Slide 1: 2026 interim results presentation
2026 interim results presentation Six months ended 31 December 2025 1 16 February 2026
Slide 2: Disclaimer and important information
Disclaimer and important information This presentation contains summary information and statements about Contact and its businesses and activities as at the date of this presentation. The information is not held out Such financial information and financial measures (including EBITDAF, free cash flow
Slide 3: Agenda
Agenda Mike Fuge 1H26 Highlights Chief Executive Officer Financial results & Matt Forbes outlook Chief Financial Officer Supporting materials - Market context Supporting materials - Financial results 3
Slide 4: 1H26 highlights
1H26 highlights Delivering financial Delivering portfolio Delivering renewable performance change energy growth +24% EBITDAF1 $500M +26% Renewable generation YoY up $96M YoY Manawa acquisition completed >80% of identified cost synergies +44% NPAT $205M secured in first 6 months (run-rate basis) 97%
Slide 5: New Zealand market context: Generation more than 90% renewable on strong hydro inflows
1H26 New Zealand market context: Generation more than 90% renewable on strong hydro inflows The market ended 1H26 in a strong stored fuel position across hydro lakes, gas and coal Trading conditions dominated by Energy storage & winter 2026: Gas scarcity remains: strong hydro inflows: 1H26 ended wit
Slide 6: Project execution: Concurrent renewable builds underway
Project execution: Concurrent renewable builds underway Contact has 1.1TWh p.a. of renewable generation and 100MW battery capacity under construction Under construction Glenbrook-Ohurua Battery • Construction-complete 100MW / 200MWh duration • Transpower and system Target online Q1 CY26 integration
Slide 7: We have better clarity across key electricity market risks in New Zealand
We have better clarity across key electricity market risks in New Zealand, providing confidence to grow and invest MAY AUG OCT NOV 2024 2025 2025 2025 Market NZAS extended Huntly Firming Stable outcome from BCG: Energy to Grow evolution operations Option signed Government-led review report released
Slide 8: Financial results and outlook
Financial results and outlook 8
Slide 9: Strong result with $500M EBITDAF reflecting investments in renewable generation
Summary of key financial performance measures Strong result with $500M EBITDAF reflecting investments in renewable generation Six months ended 31 Key themes from the results Six months ended 31 December 2025 December 2024 (1H25) (1H26)1 EBITDAF $500M2 ↑ 24% from $404M Profit $205M ↑ 44% from $142M M
Slide 10: Profit of $205M for 1H26
1H26 results Profit of $205M for 1H26 EBITDAF up $96M (24%) on 1H25, reflecting the Manawa acquisition and increase in renewable generation Profit, $M EBITDAF, $M -12 123 27 -13 42 -37 -57 40 22 500 -68 83 Manawa transaction & integration costs 24 404 Acquired Manawa hydro -12 9 -20 15 -25 205 96 4.
