2025 GHG Inventory Report

GREENHOUSE GAS EMISSIONS INVENTORY REPORT 2025

‌Summary ofemissions‌

Organisational boundaries

Operational boundaries

Data collectionand quantiffication

GHG emissions calculationand results

GHG emissionsreductions

Referencesand Appendix

Introduction

This report is for the Vector Limited Group (Vector or the group). The group comprises Vector Limited and its subsidiaries. Vector Limited is NZX listed and 75.1% owned by Entrust, a private community trust. A list of all subsidiaries can be found in appendix 1.

The purpose of this report is to transparently disclose Vector's greenhouse gas (GHG) emissions: how they are quantified, how Vector is tracking towards its reduction target and steps planned to further reduce GHG emissions.

The inventory covered in this report is a complete and accurate quantification of the amount of GHG emissions that can be attributed to Vector's operations within the declared boundary and scope for the specified reporting period. Any exclusions from reporting are disclosed and justified.

This report has been prepared in accordance with the Greenhouse Gas Protocol:

• A Corporaľg Accounľing and Rgporľing Sľandard [1] (GHG Protocol Standard);

• The Greenhouse Gas Protocol: Scopg 2 Guidancg [2];

• The Greenhouse Gas Protocol: Corporaľg Valug Chain (Scopg 3) Accounľing and Rgporľing Sľandard [3] (GHG Protocol Value Chain Standard); and

• Other related technical guidance issued under the GHG Protocol Standards.

  A summary of emissions can be found in both Vector's annual report 2025 and climate-related disclosures 2025.

  Statement of intent

  Vector reports on its GHG emissions on an annual basis and has been calculating its carbon footprint since 2017. The intended users of this report are all interested stakeholders, including shareholders, investors, regulators, communities, employees, customers and contractors. The GHG inventory has been subject to limited assurance by KPMG; see appendix 3.

  Reporting period covered

  This GHG inventory report covers Vector's financial year 1 July 2024 to 30 June 2025 (FY2025).

  Disclaimer

  This report is not earnings guidance or financial advice for investors. Rather, this report provides a summary of Vector's GHG emissions inventory. The report reflects Vector's current understanding as at 22 August 2025, in respect of the 12 months ended 30 June 2025.

  GHG emissions calculations use data and methodologies that are developing. Vector acknowledges that the understanding of climate change and the inputs to assist with this understanding are constantly evolving.

  This report contains forward-looking statements (including targets and assumptions) that may not evolve as predicted.

  Vector (including its directors, officers and employees) does not:

• Represent that the statements, intentions and/or opinions contained in this report will not change, or will remain correct after publishing this report, or

• Promise to revise or update those statements and opinions if events or circumstances change or unanticipated events happen after publishing this report.

The GHG emissions data described in this report, and Vector's strategies to achieve its GHG emissions target, may not eventuate or may be more or less significant than anticipated. There are many factors that could cause Vector's actual results, performance or achievement of climate-related targets to differ materially from that described, including economic and technological viability, and climatic, government, consumer and market factors outside of Vector's control. Vector gives no representation, warranty or assurance that actual outcomes or performance will not materially differ from the forward-looking statements.

To the maximum extent possible under New Zealand law, Vector (including its directors, officers and employees) does not accept and expressly disclaims any liability whatsoever for any direct, indirect or consequential loss or damage occasioned from any use or inability to use the information contained in this report, whether directly or indirectly resulting from inaccuracies, defects, errors, omissions, out-of-date information or otherwise.

We recommend you seek independent advice before acting or relying on any information in this report. Vector reserves the right to revise statements made in, or its strategy or business activities described in, this report, without notice.

This disclaimer should be read along with other methodologies, assumptions and uncertainties and limitations contained in this report, as well as in Vector's climate-related disclosures for

FY2025. All amounts disclosed in this report are estimates and are in New Zealand dollars, unless context otherwise requires.

This report is not an offer document and does not constitute an offer or invitation or investment recommendation to distribute or purchase securities, shares, or other interests. Nothing in this report should be interpreted as capital growth, earnings or any other legal, financial tax or other advice or guidance. For detailed information on our financial performance, please refer to our annual report, available at vector.co.nz/investors/reports.

Summary ofemissions

Organisational boundaries

Operational boundaries

Data collectionand quantiffication

GHG emissions calculationand results

GHG emissionsreductions

Referencesand Appendix

Summary of emissions

In FY2025, Vector's greenhouse gas emissions across scopes 1, 2 and 3 amount to 794,241 tCO₂e. This is a 54% reduction from FY2020, Vector's base year.

Table 1: GHG inventory by scope and category in tCO₂e. FY2025 emissions highlighted in green indicate a reduction since the base year or the year in which emissions were first reported, whereas emissions in red show increases.

‡ Recalculated FY2020 to FY2024 to remove emissions relating to the sale of the Ongas LPG business. For details, see sections 1 and 4.

* Market-based method for electricity consumption. While location-based electricity emissions are also included in our inventory, the amounts summed in table 1 include only market-based emissions, as these form part of our emissions reduction target.

§ Recalculated FY2022 to FY2024 to remove emissions relating to the sold Natural Gas Trading contracts. As a result of the closure of the business from 1 July 2024, there are no FY2025 emissions relating to purchased, sold or shipped natural gas. For details, see sections 1 and 4.

| | Recalculated FY2020 to FY2024 to remove emissions relating to the sale of the Ongas LPG business. For details, see sections 1 and 4. Post the Ongas sale, emissions from third-party transportation for upstream-purchased materials and products are immaterial and are therefore excluded from reporting.

Summary ofemissions

Organisational boundaries

Operational boundaries

Data collection

and quantiffication

GHG emissions calculationand results

GHG emissionsreductions

Referencesand Appendix

Summary of emissions (continued)

Glossary of terms

Table 2: Definition and glossary of terms

‌Summary ofemissions‌

Organisational boundaries

Operational boundaries

Data collection

and quantiffication

GHG emissions calculationand results

GHG emissionsreductions

Referencesand Appendix

1. Organisational boundaries

   Description of Vector

   Vector is an innovative New Zealand energy company, delivering energy and communication services to more than 630,000 residential and commercial customers across New Zealand.

   The operations of the group are electricity and gas distribution, telecommunications and new energy solutions. For further information, visit vector.co.nz.

