Contact Energy Limited · NZX:CEN
Contact Energy — Investor Day (November 2025)
79 slides from Contact Energy's investor day presentation, Nov 25, 2025
Slide 1: Contact31+ Strategy, Capital Markets Day 2025
25 November 2025 Contact31+ Strategy, Capital Markets Day 2025 Contact Energy (Contact) has released its strategy to lead New Zealand’s renewable energy future; Contact31+. Contact has outlined its plans to extend its advantage as New Zealand’s geothermal leader, lead on new flexibility in New Zeala
Slide 2: Contact Energy Capital Markets Day
Contact Energy Capital Markets Day For personal use only 25 November 2025 1
Slide 3: Disclaimer and important information
Disclaimer and important information While all reasonable care has been taken in compiling this presentation, neither Contact Such financial information and financial measures (including EBITDAF, free cash flow and For personal use only nor any of its directors, employees, shareholders nor any other
Slide 4: Agenda
Agenda Welcome Mike Fuge Introducing Contact31+ Chief Executive Officer For personal use only Renewables Dorian Devers and flexibility Chief Renewable Growth Officer Relationships with Chris Abbott our stakeholders Chief Corporate Affairs Officer Manawa integration Matt Bolton John Clark Jan Bibby u
Slide 5: Introducing Contact31+
Introducing Contact31+ For personal use only Mike Fuge Chief Executive Officer 4
Slide 6: Key messages
Key messages Contact26 has transformed us into a For personal use only bigger, cleaner and stronger company The market needs more renewables and flexibility as New Zealand’s energy transition continues We are well positioned to capture the market opportunity, with clear advantages that distinguish u
Slide 7: Contact26: Leading decarbonisation, renewable growth and delivering value
Contact26: Leading decarbonisation, renewable growth and delivering value for our investors 1 Decarbonisation and renewable growth 3 Investment and earnings performance For personal use only Normalised and expected EBITDAF2 $980M $2B FY26e, up $427M Cumulative growth capex 2 new major 3 projects und
Slide 8: Contact26: Contact is now bigger, cleaner and stronger
Contact26: Contact is now bigger, cleaner and stronger 1 Contact in FY21 2 Contact in FY26 For personal use only 8.4TWh of generation across hydro, FY26 expected generation 11.8TWh across hydro, geothermal and thermal plants geothermal, solar and thermal plants and wind PPAs1 81% renewable generatio
Slide 9: Compelling market opportunity supporting Contact31+ ambitions
There is a compelling market opportunity supporting Contact31+ ambitions For personal use only Key trends: We considered the key trends under Contact’s three market scenarios: The energy transition is leading to • Accelerated renewables: significant growth in demand as New Zealand increasingly volat
Slide 10: Energy transition impacts and increasing wholesale price volatility
The impacts of the energy transition have become more evident, with increasing wholesale price volatility For personal use only Gas supply is declining There is increasing investment This is driving more volatile ~20% year-on-year in renewables to meet demand prices across seasons Annual gas product
Slide 11: Customers accelerating electrification and managing energy use
At the same time, customers are accelerating electrification and increasingly managing their energy use For personal use only Good Plans (Time of Use) Cumulative More than customers since 2022, as ~30% annual growth in EV sales in 4x customers increasingly participate in their energy 2021-20241 mana
Slide 12: Electricity demand expected to grow by up to ~5TWh by FY30
Electricity demand is expected to grow by up to ~5TWh by FY30, with >3TWh tied to known and committed sources For personal use only Grid electricity demand forecast is Dairy, data centres, metals and residential to grow by 3-5TWh to 2030 sector expected to drive new demand New Zealand grid electrici
Slide 13: Better clarity across key market risks
We have better clarity across key market risks, providing confidence to grow and invest For personal use only 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 Effec
Slide 14: Contact is well positioned to capture the market opportunity
Contact is well positioned to capture the market opportunity Most diversified Largest national New Zealand’s leader Trusted retailer For personal use only portfolio in New Zealand renewable pipeline in geothermal with leading operations and capabilities cost-to-serve Contact’s portfolio1 Renewable e
Slide 15: Contact31+: Leading New Zealand's renewable energy future
Contact31+ Leading New Zealand’s renewable energy future Strategic pillars For personal use only Lead on new flexibility Build into new demand Extend our advantage in New Zealand with wind and solar Lead the energy as New Zealand’s Accelerate batteries, build Deliver lowest-cost diversified wind tra