Slide 11: EBITDAF up by $96M on 1H25
1H26 results: Segmental performance EBITDAF up by $96M on 1H25 Business performance by segment Wholesale EBITDAF1, $M Retail EBITDAF, $M Corporate / unallocated costs, $M +110 577 0 21 111 Price 27 467 recovery 71 32 22 1 2 -25 10 -25 10 Electricity -37 and 10 20 network 79 cost inflation 1 4 -5 -52
Slide 12: Generation costs
1H26 results: Wholesale business Generation costs Costs up $22M with lower thermal costs offset by renewable generation and PPA additions Generation volumes Electricity generated or acquired, GWh Electricity generated or acquired costs, $M • Hydro generation of 2,764GWh was up 812GWh on 1H25 (+42%)
Slide 13: Wholesale contracted revenue
1H26 results: Wholesale business Wholesale contracted revenue Strategic fixed price sales increased ~1.7TWh due to Manawa’s long-term supply agreement with Mercury, a full period of Tauhara-linked PPAs1 and higher NZAS volume +111 Contracted • Fixed price variable volume electricity sales to the Ret
Slide 14: Wholesale trading and merchant revenue
1H26 results: Wholesale business Wholesale trading and merchant revenue Trading EBITDAF, $M Long / short position, GWh • Total merchant generation volume for the period was up marginally on 1H25 reflecting Contact’s Merchant generation larger portfolio with the addition of the Manawa assets. Spot sa
Slide 15: Retail business performance
1H26 results: Retail business Retail business performance Electricity margins contract as wholesale electricity and lines costs rise faster than tariffs; Contact gaining connections via time-of-use and multi-product offerings Other • Retail margins in line with 1H25, with unfavourable electricity 1H
Slide 16: Operating cost increase largely reflects the acquisition of Manawa
1H26 results: Other operating costs Operating cost increase largely reflects the acquisition of Manawa Other operating cost movement, $M Manawa other operating costs • $42M acquired Manawa related operational opex from 11 July 25. 203 Base movement • $4M general inflation of 3% impacting operating c
Slide 17: Cash flow and capital expenditure
1H26 results: Cash flow Cash flow and capital expenditure Cash conversion for 1H26 driven by higher EBITDAF and reduced value of fuel inventory reflecting return of gas to Methanex • Higher underlying EBITDAF reflecting Manawa acquisition and renewable growth. • Working capital changes were $12M low
Slide 18: Growth capital expenditure
1H26 results: Growth capital expenditure Growth capital expenditure Growth capital expenditure in 1H26 reflects Contact’s continued commitment to renewable development Growth capital expenditure – cash basis, $M 6 months Remaining • Construction continued on three major renewable projects: the Glenb
Slide 19: Diversified approach to funding
1H26 results: Key balance sheet metrics Diversified approach to funding Underpins efficient access to capital and strong liquidity Closing net debt, $M Borrowing maturities, $M Face value of borrowings less cash Average tenor of 7.5 years as at 31 December 2025 1,011 • As part of the Manawa acquisit
Slide 20: Dividend for 1H26
1H26 results: Dividends Dividend for 1H26 Dividend of 16cps in 1H26 is consistent with an indicative 40cps total dividend for FY262 Ordinary dividends declared, $M Interim dividend for 1H26 of 16 cents per share • Interim dividend of 16 cents per share is imputed to 56% or 9 cents per share for qual
Slide 21: 1H26 outperformance increases FY26 normalised & expected EBITDAF by $15M to $995M
1H26 results: Normalised & expected performance 1H26 outperformance increases FY26 normalised & expected EBITDAF by $15M to $995M1 Equivalent to $965M on a reported basis after Manawa transaction and integration costs 1H26 assumptions that align to initial normalised & expected EBITDAF of $945M (rep
Slide 22: Supporting materials: Market context
Supporting materials Market context 22
Slide 23: National electricity demand up ~4%
Market demand National electricity demand up ~4% National New Zealand electricity demand up ~4% on 1H25 (up ~1% normalised for NZAS) Regional 1% National electricity demand, TWh change, % Total national electricity demand 0.2% increased by 0.8TWh (3.7% from 1H26 vs 1H25 3.7% 1H25). 4% 1% • Demand at
Slide 24: Generation >90% renewable backed by hydro and new geothermal
