Spark New Zealand Limited H1 FY26 Results

Spark New Zealand Limited
ARBN 050 611 277 Spark City, Level 1, 50 Albert Street, Private Bag 92028, Auckland, New Zealand



MARKET RELEASE – Wednesday, 18 February 2026



Mobile momentum and cost out return Spark to profit growth in H1 FY26

• H1 FY26 vs. H1 FY25 results:
o Reported revenue
1,2
of $1,893m declined 1.2%; adjusted revenue
3
of $1, 917m declined 1.1%
o Reported EBITDAI
1,4
of $448m increased 10.3 %; adjusted EBITDAI
3
of $471m increased 5.1%
o Reported NPAT
5
of $64m increased 82.9%; adjusted NPAT
3
of $73m increased 30.4%
• Disciplined execution of SPK-30 strategy delivered 1.6% m obile service revenue growth and
$51 million in net cost-out
• H1 FY26 dividend of 8 cents per share declared
• FY26 guidance reaffirmed
9


Spark New Zealand (Spark) today announced its H1 FY26 results, demonstrating continued performance
stabilisation and growing momentum in core connectivity.

Spark Chair Justine Smyth said, “The first half of FY26 has delivered a clear step up in Spark’s
performance, as we build momentum towards our SPK-30 strategy ambitions.

“We continued to improve mobile performance while delivering significant net cost reductions, which
underpinned a return to profit growth. Our data centre transaction completed on 30 January 2026, and
the proceeds will reduce net debt in the second half.

“The Board has declared a first half dividend of 8 cents per share and reaffirmed full year guidance.”

The Board reaffirmed Spark’s FY26 EBITDAI guidance range of $1,010 million to $1,070 million
9
, free
cash flow of $290 million to $330 million
9
, and declared a total H1 FY26 dividend of 8 cents per share,
50% imputed.

H1 FY26 operating performance highlights

Overall revenue reduced slightly, as mobile and broadband revenue growth was offset by declines in
legacy revenues. When combined with significant net cost reductions, both EBITDAI and NPAT grew on
a reported and adjusted basis.

• Mobile service revenue grew 1.6% to $499m, supported by strong ARPU
6
growth in the highest
value segment of consumer and SME pay monthly, and ongoing connection and ARPU stabilisation
in consumer prepaid and enterprise and government
• Broadband revenue further stabilised, growing 0.3% to $303m
• Cloud revenue grew 1.7% to $120m as customers scaled public cloud usage
• Other connectivity revenue declined 10.4% to $163m due to the divestment of Digital Island and
migration off legacy services
• Cost out programme delivered $51m in net savings, driven by labour reductions and product cost
savings and partially offset by higher opex from planned marketing spend to support business growth
and the new technology delivery model
• Capex of $271m increased $19m, as Spark invested $54m of strategic capex into data centres.
Business as usual (BAU) capex of $217m reduced 9% as the 5G rollout matures
• Free cash flow increased 84% to $107m, primarily driven by EBITDAI growth and lower cash tax
payments

Spark CEO Jolie Hodson said, “Today’s result shows that focused execution in the first six months of our
new five-year strategy is building momentum.

Spark New Zealand Limited
ARBN 050 611 277 Spark City, Level 1, 50 Albert Street, Private Bag 92028, Auckland, New Zealand


“Mobile remains central to our SPK-30 strategy, and we have delivered a return to revenue growth and
ongoing connection stabilisation. Our strategic focus on delivering a better network and better customer
experiences is central to our success, and we were pleased to maintain network coverage leadership
7
off
the back of more than 100 cell site upgrades and new builds during the half.

“In the coming six months we plan to add over 100 additional builds and upgrades, revamp our
international roaming experience, and launch satellite-to-mobile text and data services, including calling
over satellite-enabled apps like WhatsApp.

“We are also investing significantly in customer experience improvements, with our measure of customer
satisfaction rising five points
8
off the back of refreshed products, faster support, and new app and safety
features.

“We are continuing to expand our use of AI to support better network and customer experiences – with
AI coding helping us get products to market more quickly, agentic AI reducing set up time by around 60%
on some business products, and AI now identifying customers with more complex needs so they can be
escalated to our care team for faster resolution.

“We continue to make progress towards our sustainability ambitions – our science-based emissions
reduction target is on track, we’ve maintained our top quartile position in the S&P Corporate
Sustainability Assessment, and our not-for-profit broadband product, Skinny Jump, now supports over
34,500 households that would otherwise not be able to connect to the digital world.
“I am particularly pleased to see employee engagement improving, up nine points from H2 FY25, and I
would like to recognise our Spark whānau for their hard work and ongoing commitment to Spark and our
customers.
“As the broader economy shows early signs of stabilisation, we remain focused on disciplined execution
to keep driving market momentum and efficiency, which positions us well for the future.”
FY26 guidance
10
 
Spark reaffirmed guidance for FY26, subject to no material adverse change in operating outlook. FY26
guidance reflects the deconsolidation of data centres from 30 January 2026.
• Adjusted EBITDAI: $1,010 million-$1,070 million
• Free cash flow: $290 million-$330 million
• BAU capital expenditure: $380 million-$410 million
• Strategic capital expenditure (data centres): ~
$55 million
11

• Dividend payout ratio: 100% of FY26 free cash flow
Authorised by:
Rodney Deacon
Finance Lead Partner – Investor Relations and Commercial

For more information contact:

For media queries please contact:
Althea Lovell
Corporate Affairs Lead Partner
(64) 21 222 2992
althea.lovell@spark.co.nz


For investor queries please contact:
Rodney Deacon
Finance Lead Partner – Investor Relations and Commercial
(64) 21 631 074
rodney.deacon@spark.co.nz

Footnotes:

(1)
Operating revenues and other gains
(2)
Reported revenue and EBITDAI exclude the results of the data centre business which has been classified as a
discontinuing operation in the Financial Statements
(3)
Adjusted revenue, EBITDAI and NPAT include the data centre business in H1 FY26 and H1 FY25. Adjusted EBITDAI
and NPAT exclude $9m of transaction costs in H1 FY26 incurred in relation to the sale of the data centre business

Spark New Zealand Limited
ARBN 050 611 277 Spark City, Level 1, 50 Albert Street, Private Bag 92028, Auckland, New Zealand

(which will form part of the gain on sale calculation in H2 FY26) and $29m of transformation costs (and associated tax
impact) incurred in the implementation of the SPK-30 strategy in H1 FY25.
(4)
Earnings before finance income and expense, income tax, depreciation, amortisation and net investment income
(EBITDAI) and capital expenditure (CAPEX) are non-Generally Accepted Accounting Principles (non-GAAP)
performance measures that are defined in note 2.5 of Spark’s FY25 Annual Report. Free cash flow is also a non-
GAAP measure and is defined on page 7 of Spark’s detailed KPIs
(5)
Net Profit After Tax
(6)
Average revenue per user
(7)
Spark has reaffirmed its leadership in mobile connectivity, ranking first for overall coverage experience and 5G
coverage experience, while maintaining a top spot in reliability and availability. As awarded by Opensignal in the
October 2025 NZ Mobile Network Experience report
(8)
December 2025 score of +41 – up 5 points since December 2024
(9)
Subject to no material adverse change in operating outlook
(10)
FY26 Guidance reflects the completion of the data centres transaction in January 2026 with the data centres
accounted for as an associate (i.e. earnings below the EBITDAI line) for the remainder of FY26. Any gain on sale from
the data centres transaction is excluded from the adjusted EBITDAI
(11)
There was $1m of capex spent on data centres in January 2026 before completion, adding to the $54m spent in H1
FY26

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)





Results for announcement to the market
Name of issuer Spark New Zealand Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD - New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
NZD$1,893,000 (1.2%)
Total Revenue NZD$1,917,000
1
(1.1%)
Net profit/(loss) from
continuing operations
NZD$54,000 74.2%
Total net profit/(loss) NZD$64,000 82.9%
Interim/Final Dividend
Amount per Quoted Equity
Security
NZD$0.08000000 (comprised only of an ordinary dividend)
Imputed amount per Quoted
Equity Security
NZD$0.01555556
Record Date 20 March 2026
Dividend Payment Date 10 April 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
As at 31 December 2025:
NZD$0.28
As at 31 December 2024:
NZD$0.32
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
In H1 FY26 and H1 FY25, the data centre business has been
classified as a discontinuing operation and its results are
included in the total revenue and total net profit/(loss). Changes
in Spark’s total earnings from continuing and discontinuing
operations before finance income and expense, income tax,
depreciation, amortisation and net investment income (adjusted
total EBITDAI) are provided in the addendum.
Authority for this announcement
Name of person

authorised
to make this announcement
Stewart Taylor, Chief Financial Officer
Contact person for this
announcement
Rodney Deacon, Finance Lead Partner – Investor Relations and
Commercial
Contact phone number +64 21 631 074

Contact email address investor-info@spark.co.nz
Date of release through MAP

18 February 2026

Unaudited financial statements accompany this announcement.

Addendum:

Amount (000s) Percentage
change
Adjusted total EBITDAI (adjusted total earnings from
continuing and discontinuing operations before finance
income and expense, income tax, depreciation,
amortisation and net investment income)
2

NZD$471,000 5.1%

1
Total Revenue includes revenue from continuing and discontinuing operations.

2
Adjustments in the H1 FY26 adjusted earnings from continuing and discontinuing operations
before finance income and expense, income tax, depreciation, amortisation and net investment
income (adjusted total EBITDAI) reflected the impact of the transaction costs related to the sale
of the data centre business amounting to $9 million. Adjusted total EBITDAI is a non-GAAP
measure which is defined and reconciled in note 4 of Spark’s interim financial statements.

---

Distribution Notice

1
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.






Section 1: Issuer information
Name of issuer Spark New Zealand Limited
Financial product name/description Ordinary shares
NZX ticker code SPK
ISIN (If unknown, check on NZX
website)
NZ TELE0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 20 March 2026 AUST, NZ & USA;

Ex-Date (one business day before the
Record Date)
19 March 2026 AUST & NZ;
20 March 2026 USA
Payment date (and allotment date for
DRP)
10 April 2026 AUST & NZ;
20 April 2026 USA
Total monies associated with the
distribution
NZD$151,208,742
(1,890,109,281 shares @ $0.080 per share)
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD – New Zealand Dollar
Section 2: Distribution amounts per financial product
Gross distribution NZD$0.09555556
Gross taxable amount NZD$0.09555556
Total cash distribution NZD$0.08000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount NZD$0.00705882
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
1
16%
Imputation tax credits per financial
product
NZD$0.01555556

Resident Withholding Tax per
financial product
NZD$0.01597778
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP


Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Stewart Taylor, Chief Financial Officer
Contact person for this
announcement
Rodney Deacon, Finance Lead Partner - Investor
Relations and Commercial
Contact phone number +64 21 631 074
Contact email address investor-info@spark.co.nz
Date of release through MAP

18 February 2026

---

Interim
financial
statements
FY26

02
Spark New Zealand Interim financial statements FY26
For the six months ended 31 December 2025
These interim financial statements do not include all the notes and
information normally included in the annual financial statements.
Accordingly, they should be read in conjunction with the annual financial
statements for the year ended 30 June 2025.
Interim financial statements3-6
Notes to the interim financial statements7-18
Independent auditor’s review report19
Contact details20
Interim financial statements

Statement of profit or loss and other comprehensive income
SIX MONTHS ENDED 31 DECEMBER
20252024
2
UNAUDITEDUNAUDITED
NOTES$M$M
Operating revenues and other gains 1,893 1,916
Operating expenses
1
(1,445) (1,510)
Earnings before finance income and expense, income tax, depreciation, amortisation and net
investment income (EBITDAI)3, 4 448 406
Finance income 14 15
Finance expense (69) (75)
Depreciation and amortisation (304) (293)
Net investment income (1)–
Net earnings before income tax3 88 53
Income tax expense
1
(34) (22)
Net earnings from continuing operations4 54 31
Net earnings from discontinuing operation2.1 10 4
Net earnings for the period4 64 35
Other comprehensive income
Items that will not be reclassified to profit or loss:
Revaluation of long-term investments designated at fair value through other comprehensive
income– (3)
Items that may be reclassified to profit or loss:
Change in hedge reserves net of tax 4 (30)
Other comprehensive income for the period 4 (33)
Total comprehensive income for the period 68 2
Earnings per share
Basic earnings per share (cents) from continuing operations
1
2.91.7
Basic earnings per share (cents) from discontinuing operation0.50.2
Basic earnings per share (cents) from continuing and discontinuing operations
1
3.4 1.9
Diluted earnings per share (cents) from continuing operations
1
2.9 1.7
Diluted earnings per share (cents) from discontinuing operation 0.5 0.2
Diluted earnings per share (cents) from continuing and discontinuing operations
1
3.4 1.9
Weighted average ordinary shares (millions) – used for basic earnings per share 1,890 1,829
Dilutive potential ordinary share (options) 1 1
Weighted average ordinary shares and options (millions) – used for diluted earnings per share 1,891 1,830
See accompanying notes to the interim financial statements.
1. H1 FY25 balances have been impacted by the transformation costs associated with Spark’s SPK-26 Operate Programme, see note 3 for further details.
2. Certain comparative information has been re-presented due to the data centre business being classified as a discontinuing operation in H2 FY25, see note 2.1 for
further details.
03
Spark New Zealand Interim financial statements FY26

