March Operating Report

Monthly Operating Report
March 2025

2
March 2025 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 282GWh (March 2024:
297GWh)
•Mass market netback of $182.13/MWh (March 2024:
$142.10/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 701GWh (March 2024:
740GWh)
•Electricity and steam net revenue of $135.72/MWh (March 2024:
$129.99/MWh)
•Electricity generated (or acquired) of 767GWh (March 2024:
749GWh)
•Unit generation cost, which includes acquired generation was
$70.12/MWh (March 2024: $60.74/MWh)
•Own generation cost in the month of $57.0/MWh (March
2024: $49.2/MWh)
»Te Huka 3 project progress vs. target for February 2025 was 99.6% vs.
100%
1
.
»Battery Energy Storage System (BESS) project progress vs. target for
February 2025 was 60% vs. 67%
1
.
»Otahuhu futures settlement wholesale price for the 3rd quarter
of 2025 (ASX):
•As at 3 April 2025: $330/MWh
•As at 31 March 2025: $306/MWh
•As at 28 February 2025: $338/MWh
»As at 3
rd
April 2025, South Island controlled storage was 70% of
mean and North Island controlled storage was 90% of mean.​
»As at 3
rd
April 2025, total Clutha scheme storage was 75%
of mean.​
»Inflows into Contact’s Clutha catchment for March 2025
were 75% of mean. (February:51%; January: 44%;
December 2024: 108%)
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 3.8PJ.
»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
100
200
300
CY25CY26CY27CY28
$/MWh
28/06/202428/02/202531/03/2025
0
100
200
300
CY25CY26CY27CY28
$/MWh
28/06/202428/02/202531/03/2025
0
500
1000
1500
2000
2500
3000
3500
4000
4500
AprMayJunJulAugSepOctNovDecJanFebMarApr
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean

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
Mar-25Mar-24Feb-25
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Mar-25Mar-24Feb-25

5
Information for March 2025 was not available at
the time of preparing this operating report.
Electricity demand
Contact Energy / Monthly Operating Report

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
-
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
Axis Title
Mass market electricity salesRetail gas salesNetback
-
10
20
30
40
50
60
70
80
90
100
-50
150
350
550
750
950
1,150
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
GeothermalHydroThermal
Acquired generationContracted electricity salesUnit generation cost (RHS)

Contact Energy / Monthly Operating Report
7
1
Customer netback in March 2025 was partly impacted by the timing of broadband billings.
2
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).
7
Operational data
Measure
The month ended The month ended The month ended Nine months endingNine months ending
March 25March 24February 25March 25March 24
RetailMass market electricity salesGWh
246 254 211 2,555 2,587
Retail gas salesGWh
35 44 27 434 487
Mass market electricity and gas salesGWh
282 297 237 2,990 3,074
Average electricity sales price$/MWh
347.54 305.79 341.24 306.29 288.00
Electricity direct pass thru costs$/MWh
(141.28)(133.70)(150.73)(134.79)(124.88)
Cost to serve$/MWh
(21.05)(19.95)(23.42)(18.04)(17.95)
Customer netback
1
$/MWh
182.13 142.10 159.57 144.69 134.20
Energy cost$/MWh
(151.52)(140.61)(145.44)(146.29)(132.05)
Actual electricity line losses%
4%8%7%6%6%
Retail gas salesPJ
0.1 0.2 0.1 1.6 1.8
Electricity ICPs#
442,500 432,000 442,000 442,500 431,000
Gas ICPs#
73,000 71,000 73,000 73,000 70,500
Telco connections #
119,000 98,000 118,000 115,000 92,000
WholesaleElectricity sales to Customer business

GWh
256 275 227 2,724 2,767
Electricity sales to Commercial and IndustrialGWh
142 132 124 1,172 1,082
Electricity CFD salesGWh
303 333 281 2,755 2,623
Contracted electricity salesGWh
701 740 632 6,651 6,472
Steam salesGWh
18 13 16 169 151
Total electricity and steam net revenue$/MWh
135.72 129.99 133.15 146.45 122.60
C&I netback (at the ICP)$/MWh
136.01 133.42 118.97 127.44 122.01
C&I line losses%
4%4%4%4%4%
Thermal generationGWh
127 201 106 798 1,251
Geothermal generationGWh
412 262 365 3,308 2,428
Hydro generationGWh
172 221 163 2,493 2,780
Spot electricity salesGWh
711 685 634 6,598 6,459
Acquired generationGWh
556441 382 342
Electricity generated (or acquired)GWh
767 749 675 6,981 6,800
Unit generation cost (including acquired generation)
2
$/MWh
(70.12)(60.74)(70.95)(55.55)(45.46)
Spot electricity purchases

GWh
(397)(407)(351)(3,896)(3,849)
CFD sale settlementsGWh
(303)(333)(281)(2,755)(2,623)
Spot exposed purchases / CFD settlementGWh
(701)(740)(632)(6,651)(6,472)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
282.80 218.29261.57 194.32 149.88
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(301.25)(222.28)(270.11)(203.63)(156.41)
LWAP/GWAP%
107%102%103%105%104%
Gas used in internal generationPJ
1.1 1.6 1.0 6.7 10.2
Gas storage net movement (extraction) / injectionPJ
(0.4)(0.7)(0.8)0.6 (1.1)
Progress tracking actual (target) for BESS%60%(67%)N/A54%(60%)N/AN/A
Progress tracking actual (target) for Te Huka 3%99.6%(100%)83% (83%)99.5%(100%)N/AN/A
ContactTotal customer connections#
639,000 605,000 637,000 634,500 598,500
Realised gains / (losses) on market derivatives not in a hedge relationship$m
0.02 0.98 (1.90)(17.06)(2.86)

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 (October, January, April, July)
Due to the early release of this March 2025 operating report, the Q3 ESG data will be published in May (within the April 2025 operating report).
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
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Facebook.com/ContactEnergy
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To find out more about Contact Energy
+64 27 227 2429
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