Contact delivers solid financial performance

16 August 2021
Contact delivers solid financial performance to
support renewable generation investment



Twelve months ended

30 June 2021

(FY21)

Twelve months ended

30 June 2020

(FY20)

EBITDAF
1

$553m

↑

24% from $446m
2

Profit

$187m

↑

50% from $125m

Profit per share

25.3 cps

↑

45% from 17.5 cps

Operating free cash flow
3

$371m

↑

28% from $290m

Operating free cash flow per share

50.2 cps

↑

24% from 40.4 cps

Dividend declared

$272m

↓

3% from $280m

Dividend declared per share

35.0 cps

↓

10% from 39.0 cps

Stay-in-business (SIB) capital expenditure (cash)

$61m

↑

20% from $51m

Growth capital expenditure (cash)

$76m

↑

55% from $49m

Strategic investments (cash)

$40m

↑

471% from $7m



Highlights

• Launched Contact26 strategy focused on leading New Zealand’s
decarbonisation by connecting customers with our renewable energy
development pipeline.
- Development of new 152 megawatt Tauhara geothermal power station on
track after $580m investment approved in February.
- Completed $400m equity raise to support the Tauhara project and the
significant expected medium-term growth capital investment programme.
- Milestone of 50,000 broadband connections reached after rapid growth
this year. Average electricity tariff to mass market electricity customers
only up by 1.4% on FY20 despite sustained higher wholesale prices.
- Ongoing strategic review of thermal assets, including ‘Thermal Co’
proposal to reduce New Zealand’s cost and carbon intensity of thermal
generation while ensuring security of supply.

1
Refer to slide 48 of Contact’s FY21 Investor Results Presentation for a definition and reconciliation of the non-GAAP measure
EBITDAF
2
Restated to account for the removal of the significant items classification previously excluded from EBITDAF
3
Refer to slide 21 of Contact’s FY21 Investor Results Presentation for a reconciliation of operating free cash flow

- Southern Green Hydrogen project launched with Meridian Energy to
assess New Zealand’s near-term hydrogen potential.
• Guided by our tikanga and pricing principles, we proactively worked with
customers that were struggling to pay their bills, helping reduce both
disconnections and bad debt.
• Solid financial performance, with operating earnings (EBITDAF) up 24%
year-on-year to $553m and profit up by 50% to $187m.
- Underpinned by strong asset availability and a disciplined approach to
managing fuel in FY20 to support the market in FY21.
- Final dividend of 21 cents per share will be paid on 15 September
2021, bringing the full year declared dividend to $272m.


New Zealand’s largest privately-owned energy company Contact Energy (‘Contact’)
released its full year financial results for the 12 months to 30 June 2021 (‘FY21’) this
morning.

Contact Chair Rob McDonald said Contact had delivered a “solid” financial result.

“Contact has performed ahead of expectations after successfully navigating the
potential departure of major energy users, short-term issues around low rainfall in the
hydro catchments, and ongoing challenges around reliable gas supply. FY21 has been
a year in which we have continued to deliver solid returns for our shareholders and
made significant moves to ensure the company is well-positioned for the future by
spending $177m on capital investments.”

The results are underpinned by Contact’s “decisive” channel management, as it
supported fuel-constrained competitors with its flexible portfolio of gas-fired and
renewable assets.

Mr McDonald said the company had refreshed its strategy and was on a path to
invest to meet the anticipated market growth for low-cost renewable generation.

“Contact is preparing for a time of significant change and is positioned for growth as
we focus on leading New Zealand’s decarbonisation. It’s pleasing to see evidence of
the strategy in action in significant ways too.

“This includes investigating the potential for hydrogen production in the lower South
Island, the development of the world-class Tauhara geothermal power station in the
central North Island, and the $400m equity raise for our capital investment
programme as we look ahead to further renewable generation developments.”

He said it was pleasing to deliver investors a 35 cents per share annual dividend, down
slightly from 39 cents per share in FY20. “This is in line with the dividend policy we
updated in February this year where we target a pay-out ratio of between 80 per cent
and 100 per cent of the average operating free cash flow of the preceding four financial
years.”

Financial performance

CEO Mike Fuge said Contact had reported a statutory profit for FY21 of $187m, up
from $125m a year ago. Operating earnings were up by $107m on FY20, partially
offset by increased depreciation on thermal generation stations and higher tax to pay
on the improved financial performance.

“We’ve done an excellent job in securing gas supply to ensure we could continue to
generate electricity when renewable generation options were constrained by weather
for most of the second half of the year.

“We expect there’ll be continued reliance on higher cost fuel sources over the short-
term, but these will be displaced over the next few years as more than three terawatt
hours of low-carbon, renewable generation plants come on stream, including our
geothermal development at Tauhara.”

Contact’s operating free cash flow for FY21 was $371m, up 28 per cent on FY20 on
higher operating earnings and lower interest costs. This was partially offset by higher
stay-in-business capital spending to support scheduled four-yearly geothermal
outages.

Strategy in action

Mr Fuge said the company had undertaken “a significant strategic reset” and the new
strategy communicated in the second half of FY21 signalled an exciting new chapter
for Contact.

“At the heart of this is our commitment to building a better New Zealand by growing
demand for renewable electricity, developing our renewable electricity generation
options, decarbonising our own portfolio and creating outstanding experiences for
our customers.”

He said the company had hit the ground running in terms of delivering on the
strategy. “We’re obviously very excited about the development under way at
Tauhara, but it does not stop here. The capital raise gives us the flexibility to execute
on up to $800m of additional projects and we are actively looking at how we can
bring more geothermal development forward in response to customer demand for
our renewable electricity.

“We’re also under way with delivering innovative projects that increase generation
efficiency from our existing assets and exploring opportunities around geothermal,
wind, solar and the potential for further green electricity flexibility, including grid-scale
batteries.”

He said Contact had also made sensible investments where it saw opportunities that
would play an important role in New Zealand’s transition to a low-carbon future.

“For example, we established our exclusive partnership with wind generation experts
Roaring40s to develop a pipeline of large-scale wind generation assets, acquired
specialist geothermal service company Western Energy to drive efficiency, and we’re
very optimistic about the role our subsidiary Simply Energy can play in helping
customers decarbonise their businesses.”

Mr Fuge said Contact would continue to increase customer connections by
expanding into new products and services and had recently celebrated the milestone
of 50,000 broadband connections.

People

There was one change to the Contact Board in FY21 with the departure of
independent director Whaimutu Dewes in March 2021, after more than 10 years as
an independent director.

Mr Dewes was replaced by new independent director Rukumoana Schaafhausen.
She holds a range of governance roles at various organisations and has strong iwi
connections and experience. Mr McDonald said: “We are delighted to have her
strong values, diverse thinking, and passion for Aotearoa on the Contact Board.”

Independent director Dame Therese Walsh will also leave the Contact Board this
month to focus on her other governance roles. She will be replaced by Sandra
Dodds who joins on 1 September 2021.

Mr McDonald acknowledged the contributions of the two departing directors. “Both
Whaimutu and Dame Therese have made considerable contributions to Contact and
I would like to thank them both very much for their leadership, and wish them both
well.”

There have also been changes to the Contact leadership team this year. Jacqui
Nelson was appointed as Chief Generation Officer in July 2020, after more than 15
years at Contact in a wide range of roles across finance, resource management,
trading and operations. And in April 2021, Jack Ariel joined in a new role as General
Manager, Major Projects.

Chief Customer Officer Vena Crawley left Contact in April 2021 and last month
deputy CEO James Kilty finished up at Contact ahead of his new role as CEO at
electricity distributor Powerco.

Mr Fuge said: “On behalf of the Contact whānau, I would like to thank both James
and Vena and wish them all the best for the future.”

Outlook

Mr Fuge said there was “no doubt” flexible thermal generation would still be required
as the New Zealand electricity sector moves toward the Government’s goal of being
100 per cent renewable.

“As an industry we will need work together to expedite sensible decarbonisation, while
maintaining security of supply and affordability.”

Contact is leading the market in delivering emission reductions. This included a 'gas
tolling' deal with Nova Energy to use Contact’s more efficient thermal generation
leading to a net reduction in carbon emissions, and a recent power purchase
agreement with Genesis Energy that will further reduce New Zealand's reliance on
fossil fuels.

The company was also engaging with a range of stakeholders about an option to
consolidate New Zealand’s thermal generation arrangements into one entity. “We
believe consolidating thermal assets could optimise electricity generation from coal
and gas-fired plants in ways that are aligned with New Zealand's emission reduction
objectives, and also ensure affordable and stable electricity supply.”

Mr Fuge said Contact was looking forward to FY22 and beyond. “We understand the
critical role that the electricity sector is set to play in reducing emissions and minimising
climate change across the New Zealand economy over the next decade, as laid out in
the Climate Change Commission’s recent advice to the Government. Our response is
unequivocal: we are up for the challenge.

“We’re a strong company with a clear strategy and a host of opportunities in front of
us. We have a robust balance sheet, a portfolio of high quality and flexible assets and
a very capable team. We’re excited about the future.”


-ends-
Additional information:
- Investor presentation [link]
- Investor webcast [link]
- FY21 Integrated Report [link]

Contacts:
- Investor enquiries: Matt Forbes, matthew.forbes@contactenergy.co.nz, +64
21 072 8578
- Media enquiries: Paul Ford, paul.ford@contactenergy.co.nz, Ph +64 21 809
589

---

1
2021 Full Year Results Presentation
Twelve months ended 30 June 2021

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
2
Disclaimer and important information
This presentation may contain certain forward-looking statements with respect to the
financial condition, results of operations and business of Contact. Forward-looking
statements can generally be identified by the use of words such as 'project', 'foresee',
'plan', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or
similar expressions. Forward-looking statements in this presentation include
statements regarding sustainability and ESG targets, retail gas tariffs, future financial
performance and changes to climate change regulations.
Any indications of, or guidance or outlook on, future earnings or financial position or
performance and future distributions are also forward-looking statements. All such
forward-looking statements involve known and unknown risks, significant
uncertainties, assumptions, contingencies, and other factors, many of which are
outside the control of Contact, which may cause the actual results or performance of
Contact to be materially different from any future results or performance expressed or
implied by such forward-looking statements. Such forward-looking statements speak
only as of the date of this presentation. Except as required by law or regulation
(including the NZX Listing Rules and the ASX Listing Rules), Contact undertakes no
obligation to update these forward-looking statements for events or circumstances
that occur subsequent to the date of this presentation or to update or keep current
any of the information contained herein. Any estimates or projections as to events
that may occur in the future (including projections of revenue, expense, net income
and performance) are based upon the best judgement of Contact from the information
available as of the date of this presentation. A number of factors could cause actual
results or performance to vary materially from the projections, including the risk
factors set out in the Investor Presentation "Tauhara investment and capital
management plan". Investors should consider the forward-looking statements in this
presentation in light of those risks and disclosures.
You are strongly cautioned not to place undue reliance on any forward-looking
statements, particularly in light of the current economic climate and the significant
volatility, uncertainty and disruption caused in relation to the Company and otherwise
by the COVID-19 pandemic.
Actual results may differ materially from those stated in any forward-looking statement
based on a number of important factors and risks.
Although management may indicate and believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions could prove
inaccurate or incorrect and, therefore, there can be no assurance that the results
contemplated in the forward-looking statements will be realised.
EBITDAF, free cash flow and operating free cash flow are financial measures that are
"non-GAAP (generally accepted accounting practice) financial information" under
Guidance Note 2017: 'Disclosing non-GAAP financial information' published by the New
Zealand Financial Markets Authority, "non-IFRS financial information" under ASIC
Regulatory Guide 230: 'Disclosing non-IFRS financial information' and "non-GAAP
financial measures" within the meaning of Regulation G under the U.S. Exchange Act
of 1934. Disclosure of such non-GAAP financial measures in the manner included in
this presentation would not be permissible in a registration statement under the U.S.
Securities Exchange Act of 1934. Such financial information and financial measures
(including EBITDAF, free cash flow and operating free cash flow) do not have
standardised meanings prescribed under New Zealand equivalents to International
Financial Reporting Standards ("NZ IFRS"), Australian Accounting Standards ("AAS")
or International Financial Reporting Standards ("IFRS") and therefore, may not be
comparable to similarly titled measures presented by other entities, and should not be
construed as an alternative to other financial measures determined in accordance with
NZ IFRS, AAS or IFRSaccounting practice) measures. Information regarding the
usefulness, calculation and reconciliation of these measures is provided in the
supporting material.
Furthermore, while all reasonable care has been taken in compiling this presentation,
Contact accepts no responsibility for any errors or omissions.
This presentation does not constitute investment advice.
Numbers in the presentation have not all been rounded and might not appear to add.
All logos and brands are property of their respective owners. All company, product and
service names used in this presentation are for identification purposes only.
All references to $ are New Zealand dollar.
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
2