AS AT
31 DECEMBER
2025
AS AT
30 JUNE
2025
UNAUDITEDAUDITED
NOTES$M$M
Current assets
Cash
1
85 34
Short-term receivables and prepayments
1,2
787 939
Short-term derivative assets 9 –
Inventories 125 83
Taxation recoverable 98 114
Assets classified as held for sale2.1 317 268
Total current assets 1,421 1,438
Non-current assets
Long-term receivables and prepayments
1
299 387
Long-term derivative assets 15 11
Long-term investments5 75 76
Deferred tax assets
2
– 11
Right-of-use assets
2
531 555
Leased customer equipment assets 53 59
Property, plant and equipment
2
1,167 1,184
Intangible assets
2
820 804
Total non-current assets 2,960 3,087
Total assets 4,381 4,525
Current liabilities
Short-term payables, accruals and provisions
1
598 536
Short-term derivative liabilities 2 7
Short-term lease liabilities
2
113 107
Current debt
1
6 486 412
Liabilities classified as held for sale2.1 1 4
Total current liabilities 1,200 1,066
Non-current liabilities
Long-term payables, accruals and provisions
1
66 49
Long-term derivative liabilities 37 60
Long-term lease liabilities
2
724 760
Non-current debt6 995 1,070
Deferred tax liabilities
2
5 –
Total non-current liabilities 1,827 1,939
Total liabilities 3,027 3,005
Equity
Share capital 995 994
Reserves (40) (43)
Retained earnings 399 569
Total equity 1,354 1,520
Total liabilities and equity 4,381 4,525
See accompanying notes to the interim financial statements.
1. H1 FY26 balances have been impacted by the sale of interest-free payment (IFP) receivables, see note 2.2 for further details.
2. H1 FY26 and FY25 balances have been impacted by the data centre business being classified as held for sale, see note 2.1 for further details.
On behalf of the Board
Justine Smyth, CNZM Jolie Hodson, MNZM
Chair Chief Executive
Authorised for issue on 18 February 2026
Statement of financial position
04
Spark New Zealand Interim financial statements FY26

Statement of changes in equity
SIX MONTHS ENDED 31 DECEMBER 2025SHARE CAPITAL
RETAINED
EARNINGS
1
HEDGE
RESERVES
SHARE-BASED
COMPENSATION
RESERVE
REVALUATION
RESERVE
1
FOREIGN
CURRENCY
TRANSLATION
RESERVETOTAL
UNAUDITED$M$M$M$M$M$M$M
Balance at 1 July 2025 994 569 (24) 3 – (22) 1,520
Net earnings for the period– 64 – – – – 64
Other comprehensive income for the period– – 4 – –– 4
Total comprehensive income for the period– 64 4 – – – 68
Contributions by, and distributions to, owners:
Dividends– (236)– – –– (236)
Supplementary dividends– (14)– – – – (14)
Tax credit on supplementary dividends– 14 –– – – 14
Issuance of shares under share schemes 2 – – 1 –– 3
Other transfers (1) 2 – (2)– – (1)
Total transactions with owners for the period 1 (234)– (1)–– (234)
Balance at 31 December 2025 995 399 (20) 2 – (22) 1,354
1. FY25 balances were impacted by the transfer of revaluation losses of $402 million previously recognised through other comprehensive income to retained earnings
following the disposal of Spark’s investment in Hutchison on 25 June 2025.
SIX MONTHS ENDED 31 DECEMBER 2024SHARE CAPITAL
RETAINED
EARNINGS
HEDGE
RESERVES
SHARE-BASED
COMPENSATION
RESERVE
REVALUATION
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVETOTAL
UNAUDITED$M$M$M$M$M$M$M
Balance at 1 July 2024 810 1,194 12 4 (407) (23) 1,590
Net earnings for the period – 35 – – – – 35
Other comprehensive income for the period – – (30) – (3) – (33)
Total comprehensive income for the period– 35 (30)– (3)– 2
Contributions by, and distributions to, owners:
Dividends – (254) – – – – (254)
Supplementary dividends – (23) – – – – (23)
Tax credit on supplementary dividends – 23 – – – – 23
Dividend reinvestment plan 94 – – – – – 94
Issuance of shares under share schemes 3 – – 1 – – 4
Other transfers (1) 1 – (1) – – (1)
Total transactions with owners for the period 96 (253)– – – – (157)
Balance at 31 December 2024 906 976 (18) 4 (410) (23) 1,435
05
Spark New Zealand Interim financial statements FY26

