3
Vector Interim Financials 2025

Responsibilities of directors for the group condensed interim
financial statements
The directors on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the group condensed interim fin ancial statements in accordance
with NZ IAS 34; and
‒ implementing necessary internal control to enable the preparation of group condensed interim financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the group condensed
interim financial statements
Our responsibility is to express a conclusion on the group condensed interim financial statements based on our
review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the group condensed interim financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34.
A review of the group condensed interim financial statements prepared in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the
financial statements.
The engagement partner on the audit resulting in this independent auditor’s review report is Matthew Diprose.

For and on behalf of:

KPMG
Auckland
25 February 2025
4
Vector Interim Financials 2025

NOTE
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
30 JUN 2024
12 MONTHS
(AUDITED)
$M
Continuing operations:
Revenue4560.5502.71,013.0
Operating expenses4(235.9)(236.3)(472.4)
Depreciation and amortisation(110.7)(109.5)(218.3)
Interest income10.927.651.7
Interest costs(49.9)(52.1)(103.8)
Impairment of goodwill8–(60.0)(60.0)
Fair value change on financial instruments4.4(6.1)(12.0)
Share of net profit/(loss) in joint ventures7(10.8)(9.0)(24.9)
Profit/(loss) before income tax168.557.3173.3
Income tax benefit/(expense)(50.4)(38.4)(97.7)
Net profit/(loss) for the period from
continuing operations118.118.975.6
Net profit/(loss) for the period from
discontinued operations5,67.37.115.4
Net profit/(loss) for the period125.426.091.0
Net profit/(loss) for the period attributable to
Owners of the parent – continuing operations118.118.975.6
Owners of the parent – discontinued operations6.35.713.0
Non-controlling interests – discontinued operations 1.01.42.4
Basic and diluted earnings per share (cents)
Continuing operations1011.81.87.6
Discontinued operations100.60.61.3
Total1012.42.48.9
Profit or Loss
5
Vector Interim Financials 2025

NOTE
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
30 JUN 2024
12 MONTHS
(AUDITED)
$M
Net profit/(loss) for the period125.426.091.0
Other comprehensive income
net of tax- continuing operations
Items that may be re-classified subsequently to
profit or loss:
Net change in fair value of hedge reserves(27.0)(30.4)(29.5)
Translation of foreign operations 1.9(2.2)(1.5)
Items that will not be re-classified subsequently to
profit or loss:
Share of other comprehensive income of
joint ventures7(15.0)(7.9)1.9
Fair value change on financial asset–(8.8)(8.3)
Other comprehensive income/(loss) for the period
net of tax -continuing operations(40.1)(49.3)(37.4)
Total comprehensive income/(loss) for the period
net of tax85.3(23.3) 53.6
Total comprehensive income for the period
attributable to
Owners of the parent – continuing operations78.0(30.4)38.2
Owners of the parent – discontinued operations6.35.713.0
Non-controlling interests – discontinued operations1.01.42.4
Other Comprehensive Income
6
Vector Interim Financials 2025

Balance Sheet
 NOTE
31 DEC 2024
(UNAUDITED)
$M
31 DEC 2023
(UNAUDITED)
$M
30 JUN 2024
(AUDITED)
$M
CURRENT ASSETS
Cash and cash equivalents8.726.177.4
Short-term deposits–302.127.2
Trade and other receivables 87.5159.9100.0
Contract assets70.783.897.7
Derivatives91.22.93.2
Inventories17.522.226.4
Contingent consideration9.810.712.4
Intangible assets5.37.57.6
Income tax20.416.520.2
Disposal group held for sale5,6188.69.79.7
Total current assets409.7641.4381.8
NON-CURRENT ASSETS
Receivables1.01.01.0
Derivatives9104.276.983.2
Contingent consideration35.539.729.9
Investment in joint venture7647.2715.9684.2
Investment in private equity––0.5
Intangible assets81,091.61,128.11,132.1
Property, plant and equipment (PPE)4,715.94,519.54,667.2
Right of use assets (ROU)44.153.358.3
Income tax78.8100.285.3
Deferred tax–2.52.1
Total non-current assets6,718.36,637.16,743.8
Total assets7,128.07,278.57,125.6
7
Vector Interim Financials 2025

Balance Sheet (CONTINUED)
 NOTE
31 DEC 2024
(UNAUDITED)
$M
31 DEC 2023
(UNAUDITED)
$M
30 JUN 2024
(AUDITED)
$M
CURRENT LIABILITIES
Trade and other payables187.9192.5223.1
Provisions1.31.42.3
Borrowings3,9249.7240.1249.5
Derivatives90.10.90.5
Contract liabilities60.562.373.9
Lease liabilities6.46.97.1
Income tax–0.80.7
Disposal group held for sale5,628.2––
Total current liabilities534.1504.9557.1
NON-CURRENT LIABILITIES
Provisions–5.47.1
Borrowings3,91,919.32,025.61,789.0
Derivatives9113.9170.9165.7
Contract liabilities5.27.16.8
Lease liabilities47.255.761.0
Deferred tax 795.0715.2762.2
Total non-current liabilities 2,880.62,979.92,791.8
Total liabilities 3,414.73,484.83,348.9
EQUITY
Equity attributable to owners of the parent3,698.33,778.13,761.5
Non-controlling interests in subsidiaries15.015.615.2
Total equity 3,713.33,793.73,776.7
Total equity and liabilities 7,128.07,278.57,125.6
Net tangible assets per share (cents)10260.1264.3262.2
Gearing ratio (%)1037.536.236.2
8
Vector Interim Financials 2025

