CEN advances investments; $525m equity raise announced
Contact Energy Limited Level 2 Harbour City Tower, 29 Brandon Street, Wellington 6011 | PO Box 10742, Wellington 6143
P: +64 4 499 4001 | W: contactenergy.co.nz
16 February 2026
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Contact to advance new battery, solar and
geothermal investment; $525m equity raise
announced
Six months ended
31 December 2025
1H26*
Six months ended
31 December 2024
1H25
EBITDAF
i
$500m ↑ 24% from $404m
Profit $205m ↑ 44% from $142m
Profit per share 20.9c ↑ 17% from 17.9 c
Operating free cash flow
ii
$249m ↑ 80% from $138m
Stay-in-business capital expenditure (cash) $59m ↓ 9% from $65m
Growth capital expenditure (cash) $166m ↓ 7% from $179m
* Includes Manawa from 11 July 2025. Prior period does not include Manawa.
Key strategic highlights
• Launched Contact31+ strategy to lead New Zealand’s renewable energy future.
• Completed Manawa acquisition; more than 80% of announced cost synergies secured to date.
• Offer made to purchase the remaining 25% of King Country Energy.
• Glenbrook-Ohurua battery, Kōwhai Park solar and Te Mihi Stage 2 geothermal builds on track.
• Contracted 50MW HFO
iii
to manage dry year risk and support security of supply.
• More than 150,000 customers taking advantage of off-peak energy through Time-of-Use plans.
iv
• Launched The Good Initiative; more than 15,000 customers and nearly 50 community groups
supported.
• $525 million equity raise announced to advance the execution and potential upsizing of
renewable energy projects which would accelerate the Contact31+ strategy:
- Confirmed investment in a new 200MW battery, Glenbrook battery 2.0.
- Contact board-approved investment in the 150MWac Glorit solar farm JV.
v
- Pre-FID drilling on Tauhara 2 geothermal to advance steamfield development and explore
upsizing target capacity to 60-70MW.
Financial performance
Contact Energy has reported net profit of $205m in 1H26 and operating earnings (EBITDAF) of
$500m. The period includes the acquisition of Manawa Energy from 11 July 2025, which
contributed to the uplift in earnings. Reported figures also include $22m of Manawa transaction
and integration costs. Excluding these costs, EBITDAF was $522m, up 26% on 1H25.
vi
The improved operating result was driven by a significant lift in renewable generation, with output
97% renewable in 1H26. This reflected the addition of the Manawa hydro assets and its
contracted PPAs (wind and geothermal) totalling 1.3TWh, along with a full period of generation at
Contact’s new Te Huka 3 geothermal plant. Higher renewable output supported increased
contracted sales. Pricing was lower on CFD sales as well as gas purchases and acquired
generation, all of which were elevated in 1H25 when fuel was scarce.
Contact Energy Ltd
2
With national hydro inflows in 1H26 at 128% of mean, and New Zealand’s hydro storage ending
the period 129% of mean, market conditions contrasted sharply with those of 1H25.
The acquired Manawa irrigation business contributed to a lift in other income. In 1H25 other
income was affected by losses on the sale of excess gas to Methanex. Operating costs reflected
the combined operations of Contact and Manawa. More than 80% of cost-reduction synergies
have been secured on a run-rate basis, with $6m recognised in 1H26 within other operating
costs.
“1H26 was transformational, with the completion of the Manawa acquisition and the welcoming of
its people and assets to Contact. The strong performance of the combined entity set us up well
for the year ahead as we take significant steps to execute the Contact31+ strategy,” said Chief
Executive Mike Fuge.
Operating free cash flow of $249m was up 80% on 1H25, driven by the acquisition, improved
operating performance, lower maintenance capex and lower movement in working capital, partly
offset by higher interest paid.
Glenbrook battery 2.0, Glorit solar and Tauhara 2 drilling investments
The Contact board has confirmed the company will build the Glenbrook battery 2.0 – a 200MW,
400MWh-duration battery – that would take Contact’s total installed battery capacity to 300MW at
the Glenbrook site, close to Auckland load and major transmission infrastructure. The battery is
expected to add new renewable flexibility to help manage market volatility as more intermittent
generation (wind and solar) comes online, and natural gas supply continues to decline.
The total estimated project cost is $235m. The battery is expected to be online in Q1 CY2028.
Tesla has been selected to supply its Megapack 2 XL battery energy storage system and to
provide commissioning and long-term maintenance services. Contact will oversee the project.
Construction commences immediately.
The Contact board has also confirmed a final investment decision on the Glorit solar farm,
subject to funding arrangements. The 150MWac / 285GWh p.a. solar farm, located on the
Kaipara Coast near Auckland, is expected to be online in Q3 CY2028, bringing new renewable
generation to the market to support contracted new demand in the summer-weighted dairy
sector.
Contact’s 50/50 joint venture with Lightsource bp is expected to build, own and operate the Glorit
solar farm, at a total estimated construction cost of $305m
vii
. Engineering, procurement and
construction of the solar farm would be delivered by the joint venture under a comprehensive
EPC contract. The build is expected to be >70% project financed, with funding arrangements
expected to be completed in the next few weeks.
v
“These projects represent significant milestones in the acceleration of the execution of our
Contact31+ strategy to lead New Zealand’s renewable energy future. We are rapidly deploying
solar to meet new summer-weighted demand and, with 300MW of batteries, expect to be able to
free up natural gas used in peak demand periods, reallocating this to customers,” said Mr Fuge.
Updated reservoir modelling for the Tauhara 2 geothermal development option indicates that a
plant of 50-70MW can be supported (vs. the original 50MW identified).
Contact is undertaking a $30m drilling programme to advance steamfield development and
confirm its modelling estimates, refining conceptual design, and has engaged suppliers to identify
the technology that best optimises returns. Contact is targeting a final investment decision in
FY27.
Contact has today separately announced it has made an offer to purchase the remaining 25% of
King Country Energy from King Country Trust. For details see the release “Contact offers to
purchase remaining 25% of King Country Energy”.
Contact Energy Ltd
3
Renewable developments underway
Construction continued in 1H26 on 1.1TWh p.a. of renewable generation across solar and
geothermal, along with 100MW of battery capacity.
Contact’s 100MW Glenbrook-Ohurua battery is now construction-complete, with Transpower and
system integration nearing completion. Commissioning started in early February and the battery
is expected to be online in Q1 2026 as planned.
At Kōwhai Park, installation continues on the 150MWac / 275GWh p.a. solar farm built through
Contact’s joint venture with Lightsource bp. The structural framework is well advanced, with more
than 80% of tracker tubing and more than 50% of solar panels installed. The solar farm remains
on track to be online at the end of Q2 CY2026.
Site construction by the EPC contractor is progressing to schedule at Contact’s Te Mihi Stage 2;
a 101MW geothermal development. The plant is scheduled to be online in Q3 CY2027, delivering
baseload renewable generation to partly replace output from the 1950s-built Wairakei geothermal
station.
In the last five years, Contact has committed $2.4 billion to invest in renewable electricity
projects, including the approved projects announced today.
“Contact has maintained a continuous infrastructure build programme since 2021 with the
Tauhara and Te Huka 3 geothermal plants completed and our three solar, geothermal and
battery projects underway. This has led to strong continuity of our major project execution
expertise, key staff, suppliers and contractors, setting us up well to deliver the new investments
announced today,” said Mr Fuge.
Retail
In 1H26, Contact’s total retail connections were up ~31,000 on 1H25, with a continued focus on
multi-product customer growth.
Supporting customers, Contact continues to see growth in its Time-of-Use ‘Good’ plans, with
more than 150,000 households taking advantage of off-peak energy as at 31 December 2025, a
seven per cent increase in the past six months. Since launching in August 2021, Contact’s
customers have benefited from 345 million hours of free power. Contact expanded its Hot Water
Sorter programme to 26,000 New Zealand households, supporting the shift of more than 9MW of
electricity load away from peak demand times on average each day.
Continuing its focus on supporting customers in energy hardship, Contact launched The Good
Initiative in August 2025. So far more than 15,000 customers have been directly supported and
nearly 50 community groups throughout New Zealand have been given free power. The
company’s partnership with Women’s Refuge continues, covering the costs of power and
broadband at its refuges and safe houses nationwide.
Equity raise
Contact has announced a $525 million equity raise (Equity Raise) to advance the execution and
potential upsizing of renewable energy projects which would accelerate the Contact31+ strategy.
This includes funding for pre-FID drilling on Tauhara 2 to advance steamfield development and
explore upsizing capacity from 50MW to 60-70MW, the Glenbrook battery 2.0 and Contact’s
investment in the Glorit solar farm. The proceeds are also expected to enhance Contact’s ability
to accelerate development pipeline opportunities which are in line with the Contact31+ capital
allocation framework.
“Contact is taking significant steps to ensure its readiness to support New Zealand’s growing
electricity demand, with 3–5TWh of new grid demand expected in the next five years,” said Mr
Contact Energy Ltd
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Fuge. “We’re investing in the infrastructure required to support a more renewable, resilient and
affordable energy future for New Zealand.”
The Equity Raise comprises a fully underwritten placement (Placement) of NZ$450 million and a
non-underwritten retail offer (Retail Offer) to raise up to NZ$75 million, with the ability to accept
oversubscriptions at Contact’s discretion. Additional information regarding the Equity Raise is set
out in Section 2A (Details of the Equity Raise) and 2B (Key dates) below.
Interim dividend
The Board has declared an interim dividend of 16 cents per share, in line with 1H25.
The interim dividend will be paid on 25 March 2026 to all shareholders on the register as at
5.00pm on 19 February 2026 (the Record Date). Contact has received a waiver from NZX to
enable it to shorten the five business days’ notice period prescribed by the NZX Listing Rules
between the announcement of this dividend and its Record Date.
This will mean that new shares issued in the Equity Raise will not be eligible for this interim
dividend which the Board considers to be a fair outcome, as these securities were not on issue
during the period to which the dividend relates. It also ensures that all persons acquiring shares
in the Equity Raise – whether under the Placement or the Retail Offer – are treated equally. Any
shareholders wishing to adjust their shareholdings prior to the Record Date for the dividend will
need to make any trades prior to market close on 17 February 2026 in order for the adjustment to
become effective by the Record Date.
Dividend Reinvestment Plan (DRP)
Shareholders will have the opportunity to participate in Contact’s DRP.
The Board has exercised its discretion in exceptional or unusual circumstances to adjust the
volume weighted sale price so that the DRP strike price will be set equal to the lower of (i) the
DRP strike price calculated under the usual DRP methodology applying a 2% discount as
contemplated under the terms of the DRP; and (ii) the New Zealand dollar issue price payable
under the Retail Offer forming part of the Equity Raise (see “Additional information” further
below).
The DRP strike price will be announced on 12 March 2026, and allotment of new shares is
expected to occur on 25 March 2026.
Outlook
Looking ahead, Contact Chair, Rob McDonald, said this year Contact expects to be rapidly
demonstrating the execution of key elements of its Contact31+ strategy, launched in November
2025.
“Contact is ready to lead New Zealand’s renewable energy future, powering expected market
growth and bringing new flexibility to support the system as it transitions. The business has a
clear plan and will be working at pace to deliver its target returns to shareholders by building the
renewable infrastructure New Zealand needs most.”
As previously indicated, Mr McDonald will likely step down at the end of his current term later this
year. The Board has appointed an advisor to assist with an orderly succession process.
Contact Energy Ltd
5
1/ CONTACT DETAILS
Investor enquiries Media enquiries
Shelley Hollingsworth Louise Wright
Head of Strategy and Investor Relations Head of Communications and Reputation
+64 27 227 2429 +64 21 840 313
investor.centre@contactenergy.co.nz media@contactenergy.co.nz
2/ ADDITIONAL INFORMATION
A. Details of the Equity Raise
Placement
The underwritten Placement will be conducted through a bookbuild in which eligible investors in
New Zealand, Australia, and certain other jurisdictions will be invited to participate. A trading halt
has been granted by NZX (and been sought from ASX) to facilitate the Placement.
The Placement will comprise the issue of approximately 51.4 million new ordinary shares,
representing approximately 5.2% of current issued capital, to raise NZ$450 million. The issue
price under the Placement (Placement Price) of NZ$8.75 per new share represents a discount of
7.2% to the ex-dividend adjusted
viii
last closing price of $9.43
ix
and a 7.9% discount to the ex-
dividend adjusted 5-day volume-weighted average price (VWAP) of NZ$9.51.
x
It is intended that eligible shareholders who bid for an amount up to their ‘pro-rata’ share of new
shares under the Placement will be allocated their full bid on a best efforts basis
xi, xii
.
Retail Offer
Contact intends to conduct a non-underwritten Retail Offer to eligible existing shareholders in
New Zealand and Australia to raise up to NZ$75 million, with the ability to scale applications, or
accept over subscriptions at Contact’s discretion
xiii
.
Eligible shareholders in New Zealand and Australia will be invited to apply for up to NZ$100,000
and A$41,000
xiv
, respectively of new ordinary shares under the Retail Offer. The maximum
application size has been selected with the objective of enabling as many eligible retail
shareholders as possible to apply for their pro-rata share of the Equity Raise via the Retail Offer.
New shares to be issued under the Retail Offer will be issued at the lower of the Placement Price
or a 2.5% discount to the 5-day VWAP of Contact on the NZX over the five trading day period up
to, and including, the closing date of the Retail Offer.
Full details of the Retail Offer will be set out in the Retail Offer Document, which will be released
to the NZX and ASX, and made available to eligible shareholders in New Zealand and Australia,
on Thursday 19 February. The closing date for applications by eligible shareholders is 5:00pm
NZDT on Friday 6 March.
For any questions in respect of the Retail Offer, please visit https://www.contactshareoffer.co.nz
or call MUFG Pension & Market Services on Freephone 0800 800 899 within New Zealand or
+64 9 375 5998 between 8.30am and 5.00pm (NZDT) Monday to Friday during the Retail Offer
period. For other questions, investors should contact a professional legal advisor.
Contact Energy Ltd
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B. Key dates
Placement Date / Time
Trading halt and Placement bookbuild Monday, 16 February 2026
Announcement of results of Placement and
trading halt lifted
Tuesday, 17 February 2026
ASX settlement Thursday, 19 February 2026
NZX settlement Friday, 20 February 2026
Allotment and commencement of trading of
new shares on NZX/ASX
Friday, 20 February 2026
Retail Offer
Date / Time
Record date
7pm NZDT / 5pm AEDT, Friday,
13 February 2026
Expected release of Retail Offer document Thursday, 19 February 2026
Retail Offer opens Thursday, 19 February 2026
Retail Offer closes
5pm NZDT / 3pm AEDT, Friday,
6 March 2026
Announcement of results of Retail Offer, together with the
issue price (in NZ$ and A$) of shares under the Retail
Offer
Thursday, 12 March 2026
Allotment of shares on NZX and ASX Friday, 13 March 2026
Commencement of trading of new shares on NZX Friday, 13 March 2026
Commencement of trading of new shares on ASX Monday, 16 March 2026
The above timetable and all dates are indicative only and subject to change (subject to NZX
Listing Rules, ASX Listing Rules and applicable laws).
C. Additional information
A conference call will be held at 11am NZDT on 16 February 2026 regarding Contact’s interim
results announcement, the pre-FID Tauhara drilling, Glenbrook battery 2.0 and Glorit solar
investment decisions and the Equity Raise.
If you would like to attend the live presentation, please see the details below to view the webcast
off your chosen device:
Click here to enter the webcast: LIVE EVENT LINK
Or access this link via our website: https://contact.co.nz/aboutus/investor-centre
Contact Energy Ltd
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All dollar amounts are in New Zealand dollars (NZD) unless otherwise stated. All times and dates
refer to New Zealand Daylight Time (NZDT) unless otherwise stated.
Nothing contained in this announcement constitutes investment, legal, tax or other advice.
Investors are encouraged to seek appropriate professional legal advice before making any
investment decision.
3 / IMPORTANT NOTICE
A. Forward-looking statements
This announcement contains certain forward-looking statements with respect to the financial
condition, results of operations and business of Contact. These forward-looking statements are
based on Contact’s current expectations, estimates and projections about the industry in which it
operates, and beliefs and assumptions. Forward-looking statements can generally be identified
by use of words such as 'approximate', 'project', 'foresee', 'plan', 'target', 'seek', 'expect', 'aim',
'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will', ‘objective’, 'assume', 'guidance',
'outlook' or similar expressions.
Forward-looking statements in this announcement include statements regarding the timetable,
conduct and outcome of the Equity Raise and the use of proceeds thereof, statements about the
timing, cost and size of the Glenbrook battery 2.0 and Glorit solar projects, the timing, cost and
size of under-construction and other potential Contact projects, including Tauhara 2, statements
about the New Zealand energy market and the other industries and markets in which Contact
operates, and statements about the Contact31+ strategy and the future performance of, and
outlook for, Contact's business. Any indications of, or guidance or outlook on, future earnings or
financial position or performance and future distributions are also forward-looking statements. All
such forward-looking statements are not guarantees or predictions of future performance and
involve known and unknown risks, significant uncertainties, assumptions, contingencies, and
other factors, many of which are outside the control of Contact, are difficult to predict, and which
may cause the actual results or performance of Contact to be materially different from any future
results or performance expressed or implied by such forward-looking statements.
Such forward-looking statements speak only as of the date of this announcement. Except as
required by law or regulation (including the NZX Listing Rules and the ASX Listing Rules),
Contact undertakes no obligation to update these forward-looking statements for events or
circumstances that occur subsequent to the date of this announcement or to update or keep
current any of the information contained herein.
No guarantee, representation or warranty, express or implied, is made as to the accuracy,
likelihood of achievement or reasonableness of any forecasts, prospects, returns, statements or
tax treatment in relation to future matters contained in this announcement.
Investors are strongly cautioned not to place undue reliance on any forward-looking statements,
such as indications of, and guidance on, outlook, future earnings, cash flow, financial position
and performance.
B. Financial data
This announcement includes certain financial measures that are "non-GAAP (generally accepted
accounting practice) financial information" under Guidance Note 2017: 'Disclosing non-GAAP
financial information' published by the New Zealand Financial Markets Authority, "non-IFRS
financial information" under ASIC Regulatory Guide 230: 'Disclosing non-IFRS financial
information' and "non-GAAP financial measures" within the meaning of Regulation G under the
U.S. Exchange Act of 1934, as amended. Disclosure of such non-GAAP financial measures in
the manner included in this announcement would not be permissible in a registration statement
under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act).
Contact Energy Ltd
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Such financial information and financial measures (including EBITDAF, operating free cash flow,
stay-in-business capital expenditure and growth capital expenditure) have not been subject to
audit or review and do not have standardised meanings prescribed under New Zealand
equivalents to International Financial Reporting Standards (NZ IFRS), Australian Accounting
Standards (AAS) or International Financial Reporting Standards (IFRS) and therefore, may not
be comparable to similarly titled measures presented by other entities, and should not be
construed as an alternative to other financial measures determined in accordance with NZ IFRS,
AAS or IFRS.
C. Equity Raise
Additional important information regarding the Equity Raise is contained in the investor
presentation “Accelerating Contact31+ strategy and Equity Raise” accompanying this
announcement. That information contains key risks and foreign selling restrictions with respect to
the Equity Raise. See also the Important Notice and Disclaimer contained within that investor
presentation.
D. Not an offer of securities in the United States
This announcement has been prepared for publication in New Zealand and Australia and may not
be released or distributed in the United States. This announcement does not constitute an offer to
sell, or a solicitation of an offer to buy, any securities in the United States or any other jurisdiction
in which such an offer would be illegal. The securities to be offered and sold in the Placement
and the Retail Offer have not been, and will not be, registered under the U.S. Securities Act or
the securities laws of any state or other jurisdiction of the United States. Accordingly, the
securities to be offered and sold in the Placement may not be offered or sold, directly or
indirectly, in the United States, except in transactions exempt from, or not subject to, the
registration requirements of the U.S. Securities Act and the securities laws of any state or other
jurisdiction of the United States. The securities to be offered and sold in the Retail Offer may only
be offered or sold outside the United States in "offshore transactions" (as defined in Rule 902(h)
under the U.S. Securities Act) in reliance on Regulation S under the U.S. Securities Act.
i
Refer to slide 33 of the 2026 interim results presentation for a definition and reconciliation between statutory profit and the non-GAAP
performance measure earnings before net interest expense, tax, depreciation, amortisation, asset impairment and write-offs, and changes in
fair value of financial instruments (EBITDAF).
ii
Refer to Note A3 of the interim financial statements for a definition and reconciliation between cash flow from operating activities and the non-
GAAP measure operating free cash flow. Operating free cash flow represents cash available to repay debt and to fund distributions to
shareholders and growth capital expenditure.
iii
Huntly Firming Option.
iv As at 31 December 2025.
v
Investment remains subject to finalisation of debt funding arrangements. While the joint venture is well advanced with lenders, the final
numbers could deviate from those presented once outstanding activities are completed. Until those activities are completed, adverse
movement in market conditions, including interest rates and foreign exchange rates, could result in the project not being confirmed to
proceed.
vi
Transaction and integration preparation costs incurred in 1H25 totalled $10m.
vii
Includes development costs. Indirect overheads and financing costs of $42m excluded.
viii
The placement reference prices have been adjusted to reflect that the new shares issued in the Equity Raise will not be eligible to receive the
declared FY26 interim dividend.
ix
Represents the NZX market closing price of $9.59 on 13 February 2026 less the declared FY26 interim dividend of $0.16.
x
Represents the 5-day VWAP up to and including 13 February 2026 of $9.67 less the declared FY26 interim dividend of $0.16.
xi
For this purpose, an eligible shareholder's 'pro-rata' share will be estimated by reference to Contact's beneficial register on Friday 13
February 2026, but without undertaking any reconciliation and ignoring shares that may be issued under the Retail Offer. Accordingly, unlike
in a rights issue, this may not truly reflect the participating shareholder's actual pro-rata share. Nothing in this announcement gives a
shareholder a right or entitlement to participate in the Placement and Contact has no obligation to reconcile assumed holdings (e.g., for
recent trading or swap positions) when determining a shareholder’s ‘pro-rata’ share. Shareholders who do not reside in New Zealand or
Australia or other eligible jurisdictions (as determined by Contact in its sole discretion) will not be able to participate in the Placement.
xii
Eligible shareholders who bid in excess of their ‘pro-rata’ share as determined by Contact and the Lead Manager are expected to be
allocated a minimum of their ‘pro-rata’ share on a best-efforts basis as set out in footnote xi above; applications may be subject to scaling.
Contact Energy Ltd
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xiii
Contact may scale applications or accept over subscriptions at Contact’s complete discretion. If Contact decides to scale applications, it will
do so by reference only to the number of fully paid ordinary shares held by eligible shareholders accepting the Retail Offer (or, in the case of
an application made by a custodian, the relevant beneficial owners(s)) at 7:00pm NZDT on Friday, 13 February. This approach is intended to
ensure, as far as is practicable, shareholders who apply for a number of shares that will allow them to maintain their proportionate ownership
in Contact will receive those shares. However, Contact’s ability to scale in this manner is subject to the overall size of the Retail Offer and
regulatory restrictions on the number of shares that can be offered to eligible Australian shareholders. Refer to the Retail Offer Document,
when published, for further details regarding Contact’s intended approach to scaling.
xiv
If an eligible shareholder in Australia applies for an Australian dollar amount of shares, and the exchange rate varies such that the Australian
dollar amount applied for exceeds the NZ$50,000 regulatory limit (converted in accordance with the Retail Offer Document), shares having a
total issue price equal to NZ$50,000, which may be less than A$41,000, will be issued to the shareholder (subject to scaling) and they will be
refunded the excess cash amount.
---
2026
Interim Financial
Statements
2 Contact | Interim Financial Statements Contact | Interim Financial Statements 3
About these financial statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
These condensed interim financial statements are for Contact, a group made up of Contact Energy Limited, its
subsidiaries and its interests in associates and joint arrangements.
Contact Energy Limited is registered in New Zealand under the Companies Act 1993. It is listed on the New
Zealand stock exchange (NZX) and the Australian Securities Exchange (ASX) and has debt listed on the NZX and
ASX debt markets. Contact is an FMC reporting entity under the Financial Markets Conduct Act 2013.
Contact’s interim financial statements for the six months ended 31 December 2025 provide a summary of
Contact’s performance for the period and outline any significant changes to information reported in the
financial statements for the year ended 30 June 2025 (2025 Integrated Report). The interim financial
statements should be read with the 2025 Integrated Report.
The results of newly acquired Manawa Energy Limited (Manawa) are included within the interim financial
statements including the notes to the interim financial statements. Further information about the acquisition is
disclosed in note A4.
Contact acquired 75% of King Country Energy Limited (KCE) as part of the Manawa transaction. 100% of KCE’s
revenue, expenses, assets, liabilities are recognised in the interim financial statements, including the notes to
the interim financial statements.
The split of profit/(loss) that relates to Contact shareholders and the other 25% owners of KCE (non-controlling
interests) is shown at the bottom of the Statement of Comprehensive Income. This non-controlling interest is
also recognised in a separate non-controlling equity category. This ensures that the retained earnings balance
only reflects the portion of KCE’s profit/(losses) that relate to Contact shareholders.
Contact’s interim financial statements are prepared:
• in accordance with New Zealand generally accepted accounting practice (GAAP) and comply with NZ IAS 34
Interim Financial Reporting and IAS 34 Interim Financial Reporting.
• in millions of New Zealand dollars (NZD) unless otherwise noted.
• using the same accounting policies and significant estimates and critical judgments disclosed in the 2025
Integrated Report unless otherwise noted.
• with certain comparative amounts reclassified to conform to the current period’s presentation.