Statement of cash flows
SIX MONTHS ENDED 31 DECEMBER
20252024
UNAUDITEDUNAUDITED
NOTES
$M$M
Cash flows from operating activities
Receipts from customers
1
2,177 1,977
Receipts from interest 13 15
Payments to suppliers and employees (1,509) (1,566)
Payments for income tax (14) (78)
Payments for interest on debt (37) (46)
Payments for interest on leases (25) (24)
Payments for interest on leased customer equipment assets (2) (3)
Net cash flows from operating activities7 603 275
Cash flows from investing activities
Proceeds from sale of property, plant and equipment– 2
Payments for purchase of business, net of cash acquired– (2)
Receipts from loans receivable– 3
Receipts from sale of long-term investment2 48 –
Payments for purchase of property, plant and equipment, intangibles (excluding spectrum),
and capacity (208) (228)
Payments for spectrum intangible assets (1)–
Payments for assets classified as held for sale
2
2.1 (51)–
Payments for capitalised interest (4) (4)
Net cash flows from investing activities (216) (229)
Cash flows from financing activities
Proceeds from debt 5,968 5,427
Repayments of debt (6,010) (5,237)
Payments for dividends (236) (160)
Receipts from lease incentive– 22
Payments for leases (44) (44)
Payments for leased customer equipment assets (14) (11)
Net cash flows from financing activities (336) (3)
Net cash flows 51 43
Opening cash position 34 59
Closing cash position 85 102
Cash included in assets classified as held for sale– 2
Cash 85 100
Closing cash position 85 102
See accompanying notes to the interim financial statements.
1. H1 FY26 balances include $239 million relating to proceeds from the sale of IFP receivables and $4 million cash collected on behalf of Challenger Limited (Challenger).
See note 2.2 for further details.
2. H1 FY26 payments were for capital expenditure on data centre assets held for sale, see note 2.1 for further details.
06
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 1 About this report
Reporting entity
These unaudited interim financial statements are for Spark
New Zealand Limited (the Company) and its subsidiaries (together
Spark or ‘the Group’) for the six months ended 31 December 2025.
The Company is incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and is an FMC
reporting entity under the Financial Markets Conduct Act 2013.
The Company is listed on the New Zealand Stock Exchange (NZX)
and the Australian Securities Exchange (ASX) and the address
of its registered office is at 50 Albert Street, Auckland 1010,
New Zealand.
Basis of preparation
The interim financial statements have been prepared in accordance
with Generally Accepted Accounting Practice in New Zealand (NZ
GAAP). They comply with New Zealand equivalents to International
Accounting Standard 34: Interim Financial Reporting and
International Accounting Standard 34: Interim Financial Reporting,
as appropriate for profit-oriented entities.
The accounting policies adopted are consistent with those followed
in the preparation of Spark’s annual financial statements for the year
ended 30 June 2025. The preparation of the interim financial
statements requires management to make estimates and
assumptions. Spark has been consistent in applying the estimates
and assumptions adopted in the annual financial statements for the
year ended 30 June 2025. Certain comparative information has
been updated to conform with the current year’s presentation.
Financial instruments are either carried at amortised cost, less any
provision for impairment, or fair value. The only significant variances
between instruments held at amortised cost and their fair value
relate to long-term debt. There were no changes in valuation
techniques during the period. Spark’s derivatives are held at fair
value, calculated using discounted cash flow models and
observable market rates of interest and foreign exchange prices.
This represents a level two measurement under the fair value
measurement hierarchy, being inputs other than quoted prices
included within level one that are observable for the asset or
liability. The fair value of receivables and prepayments are
approximately equal to their carrying value.
As at 31 December 2025, capital expenditure amounting to $852
million (30 June 2025: $821 million) had been committed under
contractual arrangements.
New and amended standards
NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ
IFRS 18) will replace NZ IAS 1 Presentation of Financial Statements
and may have a material impact on Spark’s disclosures. NZ IFRS 18
has been issued but is not yet effective until periods commencing
on or after 1 January 2027.  
NZ IFRS 18 sets out the requirements for the presentation and
disclosure of information in financial statements, and will not
change net profit reported, but how results are presented on the
statement of profit or loss and other comprehensive income and
what information is disclosed in the notes. Spark is yet to determine
the disclosure impacts of this standard and whether it will adopt it
prior to the year ending 30 June 2028. The key changes of NZ IFRS
18 are expected to be:
• A more structured statement of profit or loss and other
comprehensive income, including new subtotals, and income
and expenses classified into five categories (operating, investing,
financing, discontinued operations and income tax).
• Non-GAAP management performance measures are required to
be disclosed in the financial statements and subject to audit.
• New disclosures are required for items currently labelled as
‘other’, with enhanced guidance on how to group information
within the financial statements.
Amendments to NZ IFRS 9 and NZ IFRS 7 Contracts Referencing
Nature Dependent Electricity introduce requirements which apply
only to contracts that reference nature-dependent electricity. The
amendments:
• Clarify the application of the ‘own-use’ requirements for in-scope
contracts.
• Amend the designation requirements for a hedged item in a cash
flow hedging relationship for in-scope contracts.
• Add new disclosure requirements to enable investors to
understand the effect of these contracts on a company’s financial
performance and cash flows.
The amendments will take effect for annual reporting periods
starting on or after 1 January 2026. Spark is yet to determine the
disclosure impacts of these standards.
There are no other new standards, amendments or interpretations
that have been issued and are not yet effective, that are expected to
have a significant impact on the financial statements of Spark.
07
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
The following significant transactions and events affected
the financial performance and financial position of Spark for
the six month period to 31 December 2025 or subsequent to
balance date:
Debt programme (see note 6)
• On 27 November 2025, Spark announced it has extended the
term of its existing $125 million committed revolving
sustainability linked loan facility with MUFG Bank, Ltd. by one
year, to mature on 30 November 2026.
Capital expenditure
• Spark’s additions to property, plant and equipment, intangible
assets (excluding spectrum) and capacity right–of–use assets
were $271 million (31 December 2024: $252 million).
Dividends
• Dividends paid during the six month period ended 31 December
2025 in relation to the H2 FY25 second-half ordinary dividend of
12.5 cents per share totalled $236 million, with no shares offered
under the dividend reinvestment plan. The dividends paid during
the comparative six month period to 31 December 2024 in
relation to the H2 FY24 second-half ordinary dividend of 14.0
cents per share totalled $254 million. Of this, $94 million was
reinvested through the dividend reinvestment plan with the
shares issued at a 3% discount to the prevailing market price
around the time of issue.
Data centre business sale (see note 2.1)
• On 12 August 2025, Spark announced it entered into an
agreement to sell a 75% interest in its data centre business to
Pacific Equity Partners.
• The transaction was subject to regulatory and customary
consents including Overseas Investment Office approval.
• As at 30 June 2025 and 31 December 2025, the data centre
business has been classified as a discontinuing operation held
for sale.
• On 30 January 2026, Spark completed the sale of 75% interest in
its data centre business to Pacific Equity Partners. Total
consideration includes cash proceeds of $453 million received at
completion date and potential additional deferred cash proceeds
of up to $98 million contingent on the achievement of certain
performance-based objectives by 31 December 2026 and 31
December 2027. As part of the transaction, Spark transfers its
data centre assets and operations into a new stand-alone
company called ‘TenPeaks Data Centres’. Following the
completion of the sale, the remaining 25% interest in TenPeaks
Data Centres will be equity accounted for as an investment in
associate.
Sale of Interest-Free Payment (IFP) Receivables
(see note 2.2)
• On 22 December 2025, Spark announced its partnership with
ASX-listed financial services organisation Challenger Limited
(Challenger) to establish a new financing structure for the IFP
plans Spark offers its customers to acquire mobile handsets and
other accessories.
• On 23 December 2025, Spark sold eligible receivables from its
existing IFP customers to Challenger for $239 million.
• In addition to the sale of Spark’s existing IFP receivables, the
partnership includes an ongoing arrangement with Challenger to
sell future IFP receivables on a regular basis. Spark will continue
to collect repayments from its mobile customers directly and
transfer eligible handset receivables to Challenger at a fair value,
reflecting financing costs and credit risk.
Long-term investments
• On 23 June 2025, Spark announced that it had accepted an offer
from Hutchison Telecommunications (Amsterdam) BV, an indirect
wholly owned subsidiary of CK Hutchison Holdings Limited, to
sell its 10% shareholding in Hutchison Telecommunications
(Australia) Limited (Hutchison) at AU$0.032 per share. The
transfer of shares completed on 25 June 2025, with NZ$48
million cash proceeds received on 17 July 2025 which are
presented in the statement of cash flows for the six months
ended 31 December 2025.
Note 2 Significant transactions and events
08
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
2.1 Discontinuing operation held for sale
Data centre business
As disclosed in note 2, following the announcement on 12 August 2025 to sell a 75% interest in the data centre business to Pacific Equity
Partners, the business was classified as a discontinuing operation held for sale.
This discontinuing operation was previously part of the data centres segment which has been reclassified to the other products segment.
The discontinuing operation’s net earnings are as follows:
SIX MONTHS ENDED 31 DECEMBER
20252024
UNAUDITED $M$M
Operating revenues and other gains 24 23
Labour (4) (4)
Other operating expenses
Network support costs (1)–
Accommodation costs (5) (6)
Earnings before finance income and expense, income tax, depreciation, amortisation and net investment
income (EBITDAI) from discontinuing operation 14 13
Depreciation and amortisation expense
Depreciation and amortisation - property, plant and equipment and intangible assets– (6)
Depreciation - right-of-use assets– (1)
Net earnings before income tax from discontinuing operation 14 6
Income tax expense (4) (2)
Net earnings from discontinuing operation 10 4
The major classes of assets and liabilities comprising the discontinuing operation classified as held for sale are as follows:
AS AT
31 DECEMBER
2025
AS AT
30 JUNE
2025
UNAUDITEDAUDITED
$M$M
Short-term receivables and prepayments 9 18
Right-of-use assets 1 3
Property, plant and equipment 290 236
Intangible assets 10 11
Deferred tax asset 7 –
Total assets classified as held for sale 317 268
Lease liabilities 1 4
Total liabilities classified as held for sale 1 4
No write-down was recognised in the statement of profit or loss on classification of the above assets and liabilities to held for sale as the
estimated selling price exceeded the carrying value. As completion did not occur until 30 January 2026, the gain on sale calculation has
not yet been completed. This will be completed prior to finalising the 30 June 2026 financial statements.
The net cash flows generated/(incurred) by the discontinuing operation are as follows:
SIX MONTHS ENDED 31 DECEMBER
20252024
UNAUDITED$M$M
Net cash flows from operating activities 9 11
Net cash flows from investing activities (51) (25)
Net cash flows from financing activities – (1)
Net cash flows from discontinuing operation (42) (15)
09
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
2.2 Sale of IFP Receivables
The sale of the IFP receivables on 23 December 2025 resulted in a net loss of $3 million as set out below:
SIX MONTHS ENDED 31 DECEMBER
2025
UNAUDITEDNOTE$M
Cash inflow arising from sale of IFP receivables 239
Less: transaction costs (3)
Less: service fees (1)
Net cash flow on sale of IFP receivables 235
Less: carrying amount of the IFP receivables sold (245)
Add: carrying amount of the associated expected credit loss allowance provision 7
Net loss on sale of IFP receivables3 (3)
Spark derecognised the IFP receivables sold to Challenger except for the extent of its continuing involvement which represents the
maximum amount of consideration that Spark may be required to repay in relation to the IFP discounts over the life of the plan.
Given the continuing involvement, which Spark has retained control over, Spark has neither transferred nor retained substantially all
the risks and rewards of ownership which is primarily credit risk. Continuing involvement balances are presented within receivables and
payables respectively.
Derecognition of Financial Assets
The Group derecognises a financial asset when the contractual rights to the cash flows expire, or when the rights to receive those
cash flows are transferred and substantially all of the risks and rewards of ownership are transferred, in accordance with NZ IFRS
9 Financial Instruments.
Where interest-free payment receivables are sold and the Group retains exposure to a portion of the future cash flows, the asset is
derecognised only to the extent that risks and rewards have been transferred. The Group recognises a continuing involvement asset
for its retained interest and a continuing involvement liability for any obligation to pass through or repay amounts under the transfer
arrangement. These items are measured at the lower of the retained interest in the asset and the maximum amount the Group may be
required to repay.
Significant Judgements
Judgement is required in assessing whether the sale of interest-free payment receivables results in derecognition under
NZ IFRS 9. Key judgements include:
• Extent of risks and rewards transferred – evaluating whether the Group has transferred substantially all risks and rewards to the
purchaser.
• Assessment of continuing involvement – determining the portion of cash flow variability the Group remains exposed to and the
resulting continuing involvement asset and liability to recognise.
• Measurement of exposure – estimating the maximum amount the Group may be required to repay or pass through under the
transfer arrangement.
These judgements directly affect the amount of receivables derecognised and the measurement of related continuing
involvement balances.
10
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 3 Segment information
The segment results disclosed are based on those reported to the Chief Executive and are how Spark reviews its performance.
Spark’s material assets and operations are in New Zealand, therefore no separate geographical information is provided.
Spark’s segments are measured based on product margin, which includes product operating revenues and direct product costs.
The segment results exclude other gains, labour, other operating expenses, finance income and expense, depreciation and amortisation,
net investment income and income tax expense, as these are assessed at an overall Group level by the Chief Executive.
Comparative segment results
Spark has reclassified the comparative segment results:
• The IT products, IT services and High tech are redistributed between Other products and three new categories: Other connectivity,
Cloud, and Service management in H1 FY26 to more accurately reflect how these products are viewed and the comparative information
has been re-presented to reflect this.
• The majority of the data centre business included within other products segment has been classified as a discontinuing operation in H2
FY25 and H1 FY26 and the comparative information has been re-presented to reflect this. See note 2.1 for more details. The remaining
part of the data centres segment has been classified within the other products segment.
There is no change to the overall Spark reported result because of these reclassifications.
20252024
SIX MONTHS ENDED 31 DECEMBER
OPERATING
REVENUES
PRODUCT
COSTS
PRODUCT
MARGIN
OPERATING
REVENUES
PRODUCT
COSTS
PRODUCT
MARGIN
UNAUDITED$M$M$M$M$M$M
Mobile 754 (258) 496 739 (251) 488
Broadband 303 (162) 141 302 (162) 140
Other connectivity
1
163 (85) 78 182 (96) 86
Cloud 120 (63) 57 118 (61) 57
Service management 49 (13) 36 61 (18) 43
Voice 65 (30) 35 78 (36) 42
Procurement and partners 344 (325) 19 332 (307) 25
Other products
2
71 (23) 48 81 (34) 47
Segment results 1,869 (959) 910 1,893 (965) 928
1. Other connectivity includes IoT, Managed data and networks, security and collaboration.
2. Other products includes mobile infrastructure and exchange building sharing arrangements.
11
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Reconciliation from segment product margin to consolidated net earnings before income tax
SIX MONTHS ENDED 31 DECEMBER
20252024
UNAUDITED$M$M
Segment product margin 910 928
Other gains
Gain on sale and acquisition of property, plant and equipment and intangibles 12 1
Gain on lease modifications and terminations 12 22
Labour
1,2
(214) (269)
Other operating expenses
Network support costs (55) (52)
Computer costs (75) (74)
Accommodation costs (43) (42)
Advertising, promotions and communication (41) (31)
Bad debts (10) (10)
Other
1,2
(48) (67)
Earnings before finance income and expense, income tax, depreciation, amortisation and net investment
income (EBITDAI) 448 406
Finance income
Finance lease interest income 4 4
Other interest income 10 11
Finance expense
Finance expense on debt (35) (41)
Lease interest expense (26) (25)
Leased customer equipment interest expense (2) (3)
Other interest and finance expenses (7) (10)
Loss on sale of IFP receivables (3) –
Capitalised interest 4 4
Depreciation and amortisation expense
Depreciation – property, plant and equipment (139) (141)
Depreciation – right-of-use assets (53) (49)
Depreciation – leased customer equipment assets (13) (13)
Amortisation – intangible assets (99) (90)
Net investment income
Share of associates’ and joint ventures’ net losses (1) (6)
Interest income on loans receivable from associates and joint ventures – 6
Net earnings before income tax from continuing operations 88 53
1. H1 FY26 balances include additional transaction costs of $9 million ($2 million in labour and $7 million in other operating costs) incurred in relation to the sale of the
data centre business in January 2026.
2. H1 FY25 balances include additional transformation costs of $29 million ($2 million in labour and $27 million in other operating costs which were mostly severances)
associated with Spark’s SPK-26 Operate Programme.
Note 3 Segment information (continued)
12
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 4 Non-GAAP measures
Spark uses non-GAAP financial measures that are not prepared in accordance with NZ IFRS. Spark believes that these non-GAAP financial
measures provide useful information to readers to assist in the understanding of the financial performance, financial position or returns of
Spark. These measures are also used internally to evaluate performance of products, to analyse trends in cash-based expenses, to establish
operational goals and allocate resources. However, they should not be viewed in isolation, nor considered as a substitute for measures
reported in accordance with NZ IFRS, as they are not uniformly defined or utilised by all companies in New Zealand or the
telecommunications industry.
Earnings before finance income and expense, income tax, depreciation, amortisation and net investment
income (EBITDAI)
Spark calculates EBITDAI from continuing operations by taking net earnings from continuing operations, adding back finance expense,
depreciation and amortisation and income tax expense, subtracting finance income and adjusting for net investment income (which
includes Spark’s share of net profits or losses from associates and joint ventures, interest income on loans receivable from associates and
joint ventures, net impact on remeasurement of equity-accounted investments and dividend income). A reconciliation of Spark’s EBITDAI
from continuing operations is provided below and based on amounts taken from, and consistent with, those presented in these interim
financial statements.
SIX MONTHS ENDED 31 DECEMBER
20252024
UNAUDITED$M$M
Net earnings from continuing operations for the period reported under NZ IFRS 54 31
Less: finance income (14) (15)
Add back: finance expense 69 75
Add back: depreciation and amortisation 304 293
Add back: net investment income 1 –
Add back: income tax expense 34 22
EBITDAI from continuing operations 448 406
13
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 4 Non-GAAP measures (continued)
Adjusted EBITDAI and adjusted net earnings
Spark’s policy is to present ‘adjusted EBITDAI’ and ‘adjusted net earnings’ when a financial year includes significant items of an unusual or
infrequent nature (such as gains, expenses and impairments) individually greater than $25 million. In the six months ended 31 December
2025, the incremental transaction costs incurred in relation to the sale of the data centre business in January 2026 amounted to $9 million.
They were deemed significant to adjust as they will form part of the gain on sale calculation for the data centre business which will be
reported in the full year financial statements to 30 June 2026. In the six months ended 31 December 2024, the transformation costs
associated with Spark’s SPK-26 Operate Programme amounted to $29 million and were deemed significant to adjust.
SIX MONTHS ENDED 31 DECEMBER
20252024
UNAUDITEDNOTES$M$M
EBITDAI from continuing operations 448 406
EBITDAI from discontinuing operation2.1 14 13
Add: transaction costs related to data centre business sale3 9 –
Add: transformation costs3– 29
Adjusted EBITDAI 471 448
Net earnings from continuing operations for the period reported under NZ IFRS 54 31
Net earnings from discontinuing operation for the period reported under NZ IFRS2.1 10 4
Add: transaction costs related to data centre business sale3 9 –
Add: transformation costs3 – 29
Less: tax effect on transformation costs – (8)
Adjusted net earnings 73 56
Net debt
Net debt at hedged rates, the primary net debt measure Spark monitors, includes non-current debt at the value of hedged cash flows due
to arise on maturity, plus debt due within one year, less any cash. Net debt at carrying value includes the non-cash impact of fair value
hedge adjustments and any unamortised discount.
Net debt at hedged rates is a non-GAAP measure and is not defined in accordance with NZ IFRS but is a measure used by management.
A reconciliation of net debt at hedged rates and net debt at carrying value is provided below:
AS AT
31 DECEMBER
2025
AS AT
30 JUNE
2025
UNAUDITEDAUDITED
$M$M
Cash (85) (34)
Current debt at face value 490 417
Non-current debt at face value 1,020 1,085
Net debt at face value 1,425 1,468
To retranslate debt balances at swap rates where hedged by currency swaps (32) 7
Net debt at hedged rates
1
1,393 1,475
Non-cash adjustments
Impact of fair value hedge adjustments
2
6 7
Unamortised discount (9) (4)
Net debt at carrying value 1,390 1,478
1. Net debt at hedged rates is the value of hedged cash flows due to arise on maturity.
2. Fair value hedge adjustments arise on domestic notes in fair value hedges and foreign currency medium term notes in dual fair value and cash flow hedges. These have
no impact on the cash flows to arise on maturity.
14
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 5 Long-term investments
AS AT
31 DECEMBER
2025
AS AT
30 JUNE
2025
UNAUDITEDAUDITED
MEASUREMENT BASIS$M$M
Investment in associates and joint venturesEquity method 72 73
Other long-term investmentsCost 3 3
Total long-term investments 75 76
On 25 June 2025, Spark sold its 10% shareholding in Hutchison for AU$0.032 per share, with $48 million cash proceeds received on
17 July 2025. There were no significant changes in long-term investments in H1 FY26.
Investment in associates and joint ventures
Spark’s investment in associates and joint ventures at 31 December 2025 consists of the following:
NAMETYPECOUNTRYOWNERSHIPPRINCIPAL ACTIVITY
Flok LimitedAssociate New Zealand38%Hardware and software development
Hourua LimitedJoint VentureNew Zealand50%Delivering the Public Safety Network
Pacific Carriage Holdings Limited, Inc.AssociateUnited States41%A holding company
Rural Connectivity Group LimitedJoint VentureNew Zealand33%Rural broadband
Southern Cross Cables Holdings LimitedAssociateBermuda41%A holding company
TNAS LimitedJoint VentureNew Zealand50%Telecommunications development
15
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 6 Debt
AS AT
31 DECEMBER
2025
AS AT
30 JUNE
2025
UNAUDITEDAUDITED
AS AT 30 JUNEFACILITYCOUPON RATEMATURITY
$M$M
Current debt
Commercial paperVariable< 3 months 120 150
120 150
Supplier financing arrangements
1
Variable< 30/06/2029 27 32
27 32
Bank funding
MUFG Bank, Ltd.
2,3
125 million NZDVariable30/11/2026– 125
Westpac New Zealand Limited
2
200 million NZDVariable30/11/2026 100 –
100 125
Domestic notes
125 million NZD3.94%07/09/2026125–
125–
Foreign currency Medium Term Notes
Australian Medium Term Notes - 100 million AUD1.90%05/06/2026 114 105
114 105
Total current debt 486 412
Non-current debt
Supplier financing arrangements
1
Variable< 30/06/2029 24 28
24 28
Bank funding
Commonwealth Bank of Australia
2
100 million NZDVariable28/11/2027 100 70
100 70
Domestic notes
125 million NZD3.94%07/09/2026 – 124
100 million NZD
4
4.37%29/09/2028 100 100
125 million NZD5.21%18/09/2029 129 129
175 million NZD5.45%18/09/2031 181 182
410 535
Foreign currency Medium Term Notes
Australian Medium Term Notes – 150 million AUD4.00%20/10/2027 171 160
Australian Medium Term Notes – 125 million AUD2.60%18/03/2030 128 123
Norwegian Medium Term Notes – 1 billion NOK
5
3.07%19/03/2029 162 154
461 437
Total non-current debt 995 1,070
Total debt 1,481 1,482
1. With respect to arrangements with outstanding liabilities at 31 December 2025, including those entered into in prior years, financing providers have paid suppliers
a total of $112 million, Spark has accrued interest of $7 million and made payments against these arrangements of $68 million, resulting in a closing liability of
$51 million as at 31 December 2025 (30 June 2025: financers have paid suppliers $109 million, Spark has accrued interest of $5 million and made payments against
these arrangements of $54 million, resulting in a closing liability of $60 million). Amounts paid under these arrangements are presented in the statement of cash flows
within financing activities. These supplier financing arrangements have extended payment terms ranging from two to six years from initial supplier financing
arrangement commencement dates, generally with monthly repayments. There are no security nor guarantees provided relating to these arrangements.
2. These facilities are sustainability linked loans. Spark will receive lower interest rates for the next annual period if it achieves annual sustainability targets or pay higher
rates on the loans for the next annual period if it falls short of these annual targets.
3. As disclosed in note 2, on 27 November 2025 the MUFG facility was extended to mature on 30 November 2026, however it was undrawn as at 31 December 2025.
4. This bond is a sustainability linked bond. The bond includes an interest rate step up depending on the achievement of a sustainability target as at 30 June 2026.
5. Norwegian krone.
16
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 6 Debt (continued)
Changes in Spark’s short-term and long-term financing are disclosed in note 2 of these interim financial statements.
The fair value of total debt based on market observable prices, was $1,500 million compared to a carrying value of $1,481 million as at
31 December 2025 (30 June 2025: fair value of $1,489 million compared to a carrying value of $1,482 million).
Note 7 Reconciliation of net earnings to net cash flows from operating activities
SIX MONTHS ENDED 31 DECEMBER
20252024
UNAUDITED$M$M
Net earnings for the period 64 35
Adjustments to reconcile net earnings to net cash flows from operating activities
Depreciation and amortisation 304 300
Bad and doubtful accounts 11 11
Deferred income tax 8 (2)
Share of associates’ and joint ventures’ net losses 1 6
Interest income on loans receivable from associates and joint ventures– (6)
Gain on sale and acquisition of property, plant and equipment and intangibles (12) (1)
Gain on lease modifications and terminations (12) (22)
Other 4 2
Changes in assets and liabilities net of effects of non-cash and investing and financing activities
Movement in receivables and related items
1
184 (13)
Movement in inventories (42) (24)
Movement in current taxation 16 (51)
Movement in payables and related items 77 40
Net cash flows from operating activities 603 275
1. H1 FY26 movement has been impacted by the sale of IFP receivable, see note 2.2 for further details.
17
Spark New Zealand Interim financial statements FY26

