VECTOR ANNOUNCES SOLID HALF YEAR RESULTS

creating a new energy future




VECTOR ANNOUNCES SOLID HALF YEAR RESULTS
• Group net profit after tax of $100.3 million
• Adjusted EBITDA
1
of $274.0 million
2
, up 3.9%
• Total capital expenditure $316.8 million, up 17.2%
• Interim dividend 8.25 cents per share
3

• Vector and Queensland Investment Corporation to finalise arrangements for
metering joint venture.
• Key SAIDI and SAIFI network reliability measures tracking to target, prior to any
impacts from January flooding or Cyclone Gabrielle
4


Vector Group (NZX: VCT) today announces its result for the first half of the 2023 financial
year
5
.
Vector Chair Jonathan Mason said "firstly we want to acknowledge the impact on our
customers from the extreme weather events in the last month with the floods followed by
Cyclone Gabrielle compounding to leave devastation across the city, and across the North
Island. Our network has experienced significant damage with restorations complicated by the

1
EBITDA and Adjusted EBITDA are non-GAAP measures which the directors and management believe provide useful
information as they are used internally to evaluate performance of business units, to establish operational goals and to allocate
resources. See the interim financial statements for further details or click on this link
to see Vector’s policy
2
This includes adjusted EBITDA from continuing operations of $179.4 million and discontinued operations (metering) of $94.6
million

3
The dividend is partially imputed at 10.5% and will be paid to shareholders who are on the register at 28 March 2023, with
payment made on 6 April 2023.

4
SAIDI and SAIFI results for the regulatory period 1 April to 31 December 2022, which does not include any impact from the
Auckland flood event in January 2023 or Cyclone Gabrielle in February 2023.

5
In December 2022, Vector announced an agreement with Queensland Investment Corporation (QIC) for the sale of 50% of its
metering operations. As a result of this announcement, the metering operations have been classified in these results as held for
sale.

market release
21 February 2023

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extent and complexity of the damage, road access and on-going slips. Our teams have
worked tirelessly and will continue to do so until all of our customers have their power back.

“Regarding, Vector’s 2023 first half results, Vector has delivered a solid result, within a
challenging environment. While adjusted EBITDA of $274 million reflected 3.9% growth in
EBITDA over first half 2021, NPAT was down $15.2 million, or 13.2% on the prior year to
$100.3 million. This was largely due to the prior period’s $7.1 million gain on sale of the 50%
share of Treescape, higher depreciation, and interest costs and a $14 million negative fair
value non cash movement on financial instruments. This was partially offset by higher
earnings and capital contributions.

“As a consequence of the conditional agreement with Queensland Investment Corporation
for the sale of our metering business, metering operations have been classified in these
results as held for sale and as discontinued operations.
“We continue to see impacts flowing through from high inflation, which impacts our costs. In
our nonregulated businesses we can pass on some of these higher costs to customers.
Within our regulated businesses, regulatory mechanisms enable higher than expected
inflation to be recovered via higher prices, although this is deferred by two years under the
current regulatory model.

“The Group’s adjusted earnings before interest, tax depreciation and amortisation of $274.0
million includes $179.4 million from continued operations, and $94.6m from discontinued
operations, which are the metering operations.

“Total capital expenditure in the first six months was $316.8 million, an increase of $46.4
million or 17.2% on the prior period. This includes $91.7 million in relation to the metering
operations. The increase reflects continued investment in infrastructure to support
Auckland’s growth, improve network resilience and rollout of 4G modem upgrades across the
New Zealand advanced meter base and the expansion of our metering base in Australia.

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“The Board has determined that shareholders will receive an interim dividend of 8.25 cents
per share imputed at 10.5%
6
.

“Regarding the agreement reached with QIC, completion of the deal is expected
in the Q2 2023, assuming regulatory approval and confirmation of financing. While the deal is
still conditional, we’re excited about the opportunities for the Vector group which will come
from its investment in the new metering joint venture. The board will consider the details of
how the proceeds of the sale will be used, however we are committed to reducing overall
debt.”

Group Chief Executive Simon Mackenzie said, “ We’re very pleased to have selected QIC as
our preferred partner to accelerate growth opportunities for Vector Metering, enabling the
business to continue to play a key role in the transition of the energy industry. QIC is a strong
long-term partner for Vector Metering, given QIC’s scale, experience and breadth of
relationships in the New Zealand and Australian energy markets, its access to capital and its
shared commitment to growth and customer outcomes.
“We’ve also seen several milestones reached in our work with Auckland Transport to provide
for the electrification of the region’s bus fleet, including the provision of smart charging
capabilities that will have a significant impact in reducing the cost of electrification.
“With climate change, emissions reductions goals, and now the rising cost of living, it’s even
more critical that the sector, and our regulators, understand the criticality of our energy
infrastructure and the challenges ahead of us to manage both the growth of energy and the
rapid electrification of transport and industry, in an affordable way.
“In addition, the extreme weather we’ve seen already this year with the latest devastating
Cyclone Gabrielle, makes it clear that funding for climate resilience needs urgent attention in
the upcoming resetting of regulatory expenditures. Expenditure settings must support more
climate resilience, and the critical transition of the whole industry, of which distribution
businesses are essential. Current regulation does not facilitate the type of innovation or level
of investment required to boost resilience and achieve an affordable decarbonisation. If we

6
Further information on imputation credits is available on our website under Industry Updates.

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want to enable the change that’s needed, we need to act now. I t’s been estimated that New
Zealand will need to spend $22 billion in distribution infrastructure alone to manage both the
impacts of climate change and the growth in demand for electricity, including the rapid
electrification of transport and industry. Given that scale of investment, distribution
businesses must have sufficient cashflows to support that level of investment, and
appropriate commercial returns for investors.
“The need to fund such levels of investment has previously been recognized by the
Commerce Commission in changing Transpower’s regulatory settings to better align
cashflows with high levels of investment. Distributors also need better aligned cashflows and
a key decision facing the Commerce Commission will be to allow for Regulated Asset Bases
to not be linked to inflation.”

Business segment performance

Electricity and gas networks
Regulated adjusted EBITDA for the six months to 31 December 2022 was up $11.5 million
(6.2%) to $197.0 million against the prior six-month period. The increase in adjusted EBITDA
was largely driven by higher electricity and gas revenue with the increase in electricity
revenue due to an increase in net connections and higher other pass-through and
recoverable costs. Gas revenue has increased due to higher prices and higher volumes.

Revenue increased 9.8% to $464.1 million, driven by the higher recovery of pass-through
and recoverable costs and an increase in capital contributions, up 34.2% to $96.5 million
reflecting continued connection growth and the introduction of a development contribution.

New electricity connections increased to 7,873 from 6,603 in the prior year. We also added
1,330 new gas connections from 1,731 a year earlier. Total electricity connections stood at
606,802, up 1.7% from 596,396 a year earlier. While total gas connections were 118,774, up
1.0% from 117,628 a year ago.

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Volumes transported across the electricity network increased 1.4% to 4,374 GWh from 4,313
GWh a year earlier, with increasing business volumes partially offset by lower residential
volumes. Auckland gas distribution volumes were up 2.9% at 7.2 PJ from 7.0 PJ a year
earlier.

In the first half of FY23, gross regulated capex increased by 20.3% to $197.4 million
compared to $164.1 million a year earlier. Capex net of capital contributions was 9.4% higher
than the prior year at $100.9 million. Capex continues to be at historically high levels due to
investment to improve the reliability and resilience of our network as well as higher growth
capex reflecting the continued growth in connections and infrastructure projects.

Gas Trading
Adjusted EBITDA for the gas trading business was up 0.4% at $12.7 million from $12.2
million a year earlier. The result was mainly due to the impact of higher cost of LPG product
and higher transportation costs which has only been partially recovered through higher
customer prices. The higher cost is the result of higher Saudi Aramco price of LPG, higher
ETS prices and a weaker New Zealand dollar all contributing to a higher cost of gas. This
has been partially offset by improved performance from the natural gas and Liquigas
business.

Bottle Swap 9kg volumes are down 13.0% to 309,855 bottles from 356,098 a year earlier
with most of the decrease due to the loss of a major customer. LPG bulk and cylinder sales
were also lower, down 10.7% at 22,535 tonnes. Liquigas LPG tolling volumes were up 4.4%
to 56,908 tonnes from 54,489 tonnes a year earlier. Natural gas sales volumes were down
0.1 PJ to 2.8 PJ from 2.9 PJ in the prior period.

Metering
Adjusted EBITDA for the Metering business was $94.6 million, up $8.6 million or 10.0% from
a year earlier with gains coming from the continued rollout of advanced meters, particularly in
Australia.

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Metering revenue increased 10.1% to $128.3 million from $116.5 million a year earlier driven
by the increased deployment of advanced meters.

In the six months to 31 December 2022 we have installed 12,416 additional advanced
electricity meters in New Zealand and 38,016 additional advanced meters in Australia. Our
advanced meter base grew 5.2% to 2.03 million from 1.93 million the year before. We have
now deployed over 528,000 advanced meters in Australia. We successfully migrated our
Australian metering fleet to the 5 minute market, in line with regulatory timeframes and
requirements.

In the first half, metering capex invested increased by 13.3% to $91.7 million reflecting the
continued deployment of new advanced meters in Australia, 4G modem replacement
program and roll out of advanced gas meters.

Corporate and other
HRV has had a challenging start to the year and has been impacted by resourcing
challenges in what is a tight labour market.

The Vector Powersmart performance can be subject to the timing of contract delivery and the
year to date result reflects lower revenue as a result of this timing. The pipeline for this
business remains strong.

Vector Fibre has had a solid start to the year evidenced by year on year revenue and
earnings growth.

Corporate cost is higher than the prior year due mainly to higher computer costs driven by an
increase in digital projects that are expensed rather than capitalised such as cloud
implementation activity and higher CPI increases.

