Slide 1: Financial and Operational Results
Financial and Operational Results YEAR ENDING 30 June 2026 Presentation Date: 18 August 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 Full Year FY26 vs Full Year FY25 Blue bars represent the ongoing continuing operations of Vector. 1,004 973 Grey bars represent the discontinued operations of Gas Trading 79 which included Ongas, Liquigas which were sold on the 31st of
Slide 6: Financial Performance
FINANCIAL PERFORMANCE 6
Slide 7: Adjusted EBITDA up $81m (from continuing operations)
Adjusted EBITDA up $81m (from continuing operations) FY26 Full Year adjusted EBITDA movement vs prior year ($M) +88 +0 -8 482 401 FY25 Electricity Gas Other FY26 Distribution • Adjusted EBITDA increase driven by the higher DPP4 allowable return. DPP4 reset was effective 1 April 2025 meaning FY26 is
Slide 8: NPAT from continuing operations is up $82m
NPAT from continuing operations is up $82m FY26 Full Year NPAT from continuing operations movement vs prior year ($M) +81 -20 +37 -2 240 -2 -9 155 FY25 included a $37m impairment of the Gas Distribution business. No Impairment in FY26. FY25 Adjusted Capital Depreciation Net Impairment Other FY26 EBI
Slide 9: Gross capital investment up $74m / 16%
Gross capital investment up $74m / 16% Gross Capital Expenditure ($M) Full Year Gross Capex movement vs prior year ($M) 544 +62 -5 -1 544 492 499 +18 32 470 470 Gas D’ and 38 191 Other Capex 362 370 188 195 211 122 152 512 Electricity Capex 432 353 304 304 260 239 219 FY21 FY22 FY23 FY24 FY25 FY26 F
Slide 10: Strong balance sheet
Strong balance sheet Vector’s Standard and Poor’s credit rating is BBB+ with a positive outlook Economic Net Debt ($B) and Gearing Debt Maturity Profile ($M) 977 57% 57% 58% 59% 225 3.41 3.11 3.16 3.30 36% 36% 38% 37% 37% 39% 577 33% 277 2.14 2.13 2.23 2.15 2.16 2.28 307 1.93 574 475 170 138 223 100
Slide 11: Segment Performance
SEGMENT PERFORMANCE 11
Slide 12: Electricity - adjusted EBITDA up $88m / 25%
Electricity - adjusted EBITDA up $88m / 25% • Revenue increase driven by the new reset. Adjusted EBITDA movement ($M) FY26 includes a full year under DPP4 and FY25 included one quarter under DPP4. +141 -31 -22 440 • The higher allowance as set by the 352 Commerce Commission reflecting the impact of
Slide 13: Gas Distribution - adjusted EBITDA flat at $47m
Gas Distribution - adjusted EBITDA flat at $47m Adjusted EBITDA movement ($M) • Our Gas Distribution business operates 47 +2 -1 47 and maintains the gas network within the wider Auckland region. • Adjusted EBITDA is flat at $47m with slightly higher revenue being offset by higher costs. • Gas volume
Slide 14: Investment in Bluecurrent
Investment in Bluecurrent • Vector’s 50% investment in Bluecurrent continues to perform well. Revenue, EBITDA and cash available for distribution are all up on FY25. • In FY26 Vector received $55m in distributions from Bluecurrent, up $3m on FY25. Key financials NZD $M FY25 FY26 Δ Net book value of
Slide 15: Outlook & Market Commentary
OUTLOOK & MARKET COMMENTARY 15
Slide 16: Outlook – FY27
Outlook – FY27 • As with FY26 we will be providing guidance on adjusted EBITDA, gross capex and capital contributions. • Adjusted EBITDA is forecast to increase on FY26. • Consistent with the DPP4 decision, and; • An additional net $54m of revenue wash-up and IRIS1 adjustments. • The forecast increa
Slide 17: FY26 final dividend
FY26 final dividend • Final dividend of 13.50 cents per share with no imputation. • Dividend record date of 9 September and payment date of 21 September 2026 Dividend Trend (cents per share) 26.00 25.00 24.00 22.25 1.75 5.50 13.50 16.00 16.25 16.50 16.50 16.75 16.75 13.00 13.00 8.00 8.00 8.25 8.25 8
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 $ millions FY25 FY26 Δ FY25 FY26 Δ FY25 FY26 Δ FY25 FY26 Δ Adjusted EBITDA Revenue excl. Capital 764 905 141 +18% 67 69 2 +2% 62 30 (32) -51% 894 1,004 111 +12% Contributions Operating Expenses (412) (465) (53) -13% (
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 FY25 FY26 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
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