NOTE
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
30 JUN 2024
12 MONTHS
(AUDITED)
$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers533.4567.01,048.3
Customer contributions received110.571.6184.1
Interest received 10.66.833.5
Payments to suppliers and employees(323.0)(401.4)(704.6)
Interest paid(52.3)(54.8)(111.4)
Income tax paid(2.3)(1.2)(4.8)
Net cash flows from/(used in) operating activities 11276.9188.0445.1
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of PPE 0.30.62.7
Purchase and construction of PPE(245.9)(234.7)(464.7)
Purchase and construction of software intangibles(14.4)(7.2)(24.0)
Proceeds from contingent consideration4.64.611.4
Proceeds from sale of discontinued operations4.7––
Repayment of loans advanced14.9–95.6
Proceeds from sale of investment in associate–1.41.4
Other investing cash flows0.6(15.5)(15.4)
Net cash flows from/(used in) investing activities (235.2)(250.8)(393.0)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings3,935.0–15.0
Repayment of borrowings3,9(15.0)–(255.0)
Dividends paid 3(148.7)(141.0)(234.9)
Lease liabilities payments(4.4)(5.0)(9.6)
Net cash flows from/(used in) financing activities(133.1)(146.0)(484.5)
Net increase/(decrease) in cash and cash equivalents(91.4)(208.8)(432.4)
Cash and cash equivalents at beginning of the period104.6537.0537.0
Cash and cash equivalents at end of the period13.2328.2104.6
Cash and cash equivalents comprise:
Bank balances and on-call deposits13.226.177.4
Short term deposits –302.127.2
13.2328.2104.6
Cash Flows
Discontinued operations The cash flows above reflect the entire Vector group cash flows for the six
months to 31 December 2024 and comparative periods. Refer to note 6 for
separately disclosed cash flows from discontinued operations.
9
Vector Interim Financials 2025

Changes in Equity
(unaudited)
NOTEISSUED SHARE CAPITAL$MTREASURY SHARES$MHEDGE RESERVES$MOTHER RESERVES$MRETAINED EARNINGS$MNON– CONTROLLING INTERESTS$MTOTAL EQUITY$M
Balance at 1 July 2023
(audited) 880.0(0.1)55.7(5.0) 3,012.215.2 3,958.0
Net profit/(loss) for the period–––– 24.61.426.0
Other comprehensive income–– (30.4)(18.9)–– (49.3)
Total comprehensive income –– (30.4)(18.9)24.61.4(23.3)
Dividends–––– (140.0)(1.0) (141.0)
Total transactions with owners–––– (140.0)(1.0) (141.0)
Balance at 31 December 2023880.0(0.1)25.3(23.9) 2,896.815.6 3,793.7
Net profit/(loss) for the period–––– 64.01.065.0
Other comprehensive income––0.911.0–– 11.9
Total comprehensive income––0.911.064.01.076.9
Dividends–––– (92.5)(1.4)(93.9)
Total transactions with owners –––– (92.5)(1.4)(93.9)
Balance at 30 June 2024
(audited)880.0(0.1)26.2(12.9) 2,868.315.2 3,776.7
Net profit/(loss) for the period––––124.41.0 125.4
Other comprehensive income––(27.0)0.3(13.4)–(40.1)
Total comprehensive income ––(27.0)0.3 111.01.085.3
Dividends3––––(147.5)(1.2) (148.7)
Total transactions with owners––––(147.5)(1.2) (148.7)
Balance at 31 December 2024880.0(0.1)(0.8)(12.6) 2,831.815.0 3,713.3