   Organisational boundaries

   Vector uses the operational control approach, as defined by the GHG Protocol Standard. This approach was chosen as it allows a focus on emissions over which the group has greatest control, and thereby can influence most with emissions reduction measures.

   For carbon accounting purposes, emissions are categorised into the business areas as outlined in figure 1. A detailed list of all subsidiaries and shareholdings under Vector and their relevance for carbon accounting can be found in appendix 1.

   Treatment of investments

   For carbon accounting purposes, Vector has set a threshold for equity investments of 20%, unless significant influence can be evidenced.

   Bluecurrent (50%)

   Previously fully owned by Vector as Vector Metering, Bluecurrent manages advanced electricity and gas meters across

   New Zealand and Australia. Vector has ceased operational control of Bluecurrent and accounts for a proportional share of Bluecurrent's scope 1 and 2 emissions under scopg 3 -caľggorD 15. Bluecurrent is jointly owned by QIC and Vector.

   Treatment of business closures

   Natural Gas Trading

   Vector's Natural Gas Trading business has been on a wind-down since FY2020, whereby contracts for natural gas sales were not renewed. This has led to a year-on-year reduction in gas sales-related scope 3 emissions, under caľggorD 11 - usg or sold producľs and caľggorD 1 - purchasgd naľural gas. On 1 July 2024, Vector completed the sale of the remaining contracts in the natural gas business, and shut down the business from then on. As the remaining contracts were sold to a third party, for FY2025 reporting, Vector's GHG inventory for FY2022 to FY2024

   has been rebased to remove the emissions associated with these sold contracts. There is no impact on years before FY2022 as the earliest start date of the contracts sold was 1 July 2021.

   Treatment of business/investment sales

   On Gas Limited and Liquigas Limited

   On 25 July 2024, Vector signed a conditional agreement for the sale of the Ongas LPG business, and the 60.25% shareholding in Liquigas Limited. The sale was completed on 31 January 2025.

   Emissions created by these businesses have been removed for years FY2020 onwards.

   mPrest Systems Limited (8.1%)

   On 22 August 2024, Vector sold its 8.1% shareholding in mPrest Systems (2003) Limited.

   No recalculation is required as the shareholding in mPrest was excluded from Vector's emissions inventory as it was below Vector's materiality threshold for investments.

   HRV

   Vector announced the sale of HRV after balance date, on 1 August 2025. No adjustment to the FY2025 GHG emissions inventory report is required as a result of this event, however the impact will be considered for future disclosures.

   Figure 1: Vector Limited's businesses per organisational boundaries

   Vector Limited

   Electricity distribution

   Owns and operates the electricity network within the wider Auckland region. This consists of more than 19,000 km of electricity lines, delivering power to over 630,000 homes and businesses.

   Gas distribution

   Owns and operates the gas distribution network in the wider Auckland region,

   supplying gas to over 120,000 installed connection points, through 4,670 km of mains pipelines, distributing around 12 petajoules (PJ) of gas

   per year.

   Other

   Other includes telecommunications, digital services, energy solution services and corporate operations.

   ‌Summary ofemissions‌

   Organisational boundaries

   Operational boundaries

   Data collection

   and quantiffication

   GHG emissions calculationand results

   GHG emissionsreductions

   Referencesand Appendix

2. Operational boundaries

Operational boundaries

The GHG Protocol Standard splits emissions into three categories:

Scope 1 - Emissions Vector directly controls, such as vehicle fleet fuel combustion, diesel backup generators, natural gas fugitive emissions, and SF₆ leaks.

Scope 2 - Vector's consumption of purchased electricity, and electricity distribution losses along the network.

Scope 3 - All other indirect value chain emissions, such as customer energy consumption and supply chain emissions.

The GHG Protocol Value Chain Standard splits scope 3 emissions into 15 categories. To gain a more comprehensive understanding of our emissions, in FY2020 Vector commissioned an external review of our carbon accounting methodology. This included a scope 3 screening exercise to identify applicable and material categories and activities across Vector's supply chain. A total of 14 categories were determined as being applicable to Vector (all

but caľggorD 1O - procgssing or sold producľs), of which two were defined as material. The threshold at which a scope 3 category is considered as material is set to 1% of total scope 3 emissions.

During the screening process, emissions were calculated for

11 scope 3 categories, with emissions from the remaining three categories considered to be included in other categories of the inventory (categories 2 and 8) or to be zero (category 12).

Prior to FY2023, we chose to externally report only on emissions categories that were material (categories 1 and 11) or where data was deemed robust (categories 3, 4, 6 and 15). With additional work undertaken to more accurately determine emissions

from other sources, from FY2023 we also reported on emissions under categories 5 and 7 as well as emissions from all purchased products and services under category 1.

Included in other categories

CaľggorD 2 - capiľal goods: Included in category 1 as it was not possible to separate new infrastructure construction and other assets from maintenance of existing infrastructure.

CaľggorD 8 - upsľrgam lgasgd assgľs: Included in scope 1 and 2, as leased assets are expected to be under Vector's operational control.

Table 3: Excluded emissions sources from reporting

Excluded scope 3 categories

CaľggorD V - upsľrgam ľransporľaľion: for most purchased products, transport is covered by caľggorD 1 - upsľrgam-purchasgd oľhgr goods and sgrvicgs as it is included in the purchase price. Emissions from remaining transportation are expected to be immaterial.

CaľggorD 9 - downsľrgam ľransporľaľion and disľribuľion: immaterial.

CaľggorD 12 - gnd-or-lirg ľrgaľmgnľ or sold producľs: expected to be zero.

CaľggorD 13 - downsľrgam lgasgd assgľs: immaterial.

CaľggorD 1V - rranchisgs: immaterial.

GHG emissions source inclusions

Table 4 provides an overview of all emissions sources highlighted in Vector's GHG inventory, including their data sources, calculation methods and an assessment of data quality and uncertainty.

For completeness, Vector is reporting on well-to-tank (WTT) emissions for fuel used by field service providers (FSPs) under category 1, as well as reporting on emissions from gas distributed via Vector's gas network under category 11 (oľhgr disľribuľgd naľural gas).

For the FY2020 to FY2024 period, some gas sold or shipped by Natural Gas Trading was transported via Vector's gas distribution network. These volumes were subtracted from the overall 'other distributed natural gas' amount to avoid double counting.

Exclusions from GHG inventory

Table 3 shows scope 3 emissions sources that were excluded from reporting (in addition to the excluded categories listed previously) and the reasoning behind this.