Slide 16: Contact31+ will deliver highest value outcomes
Contact31+ will deliver the highest value outcomes for our investors and New Zealand Select target FY31 outcomes under Contact31+ For personal use only Subject to future investment decisions1 Target renewable energy 250MW+ 500MW 500MW+ 450MWac outcomes geothermal batteries wind solar delivered / com
Slide 17: Renewables and flexibility
Renewables and flexibility For personal use only Dorian Devers Chief Renewable Growth Officer 16
Slide 18: Contact26: Honed project execution muscle
Contact26: We honed our project execution muscle and are primed for continued renewable growth Attractive returns on completed projects Sequenced execution across technologies For personal use only FIDs: Glenbrook- Ohurua Te Huka 3 Te Mihi Stage 2 Tauhara Tauhara + Wairakei Kōwhai extension Technolo
Slide 19: Built New Zealand's largest renewable energy pipeline
Contact26: We built New Zealand’s largest renewable energy pipeline – with premium attributes For personal use only Largest renewable energy pipeline in New Zealand Key advantages Renewable energy generation pipeline1, TWh Large scale projects: Competitor #1 Competitor #3 With multiple 300+ MW wind
Slide 20: New Zealand's leading geothermal operator and developer
We are New Zealand’s leading geothermal operator and developer Geothermal is an attractive source of firm, For personal use only baseload power regardless of the weather, Wairakei, 138MW We are New Zealand’s with an average capacity factor of ~95%1 Te Mihi, 166MW largest geothermal producer Poihipi,
Slide 21: Pillar: Extend our advantage as geothermal leader
Contact31+ pillar: Extend our advantage as New Zealand’s geothermal leader For personal use only Priorities over next 5 years Target milestones and outcomes Build out our existing consents FY27 on Tauhara and Wairakei fields • Te Mihi Stage 2 on track (for delivery FY28) Extend our high-quality,
Slide 22: Taking existing geothermal fields to full potential
We will sustainably take existing geothermal fields to their full potential over the next 5 years 1. Te Mihi Stage 2 2. Tauhara 2 3. Te Mihi Stage 3 4. Tauhara 3 For personal use only Location / type Wairakei field Tauhara field Wairakei field Tauhara field Partial replacement with All new generatio
Slide 23: Exploring greenfield sites beyond FY31
And we’ll explore greenfield sites, identifying options to extend our geothermal leadership beyond FY31 Current geothermal electricity generation, sites Approach to greenfield exploration For personal use only in the Taupo Volcanic Zone1 Capacity, GWh: ≤50 Iwi Apply our 50-100 engagement leading Oha
Slide 24: Pillar: Build into new demand with wind and solar
Contact31+ pillar: Build into new demand with wind and solar For personal use only Priorities over next 5 years Target milestones and outcomes Consent and bring to market large scale, FY27 lowest cost, diversified wind to support New • Kōwhai Park solar delivered1 Zealand’s economic growth and new
Slide 25: Four key levers for lowest cost wind farms
We will use four key levers to deliver New Zealand’s largest, and lowest cost wind farms Contact’s wind farm options are ~2-3x larger than New Zealand average. Overview of priority wind sites For personal use only 1 Economies of scale are available in design and construction execution Hapuakohe3 250
Slide 26: Expanded wind development capabilities and partnership approach
We will draw on our expanded wind development capabilities and a maturity-driven partnership approach Contact’s wind development capabilities have been enhanced with the acquisition of Manawa For personal use only Collective • 4.2GW of operational wind projects in Australia and Combined Contact and
Slide 27: Food processing electrification proposition
Our food processing electrification proposition aligns solar generation with customer demand in summer Dairy gas consumption aligns to Our food processing electrification proposition is widely beneficial For personal use only seasonal solar generation patterns Targeting 1+ TWh of electrified process
Slide 28: Consented solar options via JV with Lightsource bp
Attractive consented solar options are being advanced through our JV with Lightsource bp Solar generation pipeline, TWh Status of key solar projects and development options For personal use only Kōwhai park Start of In development FID construction Energisation In development - near consent outcome L
Slide 29: Pillar: Lead on new flexibility in New Zealand
Contact31+ pillar: Lead on new flexibility in New Zealand For personal use only Priorities over next 5 years Target milestones and outcomes Lead and accelerate battery development to FY27 firm renewables intraday • Glenbrook-Ohurua 100MW battery delivered1 Become New Zealand’s leading digital tr
