Contact Energy Limited · NZX:CEN
Contact Energy — FY2026 Earnings Presentation
51 slides from Contact Energy's earnings presentation, Aug 10, 2026
Slide 1: 2026 full year results presentation
2026 full year results presentation Twelve months ended 30 June 2026 10 August 2026 1 1
Slide 2: Disclaimer and important information
Disclaimer and important information This presentation contains summary information and statements about Contact and its EBITDAF, free cash flow, operating free cash flow and return on invested capital are businesses and activities as at the date of this presentation. The information is not held fin
Slide 3: Agenda
Agenda Mike Fuge FY26 Highlights Chief Executive Officer Slides 4 to 9 Financial results & Matt Forbes Slides 10 to 22 outlook Chief Financial Officer Strategy update Mike Fuge Slides 23 to 29 Chief Executive Officer Supporting materials Slides 31 to 51 3
Slide 4: FY26 highlights
FY26 highlights Delivering financial Delivering portfolio Delivering renewable performance change energy growth Manawa acquisition completed +37% Renewable output YoY EBITDAF1 $1,011M 100% of the $28M identified +31% up $237M YoY cost synergies secured (run-rate basis) NPAT $423M 98% Manawa hydro an
Slide 5: New Zealand electricity market was 93% renewable in FY26
Market update New Zealand electricity market was 93% renewable in FY26 High inflows, energy storage and record renewable generation have led to subdued pricing Inflows & hydro: Energy storage: ASX futures soften: Hydro inflows 118% of post market mean.1 FY26 ended with hydro lakes at 135% of Winter
Slide 6: The market has adapted for the energy transition
Market update The market has adapted for the energy transition Sector investment, customer innovation and market settings have all advanced as New Zealand has progressed through the energy transition Investing at Managing fuel Enhancing Innovating for Supporting pace in security and dry market indus
Slide 7: Renewable investment programme continues
Strategy delivery Renewable investment programme continues Current projects under construction represent ~$1.3b of investment1, ~0.5TWh of net new generation Under construction: Glorit • Financial close reached in Solar June 2026. Glorit 150MWac / 287GWh p.a. • Early works underway. Target online Q4
Slide 8: Benefits from Manawa integration realised
Strategy delivery Benefits from Manawa integration realised An $84M uplift has been secured in FY27, excluding benefits from generation normalisation, 35% higher than the long-run benefit indicated at deal announcement Integration benefits secured, FY271 Change EBITDAF Integration benefits of GWh $/
Slide 9: Contact has delivered on the FY26 plan
Strategy delivery Contact has delivered on the FY26 plan Impressive delivery of the strategic targets outlined at the start of the year Strategic theme FY26 operational plan FY26 achieved ▪ Close TCC gas generation plant late CY25. TCC closed, at end-of-life, after 30 years in service. Decarbonis
Slide 10: Financial results and outlook
Financial results and outlook 10
Slide 11: Strong result with $1,011M EBITDAF reflecting investments in renewable generation
Summary of key financial performance measures Strong result with $1,011M EBITDAF reflecting investments in renewable generation Twelve months ended 30 Twelve months ended Key themes from the results June 2026 (FY26)1 30 June 2025 (FY25)1 Reported Against underlying2 Revenue3 $3,206M ↓ 3% from $3,306
Slide 12: Profit of $423M for FY26
FY26 results Profit of $423M for FY26 EBITDAF up $237M (31%) on FY25 (underlying), reflecting the Manawa acquisition and increase in renewable generation Profit, $M EBITDAF, $M -8 -21 51 -32 40 -106 1,011 56 225 88 -21 17 -8 -114 -40 -62 423 103 872 AGS onerous contract release (pre-tax) 39 237 98 1
Slide 13: EBITDAF up by $237M