NOTES TO THE INTERIM FINANCIAL STATEMENTS
Note 8 Dividends
On 17 February 2026, the Board approved the payment of a first-half ordinary dividend of 8.0 cents per share or approximately
$151 million. The dividend will be 50% imputed. In addition, supplementary dividends totalling approximately $6 million will be payable
to shareholders who are not resident in New Zealand. In accordance with the Income Tax Act 2007, Spark will receive a tax credit from
Inland Revenue equivalent to the amount of supplementary dividends paid.
H1 FY26
ORDINARY DIVIDENDS
Dividends declared
Ordinary shares8.0 cents
American Depositary Shares
1
24.16 US cents
Imputation
Percentage imputed50%
Imputation credits per share1.5556 cents
Supplementary dividend per share
2
0.7059 cents
‘Ex’ dividend dates
New Zealand Stock Exchange19/03/2026
Australian Securities Exchange19/03/2026
American Depositary Shares 20/03/2026
Record dates
New Zealand Stock Exchange20/03/2026
Australian Securities Exchange20/03/2026
American Depositary Shares 20/03/2026
Payment dates
New Zealand and Australia 10/04/2026
American Depositary Shares 20/04/2026
1. Spark’s American Depositary Shares, each representing five ordinary Spark shares and evidenced by American Depositary Receipts (ADRs), are traded over-the-counter
in the United States. This is a Level 1 ADR programme that is sponsored by Bank of New York Mellon. For H1 FY26, these are based on the exchange rate at 13 February
2026 of NZ$1 to US$0.6039 and a ratio of five ordinary shares per one American Depositary Share. The actual exchange rate used for conversion is determined in the
week prior to payment when the Bank of New York Mellon performs the physical currency conversion.
2. Supplementary dividends are paid to non-resident shareholders.
Dividend Reinvestment Plan
The company has a dividend reinvestment plan under which shareholders can elect to receive dividends in additional shares. The dividend
reinvestment plan is currently suspended.
Note 9 Events occurring after the reporting period
Other than the sale of the data centre business disclosed in note 2, no significant transactions have occurred subsequent to the reporting period.
18
Spark New Zealand Interim financial statements FY26

Independent Auditor’s Review Report
to The Shareholders of Spark New Zealand Limited
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of Spark New Zealand Limited
(‘the Company’) and its subsidiaries (‘the Group’) on pages 3 to 18 which comprise the statement of financial position as at 31 December
2025, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for
the six months ended on that date, and notes to the interim financial statements, including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements 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 cash
flows for the six months ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
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 (‘NZ SRE 2410’). Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Interim
Financial Statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand) (‘PES 1’) as applicable to audits and reviews of public interest
entities. We also have fulfilled our other ethical responsibilities in accordance with PES 1.
Our firm carries out other assignments for Spark New Zealand Limited in relation to the statutory audit, other assurance related services
(including trustee reporting, Greenhouse Gas Emissions limited assurance and agreed upon procedures in relation to the sustainability linked
loans), regulatory assurance engagements and non-assurance services (such as CPO Vantage Programme, CFO Vantage Programme as well
as administrative and other advisory services provided to the Corporate Taxpayer Group of which Spark New Zealand Limited is a member).
These services have not impaired our independence as auditor of the Group. In addition to this, the Chief Executive has both a sister and brother-
in-law that are partners at Deloitte. These Deloitte partners are not involved in the provision of any services to the Company, and its subsidiaries
and this matter has not impacted our independence. Also, partners and employees of our firm deal with the Group on normal terms within
the ordinary course of trading activities of the business of the Group. The firm has no other relationship with, or interest in the Group.
Directors’ responsibilities 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 Interim Financial Reporting and IAS 34 Interim Financial Reporting 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 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 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. We perform procedures,
primarily 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 might
identify in an audit. Accordingly, we do not express an audit opinion on the interim financial statements.
Restriction on use
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’s shareholders as a body, for our
engagement, for this report, or for the conclusions we have formed.

Melissa Collier, Partner for Deloitte Limited
Auckland, New Zealand
18 February 2026
19
Spark New Zealand Interim financial statements FY26

Registered office
Level 1
50 Albert St
Auckland 1010
New Zealand
Ph +64 4 471 1638 or 0800 108 010
Company secretary
Paige Howard-Smith
New Zealand registry
MUFG Corporate Markets
A division of MUFG Pension &
Market Services
Level 30, PWC Tower
15 Customs Street West
Auckland 1142
PO Box 91976
Auckland 1142
New Zealand
Ph +64 9 375 5998 (investor inquiries)
spark@cm.mpms.mufg.com
nz.investorcentre.mpms.mufg.com
Australian registry
MUFG Corporate Markets
A division of MUFG Pension &
Market Services
Level 12
680 George Street
Sydney NSW 2000
Australia
Locked Bag A14
Sydney South NSW 1235
Australia
Ph +61 1300 554 484 (investor inquiries)
spark@cm.mpms.mufg.com
au.investorcentre.mpms.mufg.com
United States registry
Computershare Investor Services
P.O. Box 43078
Providence, RI02940-3078
United States of America
Overnight/certified/registered delivery:
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
United States of America
Ph +1 888 BNY ADRS (+1 888 269 2377) or
+1 201 680 6825 (from outside the
United States)
shrrelations@cpushareownerservices.com
www.computershare.com/investor
For more information
For inquiries about Spark’s operating and financial performance
contact:
investor-info@spark.co.nz
Investor Relations
Spark New Zealand Limited
Private Bag 92028
Auckland 1142
New Zealand
investors.sparknz.co.nz
insight
creative.co.nz
SPARK092 02/26
Contact details
20
Spark New Zealand Interim financial statements FY26

investors.sparknz.co.nz
ARBN 050 611 277

---

Spark NewZealand
H1 FY26 Results Summary
Jolie Hodson, Chief Executive Officer
Stewart Taylor, Chief Financial Officer

Disclaimer
02
Spark
H1 FY26 Results Summary
TheinformationinthisannouncementhasbeenpreparedbySparkNewZealand
Limited.
Theinformationinthisannouncementisprovidedforgeneralpurposesonlyand
doesnotconstitutefinancial,legal,tax,investmentorotheradviceora
recommendationtopurchaseorinvestinsecuritiesinSparkNewZealand.
Thisannouncementmayincludeforward-lookingstatementsaboutSparkNew
ZealandandtheenvironmentinwhichSparkNewZealandoperates,including
indicationsof,andguidanceon,futureeventsandfinancialperformance.Such
forward-lookingstatementsarebasedonthebeliefsofandassumptionsmadeby
managementalongwithinformationcurrentlyavailableatthetimesuchstatements
weremade.
Anyforward-lookingstatementsinthisannouncementarenotguaranteesor
predictionsoffutureperformance,andinvolveknownandunknownrisks,
uncertaintiesandotherfactors,manyofwhicharebeyondSparkNewZealand’scontrol,
andwhichmaycauseactualresultstodiffermateriallyfromthoseprojectedinthis
announcement.SparkNewZealandgivesnorepresentation,warrantyorassurancethat
actualresultsorperformancewillnotmateriallydifferfromtheforward-looking
statements,andunduerelianceshouldnotbeplacedonsuchstatements.
Factorsthatcouldcauseactualresultsorperformancetodiffermateriallyfromthoseexpressed
orimpliedintheforward-lookingstatementsincludetheoutcomeofSparkNewZealand’s
anticipatedrevenuegrowthand/orcostreductionstrategies,economicconditionsandthe
regulatoryenvironmentinNewZealand,competitioninthemarketsinwhichSparkNew
Zealandoperates,andotherfactorsortrendsaffectingtheindustriesinwhichSparkoperates
generally,alongwiththerisksdetailedinSparkNewZealand’sfilingswithNZXandASXfrom
timetotime.
Additionally,anyforward-lookingstatementsassumenomaterialadverseevents,significant
one-offexpenses,majoraccountingadjustments,otherunforeseeablecircumstances,orfuture
acquisitionsordivestments.
ExceptasrequiredbylaworthelistingrulesofthestockexchangesonwhichSparkNew
Zealandislisted,SparkNewZealandisundernoobligationtoupdateanyforward-looking
statementswhetherasaresultofnewinformation,futureeventsorotherwise.
Thispresentationcontainscertainfinancialinformationandmeasuresthatarenon-GAAP
financialinformation.AlthoughSparkNewZealandbelievesthenon-GAAPfinancialinformation
andfinancialmeasuresprovideusefulinformationtousersinmeasuringthefinancial
performanceandconditionofSparkNewZealand,youarecautionednottoplaceundue
relianceonanynon-GAAPfinancialinformationorfinancialmeasuresincludedinthis
presentation.