Slide 30: Battery opportunity to reach 900-1,200MW by 2030
Battery opportunity to reach 900-1,200MW by 2030, driven by thermal displacement, renewable growth and rising peak demand For personal use only Battery market opportunity is driven by three main factors… …leading to an expected battery market opportunity of 900-1,200MW by 2030 Thermal generation dis
Slide 31: First battery online Q1 CY26 and accelerating pipeline
We are expecting our first battery online in Q1 CY26 and accelerating options from our pipeline For personal use only Glenbrook-Ohurua battery Contact Under construction: 100MW Glenbrook-Ohurua battery update battery Glenbrook 200 battery On track to be online by end Q1 CY26 pipeline Development:
Slide 32: Long-term options to displace dry year energy sources
We are exploring long-term options to displace dry year energy sources that carry a high cost of dispatch For personal use only Dry years expose New Zealand to a ~4TWh supply We will explore options to support cost effective gap from reduced hydro output seasonal flexibility and security of supply C
Slide 33: Long-term options for seasonal flexibility and security of supply
We will explore long-term options to support cost- effective seasonal flexibility and security of supply Developing and augmenting hydro, examples for feasibility-testing within Contact31+ strategy window For personal use only Consenting additional flexibility Brownfield hydro augmentation Pumped hy
Slide 34: Relationships with our stakeholders
Relationships with our For personal use only stakeholders Chris Abbott Chief Corporate Affairs Officer 33
Slide 35: Focused approach to stakeholder relationships
Contact31+ takes a focused approach to our stakeholder relationships For personal use only Tangata whenua, iwi, hapū Contact31+ is designed to deliver energy for all of New Zealand, Local engaging with a broad set of key Landowners Relationships communities external stakeholders with our stakeholder
Slide 36: Responding to gas and electricity market challenges
We continue to respond to gas and electricity market challenges for our customers Market challenges What we’re doing For personal use only Energy hardship for Household customers Time of Use products (e.g., Good Plans) household and industrial Supporting vulnerable Flex / virtual power plant (
Slide 37: Charting progress to Net Zero generation by 2035
We remain committed and are charting strong progress to Net Zero generation by 2035 Contact’s Net Zero (Scope 1&2) Carbon Waterfall, tCO2e Initiatives For personal use only Potential buffer for increased emissions due to dry conditions A• We are preparing to close our remaining baseload gas generati
Slide 38: Reducing environmental impact of aspired growth
We are reducing the environmental impact of aspired growth For personal use only Nearer-term pipeline Principles-guided approach Application across proposed development Geothermal Early assessments: Sustainability Contact’s replacement • Tauhara 2 assessments included at pre-site Te Mihi of Wairakei
Slide 39: Effective consenting approach using Fast Track and traditional pathways
Our development plans necessitate an effective consenting approach, using both Fast Track and traditional pathways For personal use only We adopt a purposeful approach to consenting, balancing what is right for New Zealand through a tailored approach for each site and situation, and recognising the
Slide 40: Q&A: Dorian Devers, Chris Abbott
Q&A: Dorian Devers For personal use only Chris Abbott 39
Slide 41: Manawa integration update
Manawa integration For personal use only update Jan Bibby Chief People Experience Officer Matt Bolton Manawa Integration Director John Clark Chief Generation Officer 40
Slide 42: Leading the energy transition at home
Leading the energy For personal use only transition at home Carolyn Luey Chief Retail Officer 41
Slide 43: Contact26: Lowest cost-to-serve energy retailer
Contact26: Results demonstrate strong performance as the lowest cost-to-serve energy retailer For personal use only Lowest cost-to-serve Trusted retail provider Multi-services provider energy retailer Contact Net Promoter Score Multi-product customers, 000’s Cost-to-Serve per connection, $ 37 40 37
Slide 44: Regulation, competition and customer preferences shifting
Regulation, competition, and customer preferences are shifting For personal use only Increasing regulatory Shifting tech-enabled Customers seeking presence competitor landscape value and participation Regulatory oversight of energy Energy retailers globally are Customers are actively seeking v
Slide 45: Pillar: Lead the energy transition at home
Contact31+ pillar: Lead the energy transition at home For personal use only Priorities over next 5 years Target milestones and outcomes Attract and reward key customer energy FY27 profiles, locations and product bundles to Future technology stack selected optimise lifetime value and execution co
