Spark releases FY30 strategy and update on Chair succession

Spark New Zealand Limited
ARBN 050 611 277 Spark City, Level 1, 50 Albert Street, Private Bag 92028, Auckland, New Zealand



MARKET RELEASE – Thursday, 11 September 2025

Spark releases FY30 strategy and update on Chair succession

Spark New Zealand (Spark) today released further details of its new five-year business strategy, SPK-
30, which refocuses the business on its core of connectivity from a broader digital services ambition.

Spark Chair Justine Smyth said, “Our new strategy focuses Spark on its biggest strength – connecting
New Zealanders when and where it matters. Our core connectivity business is our priority for capital
allocation, and we will build on our competitive advantages by investing in network and customer
experiences that set Spark apart.

“Our ambition is to return Spark to its history of strong performance, while maintaining globally
competitive industry returns for our shareholders.”

SPK-30

Spark’s FY30 ambition is it’s better with Spark – which includes a focus on delivering a better network
and better customer experiences.

• Better network: Spark aims to grow its leadership in reliability and coverage
1
by investing where it
matters for customers, proactively resolving network issues through AI, and uplifting regional
resilience – including the introduction of satellite-to-mobile services in the second half of FY26.

With the only 5G Standalone network in the country, and as the first company in New Zealand to
secure a partnership with API aggregator Aduna, Spark will explore new opportunities to monetise its
network investment and deliver new solutions to customers.

• Better customer experiences: Spark aims to build on five years of customer satisfaction growth by
evolving retail experiences, investing in digital journeys, and empowering all care channels through
AI – to serve up the right offer, to the right customer, at the right time.

With this ambition, Spark will then prioritise leading in core connectivity, while simplifying and optimising
beyond the core.

• Lead in core connectivity: Mobile, broadband, and business connectivity
2
contribute 80% of
Spark’s gross margin and will be the priority for capital allocation. Spark will focus on delivering
customer choice across all market segments, innovating to deliver new functionality and
experiences, and with strong market positions in premium segments, upweight its focus on rewarding
and recognising its loyal customers.

Wireless broadband (WBB) remains a priority, with tailwinds supporting growth – including Spark’s
5G rollout now reaching over 50% of the population, spectrum to be re-farmed following the 3G
shutdown, and 5G WBB delivering ‘fibre-like’ average speeds of 336Mbps
3
. Spark will also increase
its focus on mobile and broadband bundling to support value for customers and retention.

• Simplify and optimise beyond the core: In cloud, IT services, and procurement, Spark will focus
on transitioning customers on legacy products to more modern and future-proofed solutions,
simplifying product offerings, introducing greater levels of AI and automation, and leveraging its new
global partnerships to improve customer experiences and efficiency.




1
Opensignal Awards – New Zealand: Mobile Network Experience Report, September 2024, based on independent analysis of mobile
measurements recorded during the period June 1 – August 29, 2024 © 2024 Opensignal Limited.
2
Business connectivity includes managed data and networks, collaboration services, IoT, and voice.
3
June 2025 Measuring Broadband New Zealand (MBNZ) report.

Spark New Zealand Limited
ARBN 050 611 277 Spark City, Level 1, 50 Albert Street, Private Bag 92028, Auckland, New Zealand


These priorities will be enabled by a focus on:
• People and culture: building a culture focused on customers and performance by growing
engagement, investing in targeted capabilities, and empowering Spark through AI.

• Financial discipline: value creation will be underpinned by revenue growth in core connectivity,
ongoing efficiency through partnerships, AI, and simplification, and disciplined capital management.

• Technology and AI: continuing to invest in the AI and technology that underpins marketplace
success and empowers Spark’s people.

• Sustainable Spark: delivering business value by supporting a better digital world that is low impact
with high connectivity, and equitable and trusted.

Spark CEO Jolie Hodson said, “In an increasingly digital world, our products and solutions are only
becoming more important for New Zealanders and businesses.

“Connectivity is our core business, and our absolute focus in the years ahead. When New Zealanders
trust us to keep them connected, we want it to be better with Spark – whether that’s through their
experience on our network or getting the help they need quickly and easily.

“We make significant investments into our network every year, which was recognised in FY25 when we
were awarded the most reliable network with the widest coverage experience by Opensignal. We will
continue to invest in being there when it matters for our customers, using AI and automation to
proactively resolve issues, and bringing satellite-to-mobile to Spark in the second half of FY26.

“We will also explore new opportunities to monetise our network capabilities by providing our business
customers with more sophisticated connectivity solutions, through our 5G Standalone network and our
new partnership with global API aggregator Aduna.

“Our financial ambition is to deliver stable, annuity-like returns for our shareholders through consistent
annual growth in free cash flow, supporting a sustainable and growing dividend over time. Our return on
invested capital of 8.7% outperforms the majority of our global peers
4
and our ambition is to grow this to
11-13% over the next five years.

“As we do this, we will hold ourselves accountable to growing customer satisfaction to best-practice
levels, maintaining our network leadership for reliability and coverage, achieving top quartile employee
engagement, and continuing to work towards our science-based emissions reduction target.

“With this focus on our core, and the things that matter most to our customers, we approach these next
five years with clarity and determination.”

Chair succession update

As announced at the end of July, three new Directors will join the Spark Board during FY26. In the
context of this significant Board renewal, Chair Justine Smyth has confirmed she will stand for re-election
at the upcoming AGM in November, with the intention to serve for a period of up to 12 months.

Smyth continued, “In recognition of my tenure we have a Chair succession process in place, and this
remains a focus for the Board. My intention in standing for re-election is to ensure a successful transition
to a new Chair and to support ongoing stability for Spark as it embarks on its new strategy.”