Investment in Vector Technology Solutions is also driving additional costs as they continue to
develop cyber and other solutions for local and global markets.

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FY23 Guidance
Auckland growth is expected to continue, with continued growth in new electricity
connections and infrastructure activity remaining elevated. F ull year guidance for adjusted
EBITDA is between $515m-$525m, based on BAU results, excluding the change in treatment
that would follow finalisation of the metering deal, and including an estimate of the costs for
recent flooding and cyclone activity.

ENDS
Vector’s i nterim financial statements are available here:
vector.co.nz/reports


Investor contact
Jason Hollingworth, Chief Financial Officer, Vector
Jason.hollingworth@vector.co.nz
, 021 312 928

Media contact
Matthew Britton, Senior Communications Partner, Vector
Matthew.britton@vector.co.nz
, 021 224 2966



About Vector
Vector is an innovative New Zealand energy company which runs a portfolio of businesses
delivering energy and communication services to more than one million homes and
commercial customers across Australasia and the Pacific. Vector is leading the country in
creating a new energy future through its Symphony strategy which puts customers at the heart
of the energy system. Vector is listed on the New Zealand Stock Exchange with ticker symbol
VCT. Our majority shareholder, with voting rights of 75.1%, is Entrust. For further information,
visit www.vector.co.nz

---

Disclaimer
This presentation contains forward-looking statements.
Forward-looking statements often include words such as “anticipates”, “estimates”, “expects”,
“intends”, “plans”, “believes” and similar words in connection with discussions of future operating
or financial performance.
The forward-looking statements are based on management's and directors’ current expectations
and assumptions regarding Vector’s businesses and performance, the economy and other future
conditions, circumstances and results.
As with any projection or forecast, forward-looking statements are inherently susceptible to
uncertainty and changes in circumstances. Vector’s actual results may vary materially from those
expressed or implied in its forward-looking statements.
2

Dividend
6.00
6.506.506.506.50
6.75
7.00
7.25
7.507.50
7.75
8.00
8.258.258.258.258.258.25
6.00
6.50
6.75
7.25
7.50
7.50
7.50
7.75
7.75
8.00
8.00
8.00
8.00
8.258.25
8.508.50
FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23
Dividend (cents per share)
InterimFinal
•Interim dividend of 8.25 cents per
share
−Flat on prior year
−Imputation at rate of 10.5%
•Dividend record date of 28 March
2023 and payment date of 6 April
2023
•Dividend policy to be reviewed
following completion of Metering
transaction
3

H1 2023 Business Overview
•9,203 new electricity and gas
connections added, up 10.4% on
prior six month comparative
period
•Level of investment continues to
be at historically higher levels with
gross capital expenditure for H1 at
$197.4m
•Electricity volumes overall up 1.4%
at 4,374 GWh with higher business
volume offset by lower residential
volume
•IM review underway with final
decision expected December 2023
•DPP3 reset for gas impacted prices
from 1 October 2022
•In H1, deployed 38k advanced
meters in Australia and 12k in NZ
•Advanced meter fleet totals 2.03
million across NZ and Australia
•More than 528k meters now
installed in Australia
•Invested capex of $91.7m or 13.3%
more than equivalent prior
period
•Rollout of 4G modem
replacement in New Zealand
progressing well with c390k
completed to date
•AEMC’s draft report announced
accelerated uptake of advanced
meters in Australia to 2030
•LPG continues to be affected by
higher input costs for LPG
impacting margins
•13.0% decrease in 9kg LPG bottle
swaps to 309,855 due to loss of
large customer
•LPG volumes down 10.7% to 22,535
tonnes
•4.4% increase in Liquigastolling to
56,908 tonnes
•Natural gas sales down 3.4% to 2.8
PJ
Gas Trading
Metering
Electricity and Gas Distribution
4
•Completed strategic review of
metering business
•Partnership announced with QIC
•Deal is expected to conclude by
Q2 2023
•Deal is still conditional
Review of Metering Business

5
•QIC selected as the preferred partner for sale of
50% of metering business
•Sale is conditional on regulatory approvals and
finalisation of funding
•Transaction is expected to be finalised before 30
June 2023
•Terms imply an enterprise value of $2.51b
1
against
a book value of $0.85b
2
•Conclusion of the deal is expected to realise gross
transaction proceeds of $1.74b to Vector
•Proceeds will be used to reduce debt
•As part of the interim results, the Metering
segment is now classified as held for sale and is
reported as discontinued operations
•Post completion of the deal, the Metering result
will be reported as an Associate
•Metering will operate as a standalone business.
Work on separation has commenced
DisclosureAssociate
Balance Sheet and P&LEquity accounted
Revenue/CostsBelow EBITDA
Dividends receivedIncluded in operating cashflows
Metering Strategic Review -update
1
Subject to customary completion adjustments
2
Updated to reflect corrected book value as at 31 December 2022

Overview of financial performance
6
568.1
116.5
684.6
177.6
86.0
263.6
189.5
80.9
270.4
86.0
29.5
115.5
283.6
82.5
616.0
128.3
744.3
179.4
94.6
274.0
225.1
91.7
316.8
68.3
32.0
100.3
260.2
82.5
ContinuingDiscontinuedCombinedContinuedDiscontinuedCombinedContinuedDiscontinuedCombinedContinuedDiscontinuedCombined
RevenueAdjusted EBITDACapital ExpenditureNet ProfitOperating
Cashflow
Half Year
Dividend
H1 2023 FINANCIAL PERFORMANCE ($M)
H1 2022H1 2023
+10.1%-20.6%+8.5%-13.2%-8.3%+0.0%+8.7%+8.4%+10.0%+3.9%+1.0%+13.3%+17.2%+18.8%
This is largely due to
negative FV changes
on financial
instruments and
gain on sale of 50%
of Treescape in the
prior period
Adjusted EBITDA is not a GAAP measure of profit. For a reconciliation of adjusted EBITDA to EBITDA and net profit refer to page22 of this presentation.

Earnings from continuing and discontinued
operations are up $10.4m or 3.9%
7
86.0
94.6
+8.6
H1 2022MeteringH1 2023
H1 2023 ADJUSTED EBITDA MOVEMENT ($M)
Other includes Vector PowerSmart and Vector Fibre
* Corporate and Other is not a reportable segment
177.6
179.4
+11.5
+0.5
-10.2
H1 2022Regulated
Networks
Gas TradingCorporate and
Other*
H1 2023
H1 2023 ADJUSTED EBITDA MOVEMENT ($M)
Discontinued OperationsContinuing Operations

NPAT down $15.2m or 13.2%
8
115.5
100.3
+1.3
+17.5
-4.3
-9.6
-20.1
H1 2022Earnings from
continuing operations
Capital ContributionsDepreciation and
amortisation
InterestOtherH1 2023
MOVEMENT IN NET PROFIT AFTER TAX ($M)
All items above are net of tax
“Other” includes gain on sale of investment in associates, fair value change on financial instruments, discontinued operations and tax changes.
Change in policy requiring 100%
customer funding for electricity
and gas connections and
introduction of a development
contribution from 1 December
2021 (supporting electricity
network growth)
Other includes gain on sale of 50%
share of Treescape in prior period
(-$7.1m), negative FV changes on
financial instruments (-$14.0m),
impact of discontinued operations
(+$2.5m) and tax changes

Capex driven by investment in Networks & meter
deployment in Australia
9
$164.1m
61%
$2.8m
1%
$80.9m
30%
$22.6m
8%
$197.4m
62%
$3.4m 1%
$91.7m
29%
$24.3m
8%
GROSS CAPEX BY SEGMENT
Regulated Networks
Gas Trading
Metering
Corporate and Other
H1 2022
H1 2023
159.9
194.9
209.3
198.0
220.1
41.2
45.1
51.4
72.4
96.7
H1 2019H1 2020H1 2021H1 2022H1 2023
GROSS CAPITAL EXPENDITURE ($m)
Net capexCapital contributions
•Gross capex up 17.2% to $316.8m. Net capex (after deducting contributions) up 11.2% to $220.1m
•Growth capex up 20.6% to $190.8m. Replacement capex up 12.3% to $126.0m
•The increase reflects continued investment in infrastructure to support Auckland’s continued
growth and 4G modem upgrades across the New Zealand advanced meter fleet

Group debt
10
2,7411,9682,2532,4902,7433,0133,1633,412
53.4%
43.9%
47.3%
50.0%
53.3%
56.1%
56.9%
59.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Dec 15Dec 16Dec 17Dec 18Dec 19Dec 20Dec 21Dec 22
NET ECONOMIC DEBT & GEARING ($M)
Net economic debt ($m)Gearing
50
375
400
355
100
277
138
574
223
240
170
307
250
225
FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Debt Maturity Profile $m
Bank FacilitiesUSPPWholesale Bonds
Capital BondsRetail Bonds
•Economic gearing as at 31 December 2022 at 59.0%
•Vector rated BBB (stable outlook) by S&P Global Ratings and Baa1 (stable outlook) by Moody’s
•Proceeds from proposed Metering transaction of c$1.7b will reduce debt

Network earnings improve from higher revenue
11
185.5
197.0
6.6
4.0
0.5
0.4
H1 2022Higher Electricity
revenue (net of
passthrough)
Gas RevenueMaintenanceOtherH1 2023
ADJUSTED EBITDA MOVEMENT ($M)
•Electricity revenue is higher due to:
−An increase in net connections; and
−Increase in recovery of pass-through and recoverable costs
•The result reflects impacts of higher inflation which are
recoverable through higher prices, noting that this increase
in revenue is deferred two years per the regulatory model
•Gas revenue up due to increase in prices following gas reset
and improved volumes
−Volume up 2.9% to 7.2PJ from 7.0PJ in the prior period
•Regulated capex up 20.3% to $197.4 million
−Continued high level of capex expenditure is driven by investment to
improve safety, reliability and resilience of our network and to support
Auckland growth
•Capital contributions up 34.2% to $96.5m driven by change in
policy requiring 100% customer funding for electricity and
gas connections and introduction of a development
contribution from 1 December 2021 (supporting electricity
network growth)
•Total net connections continue to grow with electricity
connections up 1.7% to 606,802 and gas connections up 1.0%
to 118,774
3,003
3,780
3,916
4,583
6,090
5,160
6,625
7,777
6,603
7,873
1,499
1,550
1,538
1,907
1,656
1,669
1,863
2,027
1,731
1,330
H1 2014H1 2015H1 2016H1 2017H1 2018H1 2019H1 2020H1 2021H1 2022H1 2023
GROSS NEW CONNECTIONS
ElectricityGas

