February Operating Report

Monthly Operating Report
February 2025

2
February 2025 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 237GWh (February
2024: 252GWh)
•Mass market netback of $159.57/MWh (February 2024:
$141.02/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 632GWh (February 2024:
643GWh)
•Electricity and steam net revenue of $133.15/MWh (February
2024: $115.65/MWh)
•Electricity generated (or acquired) of 675GWh (February 2024:
671GWh)
•The unit generation cost, which includes acquired generation
was $70.95/MWh (February 2024: $46.23/MWh)
•Own generation cost in the month of $60.3/MWh
(February 2024: $41.57/MWh)
»Te Huka 3 project progress vs. target for February 2025 was 99.5% vs.
100%
1
.
»Battery Energy Storage System (BESS) project progress vs. target for
February 2025 was 54% vs. 60%
1
.
»Otahuhu futures settlement wholesale price for the 2
nd
quarter
of 2025 (ASX):
•As at 13 March 2025: $346.7/MWh
•As at 28 February 2025: $360/MWh
•As at 31 January 2025: $316.2/MWh
»As at 13
th
March 2025, South Island controlled storage was 71%
of mean and North Island controlled storage was 98% of mean.​
»As at 13
th
March 2025, total Clutha scheme storage was
68% of mean.​
»Inflows into Contact’s Clutha catchment for February
2025 were 51% of mean. (January: 44%; December 2024:
108%; November 2024: 143%)
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 4.1PJ.
»The contracted gas volume is subject to updated forecasts on
drilling results and well performance.
1
The progress target follows an S-Curve model in line with standard project management practicefor large scale
infrastructure projects). This will result in more gradual increments in the reporting of target andactual progress as
the projects near completion. Figures rounded to the nearest percentage.

New Zealand controlled hydro storage
against mean / 12 months
ASX futures settlement
Hydro storage and forward prices
3
Benmore
Otahuhu
Contact Energy / Monthly Operating Report
0
500
1000
1500
2000
2500
3000
3500
4000
4500
MarAprMayJunJulAugSepOctNovDecJanFebMar
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
300
CY25CY26CY27CY28
$/MWh
28/06/202431/01/202528/02/2025
0
100
200
300
CY25CY26CY27CY28
$/MWh
28/06/202431/01/202528/02/2025

Wholesale electricity pricing
Otahuhu
Contact Energy / Monthly Operating Report
4
Benmore
Distribution of wholesale market price by trading periods
Wholesale market
0
50
100
150
200
250
300
350
400
450
500
JulAugSeptOctNovDecJanFebMarAprMayJun
$/MWh
FY24 BENFY25 BENFY24 OTAFY25 OTA
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Feb-25Feb-24Jan-25
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Feb-25Feb-24Jan-25

5
Total national demand
Regional demand change (%) on February 2024
»New Zealand electricity demand was down 5.2% on February 2024 (up 2.3% on
February 2023). Demand excluding NZAS was down 4.7% on February 2024.
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
FY23, 24 and 25 respectively
Regional demand is excluding NZAS
The nationwide
average temperature
for Feb 2025 was
18.2ºC, 0.8ºC above
the 1991-2020 Feb
average.
Electricity demand
Contact Energy / Monthly Operating Report
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
NZASSouth Island (exc. NZAS)North Island
(3%)
(14%)
(1%)
(4%)
(3%)
(4%)
(17%)
(20%)
(7%)
6%
(3%)
(3%)
(3%)
(3%)
2%
(71%)
(6%)
(2%)
19%

Wholesale
Contact Energy / Monthly Operating Report
6
Retail
Generation mix, gross sales position and unit generation cost (FY24 and 25
respectively)
Retail sales volumes and netback (FY24 and 25 respectively)
Business performance
-
10
20
30
40
50
60
70
80
90
100
-
100
200
300
400
500
600
700
800
900
1,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
GeothermalHydroThermal
Acquired generationContracted electricity salesUnit generation cost (RHS)
-
20
40
60
80
100
120
140
160
180
0
100
200
300
400
500
600
700
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/
Mwh
GWh
Mass market electricity salesRetail gas salesNetback