FY26 results: Segmental performance EBITDAF up by $237M Operating performance by segment Wholesale EBITDAF, $M1 Retail EBITDAF, $M Corporate / unallocated costs, $M +250 1,145 -20 15 +7 281 895 15 Price 125 recovery 55 69 4 0 17 -41 -49 18 Electricity -73 6 and 9 24 130 network 5 cost -93 inflation
Slide 14: Generation costs
FY26 results: Wholesale business Generation costs Generation volume rises significantly, reflecting greater scale and portfolio diversity Electricity generated or acquired, GWh Electricity generated or acquired costs, $M Generation volumes • Contribution from Manawa hydro assets and a normalisation
Slide 15: Wholesale contracted revenue
FY26 results: Wholesale business Wholesale contracted revenue Diversified mix of long-term and ASX-linked sales channels Contracted +281 Contracted wholesale revenue increased in aggregate as Contact made revenue, $M additional sales backed by the addition of the Manawa assets and PPAs. 1,666 5 37 •
Slide 16: Wholesale trading and merchant revenue
FY26 results: Wholesale business Wholesale trading and merchant revenue Trading EBITDAF reflected reduced merchant exposure and subdued wholesale spot prices Trading EBITDAF, $M Long / short position, GWh In FY26 high hydro inflows coupled with strong wind conditions in 1H26 and the addition of new
Slide 17: Retail business performance
FY26 results: Retail business Retail business performance Retail EBITDAF up $7M despite higher energy and lines costs, supported by Gas and Telco margin growth and 50k connection growth EBITDAF, $M Retail EBITDAF increased by $7M on FY25 largely due to strong FY25 FY26 Variance growth in Gas and Tel
Slide 18: Operating costs increase on inflation and growth
FY26 results: Operating costs Operating costs increase on inflation and growth Other operating cost movement FY26, $M FY26 movement commentary 387 11 9 Manawa acquired opex 2 24 361 26 • $93M Manawa related opex from FY25 Manawa financial statements 4 ($117M) excluding one-off bad debt for Prime Ene
Slide 19: Cash flow and capital expenditure
FY26 results: Cash flow Cash flow and capital expenditure Cash conversion higher driven by strong EBITDAF growth and reduced value of fuel inventory 12 months Return on invested capital (ROIC) ROIC (average)2 12 months ended Comparison Net operating profit after taxes (NOPAT) / Invested capital (IC)
Slide 20: Streamlined balance sheet
FY26 results: Key balance sheet metrics Streamlined balance sheet Post the $575M February equity raise and debt consolidation, Contact is well positioned to advance investments aligned with Contact31+ Approach and FY26 highlights Closing net debt, $M Borrowing maturities, $M Face value of borrowings
Slide 21: Dividend per share for FY26 up 3% to 40cps
Dividend per share for FY26 up 3% to 40cps Reflects 65% of FY26 operating free cash flow and 114% of the average operating free cash flow for the preceding four years Ordinary dividends, $M Declared Dividend for FY26 of 40 cents per share 419 355 • The final dividend of 24 cents per share is imputed
Slide 22: Normalised and expected FY27 EBITDAF $1,045M
Normalised and expected FY27 EBITDAF $1,045M1 Assumptions based on mean hydrology and wind conditions FY assumptions that deliver expected & normalised EBITDAF for FY27 CFDs C&I 1 Channel choices maximise long term value2 x 2 Net price driven by 3 best commercial practices = Total 46 100 Strategic f
Slide 23: Strategy update
Strategy update 23
Slide 24: Leading New Zealand’s renewable energy future
Leading New Zealand’s renewable energy future Strategic pillars Lead on new flexibility in NZ Build into new demand Extend our advantage as Accelerate batteries, build advantage in with wind and solar ead the energy L NZ’s geothermal leader hydro flex and maintain gas flex, Deliver lowest-c
Slide 25: Contact31+ is anchored on building renewables with long-term industrial partnerships
Contact31+ is anchored on building renewables in connection with long-term industrial partnerships Opportunities for new electricity demand exist at scale across key sectors Data Centres Electrification of dairy Metals Opportunities totalling 4 – 6TWh1 from Dairy decarbonisation could see Announced