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
3
4
FY21 Highlights and Market Update/ Mike Fuge, CEO4-13
Financial Results and Outlook / Dorian Devers, CFO 14-28
Progress on Strategy / Mike Fuge, CEO & Dorian Devers, CFO29-37
Supporting Materials38-52
2
3
1
3
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
PRESENTATION AGENDA

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
4
4
FY21 performance
highlights
Mike Fuge, CEO

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
5
1
Refer to slides 48 for a definition and reconciliation of EBITDAF
2
Refer to slides 24 for a reconciliation of operating free cash flow
3
Restated to account for the removal of the Significant items classification previously excluded from EBITDAF
Twelve months
ended
30 June 2021
(FY21)
Twelve months ended
30 June 2020
(FY20)
EBITDAF
1
$553m↑24% from $446m
3
Profit$187m↑50% from $125m
Profit per share25.3 cps↑45%from 17.5cps
Operating free cash flow
2
$371m↑28% from $290m
Operating free cash flow per share
2
50.2 cps↑24% from 40.4cps
Dividend declared$272m↓3% from $280m
Dividend declared per share35.0 cps↓10% from 39.0 cps
Stay-in-business(SIB)capital
expenditure (cash)
$61m↑20% from $51m
Growth capital expenditure (cash)$76m↑55% from $49m
Strategic investments (cash)$40m↑471% from $7m
Operating earnings (EBITDAF) were up by $107m when compared to
FY20.
The operating conditions in FY21 were characterised by significant
uncertainty around:
•The near-term future of major energy users, including NZAS.
•La Niña weather patterns and dry national hydrology.
•The deliverability of gas from declining gas fields.
•Rising carbon costs.
Despite the uncertainty in operating conditions, Contact supported
wholesale customers with strong asset availability while managing our
fuel risks.
During the year, Contact committed to the construction of the new
152MW Tauhara geothermal development, with the total capital
investment totalling $177m for the financial year.
SUMMARY OF KEY FINANCIAL PERFORMANCE MEASURES
Solid financial performance supports continued investment to
decarboniseNew Zealand

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
66
Key strategic highlights from FY21
New renewable investment
committed: 152MW geothermal
power station
New capability added to accelerate
decarbonisation: Roaring 40s wind
partnership and Western Energy
acquisition
Balance sheet strengthened to
support renewable pipeline: $400m
equity raise
Launched ThermalCoconcept,
started stakeholder engagement
Battery RFP concluded; engaged
with EA to unlock regulatory
barriers withintheTransmission
Pricing Methodology
Secured an additional 17MW of
green flexibility
Currently no intention of renewing
the Swaption post 2022
Supported the extension of NZAS,
facilitating an orderly 2024 exit
Undertook hydrogen study and
opened registration of interest
process
First 10MW flexible electricity
agreement signed with a data centre
Simply Energy 100% acquisition
Agreed PPA terms with Genesis for
62.5MW backed by Tauhara
Objective
FY21
highlights
Attract new industrial
demand with globally
competitive renewables
Build renewable generation
and flexibility on the back
of new demand
Lead an orderly
transition to renewables
Create NZ's leading energy and
services brand to meet more of our
customers’ needs
Grow
demand
Grow renewable
development
Decarbonise
our portfolio
Create outstanding
customer experiences
Protected mass market customers from high
wholesale prices –tariff up 1.4% on FY20
Connections up 4%, with broadband
connections up 25k (now 51k broadband
connections)
End-to-end digital customer journeys
programme delivered online refunds, new bill
emails, asynchronous messaging and new
CSR Tools to significantly increase use of
digital self-serve channels.

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
77
Key strategic highlights from FY21
Thermal generation availability highest since
FY17, due to engineering and maintenance
undertaken to meet market demand
Safety performance was outstanding
Fueling innovation by acquiring Western
Energy to deliver lower cost geothermal fuel
Converted all bi-lateral bank facilities
to sustainability-linked loans and eligible debt certified as
‘green’; 1st New Zealand company to join the Nasdaq
Sustainable Bond Network.
Over half of our passenger fleet is electric.
Sustainable Procurement strategy established including
board approval of our Supplier Code of Conduct and Modern
Slavery Statement.
We planted more than 29,000 trees across our sites this year
Improved on DJSI ranking to 62 percentile (from FY19: 55
percentile)
Supported 123 community initiatives through sponsorship,
donations, grants and volunteer time.
Objective
FY21
highlights
Create long-term value through our strong
performance across a broad set of
environmental, social and governance
factors
Continuously improving our
operations through innovation and
digitisation
Create a flexible and high-
performing environment for NZ's top
talent
Our ESG
commitment
Operational
excellence
Transformative
ways of working
57% reduction in travel emissions, 348 tonnes
of CO2-e saved through reduction in
commuting and 413 tonnessaved with a
reduction in business travel
A new engagement tool Peakon launched with
employee engagement 7.8/10 and +30 eNPS
Several initiatives launched to grow our
capability including a new leadership and
learning framework
Reduction in office footprint

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
8
(2%)
(2%)
4%
3%
(2%)
4%
2%
1%
2%
1%
4%
(1%)
National electricity demand
Source: EMI, Contact.
Does not include NZAS
National electricity demand (TWh)Regional change (%)
FY21 vs FY20
Source: EMI, Contact
MARKET DEMAND
8
(1%)
1%
3%
3%
(2%)
NZAS curtailed
production from
the 4
th
potline
(50MW) from 3
April 2020.
Demand flat
despite
impacts of
COVID
5.05.05.0
5.2
5.1
4.9
FY17
North Island
10.0
25.9
26.1
10.2
41.6
25.9
FY16FY18
10.1
FY19
41.4
40.9
10.3
South Island (ex NZAS)
FY20
10.6
FY21
NZAS
26.1
10.1
41.2
41.3
41.2
26.1
25.8
0%
+1%
3%
FY22 potential
demand changes
(TWh)
0.2
-0.3
-0.1
Potential
FY22
Confirmed
Source: Company
announcements, Contact
Major industrials

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
9
Hydrology and impact on generation mix
Hydro generation was down
by5% when compared to
FY20 with below mean
national inflows for the
majority of the financial
year.
With limited gas availability,
due to the production
declines at Pohokura and
Kupe, generation from coal
increased by 82% on FY20.
Generation by type (TWh)
FUEL SUPPLY
Lake levels were appropriately managed through the financial year to manage the risk around gas availability and
delivery. Unseasonably strong inflows in June and July 2021 has seen national storage recover above mean.
Generation from generator retailers
Source: EMI & MBIE
Source: NZX
7.3
7.3
7.2
1.9
1.8
25.0
24.0
22.5
1.7
3.1
5.1
5.3
5.2
0.2
0.3
1.6
FY21
0.2
1.6
FY19FY20
Gas
Coal
Geothermal
Hydro
Wind
Wood
40.8
40.5
40.0
1.0
2.5
0.0
0.5
4.0
3.5
1.5
2.0
3.0
4.5
Jan
2021
Jul
2019
Jan
2020
Jul
2020
Jun
2021
Actual
Mean
2H20
2H21
Storage
TWh
National hydro storage
1H21
1H20
4.74.96.8*
Carbon
emissions (mT)
*Carbon emissions for FY21 Apr-Jun quarter has been estimated using historic conversion rates with actual generation
data. The uplift in carbon emissions of 1.9mT CO2-e was due to the increase in coal generation from FY20 to FY21.
Not all generation stations are captured in the chart above.

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
10
Short-term factors influencing price all sharply higher over the
last 12 months
Aluminium
Short-term external factors that
can influence the market
Wholesale and futures electricity pricing ($/MWh)
Source: EMI wholesale pricing
Short-term
wholesale
electricity
prices
Long-term pricing is linked to the long-run marginal costs of new renewable projects
plus costs associated with firming renewable intermittency to meet growing demand
Both long-dated and short-dated prices remain well above long-term averages, reflecting
higher thermal fuel costs and availability fuel risk
10
Gas availability -OMV
announced reduced volumes
from both Pohokura and Maui
gas fields
Carbon prices up 35% to
$43.5/NZU
FUEL SUPPLY AND NEAR-TERM PRICE IMPACT
Methanol pricing up
by $2.88/GJ gas
equivalent (86%
increase)
Limited impact on
demand from
COVID. Total
demand up 1%
Aluminium prices sharply
higher (+$1,123/t, up 45%).
New term NZAS contract
signed in January 2021 to
December 2024
Coal prices
increasing
+$113/t (248%)
0
50
100
150
200
250
300
Jun-
10
Jun-
16
Jun-
13
Jun-
11
Jun-
12
Jun-
14
Jun-
17
Jun-
15
Jun-
18
Jun-
19
Jun-
20
10 year
average
spot price =
$90.00/MWh
Jun-
21
Long-dated futures (>12 months)
Short-dated futures (<12 months)
Monthly average spot price
Changes as at 30 June 2021, in
comparison to June 2020
Long-run prices below LRMC of new generation
>3TW of new generation
build committed