Gas Trading earnings impacted by higher cost of LPG
12
12.2
12.7
-1.2
1.0
0.7
H1 2022OngasNatural gas marginsOtherH1 2023
ADJUSTED EBITDA MOVEMENT ($M)
310
356
375
364
358
352
320
302
266
229
203
158
274
305
338
300
301
284
248
240
200
185
155
FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12
BOTTLE SWAP VOLUMES (‘000 9kg cylinders)
H1H2
•Lower OngasLPG earnings as a result of higher cost of LPG
input prices including ETS, CP (Saudi Aramco price) and
stronger US dollar
̅This has been partially offset by price increases
•Overall LPG volumes were down 10.7% to 22,535 tonnes with
bulk and cylinder volumes both lower
•Bottle Swap volumes down 13.0% to 309,855 bottles
swapped/sold with result impacted by loss of a large
customer
•Improved margins from the Natural Gas business despite
volumes being 3.4% lower at 2.8 PJ
•Liquigastolling volumes up 4.4% to 56,908 tonnes

Discontinued operations: Metering result driven by
advanced meter rollout in Australia
13
86.0
94.6
5.3
3.0
0.3
H1 2022Advanced Meters in
Australia
Advanced Meters in
NZ
OtherH1 2023
ADJUSTED EBITDA MOVEMENT ($M)
•H1 earnings up 10.0% to $94.6 million
•Advanced meter fleet now 2.03 million (owned & managed)
−In H1, deployed and billed 38,073 advanced meters in Australia
−We have now deployed more than 528,000 meters in Australia
−H2 volumes expected to increase after slow start to FY23
−In H1, NZ advanced meter base increased by 12,416
−Energy Australia have advised that the current preferred supplier
contract will terminate in December 2023
•$91.7m of capex invested in H1 2023, up 13.3%
̅Continued rollout of advanced meters in Australia
̅Rollout of modem replacement in NZ with approximately 391,000
replacements completed life to date
̅Rollout of advanced gas meters in New Zealand
•AEMC’s draft report announced accelerated uptake of advanced
meters in Australia to 2030
•Successfully migrated our Australian meter fleet to 5 minute
market, in line with regulatory timeframes and requirements
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
MONTHLY ADVANCED METER DEPLOYMENT
AustraliaNZ
Impact of
Covid-19
Power of choice
reforms
introduced
Impact of
Covid-19

Outlook
14
•Auckland growth expected to continue
−Targeting c15,000 new electricity connections in FY23
−Connections & infrastructure activity remain elevated, necessitating significant capital expenditure
−Currently finalising 2023 AMP which includes the impact of higher inflation on operating and capital expenditure
−The extreme weather we’ve seen this year makes it clear that we have to look at adding more expenditure to support network
resilience. Funding for climate resilience needs urgent attention in the upcoming resetting of regulatory expenditures
•After a slow start to the year, advanced meter deployment is expected to
increase in H2 and is on track to achieve 100-110k meters in Australia. NZ
metering on track for 25-30k advanced meters in New Zealand. This is net of
replacement meters
•FY23 adjusted EBITDA guidance of $515m-$525m
−This is based on a business-as-usual result and does not factor in the sale of metering business and the resulting change in
treatment that will occur from date of sale
−Full year guidance does not factor in any worsening impact of Covid-19 such as extended or frequent lockdowns, supply chain
disruptions or impacts on our workforce from isolation requirements
−Adjusted EBITDA guidance includes an estimate of costs for recent flooding and cyclone activity

Q&A
ANY QUESTIONS?
15

APPENDICES
16

5 Year Adjusted EBITDA Performance by Business
(includes continued and discontinued)
17
H1 2019H1 2020H1 2021H1 2022H1 2023
Regulated Networks
198.7189.2195.9185.5197.0
Gas Trading
20.720.814.612.212.7
Metering *
68.176.183.186.094.6
Corporate and Other**
-22.8-21.6-19.8-20.1-30.3
Total Group
264.7264.5273.8263.6274.0
264.7
264.5
273.8
263.6
274.0
Adjusted EBITDA
$million
For the half year ended 31 December
* Metering is now classified as held for sale and is reported as discontinued operations
** Corporate and Other is not a reportable segment

Segment Results
Half Year ended 31 December ($m)
18
* Corporate and Other revenue includes an elimination of $6.0m in H1 2023 and $6.5m in H1 2022 in relation to services deliveredby
Vector Technology Services and Vector Fibre to the Vector Group.
Metering is classified as held for sale and is reported as discontinued operations
REGULATED NETWORKSGAS TRADINGCORPORATE AND OTHER
1
H1 2023H1 2022
Change
%
H1 2023H1 2022
Change
%
H1 2023H1 2022
Change
%
Revenue excluding
CapitalContributions
367.6350.8+4.8119.6110.7+8.040.7*42.9*-5.1
Operating
expenditure
(170.6)(165.3)-3.2(106.9)(98.5)-8.5(71.0)(63.0)-12.7
Segment Adjusted
EBITDA
197.0185.5+6.212.712.2+4.1(30.3)(20.1)-50.7
CAPEX
Replacement
86.780.1+8.21.01.0+0.03.54.7-25.5
Growth 110.784.0+31.82.41.8+33.320.817.9+16.2
Total capex197.4164.1+20.33.42.8+21.424.322.6+7.5
1
Corporate and Other is not a reportable segment. The decline in Corporate and Other is largely due to increased investment inVTS, higher
computer costs driven by an increase in digital projects that are expensed rather than capitalised such as cloud implementation activity and
higher CPI increases
METERING
H1 2023H1 2022
Change
%
128.3116.5+10.1
(33.7)(30.5)-10.5
94.686.0+10.0
34.826.4+31.8
56.954.5+4.4
91.780.9+13.3
Continuing operations
Discontinued operations

Group Profit Statement
Half Year ended 31 December ($m)
19
INCOME STATEMENT
H1 2023
$m
H1 2022
$m
Change
%
Revenue (excluding capitalcontributions)
519.3495.7+4.8
Operating expenditure(339.9)(318.1)-6.9
Adjusted EBITDA179.4177.6+1.0
Capital Contributions96.772.4+33.6
Depreciation and amortisation(101.7)(95.7)-6.3
Net interest costs(67.8)(54.5)-24.4
Fair value change on financial instruments(6.4)7.6n/a
Gain on sale of investment in associate-7.1n/a
Tax(31.9)(28.5)-11.9
Net profitfor the period from continuing operations68.386.0-20.6
Net profit for the period from discontinued operations32.029.5+8.5
Net profit for the period100.3115.5-13.2

20
Group Cash Flow
Half Year ended 31 December ($m)
CASH FLOW
H1 2023
$m
H1 2022
$m
Operating cash flow
260.2283.6
Replacement capex
(117.4)(109.3)
Dividendspaid
(86.4)(85.7)
Cashavailableforgrowthanddebtrepayment
56.488.6
Growthcapex
(180.6)(161.0)
Otherinvestmentactivities
10.618.5
Predebtfinancingcash(outflow)/inflow
(113.6)(53.9)
Increase/(decrease)inborrowings
122.567.0
Otherfinancingactivities
(6.0)(5.8)
Increase/(decrease)incash
2.97.3

Segment Adjusted EBITDA
21
SEGMENTADJUSTED EBITDA ($m)
H1 2023H1 2022
Half Year ended 31 December
Segment
EBITDA
less capital
contributions
and other
movements
Segment
adjusted EBITDA
Segment
EBITDA
less capital
contributions
and other
movements
Segment
adjusted EBITDA
Gas Trading12.7-12.712.2-12.2
Regulated Networks293.5(96.5)197.0257.4(71.9)185.5
Total Reportable Segments306.2(96.5)209.7269.6(71.9)197.7
Corporate and Other*(36.5)6.2(30.3)(4.9)(15.2)(20.1)
TOTAL -continuing operations269.7(90.3)179.4264.7(87.1)177.6
Metering –discontinued operations94.6-94.686.0-86.0
TOTAL GROUP364.3(90.3)274.0350.7(87.1)263.6
* Corporate and Other is not a reportable segment
Metering is now classified as held for sale and is reported as discontinued operations

GAAP to Non-GAAP Reconciliation
22
Vector’s standard profit measure prepared under New Zealand
GAAP is net profit. Vector has used non-GAAP profit measures
when discussing financial performance in this document. The
directors and management believe that these measures provide
useful information as they are used internally to evaluate
performance of business units, to establish operational goals and to
allocate resources. For a more comprehensive discussion on the
use of non-GAAP profit measures, please refer to the policy
‘Reporting non-GAAP profit measures’ available on our website
(vector.co.nz).
Non-GAAP profit measures are not prepared in accordance with NZ
IFRS (New Zealand International Financial Reporting Standards)
and are not uniformly defined, therefore the non-GAAP profit
measures reported in this document may not be comparable with
those that other companies report and should not be viewed in
isolation or considered as a substitute for measures reported by
Vector in accordance with NZ IFRS.
Definitions
EBITDA
Earnings before interest, taxation, depreciation and amortisation
from continuing operations.
Adjusted EBITDA
EBITDA from continuing operations adjusted for fair value changes,
third party contributions, associates and significant one-off gains,
losses, revenues and/or expenses.
GAAP toNon-GAAP reconciliation
Group EBITDA and Adjusted EBITDA
Half Year ended 31 December
H1 2023
$M
H1 2022
$M
Reportednet profit for the period (GAAP) –continuing operations
68.386.0
Addback:netinterestcosts67.854.5
Addback:tax(benefit)/expense31.928.5
Addback:depreciationandamortisation101.795.7
EBITDA269.7264.7
Adjustedfor:
Capital Contributions(96.7)(72.4)
Fair value change on financial instruments6.4(7.6)
Gain on sale of investment in associate-(7.1)
AdjustedEBITDA–continuingoperations179.4177.6
AdjustedEBITDA–discontinuedoperations94.686.0
TotalgroupadjustedEBITDA274.0263.6