The interim financial statements were authorised on behalf of the Contact Energy Limited Board of Directors on
13 February 2026:
Robert McDonald Sandra Dodds
Chair Chair, Audit & Risk Committee
Statement of comprehensive income
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
$m Note
Unaudited
6 months ended
31 Dec 2025
Unaudited
6 months ended
31 Dec 2024
Audited
Year ended
30 June 2025
Revenue A1 1,617 1,707 3,439
Operating expenses A1 (1,112) (1,263) (2,428)
Net interest B4 (72) (52) (100)
Depreciation and amortisation C1 (142) (130) (273)
Change in fair value of financial instruments D4 (2) (61) (174)
Asset impairment and write offs
- - (1)
Profit/(loss) before tax
289 201 463
Tax expense
(84) (59) (132)
Profit/(loss)
205 142 331
Items that may be reclassified to profit/(loss):
Change in hedge reserves (net of tax) D3 (17) (5) 4
Comprehensive income
188 137 335
Profit/(loss) attributable to:
Shareholders 204 - -
Non-controlling interests 1 - -
Comprehensive income attributable to:
Shareholders 187 - -
Non-controlling interests 1 - -
Basic and diluted Profit/(loss) per share (cents) –
attributable to shareholders
20.9 17.9 41.6
4 Contact | Interim Financial Statements
Contact | Interim Financial Statements 5
Statement of cash flows
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
$m Note
Unaudited
6 months ended
31 Dec 2025
Unaudited
6 months ended
31 Dec 2024
Audited
Year ended
30 June 2025
Receipts from customers
1,665 1,776 3,319
Payments to suppliers and employees
(1,241) (1,456) (2,602)
Receipts from insurance claims
12 - 10
Interest paid
(61) (43) (77)
Tax paid
(67) (74) (106)
Operating cash flows
308 203 544
Purchase and construction of assets
(215) (234) (449)
Capitalised interest
(10) (10) (23)
Realised gains/(losses) on market derivatives
2 (13) (13)
Investment in joint ventures and associates
(2) (2) (43)
Acquisition of Manawa Energy Limited
(333) - -
Investing cash flows
(558) (259) (528)
Dividends paid B2 (155) (114) (198)
Proceeds from borrowings
1,921 427 933
Repayment of borrowings
(1,750) (266) (460)
Financing costs
(3) (4) (5)
Share issuance costs
(4) - (1)
Financing cash flows
9 43 269
Net cash flow (241) (13) 285
Add: cash at the beginning of the period 514 229 229
Cash at the end of the period
273 216 514
Statement of financial position
AT 31 DECEMBER 2025
$m Note
Unaudited
31 Dec 2025
Unaudited
31 Dec 2024
Audited
30 June 2025
Cash and cash equivalents
273 216 514
Trade and other receivables
342 213 274
Inventories
75 73 67
Intangible assets C1 55 70 56
Derivative financial instruments D1 83 110 95
Total current assets
828 682 1,006
Property, plant and equipment C1 7,786 5,053 5,166
Intangible assets C1 185 226 188
Inventories
63 65 65
Goodwill
564 214 214
Investment in joint ventures and associates
98 42 84
Derivative financial instruments D1 205 101 90
Total non-current assets
8,901 5,701 5,807
Total assets
9,729 6,383 6,813
Trade and other payables
360 318 395
Tax payable
25 12 10
Borrowings B3 252 482 356
Derivative financial instruments D1 235 102 122
Provisions
21 12 22
Total current liabilities
893 926 905
Borrowings B3 2,913 1,667 2,093
Derivative financial instruments D1 293 283 254
Provisions
218 313 209
Deferred tax
870 523 570
Other non-current liabilities
101 26 23
Total non-current liabilities
4,395 2,812 3,148
Total liabilities
5,288 3,738 4,053
Net assets
4,441 2,645 2,760
Share capital B1 3,857 2,092 2,135
Retained earnings
772 734 795
Hedge reserves
(199) (190) (181)
Share-based compensation reserve
11 9 11
Total equity
4,441 2,645 2,760
6 Contact | Interim Financial Statements
Contact | Interim Financial Statements 7
Statement of changes in equity
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
$m
Note
Share
capital
Retained
earnings
Hedge
reserves
Share-based
compensation
reserves
Non-
controlling
interests
Total
equity
Balance at 1 July 2024
2,021 773 (185) 10 - 2,619
Profit/(loss) A2 - 142 - - - 142
Change in hedge reserves (net of tax)
- - (5) - - (5)
Change in share-based compensation
reserve B1 4 - - 3 - 7
Change in share capital B1 67 - - (4) - 63
Dividends paid B2 - (181) - - - (181)
Unaudited balance at 31 December 2024
2,092 734 (190) 9 - 2,645
Profit/(loss) A2 - 189 - - - 189
Change in hedge reserves (net of tax)
- - 9 - - 9
Change in share-based compensation
reserve B1 - - - 2 - 2
Change in share capital B1 43 - - - - 43
Dividends paid B2 - (128) - - - (128)
Audited balance at 30 June 2025
2,135 795 (181) 11 - 2,760
Profit/(loss) A2 - 204 - - 1 205
Change in hedge reserves (net of tax)
- - (17) - - (17)
Change in share-based compensation
reserve B1 5 - - 5 - 10
Change in share capital B1 1,718 - - (5) - 1,713
Dividends paid B2 - (227) - - (1) (228)
Unaudited balance at 31 December 2025
3,857 772 (199) 11 - 4,441
A. Our performance
Notes to the interim financial statements for the six months ended 31 December 2025
A1. WHOLESALE AND RETAIL SEGMENTS
The Wholesale segment includes revenue from the sale of electricity to the wholesale electricity market, to
Commercial & Industrial (C&I) customers, and to the Retail segment, less the cost to generate and/or purchase
the electricity and costs to serve and distribute electricity to C&I customers. This includes activities under newly
acquired Manawa Energy Limited (Manawa).
The results of Western Energy Services Limited are included in the Wholesale segment. The results of Contact
Energy Risk Limited have been allocated across the operating segments.
The Retail segment includes revenue from delivering electricity and telco products to mass market customers,
and natural gas to mass market and C&I customers, less the cost to serve, purchase and distribute products to
customers. The Retail segment purchases electricity from the Wholesale segment at a fixed price in a manner
similar to transactions with third parties.
‘Unallocated’ includes corporate functions not directly allocated to the operating segments, including
transaction and integration costs relating to Manawa of $20 million. There are also transaction and integration
costs of $2 million within the Wholesale segment.
Realised gains/(losses) relating to risk management derivatives not in a hedge relationship are included in
‘Change in fair value of financial instruments’ within the Statement of Comprehensive Income but not in the
Segment results. In the Segment results they are included in wholesale electricity revenue or purchases within
EBITDAF.
These derivatives are ineligible to be designated into a hedge relationship for accounting purposes, however
they are commercial hedges and therefore are included within EBITDAF. Further information on hedge
accounting is included in note D5.
The table below provides a reconciliation between the Statement of Comprehensive Income and Segment
results.
$m
Statement of
Comprehensive
Income
Realised gains/(losses) on
risk management derivatives
not in a hedge relationship
Segment
results
6 months ended 31 December 2025
Revenue 1,617 4 1,621
Operating expenses (1,112) (9) (1,121)
Change in fair value of financial instruments (2) 5 3
6 months ended 31 December 2024
Revenue 1,707 (34) 1,673
Operating expenses (1,263) (6) (1,269)
Change in fair value of financial instruments (61) 40 (21)
Year ended 30 June 2025
Revenue 3,439 (133) 3,306
Operating expenses (2,428) (6) (2,434)
Change in fair value of financial instruments (174) 139 (35)
8 Contact | Interim Financial Statements
Contact | Interim Financial Statements 9
A2. SEGMENT RESULTS
The table below provides a breakdown of Contact’s revenue, expenses and earnings before interest, tax, depreciation and amortisation, asset impairment and write offs and changes in fair value of financial instruments (EBITDAF) by
segment, and a reconciliation from EBITDAF to profit/(loss) reported under NZ GAAP. EBITDAF is used to monitor performance and is a non-GAAP profit measure.
Unaudited 6 months ended 31 Dec 2025 Unaudited 6 months ended 31 Dec 2024 Audited year ended 30 June 2025
$m Wholesale Retail
Unallocated
Eliminations Total
Wholesale Retail
Unallocated
Eliminations Total
Wholesale Retail
Unallocated
Eliminations Total
Mass market electricity - 609 - - 609 - 544 - (1) 543 - 1,079 - (1) 1,078
C&I electricity - fixed price 211 - - - 211 130 - - - 130 278 - - - 278
C&I electricity - pass through 54 - - - 54 22 - - - 22 52 - - - 52
Wholesale electricity, net of hedging 567 - - - 567 840 - - - 840 1,616 - - - 1,616
Electricity-related services revenue 4 - - - 4 4 - - - 4 9 - - - 9
Inter-segment electricity sales 338 - - (338) - 304 - - (304) - 601 - - (601) -
Gas 2 83 - - 85 16 52 - - 68 29 103 - - 132
Steam 2 - - - 2 2 - - - 2 5 - - - 5
Geothermal services 6 - - - 6 4 - - - 4 8 - - - 8
Telco - 57 - - 57 - 48 - - 48 - 101 - - 101
Other income 23 3 - - 26 8 4 - - 12 20 7 - - 27
Total revenue 1,207 752 - (338) 1,621 1,330 648 - (305) 1,673 2,618 1,290 - (602) 3,306
Electricity purchases, net of hedging (324) (2) - - (326) (581) (1) - - (583) (1,149) (3) - - (1,149)
Electricity purchases - pass through (45) - - - (45) (18) - - - (18) (43) - - - (46)
Electricity-related services cost (2) - - - (2) (3) - - - (3) (8) - - - (8)
Inter-segment electricity purchases - (338) - 338 - - (304) - 304 - - (601) - 601 -
Gas and diesel expenses (23) (28) - - (51) (95) (13) - - (108) (184) (23) - - (207)
Gas storage costs (15) - - - (15) (7) - - - (7) 84 - - - 84
Carbon emissions costs (17) (6) - - (23) (33) (5) - - (38) (61) (9) - - (70)
Generation transmission & levies (17) - - - (17) (16) - - - (16) (31) - - - (31)
Electricity networks, levies & meter costs - fixed price (60) (282) - - (342) (32) (243) - - (275) (67) (486) - - (553)
Electricity networks, levies & meter costs - pass through (10) - - - (10) (3) - - - (3) (7) - - - (7)
Gas networks, transmission, meter & service costs (1) (34) - - (35) (3) (28) - - (31) (5) (55) - - (60)
Geothermal service costs (3) - - - (3) (2) - - - (2) (4) - - - (4)
Telco costs - (49) - - (49) - (43) - - (43) - (88) - - (88)
Other operating expenses (113) (38) (52) - (203) (71) (36) (37) 1 (143) (149) (74) (73) 1 (295)
Total operating expenses (630) (777) (52) 338 (1,121) (864) (673) (37) 305 (1,269) (1,624) (1,339) (73) 602 (2,434)
EBITDAF 577 (25) (52) - 500 466 (25) (37) - 404 994 (49) (73) - 872
Depreciation and amortisation
(142)
(130)
(273)
Net interest expense
(72)
(52)
(100)
Change in fair value of financial instruments
3
(21)
(35)
Asset impairment and write offs - - (1)
Tax expense (84) (59) (132)
Profit/(loss)
205
142
331
10 Contact | Interim Financial Statements
Contact | Interim Financial Statements 11
A3. FREE CASH FLOW
Free cash flow is a non-GAAP cash measure that shows the amount of cash Contact has available to distribute
to shareholders, reduce debt or reinvest in growing the business. A reconciliation from EBITDAF to NZ GAAP
operating cash flows and to free cash flow is provided below.
$m
Unaudited
6 months ended
31 Dec 2025
Unaudited
6 months ended
31 Dec 2024
Audited
Year ended
30 June 2025
EBITDAF 500 404 872
Tax paid (67) (74) (106)
Change in working capital, net of investing and
financing activities (68) (80) (35)
Non-cash movement in provisions -
-
(113)
Other non-cash items included in EBITDAF 4 (4) 3
Net interest paid, excluding capitalised interest (61) (43) (77)
Operating cash flows 308 203 544
Stay-in-business capital expenditure (59) (65) (110)
Operating free cash flow and free cash flow 249 138 434
Operating free cash flow per share (cents) 25.5 17.4 54.4
A4. MANAWA ENERGY LIMITED ACQUISITION
On 11 July 2025, Contact completed the acquisition of Manawa Energy Limited (Manawa) under a Scheme of
Arrangement. Under the Scheme, Contact acquired 100% of Manawa’s shares, issuing Contact shares and
paying cash to Manawa shareholders as consideration.
Manawa is an electricity generator which owns and operates 25 hydro schemes around New Zealand. Manawa
also owns 75% of King Country Energy Limited (KCE) who owns and operates five hydro schemes.
The combination with Manawa is expected to create a more diversified, resilient and efficient business with
complementary hydro assets, increasing Contact’s ability to offer larger volumes of fixed price electricity to the
market and provide greater opportunity for wider deployment of flexible demand product sales, helping to
support customers in the electricity market.
The acquisition also further enhances Contact’s strong development capabilities, accelerating Contact’s strategy
to grow renewable generation while decarbonising Contact’s portfolio.
Identifiable assets acquired and liabilities assumed
The table below summarises the fair value of the assets acquired and liabilities assumed at the date of
acquisition.
$m Note
Unaudited
11 July 2025
Cash and cash equivalents
18
Receivables and prepayments
68
Property, plant and equipment C1 2,568
Intangible assets C1 4
Investment in associates/joint ventures 10
Borrowings (545)
Payables and accruals (55)
Derivative financial instruments D2 (108)
Tax payable 5
Deferred tax (314)
Total identifiable net assets acquired (provisional) 1,651
12 Contact | Interim Financial Statements
Contact | Interim Financial Statements 13
Goodwill
The fair value of the purchase consideration less the fair value of the net identifiable assets acquired has been
provisionally recorded below.
$m
Unaudited
11 July 2025
Consideration - issue of Contact shares
1,649
Consideration - Cash
351
Fair value of identifiable net assets (1,651)
Provisional goodwill 349
Goodwill is attributable to the expected cost synergies and portfolio benefits from combining Contact and
Manawa. The acquisition also grows Contact’s development capabilities.
Cost synergies are expected from amalgamation of systems, and efficiency gains in operations, combined with
removing duplicated functions and costs. Portfolio benefits are expected through complementary inflow
patterns of combined hydro assets and an ability to optimise hydro management across the portfolio.
The fair value of assets acquired, liabilities assumed, and goodwill is provisional at 31 December 2025 as we are
still integrating Manawa. Management will continue to review the fair value of assets and liabilities throughout
the year and will finalise these for our FY26 full year financial statements. This primarily relates to intangible
assets, receivables and provision balances. None of the goodwill recognised is expected to be deductible for tax
purposes.
Manawa revenue and profit
Throughout the period, various Manawa transactions and contracts were legally transferred to Contact.
Consequently, Manawa is not assessed or reviewed as a standalone entity and its results are completely
integrated into Contact. Therefore, it is impracticable to disclose separate Manawa financial information or
contribution to the Group.
Combined revenue and profit as if the acquisition occurred at the start of the financial year has not been
disclosed as it is not material given the acquistion date occurred 11 days into the financial year.
A5. RELATED PARTY TRANSACTIONS
$m
Unaudited
6 months ended
31 Dec 2025
Unaudited
6 months ended
31 Dec 2024
Audited
Year ended
30 June 2025
Capital contributions
Forest Partners Limited Partnership (1) (2) (15)
Lochindorb Wind Limited Partnership (1) - -
Key management personnel
Directors' fees (1) (1) (1)
LT - salary and other short-term benefits (5) (5) (9)
LT - share-based compensation expense (1) (1) (2)
Leadership team (LT) salary and other short-term benefits are the cash amount paid in the year. Directors and
LT may purchase goods and services from Contact for domestic purposes.
A6. CONTINGENCIES
In the normal course of business, Contact is subject to inquiries, claims and investigations. There are no
material matters to disclose at 31 December 2025.
14 Contact | Interim Financial Statements
Contact | Interim Financial Statements 15
B. Our funding
Notes to the interim financial statements for the six months ended 31 December 2025
B1. SHARE CAPITAL
Number $m
Balance at 1 July 2024 789,117,208 2,021
Share capital issued 8,829,329 71
Balance at 31 December 2024 797,946,537 2,092
Share capital issued 4,865,377 43
Balance at 30 June 2025 802,811,914 2,135
Share capital issued 191,612,169 1,723
Balance at 31 December 2025 994,424,083 3,857
B2. DIVIDENDS PAID
$m
Cents per
share
Unaudited
6 months ended
31 Dec 2025
Unaudited
6 months ended
31 Dec 2024
Audited
Year ended
30 June 2025
2024 Final 23 - 181 181
2025 Interim 16 - - 128
2025 Final 23 227 - -
2026 Interim - KCE* 18 1 - -
228 181 309
Comprising:
Cash dividends 155 114 198
Dividend reinvestment plan
73 67 111
*Relates to dividends paid by KCE to non-controlling interests.
On 13 February 2026 the Board declared an interim dividend of 16 cents per share to be paid on 25 March 2026
B3. BORROWINGS
All borrowings other than leases and bank facilities drawn by KCE are Green Debt Instruments under Contact’s
Sustainable Finance Framework. The Framework has received a second party opinion from DNV Business
Assurance to confirm alignment with Climate Bond Standards, Green Bond Principles and Green Loan
Principles. At 31 December 2025, Contact remains compliant with the requirements of Framework. Further
information is available on the Sustainability section of Contact’s website.
.
$m
Unaudited
31 Dec 2025
Unaudited
31 Dec 2024
Audited
30 June 2025
Lease obligations 56 50 50
Drawn bank facilities 14 - -
Commercial paper - 295 180
Retail bonds 550 550 550
Capital bonds 475 475 475
Export credit agency facility 14 22 18
USPP notes 88 224 224
Australian medium-term notes 869 434 869
Euro medium-term notes 1,011 - -
Face value of borrowings 3,077 2,050 2,366
Deferred financing costs (9) (13) (10)
Total borrowings at amortised cost 3,068 2,037 2,355
Fair value adjustment on hedged borrowings 97 112 94
Carrying value of borrowings 3,165 2,149 2,449
Current 252 482 356
Non-current 2,913 1,667 2,093
During the year, Contact issued a €500 million Euro medium-term note with a fixed coupon of 3.54%, maturing
in November 2032. Corresponding cross-currency interest rate swaps were also entered to convert the
principal to NZD and interest payments to NZD floating rate.
B4. NET INTEREST EXPENSE
$m
Unaudited
6 months ended
31 Dec 2025
Unaudited
6 months ended
31 Dec 2024
Audited
Year ended
30 June 2025
Interest expense on borrowings (80) (58) (113)
Interest expense on finance leases (2) (1) (3)
Unwind of discount on provisions (5) (8) (13)
Unwind of deferred financing costs (2) (1) (3)
Other interest - - (2)
Capitalised interest 10 10 23
Interest income 7 6 11
Net interest expense (72) (52) (100)
16 Contact | Interim Financial Statements
Contact | Interim Financial Statements 17
C. Our assets
Notes to the interim financial statements for the six months ended 31 December 2025
C1. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
Property, plant and equipment
$m
Unaudited
31 Dec 2025
Unaudited
31 Dec 2024
Audited
30 June 2025
Opening balance 5,166 4,933 4,933
Acquisitions 2,568 - -
Additions 176 234 473
Depreciation (125) (114) (240)
Closing balance 7,786 5,053 5,166
Acquisitions include $2,506 million of generation plant and equipment assets.
Intangibles
$m
Unaudited
31 Dec 2025
Unaudited
31 Dec 2024
Audited
30 June 2025
Opening balance 244 266 266
Acquisitions 4 - -
Additions 9 46 80
Disposals - - (69)
Amortisation (17) (16) (33)
Closing balance 240 296 244
Current 55 70 56
Non-current 185 226 188
Contracted capital commitments
$m
Unaudited
31 Dec 2025
Unaudited
31 Dec 2024
Audited
30 June 2025
Contracted capital expenditure 267 442 324
Carbon forward contracts
73 97 73
Closing balance 340 539 397
Due within 12 months 249 283 250
Due beyond 12 months 91 256 147
18 Contact | Interim Financial Statements
Contact | Interim Financial Statements 19
D. Financial risks
Notes to the interim financial statements for the six months ended 31 December 2025
D1. SUMMARY OF DERIVATIVE FINANCIAL INSTRUMENTS
A summary of derivatives and the impact on Contact’s financial position is provided below grouped by type of hedge relationship. There were no changes in the valuation processes, valuation techniques, or types of inputs used in the fair
value measurements during the period. Refer to the 2025 Integrated Report for information about fair value hierarchy of our inputs. In the two tables below, 31 December 2025 and 31 December 2024 numbers are unaudited, whereas 30
June 2025 numbers are audited.
Fair value hedge Cash flow and fair value hedge Cash flow hedge No hedge relationship
IRS CCIRS IRS Electricity derivatives Foreign exchange contracts Electricity derivatives
$m Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25
Financial year of maturity 2027-30 2025-30 2027-30 2028-33 2026-31 2026-32 2026-33 2025-31 2026-31 2026-40 2025-40 2026-40 2026-28 2025-28 2026-28 2026-45 2025-45 2026-45
Notional amount of derivatives 1,025 1,025 1,025 1,969 658 1,093 2,433 2,000 2,005
GWh
14,802
GWh
13,932
GWh
13,861 195 247 233
GWh
29,840
GWh
26,016
GWh
25,847
Carrying amount of hedged borrowings (1,045) (1,042) (1,042) (2,046) (753) (1,169) - - - - - - - - - - - -
Fair value adjustments to borrowings (20) (17) (17) (77) (95) (77) - - - - - - - - - - - -
Fair value of derivatives - asset 19 21 18 85 95 78 7 15 10 60 32 47 6 13 1 111 35 31
Fair value of derivatives - liability - (5) (2) (20) (2) (2) (49) (45) (41) (312) (288) (269) (1) (1) (4) (146) (44) (58)
D2. CHANGE IN FAIR VALUE OF DERIVATIVES IN THE STATEMENT OF COMPREHENSIVE INCOME – UNREALISED
Fair value hedge Cash flow and fair value hedge Cash flow hedge No hedge relationship
IRS CCIRS IRS Electricity derivatives Foreign exchange contracts Electricity derivatives
$m Note Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25 Dec-25 Dec-24 Jun-25
Change in fair values recognised in:
- Manawa derivatives acquired A4 3 - - - - - (3) - - (11) - - - - - (97) - -
- Manawa derivatives closed out
(3) - - - - - - - - - - - - - - - - -
- Change in fair value of financial
instruments (Profit/(loss)) D4 - - - - - - 1 2 3 (4) - - - - - 4 (8) (26)
- Hedge effectiveness recognised in
OCI D3 - - - (11) 1 2 (10) (61) (55) (15) (13) (5) 7 12 (2) - - -
- Amounts reclassified to
profit/(loss) or balance sheet D3 - - - - - - 1 (4) (12) - 52 78 1 2 1 - - -
- Premiums recognised in
payables/(receivables) - - - - - - - - - - - - - 86 3 3
Total unrealised movement
- - - (11) 1 2 (11) (63) (64) (30) 39 73 8 14 (1) (8) (5) (23)
Change in fair value of financial instruments recognised in profit/(loss) also includes realised gains/(losses). Cash flow hedge reserves and the total change in fair value recognised in profit/(loss) and has been reconciled in notes D3 and D4.
20 Contact | Interim Financial Statements
Contact | Interim Financial Statements 21
D3. MOVEMENT IN HEDGE RESERVE
$m Note
Unaudited
31 Dec 2025
Unaudited
31 Dec 2024
Audited
30 June 2025
Opening balance
(181) (185) (185)
Effective portion of cash flow hedges D2 (29) (61) (60)
Transferred to profit/(loss) or balance sheet D2 2 50 67
Transferred to deferred tax
10 7 (1)
Amortisation of hedge reserve
- (1) (2)
Closing balance
(199) (190) (181)
D4. CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS IN PROFIT/(LOSS)
$m Note
Unaudited
31 Dec 2025
Unaudited
31 Dec 2024
Audited
30 June 2025
Within EBITDAF:
Realised gains/(losses) on risk management
derivatives A1 (5) (40) (139)
Below EBITDAF:
Realised gains/(losses) on interest rate swaps
closed 1 - -
Realised gains/(losses) on market derivatives
1 (14) (12)
Unrealised gains/(losses) on unhedged derivatives D1 4 (8) (26)
Unrealised gains/(losses) - hedge ineffectiveness D1 (3) 2 3
Total below EBITDAF per segment results A1 3 (21) (35)
Change in fair value of financial instruments A1 (2) (61) (174)
D5. ELECTRICITY DERIVATIVES
Contact uses a range of derivatives contracts to manage interest rate risks, foreign exchange risks and
commodity price risks, including electricity prices. Where possible, hedge accounting is applied under NZ IFRS 9
and the derivatives are designated into fair value or cash flow hedge relationships.
Hedge accounting
Where eligible, Contact designates electricity derivatives into a cash flow hedge against forecast electricity sales
and purchases. Unrealised gains/(losses) that are hedge effective are recognised in cash flow hedge reserves
until the derivatives are settled and at such time, the unrealised gains/(losses) are reclassified to profit/(loss).
Not in a hedge relationship
Some electricity derivatives may not be eligible for hedge accounting, including when they include termination
options, variable volume and price structures (e.g. solar power purchase agreements), or they have been
entered into for market making or trading. Unrealised gains/(losses) relating to these derivatives are recognised
in profit/(loss) within “Change in fair value of financial instruments” below EBITDAF.
Contact uses discounted cash flow valuations to fair value the electricity derivatives at each reporting period. A
key variable used in these valuations are future wholesale electricity prices. Therefore, the fair value of the
electricity price derivatives will change depending on changes to future wholesale electricity prices, which may
cause significant volatility to profit/(loss) where these derivatives are not in a hedge relationship.
The table below summarises the impact on profit/(loss) from possible changes in fair value of these derivative
(unrealised gains/(losses) due to change in forward wholesale electricity prices. This analysis assumes a flat
percentage change of forward wholesale electricity prices across the remaining term of the contracts and all
other variables were held constant.
Favourable/(unfavourable) impact on profit/(loss) (post
tax)
Unaudited
31 Dec 2025
Unaudited
31 Dec 2024
Audited
30 June 2025
+10% forward wholesale electricity prices (62) (48) (47)
-10% forward wholesale electricity prices 66 44 47
22 Contact | Interim Financial Statements
Contact | Interim Financial Statements 23
To the shareholders of Contact Energy Limited
Report on the review of the interim financial
statements
Conclusion
We have reviewed the condensed interim financial statements
of Contact Energy Limited (the “Company”) and its subsidiaries
(together “the Group”) on pages 2 to 21 which comprise the
consolidated statement of financial position as at 31 December
2025, and the consolidated statement of comprehensive
income, consolidated statement of changes in equity and
consolidated statement of cash flows for the six month period
ended on that date, and explanatory notes. Based on our review,
nothing has come to our attention that causes us to believe that
the accompanying interim financial statements on pages 2 to 21
of the Group do not present fairly, in all material respects, the
financial position of the Group as at 31 December 2025, and its
financial performance and its cash flows for the six month period
ended on that date, in accordance with New Zealand Equivalent
to International Accounting Standard 34: Interim Financial
Reporting (NZIAS 34) and International Accounting Standard 34:
Interim Financial Reporting (IAS 34).
This report is made solely to the Company’s shareholders, as a
body. Our review has been undertaken so that we might state to
the Company’s shareholders those matters we are required to
state to them in a 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 Company and the
Company’s shareholders as a body, for our review procedures,
for this report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410
(Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity. Our responsibilities are
further described in the Auditor’s responsibilities for the review
of the financial statements section of our report. We are
independent of the Group in accordance with the Professional
and Ethical Standard 1 International Code of Ethics for Assurance
Practitioners (including International Independence Standards)
(New Zealand) as applicable to audits and reviews of public
interest entities. We have also fulfilled our other ethical
responsibilities in accordance with Professional and Ethical
Standard 1.
Ernst & Young provides services to the Group in relation to
trustee reporting, market remuneration surveys, agreed upon
procedures in relation to Everen insurance mutual and the
Company’s issuance of the Euro medium-term note, and other
assurance services relating to the Company’s Global Reporting
Initiative disclosures, Greenhouse Gas emissions reporting,
unique emission factors and Green Borrowings Programme
reporting. Partners and employees of our firm may deal with
the Group on normal terms within the ordinary course of
trading activities of the business of the Group. We have no
other relationship with, or interest in, the Group.
Directors’ responsibility for the interim financial
statements
The directors are responsible, on behalf of the Company, for
the preparation and fair presentation of the interim financial
statements in accordance with NZ IAS 34 and IAS 34 and for
such internal control as the directors determine is necessary to
enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s responsibilities for the review of the interim
financial statements
Our responsibility is to express a conclusion on the 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 interim
financial statements, taken as a whole, are not prepared in all
material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in accordance with NZ
SRE 2410 (Revised) is a limited assurance engagement. We
perform 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 do not enable us to obtain assurance that we
would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit
opinion on those interim financial statements.
The engagement partner on the review resulting in this
independent auditor’s review report is Lianne Austin.
Chartered Accountants
Wellington
13 February 2026
Corporate directory
Board of Directors
Robert McDonald (Chair)
Deion Campbell
Sandra Dodds
David Gibson
Jon Macdonald
David Smol
Rukumoana Schaafhausen
Leadership team
Mike Fuge
Chief Executive Officer
Chris Abbott
Chief Corporate Affairs Officer
Jan Bibby
Chief People Experience Officer
Matt Bolton
Integration Director
John Clark
Chief Generation Officer
Dorian Devers
Chief Renewable Growth Officer
Matthew Forbes
Chief Financial Officer
Carolyn Luey
Chief Retail Officer
Tighe Wall
Chief Technology Officer
Company secretary
Kirsten Clayton
General Counsel and Company Secretary
companysecretary@contactenergy.co.nz
Investor relation enquiries
Shelley Hollingsworth
Head of Strategy & Investor Relations
investor.centre@contactenergy.co.nz
Sustainability enquiries
Taria Tahana
Head of Sustainability
sustainability@contactenergy.co.nz
Auditor
Ernst & Young
PO Box 490
Wellington 6011
Registered office
Contact Energy Limited
Harbour City Tower
29 Brandon Street
Wellington 6011
New Zealand
T +64 4 499 4001
Find us on Facebook, X, LinkedIn
and YouTube by searching for
Contact Energy
Company numbers
NZ Incorporation 660760
ABN 68 080 480 477
Registry
Change of address, payment
instructions and investment
portfolios can be viewed and
updated online:
nz.investorcentre.mpms.mufg.com
au.investorcentre.mpms.mufg.com
New Zealand Registry
MUFG Corporate Markets
A division of MUFG Pension & Market
Services
PO Box 91976, Auckland 1142
Level 30, PWC Tower
15 Custom Street West, Auckland 1010
enquiries.nz@cm.mpms.mufg.com
T +64 9 375 5998
Australian Registry
MUFG Corporate Markets (formerly
Link Market Services)
Locked Bag A14, Sydney South, NSW 1235
680 George Street, Sydney, NSW 2000
contactenergy@linkmarketservices.com.au
T +61 2 8280 7111
Independent Auditor’s review report
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer Contact Energy Limited
Reporting Period
6 months to 31 December 2025
Previous Reporting Period
6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,617,220 -5.3%
Total Revenue $1,617,220 -5.3%
Net profit/(loss) from
continuing operations
$204,957 23.7%
Total net profit/(loss) $204,957 23.7%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.16000000
Imputed amount per Quoted
Equity Security
$0.03500000
Record Date 19/02/2026
Dividend Payment Date 25/03/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$3.66 $2.68
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Increased from prior comparable period due to increase in
tangible assets from acquisition of Manawa Energy Limited.