H1 FY26 resultssummary
H1 FY26 result
Strong EBITDAI and free cash flow (FCF) growth relative to H1 FY25,
FY26 guidance reaffirmed
SPK-30 strategy
Continued momentum in mobile, productivity, network performance,
and customer experience
Dividend and capital management
Data centre transaction completion to support debt reduction,
dividend of 8cents per share declared
H1 FY26
Outcome
Change vs
H1 FY25
Adjusted Revenue$1,917 million1.1% decrease
AdjustedEBITDAI$471 million5.1% increase
Free cash flow$107 million
3
84.5% increase
•Data centre transaction completed
•Established new financing structure for IFP
3,4
•Debt on track to reduce to ~1.7x net debt/EBITDAI
•H1 FY26 dividend of 8 cps declared, 50% imputed
03
Spark
H1 FY26 Results Summary
1Mobile service revenue up 1.6%
2$51 million cost out delivered in H1
3#1 for 4G and 5G coverage experience
1
4Customer experience (iNPS) up 5 points
2
(1)Spark ranked first for overall coverage experience and 5G coverage experience, while
maintaining a top spot in reliability and availability. As awarded by Opensignal in the
October 2025 NZ Mobile Network Experience report
(2)December 2025 score of 41 –up +5 points since December
2024, and +1 point from end FY25
Continued momentum –mobile service revenue growth and cost-out discipline delivering strong EBITDAI and free cash flow growth
(3)The impact of the sale of the Interest Free Payments (IFP) receivable
book has been removed from the calculation of working capital which
contributes to free cash flow
(4)Interest Free Payments for handsets and accessories

H1 FY26financialsnapshot
Adjusted revenue
1,3
$1,917 million
1.1%decrease vs. H1 FY25
Reported revenue
2
$1,893million
1.2%decrease vs. H1 FY25
Adjusted EBITDAI
3, 4
$471million
5.1% increase vs. H1 FY25
Reported EBITDAI
2
$448million
10.3%increase vs. H1 FY25
Adjusted NPAT
3
$73million
30.4% increase vs. H1 FY25
Reported NPAT
$64million
82.9%increase vs. H1 FY25
BAU Capex
$217million
8.8%declinevs. H1 FY25
Free cash flow
$107million
84.5% increase vs. H1 FY25
H1 FY26dividend
8cents per share, 50% imputed
04
Spark
H1 FY26Results Summary
(1)Operating revenues and other gains
(2)Reported revenue and EBITDAI exclude the results of the data
centre business which is classified as a discontinuing
operation in the Financial Statements
(3)Adjusted revenue, EBITDAI and NPAT include the data centre business in H1 FY26 and
H1 FY25. Adjusted EBITDAI and NPAT exclude $9m of transaction costs in H1 FY26
incurred in relation to the sale of the data centre business (which will form part of the
gain on sale calculation in H2 FY26) and $29m of transformation costs (and associated
tax impact) incurred in the implementation of the SPK-30 strategy in H1 FY25.
(4) Earnings before finance income and expense, income tax, depreciation,
amortisation and net investment income (EBITDAI) and capital expenditure (CAPEX)
are non-Generally Accepted Accounting Principles (non-GAAP) performance
measures. Free cash flow is also a non-GAAP measure and is defined on page 7 of
Spark’s detailed KPIs

Mobileperformanceoverview
•Mobile service revenues grew 1.6%, supported by:
oContinued ARPU growth in Consumer and SME Pay
Monthly, with connections largely flat
oConnection and ARPU trends stabilising in both Prepaid
and Enterprise and Government, following plan
refreshes and targeted retention activity
oWholesale revenue growth driven mainly by B2B
messaging product refreshand MVNO activity
H1 FY25
1
H1 FY26% change
MobileServiceRevenue
Total
$491m$499m+1.6%
ConsumerandSME
$428m$437m+2.1%
Enterpriseand Government
$51m$47m-7.8%
Wholesale
$12m$15m+25%
ConnectionsandARPU–ConsumerandSME
Paymonthlyconnections
1,207k1,203k-0.3%
Prepaid connections
1,106k1,077k-2.6%
PaymonthlyARPU
$44.03$46.23+5.0%
Prepaid ARPU
$16.21$15.98-1.4%
ConnectionsandARPU–EnterpriseandGovernment
Connections
312k308k-1.3%
ARPU
$27.18$25.05-7.8%
Mobile service revenue growth driven by new product development, focused campaign activity, and plan mix
05
Spark
H1 FY26 Results Summary
(1)FY25 H1 total restated to reallocate Digital Island connections from
Enterprise and Government to Consumer and SME, post divestment
Spark mobile performance

SPK-30 focus on core connectivity driving mobile performance improvements since end FY25
Mobile performance detail
•Pay monthly connections broadly flat
•Strong ARPU growth supported by customer
uptake of more competitive, high value plans
•IFP acquisitions up 15% YoY –linked to higher value
customers and stronger retention
•New Kids Plan launched, requiring a parent on a
>$50 plan –supporting base growth and retention
•Slower rate of ARPU decline –down 7.8% in H1 FY26 vs
13.4% in FY25
•~7k connections on-boarded in H1 from recent wins
•More customers won than lost in H1 –small connection
decline due to fleet shrinkage (including 3G shutdown) and
low value connection loss
•H2 benefitting from new wins and re-signs
•Spark prepaid connections include three segments –
NZ packs, casuals, and travellers
•NZ packs account for ~90% of prepaid revenue and
connection decline is stabilising following plan refresh
and strong promotional activity
•This secures a platform for future cross and up-sell, as
further product development and offers are launched
•Skinny prepaid NZ base grew 2%, with strong uptake of
long-term plans launched in H1
Consumer and SME Pay Monthly
Strong ARPU growth in highest value segment
Consumer Prepaid
Highest value connections (NZ packs) stabilising
Enterprise and Government
Connections and ARPU further stabilising since FY25
06
Spark
H1 FY26 Results Summary
337
318
312
312
308
H1 24H2 24H1 25H2 25H1 26
E&G Connections (000)
% of total Prepaid revenue
$44.45
$43.80
$44.03
$44.90
$46.23
$1.06
$0.54
$45.51
$44.34
$44.03
$44.90
$46.23
H1 24 H2 24 H1 25 H2 25 H1 26
Consumer and SME Pay Monthly ARPU
excl Insurance Insurance Total
559
540
531
516
517
88%
88%
89%
89%
90%
67%
72%
77%
82%
87%
92%
490
500
510
520
530
540
550
560
570
H1 24H2 24H1 25H2 25H1 26
NZ Base

Overall market growth
Mobile market growth continues to improve over the last six months
07
Spark
H1 FY26ResultsSummary
Overall mobile market performance
(1)
•Total mobile market by revenue grew ~1.3% since 30 June 25
•Spark’s mobile service revenue continues to grow, but at a
slower rate than the market, resulting in a small share
contraction of 0.5pp
•Spark has ~40% of MVNO connections, and Spark MVNO
revenue growth is broadly in line with MVNO market growth
Spark
40.8%
(-0.5%)
One NZ
35.9%
(+0.2%)
2 Degrees
21.1%
(-)
MVNO2.2%
(+0.3%)
(1)All comparisons are market share estimates
sourced from IDC as at 31 December 2025

Strong pipeline of market activity
Continued investment in new technology, product, customer and network experiences
Satellite-to-mobile on its way
Satellite textand data testing
underway, with customer launch
planned for H2
1
Competitive revamp of roaming
New and improved roaming product
to launch –more competitive in a
growing e-SIM market, with better CX
#1 rated telco app in NZ
3
New MySpark App to further extend CX
advantage, with new customer
experience, service, and safety features
5G Standalone capabilities launching
Growing pipeline of Business
customers accessing private network
capability, trialling slicing use cases
Skinny technology investment
Technology platform upgrade to
provide new product functionality
and better customer experiences
Continued brand and marketing investment in It’s Better with Spark platform
08
Spark
H1 FY26ResultsSummary
(1)Eligible phone, plan, and line of sight to the sky required
Growing coverage leadership
Continuing to strengthen coverage
leadership
2
, with >100 new and
upgraded sites planned for H2 FY26
(3) Based on customer ratings in Apple App Store
(2)Spark ranked first for overall coverage experience and 5G coverage experience, while maintaining
a top spot in reliability and availability. As awarded by Opensignal in the October 2025 NZ Mobile
Network Experience report

ConnectivityandIT performancesummary
Core connectivity
•Broadband: revenue stable, with refreshed wireless broadband plans
and mobile bundling propositions launching in H2
•Voice:decline in line with long-term trend
•Other connectivity
1
:revenue decline driven by the divestment of Digital
Island and migration off legacy products to modern, lower ARPU
alternatives
Beyond the core
•Cloud:revenue growth driven by continued migration from private to
public and expansion of existing public cloud environments to support
rising data storage needs
•Service management:revenue declined as business project activity
remains muted and customers continue to migrate off legacy products to
lower ARPU alternatives
•Simplification update:continued focus driving cost efficiency. Migration
of customers off legacy collaboration products on track to complete in
H2 FY26
Broadband revenue stable, cloud growth continues, while other connectivity and service management decline
09
Spark
H1 FY26ResultsSummary
H1 FY25H1 FY26% change
Core Connectivity
Broadband
$302m$303m0.3%
Voice
$78m$65m(16.7%)
Other Connectivity
1
$182m$163m(10.4%)
Beyond the core
Cloud
$118m$120m1.7%
Service Management$61m$49m(19.7%)
(1)Includes IoT, Managed data and networks, collaboration, and security

Cost reduction programme on track
H1 FY25 to H1 FY26 YoY Cost Reduction
Disciplined execution delivers significant net cost reduction in H1
FY26 net cost reduction target of $30m-$50m heavily weighted to H1
•$51m in productivity savings delivered by:
o$55m of net labourreductions, reflecting the benefit of changes in calendar 2025;
o$12m of product cost reductions, previously expected to fall in other opex;
oOffset by $16m increase in other opex, primarily due to planned $11m marketing spend
to drive business growth and expected changes under the new technology delivery
model
As a result, the FY26 net cost reduction target has been narrowed to $40m-$50m
•In H2 further productivity savings will be delivered, however, these reductions are not
expected to continue at the same rate as H1 on a PCP basis:
oFY26 labourcosts continue to trend down, with much of this benefit front run in H1
from FTE reductions in FY25 and further simplification in H1 FY26;
oA weighting towards significant productcost savings in H2 FY26 from improved buying
terms;
oIncreases in other opexwith a full year of the new technology delivery model,
inflationary cost pressures, severances, and legacy shutdown, while higher marketing
costs normalise
On track to deliver annualisedtargeted savings of $110m-$140m by end of FY27
1
10
Spark
H1 FY26ResultsSummary
$526m
$487m
$55m
-$16m
$12m
$51m
H1 25 labour
and other opex
LabourOther opexH1 26 labour
and other opex
Product cost
savings
Net H1 26 cost
reductions
(1)Subject to no material adverse change in operating outlook

Our ambition: It’s better with Spark
New strategic focus delivering better network and customer experiences
•Expanded Spark’s 4G coverage leadership to also include 5G, as
independently rated by OpenSignal
1
•Expanded network coverage and performance with >100 sites built and
upgraded, and 5G Standalone trials delivering peak speed increases of
~75%
•New network monetisation opportunitiesin testing with Aduna, focused
on SIM swap and number verification to improve customer security
•Expanded network safety for customers with automated network
blocking of malicious websites introduced
•iNPS up 5 points
2
YoY –driven by simplified customer journeys, faster
support, and improved online experiences
•New in-app caller authentication reducing average call times by ~2
minutes, and supporting faster in-store support
•Better Prepaid app experience with fewer steps to purchase, and more
intuitive customer care
•Outage Assist kept over 400,000 broadbandcustomers connected,
delivering ~6.5 million GB of free mobile data during H1
Better Network
Better CX
•AI trial launched to automatically adjust energy use,
coverage, and capacity at cell sites in line with demand
•‘Vibe-e’ collaboration with Infosys –an AI coding initiative that
automates software testing to increase product speed to market
•AI now identifying repeat customer interactions and escalating
for faster resolution –supporting customers with complex needs
•Agentic AI now reducing collaboration product set up time by
~60% for business customers
Made better by AI
(1)Spark ranked first for overall coverage experience and 5G coverage experience, while maintaining a top spot in reliability and availability.
As awarded by Opensignal in the October 2025 NZ Mobile Network Experience report.
(2) December 2025 score of 41 –up 5 points since December2024, and 1 point from end FY25
11
Spark
H1 FY26ResultsSummary

