November Operating Report

Monthly Operating Report
November 2025

2
November 2025 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 319GWh (November
2024: 290GWh)
•Mass market netback of $138.75/MWh (November 2024:
$134.39/MWh)
»The Wholesale business recorded:
•Contracted wholesale electricity sales, including that sold to the
Customer business, totalled 845GWh (November 2024:
733GWh)
•Electricity and steam net revenue of $106.16/MWh (November
2024: $115.81/MWh)
•Electricity generated (or acquired) of 1,014GWh (November
2024: 741GWh)
•Unit generation cost, which includes acquired generation was
$39.62/MWh (November 2024: $34.43/MWh)
•Own generation cost in the month of $32.1/MWh
(November 2024: $27.9/MWh)
»Otahuhu futures settlement wholesale price for the 1
st
quarter of
2026 (ASX):
•As at 11 December 2025: $148/MWh
•As at 28 November 2025: $136.95/MWh
•As at 31 October 2025: $165.65/MWh
»As at 11
th
December 2025, South Island controlled storage was
157% of mean and North Island controlled storage was 129% of
mean.​
»As at 11
th
December 2025, total Clutha scheme storage
was 125% of mean.​
»Inflows into Contact’s Clutha catchment for November
2025 were 137% of mean. (October: 195%, September:
143%, August: 72%).
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 9.2PJ.
1
»Contact’s current renewable development projects under
construction:
ProjectExpected OnlineProject Costs
2
Glenbrook-Ohurua BESSQ1-CY26$163m
Kowhai Park Solar
3
Q2-CY26$273m
Te Mihi Stage 2 geothermalQ3-CY27$712m
1
Contact retains some optionality on a portion of this gas. Contracted gas sales for the next 12 months
total ~5PJ, including the recently announced All of Government contract.
2
Total approved project costs. For inclusions and exclusions from total, see Contact’s full disclosures
associated with investment announcements.
3
Being delivered by Contact’s 50/50 Joint Venture with Lightsource bp.

New Zealand controlled hydro storage
against mean / 12 months
ASX futures settlement
Hydro storage and forward prices
3
Benmore
Otahuhu
Contact Energy / Monthly Operating Report
0
500
1000
1500
2000
2500
3000
3500
4000
4500
DecJanFebMarAprMayJunJulAugSepOctNovDec
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
CY25CY26CY27CY28
$/MWh
28/06/202431/10/202528/11/2025
0
100
200
CY25CY26CY27CY28
$/MWh
28/06/202431/10/202528/11/2025

Wholesale electricity pricing
Otahuhu
Contact Energy / Monthly Operating Report
4
Benmore
Distribution of wholesale market price by trading periods
Wholesale market
0
50
100
150
200
250
300
350
400
450
500
JulAugSeptOctNovDecJanFebMarAprMayJun
$/MWh
FY25 BENFY26 BENFY25 OTAFY26 OTA
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Nov-25Nov-24Oct-25
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Nov-25Nov-24Oct-25

5
Total national demand
Regional demand change (%) on November 2024
»New Zealand electricity demand was up 4.1% on November 2024. When compared to
November 2023, demand was up 3%.
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
FY24, 25 and 26 respectively
Regional demand is excluding NZAS
The nationwide
average temperature
for November 2025
was 15.9ºC, 2.2ºC
above the 1991-2020
November average.
Electricity demand
Contact Energy / Monthly Operating Report
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
NZASSouth Island (exc. NZAS)North Island
(4%)
2%
(1%)
(5%)
(0%)
(0%)
6%
21%
(6%)
8%
2%
(3%)
3%
1%
3%
(2%)
0%
3%
(0%)

Wholesale
Contact Energy / Monthly Operating Report
6
Retail
Generation mix, gross sales position and unit generation cost (FY25 and 26
respectively)
Retail sales volumes and netback (FY25 and 26 respectively)
Business performance
-
10
20
30
40
50
60
70
80
90
100
-
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
GeothermalHydro
ThermalAcquired generation other
Total acquired gen volume via PPAContracted electricity sales
Unit generation cost (RHS)
-
20
40
60
80
100
120
140
160
180
0
100
200
300
400
500
600
700
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/Mwh
GWh
Axis Title
Mass market electricity salesRetail gas salesNetback