Authority for this announcement
Name of person
authorised
to make this announcement
Kirsten Clayton, General Counsel & Company Secretary
Contact person for this
announcement
Shelley Hollingsworth, Head of Strategy & Investor Relations
Contact phone number +64 27 227 2429
Contact email address shelley.hollingsworth@contactenergy.co.nz
Date of release through MAP
16/02/2026
Unaudited financial statements accompany this announcement.
---
Distribution Notice
Section 1: Issuer information
Name of issuer Contact Energy Limited
Financial product name/description Ordinary shares
NZX ticker code CEN
ISIN (If unknown, check on NZX
website)
NZCENE0001S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 19/02/2026
Ex-Date (one business day before the
Record Date)
18/02/2026
Payment date (and allotment date for
DRP)
25/03/2026
Total monies associated with the
distribution
1
$159,107,853 (994,424,083 shares @ $0.16/share)
Source of distribution (for example,
retained earnings)
Operating Free Cash Flow
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.19500000
Gross taxable amount
3
$0.19500000
Total cash distribution
4
$0.16000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.01588235
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputed Fully imputed
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6
18%
Imputation tax credits per financial
product
$0.03500000
Resident Withholding Tax per
financial product
$0.02935000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
18/02/2026 24/02/2026
Date strike price to be announced (if
not available at this time)
12/03/2026
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
Not available at this time.
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
20/02/2026
Section 5: Authority for this announcement
Name of person
authorised to make
this announcement
Kirsten Clayton, General Counsel & Company Secretary
Contact person for this
announcement
Shelley Hollingsworth, Head of Strategy & Investor
Relations
Contact phone number +64 27 227 2429
Contact email address shelley.hollingsworth@contactenergy.co.nz
Date of release through MAP
16/02/2026
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
---
1
2026 interim results presentation
Six months ended 31 December 2025
16 February 2026
2
Disclaimer and important information
This presentation contains summary information and statements about Contact and its
businesses and activities as at the date of this presentation. The information is not held out
as being complete or exhaustive, nor does it contain all the information which a
prospective investor may require in evaluating a possible investment in Contact.
While all reasonable care has been taken in compiling this presentation, neither Contact
nor any of its directors, employees, shareholders nor any other person gives any
representation as to the accuracy or completeness of this information or accepts any
liability for any errors or omissions.
This presentation may contain certain forward-looking statements with respect of a variety
of matters. All such forward-looking statements involve known and unknown risks,
significant uncertainties, assumptions, contingencies, and other factors, many of which are
outside the control of Contact, which may cause the actual results or performance of
Contact to be materially different from any future results or performance expressed or
implied by such forward-looking statements. Such forward-looking statements speak only
as of the date of this presentation. Except as required by law or regulation (including the
NZX Listing Rules and the ASX Listing Rules), Contact undertakes no obligation to update
these forward-looking statements for events or circumstances that occur subsequent to
the date of this presentation or to update or keep current any of the information
contained herein.
Any estimates or projections as to events that may occur in the future (including
projections of revenue, expense, EBITDAF, net income and performance) are based upon
the best judgement of Contact from the information available as of the date of this
presentation.
EBITDAF, free cash flow, operating free cash flow, stay-in-business (SIB) capex, growth
capex, other operating costs, net debt and S&P net debt are financial measures that are
“non-GAAP (generally accepted accounting practice) financial information” under
Guidance Note 2017: ‘Disclosing non-GAAP financial information’ published by the New
Zealand Financial Markets Authority, “non-IFRS financial information” under ASIC
Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ and “non-GAAP financial
measures” within the meaning of Regulation G under the U.S. Exchange Act of 1934.
Such financial information and financial measures (including EBITDAF, free cash flow and
operating free cash flow) do not have standardised meanings prescribed under New Zealand
equivalents to International Financial Reporting Standards (“NZ IFRS”), Australian Accounting
Standards (“AAS”) or International Financial Reporting Standards (“IFRS”) and therefore, may
not be comparable to similarly titled measures presented by other entities, and should not be
construed as an alternative to other financial measures determined in accordance with NZ
IFRS, AAS or IFRS accounting practice) measures. Information regarding the usefulness,
calculation and reconciliation of these measures is provided in the supporting material.
This presentation does not constitute legal, financial, tax, accounting, investment or other
advice. Further, this presentation does not constitute a recommendation or offer of financial
products for subscription, purchase or sale, or an invitation or solicitation for such offers, and
may not be relied on in connection with any purchase of a Contact security. Any person who
is considering an investment in Contact should obtain independent professional advice prior
to making an investment decision, and should make their investment decision having regard
to their own objectives, financial situation, circumstances and needs.
Numbers in the presentation have not all been rounded and might not appear to add.
All references to $ are New Zealand dollar unless stated otherwise.
All trademarks, service marks and company names are the property of their respective
owners. All company, product and service names used in this presentation are for
identification purposes only. Use of these names, trademarks and brands does not imply
endorsement or that they are or will be customers of Contact and reflects public
announcements of intention only.
3
Agenda
1H26 Highlights
Mike Fuge
Chief Executive Officer
Financial results &
outlook
Supporting materials
- Market context
Matt Forbes
Chief Financial Officer
Supporting materials
- Financial results
4
Commenced electricity supply to NZ
Steel’s new EAF
2
(200GWh p.a)
AoG
3
contract providing 2PJ
of gas to core community assets
Over 150,000 households
choosing discounted or free off-peak
energy as at 31 December 2025
1H26 highlights
Annualised total shareholder
return over 1H26
4
+24%
+44%
Continued representation within
DJSI and MSCI indices
Delivering for
shareholders
NPAT $205M
up $63M YoY
EBITDAF
1
$500M
up $96M YoY
Interim Dividend
16cps
Manawa acquisition completed
>80% of identified cost synergies
secured in first 6 months
(run-rate basis)
Manawa hydro and PPAs increased
renewable output by 1.3TWh in 1H26
Generation at new Te Huka 3
geothermal plant 0.2TWh in 1H26
Contracted 50MW Huntly Firming
Option for 10 years to manage dry
year risk, supporting security of supply
Delivering portfolio
change
Delivering renewable
energy growth
Delivering financial
performance
Delivering for
customers
Delivering for
the market
TCC decommissioning
activities have commenced
+11%
+26%
Renewable generation YoY
renewable in 1H26
97%
Investment in Glorit solar approved
150MWac / 285GWh p.a.
Investment in Glenbrook battery 2.0
approved, bolstering new renewable
flexibility in the market
1. See slide 33 for a definition and reconciliation between statutory profit and the non-GAAP profit measure earnings before net interest expense, tax, depreciation, amortisation, change in fair value of financial instruments
(EBITDAF). | 2. Electric Arc Furnace (EAF). | 3. All of Government (AoG). | 4. Annualised TSR (dividends reinvested) over 1H26 reflects the share price change for the half year plus dividends reinvested on the ex-dividend date.
The resulting half year return is then expressed on an annualised basis to provide a like for like full year comparison.
5
1H26 New Zealand market context: Generation more than 90%
renewable on strong hydro inflows
Trading conditions dominated by
strong hydro inflows:
Hydro inflows 128% of post market
mean
1
, leading to lower spot
wholesale prices vs. 1H25.
Market generation more than
90% renewable.
2
Cost & pricing pressures continue:
Lines cost increases
from 1 April 2025.
7
Demand returns:
Demand was robust, up ~4% on 1H25,
following record demand (1% normalised
for NZAS
5
demand response).
6
Gas scarcity remains:
Gas production for Q1 was ~16%
(~5PJ) lower compared to the same
period last year.
4
Energy storage & winter 2026:
1H26 ended with hydro lakes well above
mean (129% of post market mean)
1
, gas
storage (AGS
3
) full and the Genesis coal
stockpile at 1,131Kt (up 97% on 1H25),
reducing fuelling risk for Winter 2026.
The market ended 1H26 in a strong stored fuel position across hydro lakes, gas and coal
1. Source: NZX Hydro. 2. Source: EMI and MBIE. 3. Ahuroa Gas Storage Facility (AGS). | 4. Source: MBIE electricity & gas data. | 5. New Zealand Aluminium Smelters Ltd. On 1 July 2024, responding to dry market conditions
Meridian called on its demand response contract with NZAS resulting in operations being turned down and demand for electricity being reduced temporarily in 1H25. | 6. Source: EMI and Contact. | 7. From 1 April 2025,
Commerce Commission-approved changes to network charges began to take effect, increasing household bills by $10-$25 per month on average (depending on region and usage profile). Source: Commerce Commission.
6
Project execution: Concurrent renewable builds underway
Glenbrook-Ohurua
Battery
100MW / 200MWh duration
Target online Q1 CY26
Target IRR ~8-9% at FID
1
Te Mihi Stage 2
Geothermal
101MW / ~830GWh p.a.
Target online Q3 CY27
Target IRR ~10% at FID
1
Kōwhai Park
Solar
150MWac / ~275GWh p.a.
Target online Q2 CY26
Target IRR ~12% at FID
2
Kōwhai Park
Glenbrook-Ohurua
Te Mihi Stage 2
•Construction-complete
•Transpower and system
integration nearing completion
•Site construction by EPC
contractor progressing to
schedule
•Cooling towers on site and
supporting civils complete
•Structural framework
advanced (over 80% of
tracker tubing installed)
•Over 50% of solar panels
installed
Under construction
Contact has 1.1TWh p.a. of renewable generation and 100MW battery capacity under construction
Contact has maintained a continuous infrastructure build programme since 2021 with the
Tauhara and Te Huka 3 geothermal plants now completed. This has led to strong continuity
of its major projects execution expertise, key staff, suppliers and contractors.
1. Representing target ungeared project IRRs. | 2. Target Contact IRR includes joint venture returns and margin on acquired generation. Return on acquired generation will ultimately depend on sales channel
and market conditions.
7
We have better clarity across key electricity market risks
in New Zealand, providing confidence to grow and invest
NZAS extended
operations
NZAS to remain operational
under new long-term contract,
alongside an innovative demand
response agreement creating
additional flexibility to improve
New Zealand’s energy security
Stable outcome from
Government-led review
Government commissioned
Frontier Economics report
2
,
found current market design
and rules are facilitating market
entry and investment in
additional generation
BCG: Energy to Grow
report released
The report
3
shows New Zealand
is developing renewable
generation at the fastest rate in
its history and highlights market
challenges are largely due to the
rapid decline of the gas market
Huntly Firming
Option signed
Agreement signed between
major generators to manage
dry year risk, supporting
security of supply through
the energy transition
Market
evolution
Effect
MAY
2024
AUG
2025
OCT
2025
NOV
2025
New Zealand will have a general election on 7
th
November 2026 and the electricity sector is likely to remain in focus. While radical proposals may be floated, we expect mainstream
parties to draw on the Government-led review and the BCG report to understand the challenges faced by the sector and the investment required.
Conclusion
expected
2026
All-of-government energy
demand procurement
LNG infrastructure
procurement
Actions from Government-
led review
MBIE-led procurement for
supply of LNG infrastructure to
support energy security
MBIE-led RFI
1
for government-wide
electricity requirements, to be backed
by new supply
Implementation of response
expected to be complete mid 2026
1. Ministry of Business, Innovation and Employment (MBIE) Request for Information (RFI). | 2. ‘Review of electricity market performance’ by Frontier Economics, 2025. | 3. ‘Energy to grow: securing New Zealand’s future’
by the Boston Consulting Group (BCG), 2025.
Resource Management
Act (RMA) reform
Planning and Environment Bills
expected to pass by end of year, with
stated goal of better enabling
development of land, including
provision of infrastructure to meet
expected demand
8
Financial
results and
outlook
9
Six months ended 31
December 2025
(1H26)
1
Six months ended 31
December 2024 (1H25)
EBITDAF $500M
2
↑24% from $404M
Profit$205M↑44% from $142M
Profit per share20.9c↑17% from 17.9c
Operating free cash
flow
3
$249M ↑80% from $138M
Operating free cash
flow per share
3
25.5c↑47% from 17.4c
Dividend declared
(interim)
$159M↑24% from $128M
Dividend declared per
share (interim)
16.0 c
↑
No change 16.0 c
Stay-in-business (SIB)
capital expenditure
(cash)
$59M↓9% from $65M
Growth capital
expenditure (cash)
4
$166M↓7% from $179M
Summary of key financial performance measures
Strong result with $500M EBITDAF reflecting investments in
renewable generation
1. Includes Manawa from 11 July 2025. Prior period does not include Manawa. | 2. EBITDAF of $522M excluding Manawa transaction and integration costs of $22M. | 3. Refer to slide 17 for a reconciliation of operating
free cash flow. | 4. Includes capitalised interest. | 5. $965M after Manawa transaction and integration costs.
Delivering on the benefits of
the Manawa acquisition (>80%
of identified cost synergies
secured in the first 6 months)
Te Huka 3 plant online,
supporting higher
geothermal generation
Increasing sales to major users
in the long-term inflation-
protected, strategic fixed price
sales channel
Manawa acquisition adding
1.3TWh via hydro generation
and PPA contracts
Gas position secured and
customers supported with long-
term Greymouth contract
Key themes from the results
1H26 performance
increases FY26
normalised and expected
EBITDAF to $995M
5
10
Profit, $M
EBITDAF up $96M (24%) on 1H25, reflecting the Manawa acquisition and increase in renewable generation
Profit of $205M for 1H26
EBITDAF, $M
Prior period gas
and acquired
generation prices
were elevated by
short-term
Methanex gas,
NZAS demand
response and fuel
scarcity
conditions.
Higher average
price of strategic
fixed price sales
was offset by mix
shift between
Contact’s retail
and strategic fixed
price sales
channels
Manawa generation
(measured at
GWAP).
This now includes
Manawa irrigation
income.
Prior period
included losses on
sale of excess
Methanex gas.
4
3
1
1H26 results
Net
interest
costs
EBITDAFDepreciation
& amortisation
Tax
1H25
EBITDAF
1
1. Renewables
1H26 EBITDAF
2. Net volume
2
1H26 profit
142
205
96
15
-12
-20
9
-25
24
Higher contracted
sales volumes
underpinned by
higher generation
and Manawa
contracted sales
acquired as part of
the transaction.
6
3. Long Term
channel
pricing
5. Gas, carbon
and acquired
generation
price
6.Other
income
83
27
22
42
40
-13
-37
-12
-57
404
123
-68
500
4. Market
channel pricing
Hydro conditions
in 1H26 led to a
normalisation of
CFD prices. These
were elevated in
1H25 as risk
management
contracts reflected
challenging
market conditions.
5
7
1H25 profitFair value of
financial
instruments
7.Fixed
operating
costs
Manawa fixed costs,
inflation impacts, non-
recurrence of AGS
provision unwind
benefit, and
transaction and
integration costs
($12m higher than
prior period).
Manawa transaction & integration costs
Acquired Manawa hydro
Unealised change in FV of financial instruments
Realised change in FV of financial instruments
1. 1H25 EBITDAF is the reported EBITDAF figure. This includes a $7M favourable unwind in the previously recognised AGS onerous contract provision. This provision was revalued and subsequently fully released in the
full year FY25 results.
11
Wholesale EBITDAF
1
, $M
Retail EBITDAF, $M
Corporate / unallocated costs, $M
Business performance by segment
EBITDAF up by $96M on 1H25
Refer to slides 12-14
Refer to slide 15
22
111
21
1H25Generation
costs
(including
acquired
generation)
Total
contracted
revenue
Trading,
merchant
revenue
and losses
1H26
467
577
+110
-25
-25
1H25
1
Electricity
Volumes
71
79
Electricity
Prices
10
Other
products
2
2
Opex1H26
0
Electricity gross margin
(-$8M)
Electricity
and
network
cost
inflation
Price
recovery
1H26 results: Segmental performance
27
10
1H25
10
Manawa
transaction
&
Integration
costs
3
1
4
Inflation &
headwinds
32
20
1H26
-37
-5-52
1. Simply Energy and Western Energy included within Wholesale EBITDAF. | 2. Other products includes retail gas and telco gross margins and other revenue /
costs. | 3. This differs from the $12M movement referenced on slide 10 as $2M of integration costs were recognised within the wholesale business. 4. Includes
higher incentive due to performance and costs associated with strategy development.
Underlying
Inflation
Headwinds & non-recurring costs
4
Manawa transaction and integration costs
12
Electricity generated or acquired, GWh
Costs up $22M with lower thermal costs offset by renewable generation and PPA additions
1H26
1H25
Electricity generated or acquired costs, $M
Generation costs
1H26 results: Wholesale business
Gas and diesel
Acquired
Thermal
Renewable
Gas storage
Carbon costs
Electricity and gas
transmission and levies
Other operating costs
Generation volumes
•
Hydro generation of 2,764GWh was up 812GWh on 1H25 (+42%)
with Manawa assets contributing 844GWh.
•
Geothermal generation was up 250GWh (12%) on 1H25,
attributable to Te Huka 3 being online for the full period and
completion of a planned outage at Te Mihi in 1H25.
•
1H26 thermal generation volumes were down 330GWh on 1H25
(-65%). This was due to:
•
Higher thermal generation in 1H25 to make use of gas
purchased from Methanex and to cover risk management
CFD sales made in extreme dry conditions.
•
Reduced need within the portfolio due to increased
generation from Manawa and geothermal plant.
Costs
•
Renewable generation costs were up $43M (57%) owing to the
inclusion of operational costs associated with Manawa, higher
unit costs on geothermal carbon and higher operational costs
associated with a full period of Te Huka 3.
•
Thermal generation costs in 1H26 were significantly down on 1H25
from a combination of lower thermal generation volumes and a
lower gas cost per unit (1H25: $15.2/GJ, 1H26: $13.6/GJ). The prior
period included a benefit from the unwind of the AGS provision
(+$7M).
•
Despite lower cost fuel replacement CFDs, total acquired
generation costs were significantly higher in 1H26 ($30M up on
1H25). This is due to the acquisition of Manawa's long-term wind
and geothermal PPAs. Together these contracts added 429GWh
of generation.
2,143
2,393
1,952
2,764
508
178
246
429
341
1H251H26
Acquired
PPA purchases
Thermal
Hydro
Geothermal
4,849
6,105
66
107
76
18
118
18
106
61
56
21
73
33
103
17
15
37
73
66
4
7
5
258258
281281
+22
89%
Renewable % of
own generation
97%
$45.3/MWh
$52.5/MWh
Development
Acquired generation
Costs (other)
PPA purchases
13
1,941GWh
$174.2/MWh
Contracted
revenue, $M
Strategic fixed price sales increased ~1.7TWh due to Manawa’s long-term supply agreement with Mercury,
a full period of Tauhara-linked PPAs
1
and higher NZAS volume
906GWh
$156.3/MWh
-50GWh
+$21.6MWh
-517GWh
-$61.9/MWh
•
Fixed price variable volume electricity sales to the Retail segment and C&I customers ended 124GWh
higher than 1H25 (+$75M). The volume shift is attributed to C&I, from Manawa contracts acquired in
the period, as Retail volumes reduced.
•
Pricing to C&I was up on last year aided by the inclusion of higher priced contracts from
Manawa.
•
Transfer price to the Retail channel was up $21.6/MWh to $174.2/MWh reflecting higher
wholesale prices over the three preceding years. This transfer price increase was not fully
passed through in customer tariffs.
•
Strategic fixed price sales were up 1,691GWh (320%) on 1H25 from a combination of:
•
The acquisition of the long-term Mercury CFD from Manawa (588GWh).
•
A full period of Tauhara-linked CFDs (240GWh marginal uplift on 1H25).
•
Increase in sales to NZAS (337GWh marginal uplift on 1H25).
•
An increase in long-term strategic CFDs in line with Contact’s focus on this channel.
•
Pricing: Average pricing across this channel was $16.5/MWh higher as new long-term
agreements better reflect Contact’s long-run view of electricity pricing.
•
CFD sales volumes were down 517GWh (36%) as a result of a significant risk management contract
sold to Meridian in 1H25. Prices were down by $61.9/MWh reflecting the change in market conditions
in 1H26 compared to the extreme dry conditions at the beginning of 1H25.
•
Steam sales were steady in both volume and revenue compared to 1H25.
•
Other net income was significantly higher on 1H25 (+$32M). This was due to the inclusion of
irrigation net income from Manawa (+$5.6M), and a return to profitability on sale of gas not used for
generation or stored (the loss on sale of excess gas purchased from Methanex was $18M in1H25).
Wholesale contracted revenue
24
788GWh
$156.8/MWh
+174GWh
+$21.5/MWh
Other net income / (loss)
Steam sales
Strategic fixed price sales
CFD sales
C&I net price
Retail segment sales
C&I channel
and decarbonisation
support costs
1H26 results: Wholesale business
2,219GWh
$99.0/MWh
+1,691GWh
+$16.5/MWh
Year-on-year
changes to
volume and
price
1H26
volumes
and price
1. Power Purchase Agreements (PPAs).
304
338
83
124
311
142
44
220
-11
2
-5
1H25
21
2
-8
1H26
728
839
+111
14
Trading EBITDAF, $MLong / short position, GWh
$88.8/MWh
5.8%
($10.4/MWh)
1.4%
($1.3/MWh)
•
Total merchant generation volume for the period
was up marginally on 1H25 reflecting Contact’s
larger portfolio with the addition of the Manawa
assets.
•
Through the late winter months, Contact had a
neutral–to-long position as the market called for
additional thermal generation. In Q2, with large
hydro inflows, this position shifted to being largely
neutral (to slightly short) as surplus water was
spilled at prices below Contact’s cost of
generation.
•
The variation in the market between Q1 and Q2
combined in a way that significantly reduced
Contact’s location losses (LWAP / GWAP cost) for
the period.
•
In Q1, higher and more consistent prices
meant Contact’s LWAP / GWAP costs were
reduced and largely covered.
•
In Q2, high inflows saw spot prices drop to
very low levels. This reduction in price
resulted in very low absolute LWAP / GWAP
spreads, significantly reducing Contact’s
overall LWAP / GWAP losses.
Trading revenue
Merchant sales: short-term sales channel available
when spot prices exceed the opportunity cost of
Contact generation.
LWAP / GWAP
1
losses: locational price
differences between where electricity is
generated and purchased.
Wholesale trading and merchant revenue
$181.6/MWh
Spot purchases and
sell CFD settlement
Spot sales and buy
CFD settlement
Merchant generation
42
22
-48
-7
1H251H26
-6
15
231
4,618
-4,618
1H25
250
5,855
-5,855
1H26
1H26 results: Wholesale business
LWAP/
GWAP
losses
Merchant
sales $/MWh
1. Location Weighted Average Price (LWAP) / Generation Weighted Average Price (GWAP).
15
Retail business performance
EBITDAF, $M
4
Electricity margins contract as wholesale electricity and lines costs rise faster than tariffs; Contact gaining connections via
time-of-use and multi-product offerings
Revenue & Tariff, $M
1
1H251H26Variance
$M$MTariff¹$MTariff
Electricity revenue
5446093336541
Gas revenue
528346313
Telco revenue
48577281
Other income
43(1)
Total revenue
648752103
# of connections (closing)
2
630k661k
Cost to serve / connection
3
$57$58
1. Tariff is $/MWh for electricity, $/GJ for gas and $ per month per customer connection for Telco. | 2. Retail connections only, excludes Simply Energy. | 3. Reflects total operating costs (direct and indirect ) / average connections.
Includes customer acquisition costs. | 4. Gross Margin (GM) is Revenue less Cost of Goods (Networks, meters, levies, energy, carbon and telco). | 5. Input costs shown per MWh at the GXP. | 6. From 1 April 2025, Commerce
Commission-approved changes to network charges began to take effect, increasing household bills by $10-$25 per month on average (depending on region and usage profile). Source: Commerce Commission.
6
8
7
15
-4
-12
-36
-38
2
1H25
3
1H26
-25
-25
1H26 results: Retail business
Other
Gas GM
Electricity GM
Telco GM
Other operating
expenses
•
Retail margins in line with 1H25, with unfavourable electricity
margin, driven by high energy costsand rising lines costs,
offset by improved gas and broadband margins.
•
Retail electricity margin decreased by $8M on 1H25
largely driven by the $79M increase in electricity input
costs that were not fully passed through to customers.
•
Contact’s average retail electricity tariff increased by 14%
reflecting price rises to fully recover lines costs and partially
offset rising energy costs.
•
Around 90% of eligible customers received a price
increase in the last 12 months, with higher average
increases than in 1H25.
•
In-market acquisition price is ~9% higher than 1H25.
•
As the energy industry decarbonises, cost pressure for retailers
is expected to remain, as a result of:
•
Ongoing significant investment in lines infrastructure.
6
•
Elevated wholesale futures prices over the medium term.
Contact will continue to prudently reflect these costs in its
retail tariffs to electricity consumers.
•
Connections grew strongly since 2H25 through a focus on
multi-product customers growing telco and Time of Use (ToU)
electricity 'Good Plans' and securing the 'All of Government'
gas contracts.
•
Total connections up 31k on 1H25 with telco up 19k and
energy up 12k.
•
Multi-product customers up 7% on 1H25, driven by telco
products alongside ToU ‘Good Plans' growth.
•
Cost to serve – up $1/connection, largely driven by wage
inflation, partially offset by productivity improvements
through continued growth in digitalised interactions.
73k
116k
442k
1H25
75k
135k
452k
1H26
Gas
Telco
Electricity
630k
661k
Closing connections, 000’s
2
Electricity
transfer
price
5
$153/MWh$175/MWh
Networks,
meters and
levies
5
$122/MWh$145/MWh
16
Other operating cost movement, $M
Manawa other operating costs
•
$42M acquired Manawa related operational opex from 11 July 25.
Base movement
•
$4M general inflation of 3% impacting operating costs. These have
been seen across the business, including labour cost.
•
$5M headwinds related to:
•
Higher generation business costs.
•
Higher incentive due to performance.
•
Costs associated with the strategy development.
•
Support for staff energy costs.
Synergies delivered
•
$6M in-period Manawa related cost synergies achieved in 1H26 within
opex (run-rate of $25M achieved on cost synergies within opex).
•
$1M savings from productivity improvement in the retail business.
Growth and sustainability
•
$2M incremental costs with Te Huka 3 online.
•
$1M incremental investment related to retail connection growth.
Manawa related costs
•
Transaction and integration related costs incurred were $12M higher
than prior period (transaction costs +$5M, integration costs +$7M).
Operating cost increase largely reflects the acquisition of Manawa
1H26 results: Other operating costs
42
5
7
22
4
10
133
1H25 reportedManawa
acquired
opex
General
inflation and
headwinds
Synergies &
productivity
4
Growth &
sustainability
Underlying
opex
1H26 Manawa
transaction
and
integration
costs
1H26
reported
143
10
181
203
1H26 Manawa transaction and integration costs
1H25 Manawa transaction and integration costs
General inflation (3%)
Headwind & non-recurring costs
17
•
Higher underlying EBITDAF reflecting Manawa acquisition and renewable growth.
•
Working capital changes were $12M lower than in the prior year due to lower value and
levels of stored gas, reflecting gas returned to Methanex, and lower net carbon asset /
liability offset by net movement in debtors / payables.
•
Interest paid, net of capitalised interest, was $18M higher than 1H25, mainly due to
increased borrowing in support of the Manawa acquisition.