Slide 46: Expand cost-to-serve advantage through modernised retail platform
We will expand on our cost-to-serve advantage through a modernised retail technology platform For personal use only Reduction in cost-to-serve per customer through Tools to achieve reduction in cost-to-serve per specific levers1 customer will target operational efficiency ~20% ~$113 105 103 ~$90 Use
Slide 47: Retail demand flex provides shared value
Retail demand flex provides shared value, supporting customer ownership over energy use and improving Contact’s load shape For personal use only Overall retail flex Contact can leverage existing Time of Illustrative retail flex capacity across total addressable New opportunity in Use products to hel
Slide 48: Retail business supporting all New Zealanders through transition
Our retail business is focussed on supporting all New Zealanders through the energy transition For personal use only Enhanced customer We are expanding our digital and AI capabilities to deliver a more personal customer experience, reduce the number of interactions and experience time to resolve We
Slide 49: Tech advantage
Tech advantage For personal use only Tighe Wall Chief Technology Officer John Clark Chief Generation Officer 48
Slide 50: Contact26 laid groundwork for digitally-enabled Contact
Contact26 laid the groundwork for a leading, digitally-enabled Contact Energy Data and For personal use only Generation Trading and flex Retail Corporate enterprise tech • Launched plant • Upgraded trading • Developed New Zealand- • Delivered process, data • Developed early optimisation tools optimi
Slide 51: Technology will accelerate while simplifying the tech stack
Technology will now accelerate while simplifying the tech stack For personal use only Leading in advanced Lean, flexible and Stable and secure analytics and AI efficient technology systems Establish a distinctive competitive Further streamline the technology Maintain a simple and reliable advantage
Slide 52: Contact31+ builds on this progress
Contact31+ builds on this progress For personal use only Generation Trading and flex Retail Corporate Data and Drive plant efficiency Establish lead in trading: Modernise the retail Deliver productivity- enterprise tech and boost productivity platform including enhancing tools, process Simplify ente
Slide 53: Case study: Real-time hydro dispatch (HOWARD)
Case study: Digitally enabled and real-time hydro dispatch (HOWARD) Geothermal Hydro (pre-optimisation) Hydro (reduce) Hydro (increase) TCC Peakers Advanced hydro optimisation tool, improving price exposure For personal use only Generation, 1,500 through optimal intraday MW dispatch 1,000 Expect
Slide 54: Case study: Battery Manager (BatMan)
Case study: Battery Manager (BatMan) Gate closure Charge Discharge Spot price Contact developed BatMan For personal use only Generation, 100 $350 in-house, strengthening our MW $300 internal capabilities, as no 50 Battery OEMs offered Price ($/MWh) & $250 $200 autobidder solutions in New Price 0 Z
Slide 55: Q&A: Carolyn Luey, Tighe Wall, John Clark
Q&A: Carolyn Luey For personal use only Tighe Wall John Clark 54
Slide 56: Financial framework for growth
Financial framework For personal use only for growth Matt Forbes Chief Financial Officer 55
Slide 57: Strategically differentiated from peers
We are strategically differentiated from our peers – leading the transition, not following it For personal use only Geothermal Portfolio diversity Manawa leadership Contact combines integration benefits Baseload renewable geothermal, hydro and Integration brings wind generation, with capacity flexib
Slide 58: Investment in Contact offers clear value for investors
Investment in Contact offers clear value for investors For personal use only Relative valuation Predictable cash Sustainable finance Attractive EV/EBITDAF flows leadership vs peers despite Geothermal baseload Green bonds and superior growth reduces volatility vs strong sustainability pipeline and hy
Slide 59: Financial performance and context
Financial performance For personal use only and context 58
Slide 60: Outperformed project returns and earnings expectations under Contact26
We have outperformed indicative project returns and market earnings expectations under Contact26 Sustained earnings uplift Attractive returns from growth investment Total growth capex FY21-FY25: >$1.6 billion For personal use only $500M uplift in normalised and expected EBITDAF Project IRRs on new p
Slide 61: EBITDAF outperformance from short- and long-term value drivers
EBITDAF outperformance under Contact26 resulted from delivering on short- and long-term value drivers Strategic fixed-price sales, TWh Invest in Industrial customer PPAs (long-term contracts) signed. Tauhara-backed PPAs to major energy users (Oji Fibre, renewable 1 PanPac) and thermal substitution (