Other emissions - biogenic CO₂

Vector uses a 5% biodiesel blend in generators used by Vector Fibre and the electricity distribution network.

2. Operational boundaries (continued)

Figure 2: Examples of emissions sources across Vector's value chain

Scope 3

Scope 2 Scope 1

Scope 3

INDIRECT

INDIRECT

DIRECT

INDIRECT

Upstream

The extraction, production and manufacture of materials and services Vector purchases from around the globe create emissions at source and

en route to us.

Field service crews distribute and install these materials on behalf of Vector.

This requires transportation.

Vector

Because of the laws of physics, some electricity that Vector distributes

is lost along the way. Generation emissions associated with this electricity loss is included in Vector's footprint.

Scope 2 emissions also include electricity consumption at Vector's offices and substations.

Vector

Some of our assets can leak global warming gases through damage or age.

We use fuels in vehicles to deliver goods, and in generators to keep the power going during outages.

Downstream

Distributed gas is burned by consumers for their everyday activities.

Summary ofemissions

Organisational boundaries

Operational boundaries

Data collection

and quantiffication

GHG emissions calculationand results

GHG emissionsreductions

Referencesand Appendix

1. Operational boundaries (continued)

   Table 4: Emissions calculation methods, data quality and sources for FY2025 reporting. For years before FY2025, refer to previous GHG reports.

   REPORTING CATEGORY	EMISSIONS ACTIVITY	CALCULATION METHOD	DATA SOURCE	GWP SOURCE	DATA QUALITY AND UNCERTAINTY
   SCOPE 1

   Natural gas distribution fugitive emissions	Fugitive natural gas across Vector's distribution network	See section 3	FSP records; company records on asset database	MfE (2025) -IPCC AR5	Quality-assured data on all leaks by asset and emissions category provided by FSPs. Multiple estimates and assumptions made, as laid out in section 3, lead to medium uncertainty that Vector is continuing to improve. Vector's methodology has been reviewed by GNS Science, and assessed as OGMP 2.0 Level 3 or slightly above.
   SF₆ fugitive emissions	SF₆ leaks in switchgear	Top-up method	Gas recovery records; FSP SF₆ cylinder records' log sheets; nameplate capacity amounts		Records on gas top-ups and recoveries provided by FSPs. Medium level of uncertainty that Vector is working on improving where possible.
   Other fugitive emissions	HVAC leaks (offices, substations, vehicle fleet) and CO₂	Top-up and screening method for HVAC; estimates for CO₂	Service records; inventory lists		Most data on HVAC top-ups available, and when not available annual averages for each inventory item used as specified by MfE. CO₂ use estimated - de minimis. High uncertainty, but emissions <1% of scope 1 and are considered adequate.
   Biodiesel stationary combustion	Biodiesel used in generators	Fuel-based method	Provider records		Records on litres of diesel used in generators supplied by lease provider monthly. Low uncertainty.
   Vehicle fleet	Fuel used in vehicle fleet	Fuel-based method	Fuel records by lease providers		Records on diesel and petrol use sourced from fuel card data. Low uncertainty.

   SCOPE 2

   Electricity consumption from grid (market and location based)	Electricity use at offices and substations	Location-based method and market-based method, respectively	Invoices by retailers; BraveTrace website (market-based approach)	MfE (2025) - IPCC AR5 (location based) NZECS - market based	Consumption data in kWh provided by retailers. Records on NZECS to calculate market-based approach provided on BraveTrace website. Moderate uncertainty from emission factors.
   Electricity	Electricity	Location-based	Transpower	MfE (2025) -	Metered data at grid exit point (GXP)
   distribution	losses along	method	and distributed	IPCC AR5	provided by Transpower and distributed
   losses	the network		generators		generators. Data at installation control
   			(ingoing);		points (ICP) level provided by retailers.
   			retailers		Some estimations at year-end. Low
   			(outgoing)		uncertainty.

   Summary ofemissions

   Organisational boundaries

   Operational boundaries

   Data collection

   and quantiffication

   GHG emissions calculationand results

   GHG emissionsreductions

   Referencesand Appendix

   2. Operational boundaries (continued)

   Table 4 (continued): Emissions calculation methods, data quality and sources for FY2025 reporting. For years before FY2025, refer to previous GHG reports.

   REPORTING CATEGORY

   EMISSIONS ACTIVITY

   CALCULATION DATA

   METHOD

   SOURCE

   GWP SOURCE

   DATA QUALITY AND UNCERTAINTY

   EMISSIONS CALCULATED USING DATA PROVIDED

   BY VALUE CHAIN

   PARTNERS1

   SCOPE 3

   C1 - fuel used by FSPs	Fuel used by FSPs on behalf of Vector, including WTT	Hybrid method	Fuel data provided by FSPs	MfE (2025) -IPCC AR5 DEFRA (2025) - IPCC AR5	Petrol and diesel use on behalf of Vector shared by each FSP for relevant business areas, in litres. Some data on regular and premium petrol combined. Low uncertainty.	100%
   C1 - upstream-purchased materials and products	Key products purchased across Vector business areas	Supplier-specific and average-data method	Procurement data on quantities (by weight or length) of products purchased	EPDs - IPCC AR5	Records on quantities sourced from internal systems. Where supplier-specific data was used, uncertainty is lowest. For average-data method, some estimations were made and secondary data is used; therefore, uncertainty is relatively high. More details in section 3.	15%
   C1 - upstream-purchased other goods and services	All remaining products and services purchased	Spend-based method	Procurement spend data	Eora MRIO 2022	Spend by supplier sourced from internal procurement system, emission factor was assigned based on supplier's main business activity. High uncertainty. More details in section 3.	0%
   C3 - fuel- and energy-related activities	T&D, upstream and WTT emissions from the group's electricity and fuel use	Average-data method	Same invoice data as fuel and electricity use in scope 1 and 2	MfE (2025) - IPCC AR5 (T&D losses) DEFRA (2025) - IPCC AR5 (WTT fuels) DEFRA (2021) - IPCC AR4 (WTT electricity)	All data based on fuel data or location-based electricity consumption data provided for scope 1 and 2. T&D emissions not calculated for electricity consumption in Auckland, as this is covered under scope 2 losses. Moderate uncertainty from emission factors.	0%

   1. Proportion of emissions calculated using calculation methods based on data specific to suppliers or other value chain partners. Remaining emissions are calculated using internal or average data.