12
Spark
H1 FY26ResultsSummary
Sustainability
Consistent progress, maintaining top quartile position in the S&P Corporate Sustainability Assessment
Continued progress towards emissions reduction targets
•Science-based emissions target (SBTi) on track –scope 1 and 2 emissions 32%
lower than the trajectory required in H1 FY26 to meet 2030 target
1
Ethical supply chain practices continue to mature
•Received ‘A’ rating in Monash University’s annual Modern Slavery Disclosure
Quality Ratings of ASX100 Companies
Continued to lead digital equity progress alongside our communities
•Not-for-profit broadband product, Skinny Jump, now supporting over 34,500
households in need across the country
•Maintained top quartile position in the World Benchmarking Alliance’s Digital
Inclusion Benchmark
(1)Our H1 emissions reduction performance reflects data centre operations and 53,849 MWh of
renewable energy generated by the Lauriston solar farm. The reported half year reduction is
provisional and may change following year end reconciliation

Data centre transaction completed
13
Spark
H1 FY26ResultsSummary
Sale of a 75% stake to Pacific Equity Partners (PEP) completed, with Spark retaining a 25% stake in the growing data centre market
(1)Final net proceeds subject to completion adjustments and deferred cash
proceeds
Transaction details
•Realises value for data centre assets now, while creating further
value for shareholders over the long term through Spark’s 25%
retained stake
•Spark received initial cash proceeds of ~$453m
1
, with additional
deferred cash proceeds of up to ~$98 million contingent on the
achievement of performance-based objectives by end 2027
TenPeaks Data Centres
•Data centre assets and operations transferred over to
newstand-alone company –TenPeaks –with customer
transition well underway
•23MW of capacity currently operational, with 130MW+ capacity
development pipelineand significant growth potential beyond

(3)Spark ranked first for overall coverage experience and 5G coverage experience, while
maintaining a top spot in reliability and availability. As awarded by Opensignal in the
October 2025 NZ Mobile Network Experience report
Financial Ambition
1
Non-Financial Ambition
Productivity
EBITDAI
Capex
Free cash flow
ROIC
2
FY30
H1 FY26 Update
Annualised savings of
$150m-$180m (from
FY24 baseline)
On track
Low single digit CAGR
from FY25-FY30
On track
Capex to revenue ratio
10-12%
On track
Mid-single digit CAGR
from FY25-FY30
On track
11-13%
On track
Customer
Network
Employee
Sustainability
FY30
>45+ iNPS
(industry best practice)
41+
up 5pts from H1 FY25
Maintain: Most reliable
network, with widest
coverage experience
3
Maintained #1 for widest
coverage experience
(4G and 5G), tied #1
for reliability
3
(1)Financial and non-financial ambitions should not be relied upon by investors as
guidance. Annual guidance will be provided for each year at the FY results
briefing
Top quartile employee
engagement
Employee engagementup
9 points from H2 FY25
Reduce absolute scope 1
and 2 GHG emissions
56% by 2030 from a FY20
baseline year
On track –scope 1 and 2
emissions 32% lower
than the trajectory
required in H1 FY26 to
meet 2030 target
14
Spark
H1 FY26ResultsSummary
Our SPK-30 strategy ambitions
Strong progress in first six months of new five-year strategy
(2)ROIC is calculated as net operating profit (EBITDAI less depreciation and
amortisation) after tax (at 28%) as a percentage of Invested Capital (total
debt including leases plus equity)
H1 FY26 Update

Financialsummary

H1 FY26financialsummary
16
Spark
REPORTED
H1 FY25
REPORTED
H1 FY26
CHANGEADJUSTED
H1 FY25
ADJUSTED
H1 FY26
CHANGE
Operating revenues and other gains
1,9161,893(1%)1,9391,917(1%)
Operating expenses
(1,510)(1,445)(4%)(1,491)(1,446)(3%)
EBITDAI
40644810%4484715%
Net financing cost
(60)(55)(8%)(60)(55)(8%)
Depreciation and amortisation
(293)(304)4%(300)(304)1%
Net investment income/(expense)
-(1)NM-(1)NM
Net earnings before tax expense
538866%8811126%
Tax expense
(22)(34)55%(32)(38)19%
Net earnings after tax expense
315474%567330%
Net earnings from discontinuing operation410NM---
Total net earnings after tax expense356483%567330%
BAU capital expenditure
238217(9%)238217(9%)
Free cash flows excluding spectrum
5810784%5810784%
EBITDAI margin21.2%23.7%2.5%pts23.1%24.6%1.5%pts
Effective tax rate
41.5%38.6%
(2.9%)pts
36.4%34.2%
(2.2%)pts
Capex to operating revenues and other gains
2
13.2%14.3%
1.1% pts
13.0%14.1%
1.1%pts
Total earnings per share (cents)
1.72.9
1
71%3.13.926%
Total dividend per share (cents)
12.58.0(36%)12.58.0(36%)
(1)From continuing operations
(2)Capex in this ratio includes strategic and BAU capex –H1 FY26 is elevated
with $54m of strategic capex related to the data centre business
.
H1 FY26ResultsSummary

H1 FY26 financial summary
Adjusted result vs. H1 FY25
17
Spark
Reported result vs. H1 FY25
H1 FY26ResultsSummary
•Reported operating revenue and other gains down 1% to $1,893m
•Reported EBITDAI up 10%, or $42m, to $448m
•Net financing costs of $55m decreased 8% due to lower average
net debt, while tax expense of $34m was 55% higher due to
greater pre-tax earnings
•Discontinued earnings of $10m related to the contribution from
the data centres business –up on the PCP as assets held for sale
are no longer depreciated
•Reported NPAT up 83% to $64m
•BAU capital expenditure reduced 9% to $217m as the 5G rollout
matures
•Adjusted revenue and EBITDAI include the data centre business for both
H1 FY26 and H1 FY25
•Adjusted H1 FY26 EBITDAI excludes $9m of data centre transaction costs,
which will form part of the gain on sale calculation and will be reported
in FY26
•Adjusted H1 FY25 EBITDAI excludes $29m of SPK-30 transformation costs
•Adjusted operating revenue and other gains down 1% to $1,917m
reflecting improvement in mobile revenue and offset by the divestment
of Digital Island, and lower other connectivity and non core revenue
•Operating expenses of $1,446m were $45m lower than H1 FY25, due to
lower labour costs, product cost savings, and other cost out initiatives
•As a result, adjusted EBITDAI was up 5%, or $23m, to $471m
•Adjusted NPAT up 30% to $73m

Capitalexpenditure
18
Spark
Investment focused on core connectivity in line with SPK-30 strategy, BAU capex down 9% YoY
•H1 FY26 capex of $271m is $19m higher driven mainly by
increase in strategic data centre capex:
oLower BAU capex of $21m as 5G rollout matures
oStrategic capex reflects $54m investment in land related to
data centre growth strategy (consistent with guidance)
oFollowing completion of the data centre sale strategic capex
will be significantly reduced in future periods
•Spectrum relates to additional 20 MHz of 5G spectrum
acquired from Tū Ātea, with a NPV of $7m over 18-year rights
•Focus on disciplined capital expenditure continues into H2
FY26, on track todeliver BAU capex of $380m-$410m
H1 FY26ResultsSummary
Spectrum
BAU Capex
Strategic Capex
IT systems
$73m
IT systems
$81m
Fixed network,
Int'l cable capacity
$37m
Mobile network
$114m
Mobile network
$81m
Other$14m
Other$9m
Strategic$14m
Strategic$54m
Spectrum$7m
H1 25H1 26
H1 25 vs H1 26 capex by category
$252m
$271m
(ex. spectrum)
Fixed network,
Int'l cable capacity
$46m
BAU Capex
down 9%

Freecashflow
19
Spark
H1 FY26 ResultsSummary
Free cash flow calculation
H1 FY25
($m)
H1 FY26
($m)
Change
($m)
Change
(%)
Reported EBITDAI4064484210%
Add EBITDAI from discontinuing
operations
131418%
Less adjusting items and non-cash
gains
6(15)(20)NM
EBITDAI for free cash flow425447225%
Less
Cash paid on BAU capex(212)(212)--
Cash paid on interest(58)(51)7(12%)
Cash paid on tax payments(78)(14)64(82%)
Cash paid on leases(43)(58)(15)35%
Total cash payments on items above(391)(335)56(14%)
Change in working capital24(5)
(1)
(29)NM
Free cash flow581074984%
Cash paid on strategic capex(14)(51)(37)NM
Free cash flow less strategic capex44561227%
FCF growth primarily driven by EBITDAI growth and lower cash tax payments
(1)Change in working capital has been adjusted by $213m to remove the impact of the sale
of the IFP receivables book during H1 FY26
•H1 FY26 FCF of $107m up 84% driven by improvement
in EBITDAI and lower cash tax paid
•Targeted H1 to H2 uplift in FCF will be driven by
EBITDAI profile, lower capex, improved working capital,
and offset by higher cash tax payments
•Change in H1 working capital adjusted for the impact
of the sale of the IFP receivables book
(1)
•H1 FY26 lease payments normalisedfollowing the cash
benefit from the move to 50 Albert Street in H1 FY25
•On track to FY26 FCF guidance of $290m-$330m
2
(2) Subject to no material adverse change in operating outlook

Debtanddividends
20
Spark
H1 FY26ResultsSummary
Ongoing focus on disciplinedcapital management
•H1 FY26 net debt (ex leases) of $1.39bn is 5% or $81m
lower than net debt at FY25, driven by sale of the IFP
book and offset by the impact of capex (both BAU and
strategic)
•Net debt/EBITDAI leverage ratio at31 December 2025
remained at 2.2x (ratio not materially impacted by IFP
book sale)
•The pro forma ratio of 1.7x reflects the receipt of data
centre transaction proceeds on 30 January 2026
•Spark remains committed to maintaining a strong
balance sheet consistent with its current credit rating
•An interim dividend of 8cps, 50% imputedhas been
declared based on FY26 FCF guidance of $290m-
$330m
1
1.8x
2.1x
2.3x
2.2x
2.2x
1.7x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
$m
$500m
$1,000m
$1,500m
$2,000m
$2,500m
$3,000m
H1 24FY24H1 25FY25H1 26Jan 26 PF*
Spark Debt Profile
Net debt ex leasesLeasesNet Debt/EBITDAI**
*Jan 26 pro forma is calculated on the basis of the data centres transaction being completed on 30 January 2026
**Calculation of net debt/EBITDA consistent with S&P methodology
(1)Subject to no material adverse change in operating outlook

FY26 debt key metrics
Net debt
H1 FY25
($m)
FY25
($m)
H1 FY26
($m)
Net debt at hedged rates$1,796$1,475$1,393
Net debt at hedged rates including lease liabilities
1
$2,735$2,392$2,273
Debt ratios
Borrowing costs (annualised)5.6%5.6%5.6%
Weighted average debt maturity (years)3.1 years3.1 years2.5 years
Debt servicing
2
2.3x2.2x2.2x
Gearing66%61%63%
Interest cover7x
3
8x8x
3
21
Spark
H1 FY26ResultsSummary
(1)Prior historical periods restated for the additional leaseback liability on customer leases
(2)Debt servicing is calculated as (Net debt at hedge rates including lease liabilities -captive finance
adjustments)/(Adjusted EBITDAI -captive finance adjustments) which Spark estimates aligns to
S&P’s credit rating calculation
(3) H1 FY25 and H1 FY26 interest cover is calculated using the H1 25 and H1 26 earnings
and interest costs respectively

22
Spark
H1 FY26ResultsSummary
FY26Guidance
2
Adjusted EBITDAI$1,010m -$1,070m
BAU capex$380m -$410m
Strategic capex (data centres)~$55m
3
Free cash flow
4
$290m -$330m
Dividend100% of FCF
FY26Guidance reaffirmed
1
(1)Subject to no material adverse change in operating outlook
(2)FY26 Guidance reflects the completion of the data centres transaction in January 2026 with the data centres
accounted for as an associate (i.e. earnings below the EBITDAI line) for the remainder of FY26. Any gain on sale
from the data centres transaction is excluded from the adjusted EBITDAI
(3)There was $1m of capex spent on data centres in January 2026 before completion, adding to the $54m spent in H1 FY26
(4)Definition of free cash flow -Reported EBITDAI, less adjusting items and non-cash gains/losses; BAU capex; interest
costs; tax; lease costs; impact of changes in working capital, and excluding strategic and spectrum capex