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
11
Retail competition remains intense
RETAIL ELECTRICITY MARKET
11
Divergent views on the value of a customer:
▪Tier 1: Mercury 50k connections down over 2 years, Meridian growing
market share (+42k connections) now 3
rd
largest mass market retailer.
▪Nova and Electric Kiwi continuing incredibly strong growth trajectory.
▪Reducing market share of main players continues, Tier 2 market share
now at 16% (from 12% November 2018) despite volatile and higher
wholesale prices.
▪New connections were up slightly compared to prior year (~1.5%.
increase).
Change in customer connections (000s)
2yr % change
2yr ICP delta (1000s)
Retail tariff changes (c/ kWh)
Tier 2: +84kcustomers
Despite sharply higher wholesale prices over the last three years, tariffs up
by a compound annual growth rate of 1% reflecting intense competition
and diverging views of long-term wholesale prices.
Regulatory reset of Electricity Distributors WACC, has led to network cost
reductions since 1 April 2020 partially offsetting rising energy costs over
FY21. Network costs expected to rise above inflation over the medium
term.
12 months
ended:
Tier 1: -20k customers
Source: EMI
Source: MBIE
-3%
1%
-1%
25%
11%
32%
95%
55%
-24%
-50
0
50
100
Genesis
-13%
MeridianContactVocusMercury
14%
TrustpowerNovaPulseFlickElectric
Kiwi
Other
16.4
16.3
16.5
16.8
18.3
12.4
12.7
12.5
12.3
11.1
Mar-18
29.4
29.1
Mar-21Mar-17Mar-19Mar-20
28.7
29.0
29.1
+1%
Lines (c/kWh)
Energy & Other (c/kWh)

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
1212
Topical regulatory matters
Gas availability and lower mean water levels through 2021
have resulted in higher spot and hedge market prices,
increasing pressure on unhedged energy intensive industries,
and retail pricing.
The Electricity Authority, GIC and Minister continue to closely
monitor security of supply, fuel availability and its impact on
the wholesale market.
Wholesale
market
volatility
Contactis investing $580m in Tauhara, rolling out virtual Peaker
product and working with industry to efficiently increase thermal
generation in a fuel constrained market
Contact is working with customers to smooth out pricing
volatility through long-term contracts
Contactcontinues to brief officials on its approach to managing
current volatility.
Contactcooperates with various market enquiries by providing
relevant data where required.
In June 2021, the Commission delivered its final report on
carbon budgets and policy recommendations. The government
must publish an Emissions Reduction Plan by the end of 2021.
Climate
Change
Commission
Contactstrongly supports the recommended direction of the
Commission report, and the role that the energy sector will play
in decarbonisation.
Contactcontinues to closely engage in the government’s work
and assess the strategic opportunities and impacts for Contact.
Key themes
What Contact is doing

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
13
New Zealand
Battery
project
Energy
hardship
Key themes
What Contact is doing
13
The government is assessing options to address
New Zealand’s dry year risk with 100% renewable
generation. This includes assessing its initially
preferred solution of pumped hydro at Lake Onslow.
Contactsupports further analysis to address dry year risk. Multiple
options exist that will require careful evaluation, including interruptible
green hydrogen.
Contactis advancing the thinking on ThermalCo which appears to be
a low capital, low cost and low risk solution
Contactis engaging with government in assessing potential options
Covid-19 has placed additional pressure on New Zealand
households and businesses. Contact is actively working to
minimiseenergy hardship.
Contact’stikanga, pricing principles and proactive work with its
customers who are struggling to pay their bills
has resulted in reduced disconnections and bad debt.
Contact offers a range of payment options including weekly and
fortnightly billing, pre-pay and price smoothing products.
Contact is working with industry through ERANZ on the EnergyMate
programme and PowerCredits scheme in association with budget
advisors and FinCap.
Topical regulatory matters

14
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
14
Operational
performance and
financial results
Dorian Devers, CFO

15
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Key ESG KPI’s now
included with operational
performance and getting same
prominence
as financial performance
Key themes from the financial results
Asset portfolio and trading
capability ensure support
for the market at time of
increased fuel risk
Gas availability expected
to remain an issue for the
market but Contact is
relatively well positioned
Recent Mergers &
Acquisitions aligned
to strategy
Changes in depreciation
reflect the expected
decarbonisation of our
asset portfolio
Significant
items no longer
reported
separately
Equity raise was well
received and positions
the business well for
growth

16
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Profit ($m)
Profit of $187m, up $62m
EBITDAF ($m)
Higher gas
and carbon
costs to run
thermal
generation
Improved
net pricing
from
contracted
customers
as network
costs
reduced
Lower
geothermal
generation
year on year
impacted by
4-yearly Te
Mihi outage
with lower
hydro
generation
Active
channel
management
with increased
sales to
support fuel
constrained
market
participants at
a higher price
Higher other
income and
lower
electricity
transmission
costs offset
by higher
operating
costs
5
4
321
FY21 RESULTS
FY20
profit
Net interest
costs
EBITDAF
Depreciation
& Amortisation
Tax
Fair value of
financial
instruments
FY21 profit
Wholesale
channel
management
Contracted
sales
pricing
FY20
EBITDAF*
Renewables
Gas
and
carbon
costs
Other
income,
fixed costs
FY21
EBITDAF
125
187
107
29
28
5
7
0
+62
119
21
34
21
0
22
446
553
43
+107
Share of
Associates
*EBITDAF restated to reflect the removal of significant items
Customer tariff
Network costs

17
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
FY21 RESULTS
Wholesale EBITDAF ($m)
Customer EBITDAF ($m)
Corporate / unallocated costs ($m)
EBITDAF up by $107m
Refer to slides 18 -20
Refer to slide 21
426
527
77
132
47
FY20Generation
costs
(including
acquired
generation)
Total
contracted
revenue
Trading,
merchant
revenue
and losses
FY21*
+102
50
56
4
18
30
Other
products*
12
FY20
0
Electricity
prices
Electricity
volumes
Opex
2
FY21
+6
-30
-30
FY20FY21
0
Electricity gross
margin
Electricity cost
inflation
Price recovery
*Other products includes retail gas and broadband gross margins *Simply and Western included within Wholesale EBITDAFFY20 restated to include Holiday Act expense ($5m) after the removal
of Significant items

18
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Electricity generated or acquired (GWh)
FY20FY21
Electricity generated or acquired costs ($m)
Generation costs
FY21 RESULTS: WHOLESALE BUSINESS
Gas and diesel
Acquired
Thermal
Renewable
Gas storage
Carbon costs
Electricity and gas
transmission and levies
Other operating costs
Hydro generation down 53GWh on FY20 (-1%),
202GWh (-5%) below mean year expectations.
Geothermal volumes were 219GWh down on prior year
following a significant 4-yearly outage programme in the
period.
•Renewable generation costs were down $7m on
FY20. Transmission costs for renewable assets were
down by $7m on FY20 as HVDC pole 1 costs ended.
Thermal generation costs were up by $58m due to
higher gas (FY20 $6.7/GJ, FY21 $8.0/GJ) and carbon
prices (FY20 $24/unit, FY21 $31/unit) and higher
thermal generation in FY21.
•Gas and carbon fuel costs up from $76/MWh in FY20
to $96/MWh (+26%)
•Fixed costs relating to AGSand other operating costs
were up by $2m each on the prior comparative period
as the AGS facility expansion was commissioned on
30 September 2020
Increased acquired generation on the prior period as
wholesale spot prices encouraged swaption calls.
3,333
3,114
3,752
3,698
1,439
1,673
335
554
FY21FY20
Acquired
Hydro
Thermal*
9,040
Geothermal
8,858
108
89
101
91
157
40
215
36
38
90
65
125
24
41
22
24
38
65
Cost
type
Generation
type
Cost
type
Generation
type
304304
381381
+77
*Thermal includes tolling of ~261GWh FY20 and ~312GWh FY21

19
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
FY21 RESULTS: WHOLESALE BUSINESS
3,605GWh
$93.7/MWh
Contracted revenue ($m)
1,939GWh
$134.1/MWh
760GWh
$45.9/MWh
-136GWh
+$4.9/MWh
+682GWh
+$48.5/MWh
-68GWh
-$7.9/MWh
•Fixed price variable volume electricity sales to the Customer
segment and C&I customers ended 489GWh lower than FY20 (-
$42m), this was partially offset by higher prices (+$24m), reflecting
higher wholesale prices over the three preceding years.
•Strategic fixed price sales were down with lower sales to support
NZAS due to the suspension of the 4
th
potline, partially offset by an
increase in volume supplied to industryunder a long-term PPA.
Lower pricing reflects updated NZAS support contract from January
2021 (-$10m)
•CFD sales volumes were up by 682GW as nearer term higher
priced channels were prioritised (+$152m)
•Steam revenue was up $2m on FY20 with an increase in
geothermal steam sales secured (+77GWh) with steam tariffs on
TeRapa generation rising with carbon costs changes.
•Other income was up by $5m as the $2m loss on market making in
FY20 was not repeated and income from the Western Energy
acquisition (1 April 2021) was realised ($2m)
Wholesale contracted revenue
19
1,818GWh
$83.8/MWh
-353GWh
+$2.6/MWh
332
338
176
152
108
260
45
35
26
28
Strategic Fixed Price sales
Other net income
2
FY21FY20
7
CFD sales
Steam sales
C&I netback
Customer Sales
689
821
+132

20
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
FY21 RESULTS: WHOLESALE BUSINESS
Trading EBITDAF ($m)
Long / short position (GWh)
$104.1/MWh
6.0%
($6.4 / MWh)
5.0%
($9.4/ MWh)
•43GWh increase in
merchant sales volumes.
The price received for this
“long” generation was up by
$74.20/MWh on FY20.
•Inter-island separation
reduced from 6% to 5% on
dry South Island conditions,
this was offset by higher
absolute prices to increase
generation losses by $25m.
Trading revenue
Merchant sales: short-term sales channel available when the
spot prices exceed the opportunity cost of Contact generation.
LWAP / GWAP losses: locational price differences
between where electricity is generated and purchased.
Wholesale trading and merchant revenue
$178.3/MWh
Spot purchases and
sell CFD settlement
Spot sales and buy
CFD settlement
Merchant generation
91
164
-51
-76
FY21FY20
88
41
+47
876
919
919
7,904
-7,918
-1
FY20
8,040
-8,040
0
FY21
862

21
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
FY21 RESULTS: CUSTOMER BUSINESS
Customer business performance
EBITDAF ($m)
The electricity tariff changes balance
the recovery of rising input costs, the
competitive environment and
regulatory pressures:
•67% of our residential customers
are on non-PPD products from 1
July.
•Around 50% of customers
received a price increase in FY21.
•Ending Prompt Payment
Discounts, -50% reduction in PPD
not taken.
Continue to smooth the impact of
higher electricity costs for customers:
•Combination of targeted retail
price rises and a reduction in
network costs from 1 April 2020
has seen electricity gross margins
improve by 7% from FY20.
•Retail energy tariffs -will need to
rise to reflect elevated wholesale
electricity, gas and carbon costs.
Strong growth in Broadband
connections (+25k up on FY20).
Revenue & Tariff
1
($m)
FY20FY21Variance
$m$mTariff$mTariff
Electricity gross revenue859
841249(18)7
PPD not taken10
5(5)
Incentives paid(6)
(5)1
Net revenue (cash)862
841249(22)4
Capitalisedincentives7
7
Amortisedincentives(8)
(9)
Net revenue (P&L)861
838248(23)3
Gas revenue74
7494(0)5
Broadband revenue17
326815(2)
Other income5
61
Total revenue957
951(7)
Contract Asset (closing)13
9(3)
1. Tariff is $/MWh for electricity, Gas $/GJ and $ per month per customer connection for broadband
115
123
9
9
6
-79
-81
Other income
Electricity GM
5
0
-1
FY20
56
FY21
Gas GM
Broadband GM
Other operating
expenses
50
+6
Gross Margin (GM) is Revenue less Cost of Goods [Networks, meters, levies, energy, carbon and
broadband]