END
23

Supplementary Interim Information
Regulated Networks Adjusted EBITDA
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023
Electricity190.8174.5169.9172.6172.2170.1177.9168.3174.9166.3173.8
Gas Distribution Auckland24.523.121.423.823.522.620.820.921.019.223.3
Total215.4197.7191.3196.4195.7192.7198.7189.2195.9185.5197.0
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023
Gas Distribution Auckland Volumes (PJ)
PJsFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Q13.8 3.9 4.0 4.3 4.3 4.4 4.4 4.4 4.3 3.9 4.0
Q23.1 3.0 3.3 3.3 3.3 3.3 3.4 3.4 3.2 3.1 3.2
Q32.4 2.7 2.7 2.7 2.9 2.9 2.9 2.9 2.9 2.7
Q43.5 3.4 3.4 3.6 3.8 3.9 3.8 3.5 3.6 3.5
Total12.9 13.0 13.4 13.9 14.3 14.5 14.4 14.3 14.1 13.1 7.2
Gross New ICPs
# of ICPs (gross)FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Q1- - 807 831 982 875 800 832 959 644 707
Q2- - 743 707 925 781 869 1,031 1,068 1,087 623
Q3- - 605 948 842 481 705 784 905 763
Q4- - 666 837 766 1,028 948 554 912 652
Total2,464 3,107 2,821 3,323 3,515 3,165 3,322 3,201 3,844 3,146 1,330
Data not available prior to FY15
190.8
174.5
169.9
172.6
172.2
170.1
177.9
168.3
174.9
166.3
173.8
24.5
23.1
21.4
23.8
23.5
22.6
20.820.921.0
19.2
23.3
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023
Adjusted EBITDA
ElectricityGas Distribution Auckland
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Gas Distribution Volumes (PJ)
Q1Q2Q3Q4

Net New ICPs
# of ICPs (net)FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Q1620 524 839 616 878 872 560 674 624 368 397
Q2415 566 713 727 718 728 700 778 848 788 382
Q3508 558 584 809 626 468 378 484 582 30
Q4377 892 645 605 126 491 775 382 458 337
Total1,920 2,540 2,781 2,757 2,348 2,559 2,413 2,318 2,512 1,523 779
Total ICPs
# Total ICPsFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Q194,944 96,768 99,623 102,181 105,200 107,542 109,789 112,316 114,584 116,840 118,392
Q295,359 97,334 100,336 102,908 105,918 108,270 110,489 113,094 115,432 117,628 118,774
Q395,867 97,892 100,920 103,717 106,544 108,738 110,867 113,578 116,014 117,658
Q496,244 98,784 101,565 104,322 106,670 109,229 111,642 113,960 116,472 117,995
Gas Distribution Lines Revenue
$mFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
H128.327.526.128.528.927.525.525.725.925.129.1
H224.419.523.423.625.021.721.622.022.822.9
Lines Revenue52.747.049.552.253.949.247.147.748.748.029.1
-
100
200
300
400
500
600
700
800
900
1,000
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Net Gas ICPs
Q1Q2Q3Q4
95,359
97,334
100,336
102,908
105,918
108,270
110,489
113,094
115,432
117,628
118,774
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Total Gas ICPs as at half year
28.3
27.5
26.1
28.5
28.9
27.5
25.5
25.7
25.9
25.1
29.1
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Gas Distribution Lines Revenue $m as at half year

Gas Distribution Adjusted EBITDA
$mFY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
H124.523.121.423.823.522.620.820.921.019.223.3
H220.215.218.519.520.017.416.316.917.417.1
Total44.838.339.943.443.540.037.037.838.436.323.3
Capital Contributions
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023
Electricity11.115.917.519.229.631.038.341.745.465.692.4
Gas0.91.51.32.41.22.82.93.35.26.34.1
TOTAL12.017.518.821.630.833.841.245.050.671.996.5
Capex
$mH1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023
Electricity61.467.769.868.591.0106.2114.9144.9145.9150.9187.0
Gas5.811.612.911.011.213.410.111.111.613.210.4
TOTAL67.279.382.879.5102.2119.6125.0156.0157.5164.1197.4
24.5
23.1
21.4
23.8
23.5
22.6
20.8
20.9
21.0
19.2
23.3
20.2
15.2
18.5
19.5
20.0
17.4
16.3
16.9
17.4
17.1
FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Gas Distribution Adjusted EBITDA $m
H1H2
11.1
15.9
17.5
19.2
29.6
31.0
38.3
41.7
45.4
65.6
92.4
0.9
1.5
1.3
2.4
1.2
2.8
2.9
3.3
5.2
6.3
4.1
H1 FY2013 H1 FY2014 H1 FY2015 H1 FY2016 H1 FY2017 H1 FY2018 H1 FY2019 H1 FY2020 H1 FY2021 H1 FY2022 H1 FY2023
Capital Contributions $m
ElectricityGas
61.4
67.7
69.8
68.5
91.0
106.2
114.9
144.9
145.9
150.9
187.0
5.8
11.6
12.9
11.0
11.2
13.4
10.1
11.1
11.6
13.2
10.4
H1 FY2013H1 FY2014H1 FY2015H1 FY2016H1 FY2017H1 FY2018H1 FY2019H1 FY2020H1 FY2021H1 FY2022H1 FY2023
Regulated Capex $m
ElectricityGas
1 From FY2021 ROU assets have been added
1

---

FINANCIAL PERFORMANCE
$MILLION
31-DEC-22
6 MONTHS
31-DEC-21
6 MONTHSCHANGE
30-JUN-22
12 MONTHS
Total revenue – continuing operations
1
616.0568.18.4%1,103.4
Adjusted EBITDA – continuing operations
1
179.4177.61.0%336.3
Adjusted EBIT – continuing operations
1
77.781.9(5.1%)142.1
Net profit – continuing operations
1
68.386.0(20.6%)102.5
Total revenue – discontinued operations128.3116.510.1%235.6
Adjusted EBITDA – discontinued operations94.686.010.0%173.7
Adjusted EBIT – discontinued operations42.139.17.7%78.1
Net profit – including discontinued operations100.3115.5(13.2%)160.9
Operating cash flow – including discontinued operations260.2283.6(8.3%)518.8
FINANCIAL POSTION
$MILLION31-DEC-2231-DEC-21CHANGE30-JUN-22
Total equity2,434.32,411.60.9%2,430.1
Total assets6,918.46,617.24.6%6,812.2
Economic net debt
2
3,412.03,162.87.9%3,296.8
KEY FINANCIAL MEASURES
31-DEC-22
6 MONTHS
31-DEC-21
6 MONTHSCHANGE
30-JUN-22
12 MONTHS
Adjusted EBITDA/ total revenue
1
29.1%31.3%(7.0%)30.5%
Adjusted EBIT/ total revenue
1
12.6%14.4%(12.5%)12.9%
Equity/total assets35.2%36.4%(3.3%)35.7%
Return on assets (adjusted EBITDA/assets)
1
2.6%2.7%(3.7%)4.9%
Gearing
3
59.0%56.9%3.7%58.2%
Net interest cover (adjusted EBIT/net interest costs) (times)
1
1.11.5(26.7%)1.4
Earnings (NPAT) per share (cents) – including
discontinued operations9.911.5(13.9%)15.9
Dividends declared, cents per share8.258.250.0%16.75
1. Excludes contribution from metering segment which is classified as discontinued operations from December 2022.
2. Economic net debt is borrowings and lease liabilities net of cash and cash equivalents.
3. Gearing is defined as economic net debt to economic net debt plus adjusted equity. Adjusted equity means total equity adjusted for hedge reserves.
Total income – continuing operations
$616.0 MILLION
Operating cash flow
$260.2 MILLION
Financial overview
Vector Interim Financials 2023
1









.
.
.
.
.
NET PROFIT
(including discontinued operations)
for the six months ended 31 December
$ MILLION
TOTAL REVENUE
for the six months ended 31 December
$ MILLION

REGULATED NETWORKS

GAS TRADING

CORPORATE AND OTHER
1

DISCONTINUED OPERATIONS – METERING

TOTAL GROUP
264.7
264.5
273.8
263.6
274.0
196.6
188.4
190.7
177.6
179.4
20182019202020212022
0
-100
50
100
150
200
250
300
ADJUSTED EBITDA
for the six months ended 31 December
$ MILLION

REGULATED NETWORKS

GAS TRADING

DISCONTINUED OPERATIONS – METERING

CORPORATE AND OTHER

TOTAL GROUP

TOTAL CONTINUING OPERATIONS
Financial performance trends
1. Includes eliminations of transactions between segments, and with discontinued operations.