   Summary ofemissions

   Organisational boundaries

   Operational boundaries

   Data collection

   and quantiffication

   GHG emissions calculationand results

   GHG emissionsreductions

   Referencesand Appendix

   2. Operational boundaries (continued)

   Table 4 (continued): Emissions calculation methods, data quality and sources for FY2025 reporting. For years before FY2025, refer to previous GHG reports.

   REPORTING CATEGORY

   EMISSIONS ACTIVITY

   CALCULATION DATA

   METHOD

   SOURCE

   GWP SOURCE

   DATA QUALITY AND UNCERTAINTY

   EMISSIONS CALCULATED USING DATA PROVIDED

   BY VALUE CHAIN

   PARTNERS1

   SCOPE 3

   C5 - waste	Waste sent	Waste-type	Waste contractor	MfE (2025) -	Weight per waste category	0%
   generated in	to landfill	specific	records	IPCC AR5	by location provided by
   operations	from Vector's	method			waste contractors. Some
   	offices				measurements use averages.
   					Based on information
   					provided by Vector's waste
   					contractors, it is assumed
   					that all waste goes to landfills
   					with gas recovery. Medium
   					uncertainty that is considered
   					adequate as <1% of scope 3.
   C6 - business	Air travel,	Distance-	Records provided	MfE (2025)	Monthly travel details	0%
   travel	hotels, rental	based method	by booking agents	- IPCC AR5	provided by booking agents
   	cars, mileage		or internal expense	(flights	on km flown by class of travel,
   	claims, and		management	excluding	hotel nights by country, km
   	taxis		platform	radiative	travelled by size of rental car,
   				forcing)	km travelled by taxi. Employee
   					mileage emissions based on
   					km, average petrol vehicle,
   					and some spend base for
   					taxis. Medium uncertainty
   					that is considered adequate
   					as <1% of scope 3.
   C7 - employee	Emissions	Distance-	Results from	MfE (2025) -	Data gathered on travel	0%
   commuting	from staff	based method	staff survey on	IPCC AR5	modes, distance to work,
   and working	commutes		commuting habits		and days in office via staff
   from home	to work and				survey. Extrapolated for the
   (WFH)	WFH				full year assuming that travel
   					habits are stable across the
   					year. Some estimations and
   					assumptions that lead to
   					high uncertainty. Considered
   					adequate as <1% of scope 3.
   C11 -	Gas	Direct use-	Firstgas OATIS	MfE (2025) -	Quantities of gas distributed	100%
   distributed	distributed	phase method	system	IPCC AR5	via Auckland network.
   natural gas -	via Auckland	- fuel			Calculation assumes all gas
   Auckland	network				is converted to CO₂ via either
   					combustion or chemical
   					process by consumers. Low
   					uncertainty.
   C15 -	50% of	Investment-	Invoice-and-FSP-	MfE (2025) -	Actual energy consumption	100%
   Bluecurrent	scope 1 and	specific	based records	IPCC AR5	provided by Bluecurrent.
   	2 emissions	method	provided by		Gas metering fugitive
   	from		Bluecurrent		emissions based on multiple
   	Bluecurrent				assumptions and estimates,
   					which leads to medium
   					uncertainty. Considered
   					adequate.

   1. Proportion of emissions calculated using calculation methods based on data specific to suppliers or other value chain partners. Remaining emissions are calculated using internal or average data.

   ‌Summary ofemissions‌

   Organisational boundaries

   Operational boundaries

   Data collection

   and quantiffication

   GHG emissions calculationand results

   GHG emissionsreductions

   Referencesand Appendix

   1. Data collection and quantiffication

      Information management procedures

      Vector uses an internal process guideline for GHG emissions accounting to ensure consistency in the preparation of our GHG inventory. This was developed following a screening of Vector's full value chain emissions and setting the base year to FY2020. The document outlines responsibilities, and defines

      thresholds, calculation methods and recalculation policy, among other details that ensure conformance with the GHG Protocol Standards over time.

      Vector uses the software solution BraveGen to collect data and calculate our carbon footprint. Activity data is gathered and uploaded either by Vector's staff across all business areas, or directly by suppliers. All data is reviewed by the GHG accounting team before final upload onto the system. Emissions are calculated automatically within BraveGen by multiplying the provided activity data with each applicable emission factor.

      These factors are updated every year as required by our GHG accounting team.

      Some material changes, such as the change in the GWP of methane from 25 to 28 in FY2024, are overseen by Vector's board audit committee as a key judgment.

      Prior to KPMG's assurance of the GHG inventory, the inventory

      is analysed by our GHG accounting team for trends and missing data. Upon completed assurance, Vector's executive team and board are informed of changes in emissions over time. Both the internal GHG emissions accounting guide as well as our emissions reduction strategy are reviewed and updated frequently.

      Methodologies

      Most of Vector's GHG emissions are calculated by multiplying activity data with appropriate emission factors. Examples of activity data include kilowatt-hour (kWh) of electricity used, volume of fuel used, or gigajoules (GJ) of gas distributed. Most activity data is based on consumption data sourced from invoices provided by suppliers, or internal reports.

      An overview of sources used per category is included in table 4.

      Most emission factors used are sourced from the latest publications (at financial year end) by New Zealand's Ministry for the Environment (MfE) [4] and the UK's Department of Environment, Food and Rural Affairs (DEFRA) [5]. Exceptions are outlined below:

      • From March 2023, the majority of Vector group's consumed electricity is purchased from Ecotricity, a Toitū climate-positive certified electricity retailer. Electricity consumed

        via installation control points (ICPs) included on the Ecotricity contract can be calculated as zero under market-based reporting.

      • Emissions from FY2025 electricity use not purchased from Ecotricity are calculated using the Residual Supply Mix emission factor as disclosed by the New Zealand Energy Certificate System [6]. The residual factor is based on the production year period April to March.

      Emission factor sources and the underlying assessment report for each scope and category are listed in table 4. The GWP time horizon in all cases is 100 years.

      Fugitive emissions from gas distribution (scope 1) as well as emissions from 'upstream-purchased materials and products' and 'upstream-purchased other goods and services' (scopg 3

      - caľggorD 1) are subject to more complex calculations that are described in the following two subsections.

      Gas distribution fugitive emissions

      Methods for calculating gas distribution fugitive emissions (methane leaks) are unique to gas distribution pipeline companies and will be briefly described here for completeness.