22
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Other operating cost movement ($m)
Portfolio, performance and non-recurring
Underlying
movement
Portfolio performance and non-recurring
•Holidays Act provision (-$5m) recognised in
FY20 not repeated.
•Operating costs acquired as part of the
strategic transactions of Western Energy and
Simply Energy ($3.6m).
•Strong FY21 performance leading to higher
incentive costs, FY20 incentives were reduced
after consideration of COVID potential ($9m).
•Benefits of the strategic acquisition of Western
Energy on the well restoration provision offset
by costs incurred to execute the refreshed
strategy (nil).
Underlying movement
•Strong credit collection and payment products
saw a reduction in bad debt ($3.0m).
•Digital journeys programme improved
customer service efficiency
Broadband
•Further incremental investment in broadband
growth. Benefits of change in provider and
further digitisation resulting in 87% productivity
increase as measured by broadband
connections per full time equivalent.
Operating costs up on acquisitions and improved
financial performance
Underlying savings
Insurance and general
cost inflation
FY21 RESULTS
5.0
3.6
9.0
3.8
5.8
2.1
FY21FY20 Holidays Act
211.0
FY20Portfolio changesIncentivesNet Cost Savings
0.4
Broadband
201.0
Invest in
growth

23
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
FY21 RESULTS: CARBON PERFORMANCE
kTof C02e emitted
•Scope 1 emissions up 125kT, predominantly from carbon emitted
from thermal generation with high volumes in FY21 to support lower
renewable generation
•Carbon from swaption up over 300% as Contact made more calls
under the swaption and a higher emissions intensity factor from the
fuel mix (FY21: 300kT, FY20: 90kT)
•Emissions from business travel and employee commenting down
by 57%, enabled by our transformative ways of working programme
Greenhouse gas reporting
23
524
317
600
260
986
920
1,045
647
FY21
1
1
FY19FY26
target
1
FY20
1
Scope 1
1,511
Scope 2
Scope 3
1,238
1,646
908
Performance
Targets
•Our targets have been approved by the Science-based targets initiative
(1.5 degree warming)
•Reduce Scope 1 and 2 GHG emissions 45% compared to 2018 baseline
by 2026
•30% reduction of 2018 Scope 3 GHG emissions by 2026.
See slide 40 for detailed greenhouse gas emissions reporting

24
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
•
EBITDAF up $107m on improved pricing across key channels
•
Working capital changes $5m unfavourable to FY20 due to the increased value of gas inventory and
additional purchase of carbon in the period, including exercising the final fixed price option for
carbon surrender in May 2021
•
Capital expenditure (cash) $61m in FY21, $10m more than FY20 due to statutory geothermal
outage programme and initial payments for SAP upgrade programme
12 months
ended
30 June 2021
12 months
ended
30 June 2020
Comparison
against FY20
EBITDAF$553m$446m↑$107m
Workingcapital changes$3m$7m↓($5m)
Taxpaid($79m)($70m)↓($9m)
Interest paid, net of interest capitalised($43m)($49m)↑$6m
SIBcapital expenditure($61m)($51m)↓($10m)
Non-cash items includedin EBITDAF($2m)$7m↓$9m
Operating free cash flow$371m$290m↑$81m
Operating free cash flow per share50.2cps40.4cps↑9.8cps
Cash conversion (OpFCF/EBITDAF)67%65%↑2%
SIB capital expenditure –accounting ($m)
Cash flow and capital expenditure
Strategic investments / acquisitions
(Western Energy and Drylandcarbon)
Growth investment
Dividends paid
Sources and uses of cash ($m) FY21
FY21 RESULTS
392
274
371
40
76
267
106
Sources
763
Uses
763
128
102
78
60
52
75
0
50
100
150
FY17FY18FY16FY20FY19FY21
Debt reduction
Cash movement
Net proceeds from
equity issue
Operating
Free Cash Flow

25
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
•
Face value borrowings (excl. leases) decreased by $262m to $774m from 30 June 2020.The decrease is due to the
inflow from the $400m equity raise in February 2020 less surplus held as cash.
•
Net debt has reduced by $981m since the end of FY16.Gearing decreased to 22.6% at30 June 2021, down from
31.4% at30 June 2020.
•
Average interest rate on gross debt has remained flat due to the repayment of more flexible, lower cost floating rate debt
with the proceeds from the equity raise offsetting the lower rate environment.
•
A credit rating of BBB (net debt / EBITDAF <2.8x) continues to be targeted.
•
All bank facilities have now been converted to sustainability linked loans, and all our debt instruments are certified green.
Closing net debt ($m)
Face value of borrowings less cash
Interest rate (%)
Weighted average gross interest
1
on average borrowings
Net debt to EBITDAF (x)
Includes S&P adjustments (prior to FY20 AGS was treated as a
lease)
Borrowing maturities ($m)
Average tenor of 3.3 years as at30 June 2021
Robust balance sheet.
FY21 RESULTS
1.Gross interest includes all interest on borrowings, bank commitment fees and deferred
financing costs. Unwind of leases, provisions and capitalised interest not included.
990
774
38
23
1,539
1,504
22
25
1,608
-5
FY16FY17
41
-6
1,410
-3
FY18
-47
FY19
645
1,036
-44
FY20
21
-150
FY21
1,626
1,445
968
1,014
Lease obligationsBorrowingsCash on hand
7
150
100
153
100
136
88
50
265
115
7777
FY25FY27FY22FY23FY24
7
210
FY26
4
FY28 -
FY29
157
107
372
258
92
Undrawn bank facilities
Drawn bank facilities
Domestic
USPP
NEXI
3.1
3.0
2.8
2.3
1.9
1.7
3.2
3.2
3.1
2.3
2.4
1.2
FY19FY18FY16FY17FY20FY21
SmoothedSnapshot
963
5.3%
5.6%
FY16
1,648
1,598
FY20FY17
5.1%
1,476
5.2%
FY18
5.4%
FY21
1,207
FY19
1,031
5.2%
Average gross interestAverage gross debt

26
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Dividend for FY21 of 35 cents per share
•Final dividend of 21 cents per share is imputed to 67% or 14 cents per share for
qualifying shareholders. This represents a pay-out of 72% of FY21 operating free
cash flow and 88% of the operating free cash flow over the preceding 4 financial
years (FY17-FY20)
•Record date of 27 August 2021; payment date of 15 September 2021.
•The NZD/AUD exchange rate used for the payment of Australian dollar dividends
will be set on 02 September 2021.
Ordinary dividends ($m)
Declared
Final dividend
Interim dividend
% pay-out of annual operating free cash flow
Dividend for FY21 in line with performance
Dividend reinvestment plan
•Shareholders will have the option of full, partial or no participation. If a shareholder
elects to participate they will remain in the plan at the same participation level until
they elect to terminate or amend their participation level.
•There will be no discount offered for the FY21 final dividend and Contact will have
the right to terminate or suspend the plan at any time.
•Dividend reinvestment plan (DRP) forms must be in by 30 August 2021 to confirm
participation in the plan.
•Trading period for setting price for DRP is 26 August 2021 to 01 September 2021.
DRP strike price will be announced: 02 September 2021
26
2632
39
39
35
107
136
165165
163
79
93
115115
109
FY18
280
186
FY17FY21FY19FY20
229
280
272
cps
61%76%
82%
97%
72%
Operating free cash flow
Average operating cash flow for the preceding four financial years
Dividend policy range: 80-100% of average operating free
cash flow for the preceding four years
FY21
260
259
324
FY19
259
258
FY18FY17
322
309
324
247
325
83%
FY20
88%
326
261
FY22
305301341290
371
➢Annual operating
free cash flow
FY21 DIVIDEND
Dividend level
as a % of preceeding
4yr operating fcf
100%
80%

27
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Normalised and expected FY22 EBITDAF assumptions
1.All volumes are at the Grid Exit Point (GXP)
2.Net price is equal to tariff less pass-through costs (network, meters and levies) /MWh
ASSUMPTIONS FOR NORMALISED EARNINGS
3.Steam sales, retail gas gross margin, other income
4.Gas price of $8.4/GJ, carbon price of $37/unit and thermal portfolio heat rate (11.4GJ/MWh)
5.Length of 440GWh p.a. assumed
6.Locational losses of 5.6% on spot purchases and settlement of CFDs sold at a
wholesale price of $125/MWh
* Fuel is natural gas and carbon costs
1,660
Channel choices maximise
long term value¹
1
Net price² driven by
best commercial practices
2
x
=
Strategic fixed price1,000GWh$38/MWh$38m
CFDs1,660GWh$139/MWh$231m
C&I1,600GWh$104/MWh$166m
Retail3,550GWh$129/MWh$458m
Other income³$50m
$943m
Hydro mean3,900GWh$0/MWh-$0m
Geothermal average3,250GWh$2/MWh-$7m
Thermal800GWh$123/MWh⁴-$98m
Acquired300GWh$131/MWh-$39m
-$144m
Length⁵$58mTransmission/Storage-$60m
Location losses⁶-$57mOperatingexpenses-$220m
Total$1mTotal-$280m
FY assumptions that deliver expected & normalised EBITDAF for FY22
Fuel cost
Net Revenue
Trading
Fixed costs
Hydrology & Asset
availability optimise generation
3
4
Total
x
=
Access to and price of fuel* drives
financials & risk position
Total
Trading delivers value to more
than offset locational losses
5
Digitalisation & continuous
improvement optimise fixed costs
6
x
x
x
x
x
x
x
=
=
=
=
=
=
=
959
641
3,550
0
50
950
CFDs
C&I
Retail
Strategic fixed
$139/
MWh
$90/
MWh
$129/
MWh
ContractedUncontracted
943
-144
-280
1
520
x
Mar-22Jan-22May-22Jul-21Sep-21Nov-21
101
188
168
121
150
105
122
101
112
119
122
100
118
97
128
112
134
117
147
128
130
130
161
139
OTA
BEN
ASX Futures $/MWh
At27 July 2021
$36/
MWh

28
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Strong delivery in FY21.
Capability and capacity to be added in FY22.
GUIDANCE
FY21 GuidanceResultFY22 GuidanceGuidance commentary
Other operating costs$200–210m$211m$215-225m
Additional capacity and capability added to
accelerate the delivery of the strategy. SIB capex
will support higher asset availability and output as
well as a SAP systems upgrade
Stay in business capital expenditure
(cash)
$55 –60m$61m$95-105m
Cashspend (‘Totex’)$255 –270m$272m$310 –330m
Depreciation and amortisation$215–225m$249m$265–275m
Accelerated depreciation on thermal assets in line
with expected useful lives and decarbonisation
goals
Net interest (accounting)$45 –50m$50m$30 –40m
Cash interest(in operating cash flow)$40 –45m$43m$20 –30m
Cashtaxation$75 –85m$79m$85 –95m
Taxation paid up to reflect strong FY21 financial
performance
Corporate costs-$30m$33m
ICT costs previously included in Customer now in
Corporate
Target ordinary dividend per share35 cps35 cps35 cpsPay-out in line with dividend policy
Geothermal volumes3,100GWh3,114GWh3,250 GWh
Minor geothermal safety programme outage
28