10
Vector Interim Financials 2025

Notes to the Interim Financial Statements
1. Company information
Reporting entityVector Limited is a company incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and listed on the NZX Main Board
(NZSX). The company is an FMC entity for the purposes of Part 7 of the
Financial Markets Conduct Act 2013. Vector’s condensed interim financial
statements (the interim financial statements) comply with this Act.
The interim financial statements presented are for Vector Limited Group
(“Vector” or “the group”) as at, and for the six months ended 31 December
2024. The group comprises Vector Limited (“the parent”) and its
subsidiaries.
Vector Limited is a 75.1% owned subsidiary of Entrust which is the ultimate
parent entity for the group.
The primary operations of the group are electricity and gas distribution,
telecommunications, digital services and new energy solutions.
2. Summary of material accounting policies
Basis of preparationThe interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (NZ GAAP) as
applicable to interim financial statements, and as appropriate to profit
oriented entities. They comply with NZ IAS 34 Interim Financial Reporting.
These interim financial statements do not include all of the information
required for full annual financial statements and should be read in
conjunction with the group financial statements and related notes included
in Vector’s 2024 Annual Report. The interim financial statements for the six
months ended 31 December 2024 and 31 December 2023 are unaudited.
All financial information is presented in New Zealand dollars ($) and has
been rounded to the nearest 100,000, unless otherwise stated.
SeasonalityVector’s electricity and gas businesses are affected by the seasonal demand
for energy, which generally increases during periods of colder weather.
Accordingly, financial results for the first half of the financial year reported in
the interim financial statements are generally more profitable than those of
the second half of the year.
3. Material transactions and events
Material transactions and events that have occurred during the six months to 31 December 2024:
Operations held for saleOn 25 July 2024, Vector entered into a conditional agreement for the sale of
LPG business Vector Ongas, and the group’s 60.25% shareholding in
Liquigas Limited, for $150.0 million. Vector Ongas and Liquigas were
previously included in the gas trading segment, and have been reclassified
as discontinued operations held for sale from 31 July 2024. The sale was
completed on 31 January 2025. Refer to note 6 for further details.
Sale of discontinued
operations
On 1 July 2024, Vector completed the sale of remaining contracts in the
natural gas business to Nova Energy Limited for consideration of $9.7
million, which was equal to the carrying amount of the business. No gain
on loss on disposal was recognised. Refer to note 5 for further details.
11
Vector Interim Financials 2025

Notes to the Interim Financial Statements
3. Material transactions and events (continued)
Commerce commission
decisions
On 20 November 2024, the Commission released the final decision for its
fourth Default Price-quality Path (“DPP4”), which relates to the 5 years
beginning 1 April 2025 for electricity distribution businesses. The decision
provides expenditure allowances that align with Vector’s submitted 2024
Asset Management Plan. This decision impacts the future cash flows we
can expect to earn from our electricity distribution businesses and is
reflected in the impairment testing of this cash generating unit.
Regulatory quality
thresholds
For the regulatory year to 31 March 2024, Vector was not in breach of its
unplanned SAIDI and SAIFI quality limits.
The third Default Price-quality Path (“DPP3”), which relates to the 5 years
ending 31 March 2025, requires electricity distribution businesses to comply
with an Extreme Event Standard. This is specified as a limit of SAIDI
exceeding 120 minutes in a 24 hour period or exceeding six million
customer interruption minutes in a 24 hour period, providing the
exceedance is not the result of major external factors. Major external factors
are events such as natural disasters (which would include extreme weather),
fires, wildlife, and third-party interference.
In June 2023, Vector recorded an interruption of around 6.6 million
customer minutes following faults on the Wellsford-Warkworth sub-
transmission circuit. Despite there being compelling evidence that the
events were a result of major external factors, Vector was unable to
determine this with absolute certainty, therefore took the prudent and
conservative approach of reporting the outages as an exceedance of the
Extreme Event Standard limit.
We have not recognised a provision in respect of this incident at
31 December 2024.
Regulatory consultationsOn 25 October 2024, the Electricity Authority opened two consultations.
The first of these is the Distribution connection pricing proposed code
amendment consultation which purports to improve connection pricing
methodologies so they are more efficient and have greater consistency
across distributors.
The second consultation, the ‘Network connection project – stage one’
seeks to improve the efficiency of connecting to the electricity distribution
network and upgrading existing connections.
Vector has lodged submissions on both consultations providing its
feedback on the proposals. The distribution connection pricing proposed
code amendments would impact the level of contributions Vector can
charge for customer connections.
12
Vector Interim Financials 2025

Notes to the Interim Financial Statements
Debt programmeDuring the six months ended 31 December 2024, the group drew down
$35.0 million and repaid $15.0 million of bank facilities for a net $20.0 million
movement in facilities (six months to 31 December 2023: nil net movement).
DividendsVector Limited’s final dividend (including special dividend) for the year
ended 30 June 2024 of 14.75 cents per share was paid on 16 September
2024. The dividend was unimputed. The total dividend paid was $147.5
million.
Liquigas Limited, a subsidiary of the group, paid dividends of $1.2 million to
the company’s non-controlling interests during the six months to 31
December 2024.
4. Segment information
SegmentsVect or reports on two reportable segments in accordance with NZ IFRS 8
Operating Segments.
The reportable segments are:
Electricity distribution Auckland electricity distribution services.
Gas distribution Auckland gas distribution services.
Since Vector’s Annual Report for the year ended 30 June 2024, the gas
trading businesses within the gas trading segment have been reclassified
as discontinued operations held for sale, and the gas trading segment is no
longer a reportable segment. Details of the gas trading businesses can be
found in note 6.
Following the reclassification of the gas trading segment, Vector’s
reportable segments were assessed in accordance with NZ IFRS 8
Operating Segments. This has resulted in the electricity and gas
distribution segments being recognised as separate reporting segments for
the six months ended 31 December 2024. These were previously combined
into the regulated networks reportable segment.
Other includes telecommunications, digital services, energy solution
services and corporate operations. The reportable segments have also been
updated to include a portion of shared corporate costs, in line with
allocations used for the most recent regulatory reporting period.
Comparative information has been updated to reflect these changes. There
have been no other changes to the reportable segments and policies.
3. Material transactions and events (continued)
13
Vector Interim Financials 2025