•
1H26 stay-in-business (SIB) capital expenditure includes previous accelerated
programme ($6M), geothermal and hydro enhancement projects and integration ($8M),
Wairakei extension ($6M) and risk-rated and improvement projects ($39M).
6 months ended
31 December
2025 (1H26)
6 months ended
31 December
2024 (1H25)
Comparison
against 1H25
EBITDAF$500M$404M↑$96M
Working capital changes($68M)($80M)↑$12M
Tax paid($67M)($74M)↑$7M
Interest paid, net of interest capitalised($61M)($43M)↓($18M)
SIB capital expenditure($59M)($65M)↑$6M
Non-cash items included in EBITDAF$4M($4M)↑$8M
Operating free cash flow$249M$138M↑$111M
Operating free cash flow per share25.5 c17.4 c↑8.1c
Cash conversion (OpFCF / EBITDAF)50%34%↑16%
Cash conversion for 1H26 driven by higher EBITDAF and reduced value of fuel inventory reflecting return
of gas to Methanex
Cash flow and capital expenditure
Sources and uses of cash, $M
1H26 results: Cash flow
259
228
249
166
171
7
73
2
1,649
Sources
2
2,000
Uses
2,403
2,403
Cash Movement
OpFCF
DRP
Capital calls for investments in
associates
Growth investment
Dividends paid
Realised gain on
market derivatives
Financing cost / cost of share
& debt issuance
Net debt drawdown
Shares issued
Acquisition of Manawa
18
Growth capital expenditure
1H26 results: Growth capital expenditure
Growth capital expenditure in 1H26 reflects Contact’s continued commitment to renewable development
•
Construction continued on three major renewable projects: the Glenbrook-
Ohurua battery, the Kōwhai Park solar farm, and the Te Mihi Stage 2
geothermal plant.
•
The totals shown reflect board-approved funding and include pre-FID sunk
costs of $66M for Te Mihi Stage 2 geothermal and $5M for the Glenbrook-
Ohurua battery.
•
Tauhara geothermal plant is complete and underwent its first statutory
outage in November 2025. Final costs in relation to that outage are still to be
paid.
•
Construction of Te Huka 3 geothermal plant is complete. Remaining spend
reflects final milestone payments due post-completion.
•
Contact does not currently have any wind projects under construction. The
reported wind development spend reflects pre-FID activity only.
•
For major growth projects, Contact capitalises interest from the point of FID—
or from the commencement of significant pre-FID works—through to
commissioning. The capitalisation rate reflects the average interest rate
across the portfolio.
•
Contact’s investment in the Kōwhai Park solar farm is accounted for as an
investment in joint ventures.
Growth capital expenditure – cash basis, $M
Up to
30 June 2025
6 months
ended 31 Dec
2025
Remaining
under approvals
at 31 Dec 2025
Total
Tauhara
90520
6931
Te Huka 3
292
8
5305
Te Mihi Stage 2
201
75435712
Wind
214429
Glenbrook-Ohurua
battery
914428163
Capitalised interest
1961066
2
272
Other
1
-5 -5
Total
1,7071665442,417
1. Relates to pre FID spend on renewable and battery opportunities. | 2. Relates to Te Mihi Stage 2 and Glenbrook-Ohurua battery development. | 3. Excludes pre-FID development expenses for
solar which are captured within receivables.
Up to
30 June 2025
6 months
ended 31 Dec
2025
Remaining
under approvals
at 31 Dec 2025
Total
Solar
3
--
3737
C0
2
6
1
29
Forestry
83
1084
Total
89239130
Investment in joint ventures and associates, $M
19
•As part of the Manawa acquisition, a $1.011B
EMTN was issued resulting in an overall
increase in gross debt. This debt was certified
green against the Green Bond Principles
under Contact’s Sustainable Finance
Framework.
•Contact targets a BBB investment grade
credit rating with S&P. This requires net debt
to EBITDAF to remain below 3.0x over a
sustained period. Point estimate S&P net debt
to EBITDAF is currently 2.8x at the half year
2
.
Contact’s EBITDAF outlook, DRP and capacity
for further hybrid bonds allow this metric to
be managed effectively.
•Following the acquisition of Manawa Energy,
Contact has transitioned its $850M
Sustainability-Linked Facilities into Green
Loan Facilities
3
to better align with the
Contact31+ strategy, reflect our significantly
lower operating emissions, and focus funding
on our renewable hydropower and
geothermal assets under our DNV-verified
Sustainable Finance Framework.
Underpins efficient access to capital and strong liquidity
Closing net debt, $M
Face value of borrowings less cash
Interest rate, %
Weighted average gross interest
1
on average borrowings
Net debt to EBITDAF, X
Includes S&P adjustments
2
Borrowing maturities, $M
Average tenor of 7.5 years as at 31 December 2025
Diversified approach to funding
1. Gross interest includes all interest on borrowings, bank commitment fees and deferred financing costs. Unwind of leases, provisions and capitalised interest not included. | 2. Illustrated here on a point basis based on
expected S&P adjustments. S&P provides an annual ratings analysis on full year information. The 1H26 ratio is Contact’s indicative analysis based on adjustments equivalent to S&P’s historic approach. S&P’s approach can
change at any time. For the 1H26 ratio, Contact’s estimate of the equivalent S&P adjusted net debt at 31 December 2025 is $2,721m. This adjusts net debt for fair value adjustments, restoration of environmental provisions and
hybrid bond credits. For the 1H26 ratio, Contact’s estimate of the equivalent S&P adjusted EBITDAF is $974m based on FY26 normalised and adjusted EBITDAF after Manawa integration costs, before Manawa transaction
costs, and adjusted for expected realised losses on market derivatives and share based compensation. | 3. Term also extended by 12 months.
1,036
774
1,025
1,831
2,316
3,021
-514
22
-44
FY20
21
-150
FY21
25
-168
FY22
49
1,474
-140
FY23
47
-229
FY24
50
FY25
56
-273
HY26
1,014
645
882
1,383
1,649
1,852
2,804
Lease obligationsBorrowingsCash on hand
350
434
435
1,011
225
250
14
75
6
250
350
92
4
FY26
7
FY27
22
4
FY28
300
67
FY29FY30FY31FY32FY33FY52FY55
24
82
367
717
2.4
1.4
1.8
2.6
2.7
2.3
2.8
FY20FY21FY22FY23FY24FY251H26
1,029
974
892
1,310
5.2%
FY20
5.2%
FY21
5.4%
FY22
5.8%
FY23
6.1%
1,727
FY24
5.8%
1,973
FY25
5.1%
3,126
HY26
Average gross interestAverage gross debt
1H26 results: Key balance sheet metrics
Undrawn bank facilities
Drawn bank facilities
Domestic bonds
USPP
NEXI
Capital bonds
AMTN
EMTN
20
Ordinary dividends declared, $M
Final dividendInterim dividend
% pay-out of operating free cash flow
Dividend for 1H26
cps
Interim dividend for 1H26 of 16 cents per share
•Interim dividend of 16 cents per share is imputed to 56% or 9 cents per share for qualifying shareholders.
•Record date of 19 February 2026
1
; payment date of 25 March 2026.
•The NZD/AUD exchange rate used for the payment of Australian dollar dividends will be set on 12 March 2026.
Dividend reinvestment plan (DRP)
•Shareholders will have the option of full, partial or no participation. If a shareholder elects to participate, they will
remain in the plan at the same participation level until they elect to terminate or amend their participation level.
•A 2% discount will be offered for the FY26 interim dividend as described below.
•The Board has exercised its discretion in exceptional or unusual circumstances to adjust the volume weighted sale
price so that the DRP Strike Price will be set equal to the lower of (i) the DRP Strike Price calculated under the usual
DRP methodology applying a 2% discount as contemplated under the terms of the DRP; and (ii) the New Zealand
dollar Issue Price payable under the Retail Offer announced by Contact on 16 February 2026.
•Dividend reinvestment plan application forms must be in by 20 February 2026 to confirm participation in the plan.
•Trading period for setting the price for the DRP is 18 February 2026 to 24 February 2026. DRP strike price will be
announced on 12 March 2026 and allotment of the new shares is expected to occur on 25 March 2026.
73%83%
97%68%
35
35
37
39
35
82%64%
16
Dividend of 16cps in 1H26 is consistent with an indicative 40cps total dividend for FY26
2
1. Contact has received a waiver from the NZX to enable it to shorten the five business days’ notice period prescribed by the NZX Listing Rules between the announcement of this dividend and its Record Date. Any
shareholders wishing to adjust their shareholdings prior to the Record Date for the dividend will need to make any trades prior to market close on 17 February 2026 in order for the adjustment to become effective by
the Record Date. | 2. All future dividend decisions are at the discretion of the Board at the time. These are dependent on business and market conditions when each payment decision is made.
1H26 results: Dividends
Dividend expectations
•Contact reaffirms its expectation to lift the total dividend in FY26 to 40cps and between 41 and 42cps in FY27.
2
•Reliable ordinary dividends are expected to increase over time with growth in operating free cash flow.
2
109109109
110
128
159
163
164
165
181
227
FY21FY22FY23FY24FY251H26
272
273
274
291
355
21
Strategic fixed price2,075GWh$95/MWh$197M
CFDs850GWh$155/MWh$132M
C&I875GWh$165/MWh$144M
Retail2,000GWh$164/MWh$328M
Other income
4
$50M
$851M
Hydro3,050GWh$0/MWh-$0M
Geothermal2,475GWh$4/MWh-$10M
Thermal138GWh$215/MWh
5
-$29M
Renewable PPAs415GWh$100/MWh-$42M
Market acquired100GWh$260/MWh
6
-$26M
-$107M
Length
7
$68MTransmission / Storage-$45M
Location losses
8
-$68MOperating expenses – underlying -$192M
TotalOpex - integration and transaction costs -$28M
-$0M-$265M
1H26 assumptions that align to initial normalised & expected EBITDAF of $945M (reported) for FY26
Hydrology & asset availability
optimise generation
3
4
Total
x
=
Access to and price of fuel*
drives financials & risk position
Channel choices maximise
long term value
2
1
Net price
3
driven by
best commercial practices
2
Total
x
=
Trading delivers value
offsetting locational losses
5
Digitalisation & continuous
improvement optimise fixed costs
6
x
x
x
x
x
x
x
=
=
=
=
=
=
=
* Fuel is natural gas and carbon costs
2. All volumes are at the Grid Exit Point (GXP).
3. Net price is equal to tariff less pass-through costs (network, meters and levies) /MWh.
4. Steam sales, retail gas gross margin, broadband gross margin and other income.
5. Gas price of $16/GJ, carbon price of $80/unit and thermal portfolio
heat rate (10.5GJ/MWh).
6. Acquired generation price includes premiums paid for HFO
(operational from 1 Jan 2026) and NZAS demand response.
7. Length of 378GWh for 1H26 assumed.
8. Locational losses of 6.5% on spot purchases and
settlement of CFDs sold at a wholesale price of $180/MWh.
79
16
28
61
39
18
29
22
1
479
500
522
1H26 outperformance increases FY26 normalised & expected EBITDAF
by $15M to $995M
1
1H26 results: Normalised & expected performance
Equivalent to $965M on a reported basis after Manawa transaction and integration costs
x
Lower market channel price
Normalised & Expected 1H26 at start of year
Lower renewables
Other income
1H26 EBITDAF normalised for
Manawa transaction and integration costs
Renewable generation below mean (-369GWh)
at expected thermal SRMC ($215/MWh)
Fixed costs
Transmission & storage costs were $12M lower than forecast,
supported by LCE rebates. Integration & transaction costs
were $6M lower than forecast.
Other income was higher from improved margin on gas sales
Increased long-term channel price
Strategic fixed price sales price of $99/MWh in 1H26
~$4/MWh higher than full year expectation
C&I and merchant sales prices were both lower,
offset by higher CFD prices
Gas, carbon, acquired generation price
Lower thermal unit costs (due to the lower heat rate of TCC),
and lower acquired generation than expected
Lower sales volumes were offset by meeting sales with
more acquired & thermal generation at lower prices
Net volume impact
Manawa transaction & integration costs
=
Reported 1H26 EBITDAF
Location losses
GWAP:LWAP spread was -$10/MWh lower than forecast
see slide 14 for further information
1. Normalised and expected EBITDAF assumes mean hydrology and wind for the year and assumes planned asset availability/capacity i.e. adjusts for planned in-year outages (e.g. geothermal statutory outages, hydro refurbishments).
x=
22
Supporting
materials
Market context
23
National electricity demand up ~4%
Source: EMI, Contact.
*Does not include NZAS
National electricity demand, TWh
Regional
change, %
1H26 vs 1H25
Source: EMI, Contact. EMI demand data is grossed up to account for losses in distribution networks.
NZAS: New Zealand Aluminium Smelters Ltd.
Market demand
2.6
2.5
2.5
2.5
2.5
1.9
2.5
5.3
5.4
5.2
5.5
5.6
5.7
5.8
13.5
13.4
13.3
13.2
13.3
13.3
13.4
1H201H211H221H231H241H251H26
North Island
South Island (ex NZAS)
NZAS
21.4
21.3
21.1
21.2
21.4
20.9
21.7
0.2%
3.7%
National New Zealand electricity demand up ~4% on 1H25 (up ~1% normalised for NZAS)
Total national electricity demand
increased by 0.8TWh (3.7% from
1H25).
•Demand at the Central North
Island node was down 24%
following the closure of the
Winstone Karioi pulp mill and
Tangiwai sawmill in August
2024, reflecting broader
challenges in wood and paper
processing without the
protection of fixed price
electricity hedging.
•Seasonal conditions at
irrigation nodes, along with
population growth, have
resulted in a 9% increase in
demand in South Canterbury.
•Adjusting for NZAS demand
response – called by Meridian
in 1H25 to support challenging
hydro conditions – demand
was up ~1%.
2%
(24%)
1%
2%
(0%)
1%
9%
6%*
3%
(1%)
1%
3%
1%
1%
2%
4%
2%
5%
1%
24
Hydro generation was up 14.5%
on 1H25 driven by high inflow
volumes from Q2 1H26.
Impacts included:
•
Less volatile spot wholesale
prices.
•
A significant reduction in
thermal generation.
•
Lower industry carbon
emissions.
1
1H26 was another period of
geothermal generation volume
growth. Volumes were up ~4%
compared to 1H25 backed by
the addition of Te Huka 3.
Generation by type, TWh
National hydro storage levels began 1H26 just above historical mean. Levels declined through July, reaching their
lowest point at the end of August. From early September, storage increased rapidly due to several heavy rainfall
events, which continued into October and again in November, resulting in storage ending the period well above
mean. The higher hydro storage and strong inflows reduced the need for gas by ~29% and coal by ~69%.
Source: EMI & MBIE
Source: NZX Hydro – mean represents post-market mean storage volumes.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Jul-
24
Dec-
24
Jul-
25
Dec-
25
Mean
Actual
1H261H25
National hydro storage, GWh
Carbon emissions (mT)
1. Carbon emissions for 1H26 Oct-Dec quarter have been estimated using historic conversion rates with actual generation data. | 2. Diesel generation volume (0.37GWh) is included in other generation figures.
Generation >90% renewable backed by hydro and new geothermal
Fuel supply
Significant reduction in thermal fuel consumption
2H252H24
Carbon emissions decreased in 1H26 due to an absolute reduction in
thermal generation and a fuel mix away from diesel
2
, gas
and coal –
which all saw volumes significantly lower than 1H25.
0.1
0.1
1.8
2.1
2.0
3.7
4.4
4.6
12.6
11.4
13.1
1.3
0.8
0.3
1.5
1.8
1.2
0.5
1H24
0.4
1H25
0.4
1H26
Gas
Coal
Hydro
Geothermal
Wind
Solar
Other generation
21.4
20.9
21.7
1.91.9
1.1
1
25
Short-term external factors that can influence the
marketinclude:
The market responds to changes in supply and demand
through price signals across different time horizons
Wholesale and futures electricity pricing, $/MWh
Source: EMI wholesale pricing, OTA, to 31 December 2025.
Long-term pricing is linked to the long-run marginal costs of new
renewable projects, plus costs associated with firming renewable
intermittency.
Contact expects the long-term wholesale price to revert to $115-
125/MWh
1
.
Spot wholesale electricity prices in the period responded sharply to significant rainfall in Q2
with prices subdued as hydro and renewables replaced thermal in the national offer stack.
Short-dated futures (for CY26) followed spot prices lower as hydro lakes filled, reduced use of
thermal pushed stored gas volumes in AGS up, and Genesis replenished it’s coal stockpile
(backed by the HFO), reducing the risk of fuel scarcity in Winter 2026. Long dated futures
are reflecting the long-run marginal cost of developing renewable generation.
0
50
100
150
200
250
300
350
400
450
Jun-
16
Jun-
17
Jun-
18
Jun-
19
Jun-
20
Jun-
21
Jun-
22
Jun-
23
Jun-
24
Jun-
25
Long-dated futures (>12 months)
Short-dated futures (<12 months)
Monthly average spot price
Hydro storage and inflow volumes
Gas prices / availability
Demand
(marginal demand sets price)
1. 2025 real – Otahuhu Node OTA, Auckland. This is a through-the-cycle measure in a balanced market. Prices achieved are a function of the market at a point in time.
Reliable, plentiful
natural gas
5 year average
spot price
= $150/MWh
10 year average
spot price
= $129/MWh
Gas outages &
availability decline
26
•
Competition remains intense and market churn continues to reflect this
with residential switching at ~21
%3.
•
In May 2025 Meridian entered into an agreement to purchase Flick
Electric. The deal resulted in Meridian adding ~41k ICPs and increasing
market share to ~19%.
•
Tier 1 retailers have a seen an increase in market share to ~87% in
December 2025 (~84% December 2023).
•
Tier 2 retailer growth rates have been mixed. This paired with the sale of
Flick Electric has resulted in a collective decline in market share to ~13%
(~16% December 2023).
•
Since 31 December 2023, 2Degrees has grown connections by 5k
(+10.0%) while Nova (-5k), Pulse (-3k) and Electric Kiwi (-7K) have seen a
decrease in connections.
•
Contact electricity connections are up +26k from December 2023 to
December 2025, resulting in a ~20% market share.
Change in customer electricity connections, 000’s
31 December 2023 – 31 December 2025
2yr % change2yr ICP delta (1000s)
Retail electricity tariff changes, c/kWh
1
Tier 2: -44k connections
•
Increasing wholesale energy and, more recently, network costs have
resulted in a lift in residential electricity tariffs with the compound
annual growth rate of 5% across the last five years to November 2025.
•
Average tariff increases for the year to November 2025 of 11% were
above consumer price inflation (~3.1%)
4
, with residential price
increases rising to cover both increasing lines costs and to continue
the partial recovery of energy costs.
•
Input cost pressure for retailers is expected to continue with ongoing
significant network cost increases.
12 months
ended:
Tier 1: +97k connections
Source: MBIE
-3%
6%
1%
24%
-5%
-4%
-10%
10%
7%
-20
0
20
40
60
80
100
GenesisContactMercuryMeridianNovaPulseElectric Kiwi2Degrees/
Vocus
Other
19.4
20.1
20.9
21.8
22.6
24.1
11.1
11.3
11.6
11.9
12.7
15.2
Nov-20Nov-21Nov-22Nov-23Nov-24Nov-25
30.5
31.5
32.5
33.7
35.4
39.3
+5%
2
Differences in retail strategies apparent
Retail electricity market
Electricity and lines costs continue to rise
Lines (c/kWh)Energy & Other (c/kWh)
1. Inclusive of GST. | 2. Compound annual growth rate. | 3. EMI, 12 month rolling rate across residential ICPs and all switch types. | 4. Stats NZ CPI index increase in the 12 months to December 2025.
Source: EMI residential and SME ICPs.
Note: Manawa & Flick now included within Contact and Meridian results respectively.
27
Supporting
materials
Financial results
28
Guidance confirmation
Updated
FY26 guidance
1H26 resultChange to prior guidance
Stay in business (SIB) capex (cash)
$170M - $185M$59M-$5M
SIB capital expenditure BAU
$115M - $125M$39M-
SIB accelerated programme
$12M – $13M$6M-
SIB capital expenditure Wairakei
$20M - $25M$6M-
SIB capital expenditure enhancements and integration
$18M - $22M
$8M-$5M
Reduction on deferment of geothermal well enhancements to FY27 and
timing of cash payments for Highbank and Coleridge.
Growth capital expenditure (cash)
1
$500M - $510M$166M+$110mIncrease due to approval of Glenbrook battery 2.0 and Tauhara 2 drilling.
Depreciation and amortisation
$280M - $290M$142M-
Net interest (accounting)
$115M - $125M$72M-$35M
Reduction in interest expense and cash flow due to reduction in interest
rates and impact of equity raise on short term borrowing requirements.
Cash interest (in operating cash flow)
$105M - $115M$61M-$35M
Cash taxation
$120M - $130M$67M-$10M
Reduction in final FY24 tax cash payment due to utilisation of prior
period tax credits.
Realised (gains) / losses on market derivatives not in a hedge
relationship (cash)
$5M - $10M-$1M-$5MReduction in total losses in reflection of 1H26 actuals.
Corporate costs – ex Manawa
$60M - $70M$32M+$10M
Updated as guidance reflected Contact corporate costs only. Manawa
corporate costs were all previously allocated to wholesale. As integration
progresses, allocations may be updated.
Corporate costs - Manawa transaction and integration
$25M - $35M$20M-$5M
Target ordinary dividend per share
40 cps (FY)16cps (interim) -
In line with target payout of 40 cps – Interim dividend 40% of the
expected total.
Operating cash flow conversion
50%50%-
1. Growth capital expenditure includes capitalised interest, and investments in joint ventures.
29
Contact generation output and long term PPA purchases sold to the national grid,
GWh
Generation and sales position
1,649
1,524
1,659
1,605
1,652
2,143
2,393
1,886
1,984
2,391
2,053
1,916
1,952
2,764
825
870
817
508
178
99
1H201H21
360
1H22
246
1H231H241H25
331
1H26
4,359
4,378
4,411
3,905
4,385
4,603
5,765
Operational data
Renewable %
81%80 %92%94%81%89%
Geothermal generation, GWh
Geothermal generation was up 250GWh (12%) on 1H25, the uplift is attributable to Te Huka 3 being online for the
full period and completion of the major statutory turnaround at Te Mihi in 1H25.
709
559
692
690
715
197
493
567
531
489
518
584
531
181
129
168
154
161
578
701
171
165
170
165
159
534
541
104
107
139
156
154
156
110
95
1H201H21
99
1H221H23
99
1H24
113
40
1H251H26
1,649
1,524
1,659
1,605
1,652
2,143
2,392
Hydro generation, GWh
Thermal generation, GWh
593
620
168
161
646
393
147
119
130
87
171
97
111
117
104
67
45
3
2
2
1
50
1H20
48
1H21
47
1H22
17
1H23
0
1H24
18
1H25
00
31
1H26
875
918
407
291
817
508
178
1H26 thermal generation volumes were down 330GWh, 65% lower than 1H25 due to significant hydro
inflows in the second quarter of 1H25, in conjunction with new geothermal output, leading to reduced
reliance on thermal generation.
97%
Te Huka
Ōhaaki
Poihipi
Wairākei
Te Mihi
Tauhara
Te Huka 3
820
900
1,090
909
842
840
795
1,065
1,084
1,301
1,144
1,074
1,112
1,125
343
501
1H201H211H221H231H241H251H26
1,885
1,984
2,391
2,053
1,916
1,952
2,764
North IslandSouth Island - ex Clyde & RoxClydeRoxburgh
Wind PPAGeothermal PPAThermal
generation
Hydro
generation
Geothermal
generation
Whirinaki
Bream Bay
Te Rapa - direct
Te Rapa - spot
Stratford Peakers
TCC
30
Plant and fuel performance
Geothermal fuel extracted at Wairakei vs consented, mT
Wairakei, Poihipi and Te Mihi conversion effectiveness,
MWh per kT extracted
% of geothermal fluid extractedWairakei mass extracted
10
20
30
40
50
0
100%
45
1H20
95%
43
1H21
100%
45
1H22
96%
1H23
100%
46
1H24
91%
42
1H25
99%
45
1H26
43
+7%
30.7
30.3
31.4
29.8
30.3
29.7
29.7
1H201H211H221H231H241H251H26
0%
Geothermal fuel performance
Taranaki combined cycle (TCC)
Net
capacity,
MW
Availability
1
Capacity
factor
Electricity
output,
GWh
Pool revenue
$/MWh$M
1H22377100%10%16818331
1H2337789%10%16110717
1H2437769%39%64612782
1H25377100%23%393418164
1H2637793%9%14718327
Hydro
Geothermal
Stratford Peakers
Net
capacity,
MW
Availability
1
Capacity
factor
Electricity
output,
GWh
Pool revenue
$/MWh$M
1H2278483%69%2,39190215
1H2378487%59%2,05352107
1H2478493%55%1,916123235
1H2578492%57%1,952129252
1H261,29591%50%2,764100275
Net
capacity,
MW
Availability
1
Capacity
factor
Electricity
output,
GWh
Pool revenue
$/MWh$M
1H2241096%92%1,659105175
1H2341094%89%1,6055689
1H24
41095%91%1,652134221
1H25
58490%80%2,143167357
1H26
64989%83%2,39282197
Net
capacity,
MW
Availability
1
Capacity
factor
Electricity
output,
GWh
Pool revenue
$/MWh$M
1H22
202
74%10%8721619
1H23
202
57%2%17
1903
1H24
202
56%19%17115226
1H25
202
60%11%97
12312
1H26
202
77%3%311434
Plant availability
1. Availability Factor calculation includes all station outages (Planned, Maintenance, Forced) but does not consider plant deratings. | 2. Statutory turnarounds occur after the first operating year of a new plant, again in
operating year 3, and every four years thereafter. The table shows which plant have a major statutory turnaround in the next 3 calendar years. The GWh impact is an estimate based on understood scope at the time of
publishing. Turnarounds in FY27 and FY28 are indicative.
Net
capacity,
MW
Availability
1
Capacity
factor
Electricity
output,
GWh
Pool revenue
$/MWh$M
1H22
158
98%0%27831.8
1H23
158
97%0%22740.4
1H24
158
100%0%000.0
1H25
158
95%3%1866712
1H26
167
97%0%02190.1
Whirinaki & Bream BayUpcoming geothermal statutory turnarounds (outages)
2
Plant Impact, GWhFYFrequency & type
Tauhara 11326Y1 Stat turnaround, complete
Te Huka 33726Y1 Stat turnaround
Wairakei25264y Stat turnaround
Te Huka 1&225274y Stat turnaround
Wairakei320274y Stat turnaround + ext works
Poihipi31284y Stat turnaround
Te Mihi Stage 27328Y1 Stat turnaround
Tauhara 16928Y3 Stat turnaround
Te Huka 33728Y3 Stat turnaround
Operational data
31
Hawea storage, GWh
Gas storage, PJ
Closing storage
Closing storage (current)
Fuel storage movements
Source: NZX hydro
166
259
116
253
191
140
87
264
160
324
190
322
265
242
232
330
174
377
-231
-334
-185
-326
-293
-285
-153
-278
-263
1H222H221H232H231H242H241H252H251H26
Inflows
Opening storage
Releases
259
116
253
191
140
87
264
160
275
5.8
7.8
4.7
2.4
3.4
2.8
1.6
3.4
3.3
2.4
0.5
2.7
1.7
0.9
1.3
3.1
1.92.1
-3.5
-0.7
-0.7
-1.5
-2.5
-1.3
-2.0
-1.6
-4.3
-0.4
1H222H221H232H231H242H241H252H251H26
Gas Injected
Gas Extracted
Opening Storage
7.8
4.7
2.4
3.4
2.8
1.6
3.4
3.3
3.8
Operational data
0
Long-term
storage
balance (PJ)
0
4
4
4
4
4
4
4
Long-term storage
transfer
32
Contracted gas volumes, PJ
1
Uses of gas, PJGas storage monthly injections and extractions, PJ
Contracted and stored gas
Gas injectedGas extracted
5.4
7.07.07.07.07.07.0
5.8
2.9
5.6
4.5
3.6
3.0
2.6
2.2
2.82.8
2.8
4.4
-1.6
4.0
CY24
0.4
CY25CY26
CY27
CY28CY29CY30CY31CY32
15.4
11.8
9.0
10.0
9.6
9.2
9.89.8
8.6
Feb-
25
0.13
-0.48
Mar-
25
0.21
-0.17
Apr-
25
0.60
-0.28
May-
25
0.68
-0.07
Jun-
25
0.08
-0.29
-0.81
0.02
0.20
-0.99
Aug-
25
0.13
-0.24
Sep-
25
0.50
0.00
-0.25
Oct-
25
0.76
-0.01
Jan-
25
Jul-
25
0.61
-0.02
0.04
Dec-
25
Nov-
25
9.8
6.6
9.8
6.3
8.8
6.4
9.1
6.4
5.5
-2.0
3.1
-2.0
-1.0
0.6
1.3
-1.8
-0.5
-1.5
-1.6
-1.3
-1.6
-1.1
-1.4
-1.1
-1.3
-1.0
-1.7
-1.6
-1.9
-2.7
-1.4
-1.3
-0.2
-2.1
-0.5
-1.7
-4.4
1H22
-6.5
2H22
-3.3
1H23
-2.7
2H23
-6.7
1H24
-6.4
2H24
-4.0
1H25
0.2
-5.2
2H251H26
Net extraction
(injection)
Generation
Customer sales
Wholesale sales
Purchases
Short-term gas
Greymouth
2
Swap
Maui
Pohokura
Operational data
1. CY26 – 32 reflect maximum volume of gas available under contracts. Forecasted volumes for these periods are not yet available. | 2. Greymouth Gas volumes illustrated based on maximum gas available at
Contact’s option up to October 2032. Forecasted volumes are not yet available.