.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Vector Interim Financials 2023
2

CAPITAL EXPENDITURE
for the six months ended 31 December
$ MILLION
OPERATING CASH FLOWS
(including discontinued operations)
for the six months ended 31 December
$ MILLION








.
.
.
.
.
24.3
91.7
3.4
197.4
2
0
2
2
2
0
2
1
22.6
164.1
2.8
80.9

REGULATED NETWORKS

GAS TRADING

DISCONTINUED OPERATIONS – METERING

CORPORATE AND OTHER
2,371.5
3,412.0
2
0
2
2
2
0
2
1
3,162.82,397.1
SOURCE OF FUNDING – GEARING
(including discontinued operations)
as at 31 December
$ MILLION

ECONOMIC NET DEBT

ADJUSTED EQUITY
Financial performance trends (continued)
Vector Interim Financials 2023
3

---

INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2022

CONTENTS
Independent Review Report3
Group Condensed Interim Financial Statements
Profit or Loss5
Other Comprehensive Income6
Balance Sheet7
Cash Flows9
Changes in Equity 10
Notes to the Group Condensed Interim Financial Statements11
GROUP CONDENSED INTERIM FINANCIAL STATEMENTS
These group condensed interim financial statements for the six months ended 31 December 2022 are dated
20 February 2023, and signed for and on behalf of Vector Limited by:
Director
Director
And management of Vector Limited by:
Group Chief Executive
Chief Financial Officer
Group Condensed Interim Financial Statements
for the six months ended 31 December 2022 (unaudited)
2
Vector Interim Financials 2023

Independent Review Report
for the six months ended 31 December 2021



© 2023 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private
English company limited by guarantee. All rights reserved.

Independent Review Report
To the shareholders of Vector Limited
Report on the group condensed interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the group
condensed interim financial statements on pages 5
to 23 do not:
i. present fairly in all material respects the
Group’s financial position as at 31
December 2022 and its financial
performance and cash flows for the 6
month period ended on that date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
group condensed interim financial statements which
comprise:
— the consolidated balance sheet as at 31
December 2022;
— the consolidated profit or loss, other
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.

Basis for conclusion

A review of group condensed interim financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of Vector Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the group in relation to annual audit, regulatory assurance services,
other assurance services, compliance services in relation to R&D tax credits and review of enterprise
management and internal audit processes. Subject to certain restrictions, partners and employees of our firm
may also deal with the group on normal terms within the ordinary course of trading activities of the business of
the group. These matters have not impaired our independence as reviewer of the group. The firm has no other
relationship with, or interest in, the group.

Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might
state to the shareholders those matters we are required to state to them in the Independent Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the shareholders as a body for our review work, this report, or any of the opinions we have formed.
3
Vector Interim Financials 2023

2


Responsibilities of the Directors for the group
condensed interim financial statements
The Directors, on behalf of the group, are responsible for:
— the preparation and fair presentation of the group condensed interim financial statements in accordance with
NZ IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of a group condensed interim financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the review of the group
condensed interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We
conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the interim financial statements are not prepared, in all
material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these group condensed interim financial statements.
This description forms part of our Independent Review Report.



KPMG
Auckland
20 February 2023


4
Vector Interim Financials 2023

NOTE
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
31 DEC 2021
6 MONTHS
(UNAUDITED)
$M
30 JUN 2022
12 MONTHS
(AUDITED)
$M
Continuing operations:
Revenue4616.0568.11,103.4
Operating expenses4(339.9)(318.1)(615.3)
Depreciation and amortisation(101.7)(95.7)(194.2)
Interest costs (net)(67.8)(54.5)(104.7)
Impairment––(40.2)
Fair value change on f inancial instruments(6.4)7.63.6
Gain on sale of investment in associate–7.17.1
Profit/(loss) before income tax100.2114.5159.7
Income tax benef it/(expense)(31.9)(28.5)(57.2)
Net profit/(loss) for the period from
continuing operations68.386.0102.5
Net prof it/(loss) for the period f rom
discontinued operations532.029.558.4
Net profit/(loss) for the period100.3115.5160.9
Net profit/(loss) for the period attributable to
Non-controlling interests 1.01.02.0
Owners of the parent – continuing operations67.385.0100.5
Owners of the parent – discontinued operations32.029.558.4
Basic and diluted earnings per share (cents)
Continuing operations86.78.510.1
Discontinued operations83.23.05.8
Total89.911.515.9
Profit or Loss
5
Vector Interim Financials 2023

31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
31 DEC 2021
6 MONTHS
(UNAUDITED)
$M
30 JUN 2022
12 MONTHS
(AUDITED)
$M
Net profit/(loss) for the period100.3115.5160.9
Other comprehensive income net of tax – continuing
operations
Items that may be re-classif ied subsequently to prof it or loss:
Net change in fair value of hedge reserves4.149.393.5
Translation of foreign operations (10.8)(3.7)6.3
Items that will not be re-classif ied subsequently to prof it
or loss:
Fair value change on f inancial asset(2.2)–(0.1)
Other comprehensive income/(loss) for the period
net of tax – continuing operations(8.9)45.699.7
Translation of foreign operations – discontinued operations(0.8)0.83.2
Total comprehensive income/(loss) for the period net of tax90.6161.9263.8
Total comprehensive income for the period attributable to
Non-controlling interests 1.01.02.0
Owners of the parent – continuing operations58.4130.6200.2
Owners of the parent – discontinued operations31.230.361.6
Other Comprehensive Income
6
Vector Interim Financials 2023

Balance Sheet
 NOTE
31 DEC 2022
(UNAUDITED)
$M
31 DEC 2021
(UNAUDITED)
$M
30 JUN 2022
(AUDITED)
$M
CURRENT ASSETS
Cash and cash equivalents21.824.722.5
Trade and other receivables 81.074.889.4
Contract assets86.789.9107.8
Derivatives1.121.544.6
Inventories25.915.124.2
Contingent consideration15.910.615.0
Intangible assets5.311.84.4
Income tax36.220.524.6
Disposal group held for sale5907.2––
Total current assets1,181.1268.9332.5
NON-CURRENT ASSETS
Receivables1.61.54.5
Derivatives7110.875.1119.7
Contingent consideration52.480.864.8
Investment in private equity10.012.312.2
Intangible assets61,181.01,296.41,262.1
Property, plant and equipment (PPE)4,270.84,745.54,882.1
Right of use assets (ROU)19.228.926.6
Income tax89.3105.8105.3
Deferred tax2.22.02.4
Total non-current assets5,737.36,348.36,479.7
Total assets6,918.46,617.26,812.2
CURRENT LIABILITIES
Trade and other payables185.8208.5199.6
Provisions15.616.221.9
Borrowings3,7–366.4371.0
Derivatives71.83.60.4
Contract liabilities94.577.697.5
Lease liabilities6.19.29.3
Income tax0.20.30.4
Disposal group held for sale559.8––
Total current liabilities363.8681.8700.1
7
Vector Interim Financials 2023

Balance Sheet (CONTINUED)
 NOTE
31 DEC 2022
(UNAUDITED)
$M
31 DEC 2021
(UNAUDITED)
$M
30 JUN 2022
(AUDITED)
$M
NON-CURRENT LIABILITIES
Provisions5.07.95.2
Borrowings3,73,235.42,750.02,858.4
Derivatives7187.7107.8130.5
Contract liabilities11.324.517.9
Lease liabilities13.620.718.4
Deferred tax 667.3612.9651.6
Total non-current liabilities 4,120.33,523.83,682.0
Total liabilities 4,484.14,205.64,382.1
EQUITY
Equity attributable to owners of the parent2,418.62,395.62,414.0
Non-controlling interests in subsidiaries15.716.016.1
Total equity 2,434.32,411.62,430.1
Total equity and liabilities 6,918.46,617.26,812.2
Net tangible assets per share (cents)8123.2108.7114.8
Gearing ratio (%)859.056.958.2
8
Vector Interim Financials 2023

NOTE
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
31 DEC 2021
6 MONTHS
(UNAUDITED)
$M
30 JUN 2022
12 MONTHS
(AUDITED)
$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts f rom customers720.1703.21,347.2
Interest received 0.60.33.7
Payments to suppliers and employees(384.0)(358.6)(686.9)
Interest paid(75.0)(59.9)(125.1)
Income tax paid(1.5)(1.4)(20.1)
Net cash flows from/(used in) operating activities 9260.2283.6518.8
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds f rom sale of PPE 0.40.41.7
Purchase and construction of PPE(278.7)(246.5)(510.6)
Purchase and construction of software intangibles(19.3)(23.8)(48.2)
Proceeds f rom contingent consideration8.61.66.1
Proceeds f rom sale of investment in associate31.516.416.4
Other investing cash flows0.10.10.2
Net cash flows from/(used in) investing activities (287.4)(251.8)(534.4)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds f rom borrowings3,7373.0225.0351.0
Repayment of borrowings3,7(250.5)(158.0)(150.0)
Dividends paid 3(86.4)(85.7)(169.1)
Lease liabilities payments(6.0)(5.8)(11.2)
Net cash flows from/(used in) financing activities 30.1(24.5)20.7
Net increase/(decrease) in cash and cash equivalents 2.97.35.1
Cash and cash equivalents at beginning of the period22.517.417.4
Cash and cash equivalents at end of the period 25.424.722.5
Cash and cash equivalents comprise:
Bank balances and on-call deposits21.921.720.0
Short term deposits 3.53.02.5
25.424.722.5
Cash Flows
Discontinued operations The cash flows above reflect the entire Vector group cash flows for the six
months to 31 December 2022. Refer to note 5 for separately disclosed cash
flows f rom discontinued operations.
9
Vector Interim Financials 2023

Changes in Equity
(unaudited)
NOTEISSUED SHARE CAPITAL$MTREASURY SHARES$MHEDGE RESERVES$MOTHER RESERVES$MRETAINED EARNINGS$MNON– CONTROLLING INTERESTS$MTOTAL EQUITY$M
Balance at 1 July 2021  880.0(0.2)(34.8)0.71,474.015.72,335.4
Net prof it/(loss) for the period––––114.51.0115.5
Other comprehensive income––49.3(2.9)––46.4
Total comprehensive income––49.3(2.9)114.51.0161.9
Dividends––––(85.0)(0.7)(85.7)
Employee share purchase
scheme transactions–0.1–(0.1)–––
Total transactions with owners–0.1–(0.1)(85.0)(0.7)(85.7)
Balance at 31 December 2021880.0(0.1)14.5(2.3)1,503.516.02,411.6
Net prof it/(loss) for the period––––44.41.045.4
Other comprehensive income––44.212.3––56.5
Total comprehensive income––44.212.344.41.0101.9
Dividends3––––(82.5)(0.9)(83.4)
Total transactions with owners ––––(82.5)(0.9)(83.4)
Balance at 30 June 2022880.0(0.1)58.710.01,465.416.12,430.1
Net prof it/(loss) for the period––––99.31.0100.3
Other comprehensive income––4.1(13.8)––(9.7)
Total comprehensive income ––4.1(13.8)99.31.090.6
Dividends3––––(85.0)(1.4)(86.4)
Total transactions with owners––––(85.0)(1.4)(86.4)
Balance at 31 December 2022880.0(0.1)62.8(3.8)1,479.715.72,434.3