Slide 62: $96M increase on Manawa's standalone EBITDAF contribution
We expect a $96M increase on Manawa’s standalone FY26 EBITDAF contribution when contracts reprice to market Manawa EBITDAF contribution, $M Net uplift from contract repricing, $/MWh For personal use only Applying current ASX futures for 2027 - 2029 +22 FY26e Manawa 154 standalone1 Contracted 138 160
Slide 63: Capital allocation framework
Capital allocation For personal use only framework 62
Slide 64: Contact31+ capital allocation framework
Contact31+ capital allocation framework – resilient and accretive Capital allocation priorities Fund core Preserve financial Deliver dividends Invest for growth For personal use only operations strength from cash flows and transition BAU sustaining Maintain BBB credit rating; net Payout 80–100% roll
Slide 65: Prioritise the balance sheet and funding flexibility
We will prioritise the balance sheet, maintaining funding flexibility and investing in projects that exceed target returns Illustrative expected return vs value of control, by asset type For personal use only Target Target Asset project return to Financing class IRR2, % Contact3, % strategy High Non
Slide 66: Diversified approach to funding and strong liquidity
Diversified approach to funding underpins efficient access to capital and strong liquidity Sources of balance sheet capacity to fund growth For personal use only Grow EBITDAF for Operating Free Hybrids for higher debt market Cash Flow in excess of Additional equity – DRP equity credit capacity commi
Slide 67: Looking forward
For personal use only forward Looking 66
Slide 68: Sales channels adjust as volumes step down and prices revert
Our sales channels will adjust as Mercury and NZAS volumes step down and prices revert to short- and long-run expectations ASX futures prices, For personal use only Otahuhu, FY27 to FY301 Pricing linkage Channel net Channels to market, TWh Contact31+ expectations by channel price, FY26e 237 218 11.2
Slide 69: Productivity strategy extends on Manawa synergies
Contact31+ productivity strategy extends on the Manawa synergies, providing efficiency in the underlying cost base For personal use only FY26 – FY27 total opex pathway, $M Our productivity pathway Target operating expense Reduce underlying opex cost base by 450 $38M (run-rate savings) by FY27, throu
Slide 70: Targeting $1.3-1.4B FY31+ exit EBITDAF
Targeting $1.3-1.4B FY31+ fully ramped exit EBITDAF from investment in renewable energy, retail and trading Target FY31+ fully ramped exit EBITDAF, $M1, For personal use only Subject to future investment decisions Growth projects subject to FID ~1,300 – 1,400 60 - 80 20 - 25 45 - 75 Committed growth
Slide 71: Growth investment supported by range of funding levers
Contact31+ growth investment is supported by a range of funding levers For personal use only Sources of balance sheet capacity to fund growth Grow EBITDAF for Operating Free higher debt market Hybrids for Cash Flow in excess of Additional equity – DRP capacity equity credit committed dividends Targe
Slide 72: Q&A: Matt Forbes, Mike Fuge
Q&A: Matt Forbes For personal use only Mike Fuge 71
Slide 73: Closing comments
Closing comments For personal use only Mike Fuge Chief Executive Officer 72
Slide 74: Groundwork laid and clear vision through Contact31+
We’ve laid the groundwork and have a clear vision for success through Contact31+ For personal use only The market and our strong competitive position present an opportunity to build on our Contact26 achievements Contact31+ will see Contact lead New Zealand’s renewable energy future, extending our ge
Slide 75: Contact31+ will deliver highest value outcomes
Contact31+ will deliver the highest value outcomes for our investors and for NZ Strategic pillar FY31 Target For personal use only Subject to future investment decisions • Tauhara 2 delivered1 • Te Mihi Stage 3 on track (for delivery FY32)1 Geothermal • FID on Tauhara 31 • 50MW+ greenfield options •
Slide 76: Delivering commitments over the next 18 months
We are focused on delivering on our commitments over the next 18 months Performance pre-requisites to unlock full growth potential1 For personal use only Deliver committed renewable energy Te Mihi Stage 2 Glenbrook- Kōwhai 1+ wind outcomes geothermal Ohurua Park solar farm on track battery delivered
Slide 77: Thank you
For personal use only Thank you 76
Slide 78: Appendix
For personal use only Appendix 77
Slide 79: Efficient maintenance capex programme with timebound enhancements
Contact’s efficient maintenance capex programme will include targeted timebound enhancements to enable Contact31+ For personal use only BAU maintenance capex, FY27+ Timebound Wairakei & TCC decommissioning enhancements, Hydro refurbishment FY27 to FY31 Wairakei extension Tauhara spare rotor Annual B