Notes to the Interim Financial Statements
4. Segment information (continued)
31 DEC 2024
6 MONTHS (UNAUDITED)
ELECTRICITY
DISTRIBUTION
$M
GAS
DISTRIBUTION
$M
OTHER
$M
INTER-
SEGMENT
ELIMINATIONS
$M
TOTAL
$M
External revenue:
Sales 371.234.232.1–437.5
Customer contributions116.85.70.5–123.0
Inter-segment revenue1.0–8.6(9.6)–
Segment revenue489.039.941.2(9.6)560.5
External expenses:
Electricity transmission expenses(96.8)–––(96.8)
Network and asset maintenance (36.3)(4.3)(1.4)–(42.0)
Employee benefit expenses(22.6)(2.3)(14.4)–(39.3)
Other expenses(38.3)(3.7)(15.8)–(57.8)
Inter-segment expenses(6.1)–(3.5)9.6–
Segment operating expenses(200.1)(10.3)(35.1)9.6(235.9)
Segment EBITDA288.929.66.1–324.6
Depreciation and amortisation(88.5)(12.7)(9.5)–(110.7)
Segment EBIT200.416.9(3.4)–213.9
Segment capital expenditure243.48.69.4–261.4
Reconciliation of segment reporting to profit or loss:
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
Segment EBIT reported in the segment information213.9
Interest income10.9
Interest costs(49.9)
Fair value change on financial instruments4.4
Share of net profit/(loss) in joint venture(10.8)
Profit before tax from continuing operations168.5
14
Vector Interim Financials 2025

Notes to the Interim Financial Statements
4. Segment information (continued)
31 DEC 2023 (RESTATED)
6 MONTHS (UNAUDITED)
ELECTRICITY
DISTRIBUTION
$M
GAS
DISTRIBUTION
$M
OTHER
$M
INTER-
SEGMENT
ELIMINATIONS
$M
TOTAL
$M
External revenue:
Sales 343.133.233.6–409.9
Customer contributions86.16.40.3–92.8
Inter-segment revenue0.9–9.5(10.4)–
Segment revenue430.139.643.4(10.4)502.7
External expenses:
Electricity transmission expenses(93.9)–––(93.9)
Network and asset maintenance (37.5)(4.1)(1.7)–(43.3)
Employee benefit expenses(23.1)(2.4)(16.2)–(41.7)
Other expenses(35.7)(3.3)(18.4)–(57.4)
Inter-segment expenses(6.6)(0.2)(3.6)10.4–
Segment operating expenses(196.8)(10.0)(39.9)10.4(236.3)
Segment EBITDA233.329.63.5–266.4
Depreciation and amortisation(85.6)(12.6)(11.3)–(109.5)
Impairment–(60.0)––(60.0)
Segment EBIT147.7(43.0)(7.8)–96.9
Segment capital expenditure217.510.46.5–234.4
Reconciliation of segment reporting to profit or loss:
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
Segment EBIT reported in the segment information96.9
Interest income27.6
Interest costs(52.1)
Fair value change on financial instruments(6.1)
Share of net profit/(loss) in joint venture(9.0)
Profit before tax from continuing operations57.3
15
Vector Interim Financials 2025

Notes to the Interim Financial Statements
4. Segment information (continued)
30 JUN 2024 (RESTATED)
12 MONTHS (AUDITED)
ELECTRICITY
DISTRIBUTION
$M
GAS
DISTRIBUTION
$M
OTHER
$M
INTER-
SEGMENT
ELIMINATIONS
$M
TOTAL
$M
External revenue:
Sales 687.465.165.2–817.7
Customer contributions183.210.71.4–195.3
Inter-segment revenue2.0–15.6(17.6)–
Segment revenue872.675.882.2(17.6)1,013.0
External expenses:
Electricity transmission expenses(188.9)–––(188.9)
Network and asset maintenance (74.5)(8.2)(3.2)–(85.9)
Employee benefit expenses(45.4)(4.7)(31.3)–(81.4)
Other expenses(72.6)(7.1)(36.5)–(116.2)
Inter-segment expenses(12.9)(0.3)(4.4)17.6–
Segment operating expenses(394.3)(20.3)(75.4)17.6(472.4)
Segment EBITDA478.355.56.8–540.6
Depreciation and amortisation(171.3)(25.1)(21.9)–(218.3)
Impairment–(60.0)––(60.0)
Segment EBIT307.0(29.6)(15.1)–262.3
Segment capital expenditure457.022.220.0–499.2
Reconciliation of segment reporting to profit or loss:
30 JUNE 2024
12 MONTHS
(UNAUDITED)
$M
Segment EBIT reported in the segment information262.3
Interest income51.7
Interest costs(103.8)
Fair value change on financial instruments(12.0)
Share of net profit/(loss) in joint venture(24.9)
Profit before tax from continuing operations173.3
16
Vector Interim Financials 2025