33
EBITDAF is Contact’s earnings before interest, tax, depreciation and amortisation, asset write-offs and
impairments and changes in fair value of financial instruments.
EBITDAF is commonly used in the electricity industry so provides a comparable measure of Contact’s
performance.
Reconciliation of statutory profit back to EBITDAF:
6 months ended
31 December 2025
(1H26)
6 months ended
31 December 2024
(1H25)
Variance on prior
year
$M%
Profit
205142
6344%
Depreciation and
amortisation
142130129%
Change in fair value
of financial
instruments
(3)21(24)N/A
Asset write-offs and
impairments
---N/A
Net interest expense72522038%
Tax expense84592542%
EBITDAF
500404
9624%
Reconciliation between Profit and EBITDAF
The adjustments from EBITDAF to reported profit and
movements on 1H25 are as follows:
•Depreciation and amortisation: increased by $12M as a
result of an increased fixed asset register from the
purchase of Manawa. This has been partially offset by
significantly lower usage of thermal assets compared to
1H25.
•Change in fair value of financial instruments: includes
unrealised gain/losses associated the long-term contract
Manawa struck with Mercury, the NZAS contract, and
realised gains/losses on market making. See slide 34 for
more detail.
•Net interest expense: significantly higher than 1H25 as a
result of additional borrowing to complete the Manawa
acquisition and a full period of interest no longer being
capitalised on Te Huka 3.
•Tax expense: for the period increased by $25M as a result
of higher profit before tax in 1H26 vs 1H25.
Non-GAAP profit measure
34
Reconciliation of change in fair value of financial instruments
Change in fair value offinancial instruments
Realised /
unrealised
1H261H25VarianceDescription
(A) Net market makingRealised1(14)15
Realised gains or losses on the
settlement of electricity derivatives
entered into to meet Contact’s market
making obligations
−
NZAS long-term sale CFD(12)(17)5
NPV of the changes to the forecast
forward wholesale price path vs the
wholesale path when the contracts
were agreed
−
Kōwhai Park PPA (Contact buys)23(1)
−
Mercury CFD (Manawa)10-10
−
Market making34(1)
Mark-to-market of open electricity
derivatives in future periods
−
Other non-hedged movements(1)3(4)
(B) Unrealised movements in non-hedge effective
electricity derivatives
Unrealised2(7)9
Total change in fair value offinancial instruments as
per segment note (A+B)
Realised
and
unrealised
3(21)24
Commercial hedges recognised in EBITDAF that do not qualify for hedge accounting
−
Financial Transmission Rights (FTR) settlements and
Exchange for Physical (ASX)
Realised
(9)(4)(5)
Financial contracts that hedge portfolio
sales that are settled in the period
−
Net settlement of NZAS CFD in the period(6)(36)30
Realised settlement (difference
between the fixed contract and spot
settlement)
−
Net settlement of Mercury CFD in the period10-10
Change in fair value of financial instruments as per
Income statement
(2)(61)59
In the period, Contact acquired Manawa Energy
and all of its associated long-term sales contracts.
This included several major contracts for difference
(CFD) that are not eligible for hedge accounting.
The most significant of these is the sale of
electricity to Mercury Energy.
As with Contact’s existing CFDs ineligible for hedge
accounting, movements in expected wholesale
prices, when compared to forward wholesale prices
when the contracts were entered into, drive
changes in their recorded fair value.
These non-cash movements, which relate to future
periods, are recognised in the current period in the
change in fair value of financial instruments line
item. These movements increase the volatility of
Contact’s reported Net Profit After Tax.
The primary change to wholesale price
expectations in the period was the listing of the
2029 ASX contract from October 2025, which was
higher than Contact’s internally generated price
path for the same period.
Fair value of financial instruments
35
Historical financial information
Unit1H22
1H23
1
1H241H25
1H26
Underlying
2
ReportedUnderlying
2
ReportedReported
2
Revenue$M1,141
9941,3061,7071,617
Expenses
3
$M819
7378579819521,2631,112
EBITDAF$M322
257137334362404500
Profit$M134
79(7)134153142205
Operating free cash flow$M131
71174138249
Operating free cash flow per sharecps16.8
9.122.117.425.5
Dividends declared cps14.0
14.014.016.016.0
Total assets$M4,978
5,4086,0596,3839,729
Total liabilities$M2,027
2,7483,3753,7385,288
Total equity$M2,951
2,6602,6842,6454,441
Gearing ratio
4
%19.3
30.638.438.637.7
Historic performance
1. In 1H24 Contact made reclassifications to better align with IFRIC guidance on IFRS 9 resulting in realised gains / losses from market derivatives not in a hedge relationship (includes market making activity) no longer
being reported in operating income (EBITDAF). 1H23 Expenses, EBITDAF and operating free cash flow were restated accordingly. | 2. 1H23 and 1H24 figures were reported exclusive of the impacts of the AGS onerous
contract provision. The provision was not recalculated in 1H25, however, the monthly unwind and interest impacts of the provision were included in the reported 1H25 figures. This provision was revalued and fully
released in 2H25. | 3. Includes realised gains / (losses) on risk management derivatives not in a hedge relationship. | 4. Gearing ratio is calculated as: (Senior debt - including finance lease liabilities) / (Senior debt -
including finance lease liabilities + Equity).
36
1H261H25
Six months ended 31 December 2025Six months ended 31 December 2024
VolumeGWAPVolumeGWAP
Note: this table has not been rounded and might not addGWh$/MWh$MGWh$/MWh$M
Electricity sales to Retail segment1,941 174 338 1,991 153304
Electricity sales to C&I1,044 139146 777 124 97
CfDs – Tiwai support sales640303
PPAs30062
CfDs - Long term sales & MCY1,023219
CfDs and ASX - Short term sales9061,265
Electricity sales – CFDs2,870 116 332 1,849 182 336
Total contracted electricity sales5,855 139 816 4,618 160 737
Steam sales131 18 2 127 20 2
Other income146
Net income on gas sales-(18)
Irrigation net income 6-
Net income on electricity related services11
Net other income21(11)
Total contracted revenue5,986 140 839 4,745 153 728
Generation costs5,335(33)(174)4,603 (39)(181)
Acquired generation cost770 (133)(103)246 (297)(73)
Generation costs (including acquired generation)6,105 (45)(276)4,849 (52)(254)
Spot electricity revenue5,33589 477 4,603 176 812
Settlement on acquired generation770 84 65 246 280 69
Spot revenue and settlement on acquired generation (GWAP)6,105 89 542 4,849 182 881
Spot electricity cost(2,985)(96)(286)(2,769)(208)(576)
Settlement on CFDs sold(2,870)(84)(242)(1,849)(168)(312)
Spot purchases and settlement on CFDs sold (LWAP)(5,855)(90)(527)(4,618)(192)(887)
Trading, merchant revenue and losses 250 15 231 (6)
Wholesale EBITDAF 577467
Wholesale segment
Segmental performance
37
Residential electricityunit
1H231H241H25
1H26
Residential gasunit
1H231H241H251H26
Average connections#381,222386,540400,518409,937Average connections#66,79667,65870,32270,377
Sales volumesGWh1,4451,4781,5061,523Sales volumesTJ881916884860
Average usage
MWh per ICP
3.83.83.83.7
Average usageGJ per ICP
13.213.512.612.2
Tariff$/MWh261.4281.2291.7330.4Tariff$/GJ38.141.345.856.2
Network, meters and levies$/MWh-118.2-122.1-132.8-153.9Network, meters and levies$/GJ-20.7-20.8-25.3-28.2
Energy costs$/MWh-128.7-149.9-164.5-186.0Energy costs$/GJ-10.2-9.7-10.7-15.7
Gross margin$/MWh14.59.2-5.6-9.4Carbon costs$/GJ-4.2-3.0-4.3-3.6
Gross margin$ per ICP5535-21-35Gross margin$/GJ3.07.85.68.7
Gross margin$M2114-8-14Gross margin$ per ICP3910670107
Gross margin$M3757.5
SME electricityunit
1H231H241H25
1H26
SME and C&I gas
2
unit
1H231H241H251H26
Average connections#47,70244,74642,56340,093Average connections#3,6563,1002,7213,251
Sales volumesGWh421392355309Sales volumesTJ635465336925
Average usage
MWh per ICP
8.88.88.37.7
Average usage
GJ per ICP
173.6149.9123.5
284.7
Tariff$/MWh249.2276.6294.4343.8Tariff$/GJ23.129.534.737.3
Network, meters and levies$/MWh-113-114-121-153Network, meters and levies$/GJ-8.4-11.4-12.8-10.3
Energy costs$/MWh-129.8-148.0-161.7-183.2Energy costs$/GJ-10.2-9.7-10.7-15.7
Gross margin$/MWh6.414.611.77.2Carbon costs$/GJ-4.2-3.0-4.3-3.6
Gross margin$ per ICP561289855Gross margin$/GJ0.35.57.07.7
Gross margin$M3542Gross margin$ per ICP548288642,184
Gross margin$M0.2327
Telco
1
unit
1H231H241H251H26Retail segment EBITDAF1H231H241H251H26
Average connections#74,97489,831113,324113,714Electricity Gross margin$M2419-4-12
Tariff$/cust/mth70.472.271.271.9Gas Gross Margin$M310715
Network, provisioning, modems$/cust/mth-62.8-63.3-62.5-61.9Telco Gross Margin$M4568
Gross margin$/cust/mth7.68.98.710.1Total Gross Margin$M3134910
Gross margin$M4568Other income$M5443
Other direct costs$M-1-20
Other operating costs$M-35-37-36-38
Retail segment EBITDAF$M1-1-25-25
Corporate allocation (50%)$M-11-14-19-26
Retail EBITDAF$M-10-15-44-51
EBITDAF margins
(% of revenue)
%
-1.80%-2.43%-6.78%-6.83%
Retail segment
Segmental performance
1
Telco includes both broadband and mobile from 1H24 (previously broadband only). | 2. C&I gas
sales included with SME gas from 1H26.
---
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
16 February 2026
NZX Limited
Level 1, NZX Centre
11 Cable Street
WELLINGTON
Copy to:
ASX Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
AUSTRALIA
CONTACT ENERGY LIMITED (NZX:CEN; ASX:CEN)
NOTICE PURSUANT TO CLAUSE 20(1)(A) OF SCHEDULE 8 TO THE FINANCIAL MARKETS
CONDUCT REGULATIONS 2014
1. Contact Energy Limited (Contact) announced on 16 February 2026 that it intends to undertake an
offer of new fully paid ordinary shares in Contact (New Shares) of the same class as already
quoted on the Main Board operated by NZX Limited and on the ASX as operated by ASX Limited
by way of:
(a) a placement to eligible institutional investors in New Zealand, Australia and other selected
jurisdictions to raise $450 million (Placement); and
(b) a retail offer to eligible shareholders in New Zealand and Australia to raise up to $75
million (with the ability to accept oversubscriptions at Contact's discretion) (Retail Offer),
(the Placement, the Retail Offer and any ancillary offers of shortfall shares to be acquired in the
Placement, together the Offer).
2. The Offer is being made to investors in New Zealand in reliance upon the exclusion in clause 19
of Schedule 1 to the Financial Markets Conduct Act 2013 (the FMCA). Contact will issue the New
Shares under the Offer to investors in Australia without disclosure under Part 6D.2 of the
Corporations Act 2001 (Cth) (Corporations Act).
3. This notice is provided under:
(a) subclause 20(1)(a) of Schedule 8 to the Financial Markets Conduct Regulations 2014 (the
Regulations);
(b) paragraph 708A(12J) of the Corporations Act as notionally inserted by ASIC Instrument
21-0114; and
(c) ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 as modified
by ASIC Instrument 26-0124.
4. As at the date of this notice:
(a) Contact is in compliance with the continuous disclosure obligations that apply to it in
relation to the ordinary shares in Contact;
(b) Contact is in compliance with its financial reporting obligations (as defined in subclause
20(5) of Schedule 8 to the Regulations);
(c) Contact has complied with its obligations under rule 1.15.2 of the ASX Listing Rules; and
(d) there is no information that is "excluded information" (as defined in subclause 20(5) of
Schedule 8 to the Regulations) in respect of Contact.
5. The Offer is not expected to have any material effect or consequence on the "control" (as defined
in clause 48 of schedule 1 to the FMCA) of Contact.
Ends
Investor enquiries
Media enquiries
Shelley Hollingsworth
Louise Wright
Investor Relations and Strategy Manager
Head of Communications and Reputation
+64 27 227 2429
+64 21 840 313
investor.centre@contactenergy.co.nz
media@contactenergy.co.nz
Important notice
This communication is not for distribution or release in the United States. This communication does not
constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The
entitlements and the New Shares have not been, and will not be, registered under the U.S. Securities Act
of 1933, as amended (U.S. Securities Act), or the securities laws of any state or other jurisdiction of the
United States, and may not be offered or sold, directly or indirectly, in the United States or to any person
acting for the account or benefit of any person in the United States, except in transactions exempt from, or
not subject to, registration under the U.S. Securities Act and applicable securities laws of any state or
other jurisdiction of the United States.
---
1
Accelerating Contact31+ strategy
and equity raise
16 February 2026
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
2
This presentation has been prepared by Contact Energy Limited (the Company or Contact) in relation to an offer of
new fully paid shares in the Company (New Shares) by way of:
•a placement to eligible institutional and other selected investors (Placement); and
•a share offer to eligible existing shareholders of the Company with an address recorded on the Company's share
register in New Zealand or Australia (Retail Offer).
The Placement and the Retail Offer, together, are referred to as the Offer.
The Offer is made in New Zealand pursuant to the exclusion in clause 19 of schedule 1 of the New Zealand Financial
Markets Conduct Act 2013 (FMCA).
The Offer is made in Australia, in the case of the Placement, under section 708A of the Corporations Act 2001 (Cth)
(Corporations Act), as modified by the Australian Securities and Investments Commission (ASIC) Instrument 21-
0114, and in the case of the Retail Offer, under the ASIC Corporations (Share and Interest Purchase Plans)
Instrument 2019/547 as modified by ASIC Instrument 26-0124.
Information of a general nature
This presentation contains summary information about the Company and its activities that is current as of the date
of this presentation. The information in this presentation is of a general nature and does not purport to be
complete nor does it contain all the information which a prospective investor may require in evaluating a possible
investment in the Company or that would be required in a product disclosure statement for the purposes of the
FMCA or a prospectus or other disclosure document for the purposes of the Corporations Act or the laws of any
other jurisdiction. The Company is subject to disclosure obligations that require it to notify certain material
information to NZX Limited (NZX) and ASX Limited (ASX). This presentation should be read in conjunction with the
Company's 2025 Integrated Report, its half-year results for the period ended 31 December 2025 and other periodic
and continuous disclosure announcements released to NZX and ASX (which are available at www.nzx.com and
www.asx.com.au under the ticker code "CEN"). No information set out in this presentation will form the basis of any
contract.
NZX and ASX
The New Shares will be quoted on the NZX Main Board following completion of each of the Placement and the
Retail Offer, and an application will be made by the Company for the New Shares to be quoted on the ASX. Neither
NZX nor ASX accepts any responsibility for any statement in this presentation. NZX is a licensed market operator,
and the NZX Main Board is a licensed market under the FMCA.
Not financial product advice
This presentation does not constitute legal, financial, tax, accounting, financial product or investment advice or a
recommendation to acquire the Company's securities (including the New Shares), and has been prepared without
taking into account the objectives, financial situation or needs of individuals. Before making an investment
decision, prospective investors should consider the appropriateness of the information having regard to their own
objectives, financial situation and needs and consult a financial advice provider, solicitor, accountant or other
professional adviser if necessary.
Important Notice and Disclaimer
Investment risk
An investment in securities in the Company is subject to investment and other known and unknown risks, many of
which are difficult to predict and are beyond the control of the Company. Refer to Appendix 2 "Key Risks" for a non-
exhaustive summary of certain key risks associated with the Company and the Offer. Neither the Company nor any
other person named in this presentation guarantees the performance of the Company or any return on any
securities of the Company.
Not an offer
This presentation is not a prospectus or product disclosure statement or other offering document under New
Zealand or Australian law or any other law (and will not be filed with or approved by any regulatory authority in New
Zealand, Australia or any other jurisdiction). This presentation is for information purposes only and is not an
invitation or offer of securities for subscription, purchase or sale in any jurisdiction.
Any decision to purchase New Shares in the Offer must be made on the basis of all information provided in relation
to the Offer, including, in the case of the Retail Offer, information to be contained or referred to in the separate offer
document to be made available on NZX and ASX (Offer Document) and the Company's other periodic and
continuous disclosure announcements released to NZX and ASX. Any eligible shareholder who wishes to participate
in the Retail Offer should consider the Offer Document, in addition to the Company's other periodic and
continuous disclosure announcements released to NZX and ASX, in deciding to apply for New Shares under the
Retail Offer. Anyone who wishes to apply for New Shares under the Retail Offer will need to apply in accordance
with the instructions contained in the Offer Document and the application form.
The release, publication or distribution of this presentation (including an electronic copy) outside New Zealand or
Australia may be restricted by law. Any recipient of this presentation who is outside New Zealand or Australia must
seek advice on and observe any such restrictions. Refer to Appendix 3 "International Offer restrictions" of this
presentation for information on restrictions on eligibility criteria to participate in the Offer.
Restrictions on distribution
This presentation is not for distribution or release in the United States. This presentation does not constitute an
offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which
such an offer would be unlawful. The New Shares have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (U.S. Securities Act), or the securities laws of any state or other jurisdiction of the
United States. Accordingly, the New Shares may not be offered or sold, directly or indirectly, to persons in the
United States, except in transactions exempt from, or not subject to, the registration requirements under the U.S.
Securities Act and the securities laws of any state or other jurisdiction of the United States. The New Shares to be
offered and sold in the Retail Offer may only be offered and sold outside the United States in "offshore transactions"
(as defined in Rule 902(h) under the U.S. Securities Act) in reliance on Regulation S under the U.S. Securities Act.
The information in this presentation has been prepared on the basis that all offers of New Shares in Australia under
the Offer will be made to Australian resident investors to whom an offer of shares for issue may lawfully be made
without a formal disclosure document under Part 6D.2 of the Corporations Act because of section 708A of the
Corporations Act as modified by ASIC Instrument 21-0114 and ASIC Corporations (Share and Interest Purchase Plans)
Instrument 2019/547, as modified by ASIC Instrument 26-0124.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
3
Disclaimer
To the maximum extent permitted by law, each of the Company, the sole lead manager, bookrunner and
underwriter of the Placement (together, the Underwriter) and its related bodies corporate and affiliates including,
in each case, their respective shareholders, directors, officers, employees, agents and advisers, as the case may be
(each, a Specified Person) disclaims and excludes all liability (whether in tort (including negligence) or otherwise)
for any direct or indirect loss, expense, damage, cost or other consequence (whether foreseeable or not) suffered by
any person as a result of their participation in the Offer or from the use of or reliance on the information contained
in, or omitted from, this presentation, from refraining from acting because of anything contained in or omitted
from this presentation or otherwise arising in connection therewith (including for negligence, default,
misrepresentation or by omission and whether arising under statute, in contract or equity or from any other cause).
To the maximum extent permitted by law, no Specified Person makes any representation or warranty, either
express or implied, as to the currency, fairness, accuracy, completeness or reliability of the information and
conclusions contained in this presentation, and you agree that you will not bring any proceedings against or hold or
purport to hold any Specified Person liable in any respect for this presentation or the information in this
presentation and waive any rights you may otherwise have in this respect.
None of the Underwriter, nor its affiliates, related bodies corporate, directors, officers, partners, employees, agents or
advisers (Advisers) have independently verified or will verify any of the content of this presentation and none of
them are under any obligation to you if they become aware of any change to or inaccuracy in the information in
this presentation.
No Adviser has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and
none of them makes or purports to make any statement in this presentation and there is no statement in this
presentation which is based on any statement by any of them. No Adviser takes responsibility for any part of this
presentation, or the Offer, and makes no recommendations as to whether you or your related parties should
participate in the Offer, nor do they make any representations or warranties to you concerning the Offer. You
represent, warrant and agree that you have not relied on any statements made by any Adviser in relation to the
Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them, and agree that you
are responsible for making your own independent judgement in relation to any matter arising in connection with
this presentation. No Adviser accepts or shall have any liability to any person in relation to the distribution of this
presentation from or in any jurisdiction.
Determination of eligibility of investors for the purposes of the Placement and the Retail Offer is, in each case,
determined by reference to a number of matters, including legal and regulatory requirements, logistical and
registry constraints and the discretion of the Underwriter and the Company (in respect of the Placement) and the
Company (in respect of the Retail Offer). The Company, the Underwriter and each other Specified Person disclaim
any duty or liability (including for negligence) in respect of the exercise of that determination and the exercise or
otherwise of that discretion, to the maximum extent permitted by law.
If you do not reside in a permitted offer jurisdiction, you will not be able to participate in the Offer. The Company,
the Underwriter and each other Specified Person disclaim any duty or liability (including for negligence) in respect
of the determination of your allocation.
This presentation contains data sourced from and the views of independent third parties. In such data being
replicated in this presentation, no Specified Person makes any representation, whether express or implied, as to the
accuracy of such data. The replication of any views in this presentation should not be treated as an indication that
the Company or any other Specified Person agrees with or concurs with such views.
Important Notice and Disclaimer
Financial data
All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated.
Certain figures, amounts, percentages, estimates, calculations of volume and fractions provided in this presentation
are subject to the effect of rounding. Accordingly, the actual calculations of the figures may differ from the figures
set out in this presentation.
Non-GAAP financial information
This presentation includes certain financial measures that are "non-GAAP (generally accepted accounting practice)
financial information" under Guidance Note 2017: 'Disclosing non-GAAP financial information' published by the New
Zealand Financial Markets Authority, "non-IFRS financial information" under ASIC Regulatory Guide 230: 'Disclosing
non-IFRS financial information' and "non-GAAP financial measures" within the meaning of Regulation G under the
U.S. Exchange Act of 1934, as amended. Disclosure of such non-GAAP financial measures in the manner included in
this presentation would not be permissible in a registration statement under the U.S. Securities Act. Such financial
information and financial measures (including EBITDAF, S&P net debt, IRR, project costs, operating costs and SIB
capex) have not been subject to audit or review and do not have standardised meanings prescribed under New
Zealand equivalents to International Financial Reporting Standards (NZ IFRS), Australian Accounting Standards
(AAS) or International Financial Reporting Standards (IFRS) and therefore, may not be comparable to similarly titled
measures presented by other entities, and should not be construed as an alternative to other financial measures
determined in accordance with NZ IFRS, AAS or IFRS. Information regarding the usefulness, calculation and
reconciliation of these measures is provided in Appendix 4 “Glossary” and relevant slides.
Pro forma financial information
The pro forma financial information provided in this presentation is for illustrative purposes only and is not
represented as being indicative of the Company's actual or future financial position and / or performance. This
presentation includes a pro forma S&P net debt, which has been adjusted to reflect the impact of the Offer
assuming it occurred as at 31 December 2025.
The pro forma metric on slides 7 and 20 have been prepared in accordance with the stated basis of preparation,
being consistent with the basis of preparation of the non-GAAP net debt and EBITDAF measures, except that it has
been adjusted to reflect the impact of the estimated proceeds of the Offer as if they had been received as at 31
December 2025. In addition, the pro forma financial information in this presentation does not purport to be in
compliance with Article 11 of Regulation S-X under the U.S. Securities Act and was not prepared with a view towards
compliance with the rules and regulations or guidelines of the U.S. Securities and Exchange Commission or the
American Institute of Certified Public Accountants for the preparation and presentation of pro forma financial
information. Pro forma financial information has not been subject to audit or review.
Past performance
Past performance information provided in this presentation is given for illustrative purposes only and should not be
relied upon as (and is not) a promise, representation, warranty, guarantee or indication as to the past, present or
future performance of the Company.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
4
Forward-looking statements
This presentation contains certain forward-looking statements with respect to the financial condition, results of
operations and business of the Company. These forward-looking statements are based on Contact’s current
expectations, estimates and projections about the industry in which it operates, and beliefs and assumptions.
Forward-looking statements can generally be identified by use of words such as 'approximate', 'project', 'foresee',
'plan', 'target', 'seek', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will', ‘objective’, 'assume',
'guidance', 'outlook' or similar expressions.
Forward-looking statements in this presentation include statements regarding the timetable, conduct and
outcome of the Offer and the use of proceeds thereof, statements about the plans, targets, objectives and
strategies of the Company, statements about the Company’s development pipeline including in respect of project
timing, costs and size, statements about the New Zealand energy market and the other industries and markets in
which the Company operates, and statements about the Contact31+ strategy and the future performance of, and
outlook for, the Company's business. Any indications of, or guidance or outlook on, future earnings or financial
position or performance and future distributions are also forward-looking statements. All such forward-looking
statements are not guarantees or predictions of future performance and involve known and unknown risks,
significant uncertainties, assumptions, contingencies, and other factors, many of which are outside the control of
the Company, are difficult to predict, and which may cause the actual results or performance of the Company to be
materially different from any future results or performance expressed or implied by such forward-looking
statements.
Such forward-looking statements speak only as of the date of this presentation. Except as required by law or
regulation (including the NZX Listing Rules and the ASX Listing Rules), the Company undertakes no obligation to
update these forward-looking statements for events or circumstances that occur subsequent to the date of this
presentation or to update or keep current any of the information contained herein.
Any estimates or projections as to events that may occur in the future (including, but not limited to, projections of
EBITDAF, returns, IRR, carbon costs, generation, wholesale electricity market prices, financing costs, development
costs, project costs, operating costs, SIB capex, demand revenue, expenses, capex, dividends, development plans,
expenses, debt balances, net debt, S&P net debt, interest rates, earnings, assets, liabilities, accounting adjustments,
performance and market conditions) are based upon the best judgement of the Company from the information
available as of the date of this presentation. A number of factors could cause actual results or performance to vary
materially from the projections, including the key risks set out in this presentation. Investors should consider the
forward-looking statements in this presentation in light of those risks and disclosures.
In particular, investors should be aware that the statements in slides 7, 8, 9, 12, 14, 15, 16, 17, 18 and 20 and other
statements and information regarding outlook, growth or strategy (collectively, the "outlook information") are
forward-looking statements. The outlook information has been prepared by the Company based on an assessment
of current economic and operating conditions, including its view of energy market trends. Additionally, it
incorporates assumptions regarding future events, competitive dynamics, and broader macroeconomic drivers.
Investors should note that given the significant uncertainties that exist in the current operating conditions, the
outlook information may not be achieved. The outlook information assumes the success of the Company's business
strategies, the success of which may not be realised within the period for which the outlook information has been
prepared, or at all. The outlook information is subject to a number of risks, including the risks set out in this
presentation.
