December 2025 Operating Report

Monthly Operating Report
December 2025

2
December 2025 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 340GWh (December
2024: 274GWh)
•Mass market netback of $168.91/MWh (December 2024:
$156.56/MWh)
»The Wholesale business recorded:
•Contracted wholesale electricity sales, including that sold to the
Customer business, totalled 950GWh (December 2024:
699GWh)
•Electricity and steam net revenue of $103.94/MWh (December
2024: $98.75/MWh)
•Electricity generated (or acquired) of 751GWh (December 2024:
765GWh)
•Unit generation cost, which includes acquired generation was
$38.18/MWh (December 2024: $30.68/MWh)
•Own generation cost in the month of $31.60/MWh
(December 2024: $26.30/MWh)
»Otahuhu futures settlement wholesale price for the 1
st
quarter of
2026 (ASX):
•As at 19 January 2026: $69.50/MWh
•As at 31 December 2025: $140/MWh
•As at 28 November 2025: $136.95/MWh
»As at 19
th
January 2026, South Island controlled storage was
129% of mean and North Island controlled storage was 145% of
mean.​
»As at 19
th
January 2026, total Clutha scheme storage was
117% of mean.​
»Inflows into Contact’s Clutha catchment for December
2025 were 128% of mean. (November: 137%, October:
195%, September: 143%).
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 9.0PJ.
1
»As at 1
st
January 2026, the TCC plant was removed from our
offer and plant unavailability is reflected in POCP
2
.
Decommissioning activities are now commencing.
»Contact’s current renewable development projects under
construction:
ProjectExpected OnlineProject Costs
3
Glenbrook-Ohurua BESSQ1-CY26$163m
Kowhai Park Solar
4
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 5.71PJ, including the All of Government contract.
2
Transpower’s Planned Outage Coordination Process.
3
Total approved project costs. For inclusions and exclusions from total, see Contact’s full disclosures
associated with investment announcements.
4
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
JanFebMarAprMayJunJulAugSepOctNovDecJan
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
CY26CY27CY28CY29
$/MWh
30/06/202528/11/202531/12/2025
0
100
200
CY26CY27CY28CY29
$/MWh
30/06/202528/11/202531/12/2025

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
Dec-25Dec-24Nov-25
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Dec-25Dec-24Nov-25

5
Total national demand
Regional demand change (%) on December 2024
»New Zealand electricity demand was up 1.8% on December 2024. When compared to
December 2023, demand was up 0.4%.
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 December 2025
was 16.4ºC, 0.6ºC
above the 1991-2020
December 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
3%
13%
(0%)
(1%)
2%
(3%)
3%
(6%)
2%
1%
5%
(1%)
5%
1%
0%
4%
(1%)
(3%)
(1%)

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.
Note: In 1H26, Contact incurred $19.2m of unallocated (corporate) costs associated with the acquisition of Manawa. This includes $13.6m of transaction costs and $5.6m of integration costs.
7
Operational data
Measure
The month ended The month ended The month ended Six months endingSix months ending
December 25December 24November 25December 25December 24
RetailMass market electricity salesGWh
250 239 226 1,832 1,861
Retail gas salesGWh
90 35 93 496 339
Mass market electricity and gas salesGWh
340 274 319 2,328 2,200
Average electricity sales price$/MWh
375.52 328.03 353.82 332.67 292.23
Electricity direct pass thru costs$/MWh
(168.07)(146.40)(177.38)(153.77)(130.55)
Cost to serve$/MWh
(18.05)(20.25)(19.99)(16.33)(16.48)
Customer netback$/MWh
168.91 156.56 138.75 150.02 135.47
Energy cost$/MWh
(104.46)(110.42)(104.39)(160.82)(147.01)
Actual electricity line losses%
4%9%5%6%7%
Retail gas salesPJ
0.3 0.1 0.3 1.8 1.2
Electricity ICPs#
451,500 441,500 451,000 450,000 443,000
Gas ICPs#
74,500 73,000 74,500 73,500 73,000
Telco connections #
134,000 116,000 133,000 131,000 113,500
WholesaleElectricity sales to Customer business

GWh
261 263 237 1,941 1,991
Electricity sales to Commercial and IndustrialGWh
199 131 170 1,044 777
Electricity CFD salesGWh
490 306 438 2,870 1,849
Contracted electricity salesGWh
950 699 845 5,855 4,618
Steam salesGWh
19 18 22 131 127
Total electricity and steam net revenue$/MWh
103.94 98.75 106.16 140.11 153.35
C&I netback (at the ICP)$/MWh
109.08 96.83 104.55 145.13 129.16
C&I line losses%
4%4%3%4%4%
Thermal generationGWh
3 4 3 178 508
Geothermal generationGWh
352 402 298 2,393 2,143
Hydro generationGWh
307 359 588 2,764 1,952
Spot electricity salesGWh
662 765 889 5,335 4,603
Acquired generation otherGWh
12 0 55 341 246
Total acquired gen volume via PPAGWh
78 - 71 429 -
Electricity generated (or acquired)GWh
751 765 1,014 6,105 4,849
Unit generation cost (including acquired generation)
1
$/MWh
(38.18)(30.68)(39.62)(45.26)(52.47)
Spot electricity purchases

GWh
(460)(394)(407)(2,985)(2,769)
CFD sale settlementsGWh
(490)(306)(438)(2,870)(1,849)
Spot exposed purchases / CFD settlementGWh
(950)(699)(845)(5,855)(4,618)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
12.45 30.32 61.87 88.78 181.61
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(14.46)(34.33)(68.97)(90.05)(192.06)
LWAP/GWAP%
116%113%111%101%106%
Gas used in internal generationPJ
0.0 0.1 0.0 1.5 4.0
Gas storage net movement (extraction) / injectionPJ
0.6 (0.1)0.8 0.5 1.7
ContactTotal customer connections#
668,000 635,000 667,000 660,500 633,500
Realised gains / (losses) on market derivatives not in a hedge relationship$m
1.19 0.67 0.25 1.22 (14.34)

8
Material themeMeasureUnit
Q2 FY26Q2 FY25
Climate Change
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e90132
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.0370.060
Water
Freshwater take
3
Million cubic
metres
0.480.40
Non-consumptive water usage
4
Million cubic
metres
8,6046,142
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
4.14.0
Biodiversity
Native rākau (trees) planted by Contact
5
#
5,024
80
Pests caught
6
#
1,274
643
Community
Community initiatives and organisations supported#
23
33
Inclusion and
Diversity
Board
% Women/ %
Men
29% / 71%43% / 57%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
22% / 78%22% / 78%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
42% / 57%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 hydro schemes and cooling water taken for Wairākei geothermal power station. Data is not yet available for a small number of the hydro schemes 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 rabbits, hares, rats and possums. Includes pests caught at King Country Energy sites. Pest data at other Manawa Energy sites is not yet available on a basis consistent with Contact’s reporting and has not been included.
7
Includes all permanent, fixed term and casual employees1.2% and 1.4% unspecified in Q2 FY26 and Q2 FY25 respectively.
Contact Energy / Monthly Operating Report
Environment, Social and Governance (ESG)

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
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