      In FY2021, Vector undertook a comprehensive study to model methane leaks on our gas network. The model created a

      fluid-dynamics based, quasi-digital twin of the network, which enabled us to identify and quantify methane leaks.

      Vector is aligned to the guidelines of the Technical Association of the European Gas Industry (Marcogaz [7]), and the Oil and Gas Methane Partnership methodology (OGMP 2.0 [8]), which are found to be the most comprehensive and applicable to Vector's gas network. Marcogaz is currently in the process of integrating these guidelines into the CEN/ TC 234 European Technical Standard for Gas Infrastructure.

      This quantification method requires Vector to split the gas network into groups of assets and corresponding categories of emissions that can be expected from these groups.

      The emissions categories can be defined as:

      Pipe permeation: Permeation of gas through the membrane material of the polyethylene pipes

      Leaks detected by systematic surveys: Found using street evaluation laser methane assessment (SELMA), which are conducted on a three-monthly basis for intermediate pressure (IP) systems and six-monthly for all other sections of the pipeline

      District regulator stations: Operational emissions approximated using the American Petroleum Institute Compendium of Greenhouse Gas Emissions [9]

      Third-party damages (TPD): Leaks when gas pipelines are damaged by third parties

      Operational/maintenance emissions: Vented natural gas during commissioning, decommissioning, and asset maintenance

      Public-reported escapes: Leaks detected by members of the public

      Valves and ffittings: Additional leaks from seal failures of valves and fittings.

      Summary ofemissions

      Organisational boundaries

      Operational boundaries

      Data collection

      and quantiffication

      GHG emissions calculationand results

      GHG emissionsreductions

      Referencesand Appendix

2. Data collection and quantification (continued)

   Table 5: Breakdown of gas distribution fugitive emissions by category in tCO₂e

   EMISSIONS SOURCE	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
   Total	18,313	13,507	16,218	13,323	9,379	7,887
   Pipe permeation	54	54	55	55	38	46
   Leaks detected in systematic surveys	11,981	6,739	8,446	7,491	3,931	2,914
   Operational/maintenance emissions	12	15	10	5	5	2
   Third-party damages	4,698	5,242	6,245	4,353	3,958	3,325
   Public-reported escapes	23	17	21	21	19	151
   District regulator stations (DRS) (maintenance and operation)	847	742	737	688	708	718
   Valves and fittings	698	698	704	710	720	730

   As it is not feasible to measure every variable, key assumptions are made. The following assumptions have a material impact on the overall data:

   • Duration of leak detected during systematic surveys: When a leak is found on a routine survey, there is no knowledge of when the leak started. However, we do know when the pipe was last surveyed, and, assuming a normal distribution, can

     assume that on average the duration of a leak is half the time since the last survey. For example, Vector runs routine surveys for most sections of the pipeline every six months. We can therefore approximate that the average leak duration is three months. This is in alignment with Marcogaz guidelines.

   • Average size of leak found on systematic surveys: Most of the historical records of the detected leaks have been a result of loose fittings. Vector has conducted several review sessions internally and across the industry and found that the most applicable assumption is in the RR630-HSE, UK standard.

     Within that, we take a conservative estimate of a hole size of 2 mm2.

   • Average size of leaks found from third-party damages: Normalised across all third-party damages to 30 mm, based on measured samples.

   • Permeability of the ground: 7,000 km of pipes run through various ground and geological formations. An estimation of soil permeability is made according to ISBN 0-486- 65675-6, and based on the New Zealand soil map. We have conducted actual field measurements to verify these assumptions.

     This testing further improves our current reporting level relative to the Marcogaz criteria and the OGMP 2.0 guidelines.

     In FY2023, GNS Science conducted an independent review of this methodology. This included a review of the Marcogaz methodology that Vector is following in assessing emissions; a review of Vector's implementation of this methodology; an assessment of Vector's current level of reporting relative to

     the Marcogaz criteria and the underlying standards; as well as recommendations for future work that would improve Vector's emissions reporting and move Vector to a higher reporting level.

     The key improvement opportunity identified is to obtain more specific, local emission factors, with GNS Science's overall finding that Vector is currently operating at OGMP 2.0 Level 3 or slightly above. Level 5 is the highest possible level that also requires the use of site-level measurement to reconcile source and site-level emission estimates.

     Upstream-purchased materials and products

     Methodologies to quantify emissions from purchased goods and services vary depending on data availability from suppliers. Those identified as key suppliers for a specific business unit, either based on spend or the type and quantities of products purchased, were contacted to request supplier-specific emissions data.

     Preference was given to data published in environmental product declarations (EPDs), from which we extracted the GWP for the manufacturing/production phase (A1 - A3; total GWP where a breakdown was provided). Where supplier-specific EPDs were not available, secondary emission factors from EPDs for comparable products or underlying raw materials have been used as proxy data.

     Upstream-purchased other goods and services

     Emissions from all remaining purchases were quantified using the spend-based method. For FY2025, this calculation covers around 32% (FY2024: 28%) of Vector's annual spend and more than 700 suppliers. It uses environmentally-extended input output (EEIO) emission factors, which estimate GHG emissions resulting from the production and upstream supply chain activities of different products in an economy. For FY2025, we used Eora MRIO 2022 scope 3 multipliers for New Zealand [10, 11] and adjusted them for inflation to the midpoint of the financial year. Emission factors were assigned based on a supplier's main business activity.

     As more specific data becomes available, such as through supplier release of EPDs, the emissions data for upstream-purchased materials and products can be refined, therefore reducing the percentage of emissions calculated using the spend-based approach.

     The approach we used for both sub-categories built on previous work completed in FY2023 with the support of thinkstep-anz,

     a trans-Tasman firm offering strategic advice on sustainability.

     Note that emissions from fuel used by FSPs have been calculated using supplier-specific data since FY2020 and have been reported under scopg 3 - caľggorD 1 in Vector's GHG emissions inventory since then.

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     1. GHG emissions calculation and results

        Base year

        Vector's base year for emissions reporting is FY2020, 1 July 2019 to 30 June 2020. This was the first year that the GHG inventory included most material scope 3 emissions and forms the base year for Vector's emissions reduction target.

        Changes to historic years

        Vector recalculates emissions of historic years if the inventory is affected by changes that in aggregate total 5% of our carbon footprint. These changes can be structural (for example acquisitions or divestments), changes in the way the inventory is calculated, or discovery of omissions or errors. Vector might

        decide to update historic years for changes below the threshold for other reasons, such as consistency or clarity.