Fuel supply Generation >90% renewable backed by hydro and new geothermal Significant reduction in thermal fuel consumption Generation by type, TWh National hydro storage, GWh 21.4 21.7 20.9 Hydro generation was up 14.5% 2H24 1H25 2H25 1H26 Gas 1.5 1.2 on 1H25 driven by high inflow 1.8 0.3 4,500 volu
Slide 25: The market responds to changes in supply and demand through price signals
The market responds to changes in supply and demand through price signals across different time horizons Wholesale and futures electricity pricing, $/MWh Short-term external factors that can influence the market include: 450 Long-dated futures (>12 months) 400 Short-dated futures (<12 months) Monthl
Slide 26: Differences in retail strategies apparent
Retail electricity market Differences in retail strategies apparent Electricity and lines costs continue to rise Change in customer electricity connections, 000’s 2yr ICP delta (1000s) 2yr % change • Competition remains intense and market churn continues to reflect this 31 December 2023 – 31 Decembe
Slide 27: Supporting materials: Financial results
Supporting materials Financial results 27
Slide 28: Guidance confirmation
Guidance confirmation Updated 1H26 result Change to prior guidance FY26 guidance Stay in business (SIB) capex (cash) $170M - $185M $59M -$5M SIB capital expenditure BAU $115M - $125M $39M - SIB accelerated programme $12M – $13M $6M - SIB capital expenditure Wairakei $20M - $25M $6M - Reduction on de
Slide 29: Generation and sales position
Operational data Generation and sales position Contact generation output and long term PPA purchases sold to the national grid, Hydro generation, GWh GWh 5,765 North Island South Island - ex Clyde & Rox Clyde Roxburgh 2,764 331 99 4,411 4,603 178 2,391 501 4,359 4,378 4,385 360 3,905 508 825 870 817
Slide 30: Plant and fuel performance
Operational data Plant and fuel performance Geothermal fuel performance Plant availability Hydro Geothermal Geothermal fuel extracted at Wairakei vs consented, mT Net Capacity Electricity Pool revenue Net Capacity Electricity Pool revenue +7% Availability1 Availability1 capacity, factor output, capa
Slide 31: Fuel storage movements
Operational data Fuel storage movements Hawea storage, GWh Gas storage, PJ Closing storage Closing storage (current) 7.8 4.7 275 0.5 2.4 191 259 116 2.4 253 140 160 264 2.7 87 3.3 3.8 265 3.4 190 174 377 2.8 Inflows 324 242 3.4 1.6 1.9 2.1 Gas Injected 322 7.8 0.9 232 330 1.7 1.3 3.1 5.8 4.7 259 253
Slide 32: Contracted and stored gas
Operational data Contracted and stored gas Contracted gas volumes, PJ1 Gas storage monthly injections and extractions, PJ Uses of gas, PJ 15.4 0.6 4.4 3.1 11.8 1.3 0.2 0.76 9.0 0.68 0.60 0.61 10.0 0.50 Purchases 9.8 9.8 9.1 9.6 9.8 9.8 8.8 4.0 9.2 8.6 0.21 6.6 6.3 6.4 6.4 3.6 0.20 0.04 5.5 5.6 3.0 2
Slide 33: Reconciliation between Profit and EBITDAF
Non-GAAP profit measure Reconciliation between Profit and EBITDAF EBITDAF is Contact’s earnings before interest, tax, depreciation and amortisation, asset write-offs and impairments and changes in fair value of financial instruments. The adjustments from EBITDAF to reported profit and movements on 1
Slide 34: Reconciliation of change in fair value of financial instruments
Fair value of financial instruments Reconciliation of change in fair value of financial instruments Realised / Change in fair value of financial instruments 1H26 1H25 Variance Description In the period, Contact acquired Manawa Energy unrealised and all of its associated long-term sales contracts. Re
Slide 35: Historical financial information
Historic performance Historical financial information 1H231 1H24 1H25 Unit 1H22 1H26 Underlying2 Reported Underlying2 Reported Reported2 Revenue $M 1,141 994 1,306 1,707 1,617 Expenses3 $M 819 737 857 981 952 1,263 1,112 EBITDAF $M 322 257 137 334 362 404 500 Profit $M 134 79 (7) 134 153 142 205 Ope
Slide 36: Wholesale segment
Segmental performance Wholesale segment 1H26 1H25 Six months ended 31 December 2025 Six months ended 31 December 2024 Volume GWAP Volume GWAP Note: this table has not been rounded and might not add GWh $/MWh $M GWh $/MWh $M Electricity sales to Retail segment 1,941 174 338 1,991 153 304 Electricity
Slide 37: Retail segment
Segmental performance Retail segment Residential electricity unit 1H23 1H24 1H25 1H26 Residential gas unit 1H23 1H24 1H25 1H26 Average connections # 381,222 386,540 400,518 409,937 Average connections # 66,796 67,658 70,322 70,377 Sales volumes GWh 1,445 1,478 1,506 1,523 Sales volumes TJ 881 916 88