29
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
29
Progress on Strategy
Mike Fuge, CEO & Dorian Devers, CFO
29

30
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Our strategy to lead NZ’s decarbonisation
Enablers
Transformative ways of working:
create a flexible and high-performing
environment for New Zealand’s top talent
Outcomes
Growth
Pivot our business to a new growth era that
captures the value unlocked by decarbonisation
Resilience
Deliver sustainable shareholder returns,
aligned with our ESG commitment
Performance
Realise a step-change in performance, materially
growing EBITDAF through strategic investments
Strategic
theme
Objective
Grow
demand
Attract new industrial demand with
globally competitive renewables
Grow renewable
development
Build renewable generation and
flexibility on the back of new demand
Decarbonise
our portfolio
Lead an orderly transition
to renewables
Create outstanding
customer experiences
Create NZ's leading energy and services brand to
meet more of our customers’ needs
Operational excellence:
continuously improving our operations
through innovation and digitisation
ESG: create long-term value through our strong
performance across a broad set of environmental,
social and governance factors

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
31
1.As per Colmar Brunton Rep Track report, 2021 ranked 44
th
2.Science Based Targets Initiative (Sbti) target at 1.5 degrees.
We have set ambitious measures of success
across our strategic themes
Tauhara online by mid 2023
Final investment decision on
next renewable
build (Wairākei, wind, and/or
solar) by 2024
Decision on North Island
battery by end of 2023, for
delivery in 2024
100 MW demand response
capacity by 2025
Top 10 ‘most trusted retailer’
by 2025
1
650,000 customer connections
by 2025
Cost to serve (CTS) < $120 per
connection
75% of customer interactions
through digital channels
Complete thermal review in
2021, and executed by the
end of 2022
TCC decommissioned by
end of 2023
Reduce Scope 1 and 2 GHG
emissions 45% compared to
2018 baseline by 2026²
Senior in-house capability to
support industry electrification
partnerships by 2021
100 MW of new commercial
and industrial demand by 2025
Identified 300+ MW of market-
backed demand opportunitiesin
the lower SI by end of 2024
(e.g., hydrogen)
Metrics &
measures
Grow
demand
Grow renewable
development
Decarbonise
our portfolio
Create outstanding
customer experiences

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
32
Avoided carbon emissions (kTC02e)Demand backed by strategic fixed price PPA (GWh)
New load contracted,
expected online in FY23
Terms agreed with
Genesis Energy
Additional long-term
agreements under
negotiation
New industrial heat electricity
boilers rather than coal
Tolling arrangement
with Nova saw the most
efficient plants used
Tracking to targets
Grow demand
509
828
760
FY2026854
87FY211,356
Terms agreed
Contracted
Operational
30
3522
0
0
0
FY19
FY20
FY21
0
30
57
Electricity market
New demand

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
33
Grow renewable development
New geothermal development (MW)New wind and solar development (MW)
Land access agreements signed
for up to 500MW of
wind generation potential
Assessment phase to follow
Consenting underway in FY22
Consenting for increased
generation on the Wairakei field
(incremental to current position)
Tauhara stage 1 under
development. Field is more
productive than envisaged.
Look to secure additional
geothermal consents on
operational fields
Tracking to targets
60
130
152
342
Consenting Underway
Under development
Consented
500
0
0
500
Land access
Consenting underway
Consented

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
34
Decarbonise our portfolio
Demand flexScope 1 and 2 greenhouse
gas (GHG) intensity
6
13
MW
0.110
0.108
0.124
C02e/kWh
524
317
600
kTof C02eT
8383
81
Renewable %
Renewable
generation
Scope 3 emissions
FY19FY21FY20
Strong growth in our demand flex
proposition –lowered the install cost
and increased the sales network
Scope 3 emission higher as Contact called generation under
the swaption arrangement with Genesis which was run higher
Expect renewable generation
% to grow with investment and
higher thermal fuel costs
Tracking to targets

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
35
Create outstanding customer experiences
Value
Continue to grow telco customer connections
Protecting the core energy base in a rising energy
cost environment
Prepare to launch new complementary products
1
-1
Gross margin from non-
energy products ($m)
Continue to invest in data and digital journeys
for our customers and people to improve
experience and efficiency
Tracking to targets
FY19FY20FY21
Growth
Efficiency
477
484
481
13
26
51
202120202019
Energy
connections
000
Telco
connections
000
2,194
2,197
2,332
162
156
155
201920202021
Connections
per CSR
CTS per
connection
EnergyNon energy
% of revenue from
non energy products
FY19-21
0.7%
3.4%
Broadband gross margin positive from FY22

36
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Our operational plan: What you can expect in the next 18 months
H1-FY22
Hydrogen registration of interest
followed by request for proposals
Advance data centre partnerships
Engage on industrial electrification
Assess hydrogen position
Build data centres
Lock in major industrial user
electrification
Develop hydrogen option
Data centres online
Commence boiler electrification
Build Tauhara
Prepare further geothermal consents
Secure solar partnership or add capability
Build Tauhara
Further geothermal consenting
Secure and consent wind sites
Complete Tauhara
Tauhara phase II consent
Secure solar consents
Complete battery feasibility
Complete thermal review and design
principles for structure
Engage 3
rd
party to structure ‘ThermalCo’
Align future-state thermal structure
Agree structure with owners and regulators
Execute ‘ThermalCo’ and buy back PPAs
Prepare for end of TCC
scheduled hours
Launch time of use offer, with extension into EVs
Implications of sale of Trustpower retail to Mercury
Customer technology upgrade
Pilot launch of wireless broadband
Investigate data driven energy
monitoring commercial models
Customer technology upgrade (cont.)
Pilot complementary products
Customer technology upgrade (cont.)
H2-FY22
Grow renewable
development
Decarbonise
our portfolio
Create
outstanding
customer
experiences
Strategic theme
H1-FY23
Grow
Demand

37
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
37
Questions
37

38
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
38
Supporting
materials
38

Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
39
ASX futures pricing in fuel risk over the next 12
months
ASX electricity forward pricing ($/MWh)
Source: ASX Energy 12 July 2021
39
ASX FUTURES
156
129
137
136
109
106
116116
100
102
105
107
97
176
152
157
161
127
137
138
119
118
129
127
116
Q3 2021Q3 2022Q4 2022Q4 2021Q1 2024Q2 2022Q1 2022
129
142
Q2 2023Q1 2023Q3 2023Q4 2023Q2 2024Q3 2024Q4 2024
121
OTABEN

40
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Greenhouse gas emissions
IndicatorUnitTargetFY19FY20FY21
Direct GHG emissions (Scope 1)tC02e
45% reduction of 2018 Scope
1 and 2 emissions by 2026
(Absolute emissions reduction
target)
985,905920,4031,044,893
-Stationary combustiontC02e984,903920,4031,044,536
-Mobile combustiontC02e880270270
-Mobile combustion –Simply EnergytC02e20
-Mobile combustion –Western EnergytC02e38
-Fugitive emissionstC02e122429
Indirect GHG emissions (Scope 2)tC02e1,3741,258
1,230
Sub-total Scope 1 and 2tC02e647,443987,279921,9351,046,122
Indirect GHG emissions (Scope 3)tC02e259,118524,314317,384600,389
-Category 1 –Purchased goods and servicestC02e
30% reduction of 2018 Scope
3 GHG emissions from use of
sold products by 2026.
35,267 39,397
63,296
-Category 2 –Capital goods tC02e6,53618,052 40,521
-Category 3 –Fuel and energytC02e175,81191,857330,202
-Category 4 -Upstream distribution and transportation tC02e6281426
-Category 5 –WastetC02e148123121
-Category 6 –Business travel tC02e1,256719258
-Category 7 –Employee commutingtC02e514606306
-Category 11 –Use of sold products tC02e301,640166,310
165,259
-Category 13 –Downstream leased assets tC02e445306399
-Category 14 –FranchisetC02e2,069
Total Scope 1,2 and 3 emissionstC02e906,5611,511,0811,239,3191,646,511
CARBON REPORTING

41
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Contact generation output sold to the national grid (GWh)
Electricity and generation sales position (GWh)
FY20
FY21
Generation and sales position
OPERATIONAL DATA
Merchant sales
CFD gross sales
Sales to C&I
Sales to Customer
2,322
3,297
3,233
3,256
3,114
4,058
4,091
3,562
4,231
3,698
2,865
1,614
1,742
1,421
1,592
FY14FY17
3,074
2,321
8,537
1,812
4,119
FY16FY15
3,479
3,323
Geothermal
generation
FY18
9,002
FY19
8,404
1,360
3,752
3,333
FY20FY21
Thermal
generation
Hydro
generation
9,245
9,514
8,614
8,908
8,445
335
554
7981
862
919
8,444
2,171
Sales
1,844
0
Acquired generation
Generation
2,085
Pool purchase
2,673
3,605
8,859
Sales
1
Direct generation
3,741
Spot generation
Generation
8,859
9,0409,040
8,404
+181

42
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Wairākeigeothermal field mass take and efficiency
Geothermal fuel extracted at Wairākeivs consented
(GWh)
Wairākei, Poihipiand TeMihi conversion effectiveness
(MWh per kTextracted)
% of geothermal fluid extractedWairakei mass extracted
GEOTHERMAL PERFORMANCE
0
10
70
30
20
60
40
50
80
90
100
FY16
97%
101%
94%
FY15
99%
FY17FY18
99%
FY19FY21
100%
FY20
98%
-3%
29.3
30.1
30.1
30.5
30.1
31.1
30.5
FY16FY15FY17FY18FY21FY19FY20
+1%
-2%

43
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Hydro generation (GWh)
Geothermal generation (GWh)
Thermal generation (GWh)
Te Huka
Ōhaaki
Poihipi
Wairākei
Te Mihi
Geothermal generation was 219GWh lower than FY20 following
the 4-yearly statutory TeMihi outage in the period and an
extended outage required on process safety improvements
required at the TeHukabinary plant.
Hydro generation was 202GWh below mean (3,900GWh) in FY21,
53GWh lower than FY20.
Thermal generation volumes were 235GWh higher than FY20 as a result of
the arrangement to toll gas from Nova Energy (FY20: 239GWh, FY21:
278GWh)
Generation volumes:
renewable generation down by 4% on FY20
OPERATIONAL DATA
Te Rapa -spot
Whirinaki
TeRapa -Direct generation
Stratford Peakers
TCC
Otahuhu
Total inflowsInflows storedSpill
1,282
1,184
1,372
1,382
1,415
1,240
1,075
1,121
1,062
991
1,045
1,081
407
403
411
388
335
339
337
336
280
310
340
299
196
189
198
186
198
155
FY18FY19FY16FY17FY20FY21
3,233
3,297
3,323
3,257
3,333
3,114
26
80
3,507
4,328
4,817
77
4,065
3,482
-28
-97
3,897
-975
-275
-37
-112
-209
FY16
3,442
3,979
FY17FY18
-148
FY19
-90
FY20FY21
3,353
4,083
3,752
3,698
553
1,020
1,071
1,013
871
1,126
334
495
528
207
291
234
506
226
211
195
195
213
221
92
90
83
79
81
94
5
1,673
3
1
1,503
3
0
FY17FY16FY19FY18
1,903
FY20
18
FY21
1,708
1,834
1,439