        Recalculations were required this year as follows:

        • Because of the sale of the Ongas LPG business and shares in Liquigas Limited, emissions created by these businesses have been removed for all years from FY2020.

        • Emissions relating to the sold Natural Gas Trading contracts have been removed from scope 3 for FY2022 to FY2024. There is no impact on the base year given the earliest start date of the sold contracts was 1 July 2021.

        For an overview of all recalculations, including those from previous years, see appendix 2.

        FY2025 results

        In FY2025, total GHG emissions for Vector came to 794,241 tCO2e. This is a reduction of 54% from our base year in FY2020.

        Scope 1

        Vector's direct emissions in FY2025 amount to 10,449 tCO2e,

        a reduction from our base year by 54%. Explanations on the most notable changes in emissions across scope 1 are outlined below.

        Natural gas distribution fugitive emissions

        Natural gas fugitive emissions have decreased by 57% between FY2020 and FY2025. A large contributor to this reduction is proactive pipeline surveying and other gas network operational initiatives such as reducing response time.

        Diesel use in generators

        Stationary combustion decreased by 60% between FY2020 and FY2025, largely driven by the switch from diesel generators to mobile transformers on planned asset replacements.

        SF₆ emissions

        SF6emissions have decreased by 7% from the FY2020 base year.

        Figure 3: Vector's GHG emissions inventory FY2025, scope 1 and 2 only

        39,437

        Electricity distribution losses

103

Other fugitive emissions

39

Electricity consumption (market-based)

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1. GHG emissions calculation and results (continued)

   Scope 2

   Scope 2 emissions are split into emissions from Vector's own consumption of electricity from the grid, and emissions from distribution losses across Vector's network.

   Vector's 21% increase in electricity distribution losses in FY2025 compared to FY2020 can be attributed to several factors, including load profiles and distance to load. However, year-on-year fluctuations in distributed losses are materially influenced by the national electricity emission factor [4]. For example, the emission factor used to calculate electricity distribution losses rose by 38% between FY2024 and FY2025 owing to an increase in the proportion of fossil-based generation.

   Scope 3

   Value chain emissions have decreased 55% relative to the FY2020 base year. The material category is the use of sold products, which decreased 52% since FY2020, driven by the wind-down and subsequent closure of Vector's Natural Gas Trading business. Further to this, there was a 16% reduction in gas distribution emissions because of lower gas consumption in Auckland.

   Table 6: Scope 1 and scope 2 FY2025 GHG emissions by greenhouse gas. PFCs and NF₃ are not listed here as they

   are not relevant to Vector's activities. GWP conversion factors are from the latest MfE guidance documents.

   Scope 1 CO₂ CH₄ N₂O HFCS*

   SF₆ Scope 2** CO₂

   CH₄

   1,933 1

   282 28

   0.12 265

   0.05 677 - 1,924

   0.02 23,500

   38,337

   38

   1

   28

   10,449

   1,933

   7,893

   33

   103

   487

   39,476

   38,337

   1,065

   TOTAL FY2025 t GWP tCO₂e

   N₂O 0.28 265 74

   Total tCO₂e 49,925

   * HFCs relate to a family of gases used in applications such as refrigeration and air conditioning. Different applications use different HFCs so we display a range here.

   ** Market-based method for electricity consumption. While location-based electricity emissions are also included in our inventory, the amounts in table 6 include only market-based emissions, as these form part of our emissions reduction target.

   Figure 4: Vector's GHG emissions inventory FY2025, scopes 1, 2 and 3

   6,087

   9,435

Distributed natural gas

Upstream-purchased other goods & services

Upstream-purchased materials & products

Fuel used by field service providers

Fuel and energy-related activities

Waste generated in operations

Business travel

Employee commuting and WFH

Bluecurrent

642

53

202

666

729

SCOPE 2 - 39,476 SCOPE 1 - 10,449

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1. GHG emissions reductions

Emissions reduction target

In FY2021, Vector set an absolute emissions reduction target. That target is for Vector to reduce our scope 1 and 2 emissions (excluding electricity distribution losses) by 53.5% by FY2030 from a FY2020 baseline. The target was developed by thinkstep-anz in 2021, based on a methodology published by the Science Based Target Initiative (SBTi) and the SBTi's then applicable guidance on reductions required to be consistent with keeping global warming to 1.5°C.

Our target has not been validated by SBTi because SBTi's methodology provided for the inclusion of emissions related to electricity distribution losses, which we have excluded.

Further detail regarding this exclusion is set out below.

The emissions reduction target does not rely on any offsets. Vector does not have any interim targets.

In FY2025 we achieved our emissions reduction target, five years ahead of the original FY2030 target date, with a reduction in our scope 1 and 2 emissions (excluding distribution losses) of 55% compared to the FY2020 base year. This was largely because of a reduction in natural gas fugitive emissions, along with a reduction in diesel-generation-related emissions.

Meeting the target in FY2025 does not guarantee that the emissions reductions can be maintained in subsequent years. There are key risks highlighted in table 7 that could result in Vector missing our target in any given year.

Exclusion of electricity distribution losses from our target

Electricity distribution losses are not like a water or gas leak; they are an inherent characteristic of electricity distribution networks. Although we can measure these losses, and report their associated emissions based on New Zealand's published electricity generation emissions factor, we can never fully remove them. As distribution losses are largely an inevitable by-product of electrical conduction, Vector has elected to exclude emissions associated with such losses from our emissions reduction target. This allows our target to focus on emissions that we can more readily manage.

Additional information

Under the New Zealand Emissions Trading Scheme (NZ ETS), Vector is obligated to surrender New Zealand Units (NZUs) for emissions related to fugitive SF₆.

NZ ETS reporting is by calendar year, while Vector's GHG emissions reporting is by financial year (1 July to 30 June). For the 2024 calendar year, Vector surrendered NZUs to the value of 422 tCO₂e related to fugitive SF₆ gases.

Assurance

Information subject to assurance by KPMG includes the summary of emissions and sections 1 to 4. KPMG does not provide assurance of this section of the GHG report.

Figure 5: (left) Emissions included in Vector's emissions reduction target - scope 1 and 2 excluding distribution losses and their comparison to the FY2020 base year. (right) Vector's yearly scope 1 and 2 emissions excluding distribution losses since FY2020. Emissions are in tCO₂e.