Important Notice and Disclaimer
Investors should be aware that the timing of actual events, and the magnitude of their impact, might differ from
that assumed in preparing the outlook information, which may have a material negative effect on the Company's
actual financial performance, financial position and cash flows. In addition, the assumptions upon which the
outlook information is based are subject to significant uncertainties and contingencies, many of which are outside
the Company's control, are not reliably predictable, and it is not reasonably possible to itemise each item.
Accordingly, neither the Company nor any other person can give investors assurance that the outcomes discussed
in the outlook information will be achieved.
Investors are strongly cautioned not to place undue reliance on any forward-looking statements, such as
indications of, and guidance on, outlook, future earnings, cash flow, financial position and performance.
Sources of market and industry data
This presentation contains data relating to the industries, sectors, segments and end-markets in which the
Company operates. Unless otherwise stated, this information has been prepared by the Company using publicly
available data and internally generated data, including its collective knowledge of, and experience in, the relevant
industries, as well as existing and prior contracts, market analysis, interviews with industry participants undertaken
by the Company and its consultants, and information derived from engagement with customers.
Investors should note that market data and statistics are inherently subject to a range of limitations and possible
errors, including errors in data collection and the possibility that relevant data has been omitted. As a result, this
data is subject to uncertainty and not necessarily reflective of actual market conditions. Estimates and forecasts
involve additional risks and uncertainties and are subject to change based on various factors. There is no assurance
that any of the forecasts, projections and estimates sourced from the publicly available data or internally generated
data, will be achieved.
General
For the purposes of this Important Notice and Disclaimer, "presentation" means these slides, any oral presentation
of these slides by the Company, any question-and-answer session that follows that oral presentation, hard copies of
this presentation and any materials distributed at, or in connection with, that presentation.
The information and opinions contained in this presentation are provided as at the date of this presentation and
are subject to change without notice. The Company reserves the right to withdraw, or vary the timetable for, the
Offer without notice.
Acceptance
By attending or reading this presentation, you agree to be bound by the foregoing limitations and restrictions and,
in particular, will be deemed to have represented, warranted, undertaken and agreed that: (i) you have read and
agree to comply with the contents of this Important Notice and Disclaimer; (ii) you are permitted under applicable
laws and regulations to receive the information contained in this presentation; (iii) you will base any investment
decision solely on information released by the Company via NZX and ASX (including, in the case of the Retail Offer,
the Offer Document); and (iv) you agree that this presentation may not be reproduced in any form or further
distributed to any other person, passed on, directly or indirectly, to any other person or published, in whole or in
part, for any purpose.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
5
Agenda
1
2
3
4
A
Overview
Use of proceeds
Financial impacts
Offer details
Appendices
Appendix 1: Supplementary information
Appendix 2: Key Risks
Appendix 3: International Offer restrictions
Appendix 4: Glossary
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
6
Section 1
Overview
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
7
Overview
Enhanced ability to
accelerate future
development
opportunities
Compelling market
opportunity
Offer details
•Contact is launching a $525M equity raise to:
−Commence pre-FID drilling on Tauhara 2 geothermal to advance steamfield development and explore upsizing target capacity from
50MW to 60-70MW
−Fund its investments in the Glenbrook battery 2.0 and Glorit solar development projects
−Enhance Contact’s ability to accelerate development pipeline opportunities which are in line with the Contact31+ capital allocation
framework
•Capital raised will be deployed in line with the Contact31+ capital allocation framework
•Contact is well positioned as New Zealand’s most diversified generator with the largest national renewable pipeline
1
•Compelling market opportunity driven by increasing electricity demand and emerging energy sector trends
−3-5TWh of new demand over the next 5 years is expected to underpin new development
−Greater clarity on key market risks providing confidence to grow and invest
2
•Contact31+ strategy is focused on leading New Zealand’s renewable energy future and delivering the highest value outcomes for
Contact’s investors and New Zealand
•$525M equity raise comprising:
‒A fully underwritten Placement of $450M; and
‒A non-underwritten Retail Offer to raise up to $75M (with the ability to accept oversubscriptions at Contact’s discretion)
•Approximately 60 million new shares to be issued (equivalent to 6.0% of current issued capital) assuming $525M raised at the
Placement price
•Offer structure is designed to achieve the objective of providing almost all existing shareholders the opportunity to subscribe for at least
their pro rata portion of the equity raise, on a best efforts basis
Contact has announced a $525M equity raise to advance the execution and potential upsizing of renewable energy
projects which would accelerate the Contact31+ strategy
•Equity raise is expected to reduce Contact’s 1H26 pro forma S&P net debt / EBITDAF ratio from 2.8x
3
to 2.3x
•Post equity raise average S&P net debt / EBITDAF ratio is expected to remain in Contact’s target range of 2.6x – 2.8x over the medium term
•FY31+ EBITDAF targets are maintained, with potential upside from the acceleration of future growth opportunities
4
•Contact reaffirms its expectation to lift the total dividend in FY26 to 40cps and between 41 and 42cps in FY27
5
Equity raise to
accelerate the
Contact31+
strategy
1. Based on estimated output in GWh. Excludes under construction projects. Also excludes 3rd party solar purchases, pre-pipeline opportunities and other prospects where access is not yet secured. The large majority of
options in these pipelines remain subject to resource consent approvals which may not be granted on expected timelines, or at all. | 2. See slide 7 of Contact’s 1H26 results presentation. | 3. See slide 19 of Contact’s 1H26
results presentation for an explanation of Contact’s estimated 1H26 S&P net debt / EBITDAF ratio. | 4. Refer to slide 18 for more information on the potential for acceleration of future growth opportunities. | 5. New shares
issued in the equity raise won’t be eligible for the interim FY26 dividend announced on 16 February 2026. All future dividend decisions are at the discretion of the Board at the time.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
8
173732
700100360100
Contact is well positioned to capture the market opportunity
1. Reflects Contact’s FY26 normalised and expected generation and acquired PPA volumes, in GWh, as indicated in August 2025. Assumes mean hydrology and wind conditions and planned outages. | 2. Excludes under
construction and committed projects. Also excludes 3rd party solar purchases, pre-pipeline opportunities and other prospects where access is not yet secured. The large majority of options in these pipelines remain
subject to resource consent approvals which may not be received. Sourced from most recent company announcements at the date of this presentation. | 3. Sources include ‘MBIE electricity statistics, quarterly electricity
generation and consumption data’ and reported Contact geothermal generation information.
New Zealand’s leader
in geothermal
Most diversified
portfolio in New Zealand
1
Largest national
renewables pipeline
43%
50%
2%
5%
Only New Zealand player
with its own geothermal, hydro
and thermal generation and
wind (under PPA)
Geothermal
Hydro
Thermal
Wind acquired (PPAs)
Contact’s current portfolio
1
GeothermalWindSolar
Renewable energy
generation pipeline
2
, TWh
~50%
of New Zealand’s output
from geothermal
generation in FY25
3
~80%
of New Zealand’s
geothermal output
growth since FY15
3
+ solar, battery and
geothermal builds underway
48% of total
Battery capacity pipeline
2
, MW
56% of total
Competitor
1
Competitor
2
Competitor
3
Competitor
3
Competitor
1
Competitor
2
Competitive advantages in
battery development
Prime locations, near growing
customer base and / or transmission
grid access
Experience in grid-scale battery
construction in New Zealand
In-house capability in battery
development and proprietary
dispatch optimisation model
Portfolio is complementary with
batteries, providing firming benefits
across our portfolio and our wind
and solar pipeline
Co-located execution at scale,
brings procurement benefits and
other efficiencies e.g., on grid
connection
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
9
Grid electricity demand is forecast to grow by
3-5TWh to 2030
Compelling market opportunity driven by increasing electricity
demand and emerging energy sector trends
1. New Zealand Aluminium Smelters Ltd. | 2. Huntly Firming Options (HFOs) are 10-year agreements between Genesis and each of Contact, Meridian and Mercury, which provide risk management for dry years,
supporting energy security. | 3. MBIE EDGS reference case used as a proxy for market expectations given its use by Transpower for capital investment planning. Note, this case differs from Contact’s Contact31+
scenarios outlined on slide 18. | 4. Sourced from public announcements of contracted new electricity supply to metals and dairy customers, public announcements by data centre operators of projects committed
and / or under construction, as well as residential trend assessments undertaken by Contact. Does not include assumptions around potential industrial demand loss or line losses. | 5. Includes residential EV charging.
41
42
43
44
45
46
47
CY20CY22CY24CY26CY28CY30
Actual demand data (EMI)
Contracted / under construction demand
4
MBIE EDGS 2024 – Reference scenario
New Zealand grid electricity demand growth
over time, TWh
3
Breakdown of new-to-grid electricity demand
expected in 2030, TWh
4
Dairy, data centres, metals and residential
sector expected to drive new demand
Residential
5
Data centres
Metals
Dairy
electrification
41.6
1.2
1.1
0.9
1.2
0.2
CY30
46.1
Additional demand
growth forecasted
by MBIE
Known and
committed
new demand
(Contact’s analysis)
CY24 demand
3-5TWh of new demand over the next
5 years is expected to underpin new
development, driven largely by gas user
electrification
The energy transition is leading to
increasingly volatile renewable
supply that requires more intra-day
firming
Customer needs and behaviours are
changing, as they electrify and
increasingly manage their energy use
We have better clarity on key market
risks (e.g., NZAS
1
operations extended,
Huntly Firming Options agreed
2
)
providing confidence to grow and invest
Key trends:
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10
Empowered
people and leaders
Unite our people behind Contact31+
and develop New Zealand’s
best energy leaders
Relationships
with our stakeholders
Maintain enduring trust with
stakeholders, investing for secure,
affordable renewable energy while
upholding our environmental
commitment
Productivity
Drive disciplined growth by
simplifying processes and
deploying automation
Tech advantage
Establish a distinctive edge in
data and AI on a simplified and
secure technology platform
Extend our advantage
as New Zealand’s
geothermal leader
Scale on high-quality existing
fields, explore new options,
and continue to improve our
cost-leadership position
Build into new demand
with wind and solar
Deliver lowest-cost diversified wind
and rapidly deploy solar, anchored on
long-term industrial partnerships
Lead the energy
transition at home
Empower our customers to shift
energy use, while making every
interaction easy and personal
Lead on new flexibility
in New Zealand
Accelerate batteries, build
advantage in hydro flex and
maintain gas flex, optimising our
portfolio in real time
Underpinned by continued operational excellence across our diverse and resilient portfolio
Leading New Zealand’s renewable energy future
Contact31+
Enablers
Strategic pillars
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11
Section 2
Use of
proceeds
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12
Investment to advance the execution and potential upsizing
of renewable energy projects
Asset
class
Target
project
IRR
3
, %
Financing
strategy
Solar9%+
SPV/JV (50%)
Off-balance sheet
5
Wind
9%+
SPV/JV (50%)
Off-balance sheet
6
Geothermal
10-12%
On-balance sheet
Brownfield
development
(incl. hydro)
7
WACC+
On-balance sheet
Batteries
10%+
On-balance sheet
12%+
12%+
10-12%
WACC+
10%+
Target
return to
Contact
4
, %
3
2
Enhance Contact’s ability to accelerate development pipeline
opportunities which are in line with the Contact31+ capital
allocation framework
Commence pre-FID drilling on Tauhara 2 geothermal to advance
steamfield development and explore upsizing target capacity
from 50MW to 60-70MW
1
Fund Contact’s investments in the Glenbrook battery 2.0 and
Glorit solar development projects
Investing in line with the Contact31+ capital
allocation framework
Enhanced ability
to advance projects if market conditions
and project economics are supportive
1. Assumes 95% capacity factor. | 2. Based on 10-20MW of additional capacity, applying Contact’s long-run wholesale market price expectation of $115-125/MWh (2025 real) and an indicative ~$15/MWh of operating costs and
carbon costs for geothermal. Of note, total cost of generation including maintenance capex is ~$20/MWh on average. | 3. IRR represents targeted unlevered project returns, over the life of the project. | 4. IRR represents the
targeted returns from the project to Contact, over the life of the project. For off-balance sheet investments this includes an equity IRR for Contact’s share of JV profits and the value of the margin on acquired generation. | 5.
Contact’s solar projects are assumed to be owned and built through its existing joint venture with Lightsource bp. | 6. Contingent on partnership. Process to identify partners and enter into partnership underway. Illustrated
share of JV ownership (50%) is Contact’s base case assumption and is subject to change. | 7. Across all asset classes.
Multiple projects
have the ability to
be accelerated
additional capacity / output
being explored
Up to +20MW / +165GWh p.a.
1
potential incremental
EBITDAF in FY31
~$9M – 18M
2
addition at existing
Glenbrook site
(on-balance sheet)
200MW
expected additional
annual EBITDAF when
fully ramped
~$35 – 40M
total capacity
(through 50/50 joint
venture)
150MWac
under 15-year PPA
to Contact (this is 80% of
the total expected output)
~230GWh p.a.
Glenbrook battery 2.0Glorit solar
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13
We have a suite of
capabilities across the
geothermal value chain that
we will leverage to capture
new opportunities
Reservoir management
•Experience operating for
nearly 70 years on the
Wairakei field
•Dedicated sub-surface
team
Well drilling and optimisation
•Continued research and
development to lower cost
of operations
•Western Energy
4
provides well
solutions in New Zealand and
offshore
Plant design and operations
•Experience designing and building
new geothermal power stations
•Our projects accounted for over 80%
of New Zealand’s geothermal
output growth from FY15-FY25
5
Geothermal is an attractive source of firm,
baseload powerregardless of the weather,
with an average capacity factor of ~95%
1
Geothermal is long-lived and resilient. Contact’s
Wairakei station has been operational since 1958
Operating 7 geothermal stations
producing ~5TWh p.a. (12% of
New Zealand’s total generation)
3
Tauhara, 174MW
Te Huka 1&2, 26MW
Te Huka 3, 51MW
Ohaaki, 41MW
We are New Zealand’s
largest geothermal producer
Wairakei, 138MW
Te Mihi, 166MW
Poihipi, 53MW
Geothermal is renewable and low-carbon
with the potential to be zero-carbon with
reinjection technology
Geothermal has a low operating
cost of ~$10/MWh on average
2
Note: Capacity is shown as the maximum rated capacity (MCR or nameplate capacity) for each plant, which may differ from actual operating capacity in a range of circumstances.
1. Estimated average capacity factor for new stations. | 2. Reflects operating cost of generation only. Total cost of generation including operating cost, carbon and maintenance capex is ~$20/MWh on average. 3. Based on
Contact’s FY26 normalised and expected geothermal output and market generation data from EMI. | 4. Contact subsidiary company. | 5. Sources include ‘MBIE electricity statistics, quarterly electricity generation and
consumption data’ and reported Contact geothermal generation information.
Contact is a leading operator and developer of attractive
geothermal generation
1
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14
Commitment to explore potential upsizing of Tauhara 2
geothermal development opportunity
Note: All capacity, output, uplift and cost figures for pre-FID projects are indicative only and subject to refinement.
1. Assumes 95% capacity factor. | 2. Geothermal projects more generally and not specific to Tauhara 2. | 3. Reflects target unlevered project returns over the life of the project. | 4. Based on 10-20MW of additional
capacity, applying Contact’s long-run wholesale market price expectation of $115 - $125/MWh (2025 real) and an indicative ~$15/MWh of operating and carbon costs. Of note, total cost of generation including
maintenance capex is ~$20/MWh on average.
•Updated reservoir modelling has
indicated that a plant of 50-70MW
can be supported (vs. original 50MW
identified)
•Undertaking a $30M pre-FID drilling
programme to advance steamfield
development and to confirm these
modelling estimates
•Currently refining conceptual
design. Have engaged with suppliers
to identify the technology that best
optimises available resource and
returns
•Targeting a final investment
decision in FY27
Tauhara 2 development update
of additional capacity / annual
output being explored
Up to +20MW / +165GWh p.a.
1
target returns across
geothermal
10 – 12%
2,3
drilling programme
confirmed
$30M
potential incremental
EBITDAF in FY31
~$9M – 18M
4
Revised Tauhara 2 development overview
Location / Type
Tauhara field
All new generation
Project status
Fluid take and (steam)
plant consented
Capacity / output
~50 – 70MW
~415 – 580GWh
1
Expected project cost
2
$6.5 – 7.5M / MW
TimingTarget FID FY27
1
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15
Batteries will play a critical role in the New Zealand energy
system, with sources of value evolving over their life-cycle
Reserves revenue
Energy arbitrage
There is a wide range of new risk management
products that allow customers to manage increasing
intra-day price volatility
Batteries reduce the risk of transmission constraints –
particularly in the upper North Island – and provide a
lower cost alternative to natural gas-fired peakers for
short periods of generation. This substitution also frees
up gas supply for industrial, retail and C&I customers
Battery value drivers are expected to evolve over time
Offtake options
Portfolio benefits
Retail growth
Shifting must-run renewable generation from low
value off-peak periods to higher value peak periods
Offering of reserve and other ancillary services can be
co-optimised with storage and arbitrage opportunities
Combining batteries with baseload renewables (e.g.
geothermal) creates a shaped supply profile for retail
customers
Successful project requirements
Site location
(proximity
to load)
Availability and
cost of grid
connection
Cost of deployment
(including lithium
price cycle)
Experience in
project
execution
Shared on-site
services
(co-location)
Targeted sequencing
of roll-out (aligned to
market need)
2
Thermal generation displacement, intermittent
renewable growth and rising peak demand
support battery market opportunity
Battery market opportunity, MW
1
Under construction
3
1. Contact’s indicative market sizing expectation for batteries is based on Contact’s analysis of the thermal generation displacement opportunity, growth in intermittent renewable generation and analysis of
recent trends in rising peak demand. Contact draws on a range of sources including its own market modelling (which includes reference to Energy Link data) as well as EMI and Transpower data. | 2. Includes
batteries over 30MW where commissioning has been completed. Meridian’s Ruakākā BESS (100MW) and NewPower’s Rotohiko BESS (35MW). | 3. Includes batteries over 30MW which are under construction
and / or not yet commissioned. Genesis’s Huntly BESS (100MW) and Contact’s Glenbrook-Ohurua battery (100MW) and Glenbrook battery 2.0 (200MW).
Current operational
and under construction
Contact’s estimate
of total current
market opportunity
700 to 900
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Operational
2
535
16
Glenbrook battery 2.0 would expand Contact’s battery capacity to
300MW, adding new flexibility to help manage market volatility and
support further decarbonisation
Key investment metrics - expected
Battery capacity
200MW
Modular
112 Tesla
Megapacks
1
Total project cost
$235M
3
Target schedule
Online
Q1 CY2028
1. Tesla has been selected to supply its Megapack 2XL battery energy storage system and to provide commissioning and long-term maintenance services. | 2. Based on a range of sources including reserves, price arbitrage,
fuel cost savings and third party sales. | 3. Includes sunk cost of $5.4M. An additional $8M has been approved by the Board for a scenario where a broader range of risks materialise, taking total approved costs to $243M. If
the additional $8m is required, the target IRR would reduce by ~0.4%. | 4. Target ungeared project IRR. | 5. Based on announced construction costs on a $/MW basis.
Expected
EBITDAF
2
~$29M (FY31 in-year)
%
Target IRR
4
Over 10%
Operating costs
(from first full year
with escalation)
~$7M p.a.
Lowest cost
committed grid-scale
battery in the New
Zealand market
5
Enables shift of
must-run
generation into
peak periods
Substitute for natural
gas in peaking
generation and enables
reallocation of natural
gas to other customers
Leverages strategic
partnership with NZ Steel
at Glenbrook, close to
Auckland load and
transmission
Supports supply
into new
Super-Peak hedge
market
✓✓✓✓✓
Strategic benefits
Replicated technology,
design and
contracting approach
supports cost and
delivery confidence
✓
Storage duration /
discharge
2 hr /
~400MWh
Responds to market need, demonstrated by increasing spreads in intra-day pricing and rising natural gas prices
Note: Battery will be located on land, immediately adjacent to the Glenbrook-Ohurua battery, leased from NZ Steel under a 35-year lease agreement.
Strong interest
from a range of
third party off-
takers for battery
products
✓
Contributes to
addressing winter
peak demand
concerns
✓
~$35-$40M (Fully ramped, post FY31)
2
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17
Investment in Glorit solar is expected to bring new renewable
generation to market to meet contracted new demand
Key investment metrics –
expected (Contact)
Capacity /
output
~150MWac
~285GWh p.a.
Generation under
PPA to Contact
80% of output
~230GWh p.a.
Project
costs
2,3
~$305M
~$2M/MWac
>70% project financed
Online
Q3 CY2028
%
Contact target IRR
1
Over 12%
Operating
cost and
SIB capex
~$20/MWh p.a. (real)
Upper North Island
generation, close to load,
benefits GWAP and the
settlement under the PPA
Delivers on the combined
strengths within Contact’s JV
with Lightsource bp
Speed to market to support
>500GWh of contracted new
summer-weighted demand
JV structure (50/50) and >70%
project finance
3
reduces
Contact’s required total
capital outlay
✓✓✓✓✓
Strategic benefits
Connection into
strong point on
transmission grid
✓
1. Includes joint venture returns and margin on acquired generation. Return on acquired generation will ultimately depend on sales channel and market conditions. | 2. Includes development costs. Indirect overheads and
financing costs of $42M excluded. 3. While the joint venture is well advanced with lenders the final numbers could deviate from those presented here once outstanding activities are completed. Until those activities are
completed, adverse movement in market conditions, including interest rates and foreign exchange rates, could result in the project not being confirmed to proceed.
Comprehensive EPC
contract with EPC JV
holding a strong track
record of delivery
(Remainder sold merchant within JV)
Key investment metrics –
expected (Project)
Contact
PPA term
15 years
Target
schedule
Contact has already contracted over 500GWh p.a. of new summer-weighted load in the dairy sector
2
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18
Enhanced ability to accelerate accretive development
pipeline opportunities
Contact31+ investment strategy and investment
prioritisation framework assumes a ‘disorderly
decarbonisation’ energy demand scenario
1
An ‘accelerated renewables’ scenario
1
would support
increased renewables investment and an acceleration
of Contact’s development pipeline
Multiple development projects have the ability to be accelerated
The equity raise is expected to enhance Contact’s ability to advance
one or more of these projects into the Contact31+ strategy execution
window if market conditions and project economics are supportive
Contact development pipeline options
subject to FID and under assessment,
TWh
2
New Zealand electricity demand scenarios,
TWh
1
Contact development projects and
options by commitment stage,
TWh
2
Committed Contact31+
growth projects
High priority proposed
Contact31+ growth
projects subject to FID
3
Future development
pipeline options
under assessment
1. Contact’s modelled market scenarios (‘accelerated renewables’, ‘disorderly decarbonisation’, ‘slow transition’) were developed incorporating Energy Link modelling and Contact information to support Contact31+ strategy
development. These are not market forecasts, but are potential future scenarios used to test strategic planning. Of these scenarios, ‘accelerated renewables’ assumes significant growth in demand as New Zealand
electrifies at pace, ‘disorderly decarbonisation’ assumes slower demand growth, reflecting demand exit and delay to committed decarbonisation projects and ‘slow transition’ assumes a sharp slow-down in transition and
cancellation of near term committed projects. These scenarios do not cover all possible futures, reflect various assumptions by Contact, have not been independently assessed and are different to the various scenarios
modelled by MBIE as part of MBIE EDGS.| 2. Measured as at 1 February 2026. Excludes batteries. For consistency with our comparison to competitor pipelines (slide 8), options are only included where land access has been
secured. | 3. Excludes Tauhara 3 for consistency when measuring and comparing pipeline size with competitors. Consent on, and access to, new areas is required for this proposed project to advance.
40
45
50
55
60
65
70
202520302035204020452050
Disorderly decarbonisationAccelerated renewables
Slow transitionMBIE EDGS reference
Next ~5 years
~5-10 years
~10+ years
Solar
Geothermal
3
Wind
0.38
0.5
0.7
~12TWh
3
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19
Section 3
Financial
Impacts
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20
Enhanced ability to bring forward development pipeline
opportunities
•Proceeds of the equity raise are expected to enhance Contact’s ability to accelerate further development pipeline opportunities which are
in line with the Contact31+ capital allocation framework
•Equity raise is expected to reduce Contact’s 1H26PF S&P net debt / EBITDAF ratio from 2.8x to 2.3x
1
•Average S&P net debt / EBITDAF ratio is expected to remain in Contact’s target range of 2.6x – 2.8x over the medium term
•FY31+ EBITDAF targets are maintained, with potential upside from the acceleration of future growth opportunities
2
•Contact reaffirms its expectation to lift the total dividend in FY26 to 40cps and between 41 and 42cps in FY27
3
Net Debt / EBITDAF
Includes S&P adjustments
1
1. Illustrated here on a point basis, based on expected S&P adjustments. See slide 19 of Contact’s 1H26 results presentation for an explanation of Contact’s estimated 1H26 S&P net debt / EBITDAF ratio. 1H26 pro forma
(PF) illustrates the impact of the estimated net proceeds from a $525M equity raise on Contact’s estimated 1H26 S&P net debt / EBITDAF of 2.8x. | 2. Refer to slide 18 for more information on the potential for
acceleration of future growth opportunities. | 3. New shares issued in the equity raise won’t be eligible for the interim FY26 dividend announced on 16 February 2026. All future dividend decisions are at the
discretion of the Board at the time. | 4. Reflects initial impact of February 2021 equity raise, undertaken concurrent with the approval of the investment to build the Tauhara geothermal plant.
Borrowing maturities, $M
Average tenor of 7.5 years as at 31 December 2025
2.4x
FY20
1.4x
FY21
1.8x
FY22
2.6x
FY23
2.7x
FY24
2.3x
FY25
2.8x
1H26
2.3x
1H26PF
Contact target leverage
(2.6-2.8x)
S&P BBB threshold (3.0x)
4
350
434
435
1,011
225
250
1475
300
6
250
350
92
4
FY26
7
FY27
22
4
FY28
67
FY29FY30FY31FY32FY33FY52FY55
24
82
367
717
Undrawn bank facilities
Drawn bank facilities
Domestic bonds
USPP
NEXI
Capital bonds
AMTN
EMTN
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21
Section 4
Offer
details
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22
$525M equity raise comprising $450M Placement and $75M Retail Offer
Offer summary
Offer size and
structure
•$525M equity raise comprising:
‒a fully underwritten Placement of $450M; and
‒a non-underwritten Retail Offer to raise up to $75M (with the ability to accept oversubscriptions at Contact’s discretion)
•Approximately 60 million new shares to be issued (equivalent to 6.0% of current issued capital) assuming $525M raised at the Placement price
•Offer structure is designed to achieve the objective of providing almost all existing shareholders the opportunity to subscribe for at least their pro rata portion of the
equity raise, on a best efforts basis
Use of proceeds
•The proceeds of the equity raise will be used to advance the execution and potential upsizing of renewable energy projects which accelerate the Contact31+
strategy
Placement Price
1
•Issue price under the Placement of NZ$8.75 per share (Placement Price) representing:
‒7.2% discount to the ex-dividend adjusted last closing price of NZ$9.43
2
‒7.9% discount to the ex-dividend adjusted 5-day volume weighted average price (VWAP) of NZ$9.51
3
Retail Offer
•Non-underwritten Retail Offer of up to $75M with discretion to scale applications or accept oversubscriptions
4
•Eligible shareholders will be invited to apply for up to NZ$100,000 (in the case of Eligible Shareholders in New Zealand) and A$41,000 (in the case of Eligible
Shareholders in Australia) of new shares in the Retail Offer
•The maximum application size has been selected with the objective of enabling as many eligible retail shareholders as possible to apply for their pro rata share of
the equity raise
•New shares under the Retail Offer will be issued at the lower of the Placement Price or a 2.5% discount to the 5-day VWAP of Contact shares traded on the NZX up
to, and including, the closing date of the Retail Offer
•Eligible shareholders should read the Retail Offer booklet which contains important information about the Retail Offer, eligibility criteria and the process to apply for
new shares
Ranking of new
shares
•New shares issued under the Placement and Retail Offer will rank equally with existing Contact shares
•New shares issued in the equity raise will not be eligible to receive the declared FY26 interim dividend
•New shares to be quoted on the NZX and ASX following allotment
Risks
•Refer to Appendix 2 for a summary of key risks associated with an investment in Contact and the Offer
Underwriting
•Placement is fully underwritten
•Retail Offer is not underwritten
1. The placement reference prices have been adjusted to reflect that the new shares issued in the equity raise will not be eligible to receive the declared FY26 interim dividend. | 2. Represents the NZX market
closing price of $9.59 on 13 February 2026 less the declared FY26 interim dividend of $0.16. | 3. Represents the 5-day VWAP up to and including 13 February 2026 of $9.67 less the declared FY26 interim dividend
of $0.16. | 4. Contact may scale applications or accept oversubscriptions at Contact’s discretion. If Contact decides to scale applications, it will do so by reference only to the number of fully paid shares held by
those shareholders accepting the Retail Offer at 7:00pm NZDT on 13 February 2026. Refer to the Retail Offer booklet for further details regarding the approach to scaling.