---

Spark New Zealand
Group result - reported
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
$m$m$m$m$m$m$m$m
%
Operating revenues and other gains1,9561,8641,9161,8091,8931,916 1,893(23) (1.2%)
Operating expenses(1,437) (1,242) (1,510) (1,162) (1,445)(1,510) (1,445)65 (4.3%)
EBITDAI
519 622 406 647 448406 448
42 10.3%
Finance income
14161516141514(1)(6.7%)
Finance expense
(63)(81)(75)(74)(69)(75)(69)6(8.0%)
Depreciation and amortisation
(244)(268)(293)(297)(304)(293)(304)(11)3.8%
Net investment income
(3)(5)-2(1)-(1)(1)NM
Net earnings before income tax
223284532948853883566.0%
Tax income / (expense)
(69)(127)(22)(73)(34)(22)(34)(12)54.5%
Net earnings from continuing operations
154157312215431542374.2%
Net earnings from discontinuing operations
2344104106NM
Total net earnings for the period
156160352256435642982.9%
Capital expenditure excluding spectrum
286232252177271252271197.5%
Reported EBITDAI margin
26.5%33.4%21.2%35.8%23.7%21.2%23.7%2.5pp
Reported effective tax rate
30.9%44.7%41.5%24.8%38.6%41.5%38.6%(2.9pp)
Capital expenditure to operating revenues and other gains
14.6%12.4%13.2%9.8%14.3%13.2%14.3%1.1pp
Reported basic EPS
1
(cents) from continuing operations
8.48.71.712.02.91.72.91.2 70.6%
Reported diluted EPS (cents) from continuing operations
8.48.81.712.02.91.72.91.2 70.6%
Reported basic EPS (cents) from discontinuing operations
0.10.20.20.30.50.20.50.3NM
Reported diluted EPS (cents) from discontinuing operations
0.10.30.20.30.50.20.50.3NM
1
Earnings per share
NM denotes ‘not meaningful’
Group result - adjusted
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
$m$m$m$m$m$m$m$m
%
Adjusted operating revenues and other gains
1,9761,8851,9391,7611,9171,9391,917(22)(1.1%)
Adjusted operating expenses(1,446)(1,252)(1,491)(1,149)(1,446)(1,491)(1,446)45(3.0%)
Adjusted EBITDAI
530 633 448 612 471448 471
235.1%
Finance income14161516141514(1) (6.7%)
Finance expense(63)(81)(75)(74)(69)(75)(69)6(8.0%)
Depreciation and amortisation(251)(276)(300)(304)(304)(300)(304)(4)1.3%
Adjusted net investment income(3)(5)-2(1)-(1)(1)NM
Adjusted net earnings before income tax22728788252111881112326.1%
Adjusted income tax expense(70)(102)(32)(81)(38)(32)(38)(6)18.8%
Adjusted net earnings for the period157185561717356731730.4%
Capital expenditure excluding spectrum 286232252177271252271197.5%
Free cash flows excluding spectrum
1
(100)219582021075810749 84.5%
Adjusted EBITDAI margin26.8%33.6%23.1%34.8%24.6%23.1%24.6%1.5pp
Adjusted effective tax rate30.8%35.5%36.4%32.1%34.2%36.4%34.2%(2.2pp)
Capital expenditure to adjusted operating revenues and other gains
14.5%12.3%13.0%10.1%14.1%13.0%14.1%1.1pp
Adjusted basic EPS
2
(cents)
8.610.13.19.23.93.13.90.8 25.8%
Adjusted diluted EPS (cents)
8.510.23.19.23.93.13.90.825.8%
1
Prior periods have been restated to align with the new definition of working capital
2
Earnings per share
Declared Dividends
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
Ordinary dividends (cents per share)13.5014.0012.5012.508.0012.508.00(4.50)(36.0%)
Total dividend (cents per share)13.5014.0012.5012.508.0012.508.00(4.50)(36.0%)
H1 FY26 vs H1 FY25
Reported revenue, expenses, EBITDAI and NPAT exclude the results of the data centre business which has been classified as a discontinuing operation in the Financial Statements.
H1 FY26 vs H1 FY25
Spark’s policy is to present ‘adjusted EBITDAI’ and ‘adjusted net earnings’ when a financial year includes one-off significant items (such as gains, expenses and impairments) individually greater
than $25 million. In the six months ended 31 December 2025, the incremental transaction costs incurred in relation to the sale of the data centre business in January 2026 amounted to $9
million and were deemed significant to adjust as these costs will form part of the gain on sale calculation of the data centre business which will be finalised in the full year results to 30 June
2026. In the six months ended 31 December 2024, the transformation costs associated with Spark's SPK-26 Operate Programme amounted to $29 million and were deemed significant to adjust.
H1 FY26 vs H1 FY25

Spark New Zealand
Group operating revenues and other gains
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
Connectivity$m$m$m$m$m$m$m$m
%
Mobile service revenue51050049149649949149981.6%
Mobile non-service revenue23922524821825524825572.8%
Total mobile749725739714754739754152.0%
Voice 94867872657865(13)(16.7%)
Broadband
1
30930430230630330230310.3%
Other connectivity
2
184189182181163182163(19) (10.4%)
Total connectivity1,3361,3041,3011,2731,2851,3011,285(16)(1.2%)
Other
Cloud1091161181171201181202 1.7%
Service management68646155496149(12)(19.7%)
Procurement and partners339209332206344332344123.6%
Other products1051091041029510495(9)(8.7%)
Total other621498615480608615608(7)(1.1%)
Adjusted operating revenues1,9571,8021,9161,7531,8931,9161,893(23)(1.2%)
Other gains198323824232414.3%
Adjusted operating revenues and other gains1,9761,8851,9391,7611,9171,9391,917(22)(1.1%)
Adjusting items - Net gain on sale/divestment of Connexa---71-----%
Operating revenues from discontinuing operations(20)(21)(23)(23)(24)(23)(24)(1)4.3%
Reported operating revenues and other gains1,9561,8641,9161,8091,8931,9161,893(23)(1.2%)
1
Wireless broadband revenues and connections are included in broadband revenues and connections.
-
2
Other connectivity includes IoT, managed data and networks, security and collaboration.
Group operating expenses
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
Product costs$m$m$m$m$m$m$m$m
%
Connectivity
Total mobile(253)(231)(251)(206)(258)(251)(258)(7)2.8%
Voice(43)(38)(36)(32)(30)(36)(30)6(16.7%)
Broadband(161)(164)(162)(169)(162)(162)(162)--%
Other connectivity
1
(98)(108)(96)(100)(85)(96)(85)11 (11.5%)
Other
Cloud(38)(47)(61)(50)(63)(61)(63)(2)3.3%
Service management(9)(21)(18)(15)(13)(18)(13)5(27.8%)
Procurement and partners(315)(168)(307)(166)(325)(307)(325)(18)5.9%
Other product costs(27)(28)(34)(29)(23)(34)(23)11(32.4%)
Total product costs(944)(805)(965)(767)(959)(965)(959)6(0.6%)
Labour(279)(233)(271)(172)(216)(271)(216)55(20.3%)
Other operating expenses
Network support costs(40)(33)(52)(27)(57)(52)(57)(5)9.6%
Computer costs(52)(63)(74)(58)(75)(74)(75)(1)1.4%
Accommodation costs(29)(29)(29)(26)(27)(29)(27)2(6.9%)
Electricity - data centres
2
(2)(2)(3)(4)(4)(3)(4)(1) 33.3%
Electricity - non data centres(17)(17)(16)(18)(17)(16)(17)(1)6.3%
Advertising, promotions and communication(33)(21)(31)(27)(42)(31)(42)(11)35.5%
Bad debts(7)(8)(10)(9)(10)(10)(10)--%
Other(43)(41)(40)(41)(39)(40)(39)1(2.5%)
(223)(214)(255)(210)(271)(255)(271)(16)6.3%
Adjusted operating expenses(1,446)(1,252)(1,491)(1,149)(1,446)(1,491)(1,446)45(3.0%)
Transformation costs--(29)(24)-(29)-29(100.0%)
Operating expenses from discontinuing operations9101011101010--%
Separation costs----(9)-(9)(9)100.0%
Reported operating expenses(1,437)(1,242)(1,510)(1,162)(1,445)(1,510)(1,445)65(4.3%)
1
Other connectivity includes IoT, managed data and networks, security and collaboration.
2
Estimated electricity costs to run Spark Group's dedicated data centres.
Group FTEs
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26 H1 FY25 H1 FY26
FTE permanent5,3565,0724,4563,7923,5844,456 3,584 (872)(19.6%)
FTE contractors 977094554894 48 (46)(48.7%)
Total FTE5,4535,1424,5503,8473,6324,550 3,632 (918)(20.2%)
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25

Spark New Zealand

Gross margin by product
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m%
Total mobile49649448850849648849681.6%
Voice51484240354235(7)(16.7%)
Broadband14814014013714114014110.7%
Other connectivity
1
86818681788678(8) (9.3%)
Cloud71695767575757--%
Service management59434340364336(7)(16.3%)
Procurement and partners24412540192519(6)(24.0%)
Other products7880707372707222.9%
Adjusted product gross margin
1,013 996 951 986 934951 934
(17)(1.8%)
Other gains198323824232415.0%
Adjusted gross margin
1,032 1,080 974 994 958974 958
(16)(1.6%)
Gross margin from discontinuing operations(20)(20)(23)(22)(24)
(23)
(24)(1)4.3%
Gain on sale/divestment of Connexa
---71--
---%
Reported gross margin
1,052 1,100 997 1,087 934997
934(63)(6.3%)
Finance expense & income
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
$m$m$m$m$m$m$m$m%
Finance expense
Finance expense on debt(33)(42)(41)(38)(35)(41)(35)6 (14.6%)
Other interest and finance expenses(8)(15)(10)(10)(10)(10)(10)--%
Lease interest expense(24)(24)(25)(26)(26)(25)(26)(1)4.0%
Leased customer equipment interest expense(4)(4)(3)(3)(2)(3)(2)1(33.3%)
(69)(85)(79)(77)(73)(79)(73)6(7.6%)
Capitalised interest6443444--%
(63)(81)(75)(74)(69)(75)(69)6(8.0%)
Finance income
Finance lease interest income4444444--%
Other interest income10121112101110(1) (9.1%)
14161516141514(1)(6.7%)
Depreciation and amortisation expense
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
$m$m$m$m$m$m$m$m%
Depreciation and amortisation expense
Depreciation - property, plant and equipment(112)(123)(147)(138)(139)(147)(139)8 (5.4%)
Depreciation - right-of-use assets(42)(47)(50)(55)(53)(50)(53)(3)6.0%
Depreciation - leased customer equipment assets(17)(16)(13)(14)(13)(13)(13)--%
Amortisation - intangible assets(80)(90)(90)(97)(99)(90)(99)(9) 10.0%
Adjusted depreciation and amortisation expense(251)(276)(300)(304)(304)(300)(304)(4)1.3%
Depreciation and amortisation expense from discontinuing operations7877-7-(7) (100.0%)
-
Reported depreciation and amortisation expense(244)(268)(293)(297)(304)(293)(304)(11)3.8%
Net investment income
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
Net investment income$m$m$m$m$m$m$m$m%
Share of associates' and joint ventures' net losses(8)(9)(6)-(1)(6)(1)5 (83.3%)
Interest income on loans receivable from associates and joint ventures6662-6-(6) (100.0%)
Impairment of investments-(2)------NM
Net disposal and remeasurement of equity accounted investments(1)-------NM
Adjusted net investment income(3)(5)-2(1)-(1)(1)NM
Net gain on dilution of the investment in the Connexa group-------NM
Reported net investment income(3)(5)-2(1)-(1)(1)NM
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
1
Other connectivity includes IoT, Managed data and networks, security and collaboration.
H1 FY26 vs H1 FY25

Spark New Zealand
Core Connectivity
Analysis & KPIs - Mobile
Consumer & SMEH1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
Pay monthly
Connections (k)
1
1,1881,1991,2071,2051,2031,2071,203(4) (0.3%)
ARPU ($)45.5144.3444.0344.9046.2344.0346.232.205.0%
Prepaid
Connections (k)1,2101,1731,1061,1121,0771,1061,077(29)(2.6%)
ARPU ($)16.0915.8816.2116.0015.9816.2115.98(0.23)(1.4%)
Total Consumer & SME mobile service revenue ($m)43843142843343742843792.1%
Enterprise & Government
Pay monthly
Connections (k)
1
337318312312308312308(4) (1.3%)
ARPU ($)30.4829.5027.1826.5425.0527.1825.05(2.13)(7.8%)
Total Enterprise & Government mobile service revenue ($m)62585149475147(4)(7.8%)
Wholesale & other
2
Mobile service revenue ($m)10111214151215325.0%
Total mobile service revenue51050049149649949149981.6%
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
Total mobile$m$m$m$m$m$m$m$m
%
Mobile service revenue51050049149649949149981.6%
Mobile non-service revenue
3
23922524821825524825572.8%
Total mobile revenue749725739714754739754152.0%
Mobile product costs
4
(253)(231)(251)(206)(258)(251)(258)(7)2.8%
Mobile gross margin49649448850849648849681.6%
Mobile gross margin %66.2%68.1%66.0%71.1%65.8%66.0%65.8% (0.2pp)
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
000's000's000's000's000's000's000's000's
%
Pay monthly connections1,5251,5171,5191,5171,5111,5191,511(8) (0.5%)
Prepaid connections1,2101,1731,1061,1121,0771,1061,077(29) (2.6%)
Internal connections4443343(1) (25.0%)
Total mobile connections
5
2,7392,6942,6292,6322,5912,6292,591(38) (1.4%)
Total ARPU ($)30.6630.0330.1730.4131.0830.1731.080.91 3.0%
1
The divestment of Digital Island resulted in connection transfers from Enterprise & Government to Consumer & SME, which is reflected in these connection numbers.
2
Includes MVNO revenue, but excludes other customer segment mobile revenue which is now captured in non-service revenue.
3
Mobile non-service revenue includes handset sales and mobile interconnect.
4
Includes handset, interconnect and cellphone tower access costs.
5
Mobile connections excluding MVNO connections but including legacy machine to machine, SIM based SmartWatch connections and internal connections.
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25