Slide 26: We are advancing 4TWh+ of development options
We are advancing 4TWh+ of development options, to be anchored on long-term industrial partnerships And can draw additional projects from our 11TWh+ total pipeline as customer needs evolve Contact31+ priority Tauhara 2 Total uncommitted generation pipeline of 11TWh+, 50 – 70MW | 415 – 580GWh developm
Slide 27: A pathway is in place for NZAS to act as long-term customer
A pathway is in place for NZAS to act as long-term customer underpinning Contact’s 1TWh+ Southland Wind Farm Contact is advancing strategic partner identification and targeting mid-2027 for Final Investment Decision Project updates Consent approved April 2026. Specialised infrastructure advisor, Maf
Slide 28: Contact has partnered with CDC to explore data centre development
Contact has partnered with CDC to explore data centre development at its highly strategic Stratford site Following the March 2026 closure of Contact’s Taranaki Combined Cycle baseload gas plant (TCC), Contact is taking steps to leverage the unique combination of site resources and support growth in
Slide 29: What you can expect from us in the next 12 months
What you can expect from us in the next 12 months We have already accelerated the delivery on a number of our FY27 Contact31+ strategy pillar targets Accelerated / early (FY26) delivery Strategic pillars FY27 pillar targets FY27 financial targets • Te Mihi Stage 2 on track (for delivery FY28) Ex
Slide 30: Questions
Questions 30
Slide 31: Supporting materials: Market update
Supporting materials Market update 31
Slide 32: National electricity demand
Market demand National electricity demand NZ electricity demand up ~3% (up ~1% normalised for NZAS demand response) National electricity demand in FY26 was up ~3% year-on-year to 42TWh. Adjusting for NZAS Regional National electricity demand, TWh demand response – called by Meridian in 1H25 3% chang
Slide 33: Record renewable period
Fuel supply Record renewable period High hydro inflows and new renewable generation online pushed thermal generation market share to its lowest since the market was introduced Generation by type, TWh National hydro storage, TWh Hydro generation was up ~15% on 44.1 44.0 FY25, driven by high inflows f
Slide 34: The market is responding to record investment in renewable generation
Wholesale market pricing The market is responding to record investment in renewable generation and actions to reduce dry year risk FY26 spot wholesale pricing Short-term pricing (reflected in short-dated futures) Long-term pricing (reflected in long-dated futures) • Spot wholesale electricity prices
Slide 35: Competition remains strong as Tier 1 retailers extend market share leadership
Retail electricity market Competition remains strong as Tier 1 retailers extend market share leadership Change in retail customer electricity connections, ‘000s 30 June 2024 – 30 June 2026 2yr ICP delta (1000s) 2yr % change Retail electricity market connection trends Tier 1: +93k connections Tier 2:
Slide 36: Supporting materials: Financial results
Supporting materials Financial results 36
Slide 37: Guidance topics
Guidance topics FY26 FY26 guidance1 FY27 guidance FY27 Guidance Commentary result Other operating costs $385M - $395M $387M $375M - $385M Other operating costs – BAU2 $360M $361M $360M Reflects costs of implementing new systems designated as SaaS, reduces SIB Other operating costs – SaaS - - $10M -
Slide 38: Normalised and expected EBITDAF assumptions
FY26 results Normalised and expected EBITDAF assumptions1 With reconciliation to actual performance $M FY26 assumptions that deliver normalised & expected EBITDAF of $945M over a financial year Normalised & Expected FY26 at start of year 945 1 Channel choices maximise long term value2 x 2 Net price
Slide 39: Integrated portfolio performance