44
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Taranaki combined cycle (TCC)
Net
capacity
(MW)
Availability
(%)
Capacity
factor
(%)
Electricity
output
(GWh)
Pool revenue
($/MWh)($m)
FY1737790%31%1,0216465
FY1837768%32%1,071102110
FY19
377
63%31%1,031115117
FY2037788%26%870120104
FY2137789%34%1,126193217
Hydro
Geothermal
Peakers(including Whirinaki)
Net
capacity
(MW)
Availability
(%)
Capacity
factor
(%)
Electricity
output
(GWh)
Pool revenue
($/MWh)($m)
FY1778492%52%3,56247169
FY1878495%51%3,47978271
FY19
784
97%62%4,231123521
FY2078492%54%3,75290338
FY2178484%54%3,698167617
Net
capacity
(MW)
Availability
(%)
Capacity
factor
(%)
Electricity
output
(GWh)
Pool revenue
($/MWh)($m)
FY1742991%86%3,23355177
FY1842596%89%3,32380267
FY19
425
92%87%3,256133434
FY2042595%89%3,33399330
FY2142589%84%3,114175546
TeRapa (spot generation only)
Net
capacity
(MW)
Availability
(%)
Capacity
factor
(%)
Electricity
output
(GWh)
Pool revenue
($/MWh)($m)
FY1736095%16%4957336
FY1836087%17%53011662
FY1936079%7%21219241
FY2036088%9%29516248
FY2136092%8%24923054
Net
capacity
(MW)
Availability
(%)
Capacity
factor
(%)
Electricity
output
(GWh)
Pool revenue
($/MWh)($m)
FY174198%63%2265813
FY184187%59%2119420
FY19
41
96%54%19516031
FY204198%51%18410621
FY214193%58%20817437
Plant availability
OPERATIONAL DATA
Availability Factor calculation includes all station outages (Planned, Maintenance, Forced) but does not consider deratings.

45
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Haweastorage (GWh)Gas storage (PJ)
CLOSING STORAGE
CLOSING STORAGE
Fuel storage movements
Source: NZX hydro
OPERATIONAL DATA
104
152
103
53
159
152
257
90
175
277
174
216
231
252
294
351
244
299
229
-228
-299
-140
-282
-146
-302
-246
-412
-214
-237
1H18
27
1H171H192H172H182H191H202H20
257
1H212H21
Inflows
Opening storage
27
Releases
152
103
53
159
152
90
166
175
7.7
7.5
1.7
6.1
-3.0
4.5
-0.3
FY21FY18FY20FY19
Opening Storage
Net extraction (injection)
7.5
4.5
6.1
5.8
-0.2

46
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Contracted gas volumes (PJ)
Uses of gas (PJ)
Gas storage
monthly injections and extractions (PJ)
Contracted and stored gas
Storage balance at31 December 2020 was 5.0PJ
OPERATIONAL DATA
Gas injectedGas extracted
4.1
6.9
4.0
7.6
8.1
3.4
10.0
4.4
4.5
4.5
4.5
4.5
6.1
2.3
1.2
3.1
3.4
4.5
2.0
5.3
6.9
4.1
6.5
2.3
-0.2
-1.3
CY20CY16CY17CY18
0.0
CY19CY21
5.7
CY22
16.6
18.6
18.4
16.6
16.9
14.6
16.7
May-
21
0.17
-0.12
Jul-
20
-0.40
-0.38
Aug-
20
-0.33
0.04
Sep-
20
0.14
Dec-
20
-0.40
Oct-
20
0.18
-0.06
-0.22
Nov-
20
0.05
0.42
-0.02
0.09
0.07
Jan-
21
0.27
-0.10
-0.12
Feb-
21
0.50
Mar-
21
0.36
Jun-
21
Apr-
21
-0.26
0.15
-0.37
20.2
14.2
18.4
18.7
3.1
-1.7
-17.5
-14.0
-13.3
-14.9
-2.8
-3.1
-3.2
-3.1
0.3
Customer sales
0.2
-0.3
-0.2
FY20FY18FY19
-0.2
-1.1
FY21
Net extraction (injection)
Generation
Wholesale sales
Purchases
Short-term gas
Genesis
Pohokura -notified (Jan-Jun22)
Swap
Maui -contingent on delivery
Pohokura -contingent on delivery (Jul-Dec22)
Maui -notified

47
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Contractual fuel position impacted by gas availability issues
FUEL OUTLOOK
Portfolio requirements for thermal generation (TWh)
-2.9
Gas supply and demand FY22 (PJ)
Hydro variation >>
* Hydro generation in FY12
GeothermalExpected
2022
generation
(including
losses)
Hydro in
"extreme
dry" year*
Maximum
thermal
required
"Extreme
dry" to
"mean"
year swing
Mean
thermal
required
Co-
generation
Maximum
thermal
required
"Mean" to
"wet" year
swing
Minimum
thermal
required
Contracted
0.9
12.7
2.8
2.0
4.3
3.4
4.7
Mean Thermal
FY22
Position
Short Term (if in line with FY21)
Mean Year
demand
Co-generation
Retail
18.1
Swap return
Storage
net movement
12.7
8.0
1.5
0.5
0.2
-2.9
-3.3
-0.4
-1.0
-0.3
In addition to market
gas Contact has
access to effective
risk management
products at
historically
contracted rates if
required

48
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
•EBITDAF is Contact’s earnings before interest, tax, depreciation and amortisation, and changes in fair
value of financial instruments.
•EBITDAF is commonly used in the electricity industry so provides a comparable measure of Contact’s
performance.
•Reconciliation of statutory profit back to EBITDAF:
12 months ended
30 June 2021
12 months ended
30 June 2020
Variance onprior year
$m%
Profit187 125 6250%
Depreciation and amortisation249220(29)(13%)
Change in fair valueof financial
instruments
(7)-(7)700%
Net interest expense505558%
Tax expense7446(28)(61%)
EBITDAF553 446 10724%
•Depreciation and amortisation, change in fair value of financial instruments, net interest and tax
expense are explained on the right.
Reconciliation between Profit and EBITDAF
The adjustments from EBITDAF to reported profit and
movements on FY20 are as follows:
•Depreciation and amortisation: Increased by $29m (13%)
on FY20 primarily resulting from the review of Ōhaakiplant,
Wairākeiand TCC opening hours.
•Net interest expense: Reduced by $5m (8%) over FY20
lower averageborrowings post equity raise and coupled with
lower interest rate as well as the capitalisationof interest
relating to the Tauhara geothermal project (FY21 $8m), a $2m
increase against FY20.
•Tax expense for the period was $28m up following higher
operating earnings with higher depreciation partially offset by
lower net interest expense.Tax expense for FY21 represents
an effective tax rate of28%. The effective tax rate for FY20
was 27%.
NON-GAAP PROFIT MEASURE

49
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Historical financial information
HISTORIC PERFORMANCE
Unit
FY17FY18FY19FY20FY21
Revenue$m
2,0792,2752,519
2,0732,573
Expenses$m1,5781,7942,0011,6222,020
EBITDAF$m
501481518
446553
Profit/(loss)$m151132345125187
Profit per share -basiccps21.018.448.217.525.3
Operating free cash flow$m305301341290371
Operating free cash flow per sharecps
42.64247.5
40.450.2
Dividends declared
1
cps2632393935
Dividends paid$m
186201251280274
Total assets$m
5,4555,3114,954
4,8965,028
Total liabilities$m
2,6772,5842,172
2,2752,101
Total equity$m
2,7782,7272,782
2,6212,927
Gearing ratio%3635283123

50
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
FY21FY20
Reference number for
Wholesale segment
note (see following
page)
Twelve months ended 30 June 2021Twelve months ended 30 June 2020
VolumeGWAPVolumeGWAP
Note: this table has not been rounded andmight not addGWh$/MWh$mGWh$/MWh$m
Electricity sales to Customer
3,60593.7338
3,741 88.8 3321
Electricity sales to C&I (netback)
1,76282.3145
2,09280.3168
2Electricity sales –Direct
81111.19
79105.18
Electricity sales to C&I
1,84483.6154
2,171 81.2176
CfDs–Tiwaisupport
734
828
3
CfDs -Long term sales
531
581
CfDs -Short term sales
1,408
676
Electricity sales -CFDs
2,673109.7293
2,085 72.9152
Total contracted electricity sales
8,12196.7785
7,99782.6 661
Steam sales
64543.728
544 47.6 26 4
Other income
5
0 5
Net income on gas sales
2
1 6
Net income on electricity related services
1
2 7
Net other income
16
2
Total contracted revenue (1)
8,76693.4821
8,54080.6 689
8
Generation costs
8,486(38.3)(316)
8,523(31.2)(266)
Acquired generation cost
554(116.8)(65)
335(113.9)(38)9
Generation costs (including acquired generation) (2)
9,040(43.1)(381)
8,858 (34.3)(304)
Spot electricity revenue
8,404176.41,482
8,44499.7 84210
Settlement on acquired generation
554207.6115
335115.4 3911
Spot revenue and settlement on acquired generation (GWAP)
8,959178.31,597
8,779100.3880
Spot electricity cost
(5,367)(185.9)(998)
(5,833)(109.0)(636)12
Settlement on CFDs sold
(2,673)(191.3)(511)
(2,085)(97.8)(204)13
Spot purchases and settlement on CFDs sold (LWAP)
(8,040)(187.7)(1,509)
(7,918)(106.0)(840)
Trading, merchant revenue and losses(3)
88
41
Wholesale EBITDAF (1+2+3)
527
426
Wholesale segment
SEGMENTAL PERFORMANCE

51
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Wholesale segment key
Wholesale segment
Reference to detailed operating
segment performance
Comment
Revenue
C&I electricity –Fixed Price2
C&I electricity –Spot2-spot
Spot sales are regarded as a pass-through and not reflected in
performance reporting, any margin included in C&I netback
Wholesale electricity, net of hedging3+10+13
Electricity related services revenue7
Inter-segment electricity sales1
Gas6
Revenuefrom wholesale gas sales, purchase cost in gas and
diesel purchases
Steam4
Other income5
Costs
Electricity purchases, net of hedging9+11+12
Electricity purchases–Spot2-spotSpot sales are regarded as a pass-through
Electricity related services cost7
Gasand diesel purchases8 (less costs identified relating to 6)Includeswholesale gas sales purchases (if any)
Gas storage costs8
Carbon emissions8
Generation transmission andreserve costs8
Electricity networks,transmission and meter costs –Fixed Price2
Electricity networks,transmission and meter costs –Spot2-spotSpot sales are regarded as a pass-through
Gas networks,transmission and meter costs8
Other operating expenses8 (less costs identified relating to 2)
C&Ioperating costs are included in the calculation of netback
(2) and are excluded from generation operating costs
SEGMENT NOTE TO OPERATIONAL PERFORMANCE

