Amended. May Operating Report

Changes:
As released:
The month
ended May
25
The month
ended May
24
The month
ended April
25
Eleven
months
ended May
25
Eleven
months
ended May
24
To t a l
customer
connections
(#)
641,000 611,000 639,000 635,000 600,000
Realised
gains /
(losses) on
market
derivatives
not in a
hedge
relationship
($m)
0.64 0.55 0.02 (16.42) (2.31)

Updated:
The month
ended May
25
The month
ended May
24
The month
ended April
25
Eleven
months
ended May
25
Eleven
months
ended May
24
To t a l
customer
connections
(#)
642,000 619,000 641,000 636,000 601,500
Realised
gains /
(losses) on
market
derivatives
not in a
hedge
relationship
($m)
4.05 (0.66) 0.64 (12.37) (2.97)

---

Monthly Operating Report
May 2025

2
May 2025 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 365GWh (May 2024:
413GWh)
•Mass market netback of $145.13/MWh (May 2024: $130.41/MWh)
»The Wholesale business recorded:
•Contracted Wholesale electricity sales, including that sold to
the Customer business, totalled 768GWh (May 2024: 778GWh)
•Electricity and steam net revenue of $169.49/MWh (May 2024:
$163.31/MWh)
•Electricity generated (or acquired) of 842GWh (May 2024:
821GWh)
•Unit generation cost, which includes acquired generation was
$49.26/MWh (May 2024: $61.80/MWh)
•Own generation cost in the month of $42.3/MWh (May
2024: $49.1/MWh)
»Te Huka 3 project progress vs. target for May 2025 was 99.7% vs.
100%
1
.
»Battery Energy Storage System (BESS) project progress vs. target for
May 2025 was 70% vs. 79%
1
.
»Otahuhu futures settlement wholesale price for the 3rd quarter
of 2025 (ASX):
•As at 10 June 2025: $182.25/MWh
•As at 30 May 2025: $199/MWh
•As at 30 April 2025: $335/MWh
»As at 10
th
June 2025, South Island controlled storage was 87% of
mean and North Island controlled storage was 139% of mean.​
»As at 10
th
June 2025, total Clutha scheme storage was
79% of mean.​
»Inflows into Contact’s Clutha catchment for May 2025
were 100% of mean. (April: 106%, March: 75%, February:
51%).
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 3.8PJ
2
.
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.
2
The 12-month contracted gas position announced in April of 7.0PJ did not include the impact of the return leg of
the Methanex gas swap arrangement. Once adjusted, the 12-month forward volume for April was 5.5PJ.

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
JunJulAugSepOctNovDecJanFebMarAprMayJun
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
300
CY25CY26CY27CY28
$/MWh
28/06/202430/04/202530/05/2025
0
100
200
300
CY25CY26CY27CY28
$/MWh
28/06/202430/04/202530/05/2025

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

5
Total national demand
Regional demand change (%) on May 2024
»New Zealand electricity demand was down ~6% on May 2024 which was a particularly
cold month (May 2024 was the coldest May recorded since 2009). When compared to
May 2023, demand was flat.
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 May 2025 was
11.9ºC, 0.8ºC above
the 1991-2020 May
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
(5%)
(10%)
(7%)
(8%)
(2%)
(4%)
(7%)
(8%)
(11%)
(0%)
(3%)
(4%)
(8%)
(3%)
(3%)
(65%)
(9%)
(10%)
3%

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
-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)
-
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

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).
7
Operational data
Measure
The month ended The month ended The month ended Eleven months endingEleven months ending
May 25May 24April 25May 25May 24
RetailMass market electricity salesGWh
310 350 247 3,112 3,202
Retail gas salesGWh
55 62 37 526 594
Mass market electricity and gas salesGWh
365 413 284 3,638 3,796
Average electricity sales price$/MWh
325.42 277.53 345.39 311.29 287.62
Electricity direct pass thru costs$/MWh
(156.32)(123.21)(172.09)(139.89)(125.90)
Cost to serve$/MWh
(17.58)(15.02)(21.68)(18.28)(17.71)
Customer netback$/MWh
145.13 130.41 148.59 145.03 134.09
Energy cost$/MWh
(189.39)(169.24)(167.46)(152.26)(136.81)
Actual electricity line losses%
6%7%5%6%7%
Retail gas salesPJ
0.2 0.2 0.1 1.9 2.1
Electricity ICPs#
443,500 437,000 443,000 443,000 432,000
Gas ICPs#
73,000 72,000 73,000 73,000 71,000
Telco connections #
122,000 105,000 121,000 116,000 94,000
WholesaleElectricity sales to Customer business

GWh
331 376 260 3,314 3,426
Electricity sales to Commercial and IndustrialGWh
142 118 132 1,446 1,332
Electricity CFD salesGWh
295 284 263 3,314 3,168
Contracted electricity salesGWh
768 778 655 8,074 7,926
Steam salesGWh
21 14 17 207 177
Total electricity and steam net revenue$/MWh
169.49 163.31 146.59 148.66 127.78
C&I netback (at the ICP)$/MWh
171.20 196.73 147.02 133.54 130.17
C&I line losses%
4%3%4%4%4%
Thermal generationGWh
105 142 63 966 1,451
Geothermal generationGWh
432 323 383 4,123 3,025
Hydro generationGWh
279 278 251 3,022 3,391
Spot electricity salesGWh
816 743 696 8,111 7,868
Acquired generationGWh
26 78 25 434 511
Electricity generated (or acquired)GWh
842 821 722 8,545 8,378
Unit generation cost (including acquired generation)
1
$/MWh
(49.26)(61.80)(49.48)(54.42)(47.36)
Spot electricity purchases

GWh
(473)(494)(392)(4,760)(4,758)
CFD sale settlementsGWh
(295)(284)(263)(3,314)(3,168)
Spot exposed purchases / CFD settlementGWh
(768)(778)(655)(8,074)(7,926)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
198.17 297.01 320.36 205.35 170.30
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(208.05)(318.37)(333.48)(214.57)(178.18)
LWAP/GWAP%
105%107%104%104%105%
Gas used in internal generationPJ
0.9 1.1 0.6 8.2 11.8
Gas storage net movement (extraction) / injectionPJ
0.3 (0.4)0.1 0.9 (1.4)
Progress tracking actual (target) for BESS%70%(79%)N/A66%(74%)
N/A
N/A
Progress tracking actual (target) for Te Huka 3%99.7%(100%)87% (89%)99.7%(100%)N/AN/A
ContactTotal customer connections#
642,000 619,000 641,000 636,000 601,500
Realised gains / (losses) on market derivatives not in a hedge relationship$m
4.05 (0.66)0.64 (12.37)(2.97)

8
Material themeMeasureUnit
Q3 FY25Q3 FY24
Climate Change
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e271234
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.136
0.113
Water
Freshwater take
3
Million cubic
metres
0.590.80
Non-consumptive water usage
4
Million cubic
metres
2,276
3,354
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
2.84.1
Biodiversity
Native rākau (trees) planted by Contact
5
#
2,4300
Pests caught
6
#
982
761
Community
Community initiatives and organisations supported#
29
15
Inclusion and
Diversity
Board
% Women/ %
Men
43% / 57%43% / 57%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
11% / 89%
20% / 80%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
46% / 52%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. 1.4% and 1.8% unspecified in Q3 FY25 and Q3 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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