Notes to the Interim Financial Statements
5. Discontinued operations - natural gas
On 1 July 2024, Vector completed the sale of remaining contracts in the
natural gas business to Nova Energy Limited for consideration of $9.7
million, which was equal to the carrying amount of the business. No gain or
loss on disposal was recognised. At 31 December 2024, Vector has received
$4.7 million of the consideration, with the remaining consideration due in
three further instalments on a quarterly basis between 31 January 2025 and
31 July 2025.
The disposal group was presented as discontinued operations in the
interim financial statements for the six months ended 31 December 2023
as well as in the 2024 Annual Report. Comparatives show the discontinued
operations separately from the continuing operations.
6. Discontinued operations held for sale – gas trading
On 25 July 2024, Vector signed a conditional agreement for the sale of the
Ongas LPG business, and shares in Liquigas Limited (“ the gas trading
business”). The sale was completed on 31 January 2025.
Vector has determined that the gas trading business meets the criteria to
be classified as non-current assets held for sale, and this classification has
been made from 31 July 2024. The assets and liabilities of the gas trading
business are presented in the balance sheet of the interim financial
statements as a disposal group held for sale.
The gas trading business was previously included in the group’s gas
trading segment. The result of the disposal group for the six months to
31 December 2024 is presented in the profit or loss of the interim financial
statements as discontinued operations. Depreciation and amortisation of
assets of the gas trading business ceased from 31 July due to the held for
sale classification. Comparatives have been restated to show the
discontinued operations separately from continuing operations.
17
Vector Interim Financials 2025

Notes to the Interim Financial Statements
6. Discontinued operations held for sale – gas trading (continued)
Profit and loss of discontinued operations – gas trading
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
30 JUN 2024
12 MONTHS
(AUDITED)
$M
Revenue69.368.3128.3
Operating expenses(57.3)(56.9)(108.4)
Depreciation and amortisation(1.5)(6.2)(12.5)
Interest income0.10.20.3
Interest cost(0.6)(0.2)(0.9)
Profit/(loss) before income tax10.05.26.8
Income tax benefit/(expense)(2.7)(2.5)(2.5)
Net profit/(loss) for the period- discontinued operations –
gas trading7.32.74.3
Capital expenditure of discontinued operations – gas trading3.03.710.9
Cash flows from discontinued operations – gas trading
Net cash flows from/(used in) operating activities12.312.525.7
Net cash flows from/(used in) investing activities(3.0)(3.8)(8.4)
Net cash flows from/(used in) financing activities(3.6)(3.0)(7.1)
Net cash inflow/(outflow)5.75.710.2
Disposal group held for sale
31 DEC 2024
(UNAUDITED)
$M
Assets
Cash and cash equivalents4.5
Trade and other receivables18.7
Inventories7.7
Intangible assets (including goodwill)40.6
Property, plant and equipment106.2
Right of use assets (ROU assets)10.4
Deferred tax0.5
Total disposal group assets held for sale188.6
Liabilities
Trade and other payables8.4
Provisions7.8
Lease liabilities11.6
Income tax0.4
Total disposal group liabilities held for sale28.2
Non-controlling interest in subsidiaries held for sale15.0
18
Vector Interim Financials 2025

Notes to the Interim Financial Statements
PoliciesVector classifies a disposal group as held for sale if its carrying amount will
be recovered principally through a sale transaction rather than through
continuing use. The disposal group is measured at the lower of carrying
amount and fair value less costs to sell.
The two criteria that must be met to classify a disposal group as held for
sale are:
– The disposal group is available for immediate sale in its present
condition; and
– The sale transaction is highly probable.
A disposal group held for sale is also reported as discontinued operations
if it meets the below criteria:
– It is a component of the groups’ business, the operations and cash flows
of which can be clearly distinguished from the rest of the group.
– It represents a separate major line of business or geographical area
of operations.
7. Investment in joint venture
EQUITY INTEREST HELD
INVESTEEPRINCIPAL ACTIVITY
COUNTRY OF
INCORPORATION
31 DEC
2024
31 DEC
2023
30 JUN
2024
Bluecurrent
Bluecurrent Holdings NZ LimitedMetering servicesNew Zealand50%50%50%
Bluecurrent Holdings (Australia)
Pty Ltd
Metering servicesAustralia50%50%50%
Movement in the carrying amount of joint venture
31 DEC 2024
(UNAUDITED)
$M
31 DEC 2023
(UNAUDITED)
$M
30 JUN 2024
(AUDITED)
$M
Opening carrying value684.2727.4727.4
Shareholder loans(11.2)5.4(20.2)
Share of net profit/(loss)(10.8)(9.0)(24.9)
Share of other comprehensive income(15.0)(7.9)1.9
Closing carrying value647.2715.9684.2
6. Discontinued operations held for sale – gas trading (continued)
19
Vector Interim Financials 2025