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23
PlacementDate / Time
Trading halt and Placement bookbuildMonday, 16 February 2026
Announcement of results of Placement and trading halt liftedTuesday, 17 February 2026
ASX settlementThursday, 19 February 2026
NZX settlementFriday, 20 February 2026
Allotment & commencement of trading of new shares on
NZX/ASX
Friday, 20 February 2026
Retail OfferDate / Time
Record Date
7.00pm NZDT / 5.00pm AEDT on
Friday, 13 February 2026
Expected release of Retail Offer DocumentThursday, 19 February 2026
Retail Offer opensThursday, 19 February 2026
Retail Offer closes
5.00pm NZDT / 3.00pm AEDT on
Friday, 6 March 2026
Announcement of results of Retail Offer, together with the issue
price (in NZ$ and A$) of new shares under the Retail Offer
Thursday, 12 March 2026
Allotment of shares on NZX and ASXFriday, 13 March 2026
Commencement of trading of new shares on NZXFriday, 13 March 2026
Commencement of trading of new shares on ASXMonday, 16 March 2026
Equity raising timetable
1
1. The above timetable and all dates are indicative only and subject to change (subject to NZX Listing Rules, ASX Listing Rules and
applicable laws).
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24
Concluding remarks and Q&A
Compelling market opportunity as New Zealand’s energy transition
continues
Contact is well positioned as New Zealand’s most diversified generator
with the largest national renewable pipeline
1
Contact is launching a $525M equity raise to advance the execution and
potential upsizing of renewable energy projects which would accelerate
the Contact31+ strategy. This includes funding for:
−pre-FID drilling on Tauhara 2 to advance steamfield development and
explore upsizing target capacity from 50MW to 60-70MW
−Contact’s investments in the Glenbrook battery 2.0 and Glorit solar
development projects
Proceeds are also expected to enhance Contact’s ability to accelerate
development pipeline opportunities which are in line with the Contact31+
capital allocation framework
Capital raised will be deployed in line with the Contact31+ capital
allocation framework
−Attractive investment options across a diversified
development pipeline comprising 11TWh of generation
and 700MW of uncommitted battery capacity
1. Excludes under construction projects. Also excludes 3rd party solar purchases, pre-pipeline opportunities and other prospects where
access is not yet secured. The large majority of options in these pipelines remain subject to resource consent approvals. Sourced from
most recent company announcements.
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25
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Appendix 1
Supplementary
information
26
-
50%
100%
150%
200%
250%
2016201720182019202020212022202320242025
Accumulated capital gain
Accumulated dividend gain
Historic performance
Note: Historic performance is not an indication of expected future performance. The above historic accumulated total shareholder returns only cover the prior 10 year period, and do not represent, and should not be
taken to imply, any longer term historical or future trend. There is no assurance as to future share performance of Contact which can fluctuate rapidly and significantly due to various reasons, including those
discussed under “Key Risks” in Appendix 2. Further, Contact is not required to pay dividends which is at the complete discretion of the board, and the payment of any such dividends can vary or be cancelled.
1. Returns as at 31 December. | 2. The accumulated total shareholder return reflects the cumulative percentage return over the period, assuming all dividends are reinvested on the ex-dividend date.
Portfolio simplification while transforming Retail (2016-2020)
Strategic re-focus on growth projects (2021-2025)
Partnership with
Roaring 40’s for
wind development
Rio Tinto
announced
plans to shut
NZAS
Underwent retail
transformation focused on
reducing cost-to-serve
Underwent
branding
refresh
Divested Ahuroa Gas
Storage facility (AGS);
retained rights to
access storage
Started selling
broadband via fibre-
optic and copper lines
NZ government
announced ban on
new offshore oil and
gas drilling
Ownership in
Simply Energy
increased to 100%
Western
Energy
acquired
Contact26
strategy
introduced
Manawa
acquisition
announced
Contact31+
strategy
introduced
Major events
Manawa
acquisition
completed
NZAS long-term
supply agreement
reached, with
demand response
FID on 100MW
Glenbrook-
Ohurua battery
FID on
Kōwhai
Park solar
FID on Te
Mihi Stage 2
geothermal
2
2
11.7%
Total shareholder return CAGR
2016 - 2025
1
Calendar
year
Joint venture with
Lightsource bp for
solar development
FID on Te
Huka 3
geothermal
FID on
Tauhara
geothermal
Historic accumulated total shareholder return, %
1
Track record of delivery
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27
Project Technology
Capacity
(MW /
MWac)
1,2
Estimated
output
(GWh)
Expected
online date
Earliest
available
investment
decision
3
Project status
Land
secured
Consent
lodged
Consented
Under
construction
Committed
Kōwhai ParkSolar 150275Q2 CY2026
Glenbrook-Ohurua Battery100n/aQ1 CY2026
Te Mihi Stage 2Geothermal101840Q3 CY2027
GloritSolar150280Q3 CY2028
Glenbrook battery 2.0
4
Battery200
4
n/aQ1 CY2028
High
-
priority under Contact31+
ArgyleSolar80180FY27
StratfordSolar150300FY27
SouthlandWind>3251,210FY27
HuriwakaWind250890FY27
Stratford
4
Battery 200n/aFY27
Tauhara 2 Geothermal50415FY27
Te Mihi Stage 3
5
GeothermalUp to 100Up to 830FY28
Tauhara 3
5
Geothermal
Up to 100Up to 830FY30
Assessing
Kaihiku (JV)
6
Wind
3001,060
KaiparaSolar
100190
PoutoWind
>400~1,500
HapuakoheWind
250710
Mackenzie BasinSolar
250540
OtotokaWind
150530
MarlboroughWind
100330
Other solar Solar
7101,430
Other windWind
250850
An attractive and diversified pipeline of development options
1.Final size of wind projects to be confirmed.
2.Capacity for solar projects is shown as MWac.
3.All available FID timings to be confirmed.
4.500MW consent granted at each of Glenbrook and
Stratford, including 300MW investment approved at
Glenbrook.
5.Fluid take partially consented.
6.Kaihiku is a 50:50 JV with 300MW total capacity.
Solar options
Wind options
1
Land access secured
Consenting underway
Consented
~7TWh
4
3
~3TWh
Combined solar and wind
pipeline options of ~10TWh
2
0.5
0.2
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Appendix 2
Key risks
29
This section summarises the key risks that Contact has identified in connection with the Offer. Investors should read this section carefully because these risks may materially adversely affect the future operating and financial
performance of Contact, and its share price.
Like any investment, there are risks associated with an investment in Contact's shares. This section does not set out all of the risks related to an investment in Contact shares, the future operating or financial performance of
Contact, the Offer, or general market or industry risks. The summary of key risks set out below represents Contact's current assessment of these risks. However, that may change either during the course of, or following, the
Offer. Some risks may be unknown and other risks, currently believed to be immaterial, could turn out to be material. There is no certainty as to the severity or likelihood of any such foreseen and unforeseen impacts arising nor
whether any mitigating action will be effective or can be taken. Accordingly, the key risks that Contact faces are inherently uncertain and will continue to change.
Investors should make their own assessment of the key risks set out in this section before deciding whether to invest (or invest further) in Contact. Investors should also refer to Contact’s NZX and ASX market announcements,
including its interim financial statements and 2026 interim results presentation for the six months ended 31 December 2025, its annual financial statements, FY25 Integrated Report and results presentation for the year ended
30 June 2025, its monthly operating reports and its November 2025 Capital Markets Day presentation on the Contact31+ strategy.
Investors should also consider whether such an investment is suitable in light of their individual risk profile, investment objectives and personal circumstances (including financial and taxation issues). Investors are encouraged
to consult with a financial or other professional adviser.
Key Risks
Key RiskDetails
Oversupply /
reduced
demand risk
An oversupply in the energy market, or a sustained reduction in demand for electricity, poses a risk to Contact. When supply outpaces demand, wholesale electricity prices typically fall, which can reduce
earnings.
Potential key contributors to oversupply include, for example:
•persistently high water levels in major storage lakes resulting from prolonged regional weather conditions, which can lead to increased hydroelectric generation;
•a downturn in demand from large industrial consumers – who are among the largest purchasers of electricity;
•the rapid expansion of renewable energy generation, particularly if new capacity comes online faster than demand grows;
•an increase in distributed generation, including roof-top solar with residential or commercial scale battery storage, and new generation from existing electricity distribution businesses if regulatory
restrictions on ownership of generation are relaxed; and
•a reduction in demand as a result of a recessionary economic environment. Overall electricity consumption may decline as businesses scale back operations and households reduce usage as a
result of a recessionary economic environment, compounding the risk of oversupply.
Gas availability in New Zealand remains limited, with upstream gas wells experiencing accelerated decline rates, reducing the volume of gas available for industrial use, electricity generation and consumer
supply. However, if Methanex, one of New Zealand’s biggest users of gas, was to close its plants and cease operations in New Zealand, such a closure may, despite a wider shortage of gas availability in the
long term, create a short-term over-supply of gas available to be used for thermal generation pending gas field closure. This scenario may adversely impact the financial performance of Contact,
particularly if Contact’s long-term gas supply agreements, including its arrangements entered into with Greymouth Petroleum that commenced in October 2025, are at higher prices than any
consequential market correction, locking Contact into unfavourable terms.
Contact is party to a firming option with Genesis Energy to manage dry year risk which includes contribution to a strategic energy reserve at Huntly. Although there are benefits to Contact in cases of
generation undersupply and / or increased energy demand, the cost of this arrangement may not be recovered in circumstances of oversupply or reduced demand where it is not required to be used. The
risks described below under Regulatory risk and Change in competitive environment risk could also contribute to the risk of oversupply / reduced demand.
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Key Risks
Key RiskDetails
Undersupply /
increased
demand risk
Energy market undersupply and / or increased demand could occur, leading to unsustainably high wholesale prices and / or an adverse government intervention. If Contact is unable to generate sufficient
electricity to meet its own customer demand it would need to purchase electricity from the wholesale market or directly from other generators, most likely at significant cost. Where retail pricing is unable
to recover the full cost of generation or acquisition of electricity and the full cost of distribution, the profitability and value of Contact’s business could be adversely affected. Contact has tools available to
help manage undersupply and / or increased demand including the entry into long term power purchase agreements, a demand response agreement with New Zealand Aluminium Smelters, an option
with Genesis Energy in relation to Huntly power station and other customer demand responses. However, these and other tools may not be effective to manage all of Contact’s risk of undersupply and / or
increased demand risk.
Undersupply and / or increased demand risk may materialise in some of the following ways, all of which can impact Contact’s overall financial performance and business:
•shorter to medium-term:
‒lower than typical levels in major storage lakes in key locations throughout New Zealand (as experienced in the winter of 2024 and first half of 2025), sudden thermal plant retirement,
coincident fuel constraints, major plant or grid outage, and further unexpected reductions in gas field delivery;
‒ongoing decline or faster decline in gas supply and ongoing drilling activity than anticipated, leading to scarcity across the gas market and the potential for increased fuel costs;
‒global supply chain constraints due to global demand for renewable energy development or geopolitical events. These may be exacerbated by electricity network refurbishment,
redevelopment or expansion offshore with the world currently experiencing a shortage of transformers for grid connection; and
‒Resource Management Act 1991 (Resource Management Act) (or any replacement regime) consenting requirements causing delays to the building of renewable generation; and
•longer-term:
‒loss of flexible types of generation may make intermittent renewable generation less effective in addressing generation shortfall;
‒limited forward investment in existing gas fields or no new gas field discoveries, thermal generation retirements, and an inability of gas producers to attract capital for development
reducing the availability of gas to contract and the reliability of the electricity supply system leading to loss of gas as a viable fuel source and higher prices;
‒inability of network and transmission investment to keep up with demand increases and investment into renewable generation, and an increased risk from low hydrology years; and
‒faster than expected decarbonisation to meet emissions targets increases the demand for electricity before additional renewable generating stations are built.
Regulatory
risk
The activities of Contact are subject to various laws, regulations and government policies. This is a complex and constantly changing regulatory environment which is subject to the prevailing political
climate. Any material adverse changes in relevant laws, regulations or government policies, including due to an increased burden on the business as well as risks and direct costs associated with
compliance, may affect the financial performance of Contact.
Changes to market regulation by the Government or regulators such as the Electricity Authority or the Commerce Commission could have a material impact on Contact’s financial performance. The
Electricity Authority and Commerce Commission have jointly established an Energy Competition Task Force to investigate ways to improve the performance of the electricity market. The Task Force was
established in response to the fuel shortage and period of sustained high wholesale prices in August 2024. It remains an ongoing committee and its work programme may give rise to market reforms that
adversely affect Contact. There is also a risk of further government intervention if energy prices significantly impact consumers, and / or businesses and industrials are unable to economically operate due
to wholesale electricity prices, network costs and gas prices being passed on, resulting in negative financial impacts and reputational damage.
The Commerce Commission, which enforces the Commerce Act 1986 and Fair Trading Act 1986, has signalled a more proactive enforcement approach in its latest enforcement priorities. This includes a
stronger focus on litigation, as evidenced by recent proceedings initiated for alleged breaches of competition and consumer laws. As a result, there is heightened regulatory focus in relation to Contact’s
compliance with competition and consumer laws. Any enforcement action could result in financial consequences and reputational damage.
Contact may also be adversely affected by changes in laws, regulations or government policies to give effect to recommendations of bodies such as the Waitangi Tribunal, which examines claims by Māori
that the Crown has acted inconsistently with the principles of the Treaty of Waitangi and makes recommendations to the government on how to address the breach, which may include regulatory change.
Active Waitangi Tribunal inquires include claims in respect of freshwater and geothermal resources. Those inquiries remain ongoing. Any resulting regulatory change may limit Contact’s access to
resources needed for its operations or make access to those resources more expensive.
The New Zealand General Election in November 2026 may lead to change in regulatory policy settings, market structure change, change in government ownership of the national transmission grid or
investment in the Mixed Ownership Model energy companies, involvement of government as a participant or procurer in the industry (for example, via government led investment in flexibility such as
through liquified natural gas importation or a pumped hydro scheme), or further regulation of the energy sector, whether or not there is a change of government.
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Key Risks
Key RiskDetails
Significant or
prolonged
infrastructure
damage risk
Contact is dependent on a number of key generation and transmission assets located throughout New Zealand, not all of which are owned by or under its control. These assets, ancillary assets or
infrastructure connecting those assets to transmission and distribution networks, could be damaged or destroyed by a natural disaster such as a major volcanic eruption, earthquake, storm or flood. This
could result in a major interruption in Contact’s ability to generate and dispatch electricity into the market, having a material adverse impact on its financial position and performance.
Some of Contact’s plant and equipment is approaching the end of its expected service life. For example, Wairakei geothermal power station was constructed in the 1950s and is in the process of being
replaced, including through the construction of Te Mihi Stage 2. Even where well maintained, aging assets increase the risk to Contact of unbudgeted capital expenditure, unplanned outages and / or
operational or environmental non-compliance. Contact has recently started the process of decommissioning some of its thermal generation in Taranaki (TCC), which has been removed from service, so has
less back-up supply available to it in the case of unplanning outage pending completion of new geothermal and battery projects under construction. This means Contact is more reliant on its existing
thermal peaking plants to manage risk.
Contact’s operations are also susceptible to human error in the operation or maintenance of plant and equipment, as well as to malicious acts including sabotage or terrorism. Any such event could result
in physical damage to generation assets, prolonged outages, or safety incidents. The cost of repairs, lost generation revenue, and potential liability to third parties could have a material adverse effect on
Contact’s financial condition, operations and reputation. Delays in the availability of critical spare parts, equipment, or skilled personnel, particularly in the aftermath of a major disruptive event, could
exacerbate this.
There can be no assurance that any insurance Contact has would be able to cover Contact against all risks and liabilities, and that the insurance sum would cover the full replacement value of all plant, loss
of business, liability to third parties and all possible adverse events. In the event that Contact experiences a loss or liability, the proceeds of insurance (if any) may not respond to cover the full actual loss
incurred or related liabilities. Contact does not insure for all risks. Contact cannot be certain that insurance coverage for potential liabilities and losses that Contact wishes to insure will be available to
Contact in the future on commercially viable terms.
Consenting
risk
Consenting risk refers to the risk arising from uncertainties in connection with obtaining or renewing necessary consents and approvals from governmental, regulatory or other authorities.
Contact’s ability to execute on its development pipeline could be impacted by a failure to get consents for new development projects, or delays in consents being granted could result in delays in project
delivery and additional costs being incurred. This could impact future earnings or the timing of those future earnings from those projects. For example, in March 2025 the Expert Consenting Panel
convened under the COVID-19 Recovery (Fast-track Consenting) Act 2020 declined Contact’s consent application for its proposed Southland Wind Farm project and the Ministry for the Environment
declined to refer Contact’s proposal to allow access to additional storage at Lake Hawea to a ‘fast track’ approval process under the Fast-track Approvals Act 2024. While Contact has re-applied for consent
for the Southland Wind Farm project under the Fast Track Approvals Act, this has resulted in delays to the project timeline and additional cost, with no certainty that consent will be granted or that the
terms of such consent will be acceptable.
If consents are granted but are subject to onerous consent conditions, project delivery costs may increase or the future potential earnings from a project may be reduced. Appeals of consents granted to
Contact can also further delay projects.
In addition, failure to achieve re-consents for existing generation assets when existing consents expire, or for those re-consents to be granted on less favourable terms, may impact the operations and
profitability of existing assets.
Execution of
development
pipeline
Consistent with the Contact31+ strategy, the Offer is being made to advance the execution and potential upsizing of renewable energy projects which would accelerate the Contact31+ strategy. Successful
delivery on Contact31+ requires execution of this pipeline on a sustained basis. There are a number of project development risks that may impact the pipeline, timing and feasibility of projects. These
include:
•failure of projects to meet target financial returns or external funding requirements. This may be affected by alternative uses of capital available at the time, the costs of capital to Contact, risk
considerations and other factors;
•availability of a suitable partner for new wind projects;
•the smooth operation of joint ventures or strategic partnerships that have been formed for development projects;
•availability of suitable suppliers and contracting counterparties for Contact developments;
•global supply chain constraints due to global demand for renewable energy development or geopolitical events (such the current worldwide shortage of large electrical transformers). These constraints
may impact costings and timings and ultimately impact the business case for a project;
•inability of network and transmission investment to keep up with demand increases and investment into renewable generation, with distribution constraints impacting project viability;
•consenting delays, onerous conditions to consents, or consents declined or appealed; and
•other considerations that may lead to a project not being approved.
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Key Risks
Key RiskDetails
Project and
resource risks
Development projects undertaken by Contact will carry construction and project-related risks that would be considered normal for those types of investment. These risks include the risk of accident or
other health and safety events, supply-chain risks, errors in design, construction or commissioning difficulties or defects, geotechnical conditions varying materially from what is expected, lack of availability
of specialist equipment or people, unfavourable weather conditions for construction, contractor default, delay, cost overrun where pricing is not fixed and failure to achieve intended specifications. Any
delays to development projects could potentially result in increased operating costs and may have adverse impacts on Contact’s future business operations and profitability.
Contact may also implement new projects to maintain and improve assets, reduce operating expenses, and introduce new products and services. Any such projects will be subject to project-related risks
as described above.
There is also the risk that Contact’s projects, even if successfully constructed, do not deliver the benefits to Contact that were envisaged at the time the project was approved. Reasons for this may include
poor design, incorrect assumptions, lack of clarity of purpose, faulty equipment or latent defects, failing to account for unknowns, change in market conditions or preferences, poor integration or premature
obsolescence.
Supply chain
risk – goods
and services
Contact purchases certain goods and services from suppliers to build, maintain and operate its generation assets, deliver customer services and support corporate functions. These include suppliers of
specialised equipment, maintenance services, software systems and third-party labour. Any disruption in the supply of critical goods or services could impair Contact’s ability to maintain asset
performance, deliver projects on schedule or meet customer expectations. Contact can become reliant on its suppliers to continue to maintain and support assets and systems implemented in the past,
where often there is not an alternative supplier immediately available to provide maintenance and support.
In addition to operational risks, there is also a risk that suppliers may not meet the ESG standards Contact has set for itself, particularly in areas such as emissions reduction, labour practices, modern slavery,
and ethical sourcing. Failure to uphold ESG standards across the supply chain, particularly where supplier practices conflict with Contact’s public ESG commitments, could result in reputational damage or
regulatory scrutiny and may undermine Contact’s positioning as a responsible and sustainable business.
Information
technology
systems and
infrastructure
risk
Contact is reliant on the performance of its and its suppliers’ technology infrastructure and systems to manage its widely geographically distributed generation assets and other plants. The success of
Contact’s business will depend on the efficient and uninterrupted operation of this infrastructure and these systems. System interruptions may result from occurrences such as changes to systems,
equipment failure, human error or natural disasters. In addition, Contact’s technologies, systems and telecommunication networks may potentially become the target of cyber-attacks, including but not
limited to, sabotage, criminal or cyber security threats, computer viruses, malicious code, phishing attacks or information security breaches. Such attacks may exploit vulnerabilities in Contact’s systems.
There can be no guarantee that measures implemented by Contact to safeguard its information technology infrastructure or systems will be effective in preventing or mitigating the impact of cyber-attack
or system failure. If its information technology infrastructure or systems were to be interrupted, compromised or damaged, this could result in the disclosure of confidential or commercially sensitive
information, and a breach of legal or regulatory obligations relating to confidentiality, data protection and privacy. There is also a risk that Contact could suffer an outage of business critical systems or a loss
of control of assets, potentially leading to operational disruptions such as an inability to dispatch electricity into the market or adjust to pricing variations, resulting in revenue loss, material harm to its
reputation, the risk of physical damage or injury and / or significant expenditure to restore functionality.
Information technology involves significant investment by Contact, with future digital technologies potentially requiring additional resource and capital commitment to implement and maintain. Material
investment may be required to retain Contact’s position in its markets or as part of its operations. Material investment in digital technology is undertaken carefully but implementation risks are significant
in such projects. Contact may invest in technology solutions, large databases or virtual products that involve material costs and which ultimately do not deliver expected benefits or which require
significant additional investment to reconfigure or replace.
Data securityWith a large and diverse customer base, Contact holds large volumes of confidential personal and business data within its systems. Data held by Contact may be accessed or used in an unauthorised
manner, whether through cyber-attacks, system breaches or human error. The frequency and sophistication of cyber-attacks on businesses is growing.
As more business systems and processes move to a digital environment, the consequences of a successful cyber-attack become more severe. From time-to-time Contact also experiences malicious actor
attempts to gain access to its information or systems. If Contact suffers a successful major cyber-attack or a data security breach, its reputation could be damaged – which could lead to a loss of existing
customers, an inability to attract new customers, and a corresponding loss in revenue. Contact may also incur regulatory fines, penalties or claims as a result of any privacy breach.
A successful cyber-attack could also compromise control over its assets, potentially leading to operational disruptions such as an inability to dispatch electricity into the market or adjust to pricing
variations, resulting in revenue loss, material harm to its reputation, the risk of physical damage or injury, and / or significant expenditure to restore functionality.
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Key Risks
Key RiskDetails
Capability and
capacity risk
There is no assurance that Contact will continually be able to attract, retain and engage employees of the right skillset and experience particularly given the strong competition for skilled workers in the
energy industry. In particular, there is a shortage of trained station operators and technical specialists can be hard to secure, either as employees or outsourced expertise. More generally, some aspects of
Contact’s development and construction projects rely on external capability and capacity outside of Contact.
As Contact’s operations expand or current employees retire or leave, this may result in a shortage of skilled or experienced workers or contractors in critical roles and may lead to delays in the delivery of
projects or cost overruns, and could adversely affect Contact’s ability to deliver on its strategic goals and objectives.
Contact may incur increased labour costs in seeking to attract and train new employees from a limited pool of skilled and experienced workers. This may also result in increased reliance on external
contractors or consultants, which could elevate operating costs, disrupt organisational culture and reduce employee engagement and internal capability over time.
Economic
downturn and
general
macroeconomic
conditions
Adverse changes in general macroeconomic conditions in New Zealand and globally, including periods of economic downturn or recession, heightens existing risks and introduces new challenges.
Geopolitical uncertainty, such as that resulting from the Russia-Ukraine conflict, ongoing tensions in the Middle East and tariffs introduced by the United States under the Trump administration, has in
recent times caused significant volatility in financial markets and may negatively affect general macroeconomic stability, with potential adverse impacts on Contact’s business and financial position.
These factors may affect both short-term results and long-term strategic objectives of Contact including:
•greater costs and/or constraints on the business, including construction and project-related costs and supply chain risks;
•a potential reduction in electricity demand, particularly among commercial and industrial consumers, who may scale back production, reduce operating hours, or even cease operations.
Contraction in demand from commercial and industrial consumers can increase the risk of oversupply of generation capacity and depressed pricing in the wholesale market;
•residential and business consumers may experience greater difficulty in meeting their energy costs with the result that there may be increased regulatory focus on pricing or other intervention.
Rising unemployment, reduced household incomes and tighter credit conditions can also lead to higher levels of customer arrears and bad debt; and
•a wider market reluctance to commit to growth projects due to uncertainty.
These risks could adversely impact Contact’s ability to operate its business and / or implement its ongoing capital investment projects.
Risks relating to
Contact’s retail
business
In the coming years Contact expects there will be a material increase in costs for Contact’s retail business through changes to distribution and transmission pricing and the underlying cost of energy.
Retail tariff changes may not be able to recover the cost of electricity along with the large increase in network costs. Contact’s retail business is currently forecast to be loss making in FY26. Other
electricity retailers are seeing the same cost pressures but may pass these costs on to customers at different times than Contact, resulting in some earnings volatility as Contact looks to recover costs and
remain competitive in the market. If forward electricity prices continue to remain high and tariff changes do not keep pace with the anticipated changes to input costs, the profitability of Contact’s retail
business may continue to be affected.
Customers are becoming more price-sensitive and service-aware, and if retail price increases are not matched by perceived improvements in service or value or there is any misalignment between
pricing and customer expectations this could lead to higher churn rates, reputational damage, and reduced customer lifetime value.
As energy costs rise, affordability becomes a growing concern for residential and business customers. Contact is exposed to customer credit risk and expects to see increased instances of late payments
and bad debt.
See also “Regulatory risk” above in relation to heightened regulatory focus in respect of Contact’s compliance with competition and consumer laws.
Change in
competitive
environment
The construction of new generation capacity by competitors could materially affect the prices Contact is able to achieve for its electricity sales in the wholesale market. See also “Oversupply / reduced
demand risk” above.
Contact’s ability to maintain its competitive position will depend on its ability to provide products and services that keep pace with consumer expectations at competitive prices and market trends. This
could be a challenge if there is a significant change in the competitive environment, potentially leading to a material adverse impact on revenue if Contact is not able to compete effectively and adapt to
evolving consumer expectations.
Contact operates in an industry that will be impacted by new technologies. Failure to keep pace with potential new technology developments could lead to Contact being less effective against its
competitors, resulting in an adverse impact on its financial performance. New technologies may also reduce the cost of new generation, enabling third parties, including new market entrants, to build
projects and secure customers faster than Contact.
Equity market
conditions
Share market conditions may affect the market price of Contact's shares regardless of its operating performance. Share market conditions are affected by many factors, including general economic
outlook, interest rates and inflation rates, changes in investor sentiment toward particular market sectors, the demand for, and supply of, capital, global events, terrorism or other hostilities, changes to
government regulation, policy or legislation. Particular securities may also be affected by factors such as the inclusion or exclusion of those or other securities in share market indices. Contact’s future
financial performance and the market price of Contact shares may be affected by these factors, which are outside of the control of Contact.