Contact Energy / Monthly Operating Report
7
1
FY24 unit generation cost is shown on an underlying basis i.e. excluding the net impact of changes in an onerous contract provision for the Ahuroa Gas Storage Facility (AGS).
2
January 2024 to June 2024 Telco connections have been restated as a rounded figure.
3
Electricity sales to Customer business and Spot electricity purchases volumes for the period January 2024 – June 2024 have been restated to reflect a change in the treatment of distributed generation purchases by the retail business. All flow on impacts have been footnoted - this change has no impact on EBITDAF.
.
7
Operational data
Measure
The month ended The month ended The month ended Eight months endingEight months ending
February 25February 24January 25February 25February 24
RetailMass market electricity salesGWh
211 225 237 2,309
2,334
Retail gas salesGWh
27 27 34 399
443
Mass market electricity and gas salesGWh
237 252 271 2,708
2,777
Average electricity sales price$/MWh
341.24 307.69 342.77 301.89
286.07
Electricity direct pass thru costs$/MWh
(150.73)(138.95)(147.21)(134.10)
(123.92)
Cost to serve$/MWh
(23.42)(22.65)(22.91)(17.73)
(17.73)
Customer netback$/MWh
159.57 141.02 167.65 140.80
133.36
Energy cost$/MWh
(145.44)(131.34)(135.79)(145.75)
(131.14)
Actual electricity line losses
3
%
7%7%5%6%
6%
Retail gas salesPJ
0.1 0.1 0.1 1.4
1.60
Electricity ICPs#
442,000 431,000 441,500 443,000
431,000
Gas ICPs#
73,000 70,500 73,000 73,000
70,500
Telco connections
2
#
118,000 96,000 116,000 114,000
91,000
WholesaleElectricity sales to Customer business
3
GWh
227 242 250 2,468
2,492
Electricity sales to Commercial and IndustrialGWh
124 130 128 1,030
950
Electricity CFD salesGWh
281 271 322 2,452
2,290
Contracted electricity sales
3
GWh
632 643 700 5,950
5,733
Steam salesGWh
16 15 7 150
138
Total electricity and steam net revenue
3
$/MWh
133.15 115.65 123.24 147.71
121.65
C&I netback (at the ICP)$/MWh
118.97 115.70 115.72 126.26
120.43
C&I line losses%
4%4%4%4%
4%
Thermal generationGWh
106 107 58 671
1,049
Geothermal generationGWh
365 239 388 2,896
2,166
Hydro generationGWh
163 303 205 2,320
2,559
Spot electricity salesGWh
634 649 651 5,887
5,774
Acquired generationGWh
41
22
39 327
277
Electricity generated (or acquired)GWh
675
671
690 6,214
6,051
Unit generation cost (including acquired generation)
1
$/MWh
(70.95)
(46.23)
(45.95)(53.75)
(43.56)
Spot electricity purchases
3
GWh
(351)
(372)
(378)(3,498)
(3,442)
CFD sale settlementsGWh
(281)
(271)
(322)(2,452)
(2,290.43)
Spot exposed purchases / CFD settlement
3
GWh
(632)
(643)
(700)(5,950)
(5,733)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
261.57
153.2189
119.50 183.40
141.41
Spot purchases and settlement on CFDs sold (LWAP)
3
$/MWh
(270.11)
(157.89)
(122.16)(192.13)
(147.92)
LWAP/GWAP
3
%
103%
103%
102%105%105%
Gas used in internal generationPJ
1.0 0.9 0.6 5.6 8.6
Gas storage net movement (extraction) / injectionPJ
(0.8)0.1 (0.0)0.9 (0.4)
Progress tracking actual (target) for BESS%54%(60%)N/A47%(53%)N/AN/A
Progress tracking actual (target) for Te Huka 3%99.5%(100%)80% (80%)99.5%(100%)N/AN/A
ContactTotal customer connections#
637,000 602,000 635,000 634,000 597,500
Realised gains / (losses) on market derivatives not in a hedge relationship$m
(1.90)(0.89)(0.85)(17.09)(3.84)

8
Material themeMeasureUnit
Q2 FY25Q2 FY24
Climate Change
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e132144
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.0600.069
Water
Freshwater take
3
Million cubic
metres
0.400.50
Non-consumptive water usage
4
Million cubic
metres
6,1424,285
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
4.03.5
Biodiversity
Native rākau (trees) planted by Contact
5
#
80
2,516
Pests caught
6
#
643
508
Community
Community initiatives and organisations supported#
33
44
Inclusion and
Diversity
Board
% Women/ %
Men
43% / 57%50% / 50%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
22% / 78%20% / 80%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
46% / 53%47% / 53%
Note: This information is updated quarterly (September, January, April, June)
1
Scope 1 – Stationary combustion.
2
Carbon equivalent from stationary combustion / electricity generated and sold via the spot wholesale market
3
Freshwater taken to support operations at geothermal and thermal i.e., drinking water fire water, water for cooling towers.
4
Water that flows through our Roxburgh power station and cooling water taken for Wairākei geothermal power station.
5
Does not include DrylandCarbon/Forest Partners activities.
6
Predominantly rats, mice and possums.
7
Includes all permanent, fixed term and casual employees. 1.3% and 1.6% unspecified in Q2 FY25 and Q2 FY24 respectively.
Contact Energy / Monthly Operating Report
Environment, Social and Governance (ESG)

9
investor.centre@contactenergy.co.nz
contact.co.nz/aboutus/investor-centre
Investors
Shelley Hollingsworth – Investor Relations &
Strategy Manager
contact.co.nz
Instagram.com/Contact_Energy
Linkedin.com/company/contact-energy-ltd
Facebook.com/ContactEnergy
Youtube.com/ContactEnergy
To find out more about Contact Energy
+64 27 227 2429
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