10
Vector Interim Financials 2023

Notes to the Interim Financial Statements
1. Company information
Reporting entity Vector Limited is a company incorporated and domiciled in
New Zealand, registered under the Companies Act 1993 and listed on the
NZX Main Board (NZX). The company is an FMC entity for the purposes of
Part 7 of the Financial Markets Conduct Act 2013. Vector’s condensed
interim financial statements (the interim financial statements) comply
with this Act.
The interim financial statements presented are for Vector Limited
Group (“Vector” or “the group”) as at, and for the six months ended
31 December 2022. The group comprises Vector Limited (“the parent”)
and its subsidiaries.
Vector Limited is a 75.1% owned subsidiary of Entrust which is the ultimate
parent entity for the group.
The primary operations of the group are electricity and gas distribution,
natural gas and LPG sales, metering, telecommunications and new
energy solutions.
2. Summary of significant accounting policies
Basis of preparation The interim financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice (NZ GAAP) as
applicable to interim financial statements, and as appropriate to profit
oriented entities. They comply with NZ IAS 34 Interim Financial Reporting.
These interim financial statements do not include all of the
information required for full annual financial statements and should be
read in conjunction with the group financial statements and related
notes included in Vector’s 2022 Annual Report. The interim financial
statements for the six months ended 31 December 2022 and 31 December
2021 are unaudited.
All financial information is presented in New Zealand dollars ($) and
has been rounded to the nearest 100,000, unless otherwise stated.
Seasonality Vector’s electricity and gas businesses are affected by the seasonal
demand for energy, which generally increases during periods of colder
weather. Accordingly, financial results for the first half of the financial year
reported in the interim financial statements are generally more profitable
than those of the second half of the year.
11
Vector Interim Financials 2023

Notes to the Interim Financial Statements
3. Significant transactions and events
Significant transactions and events that have occurred during the six months to 31 December 2022:
Discontinued operations
held for sale
In December 2022, Vector announced a conditional agreement for the sale
of 50% of its metering operations. This has resulted in the metering
business being classified as both held for sale, and discontinued
operations at 31 December 2022. Refer to note 5 for further details and
required disclosures relating to these reclassifications.
Loss rental rebates Vector distributed loss rental rebates (“LRRs”) of $17.9 million to customers
on the Vector electricity network in September 2022 at $30 per customer,
representing excess LRRs not required to partially mitigate electricity
distribution price increases applying f rom 1 April 2022. A provision for
distribution to customers of $11.9 million is recognised at 31 December 2022
(31 December 2021: $8.0 million, 30 June 2021: $18.0 million) in anticipation
for distribution to customers at a later date and at discretion of the Board.
This approach is consistent with the Board’s view that LRRs should
ultimately benefit electricity customers.
In the current half year ended 31 December 2022, Vector received
$19.3 million of LRRs f rom Transpower (31 December 2021 (6 months):
$12.7 million, 30 June 2022 (12 months): $26.5 million), $7.5 million of which
has been retained and recognised in the profit or loss.
The new transmission pricing methodology (TCM) comes into force
on 1 April 2023. Under the new TCM, Transpower’s existing method for
allocating LRRs will become obsolete, and distributors will be required to
pass through settlement residue to their customers, being retailers or
directly billed customers. Therefore, post 1 April 2023, Vector will not be
able to apply LRRs to offset volume shortfalls, or distribute LRRs to end
users.
Debt programme In December 2022, Vector repaid $250.5 million (US $182.0 million) of USD
denominated senior notes.
During the six months ended 31 December 2022, the group drew down
a net of $373.0 million (six months to 31 December 2021: repaid a net of
$8.0 million) f rom the bank facilities.
Dividends Vector Limited’s final dividend for the year ended 30 June 2022 of 8.50
cents per share was paid on 19 September 2022, with a supplementary
dividend of 0.45 cents per non-resident share. The total dividend paid was
$85.0 million.
Liquigas Limited, a subsidiary of the group, paid dividends of $1.4 million
to the company’s non-controlling interests during the six months to
31 December 2022.
12
Vector Interim Financials 2023

Notes to the Interim Financial Statements
4. Segment information
Segments Vector reports on two reportable segments in accordance with NZ IFRS 8
Operating Segments.
The reportable segments are:
Regulated Networks Auckland electricity and gas distribution services.
Gas Trading Natural gas and LPG sales, storage, and
transportation.
Since Vector’s Annual Report for the year ended 30 June 2022, the
metering business has been reclassified as held for sale and is no longer
a reportable segment. Details of the metering business can be found in
note 5. The remaining two segments and policies remain unchanged.
13
Vector Interim Financials 2023

Notes to the Interim Financial Statements
4. Segment information (continued)
31 DEC 2022
6 MONTHS (UNAUDITED)
REGULATED
NETWORKS
$M
GAS
TRADING
$M
INTER-
SEGMENT
$M
TOTAL
$M
External revenue:
Sales 347.0119.6–466.6
Third party contributions96.5––96.5
Other19.3––19.3
Intersegment revenue1.3–(1.3)–
Segment revenue464.1119.6(1.3)582.4
External expenses:
Electricity transmission expenses(91.5)––(91.5)
Gas purchases and production expenses–(72.3)–(72.3)
Network and asset maintenance (34.8)(3.4)–(38.2)
Employee benef it expenses(8.8)(5.6)–(14.4)
Other expenses(35.5)(24.3)–(59.8)
Intersegment expenses–(1.3)1.3–
Segment operating expenses(170.6)(106.9)1.3(276.2)
Segment EBITDA293.512.7–306.2
Depreciation and amortisation(78.8)(5.6)–(84.4)
Segment profit/(loss)214.77.1–221.8
Segment capital expenditure197.43.4–200.8
Reconciliation to revenue, profit/(loss) before income tax and
capital expenditure reported in the financial statements:
31 DEC 2022
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information582.4221.8200.8
Elimination of transactions with discontinued operations(1.3)––
Amounts not allocated to segments:
Revenue 34.734.7–
Third party contributions0.20.2–
Employee benef it expenses–(31.4)–
Other operating expenses–(39.6)–
Elimination of transactions with segments–6.0–
Depreciation and amortisation –(17.3)–
Interest costs (net)–(67.8)–
Fair value change on f inancial instruments–(6.4)–
Capital expenditure––24.3
Reported in the financial statements616.0100.2225.1
14
Vector Interim Financials 2023

Notes to the Interim Financial Statements
4. Segment information (continued)
31 DEC 2021
6 MONTHS (UNAUDITED)
REGULATED
NETWORKS
$M
GAS
TRADING
$M
INTER-
SEGMENT
$M
TOTAL
$M
External revenue:
Sales 337.1110.7–447.8
Third party contributions71.9––71.9
Other12.6––12.6
Intersegment revenue1.1–(1.1)–
Segment revenue422.7110.7(1.1)532.3
External expenses:
Electricity transmission expenses(90.4)––(90.4)
Gas purchases and production expenses–(65.1)–(65.1)
Network and asset maintenance (35.3)(3.0)–(38.3)
Employee benefit expenses(8.6)(6.2)–(14.8)
Other expenses(31.0)(23.1)–(54.1)
Intersegment expenses–(1.1)1.1–
Segment operating expenses(165.3)(98.5)1.1(262.7)
Segment EBITDA257.412.2–269.6
Depreciation and amortisation(72.7)(5.7)–(78.4)
Segment profit/(loss)184.76.5–191.2
Segment capital expenditure164.12.8–166.9
Reconciliation to revenue, profit/(loss) before income tax and
capital expenditure reported in the financial statements:
31 DEC 2021
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information532.3191.2166.9
Elimination of transactions with discontinued operations(1.1)––
Amounts not allocated to segments:
Revenue 36.436.4–
Third party contributions0.50.5–
Employee benef it expenses–(30.4)–
Other operating expenses–(32.6)–
Elimination of transactions with segments–6.5–
Depreciation and amortisation –(17.3)–
Interest costs (net)–(54.5)–
Fair value change on f inancial instruments–7.6–
Gain on sale of investment in associate–7.1–
Capital expenditure––22.6
Reported in the financial statements568.1114.5189.5
15
Vector Interim Financials 2023

