Slide 1: Financial and Operational Results
Financial and Operational Results HALF YEAR ENDING 31 December 2025 Presentation Date: 20 February 2026
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 Half Year FY26 vs Half Year FY25 Blue bars represent the ongoing continuing operations of Vector. 507 498 Grey bars represent the discontinued operations of Gas Trading which included Ongas, Liquigas which were sold on the 31st of 69 J
Slide 6: Financial Performance
FINANCIAL PERFORMANCE 6
Slide 7: Adjusted EBITDA (from continuing operations) up $38m / 19%
Adjusted EBITDA (from continuing operations) up $38m / 19% FY26 Half Year adjusted EBITDA movement vs prior year ($M) +48 +0 -10 240 202 HY25 Electricity Gas Other HY26 Distribution • Adjusted EBITDA increase driven by the DPP4 allowable return and related higher interest rate environment relative t
Slide 8: NPAT from continuing operations is down $5m
NPAT from continuing operations is down $5m FY26 Half Year NPAT from continuing operations movement vs prior year ($M) +38 -26 -3 -1 -4 118 -9 113 HY25 Adj. EBITDA Capital Depreciation Net Interest Share of Other HY26 Contributions and Associates Amortisation “Other” includes, fair value changes on
Slide 9: Gross capex lower in H1 but expected to lift in H2
Gross capex lower in H1 but expected to lift in H2 Gross Capital Expenditure ($M) FY26 Half Year Gross Capex movement vs prior year ($M) 261 261 -28 Gas D’ and 234 18 -8 -2 -1 223 213 223 Other Capex 15 180 182 123 93 97 97 51 72 Electricity Capex 243 208 129 142 138 126 109 116 HY 21 HY 22 HY 23 HY
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) 57% 57% 58% 59% 977 225 3.30 3.41 38% 37% 37% 3.11 3.16 36% 36% 577 33% 277 2.14 2.13 2.23 2.15 2.16 307 1.93 574 475 170 138 223 100 Jun Dec Ju
Slide 11: Segment Performance
SEGMENT PERFORMANCE 11
Slide 12: Electricity - adjusted EBITDA up $48m / 28%
Electricity - adjusted EBITDA up $48m / 28% Adjusted EBITDA Movement ($M) • Electricity revenue increase driven by the +73 -15 -11 220 new DPP4 reset from 1 April 2025 with the 172 higher allowance as set by the Commerce Commission reflecting the impact of higher interest rates, high historic inflat
Slide 13: Gas Distribution - adjusted EBITDA flat at $24m
Gas Distribution - adjusted EBITDA flat at $24m Adjusted EBITDA Movement ($M) • Our Gas Distribution business builds and +1 -1 24 24 maintains the gas network within the wider Auckland region. • Adjusted EBITDA is flat at $24m with slightly higher revenue being offset by higher costs. • Gas volumes
Slide 14: Investment in Bluecurrent
Investment in Bluecurrent • Our investment in Bluecurrent continues to perform in line with expectation. Year on year Bluecurrent have increased revenue, driving higher EBITDA and this is flowing through to higher distributions. • Vector’s P&L view represents 50% of Bluecurrent NPAT via the ‘share o
Slide 15: Outlook & Market Commentary
OUTLOOK & MARKET COMMENTARY 15
Slide 16: Outlook – FY26
Outlook – FY26 • Full Year Guidance: • For the 2026 full year, we are forecasting adjusted EBITDA to be within our guidance range of $470 to $490 million. For Capex we are updating Guidance as follows; HY26 FY Guidance FY Guidance Actual Issued Aug. 2025 Current Update Gross Capex $223m $520m - $590
Slide 17: FY26 Interim Dividend
FY26 Interim Dividend Dividend Trend (cents per share) • Interim dividend of 12.50 cents per share 25.00 with no imputation. 24.00 22.25 1.75 • Dividend record date of 19 March 2026 and payment date of 31 March 2026 5.50 16.50 16.50 16.75 16.75 13.00 16.00 16.25 13.00 12.50 8.00 8.00 8.25 8.25 8.50
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 Electricity Gas Distribution Other 1 Total H Y25 H Y26 Δ H Y25 H Y26 Δ H Y25 H Y26 Δ H Y25 H Y26 Δ Adjusted EBITDA Revenue excl. Capital 372 445 73 +20% 34 35 1 +2% 31 18 (14) -44% 437 498 60 +14% Contributions Operating Expenses (200) (225) (25) -13% (10) (11
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Vector’s standard profit measure prepared under New Zealand GAAP is net profit. Vector has used non-GAAP profit measures when GAAP to Non-GAAP reconciliation HY25 HY26 discussing financial performance in this document. The directors and management believe that these m
Slide 22: End
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