Notes to the Interim Financial Statements
8. Intangible assets
Goodwill impairment
assessments
Goodwill is tested at least annually for impairment against the recoverable
amount of the cash generating units (“CGU”) to which it has been allocated.
As at 31 December 2024, CGUs within the group are: electricity, gas
distribution, LPG, Liquigas, Fibre, Vector Technology Solutions (VTS) and
E-Co Products. Management performed impairment assessments on
electricity and gas distribution CGUs at 31 December 2024. The Fibre, VTS
and E-Co Products CGUs do not contain goodwill and are to be assessed at
30 June 2025. The LPG and Liquigas CGUs were not assessed as they are
recognised as held for sale as at 31 December 2024.
No impairment was found for the electricity and gas distribution CGUs at 31
December 2024. The group had recognised an impairment of $60.0 million
of goodwill allocated to the gas distribution CGU at 31 December 2023.
The recoverable amounts attributed to the electricity and gas distribution
CGUs are calculated on the basis of value-in-use using discounted cash flow
models. Post-tax discount rates of between 6.0% and 6.3% for the electricity
CGU and between 6.4% and 6.7% for the gas distribution CGU (31 December
2023: 6.1% and 6.4% electricity, 6.6 and 6.9% gas distribution) have been
applied in determining the recoverable amount.
We have previously disclosed the risks and uncertainty associated with
future gas supply, customer attitudes towards gas, and policy direction to
adequately manage this transition. This has possible implications for the
gas industry and therefore the risk that Vector’s gas assets may need to be
impaired in the future. Vector has $109.2 million of goodwill allocated to its
gas distribution business at 31 December 2024.
9. Borrowings and derivatives

NET
DERIVATIVES
$M
BORROWINGS
$M
Balance at 30 June 2024 (audited)(79.8)(2,038.5)
Fair value movements:
Foreign exchange rates115.6(115.6)
Interest rates and other fair value changes(44.4)5.1
Drawdowns–(20.0)
Balance at 31 December 2024 (unaudited)(8.6)(2,169.0)
Fair value at 31 December 2024 (unaudited)(8.6)(2,254.9)
20
Vector Interim Financials 2025

Notes to the Interim Financial Statements
10. Financial ratios
Basic and diluted earnings per share
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
30 JUN 2024
12 MONTHS
(AUDITED)
$M
Net profit from continuing operations attributable to
owners of the parent118.118.975.6
Net profit from discontinued operations attributable to
owners of the parent6.35.713.0
Net profit attributable to owners of the parent124.424.688.6
Weighted average ordinary shares outstanding during
the period (no. of shares)999,973,657999,973,657999,973,657
Earnings per share from continuing operations11.8 cents1.8 cents7.6 cents
Earnings per share from discontinued operations0.6 cents0.6 cents1.3 cents
Total earnings per share12.4 cents2.4 cents8.9 cents
Net tangible assets per share
31 DEC 2024
(UNAUDITED)
$M
31 DEC 2023
(UNAUDITED)
$M
30 JUN 2024
(AUDITED)
$M
Net assets attributable to owners of the parent 3,698.33,778.13,761.5
Less total intangible assets (1,096.9)(1,135.6)(1,139.7)
Total net tangible assets2,601.42,642.52,621.8
Ordinary shares outstanding (number of shares)999,973,657999,973,657999,973,657
Net tangible assets per share260.1 cents264.3 cents262.2 cents
Economic net debt to economic net debt plus adjusted
equity ratio (“gearing ratio”)
31 DEC 2024
(UNAUDITED)
$M
31 DEC 2023
(UNAUDITED)
$M
30 JUN 2024
(AUDITED)
$M
Face value of borrowings 2,185.12,405.12,165.1
Lease liabilities53.662.668.1
Less cash and cash equivalents(8.7)(328.2)(104.6)
Economic net debt2,230.02,139.52,128.6
Total equity3,713.33,793.73,776.7
Adjusted for hedge reserves0.8(25.3)(26.2)
Adjusted equity3,714.13,768.43,750.5
Economic net debt plus adjusted equity5,944.15,907.95,879.1
Gearing ratio37.5%36.2%36.2%
21
Vector Interim Financials 2025