Notes to the Interim Financial Statements
4. Segment information (continued)
30 JUN 2022
12 MONTHS (AUDITED)
REGULATED
NETWORKS
$M
GAS
TRADING
$M
INTER-
SEGMENT
$M
TOTAL
$M
External revenue:
Sales 652.4201.9–854.3
Third party contributions150.3––150.3
Other26.5––26.5
Intersegment revenue2.3–(2.3)–
Segment revenue831.5201.9(2.3)1,031.1
External expenses:
Electricity transmission expenses(181.4)––(181.4)
Gas purchases and production expenses–(123.2)–(123.2)
Network and asset maintenance (69.1)(6.1)–(75.2)
Employee benef it expenses(14.8)(11.5)–(26.3)
Other expenses(60.1)(36.9)–(97.0)
Intersegment expenses–(2.3)2.3–
Segment operating expenses(325.4)(180.0)2.3(503.1)
Segment EBITDA506.121.9–528.0
Depreciation and amortisation(148.5)(11.4)–(159.9)
Impairment–(40.2)–(40.2)
Segment profit/(loss)357.6(29.7)-327.9
Segment capital expenditure331.97.9–339.8
Reconciliation to revenue, profit/(loss) before income tax and
capital expenditure reported in the financial statements:
30 JUN 2022
REVENUE
$M
PROFIT/
(LOSS)
BEFORE
INCOME TAX
$M
CAPITAL
EXPENDITURE
$M
Reported in segment information1,031.1327.9339.8
Elimination of transactions with discontinued operations(2.1)––
Amounts not allocated to segments:
Revenue 72.972.9–
Third party contributions1.51.5–
Employee benefit expenses–(57.9)–
Other operating expenses–(68.6)–
Elimination of transactions with segments–12.2–
Depreciation and amortisation –(34.3)–
Interest costs (net)–(104.7)–
Fair value change on financial instruments–3.6–
Gain on sale of investment in associate–7.1–
Capital expenditure––49.4
Reported in the financial statements1,103.4159.7389.2
16
Vector Interim Financials 2023

Notes to the Interim Financial Statements
5. Discontinued operations held for sale
In December 2022, Vector announced a conditional agreement for the sale
of 50% of its metering operations. The agreement, which is supported by
Vector’s major shareholder Entrust, is conditional on consent under the
Overseas Investment Act 2005 in New Zealand, approval under the Foreign
Acquisitions & Takeovers Act 1975 (Cth) in Australia, and finalisation of third
party financing arrangements f rom external lenders and QIC investment
funds. Vector is targeting completion before 30 June 2023.
Vector has determined that the metering operations meets the criteria to
be classified as held for sale, and this classification has been made f rom
21 December 2022. The assets and liabilities of the metering operations are
presented in the balance sheet of the interim financial statements as a
disposal group held for sale.
The metering operations previously formed the group metering segment.
The result of the disposal group for the six months to 31 December 2022 is
presented in the profit or loss of the interim financial statements as
discontinued operations. Depreciation and amortisation on the assets of
the metering operations ceased f rom December 2022 due to the held for
sale classification. Comparatives have been restated to show the
discontinued operations separately f rom continuing operations.
Profit and loss of discontinued operations
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
31 DEC 2021
6 MONTHS
(UNAUDITED)
$M
30 JUN 2022
12 MONTHS
(AUDITED)
$M
Revenue128.3116.5235.6
Operating expenses(33.7)(30.5)(61.9)
Depreciation and amortisation(52.5)(46.9)(95.6)
Profit/(loss) before income tax42.139.178.1
Income tax benef it/(expense)(10.1)(9.6)(19.7)
Net profit/(loss) for the period attributable to owners
of the parent32.029.558.4
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
31 DEC 2021
6 MONTHS
(UNAUDITED)
$M
30 JUN 2022
12 MONTHS
(AUDITED)
$M
Capital expenditure of discontinued operations91.780.9156.7
Cash flows from discontinued operations
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
31 DEC 2021
6 MONTHS
(UNAUDITED)
$M
30 JUN 2022
12 MONTHS
(AUDITED)
$M
Net cash flows f rom/(used) in operating activities99.393.1161.5
Net cash flows f rom/(used) in investing activities(90.0)(68.6)(144.4)
Net cash flows f rom/(used) in f inancing activities(7.6)(24.4)(17.5)
Net cash inflow/(outflow)1.70.1(0.4)
17
Vector Interim Financials 2023

Notes to the Interim Financial Statements
5. Discontinued operations held for sale (continued)
Disposal group held for sale
31 DEC 2022
(UNAUDITED)
$M
Assets
Cash and cash equivalents3.6
Trade and other receivables17.3
Contract assets24.5
Intangible assets (including goodwill)52.9
Property, plant, and equipment804.6
Right of use assets (ROU)4.3
Income Tax0.0
Total disposal group assets held for sale907.2
Liabilities
Trade and other payables34.4
Lease liabilities4.5
Deferred tax20.9
Total disposal group liabilities held for sale59.8
Policies Vector classifies a disposal group as held for sale if its carrying amount
will be recovered principally through a sale transaction rather than
through continuing use. The disposal group is measured at the lower
of carrying amount and fair value less costs to sell.
The two criteria that must be met to classify a disposal group as held
for sale are:
– The disposal group is available for immediate sale in its present
condition; and
– The sale transaction is highly probable.
A disposal group held for sale is also reported as discontinued operations
if it meets the below criteria:
– It is a component of the groups’ business, the operations and cash
flows of which can be clearly distinguished f rom the rest of the group.
– It represents a separate major line of business or geographical area
of operations.
18
Vector Interim Financials 2023

Notes to the Interim Financial Statements
6. Intangible assets
Goodwill impairment
assessments
Goodwill is tested at least annually for impairment against the recoverable
amount of the cash generating units (“CGU”) to which it has been allocated.
As at 31 December 2022, CGUs within the group are: electricity, gas
distribution, metering, natural gas, LPG, Liquigas, communications and
E-Co Products. Management performed impairment assessments on all
CGUs except for metering, communications and E-Co Products at 31
December 2022. No impairment was found.
Risk of Impairment of Assets
Gas Transition Plan
In May 2022, the New Zealand Government (“The Government”) released
its Emissions Reduction Plan (ERP) detailing the policies the Government
will use to achieve the emissions budgets to meet New Zealand’s agreed
decarbonisation targets. In releasing the ERP, the Government also
announced that it was working with the gas industry to develop a gas
transition plan by the end of 2023 to reduce the industry’s emissions.
Development of the gas transition plan, including targeted engagement
with the gas industry, has been in progress since the announcement of the
ERP. Public consultation on the plan is anticipated toward the middle of
calendar year 2023, with finalisation and publication expected by
December 2023.
Regulatory Environment
In May 2022, the Commerce Commission released its final default price path
determination for gas distribution businesses applying f rom 1 October 2022
through to 30 September 2026 (“DPP3). The four year period is the shortest
period the Commission is allowed to set under the Commerce Act, and as such
the requirements for gas distribution will be reviewed in four years instead of
the normal five. This allows the Commission to consider further
developments, including the impact of further government announcements
and the gas transition plan, changes in technology and consumer preferences
for energy sources.
The Commission noted that the DPP3 balances price rises for gas users with
the need for gas distribution businesses to continue to invest appropriately to
maintain safe and reliable supply while there is still demand for natural gas.
The DPP3 introduced several positive changes to the calculation of allowable
revenue including an accelerated depreciation mechanism. We note that in
June 2022 the Major Gas Users Group have lodged a notice of appeal with the
High Court against certain aspects of the Commission’s determination
including the accelerated depreciation mechanism. The appeal is scheduled
to be heard in July 2023.
19
Vector Interim Financials 2023

Notes to the Interim Financial Statements
6. Intangible assets (continued)
Impact on Impairment Testing
The impact of ERP policy and the gas transition plan on the Commerce
Commission’s regulatory model for the gas distribution network will be
fundamental to any revision in assumptions for the valuation of the gas
distribution CGU. While the timing or extent of this is not yet known, we
acknowledge that given the Government’s stated commitment to
reducing emissions, policy decisions may truncate the useful life of the gas
distribution network. In the absence of legislated policy change, we have
applied a valuation methodology based on the regulatory model
consistent with previous valuations. The regulatory model determines the
cash flows we can earn f rom the gas distribution business and hence its
value. We will be monitoring any policy developments closely. Similarly,
any ERP policy changes could impact valuation assumptions for the
natural gas, LPG and Liquigas CGUs. Vector currently has $220.0m of
goodwill allocated to its gas businesses.
While at 31 December 2022, the Board and management have concluded
that there is no impairment recognised, we acknowledge that the gas
transition plan could change the outlook for these businesses and will
present significant risk to the future cashflows and expected lives of the
group’s gas assets. As the ERP policies are formalised and the Commerce
Commission considers the impact on the regulatory model for gas
networks, their impact on the assumptions used in impairment valuation
models will need to be carefully assessed. Accordingly, the gas distribution
CGU along with the natural gas and Liquigas CGUs will be reassessed for
impairment at 30 June 2023.
7. Borrowings and derivatives

NET
DERIVATIVES
$M
BORROWINGS
$M
Balance at 30 June 2022 (audited)33.4(3,229.4)
Fair value movements:
Foreign exchange rates(62.5)62.5
Interest rates and other fair value changes(48.5)54.0
Repayment–250.5
Drawdown–(373.0)
Balance at 31 December 2022 (unaudited)(77.6)(3,235.4)
Fair value at 31 December 2022 (unaudited)(77.6)(3,221.3)
20
Vector Interim Financials 2023

Notes to the Interim Financial Statements
8. Financial ratios
Basic and diluted earnings per share
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
31 DEC 2021
6 MONTHS
(UNAUDITED)
$M
30 JUN 2022
12 MONTHS
(AUDITED)
$M
Net prof it f rom continuing operations attributable to owners
of the parent67.385.0100.5
Net prof it f rom discontinued operations attributable to
owners of the parent32.029.558.4
Net profit attributable to owners of the parent99.3114.5158.9
Weighted average ordinary shares outstanding during the
period (number of shares)999,973,657999,920,613999,946,417
Earnings per share f rom continuing operations6.7 cents8.5 cents10.1 cents
Earnings per share f rom discontinued operations3.2 cents3.0 cents5.8 cents
Total earnings per share9.9 cents11.5 cents15.9 cents
Net tangible assets per share
31 DEC 2022
(UNAUDITED)
$M
31 DEC 2021
(UNAUDITED)
$M
30 JUN 2022
(AUDITED)
$M
Net assets attributable to owners of the parent 2,418.62,395.62,414.0
Less total intangible assets (1,186.3)(1,308.2)(1,266.5)
Total net tangible assets1,232.31,087.41,147.5
Ordinary shares outstanding (number of shares)999,973,657999,972,110999,973,657
Net tangible assets per share123.2 cents108.7 cents114.8 cents
Economic net debt to economic net debt plus adjusted
equity ratio (“gearing ratio”)
31 DEC 2022
(UNAUDITED)
$M
31 DEC 2021
(UNAUDITED)
$M
30 JUN 2022
(AUDITED)
$M
Face value of borrowings 3,414.13,157.63,291.6
Lease liabilities19.729.927.7
Less cash and cash equivalents(21.8)(24.7)(22.5)
Economic net debt3,412.03,162.83,296.8
Total equity2,434.32,411.62,430.1
Adjusted for hedge reserves(62.8)(14.5)(58.7)
Adjusted equity2,371.52,397.12,371.4
Economic net debt plus adjusted equity5,783.55,559.95,668.2
Gearing ratio59.0%56.9%58.2%
21
Vector Interim Financials 2023