25,000 25,000

FY2030 emissions reduction target

Emissions (tCO₂e)

20,000 20,000

Emissions (tCO,e)

15,000

15,000

10,000

10,000

5,000

5,000

0

Natural gas distribution fugitive emissions

SF6

leakage

Other fugitive emissions

Stationary combustion including biogenic

Vehicle fleet

Electricity consumption (market-based)

0

FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30

Group emissions FY2030 target

FY2020

FY2025

carbon

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1. GHG emissions reductions (continued)

Marginal carbon abatement cost curve

In FY2022, Vector developed a carbon abatement cost curve to help measure and understand our emissions reduction target (scope 1 and 2 excluding electricity distribution losses) and actions available to us to contribute to reaching that target.

This work identifies the financial impact of potential carbon reduction activity across scope 1 and 2 emissions, using an internal carbon cost of $140 per tCO₂e. This amount was chosen as it aligns with the Climate Change Commission's 2021 recommendations to government to meet its 2050 targets [12]

and is consistent with our internal carbon cost since FY2022. We consider this internal carbon cost to still be appropriate.

Through this work, we identified emissions that could be reduced while achieving cost savings for the group (those with negative abatement cost), and others that were close to cost neutral (those with bars close to $0/tCO₂e/year), with the balance assessed as being more complex to abate given the availability of current

alternatives. While the data in the cost curve is updated based on the latest information, it presents forward-looking estimates of emissions reduction potential, as opposed to actual emissions results. The estimates are also conservative, which explains

how we have already met our emissions reduction target, even though we have not yet completed all the actions on the curve.

The cost curve was updated in FY2025 to include the sale of the Ongas business - this removed any emissions reduction activities associated with Ongas, along with a removal of corresponding historic emissions.

A summary of key risks that may form a barrier to Vector achieving its emissions reduction target is highlighted in table 7.

Changes in technology, project prices, emissions cost modelling, new business innovation and a range of other factors may

alter the marginal carbon abatement cost curve in our future disclosures.

Figure 6: Vector's marginal carbon cost abatement curve. The horizontal axis corresponds to Vector's total FY2020 scope 1 and 2 emissions excluding electricity distribution losses. Each bar relates to a potential emissions reduction initiative where the thickness of the bar details the amount of emissions reductions estimated to be possible as a result of the initiatives. The vertical axis represents the estimated cost, with negative values indicating estimated cost savings. Initiatives are ordered left to right, from the most cost-saving to the most expensive.

Abatement cost

$/tCO₂e/year

3-month gas pipeline surveying (2027) 6-month gas pipeline surveying (2024)

3-month high-pressure gas pipeline surveying (2025)

$140/ tCO₂e

Annual gas pipeline surveying (2022)

SF6

monitoring

Abatement potential tCO₂e

Renewable-only electricity (2023)

Transition vans and utes to electric (when available)

Vector headquarters to '6 Green Star'

building (2023)

Transition remaining light

vehicle fleet to EV (2020 - 2027)

Hybrid generator (in trial)

Uncosted emissions

Third-party gas pipeline damage

Other fugitive methane

Other diesel generation

Public engagement on dial before you dig (2023)

Using mobile transformers as opposed to diesel generators for multi-day upgrades (2024)

Completed In progress

Planned

Reducing unnecessary diesel generation through process optimisation (2021)

53.5%

Emissions reduction target

$1,000

$0

-$1,000

-$2,000

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5. GHG emissions reductions (continued)

Table 7: Key risks that may form a barrier to Vector achieving our emissions reduction target

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References

1. World Resources Institute and World Business Council for Sustainable Development. 2004. Thg Grggnhousg Gas Proľocol: A Corporaľg Accounľing and ½gporľing Sľandard, USA.

2. World Resources Institute and World Business Council for Sustainable Development. 2015. GHG Proľocol Scopg 2 guidancg: An amgndmgnľ ľo ľhg GHG Proľocol Corporaľg Sľandard, USA.

3. World Resources Institute and World Business Council for Sustainable Development. 2011. Corporaľg Valug Chain (Scopg 3) Accounľing and ½gporľing Sľandard, USA.

4. New Zealand Government - Ministry for the Environment. 2025. Mgasuring gmissions guidg: 2O25, Wellington: Ministry for the Environment.

5. UK Government - Department of Environment, Food and Rural Affairs. 2025. Grggnhousg gas rgporľing: convgrsion racľors 2O25. Accessed 21 July 2025 gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2025

6. BraveTrace - New Zealand Energy Certificate System. Accessed 24 July 2025 bravetrace.co.nz/residual-supply-mix/

7. Technical Association of the European Natural Gas Industry (Marcogaz). 2019. Assgssmgnľ or mgľhang gmissions ror gas Transmission and Disľribuľion sDsľgm opgraľors.

8. The Oil & Gas Methane Partnership 2.0. Accessed 21 July 2025 ogmpartnership.org/resources

9. American Petroleum Institute. 2009. Compgndium or Grggnhousg Gas Emissions Esľimaľion Mgľhodologigs ror ľhg Oil and Naľural Gas IndusľrD.

10. Lenzen M, Kanemoto K, Moran D and Geschke A. 2012. Mapping ľhg sľrucľurg or ľhg world gconomD. Environmental Science & Technology 46(15), pp 8374-8381.

11. Lenzen M, Kanemoto K, Moran D and Geschke A. 2013. Building Eora: A Global Mulľi-rggional Inpuľ-Ouľpuľ Daľabasg aľ High CounľrD and Sgcľor Rgsoluľion. Economic Systems Research 25:1, pp 20-49.

12. New Zealand Government - Climate Change Commission. 2021. In®ia ľonu ngi: a low gmissions ruľurg ror Aoľgaroa.

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Appendix

‌Appendix 1: Vector's subsidiaries as at 30 June 2025

* Emissions from operations before the business closure are captured in Vector's carbon footprint.

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Appendix 1 (continued): Vector's subsidiaries as at 30 June 2025

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Appendix 2: Summary of GHG emissions inventory recalculations across years

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Appendix 3: KPMG's Assurance Report

Independent Limited Assurance Report to Vector Limited

Information subject to assurance

We have performed an engagement to provide limited assurance in relation to Vector Limited's GHG Statement

for the period 1 July 2024 to 30 June 2025. The information subject to assurance includes:

• Summary of emissions

• Section 1: Organisational boundaries;

• Section 2: Operational boundaries;

• Section 3: Data collection and quantification; and

• Section 4: GHG emissions calculation and results.