Spark New Zealand
Other connectivity
Analysis & KPIs - Voice
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
000's000's000's000's000's000's000's000's
%
POTS and ISDN69594939274927(22)(44.9%)
VoIP53514849464846(2)(4.2%)
Voice over wireless8665565(1)(16.7%)
Total voice connections130116103937810378(25)(24.3%)
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m
%
Total voice revenue94867872657865(13)(16.7%)
Voice product costs
1
(43)(38)(36)(32)(30)(36)(30)6 (16.7%)
Voice gross margin
51484240354235
(7)(16.7%)
Voice gross margin %54.3%55.8%53.8%55.6%53.8%53.8%53.8%-%
1
Includes voice access (baseband), interconnect, and international calling costs.
Analysis & KPIs - Broadband
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
000's000's000's000's000's000's000's000's
%
Copper54433626203620(16)(44.4%)
Fibre427428424422417424417(7)(1.7%)
Wireless214216218213212218212(6)(2.8%)
Total broadband connections695687678661649678649(29)(4.3%)
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m
%
Total broadband revenue30930430230630330230310.3%
Broadband product costs
2
(161)(164)(162)(169)(162)(162)(162)--%
Broadband gross margin148140140137141
140 141
10.7%
Broadband gross margin %47.9%46.1%46.4%44.8%46.5%46.4%46.5%0.1pp
2
Includes broadband access (UBA/UCLL/Fibre) and modem costs.
Analysis & KPIs - Other connectivity
3
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m
%
Other connectivity revenue184189182181163182163(19)(10.4%)
Other connectivity product costs(98)(108)(96)(100)(85)(96)(85)11(11.5%)
Other connectivity gross margin86818681788678(8)(9.3%)
Other connectivity gross margin %46.7%42.9%47.3%44.8%47.9%47.3%47.9%0.6pp
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
000's000's000's000's000's000's000's000's
%
Total IoT connections1,7992,0482,2502,3762,4292,2502,4291798.0%
3
Other connectivity includes IoT, managed data and networks, security and collaboration.
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
Voice connections by typeH1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
Broadband connections by technologyH1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25

Spark New Zealand
Other
Analysis & KPIs - Data centres
1
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m%
Data centre revenue2223252526252614.0%
Data centre product cost(1)(1)(2)(1)(1)(2)(1)1(50.0%)
Data centre gross margin2122232425232528.7%
Data centre gross margin%95.5%95.7%92.0%96.0%96.2%92.0%96.2%4.2pp
Data centre KPIsH1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
Data centre capacity built (in MW)2222222323222314.5%
Data centre capacity under construction (in MW)111--1-(1)(100.0%)
Data centre development pipeline (in MW)70701181301301181301210.2%
Total capacity (in MW)9393141153153
141
153128.5%
Weighted average lease term with options (WALE)
2
16.415.915.414.914.415.414.4(1.0) (6.7%)
Contracted utilisation dedicated data centres
3
88%88%88%87%87%88%87% (1.0pp)NM
Target power usage effectiveness (PUE)1.21.21.21.21.21.2 1.2 --%
PUE - Legacy data centre assets1.571.571.601.601.611.60 1.61 0.010.6%
3
Includes contracted and reserved racks at dedicated data centres and exchanges.
Analysis & KPIs - Cloud
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m%
Cloud revenue10911611811712011812021.7%
Cloud product costs(38)(47)(61)(50)(63)(61)(63)(2)3.3%
Cloud gross margin71695767575757--
Cloud gross margin%65.1%59.5%48.3%57.3%47.5%48.3%47.5%(0.8pp)
Analysis & KPIs - Service management
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m%
Service management revenue68646155496149(12)(19.7%)
Service management product costs(9)(21)(18)(15)(13)(18)(13)5(27.8%)
Service management gross margin5943434036
4336
(7)(16.3%)
Service management gross margin %86.8%67.2%70.5%72.7%73.5%70.5%73.5%3.0pp
Analysis & KPIs - Procurement and partners
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
$m$m$m$m$m$m$m$m%
Procurement and partners revenue339209332206344332344123.6%
Procurement and partners product costs(315)(168)(307)(166)(325)(307)(325)(18)5.9%
Procurement and partners gross margin24412540192519(6)(24.0%)
Procurement and partners gross margin %7.1%19.6%7.5%19.4%5.5%7.5%5.5%(2.0pp)
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
H1 FY26 vs H1 FY25
2
Based on a total contract value weighted average of remaining lease years for global cloud/content provider contracts. Prior periods have been restated to reflect a change in reporting
methodology, now considering the remaining contract terms rather than the contract length at commencement.
H1 FY26 vs H1 FY25
1
This represents a total data centre view, the majority of which has been classified as a discontinuing operation in the Financial Statements.

Spark New Zealand
Statement of cash flows
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m%
Cash flows from operating activities
Receipts from customers
1
1,972 1,739 1,977 1,717 2,177 1,9772,17720010.1%
Receipts from interest 13 15 15 14 13 1513(2)(13.3%)
Payments to suppliers and employees (1,519) (1,134) (1,566) (1,145) (1,509)(1,566) (1,509)57(3.6%)
Payments for income tax (101) (88) (78) (108) (14)(78)(14)64(82.1%)
Payments for interest on debt (31) (49) (46) (44) (37)(46)(37)9(19.6%)
Payments for interest on leases (23) (23) (24) (26) (25)(24)(25)(1)4.2%
Payments for interest on leased customer equipment assets (4) (3) (3) (3) (2)(3)(2)1(33.3%)
Net cash flows from operating activities
307 457 275 405
603
275603328NM
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 14 20 2 - - 2-(2)(100.0%)
Proceeds from sale of business - 4 - 8 - ---NM
Proceeds from long-term investments - 7 - 326 48 -4848100.0%
Receipts from finance leases 1 - - - - ---NM
Receipts from loans receivable 10 - 3 - - 3-(3)(100.0%)
Payments for purchase of business, net of cash acquired (2) (3) (2) - - (2)-2(100.0%)
Payments for, and advances to, long-term investments (1) - - - - ---NM
Payments for assets classified as held for sale
2
- - - - (51)-(51)(51)(100.0%)
Payments for purchase of property, plant and equipment, intangibles (excluding
spectrum) and capacity
(347) (235) (228) (204) (208)(228)(208)20(8.8%)
Payments for spectrum intangible assets - (8) - (10) (1)-(1)(1)NM
Payments for capitalised interest (6) (4) (4) (3) (4)(4)(4)--%
Net cash flows from investing activities (331) (219) (229) 117 (216)(229)(216)13(5.7%)
Cash flows from financing activities
Net proceeds from/(repayments of) debt 489 21 190 (387) (42)190(42)(232)NM
Payments for dividends (249) (245) (160) (142) (236)(160)(236)(76)47.5%
Payments for share buy-back (159) - - - - ---NM
Payments for leases (38) (40) (44) (48) (44)(44)(44)--%
Receipts from lease incentive - - 22 - - 22-(22)(100.0%)
Payments for leased customer equipment assets (20) (14) (11) (13) (14)(11)(14)(3)27.3%
Net cash flows from financing activities 23 (278) (3) (590) (336)(3)(336)(333)NM
Net cash flows (1) (40) 43 (68) 51 4351818.6%
Opening cash position 100 99 59 102 34 5934(25)(42.4%)
Closing cash position
1
99 59 102 34 85 10285(17)(16.7%)
2
H1 FY26 payments were for capital expenditure on data centre assets held for sale, see note 2.1 for further details.
Analysis & KPIs - Free cash flows and movement in working capital
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H1 FY25H1 FY26
$m$m$m$m$m$m$m$m%
Reported EBITDAI 519 622 406 647 448 406 448 42 10.3%
EBITDAI from discontinuing operations 11 11 13 12 14 13 14 1 7.7%
Adjusting items and non cash other gains(20) (58) 6 (54) (15) 6 (15) (21)NM
EBITDAI for free cash flow
510 575 425 605 447 425 447 22 5.2%
Less
Cash paid on BAU capital expenditure (334) (207) (212) (162) (212) (212) (212) - -%
Cash paid on interest (45) (60) (58) (59) (51) (58) (51) 7 (12.1%)
Cash paid on tax payments (101) (88) (78) (108) (14) (78) (14) 64 (82.1%)
Cash paid on leases (57) (54) (43) (61) (58) (43) (58) (15)34.9%
Total cash payments on items above (537) (409) (391) (390) (335) (391) (335) 56 (14.3%)
Change in working capital
Change in receivables 27 (78) 80 (57) 254 80 254 174 NM
Change in payables (20) 65 41 (50) 75 41 75 34 82.9%
Change in inventory (27) 18 (25) 32 (42) (25) (42) (17)68.0%
Change in contract assets (8) 12 (6) 4 (1) (6) (1) 5 (83.3%)
Change in prepayments (excluding CAPEX) (45) 36 (66) 58 (78) (66) (78) (12)18.2%
IFP adjustment - - - - (213) - (213) (213)(100.0%)
Total change in working capital - (increase)/decrease (73) 53 24 (13) (5) 24 (5) (29)NM
Free cash flow (100) 219 58 202 107 58 107 49 84.5%
Cash paid on strategic capital expenditure (19) (22) (14) (32) (51) (14) (51) (37)NM
Free cash flow less strategic capex (119) 197 44 170 56 44 56 12 27.3%
H1 FY26 vs H1 FY25
1
H1 FY26 balances include $4 million cash collected on behalf of Challenger Limited (Challenger) and $239 million relating to proceeds from the sale of IFP receivables. See note 2.2 of the Interim Financial
Statements for further details.
H1 FY26 vs H1 FY25

Spark New Zealand
Group capital expenditure (Capex)
H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26H1 FY25 H1 FY26
BAU Capex$m$m$m$m$m$m$m$m%
Cloud241392595(4) (44.4%)
Fixed network & International cable capacity55103726463746924.3%
IT systems80677375817381811.0%
Mobile network65249129819181(10) (11.0%)
Property7443242(2) (50.0%)
Other461-2121 100.0%
5G Acceleration & SA Readiness 32742328-23-(23) (100.0%)
Converged tech-12-------%
Total BAU capex excluding spectrum267210238163217238217(21) (8.8%)
Strategic Capex
Data centres1922141454145440NM
Total capex excluding spectrum286232252177271252271197.5%
Mobile spectrum23---7-77-%
Total capex including spectrum3092322521772782522782610.3%
Cash Capex
BAU(334)(207)(212)(162)(212)(212)(212)--%
Strategic(19)(22)(14)(32)(51)(14)(51)(37)NM
Total cash capex excluding spectrum(353)(229)(226)(194)(263)(226)(263)(37)16.4%
H1 FY26 vs H1 FY25
Capital expenditure is the additions to property, plant and equipment and intangible assets (excluding goodwill, acquisitions and other non-cash additions that may be required by NZ IFRS, such as
decommissioning costs) and additions to capacity right-of-use assets where such additions are paid upfront.

Spark New Zealand
Reconciliation of reported to adjusted net earnings
H1 FY26
Operating revenues and other gains
1,89324-1,917
Operating expenses
(1,445)(10)9(1,446)
Total EBITDAI
448149471
Net finance income
(55)--(55)
Depreciation and amortisation
(304)--(304)
Net investment income
(1)--(1)
Total net earnings before tax
88149111
Net tax expense
(34)(4)-(38)
Net earnings
5410973
H1 FY25
Operating revenues and other gains
1,91623-1,939
Operating expenses
(1,510)(10)29(1,491)
Total EBITDAI
4061329448
Net finance income
(60)--(60)
Depreciation and amortisation
(293)(7)-(300)
Net investment income
----
Total net earnings before tax
5362988
Net tax expense
(22)(2)(8)(32)
Net earnings
3142156
3
H1 FY25 balances include additional transformation costs of $29 million ($2 million in labour and $27 million in other operating costs which were mostly severances) associated with Spark’s SPK-
26 Operate Programme.
Reported (continuing operations)
Discontinuing operations
1
Adjusting items
3
Total adjusted
1
The data centre business was classified as a discontinuing operation in FY25, see note 2.1 of the Interim Financial Statements for further details.
2
H1 FY26 balances include additional the transaction costs of $9 million ($2 million in labour and $7 million in other operating costs) incurred in relation to the sale of the data centre business in
January 2026.
Spark’s policy is to present ‘adjusted EBITDAI’ and ‘adjusted net earnings’ when a financial year includes one-off significant items (such as gains, expenses and impairments) individually greater
than $25 million. In the six months ended 31 December 2025, the incremental transaction costs incurred in relation to the sale of the data centre business in January 2026 amounted to $9 million
and were deemed significant to adjust as these costs will form part of the gain on sale calculation of the data centre business which will be finalised in the full year results to 30 June 2026. In the six
months ended 31 December 2024, the transformation costs associated with Spark's SPK-26 Operate Programme amounted to $29 million and were deemed significant to adjust.
Reported (continuing operations)
Discontinuing operations
1
Adjusting items
2
Total adjusted