Slide 1: Financial and Operational Results
Financial and Operational Results FULL YEAR ENDING 30 JUNE 2025 Presentation Date: 25 August 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements. Forward-looking statements often include words such as “anticipates”, “estimates”, “expects”, “intends”, “plans”, “believes” and similar words in connection with discussions of future operating or financial performance. The forward-lo
Slide 3: Agenda
Agenda • Overview of Financial Performance • Financial Performance • Segment Performance • Outlook & Market Commentary • Q&A 3
Slide 4: Overview of Financial Performance
OVERVIEW OF FINANCIAL PERFORMANCE 4
Slide 5: Overview of financial performance
Overview of financial performance Figures shown in $NZD Millions Full Year FY25 vs Full Year FY24 Blue bars represent the ongoing continuing operations of Vector. 1,046 973 Grey bars represent the discontinued operations of Gas Trading which included Ongas, Liquigas and in prior years also Natural G
Slide 6: Financial Performance
FINANCIAL PERFORMANCE 6
Slide 7: Adjusted EBITDA (from continuing operations) up $56m / 16%
Adjusted EBITDA (from continuing operations) up $56m / 16% FY25 Full Year adjusted EBITDA movement vs prior year ($M) +57 +2 -3 401 345 FY24 Electricity Gas Other FY25 Distribution • With the sale of our gas trading segment, we now have a new segment reporting structure (as reported in the half year
Slide 8: NPAT from continuing operations are up $79m
NPAT from continuing operations are up $79m FY25 Full Year NPAT from continuing operations movement vs prior year ($M) +18 155 +15 -13 +56 -20 +23 FY24: -$60m 76 FY25: -$37m Variance: +$23m FY24 Adj. EBITDA Capital Depreciation Net Interest Impairment Other FY25 Contributions and Amortisation “Other
Slide 9: Lower gross capex and capital contributions
Lower gross capex and capital contributions Gross Capital Expenditure ($M) FY25 Full Year Gross Capex movement vs prior year ($M) 499 499 +8 -33 492 470 -3 -1 470 Gas D’ and 42 Other Capex 38 350 362 370 188 195 211 86 122 152 Electricity 457 432 Capex 264 304 304 260 239 219 FY20 FY21 FY22 FY23 FY2
Slide 10: Strong Balance Sheet
Strong Balance Sheet Vector’s Standard and Poor’s credit rating is BBB+ with a stable outlook Net Economic Debt ($B) and Gearing Debt Maturity Profile ($M) 59% 977 56% 56% 57% 57% 58% 225 36% 36% 38% 37% 577 33% 277 3.11 3.16 3.30 3.41 307 2.92 3.01 2.14 2.13 2.23 2.15 574 1.93 475 170 138 223 100 J
Slide 11: Segment Performance
SEGMENT PERFORMANCE 11
Slide 12: Electricity - adjusted EBITDA up $57m / 19%
Electricity - adjusted EBITDA up $57m / 19% Adjusted EBITDA Movement ($M) +75 -18 352 • Electricity revenue is higher due to price 295 adjustments reflecting the impact of high historic inflation, higher pass- through costs such as transmission and the DPP4 reset from 1 April; • Higher opex costs ar
Slide 13: Gas Distribution - adjusted EBITDA up $2m / 4%
Gas Distribution - adjusted EBITDA up $2m / 4% Adjusted EBITDA Movement ($M) 45 +2 -0 47 • Our Gas Distribution business builds and maintains the gas network within the wider Auckland region. • Gas revenue is higher due to price increases and prior period wash up partially offset by lower volumes. V
Slide 14: Investment in Bluecurrent
Investment in Bluecurrent • While this business is making a net loss, it is still cash generative and performing in line with expectations. • In FY25 we received $51.8m of distributions in relation to our 50% shareholding. Key Financials $M FY24 FY25 Δ Net Book Value of Investment 684 606 (79) Finan
Slide 15: Outlook & Market Commentary
OUTLOOK & MARKET COMMENTARY 15
Slide 16: Outlook – FY26
Outlook – FY26 • As with the half year we will be providing guidance on adjusted EBITDA, gross capex and capital contributions. • For adjusted EBITDA the forecast increase on FY25 is driven primarily by the first full year of the electricity DPP4 period. The forecast increase in capital spend is lin
Slide 17: Final FY25 Dividend
Final FY25 Dividend • Final dividend of 13.00 cents per share with no Dividend Trend (cents per share) imputation. 25.00 24.00 • A total dividend for FY25 of 25.00 cents per 22.25 1.75 share up 1 cent on FY24. This represents an 85% payout of free cashflow post debt finance. 5.50 13.00 • Dividend re
Slide 18: Q&A Any Questions?
Q&A ANY QUESTIONS? 18
Slide 19: Appendices
APPENDICES 19
Slide 20: Segment Results – Continuing Operations
Segment Results – Continuing Operations 1 Electricity Gas Distribution Other Total FY24 FY25 Δ FY24 FY25 Δ FY24 FY25 Δ FY24 FY25 Δ Adjusted EBITDA Revenue excl. Capital 687 762 75 +11% 65 67 2.1 +3% 65 64 (1) -2% 818 894 76 +9% Contributions Operating Expenses (392) (410) (18) -5% (20) (21) (0.2) -1
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Vector’s standard profit measure prepared under New Zealand GAAP GAAP to Non-GAAP reconciliation FY24 FY25 is net profit. Vector has used non-GAAP profit measures when discussing financial performance in this document. The directors and Group EBITDA and Adjusted EBITD
Slide 22: End
END 22