  Our assurance engagement does not extend to:

• Section 5: GHG emissions reductions; and

• to other information that accompanies or contains the GHG Statement and our report.

  We have not performed any procedures with respect to the information excluded from our engagement and, therefore, no conclusion is expressed on it.

  Criteria

  The criteria used as the basis of reporting include the World Resources Institute and World Business Council for

  Sustainable Development's Greenhouse Gas Protocol standards and guidance (collectively, the GHG Protocol):

• The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition);

• Scope 2 emissions have been prepared in accordance with The Greenhouse Gas Protocol: GHG Protocol Scope 2 Guidance: An amendment to the GHG Protocol Corporate Standard;

• Scope 3 emissions have been prepared in accordance with The Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard.

As a result, this report may not be suitable for another purpose.

© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Document classification: KPMG Public

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Standards we followed

We conducted our limited assurance engagement in accordance with International Standard on Assurance

Engagements (New Zealand) 3410 Assurance Engagements on Greenhouse Gas Statements (ISAE (NZ) 3410) issued by the New Zealand Auditing and Assurance Standards Board (Standard). We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Our responsibilities under the Standard are further described in the 'Our responsibility' section of our report.

Other Matter - Comparative information

We previously expressed a conclusion over the Greenhouse Gas inventory for the periods ending 30 June 2022,

30 June 2023 and 30 June 2024 (2022 - 2024 periods) prior to the revisions described in section 4 of GHG disclosures, and our reports dated 25 August 2022, 24th August 2023 and 26th August 2024 included an unmodified opinion. We were not engaged to express a conclusion, or apply any procedures on the revision of these periods triggered by the sale of the Natural Gas Trading business and Ongas divestment for the 2022 -2024 periods and, accordingly, we do not express an opinion or any other form of assurance about whether such revisions are appropriate and have been properly applied.

Our conclusion is not modified in respect of these matters.

How to interpret limited assurance and material misstatement

A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in

relation to both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks.

Misstatements, including omissions, within the GHG Statement are considered material if, individually or in the aggregate, they could reasonably be expected to influence the relevant decisions of the intended users taken on the basis of the GHG Statement.

Inherent limitations

As noted on page 2 of GHG disclosures Statement, GHG quantification is subject to inherent uncertainty

because of incomplete scientific knowledge used to determine emission factors and the values needed to combine emissions of different gases.

Use of this assurance report

Our report is made solely for Vector Limited. Our assurance work has been undertaken so that we might state to Vector Limited those matters we are required to state to them in the assurance report and for no other purpose.

Our report should not be regarded as suitable to be used or relied on by anyone other than Vector Limited for any purpose or in any context. Any other person who obtains access to our report or a copy thereof and chooses to rely on our report (or any part thereof) will do so at its own risk.

To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or any of their respective members or employees accept or assume any responsibility and deny all liability to anyone other than Vector Limited for our work, for this independent assurance report, and/or for the opinions or conclusions we have reached.

Our conclusion is not modified in respect of this matter.

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Vector Limited's responsibility for the GHG Statement

The Management of Vector Limited are responsible for the preparation of the GHG Statement in accordance with

the criteria. This responsibility includes the design, implementation and maintenance of such internal control as Management determine is relevant to enable the preparation of the GHG Statement that is free from material misstatement whether due to fraud or error.

The Management of Vector Limited are also responsible for selecting or developing suitable criteria for preparing the GHG Statement and appropriately referring to or describing the criteria used.

Our responsibility

We have responsibility for:

• planning and performing the engagement to obtain limited assurance about whether the GHG Statement is free from material misstatement, whether due to fraud or error;

• forming an independent conclusion based on the procedures we have performed and the evidence we have obtained; and

• reporting our conclusion to Vector Limited.

  Summary of the work we performed as the basis for our conclusion

  A limited assurance engagement performed in accordance with the Standard involves assessing the suitability in the circumstances of Vector Limited's use of the criteria as the basis for the preparation of the GHG Statement, assessing the risks of material misstatement of the GHG Statement whether due to fraud or error, responding to the assessed risks as necessary in the circumstances, and evaluating the overall presentation of the GHG Statement.

  We exercised professional judgment and maintained professional scepticism throughout the engagement. We designed and performed our procedures to obtain evidence about the GHG Statement that is sufficient and appropriate to provide a basis for our conclusion.

  Our procedures selected depended on the understanding of the GHG Statement that is sufficient and appropriate to provide a basis for our conclusion. The procedures we performed were based on our professional judgment and included inquiries, observation of processes performed, inspection of documents, analytical procedures, evaluating the appropriateness of quantification methods and reporting policies, and agreeing or reconciling with underlying records.

  In undertaking limited assurance on the GHG Statement, the procedures we primarily performed were:

• Obtaining, through inquiry, an understanding of Vector's control environment, processes and information systems relevant to the GHG inventory. We did not evaluate the design of particular control activities, or obtain evidence about their implementation;

• Evaluating whether the methods for developing estimates were appropriate and had been consistently applied. Our procedures did not include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate Vector's estimates;

• Evaluating organisational and operational boundaries to assess the completeness of the inventory

• Performing analytical procedures on particular emission categories by comparing the expected Scope 3 GHG emissions to reported Scope 3 GHG emissions and made inquiries of management to obtain explanations for any significant differences we identified;

• Agreeing a selection of emissions data to relevant underlying source documents and re-performing emission factor calculations for a limited number of items;

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  • Considering the presentation and disclosures of the GHG inventory and explanatory notes against the requirements of the criteria.

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our independence and quality management

We have complied with the independence and other ethical requirements of Professional and Ethical Standard 1

International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

The firm applies Professional and Ethical Standard 3 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (PES 3), which requires the firm to design, implement and operate a system of quality control including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Our firm has also provided other assurance services that are related to our role as Vector Limited's auditor, including financial statement audit services, regulatory assurance services and assurance over climate-related disclosures. Subject to certain restrictions, partners and employees of our firm may also deal with Vector Limited on normal terms within the ordinary course of trading activities of the business of Vector Limited. These matters have not impaired our independence as assurance providers of Vector Limited for this engagement. The firm has no other relationship with, or interest in, Vector Limited.

KPMG

Auckland

22 August 2025

VECTOR.CO.NZ