Notes to the Interim Financial Statements
11. Cash flows
Reconciliation of net profit/(loss) to net cash flows
from/(used in) operating activities including
discontinued operations
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
31 DEC 2023
6 MONTHS
(UNAUDITED)
$M
30 JUN 2024
12 MONTHS
(AUDITED)
$M
Net profit/(loss) for the period:125.426.091.0
Items not associated with operating activities:
Contingent consideration associated with investing activities(4.6)(4.6)(11.4)
PPE items associated with investing activities1.08.0(4.7)
Movements in emission units associated with investing
activities(2.3)1.60.8
Lease liabilities items associated with financing activities0.2–(0.3)
(5.7)5.0(15.6)
Non-cash items
Depreciation and amortisation112.2115.7230.8
Non-cash portion of interest costs (net)(0.5)(8.2)(17.0)
Fair value change on financial instruments(4.3)6.112.0
Share of net (profit)/loss in joint ventures10.89.024.9
Impairment of goodwill–60.660.6
Increase/(decrease) in deferred tax 45.035.382.4
Non-cash movement in provisions(0.3)0.60.3
Other non-cash items–3.4(1.0)
162.9222.5393.0
Changes in assets and liabilities
Trade and other payables(26.5)(69.5)(46.2)
Provisions(0.3)(19.7)(17.1)
Contract liabilities(12.0)(14.3)(3.0)
Contract assets29.71.4(12.4)
Inventories1.1(1.1)(5.3)
Trade and other receivables (3.5)31.442.7
Income tax 5.86.318.0
(5.7)(65.5)(23.3)
Net cash flows from/(used in) operating activities including
discontinued operations276.9188.0445.1
22
Vector Interim Financials 2025

Notes to the Interim Financial Statements
12. Capital commitments
31 DEC 2024
(UNAUDITED)
$M
31 DEC 2023
(UNAUDITED)
$M
30 JUN 2024
(AUDITED)
$M
Capital commitments at end of period - continuing operations114.6166.2137.2
Capital commitments at end of period -
discontinued operations2.24.20.9
Total capital commitments116.8170.4138.1
Capital commitmentsCapital commitments includes capital expenditure which has been
committed to, but not provided for at balance date.
13. Related party transactions
Majority shareholder
transactions
Vector Limited has paid its majority shareholder, Entrust, dividends of $110.8
million during the period (six months ended December 2023: $105.1 million,
12 months ended 30 June 2024: $174.6 million).
Bluecurrent transactionsThe group has $197.7 million of shareholder loans to Bluecurrent as at 31
December 2024 (31 December 2023: $234.4 million, 30 June 2024: $208.9
million). Interest income on the loans for the six months to 31 December
2024 was $6.8 million (six months ended 31 December 2023: $8.0 million, 12
months ended 30 June 2024: $15.4 million).
Outstanding balancesAt 31 December 2024, the group has no other material outstanding
balances due to or from related parties of the group (31 December 2023 and
30 June 2024: not material).
14. Contingent liabilities
DisclosuresThe directors are aware of claims that have been made against entities of
the group and, where appropriate, have recognised provisions for these
within the financial statements.
No material contingent liabilities have been identified.
23
Vector Interim Financials 2025

Notes to the Interim Financial Statements
15. Events after the end of the period
Sale of discontinued
operations
On 31 January 2025, the sale of the group’s LPG business Vector OnGas, and
the group’s 60.25% shareholding in Liquigas Limited completed. No
adjustment is required to these financial statements in respect of this event.
The indicative gain on disposal relating to this transaction is estimated to be
$4 million, and this will be finalised and disclosed in the financial
statements for the year ended 30 June 2025.
Interim dividendOn 25 February 2025, the board declared an unimputed interim dividend for
the year ended 30 June 2025 of 12.00 cents per share.
No adjustment is required to these interim financial statements in respect
of this event.
Financial statements
approval
The interim financial statements were approved by the board of directors
on 25 February 2025.
24
Vector Interim Financials 2025

Vector’s standard profit measure prepared under New Zealand Generally Accepted Accounting Practice (GAAP)
is net profit. Vector has used non-GAAP profit measures when discussing financial performance in this
document. The directors and management believe that these measures provide useful information as they are
used internally to evaluate performance of business units, to establish operational goals and to allocate
resources. For a more comprehensive discussion on the use of non-GAAP profit measures, please refer to the
policy ‘Reporting non-GAAP profit measures’ available on our website (www.vector.co.nz).
Non-GAAP profit measures are not prepared in accordance with New Zealand International Financial Reporting
Standards (NZ IFRS) and are not uniformly defined, therefore the non-GAAP profit measures reported in this
document may not be comparable with those that other companies report and should not be viewed in
isolation from or considered as a substitute for measures reported by Vector in accordance with NZ IFRS.
DEFINITIONS
EBITDA: Earnings before interest, taxation, depreciation, amortisation, impairment, associates
and fair value changes.
Adjusted EBITDA: EBITDA adjusted for customer contributions, and significant one-off gains, losses,
revenues and/or expenses.
GAAP TO NON-GAAP RECONCILIATION
Group EBITDA and adjusted EBITDA
31 DEC 2024
6 MONTHS
$M
31 DEC 2023
6 MONTHS
$M
Reported net profit for the period (GAAP)- continuing operations118.1 18.9
Add back: net interest costs39.0 24.5
Add back: tax (benefit)/expense50.4 38.4
Add back: depreciation and amortisation110.7 109.5
Add back: impairment–60.0
Add back: associates (share of net (profit)/loss)10.89.0
Add back: fair value changes on financial instruments(4.4) 6.1
EBITDA – continuing operations324.6 266.4
Adjusted for:
Capital contributions(123.0)(92.8)
Adjusted EBITDA- continuing operations201.6 173.6
Adjusted EBITDA- discontinued operations12.0 18.4
Total group adjusted EBITDA213.6 192.0
25
Vector Interim Financials 2025