Contact Energy / Monthly Operating Report
7
1
FY25 unit generation cost is shown including monthly unwinds of the AGS onerous contract provision. It excludes the $98m provision release which was recognized in June 2025.
7
Operational data
Measure
The month ended The month ended The month ended Five months endingFive months ending
November 25November 24October 25November 25November 24
RetailMass market electricity salesGWh
226 248 278 1,582 1,623
Retail gas salesGWh
93 42 107 405 304
Mass market electricity and gas salesGWh
319 290 385 1,987 1,927
Average electricity sales price$/MWh
353.82 307.43 341.02 325.91 286.97
Electricity direct pass thru costs$/MWh
(177.38)(142.42)(158.29)(151.51)(128.22)
Cost to serve$/MWh
(19.99)(20.70)(17.11)(16.03)(15.94)
Customer netback$/MWh
138.75 134.39 146.09 146.78 132.47
Energy cost$/MWh
(104.39)(116.80)(118.83)(170.47)(152.20)
Actual electricity line losses%
5%10%6%6%6%
Retail gas salesPJ
0.3 0.1 0.4 1.5 1.1
Electricity ICPs#
451,000 442,500 451,500 449,500 443,500
Gas ICPs#
74,500 73,000 74,000 73,500 73,000
Telco connections #
133,000 115,000 133,000 131,000 113,000
WholesaleElectricity sales to Customer business

GWh
237 274 295 1,680 1,728
Electricity sales to Commercial and IndustrialGWh
170 138 203 845 647
Electricity CFD salesGWh
438 321 499 2,380 1,544
Contracted electricity salesGWh
845 733 997 4,905 3,919
Steam salesGWh
22 20 23 112 109
Total electricity and steam net revenue$/MWh
106.16 115.81 116.76 147.09 163.07
C&I netback (at the ICP)$/MWh
104.55 98.63 131.19 153.67 135.68
C&I line losses%
3%4%4%4%4%
Thermal generationGWh
3 20 1 176 504
Geothermal generationGWh
298 329 429 2,041 1,741
Hydro generationGWh
588 391 472 2,457 1,593
Spot electricity salesGWh
889 741 902 4,673 3,838
Acquired generation otherGWh
55 0 14 328 246
Total acquired gen volume via PPAGWh
71 - 102 352 -
Electricity generated (or acquired)GWh
1,014 741 1,018 5,353 4,084
Unit generation cost (including acquired generation)
1
$/MWh
(39.62)(34.43)(35.93)(46.25)(56.55)
Spot electricity purchases

GWh
(407)(412)(498)(2,525)(2,375)
CFD sale settlementsGWh
(438)(321)(499)(2,380)(1,544)
Spot exposed purchases / CFD settlementGWh
(845)(733)(997)(4,905)(3,919)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
61.87 30.77 33.52 99.49 209.96
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(68.97)(37.95)(33.69)(104.69)(220.19)
LWAP/GWAP%
111%123%101%105%105%
Gas used in internal generationPJ
0.0 0.2 0.0 1.5 4.0
Gas storage net movement (extraction) / injectionPJ
0.7 0.1 0.5 (0.1)1.8
ContactTotal customer connections#
667,000 635,000 665,000 659,000 633,500
Realised gains / (losses) on market derivatives not in a hedge relationship$m
0.25 0.12 1.28 0.02 (15.01)

8
Material themeMeasureUnit
Q1 FY26Q1 FY25
Climate Change
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e162313
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.0560.130
Water
Freshwater take
3
Million cubic
metres
0.420.57
Non-consumptive water usage
4
Million cubic
metres
3,8783,671
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
4.594.54
Biodiversity
Native rākau (trees) planted by Contact
5
#
29,423
46,165
Pests caught
6
#
1,196
851
Community
Community initiatives and organisations supported#
37
26
Inclusion and
Diversity
Board
% Women/ %
Men
29% / 71%43% / 57%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
22% / 78%20% / 80%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
42% / 56%46% / 53%
Note: This information is updated quarterly (October, January, April, July)
1
Scope 1 – Stationary combustion.
2
Carbon equivalent from stationary combustion / electricity generated and sold via the spot wholesale market
3
Freshwater taken to support operations at geothermal and thermal i.e., drinking water, fire water, water for cooling towers.
4
Water that flows through our Roxburgh power station and cooling water taken for Wairākei geothermal power station. Data is not yet available for hydro assets acquired in purchase of Manawa Energy on a basis consistent with Contact’s reporting and has
not been included.
5
Does not include DrylandCarbon/Forest Partners activities.
6
Predominantly rats, mice and hares. Data on pests trapped at Manawa sites – while captured – is not currently available on a consistent reporting basis and has not yet been included.
7
Includes all permanent, fixed term and casual employees. 1.3% and 1.4% unspecified in Q1 FY26 and Q1 FY25 respectively.
Contact Energy / Monthly Operating Report
Environment, Social and Governance (ESG)
ESG data below is provided on a combined basis and covers operations across both Contact and Manawa where data available

9
investor.centre@contactenergy.co.nz
contact.co.nz/aboutus/investor-centre
Investors
Shelley Hollingsworth
Head of Strategy and Investor Relations
contact.co.nz
Instagram.com/Contact_Energy
Linkedin.com/company/contact-energy-ltd
Facebook.com/ContactEnergy
Youtube.com/ContactEnergy
To find out more about Contact Energy
+64 27 227 2429
Contact Energy / Monthly Operating Report
Keep in touch