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Key Risks
Key RiskDetails
Environmental
and health &
safety risk
The nature of Contact’s business means that Contact and some of its workers and contractors could be exposed to hazardous materials, heavy machinery and dangerous plant. The nature of the plant and
equipment used in electricity generation may also cause contamination to the environment.
Contact has a strong focus on ensuring that the health and safety of its employees and contractors is paramount, including through imposing strict contractual requirements on, and management of,
services provided by third parties. Nevertheless, there is the potential for harm to occur at one of Contact’s sites which results in harm, serious injury or death. Non-compliance with environmental and
health and safety laws and regulations by either Contact or its employees or contractors could result in fines or penalties, remediation costs or claims made against Contact, as well as reputational damage.
Additionally, changes in health and safety or environmental regulations may require Contact to invest additional capital expenditure or incur higher monitoring costs.
Environmental
Social &
Governance
(ESG) risk
If Contact does not sufficiently consider and respond to ESG considerations in both its business strategy and investment decision-making, there will be a risk of adverse impacts upon its business.
Investors, regulators, customers, employees, and other stakeholders place a strong emphasis on ESG performance. New and more stringent regulatory requirements include reporting standards and
compliance obligations, covering issues such as carbon emissions, climate-related financial risks, modern slavery, diversity and inclusion and supply chain due diligence.
Companies must demonstrate not only compliance with minimum standards, but also leadership in transparency, accountability and responsible business conduct across all aspects of their operations.
Furthermore, institutional investors and lenders are increasingly integrating ESG criteria into their investment decisions, meaning that companies perceived as lagging in their ESG commitments may face
restricted access to capital, higher borrowing costs or divestment.
Reputational risk is also significant. Contact has set ambitious ESG targets, including achieving Net Zero for Scope 1 and 2 emissions from generation by 2035. If Contact is seen by stakeholders as failing to
meet its ESG targets and expectations, whether due to insufficient action, lack of transparency, failing to meet evolving ESG reporting standards or poor performance relative to peers, this may undermine
stakeholder confidence, attract scrutiny from regulators, and Contact may suffer damage to its brand, and diminished attractiveness as an employer. This can translate into reduced market share,
difficulties in attracting and retaining talent and may impact Contact’s ability to position itself as a leader in the energy transition.
Heightened expectations of stakeholder groups, including local communities and cultural partnerships, in areas that are impacted by particular assets lead to Contact incurring additional cost, and if those
expectations are not met, could restrict access to resources and cause reputational damage. Maintaining strong, respectful, and enduring relationships with local communities — including Iwi, Hapū and
Tangata Whenua — is critical to the success of Contact’s operations and future development projects. A failure to engage meaningfully or to uphold commitments with these stakeholders could result in
reputational damage, project delays, legal challenges, or the loss of social licence to operate.
In addition, there is a risk of legal or reputational issues as a result of allegations of “greenwashing”, if Contact’s public statements or marketing about its ESG initiatives are not matched by its actual
practices or outcomes.
These risks also extend to Contact’s supply chain, where failure by suppliers to meet ESG standards may undermine Contact’s own ESG commitments and stakeholder confidence (refer to “Supply chain
risk – goods and services” above).
Climate
change and
weather-
related risk
Climate change presents a risk to Contact’s business, operations and customers. The increasing frequency and severity of extreme weather events, such as storms, floods, heatwaves, droughts and
cyclones, can cause physical damage to infrastructure, disrupt operations, and increase maintenance and repair costs. Chronic climate impacts, including gradual changes in temperature, rainfall patterns
and water availability, may affect the operational capability of Contact’s generation assets.
Contact owns and operates numerous hydroelectric power stations, which together contribute a substantial portion of its total electricity generation. Changing climate conditions may potentially alter
rainfall patterns across New Zealand, leading to greater concentration and intensity of rainfall events and increased frequency of droughts. Therefore, Contact is exposed to the risk of its hydro plants being
unable to operate to full capacity (or at all) in the event of extremely low water levels. This may adversely impact the operations and financial performance of Contact, particularly in the case of prolonged
drought conditions. For example, in 2024, New Zealand experienced a hydrologically dry year, which impacted hydroelectric output. National hydro storage was significantly reduced, and heavier reliance
on thermal generation was required to meet demand.
Hydroelectric generation can also involve flooding and other risks (including risk to life) which may be exacerbated by changing weather patterns. While Contact carefully manages the operations of its
dams, Contact could be exposed to risk arising from events such as drowning, flooding, silting, falling or other events that affect other parties. Some or all of these risks may not be covered by insurance.
In addition, non-physical impacts of climate change, in the form of policy, regulatory, legal, technology and market responses to the challenges posed by climate change may adversely impact Contact’s
financial performance. Contact may face increased costs of compliance, investment in new technologies and potential liabilities for failing to meet regulatory or stakeholder expectations.
Manawa risksIn July 2025, Contact completed its acquisition of Manawa Energy Limited (Manawa).
There is a risk that Contact may become exposed to liabilities that Manawa has incurred or is liable for in respect of its respective prior acts or omissions, including liabilities which were not identified during
due diligence or which are greater than expected. These could include liabilities relating to historical accounting errors or mis-application of accounting standards, claims by taxation authorities, employee
claims or other potential employment law compliance claims, customer claims, regulatory compliance breaches and other claims or litigation.
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Key Risks
Key RiskDetails
Risks relating
to Contact’s
monthly
operating
reports and
forward-
looking
financial
information
Contact releases monthly operating reports on its actual performance. While these reports are a useful reference point for understanding Contact’s operational performance and business trajectory, they
are not audited or reviewed by independent auditors. Accordingly, they should not be relied upon as providing the same level of assurance or reliability as audited financial information statements.
Contact may also, from time to time, provide normalised and expected EBITDAF indications or other forward-looking indications to the market. Expected EBITDAF is based on mean hydrology conditions
and Contact’s assessment of events and conditions existing at the time. Dry hydrological conditions may necessitate increased use of more expensive thermal generation, which may adversely affect
Contact’s financial performance, including expected EBITDAF. Conversely an excess of water and / or must run intermittent renewables (e.g. wind) can lead to periods of low wholesale electricity prices
available on the spot market. Investors should be aware that reliance on forward-looking information carries the risk that Contact’s actual financial performance may fall short of expectations, potentially
affecting its ability to meet financial obligations or maintain credit metrics.
Such monthly operating reports and forward-looking financial indications are not incorporated by reference in this document.
NZX / ASX and
general equity
risk
Contact is listed on both the New Zealand Stock Exchange (NZX) and on the Australian Securities Exchange (ASX) with its ASX listing held under the “foreign exempt” category. While this dual listing
provides access to a broader investor base, it also exposes Contact to overlapping legal and regulatory regimes and can introduce additional compliance costs.
Any failure by Contact to comply with the applicable laws and regulatory requirements could adversely affect investor confidence and Contact’s ability to raise capital, and could result in shareholder claims
and / or enforcement action by NZX Regulation Limited (NZ RegCo), the Financial Markets Authority, the ASX, the Australian Securities and Investments Commission (ASIC) leading to reputational damage,
civil penalties, criminal prosecution, and in extreme cases, suspension or delisting from the NZX and / or ASX.
There are also general risks associated with investments in equity capital. Fluctuations in Contact’s share price can occur for many reasons, including as a result of movements in equity capital markets in
New Zealand and internationally. No assurances can be given that the new shares issued under the Offer will trade at or above the issue price. Neither the Company nor any other person named in this
presentation guarantees the performance of the Company or any return on any securities of the Company.
Risk
associated
with failure to
complete the
Offer
Failure to complete the Offer would mean Contact would proceed with the Contact31+ strategy as planned but with less flexibility to accelerate projects or respond to market conditions. Contact may seek
alternative sources of funding for its growth projects, which may mean additional borrowings or debt security issuance (and resulting increase to net debt), a subsequent equity capital raising or retention
of equity for funding purposes. It may also cause Contact to defer projects that it has planned to contribute to future revenue or cost reductions, including where Contact believes necessary in order to stay
within its targeted net debt to EBITDAF range over the medium term.
There is no certainty that alternative sources of funding will be available, or available on terms not materially less favourable to Contact. That may have a material adverse impact on Contact's financial
position or performance.
Ability to pay
dividends
Contact's business could be materially impacted in an adverse manner by a number of events, including if any of the Key Risks referred to above eventuated. In such a case, Contact may be unable to pay
dividends at historical levels or at all.
Additional
risks and
uncertainties
relating to
Contact’s
business
There are a range of other general risks, which may impact on Contact, which include but are not limited to:
•force majeure events and other events outside of Contact’s control impacting upon the global economy and Contact’s operations. These events include, but are not limited to, the imposition of
tariffs that directly or indirectly affect global supply chains or markets for equipment or services that Contact requires, acts of terrorism, international hostilities, natural disasters, seismic events,
severe weather events, industrial action, labour shortages, fluctuations in commodity prices or other events or occurrences that can have an adverse effect on Contact’s assets, operations and
financial performance. Contact only has a limited ability to insure against some of these risks;
•risks that may exist of which Contact may be unaware, including latent, future or otherwise unknown claims or liabilities;
•litigation and disputes brought by customers, suppliers, employees, government bodies, tax authorities, tribunals or other third parties, which could have significant economic costs and have the
potential to affect its financial standing or its reputation and to divert the attention of staff from the ordinary business of Contact; and
•Contact will rely on access to debt and equity financing. The ability to secure financing, or financing on acceptable terms, may be materially adversely affected by volatility in financial markets and
changes in the macroeconomic landscape (such as fluctuations in interest rates, foreign exchange rates or commodity prices). A downgrade in the credit rating of Contact would also be likely to
adversely affect Contact’s ability in securing financing. For these or other reasons, financing may be unavailable or the cost of financing may significantly increase. Such inability to obtain, or
increase to the costs of obtaining, debt or equity financing could materially adversely affect Contact’s assets, operations or financial performance.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
36
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Appendix 3
International
Offer restrictions
37
This document does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in
which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares
may not be offered or sold, in any country outside New Zealand (or in respect of the Retail Offer, outside of New
Zealand or Australia) except to the extent permitted below.
Australia
This document and the offer of New Shares under the Placement are only made available in Australia to persons to
whom an offer of securities can be made without disclosure in accordance with applicable exemptions in sections
708(8) (sophisticated investors) or 708(11) (professional investors) of the Australian Corporations Act 2001 (Cth) (the
Corporations Act). This document is not a prospectus, product disclosure statement or any other formal "disclosure
document" for the purposes of Australian law and is not required to, and does not purport to, contain all the
information which would be required in a "disclosure document" under Australian law. This document may contain
references to dollar amounts which are not Australian dollars, may contain financial information which is not prepared
in accordance with Australian law or practices, may not address risks associated with investment in foreign currency
denominated investments and does not address Australian tax issues. Contact is a company which is incorporated in
New Zealand and the relationship between it and investors will be largely governed by New Zealand law. This
document has not been and will not be lodged or registered with the Australian Securities & Investments Commission
or the Australian Securities Exchange and Contact is not subject to the continuous disclosure requirements that apply
in Australia. Prospective investors should not construe anything in this document as legal, business or tax advice nor
as financial product advice for the purposes of Chapter 7 of the Corporations Act.
Canada (British Columbia, Ontario and Quebec provinces)
This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec
(the Provinces), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by
persons permitted to sell such securities. This document is not a prospectus, an advertisement or a public offering of
securities in the Provinces. This document may only be distributed in the Provinces to investors that are both (i)
"accredited investors" (as defined in National Instrument 45-106 – Prospectus Exemptions) and (ii) "permitted clients"
(as defined in National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant
Obligations).
No securities commission or authority in the Provinces has reviewed or in any way passed upon this document, the
merits of the New Shares or the offering of the New Shares and any representation to the contrary is an offence.
No prospectus has been, or will be, filed in the Provinces with respect to the offering of New Shares or the resale of
such securities. Any person in the Provinces lawfully participating in the offer will not receive the information, legal
rights or protections that would be afforded had a prospectus been filed and receipted by the securities regulator in
the applicable Province. Furthermore, any resale of the New Shares in the Provinces must be made in accordance
with applicable Canadian securities laws. While such resale restrictions generally do not apply to a first trade in a
security of a foreign, non-Canadian reporting issuer that is made through an exchange or market outside Canada,
Canadian purchasers should seek legal advice prior to any resale of the New Shares.
The Company as well as its directors and officers may be located outside Canada and, as a result, it may not be
possible for purchasers to effect service of process within Canada upon the Company or its directors or officers. All or a
substantial portion of the assets of the Company and such persons may be located outside Canada and, as a result, it
may not be possible to satisfy a judgment against the Company or such persons in Canada or to enforce a judgment
obtained in Canadian courts against the Company or such persons outside Canada.
Statutory rights of action for damages and rescission. Securities legislation in certain Provinces may provide a
purchaser with remedies for rescission or damages if an offering memorandum contains a misrepresentation,
provided the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by
the securities legislation of the purchaser's Province. A purchaser may refer to any applicable provision of the
securities legislation of the purchaser's Province for particulars of these rights or consult with a legal adviser.
International Offer restrictions
Certain Canadian income tax considerations. Prospective purchasers of the New Shares should consult their own tax
adviser with respect to any taxes payable in connection with the acquisition, holding or disposition of the New Shares
as there are Canadian tax implications for investors in the Provinces.
Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms that it
has expressly requested that all documents evidencing or relating in any way to the sale of the New Shares (including
for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la
réception de ce document, chaque investisseur canadien confirme par les présentes qu'il a expressément exigé que
tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières
décrites aux présentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient rédigés en
anglais seulement.
European Union (excluding Austria)
This document has not been, and will not be, registered with or approved by any securities regulator in the European
Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the
European Union except in circumstances that do not require a prospectus under Article 1(4) of Regulation (EU)
2017/1129 of the European Parliament and the Council of the European Union (the "Prospectus Regulation").
In accordance with Article 1(4)(a) of the Prospectus Regulation, an offer of New Shares in the European Union is
limited to persons who are "qualified investors" (as defined in Article 2(e) of the Prospectus Regulation).
Hong Kong
WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding
Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and
Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong
Kong (the SFO). Accordingly, this document may not be distributed, and the New Shares may not be offered or sold,
in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance).
No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be
in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents
of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the
securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to
persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell,
such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the
date of issue of such securities.
The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to
exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain
independent professional advice.
Japan
The New Shares have not been, and will not be, registered under Article 4, paragraph 1 of the Financial Instruments
and Exchange Law of Japan (Law No. 25 of 1948), as amended (the FIEL) pursuant to an exemption from the
registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as
defined in and in accordance with Article 2, paragraph 3 of the FIEL and the regulations promulgated thereunder).
Accordingly, the New Shares may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any
resident of Japan other than Qualified Institutional Investors.
Any Qualified Institutional Investor who acquires New Shares may not resell them to any person in Japan that is not a
Qualified Institutional Investor, and acquisition by any such person of New Shares is conditional upon the execution of
an agreement to that effect.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
38
Kuwait
This document does not constitute an offer or invitation to subscribe for or purchase any securities in Kuwait.
The New Shares have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority. An
offering of New Shares is, therefore, restricted in Kuwait. No private or public offering of New Shares is being
made in Kuwait and no marketing or solicitation activities are being undertaken to market the New Shares in
Kuwait. This document is not intended to lead to the conclusion of any contract of whatsoever nature within
Kuwait and no agreement relating to the sale of New Shares will be concluded in Kuwait.
Norway
This document has not been approved by, or registered with, any Norwegian securities regulator under the
Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this document shall not be deemed to
constitute an offer to the public in Norway within the meaning of the Norwegian Securities Trading Act. The
New Shares may not be offered or sold, directly or indirectly, in Norway except to "professional clients" (as
defined in the Norwegian Securities Trading Act).
Singapore
This document and any other materials relating to the New Shares have not been, and will not be, lodged or
registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document
and any other document or materials in connection with the offer or sale, or invitation for subscription or
purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or
sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to
persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part
13 of the Securities and Futures Act 2001 of Singapore (the SFA) or another exemption under the SFA.
This document has been given to you on the basis that you are an "institutional investor" or an "accredited
investor" (as such terms are defined in the SFA). If you are not such an investor, please return this document
immediately. You may not forward or circulate this document to any other person in Singapore.
Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other
party in Singapore. On-sale restrictions in Singapore may be applicable to investors who acquire New Shares.
As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in
Singapore and comply accordingly.
Switzerland
The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or
on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other
offering or marketing material relating to the New Shares constitutes a prospectus or a similar notice, as such
terms are understood under art. 35 of the Swiss Financial Services Act or the listing rules of any stock exchange
or regulated trading facility in Switzerland.
No offering or marketing material relating to the New Shares has been, nor will be, filed with or approved by
any Swiss regulatory authority or authorised review body. In particular, this document will not be filed with, and
the offer of New Shares will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA).
Neither this document nor any other offering or marketing material relating to the New Shares may be publicly
distributed or otherwise made publicly available in Switzerland. The New Shares will only be offered to investors
who qualify as "professional clients" (as defined in the Swiss Financial Services Act). This document is personal
to the recipient and not for general circulation in Switzerland.
International Offer restrictions
United Arab Emirates
This document does not constitute a public offer of securities in the United Arab Emirates and the New Shares may
not be offered or sold, directly or indirectly, to the public in the UAE. Neither this document nor the New Shares have
been approved by the Securities and Commodities Authority (SCA) or any other authority in the UAE.
No marketing of the New Shares has been, or will be, made from within the UAE other than in compliance with the
laws of the UAE and no subscription for any securities may be consummated within the UAE. This document may be
distributed in the UAE only to "professional investors" (as defined in the SCA Board of Directors' Decision No.13/RM of
2021, as amended).
No offer of New Shares will be made to, and no subscription for New Shares will be permitted from, any person in the
Abu Dhabi Global Market or the Dubai International Financial Centre.
United Kingdom
Neither this document nor any other document relating to the offer has been delivered for approval to the Financial
Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial
Services and Markets Act 2000, as amended (FSMA)) has been published or is intended to be published in respect of
the New Shares.
The New Shares may not be offered or sold in the United Kingdom by means of this document or any other document,
except in circumstances that do not require the publication of a prospectus under section 86(1) of the FSMA. This
document is issued on a confidential basis in the United Kingdom to "qualified investors" within the meaning of Article
2(e) of the UK Prospectus Regulation. This document may not be distributed or reproduced, in whole or in part, nor
may its contents be disclosed by recipients, to any other person in the United Kingdom.
Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received
in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated
and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which
section 21(1) of the FSMA does not apply to the Company.
In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional
experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial
Services and Markets Act 2000 (Financial Promotions) Order 2005 (FPO), (ii) who fall within the categories of persons
referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to
whom it may otherwise be lawfully communicated (relevant persons). The investment to which this document relates
is available only to relevant persons. Any person who is not a relevant person should not act or rely on this document.
United States
This document is not for distribution or release in the United States.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States
or any other jurisdiction in which such an offer would be illegal. The securities to be offered and sold in the Placement
and the Retail Offer have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the
U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the
securities to be offered and sold in the Placement may not be offered or sold, directly or indirectly, in the United States,
except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any
other applicable securities laws of any state or other jurisdiction of the United States. The securities to be offered and
sold in the Retail Offer may only be offered or sold outside the United States in "offshore transactions" (as defined in
Rule 902(h) under the U.S. Securities Act) in reliance on Regulation S under the U.S. Securities Act.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
39
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Appendix 4
Glossary
40
Glossary
TermDescriptionTermDescription
ASXAustralian Stock ExchangeMWacMegawatt alternating current
CAGRCompound Annual Growth RateMWpMegawatt peak
C&ICommercial and Industrial customersMWhMegawatt hour
ContactContact Energy LimitedNZ$New Zealand dollars
CYCalendar year ended 31 DecemberNZNew Zealand
EBITDAF
A non-GAAP measure of performance defined as earnings before interest,
tax, depreciation, amortisation, asset impairment and write offs, and
changes in fair value of financial instruments
NZASNew Zealand Aluminium Smelters Limited
NZXNZX Limited and, where referring to a market, the NZX Main Board
EMIElectricity Market Informationp.a.Per annum
EPCEngineering, Procurement and ConstructionPFPro forma
EVElectric vehiclesPPAPower Purchase Agreement
FIDFinal Investment DecisionQQuarter
FYFinancial year ended 30 JuneS&PStandard & Poor’s
GWAPGeneration Weighted Average PriceS&P net debtNet debt calculated according to S&P’s credit-rating methodology
GWhGigawatt hour. One gigawatt hour is equal to 1,000 MWh or 1,000,000 kWhSIB capexStay-in-business capital expenditure
IRRInternal rate of returnSPVSpecial Purpose Vehicle
JVJoint ventureTWhTerawatt hour. One terawatt hour is equal to 1,000 GWh
MMillionsVWAPVolume Weighted Average Price
MBIE EDGS
Ministry of Business, Innovation and Employment Electricity Demand and
Generation Scenarios
WACCWeighted Average Cost of Capital
MWMegawatt. Equal to 1,000,000 watts (W) or 1,000 kilowatts (kW)1H[X]First six months of financial year [X]
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
---
Corporate Action Notice
(Other than for a Distribution)
Page 1 of 4
Section 1: Issuer information (mandatory)
Name of issuer Contact Energy Limited (Contact)
Class of Financial Product Ordinary shares
NZX ticker code CEN
ISIN (If unknown, check on NZX
website)
NZCENE0001S6
Name of Registry MUFG Corporate Markets
Type of corporate action
(Please mark with an X in the
relevant box/es)
Share Purchase
Plan/retail offer
X Renounceable
Rights issue or
Accelerated
Offer
Capital
reconstruction
Non-
Renounceable
Rights issue or
Accelerated
Offer
Call Bonus issue
Placement X
Record date 13/02/2026
Ex Date (one business day before
the Record Date)
12/02/2026
Currency NZD / AUD
External approvals required before
offer can proceed on an
unconditional basis?
N
Details of approvals required N/A
Section 6: Share Purchase Plans/retail offer
Number of Equity Securities to be
issued
OR
Maximum dollar amount of Equity
Securities to be issued
An offer of up to NZ$75 million of new full paid ordinary
shares (Retail Offer). Contact reserves the right to allow
oversubscriptions at its discretion.
Minimum application amount (if
any)
No minimum application amount.
Maximum application amount per
Equity Security holder
New Zealand Eligible Shareholders
Up to NZ$100,000 per eligible shareholder recorded in
Contact's share register as having an address in New
Zealand (or beneficial owner who is resident in New
Zealand and would be a New Zealand Eligible
2 of 4
Shareholder if they held shares directly). Any amount
issued to such eligible shareholder / beneficial owner in
excess of the prescribed limit under the NZX Listing Rules
for share purchase plans of NZ$50,000 per shareholder
will be facilitated using Contact’s placement capacity
under NZX Listing Rule 4.5.1.
Australian Eligible Shareholders
Up to A$41,000 per eligible shareholder recorded in
Contact's share register as having an address in Australia
(or beneficial owner who is resident in Australia and would
be an Australian Eligible Shareholder if they held shares
directly). However, if an Australian Eligible Shareholder
applies for an A$ amount of new shares, and the
exchange rate varies such that the A$ amount applied for
exceeds the NZ$50,000 regulatory limit (on the basis of
the NZ$:A$ exchange rate published by the New Zealand
Reserve Bank on its website at 5:00pm New Zealand time
on closing date of the Retail Offer), shares having a total
issue price equal to NZ$50,000 (rounded down) will be
issued to the shareholder (subject to scaling) and they will
be refunded the excess cash amount.
Subscription price per Equity
Security
The lower of:
• the price paid by investors in Contact’s placement
announced on 16 February 2026 (the details of which
are below) (Placement); and
• a 2.5% discount to the volume weighted average
market price of Contact shares traded on the NZX
over the five business day period prior to and including
the closing date for the Retail Offer, rounded down to
the nearest cent.
Scaling reference date Record date of 7.00pm (NZT) on 13/02/2026.
Closing date 06/03/2026
Allotment date 13/03/2026
Section 7: Placement
Number of Equity Securities to be
issued
Up to 51,428,572 ordinary shares
Issue price per Equity Security NZ$8.75
Maximum dollar amount of Equity
Securities to be issued
NZ$450 million
Proposed issue date 20/02/2026
Existing holders eligible to
participate
Y
Related Parties eligible to
participate
Y
Basis upon which participation by
existing Equity Security holders will
be determined
By reference to holdings at of 7.00pm (NZT) on the record
date of 13/02/2026.
3 of 4
It is intended that eligible shareholders who bid for an
amount up to their ‘pro rata’ share of New Shares under
the Placement will be allocated their full bid, on a best
efforts basis.
Purpose(s) for which the Issuer is
issuing the Equity Securities
Proceeds of the Offer will be used to advance the
execution and potential upsizing of renewable energy
projects which would accelerate the Contact31+ strategy.
This includes funding for pre-FID drilling on Tauhara 2 to
advance steamfield development and explore upsizing
capacity from 50MW to 60-70MW, the Glenbrook battery
2.0 and Contact’s investment in the Glorit solar farm. The
proceeds are also expected to enhance Contact’s ability
to accelerate development pipeline opportunities which
are in line with the Contact31+ capital allocation
framework. Further information is included in the Investor
Presentation relating to the equity raised released on 16
February 2026.
Reason for placement rather than a
pro-rata rights issue or an offer
under a Share Purchase Plan in
which the Issuer’s existing Equity
Security holders would have been
eligible to participate
The board of directors of Contact elected to use a
combination of a Placement and a Retail Offer for the
equity raise because it considered that this structure
provides the tightest pricing, lowest execution risk and
time to settlement, and is able to be structured to give
almost all of Contact’s shareholders the opportunity to
maintain their relative shareholdings if desired. This is
essentially the same structure used for its February 2021
equity raising, which was considered by Contact to be a
highly successful capital raise in relation to the pricing
achieved and supporting pro-rata participation by
shareholders.
Equity Securities to be issued
subject to voluntary escrow
N
Number and class of Equity
Securities to be issued that will be
subject to voluntary escrow and the
date from which they will cease to
be escrowed
N/A
Section 8: Lead Manager and Underwriter (mandatory)
Lead Manager(s) appointed Y
Name of Lead Manager(s) UBS New Zealand Limited
Fees, commission or other
consideration payable to Lead
Manager(s) for acting as lead
manager(s)
The Lead Manager will be paid a fee by Contact for its
services in connection with acting as lead manager in
respect of the Placement consisting of:
• a lead management fee of 0.50% of the total gross
proceeds of the Placement; and
• a discretionary incentive fee of up to 0.30% of the total
gross proceeds of the Placement. The amount of the
incentive fee (if any) will be determined at the sole
discretion of Contact.
No fee is payable to the Lead Manager in respect of the
gross proceeds raised in the Retail Offer. The Lead
Manager manages the Placement only.
4 of 4
Underwritten Y
Name of Underwriter(s) UBS New Zealand Limited
Extent of underwriting (i.e. amount
or proportion of the offer that is
underwritten)
Fully underwritten Placement. The Retail Offer is not
underwritten.
Fees, commission or other
consideration payable to
Underwriter(s) for acting as
underwriter(s)
The Underwriter will be paid a fee by Contact for its
services in connection with underwriting the Placement
consisting of an underwriting fee of 1.20% of the total
gross proceeds of the Placement.
No fee is payable to the Underwriter in respect of the
gross proceeds raised in the Retail Offer, which is not
underwritten.
Summary of significant events that
could lead to the underwriting
being terminated
The Underwriter may terminate its obligations under the
Placement Agreement in customary circumstances,
including by reason of events which have, or are likely to
have, a material adverse effect on Contact, the shares or
the capital raise. These may be as a result of events
related to Contact or as a result of external events, such
as disruptions affecting certain financial markets or
hostilities in certain countries.
Section 9: Authority for this announcement (mandatory)
Name of person authorised to
make this announcement
Kirsten Clayton, General Counsel & Company Secretary
Contact person for this
announcement
Kirsten Clayton
Contact phone number 021 228 3539
Contact email address companysecretary@contactenergy.co.nz
Date of release through MAP 16/02/2026
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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