Historic performance Integrated portfolio performance Operating earnings (EBITDAF) 1 Electricity sales Continuing operations, $M (i) Long-term channels (ii) Market channels 1,011 7.58 186 Price 136 ($/MWh) 127 132 106 115 155 774 150 EBITDAF1 Price 133 133 5.14 5.42 3.68 ($/MWh) 663 5.08 5.02 3.69 4
Slide 40: Greenhouse gas emissions
Carbon reporting Greenhouse gas emissions Indicator Unit Target FY22 FY23 FY24 FY25 FY26 Direct GHG emissions (Scope 1) tCO2e 786,842 526,621 947,491 740,468 317,255 45% reduction of - Stationary combustion (generation) tCO2e 2018 Scope 1 and 2 786,544 526,282 947,131 739,790 316,112 emissions by 20
Slide 41: Growth capital expenditure
FY26 results: Cash flow Growth capital expenditure Contact’s FY26 growth investment demonstrates progress in the strategic execution of its renewable development pipeline Growth capital expenditure – cash basis, $M¹ Project status Up to 12 months ended Remaining under Total² 30 June 2025 30 June 202
Slide 42: Generation and sales position
Operational data Generation and sales position Output from Contact generation and renewable PPAs sold to the national grid, GWh Hydro generation, GWh 11,013 5,032 827 11 8,445 8,636 8,928 229 904 8,404 8,269 7,543 1,088 3,940 3,919 1,360 1,592 1,046 439 1,620 5,032 3,752 3,698 3,628 669 3,297 3,297
Slide 43: Plant and fuel performance
Operational data Plant and fuel performance Geothermal fuel performance Plant availability1 Geothermal fuel extracted at Wairakei vs consented, mT Hydro Geothermal2 Net Availability Capacity Electricity Pool revenue Net Availability Capacity Electricity Pool revenue +4% capacity factor Output, capac
Slide 44: Fuel storage movements
Operational data Fuel storage movements Hawea storage, GWh Gas storage, PJ Closing storage Closing storage (current) 2.4 275 261 191 2.7 3.3 3.9 253 139 160 264 3.4 3.8 87 252 3.4 2.8 1.6 265 1.9 2.1 0.9 Gas Injected 174 377 0.9 242 1.7 1.3 Inflows 322 3.1 232 330 4.7 3.4 3.4 3.9 Opening Storage 3.3
Slide 45: Contracted and stored gas
Operational data Contracted and stored gas Contracted gas volumes, PJ Gas storage monthly injections and extractions, PJ Uses of gas, PJ 9.7 1.9 9.0 8.5 8.6 8.4 2.8 8.1 2.2 3.8 2.6 Purchases 16.1 15.1 15.5 3.0 2.8 0.99 5.8 8.8 0.29 0.24 0.02 0.27 0.26 -0.5 0.17 0.03 0.20 -1.6 2.8 0.00 0.01 0.01 Net
Slide 46: 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 impairment The movements between FY26 and FY25 underlying profit are and write-offs, and changes in fair value of financial instruments. as follo
Slide 47: S&P Net Debt / EBITDAF ratio
S&P adjustments S&P Net Debt / EBITDAF ratio $M FY22 FY23 FY24 FY25 FY26 Actuals from S&P ratings report Estimated Net Debt • These calculations have been Carrying value of borrowings 1,099 1,556 1,913 2,449 3,051 provided as an illustration of the adjustments made by Fair value adjustments (55) (43
Slide 48: 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 $M FY26 FY25 Change Description unrealised Realised gains or losses on the settlement of In the period, Contact acquired Manawa (A) Net market
Slide 49: Historical financial information
Historic performance Historical financial information FY23 FY24 FY25 Unit FY22 FY26 Underlying2 Reported Underlying2 Reported Underlying2 Reported Revenue1 $M 2,387 2,118 2,867 3,306 3,206 Expenses1 $M 1,820 1,500 1,613 2,204 2,192 2,532 2,434 2,195 EBITDAF $M 546 573 460 663 675 774 872 1,011 Profi
Slide 50: Wholesale segment
Segmental performance Wholesale segment FY25 FY26 Year ended 30 June 2025 Year ended 30 June 2026 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 3,689 163 601 3,675 179 657 Electricity sales to C&I (netbac
Slide 51: Retail segment
Segmental performance Retail segment Residential electricity unit FY23 FY24 FY25 FY26 Residential gas Unit FY23 FY24 FY25 FY26 Average connections # 380,482 388,459 401,332 414,387 Average connections # 66,605 68,092 70,369 71,538 Sales volumes GWh 2,688 2,798 2,809 2,871 Sales volumes TJ 1,504 1,58