52
Contact Energy / FY21 Full Year Results Presentation / 16 August 2021
Residential electricityunit
FY18FY19FY20FY21
Residential gasunit
FY18FY19FY20FY21
Average connections#359,171353,105355,073357,117Average connections#60,90561,71161,59160,701
Sales volumesGWh2,5492,4912,5322,520Sales volumesTJ1,6001,6051,5771,495
Average usageper ICP7.17.17.17.1Average usageper ICP26.326.025.624.6
Tariff$/MWh250.1251.7250.4253.4Tariff$/GJ31.631.533.135.3
Network, meters and levies$/MWh-122.4-122.1-118.8-113.5Network, meters and levies$/GJ-19.6-18.4-17.9-17.7
Energy costs$/MWh-86.7-89.5-94.8-100.2Energy costs$/GJ-5.6-5.9-7.9-8.6
Gross margin$/MWh41.040.236.839.7Carbon costs$/GJ-0.7-1.0-1.4-1.5
Gross margin$ per ICP291283262280Gross margin$/GJ5.86.35.97.5
Gross margin$m10410093100Gross margin$ per ICP152165151185
Gross margin$m910911
SME electricityunit
FY18FY19FY20FY21
SME gasunit
FY18FY19FY20FY21
Average connections#57,30955,02055,03349,679Average connections#3,6773,9013,9473,876
Sales volumesGWh1,0991,042991860Sales volumesTJ1,3001,4921,4251,313
Average usageper ICP19.218.918.017.3Average usageper ICP353.5382.6361.0338.8
Tariff$/MWh224.1226.8229.3231.7Tariff$/GJ15.515.115.516.3
Network, meters and levies$/MWh-108.0-111.9-114.5-106.4Network, meters and levies$/GJ-4.5-5.5-6.0-7.9
Energy costs$/MWh-84.8-87.7-93.0-99.3Energy costs$/GJ-5.6-5.9-7.9-8.6
Gross margin$/MWh31.327.221.826.1Carbon costs$/GJ-0.7-1.0-1.4-1.5
Gross margin$ per ICP599516393451Gross margin$/GJ4.82.80.2-1.6
Gross margin$m34282222Gross margin$ per ICP1,6891,06872-552
Gross margin$m640-2
Customer EBITDAF
FY18FY19FY20FY21
Electricity Gross margin$m139128115123
Gas Gross Margin$m151499
Broadband Gross Margin$m010-0.8
Total Gross Margin$m154144125131
Other income$m4456
Other operating costs$m-82-81-79-81
Customer EBITDAF$m76675056
Corporate allocation (50%)¹$m-12-13-15-15
Retailing EBITDAF$m64543540
EBITDAF margins (% of revenue)%6.7%5.7%3.7%4.3%
Customer segment
HISTORIC PERFORMANCE

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Contact Energy Limited
Reporting Period 12 months to 30 June 2021
Previous Reporting Period 12 months to 30 June 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$2,573,000 24.1%
Total Revenue $2,573,000 24.1%
Net profit/(loss) from
continuing operations
$187,000 49.8%
Total net profit/(loss) $187,000 49.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.21000000
Imputed amount per Quoted
Equity Security
$0.05444444
Record Date 27 August 2021
Dividend Payment Date 15 September 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$3.18 $3.08
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Kirsten Clayton, Company Secretary
Contact person for this
announcement
Matthew Forbes, GM Corporate Finance
Contact phone number +64 21 072 8578
Contact email address investor.centre@contactenergy.co.nz
Date of release through MAP

16/08/2021

Audited financial statements accompany this announcement.

---

Template
Distribution Notice

Updated as at 18 December 2019



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Contact Energy Limited
Financial product name/description Ordinary shares
NZX ticker code CEN
ISIN (If unknown, check on NZX
website)
NZCENE0001S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies X
Record date 27/08/2021
Ex-Date (one business day before the
Record Date)
26/08/2021
Payment date (and allotment date for
DRP)
15/09/2021
Total monies associated with the
distribution
1

$162,985,634.70
(776,122,070 shares @ $0.21 / share)
Source of distribution (for example,
retained earnings)
Operating Free Cash Flow
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.26444444
Gross taxable amount
3
$0.26444444
Total cash distribution
4
$0.21000000
Excluded amount (applicable to listed
PIEs)
N/A – Not a listed PIE
Supplementary distribution amount $0.02470588
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

21%
Imputation tax credits per financial
product
$0.05444444
Resident Withholding Tax per
financial product
$0.03282222
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
0% - No discount
Start date and end date for
determining market price for DRP
26/08/2021 01/09/2021
Date strike price to be announced (if
not available at this time)
02/09/2021
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
Not available at this time
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
30/08/2021
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Kirsten Clayton, Company Secretary
Contact person for this
announcement
Matthew Forbes, GM Corporate Finance
Contact phone number
+64 21 072 8578
Contact email address
investor.centre@contactenergy.co.nz
Date of release through MAP

16 August 2021





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Growing.
Investing.
Leading.
2021 Integrated Report

Contact
INTEGRATED
REPORT
2021
Contents
Welcome to our second integrated report. This report explains
how Contact Energy creates value over time, or as we say in our
company vision, how we are building a better New Zealand.
Our leadership team has reviewed the report and our CEO Mike Fuge and the Board have confirmed
it is a true and accurate picture of how Contact Energy created value for our stakeholders in the 12 months
to 30 June 2021.
We expect it to be of interest to our people, customers, investors, suppliers, business partners, local
communities, tangata whenua, legislators, regulators, policymakers and all other stakeholders.
It follows the principles-based approach of the Integrated Reporting Framework and reflects our

ongoing journey towards integrated thinking, focused on value creation.
This report is dated 16 August 2021 and is signed on behalf of the Board of Directors of Contact Energy:


Robert McDonald
Chair
Our Chair Robert McDonald and the Board of Directors will host shareholders at the Contact Energy

AGM in mid-November 2021. The notice of meeting and agenda will be provided to shareholders in
October 2021.
More than 98 per cent of Contact Energy shareholders receive digital reports f rom us. We encourage
shareholders to move to digital, and we’ve also ensured the 2,000 printed reports use environmentally
responsible paper and inks.
Dame Therese Walsh
Chair, Audit and Risk Committee

Contact
INTEGRATED
REPORT
2021
Contents
3
Contents
Jargon buster 4
Key activity in FY21 5
Chair’s report 6
CEO’s report 8
Who we are 11
Our Board 12
Our leadership team 13
Our moral compass 14
Our operations 15
Creating value 17
Our supply chain 20
What matters most 21
Contact26 – Our strategy 23
STRATEGIC THEMES 26
Grow demand 27
Study into green hydrogen 27
Electrification of space heating 27
Decarbonising process heat 28
Attracting demand f rom data centres 28
Decarbonising road transport 28
Grow renewable development 29
Tauhara build proceeding 29
Beyond Tauhara 30
North Island battery investigations 30
Growing demand flexibility 30
Supplying geothermal process heat 30
Thermal portfolio 31
Thermal asset review 31
The thermal transition for New Zealand 31
Creating outstanding customer experiences 32
Growing customer engagement 32
Supporting customer wellbeing 33
Managing customer debt 33
Responding to energy hardship 34
Privacy 34
STRATEGIC ENABLERS 35
ESG 36
Where we focus 36
A sustainable supply chain 37
Supporting community wellbeing 38
Responding to climate change 39
Financial implications of climate change 41
Using water resources sustainably 41
Protecting biodiversity 42
TWoW 43
How we’re transforming ways of working 43
Changing labour market 44
Embedding inclusion and diversity 44
Shaping our Contact Community 45
Employee health, safety, environment and
wellbeing 45
Operational excellence 47
Financial performance 47
Our regulatory environment 48
Governance matters 50
Our Board 51
Code of Conduct and policies 53
Risk management and assurance 54
Remuneration report 55
Additional disclosures 61
Statutory disclosures 62
Sustainability disclosures 67
TCFD index 77
GRI index 78
Financial statements 80
Combined Independent Auditor’s

and Limited Assurance Report 106
Corporate directory 111

Contact
INTEGRATED
REPORT
2021
Contents
4
Jargon buster
ASX Australian Securities Exchange.
Contact The company called Contact Energy Limited. Unless otherwise
stated, all activities and indicators in this report are for Contact.
CEN Contact’s stock ticker on NZX and ASX.
Contact26 Contact’s strategy which sets out the company’s plan of action
for the five years until 2026.
EBITDAF Earnings before interest, tax, depreciation, amortisation,

and changes in fair value of financial instruments.
ERANZ The Electricity Retailers Association represents companies
that sell electricity to New Zealand customers and businesses.
ERANZ’s role is to promote and enhance a sustainable and
competitive retail electricity market that delivers value to
electricity customers.
ESG The environmental, social and governance factors to evaluate
performance.
EV Electric vehicle.
FY19 The financial year ended 30 June 2019.
FY20 The financial year ended 30 June 2020.
FY21 The financial year ended 30 June 2021.
FY22 The financial year ended 30 June 2022.
FTE A ‘full-time equivalent’ is a way to measure the workload of
one person.
GRI The Global Reporting Initiative is an international independent
standards organisation that helps businesses, governments
and other organisations understand and communicate their
impacts on things like climate change, human rights and
corruption.
The Group This is Contact Energy Limited, Contact Energy Trustee
Company Limited (a subsidiary), Simply Energy Limited

(a subsidiary), Western Energy Services Limited (a subsidiary)
and Drylandcarbon One Limited Partnership (an associate).
Hydrology The scientific study of the movement, distribution, and
management of water. The ‘hydrologic cycle’ involves the
continuous circulation of water and underpins hydroelectric
generation.
<IR> The Integrated Reporting Framework is a principles-based
f ramework for corporate reporting.
NZAS New Zealand’s Aluminium Smelter is the country’s only
aluminium smelter and is located on Tiwai Peninsula, across
the harbour f rom Bluff in Southland.
NZX New Zealand Stock Exchange.
SDGs Sustainable Development Goals are 17 global goals designed
to be a “blueprint to achieve a better and more sustainable
future for all”. The SDGs were set in 2015 by the United Nations
General Assembly and are intended to be achieved by 2030.
Stratford Stratford power station comprises one combined cycle unit

CCGT and two open cycle gas turbine units.
TCFD The Task Force for Climate-related Financial Disclosures
provides a f ramework for climate-related financial risk
disclosures.
Terrawatt Unit of power equal to one million million watts.
TRIFR Total Recordable Injury Frequency Rate is a globally
recognised measure of injury rates that can be benchmarked.
TWoW Transformative Ways of Working is one of our major strategic
focuses for the coming 12–18 months. It’s about reimagining
our traditional ways of working.
Jargon buster