Segment adjusted EBITDA
31 DEC 2024
6 MONTHS
$M
31 DEC 2023
6 MONTHS
$M
SEGMENT
EBITDA
LESS CAPITAL
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
SEGMENT
EBITDA
LESS CAPITAL
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
Electricity distribution288.9 (116.8)172.1 233.3 (86.1)147.2
Gas distribution29.6 (5.7)23.9 29.6 (6.4)23.2
Total reported segments318.5 (122.5)196.0 262.9 (92.5)170.4
Other6.1 (0.5)5.6 3.5 (0.3)3.2
Total – continuing
operations324.6 (123.0)201.6 266.4 (92.8)173.6
Discontinued operations –
gas trading12.0 – 12.0 11.4 –11.4
Discontinued operations –
natural gas–––7.0 –7.0
Total discontinued
operations12.0 –12.0 18.4 –18.4
Total group336.6 (123.0)213.6 284.8 (92.8)192.0
26
Vector Interim Financials 2025

Calendar and Directory
FINANCIAL CALENDAR
2025
Record date for interim dividend21 March
Interim dividend paid 31 March
Third quarter operating statistics April
Fourth quarter operating statistics July
Full year result and annual report August
Final dividend* September
Annual meetingSeptember
* Dividends are subject to Board determination.
INVESTOR INFORMATION
Ordinary shares in Vector Limited are listed and quoted on the New Zealand Stock Market (NZSX) under the
company code VCT. Vector also has capital bonds and unsubordinated fixed rate bonds listed and quoted on
the New Zealand Debt Market (NZDX). Current information about Vector’s trading performance for its shares
and bonds can be obtained on the NZX website at www.nzx.com. Further information about Vector is
available on our website www.vector.co.nz.
DIRECTORY
Registered office
Vector Limited
110 Carlton Gore Road
Newmarket
Auckland 1023
New Zealand
Telephone 64-9-978 7788
Facsimile 64-9-978 7799
www.vector.co.nz
Postal address
PO Box 99882
Newmarket
Auckland 1149
New Zealand
Investor enquiries
Telephone 64-9-213 5179
Email: investor@vector.co.nz
insight
creative.co.nz

VEC263
27
Vector Interim Financials 2025

VECTOR.CO.NZ

---

VECTOR LIMITED
Results announcement


Results for announcement to the market
Name of issuer VECTOR LIMITED
Reporting Period 6 MONTHS TO 31 DECEMBER 2024
Previous Reporting Period 6 MONTHS TO 31 DECEMBER 2023
Currency NEW ZEALAND DOLLAR
Amount (000s) Percentage change
Revenue from continuing
operations
$560,499 +11.5%
Total Revenue $629,805 +0.7%
Net profit/(loss) from continuing
operations excluding non-
controlling interests
$118,093 +520.4%
Total net profit/(loss) excluding
non-controlling interests
$124,393 +405.6%
Interim Dividend
Amount per Quoted Equity
Security
$0.12000000
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 21 March 2025
Dividend Payment Date 31 March 2025
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$2.601 $2.643
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Refer to accompanying unaudited interim financial
statements
Authority for this announcement
Name of person

authorised to
make this announcement
JOHN RODGER
Contact person for this
announcement
JOHN RODGER
Contact phone number 021 573640
Contact email address john.rodger@vector.co.nz
Date of release through MAP

26/02/2025

Unaudited financial statements accompany this announcement.

---

Vector Limited
Distribution Notice



Section 1: Issuer information
Name of issuer VECTOR LIMITED
Financial product name/description ORDINARY SHARES
NZX ticker code VCT
ISIN (If unknown, check on NZX
website)
NZVCTE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 21/03/2025
Ex-Date (one business day before the
Record Date)
28/03/2025
Payment date (and allotment date for
DRP)
31/03/2025
Total monies associated with the
distribution
$120,000,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NEW ZEALAND DOLLARS
Section 2: Distribution amounts per financial product
Gross distribution $0.12000000
Gross taxable amount $0.12000000
Total cash distribution $0.12000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.0000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed No imputation
If fully or partially imputed, please
state imputation rate as % applied
N/A
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per
financial product
$0.03960000
Section 4: Distribution re-investment plan (if applicable)
NOT APPLICABLE

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
JOHN RODGER
Contact person for this
announcement
JOHN RODGER
Contact phone number
021 573 640

Contact email address John.rodger@vector.co.nz
Date of release through MAP

26/02/2025