Notes to the Interim Financial Statements
9. Cash flows
31 DEC 2022
6 MONTHS
(UNAUDITED)
$M
31 DEC 2021
6 MONTHS
(UNAUDITED)
$M
30 JUN 2022
12 MONTHS
(AUDITED)
$M
Reconciliation of net profit/(loss) to net cash flows from/
(used in) operating activities including discontinued
operations
Net prof it/(loss) for the period100.3115.5160.9
Items associated with investing activities
Gain on sale of investment in associate–(7.1)(7.1)
Items associated with investing activities(20.5)15.124.4
Items classified as financing activities
Items associated with lease liabilities–0.3–
Non-cash items
Depreciation and amortisation154.2142.6289.8
Non-cash portion of interest costs (net)(3.6)(2.9)(10.6)
Fair value change on f inancial instruments6.4(7.6)(3.6)
Impairment––40.2
Increase/(decrease) in deferred tax 34.132.153.2
Increase/(decrease) in provisions(6.4)(6.3)0.6
Other non-cash items(12.1)(2.8)9.9
172.6155.1379.5
Changes in assets and liabilities
Trade and other payables9.6(21.7)(41.1)
Contract liabilities(9.6)6.920.2
Contract assets(3.4)15.6(2.3)
Inventories(1.7)(2.7)(11.8)
Trade and other receivables 6.52.9(4.1)
Income tax 6.43.70.2
7.84.7(38.9)
Net cash flows from/(used in) operating activities including
discontinued operations260.2283.6518.8
22
Vector Interim Financials 2023

10. Capital commitments
31 DEC 2022
(UNAUDITED)
$M
31 DEC 2021
(UNAUDITED)
$M
30 JUN 2022
(AUDITED)
$M
Capital commitments at end of period - continuing operations164.2137.8130.8
Capital commitments at end of period - discontinued
operations63.697.095.3
Total capital commitments227.8234.8226.1
Capital commitments Capital commitments includes capital expenditure which has been
committed to, but not provided for at balance date.
11. Related party transactions
Majority shareholder dividend Vector Limited has paid its majority shareholder, Entrust, dividends of
$63.8 million during the period (six months ended December 2021: $63.8
million, 12 months ended 30 June 2022: $125.8 million).
Outstanding balances At 31 December 2022, the group has no material outstanding balances due
to or f rom related parties of the group (31 December 2021 and 30 June
2022: not material).
12. Contingent liabilities
Disclosures The directors are aware of claims that have been made against entities of
the group and, where appropriate, have recognised provisions for these
within the financial statements.
No material contingent liabilities have been identified.
13. Events after the end of the period
Interim dividend On 20 February 2023, the board declared an interim dividend for the year
ended 30 June 2023 of 8.25 cents per share.
No adjustment is required to these interim financial statements in respect
of this event.
Financial statements approval The interim financial statements were approved by the board of directors
on 20 February 2023.
23
Vector Interim Financials 2023

Vector’s standard profit measure prepared under New Zealand Generally Accepted Accounting Practice (GAAP)
is net profit. Vector has used non-GAAP profit measures when discussing financial performance in this
document. The directors and management believe that these measures provide useful information as they are
used internally to evaluate performance of business units, to establish operational goals and to allocate
resources. For a more comprehensive discussion on the use of non-GAAP profit measures, please refer to the
policy ‘Reporting non-GAAP profit measures’ available on our website (www.vector.co.nz).
Non-GAAP profit measures are not prepared in accordance with New Zealand International Financial Reporting
Standards (NZ IFRS) and are not uniformly defined, therefore the non-GAAP profit measures reported in this
document may not be comparable with those that other companies report and should not be viewed in
isolation f rom or considered as a substitute for measures reported by Vector in accordance with NZ IFRS.
DEFINITIONS
EBITDA: Earnings before interest, taxation, depreciation, amortisation and impairments from
continuing operations.
Adjusted EBITDA: EBITDA from continuing operations adjusted for fair value changes, associates, third-
party contributions, and significant one-off gains, losses, revenues and/or expenses.
GAAP TO NON-GAAP RECONCILIATION
Group EBITDA and adjusted EBITDA
31-DEC-2022
6 MONTHS
$M
31-DEC-2021
6 MONTHS
$M
Reported net profit for the period (GAAP) – continuing operations68.3 86.0
Add back: net interest costs67.8 54.5
Add back: tax (benef it)/expense31.9 28.5
Add back: depreciation and amortisation101.7 95.7
EBITDA – continuing operations269.7 264.7
Adjusted for:
Capital contributions(96.7)(72.4)
Fair value change on f inancial instruments6.4 (7.6)
Gain on sale of investment in associate– (7.1)
Adjusted EBITDA – continuing operations179.4 177.6
Adjusted EBITDA – discontinued operations94.6 86.0
Total group adjusted EBITDA274.0 263.6
Segment adjusted EBITDA20222021
SIX MONTHS ENDED
31 DECEMBER
SEGMENT
EBITDA
LESS CAPITAL
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
SEGMENT
EBITDA
LESS CAPITAL
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
Gas Trading12.7 – 12.7 12.2 – 12.2
Regulated segment293.5 (96.5)197.0 257.4 (71.9)185.5
TOTAL REPORTED
SEGMENTS306.2 (96.5)209.7 269.6 (71.9)197.7
Corporate and other(36.5)6.2 (30.3)(4.9)(15.2)(20.1)
TOTAL – CONTINUING
OPERATIONS269.7 (90.3)179.4 264.7 (87.1)177.6
Metering- discontinued
operations94.6 – 94.6 86.0–86.0
TOTAL GROUP364.3 (90.3)274.0 350.7(87.1)263.6
24
Vector Interim Financials 2023

Calendar and Directory
FINANCIAL CALENDAR
2023
Record date for interim dividend28 March
Interim dividend paid 6 April
Third quarter operating statistics April
Fourth quarter operating statistics July
Full year result and annual report August
Final dividend* September
Annual meetingSeptember
* Dividends are subject to Board determination.
INVESTOR INFORMATION
Ordinary shares in Vector Limited are listed and quoted on the New Zealand Stock Market (NZSX) under the
company code VCT. Vector also has capital bonds and unsubordinated f ixed rate bonds listed and quoted on
the New Zealand Debt Market (NZDX). Current information about Vector’s trading performance for its shares
and bonds can be obtained on the NZX website at www.nzx.com. Further information about Vector is
available on our website www.vector.co.nz.
DIRECTORY
Registered office
Vector Limited
101 Carlton Gore Road
Newmarket
Auckland 1023
New Zealand
Telephone 64-9-978 7788
Facsimile 64-9-978 7799
www.vector.co.nz
Postal address
PO Box 99882
Newmarket
Auckland 1149
New Zealand
Investor enquiries
Telephone 64-9-213 5179
Email: investor@vector.co.nz
insight
creative.co.nz

VEC247
25
Vector Interim Financials 2023

VECTOR.CO.NZ

---

VECTOR LIMITED
Results announcement

Results for announcement to the market
Name of issuer VECTOR LIMITED
Reporting Period 6 MONTHS TO 31 DECEMBER 2022
Previous Reporting Period 6 MONTHS TO 31 DECEMBER 2021
Currency NEW ZEALAND DOLLAR
Amount (000s) Percentage change
Revenue from continuing
operations
$616,029 +8.4%
Total Revenue $744.322 +8.7%
Net profit/(loss) from
continuing operations
excluding non-controlling
interests
$67,381 -20.7%
Total net profit/(loss)
excluding non-controlling
interests
$99,328 -13.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.08250000
Imputed amount per Quoted
Equity Security
$0.00967877
Record Date 28 March 2023
Dividend Payment Date 6 April 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.232 $1.087
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to accompanying unaudited interim financial statements
Authority for this announcement
Name of person

authorised
to make this announcement
JOHN RODGER
Contact person for this
announcement
JOHN RODGER
Contact phone number 021 573640
Contact email address john.rodger@vector.co.nz
Date of release through MAP

21/02/2023

Unaudited financial statements accompany this announcement.

---

Vector Limited
Distribution Notice



Section 1: Issuer information
Name of issuer VECTOR LIMITED
Financial product name/description ORDINARY SHARES
NZX ticker code VCT
ISIN (If unknown, check on NZX
website)
NZVCTE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 28/03/2023
Ex-Date (one business day before the
Record Date)
27/03/2023
Payment date (and allotment date for
DRP)
06/04/2023
Total monies associated with the
distribution
$82,500,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NEW ZEALAND DOLLARS
Section 2: Distribution amounts per financial product
Gross distribution $0.09217877
Gross taxable amount $0.09217877
Total cash distribution $0.08250000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00439204
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partial imputation
If fully or partially imputed, please
state imputation rate as % applied
10.5%
Imputation tax credits per financial
product
$0.00967877
Resident Withholding Tax per
financial product
$0.02074022
Section 4: Distribution re-investment plan (if applicable)
NOT APPLICABLE

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
JOHN RODGER
Contact person for this
announcement
JOHN RODGER
Contact phone number
021 573 640

Contact email address John.rodger@vector.co.nz
Date of release through MAP

21/02/2023