Key activity this financial year
July
$40m appraisal confirms Tauhara
geothermal field is a world-class,
low-emissions renewable project.
Jacqui Nelson joined the leadership
team as Chief Generation Officer.
Launched our office/
home rotational
working model for
our customer teams.
August
Announced FY20 results with EBITDAF
of $451m* and net profit of $125m.
Announced we were taking 100%
ownership of energy solution business
Simply Energy.
First Kiwi company to join
the Nasdaq Sustainable
Bond Network.
September
Paid 23c per share FY20 final dividend
to investors, following on f rom interim
dividend of 16c per share in April 2020.
October
Ngā Kaihautū o te awa o Waikato
presented their assessment of the
cultural impacts of the 2019 Karapiti
incident.
November
Director Whaimutu Dewes advised
he would retire f rom the Board in
March 2021.
December
OMV revised down estimates of the
gas it could produce for us f rom the
Maui/Pohokura fields in 2021.
Fined $162,500 in the Environment
Court for the 2019 Karapiti incident’s
impact on the Waipuwerawera and
Waikato awa.
Announced feasibility study with
Meridian Energy to investigate
green hydrogen in Southland.
January
Agreed to supply a portion of the
Tiwai Point aluminium smelter’s
electricity as its owners confirmed it
would operate until the end of 2024.
Signed a four-year sustainability-linked
loan with MUFG Bank worth $75m.
February
Announced $580m investment to
develop 152MW geothermal power
station at Tauhara, and began a
strategic review of our thermal assets.
FY21 interim results revealed EBITDAF
of $246m and net profit of $78m.
Announced a $400m
equity raise for our
capital investment
programme.
March
Rukumoana Schaafhausen joined the
Board as an independent director.
Established a new arrangement with
highly regarded wind generation
experts Roaring40s.
Director Dame Therese Walsh advised
she would retire f rom the Board.
Marked the beginning of the Tauhara
power station construction with a
ceremony hosted by Tauhara Hapū.
April
Acquired Taupō-based geothermal
well specialists Western Energy.
Named most trusted electricity/gas
provider in Reader’s Digest Trusted
Brand awards.
Cleared of breaching the
Electricity Authority’s
conduct rules after an
investigation into our
actions when Clutha
River was in flood in 2019.
May
Customers Open Country Dairy and
Nature’s Flame were winners at the
2021 Energy Excellence Awards.
Announced our ‘Thermal Co’ concept as
a potential option to enable low-carbon
security of supply for NZ.
June
Published new verified science-based
climate change targets in line with
limiting global warming to 1.5 ̊C.
Announced sponsorship of the APEC
CEO Summit 2021.
Rated lowest in Consumer NZ’s 2021
power company satisfaction survey.
Reached 50,000
broadband connection
milestone.
23c
per share
50k
broadband
connections
Contact
INTEGRATED
REPORT
2021
Contents
5
Key activity this financial year
* refer to note A2 of the
financial statements.

Contact
INTEGRATED
REPORT
2021
Contents
6
Chair’s report
Welcome to Contact’s FY21 integrated report. I’m very pleased to be sharing
some observations on the year, and to be looking ahead to the future
possibilities and opportunities for Contact.
As you read this year’s report, you’ll see that
FY21 has been a year in which we have achieved
a lot, we have delivered good returns for our
shareholders, and we have ensured the business

is well-positioned for future growth. I acknowledge
everyone on the Contact team who has put their
energy in day after day to make this happen.
Even with the unpredictable and unprecedented
challenges of the COVID-19 pandemic, Contact’s
people have consistently delivered.
Strategy
The Contact26 strategy was developed in the second
half of FY21 and sets out the company’s plan of action
for the five years until 2026. This report is structured
around the Contact26 strategic themes and enablers.
It also uses the Global Reporting Initiative (GRI)
standards and the International Integrated Reporting
Council <IR> Framework to report on material
environmental, social and governance activities,

and to provide a balanced view of our performance.
Through Contact26, Contact is ushering in a time
of significant change and adaptation, and is being
positioned for growth. The focus is on leading

New Zealand’s decarbonisation.
New Zealand is privileged to start the
decarbonisation journey with a low-carbon
electricity system. As demand for electricity

grows with industry and transport decarbonising,
Contact will bring new renewable projects to
market to meet that increased demand.
To that end we are very pleased to be progressing
with the world-class Tauhara geothermal project.
The final decision to proceed was accompanied by
$580m of additional investment. We are absolutely
delighted that market conditions now allow us to
proceed with this important development – one
which has been in the planning stages for more

than a decade.
We believe the Tauhara geothermal project

is New Zealand’s best low-carbon renewable
electricity opportunity. It will operate 24/7, is not
reliant on the weather and is ideal for displacing
baseload fossil fuel generation f rom the national
grid, which will significantly reduce New Zealand’s
carbon emissions.
It was notable that Prime Minister Jacinda Ardern
and the Minister of Energy Hon Dr Megan Woods
joined us in March for the launch ceremony hosted
by Tauhara hapū: Tauhara is not just important for
Contact, but for New Zealand. It is a major post-
COVID-19 private sector investment, and will have a
substantial impact on the country’s goal to become
100 per cent renewable-energy powered by 2030.
In March we successfully completed a $400m
equity raise for our capital investment programme,
to initially reduce net debt and provide financial
flexibility to fund the Tauhara project and other
future growth projects. The capital raise gives
us the flexibility to execute on up to $800m of
additional projects beyond Tauhara.
Looking to future growth projects, this year

we entered an exclusive partnership with wind
generation experts Roaring40s to develop a
pipeline of large-scale wind generation assets,

we acquired specialist geothermal service
company Western Energy, and in July 2021 we

released a report we have been working on with
Meridian Energy that examines the potential to
develop green hydrogen at scale in the South Island.
New Zealand is privileged to start the decarbonisation journey
with a low-carbon electricity system. As demand for electricity
grows with industry and transport decarbonising, Contact will
bring new renewable projects to market to meet that increased
demand.
Chair’s report

Contact
INTEGRATED
REPORT
2021
Contents
7
The Contact26 strategy was developed in the second half of FY21
and sets out the company’s plan of action for the five years until
2026.
Projects like Tauhara and other potential geothermal
developments, the work that Western Energy

does to make geothermal production more
efficient, the work that Simply Energy does
to help customers, examining the potential of
hydrogen, and investigating the best wind projects
are exactly the types of things that will play an
important role in New Zealand’s transition to a

low-carbon future.
Contact26 gives impetus to these important projects
and many others across the company. This includes
using automation and digitisation to simplify
experiences, and expanding into new products
and plans to help our customers. And it includes
embracing transformative ways of working to ensure
we have a highly engaged and productive team.
Contact26 was underpinned by two significant shifts
in our operating environment. Rio Tinto announced
it would extend the operation of New Zealand’s
Aluminium Smelter at Tiwai Point – a major source
of demand for the energy sector – until the end
of 2024. Alongside that we have the continued
acceleration in stakeholder expectations and
regulatory pressure around natural resource
management, particularly climate change, and

the drive for action to reduce New Zealand’s
carbon dioxide emissions.
Contact is pleased to have played its part in helping
to secure the NZAS resolution, which has provided
much-needed certainty that the transition away
f rom this significant source of demand can be
achieved in an orderly way.
Financials
FY21 has been a year in which we have continued
to deliver solid returns for our shareholders and
made significant moves to ensure the company

is well-positioned for the future.
We delivered a strong financial result in FY21 after
successfully navigating the potential departure of
major energy users, the short-term issues around
low rainfall in the hydro catchments, and the
ongoing challenges around gas supply.
As signalled last year, the dividend policy was revised
to target a payout ratio of between 80 and 100
per cent of the average operating f ree cash flow
of the preceding four financial years. This saw the
Board approve a final cash dividend of 21 cents
per share which will be paid on 15 September 2021
and deliver investors a 35 cents per share annual
dividend.
People
On a personal note, I would like to acknowledge
the departure in March of independent director
Whaimutu Dewes after more than 10 years on
the Contact Board. Independent director Dame
Therese Walsh will also leave the Contact Board
this year to focus on her other governance roles.
Both Whaimutu and Dame Therese have made
considerable contributions to Contact and I would
like to thank them both very much, and to wish
them both well.
In March we were joined by a new independent
director, Rukumoana Schaafhausen. She holds a
range of governance roles at various organisations
and has strong iwi connections and experience.
We are delighted to have her strong values, diverse
thinking, and passion for Aotearoa on the Contact
Board. We are looking forward to having Sandra
Dodds join the Contact Board in September.
She will bring an international inf rastructure
perspective, as well as strong financial skills and
governance experience.
I would also like to formally thank Mike and the
leadership team for consistently demonstrating
strong and clear leadership inside Contact and to
our external stakeholders, and ensuring that we
deliver on our strategy. The results, and the many
other significant accomplishments outlined in

this report, are a testament to this.
I think we can all be proud of the important
contribution Contact is making to New Zealand
and the position the company is in. Contact is
a strong participant in New Zealand’s efficient,
competitive energy market, and is well placed

to be a leader in the country’s decarbonisation.
Over the coming year we will focus on delivering
our Contact26 strategy, as we build a better
future for New Zealand and create value for all
stakeholders, alongside sustainable success over
the long term.
Ngā mihi nui,
Robert McDonald
Chair
Chair’s report

Contact
INTEGRATED
REPORT
2021
Contents
8
CEO’s report
I’m delighted to be sharing my perspectives on another action-packed and
opportunity-laden year for Contact, after completing my first full year as CEO.
I feel pride and satisfaction at all that we have
achieved over the past year. We have continued
our strong performance and positioned ourselves
well for the future. As we look to FY22 and beyond,
there is a lot more to do – it is a very exciting time
to be involved in the electricity sector.
We have had a significant strategic reset with
Contact26, which was delivered in the second half
of FY21 and has ushered in an exciting new chapter
for the business. At the heart of Contact26 is our
commitment to building a better New Zealand

and leading the country’s decarbonisation.
We will do this by growing demand for New Zealand’s
renewable electricity; developing new, renewable,
flexible electricity generation; decarbonising our
portfolio; and creating outstanding customer
experiences. The key enablers of our strategy will

be our commitment to strong environmental, social
and governance practices, a focus on operational
excellence and the ongoing transformation of how
we work.
We are well-positioned to deliver our strategy.
We have a strong platform with our existing
knowledge and capabilities in decarbonisation.
We have the renewable assets and development
pipeline we need to provide firm and flexible
electricity supply at a reasonable price. And

we have considerable flexibility in our portfolio.
We also have the people with the passion,
capability and commitment to deliver.
Advances in technology and the improving
economics will accelerate the shift toward
electrification across the economy. Fossil fuel

input costs have rapidly risen, with carbon costs
doubling over the past two years. Gas prices are
rising as supply becomes less secure. Meanwhile
the cost of green technologies has fallen, as new
uses like green hydrogen emerge and electric
vehicle production gains scale.
The upshot is that clean, low-cost, renewable
electricity will be increasingly attractive and

in hot demand. And we are ready to respond.
We are more than ready. We are in action.
Tauhara and beyond
Most notably, we made the decision in February
to proceed with the development of the Tauhara
geothermal power station.
An enormous amount of complex work went into
the project ahead of the final investment decision:
research, preparation, discussion, listening and
engineering wizardry must happen before

an investment like this can get off the ground.
It has been a long time coming, with some of the
people involved at Contact since the initial phase

of investigation kicked off more than 10 years ago.
I would like to thank the team for their perseverance,
resilience and patience. I have appreciated the
guidance and passion of our then deputy CEO
James Kilty and the intellectual horsepower and
common sense of Dr Mike Dunstall and our team
of engineers and project managers. We have a
fantastic team f rom within and beyond Contact

who will ensure the construction of a world-class
power station that everyone can be very proud of.
It does not stop with Tauhara. We are actively
looking at how we can bring more geothermal
development forward in response to the clear
market signals. And we are underway with
innovative options including increased generation
efficiency f rom our existing assets (for example,
new and improved turbines and refined
geothermal processes) and exploring options
around wind, solar and the potential development
of a battery in the North Island.
CEO’s report
At the heart of Contact26 is
our commitment to building a
better New Zealand by leading
the country’s decarbonisation.
Another major focus is on
the retail business where our
energy is going into creating
outstanding customer
experiences.