Investor Presentation

Spark will provide a presentation to investors today at 1:00pm (NZT). The presentation can be accessed
live via webcast using the following link: https://edge.media-server.com/mmc/p/fjt8dwzo


Authorised by:
Rodney Deacon

4
ROIC is calculated as net operating profit (EBITDAI less depreciation and amortisation for both continuing and discontinuing operations)
after tax (at 28%) as a percentage of Invested Capital (total debt including leases plus equity). Peers are comparable telco companies.

Spark New Zealand Limited
ARBN 050 611 277 Spark City, Level 1, 50 Albert Street, Private Bag 92028, Auckland, New Zealand


Finance Lead Partner – Investor Relations and Commercial


For media queries please contact:
Althea Lovell
Corporate Relations Lead Partner
(64) 21 222 2992
althea.lovell@spark.co.nz
For investor queries please contact:
Rodney Deacon
Finance Lead Partner – Investor Relations and Commercial
(64) 21 631 074
rodney.deacon@spark.co.nz

---

SPK-30 StrategyIt’s better with Spark

Chair’s address

Today’s agenda
Greg Clark
Lead in core connectivity
Jolie Hodson
Strategy overview
Mark Beder
Business connectivity
Simplify and optimise beyond the core
Renee Mateparae
Better network
Matt Bain
Better customer experiences
Stewart Taylor
Enablers
SPK-30 strategy ambitions
Presentations from:

Digital and data-driven,
everywhere
Digital infrastructure
fuelling growth
Home of high-tech
solutions
Innovative, diverse,
sustainable
Customer iNPS of +41,
outperforming FY26 target of +33
Maintained mobile and
broadband market leadership
Digitisation and AI investment
supported ~20% reduction in call
centre volumes
Realised $356m in value
from non-core assets
1
TowerCo proceeds partly invested
in data centres and 5G Standalone
Up to $583m in DC Co proceeds
and a 25% stake retained for long-term
value creation
Lower business spending impacted
market for new tech investment
Seeking investment
partner for MATTR
First 5G Standalone network in
New Zealand in productisation, IoT
delivered ~26% revenue CAGR
Spark included in Dow Jones
Best-In-Class Index (Australasia)
Median gender pay gap reduced 5pp from
FY21 to 23% (vs. target of 10pp by FY26)
Overall engagement impacted
by transformation, positive progress
on broader culture measures
SPK-26: where we aspired to be by FY26
SPK-26 was focused on growth in core markets, data centres, and high-tech solutions
While progress was made against strategic priorities, changes in the economic environment impacted earnings
performance and shareholder returns. ROIC reduced to 8.7%, which continues to outperform the majority of global peers.
FY26 Ambition
FY25 Results
1. $309 million from Connexa transaction (net of transaction costs), $47 million from HTAL transactionSPK-304

Inflationary environment with lower
customer spending and population
growth, driving greater levels of price
competition in key markets.
Generative AI enabling widespread adoption
and new opportunities for productivity, customer
experiences, and data centre capacity growth,
while agentic AI rapidly maturing.
What has changed since we set our last strategy
Changed economic
environment
Accelerated and
democratised AI
SPK-305

What we have done to respond
Refocused on core connectivity
for our customers
Transformed operating model
and scalable cost base
Customer satisfaction at an all time high
Refreshed mobile product and pricing
Increasing brand investment
5G rollout at >50% population coverage
US-based satellite provider in the second half of FY26
Introduced a simpler, leaner operating model
Simplified non-core asset portfolio
Established four global partnerships to accelerate AI,
improve efficiency, and access global best-practice
Delivered significant labour and opex reductions
SPK-306

Our strategic context ahead
Connectivity is becoming
more central to customers’
lives – driving ongoing
demand for data
Demand will
continue to increase
New tech brings
new opportunities
NZ economy
remains subdued
Competitive environment
will continue to change
Rapid AI advancements
and new global partnerships
provide an opportunity to do
things differently
Economic conditions
predicted to remain
subdued in the near term,
while cyclical pressures
expected to ease in time
Ability to adapt organisation
and cost base at pace critical
to success
SPK-307

SPK-30 builds on our competitive advantages
No.1 market share
¹
Most reliable mobile network
Most trusted brand in our sector
³
99%
660k+
Broadband connections
2.6m+
Mobile connections
1,100+
Enterprise and government customers
110 k+
SME customers
of NZers reached by 4G network
2.2k+ 350MHz2.3m+
Connections to IoT networkMobile sites
5
Highest value spectrum holdings
data centre and subsea
cable shareholdings
Digital Infrastructure
Leaders in
the market
Satisfied, loyal
customers
Significant and
valuable asset base
Strong return
on investment
in mobile and broadbandwith the widest coverage experience
2

1. Mobile service revenue market share and broadband
connection market share sourced from IDC as at 30 June 2025
2. Opensignal Awards – “New Zealand: Mobile Network
Experience Report, September 2024, based on independent
analysis of mobile measurements recorded during the period
June 1 – August 29, 2024
©
2024 Opensignal Limited
3. TRA brand reputation monitor April-June 2025.
4. Interaction net promoter score
5. Includes Spark active equipment on 1,600 third party towers,
572 Rural Connectivity Group (RCG) towers and
90 small cells active at 30 June 2025
6. ROIC is calculated as net operating profit (EBITDAI less
depreciation and amortisation) after tax (at 28%) as a
percentage of Invested Capital (total debt including leases plus
equity). Peers are comparable telecommunications companies
8.7% ROIC in FY25, outperforming most global peers
6
Five year growth in customer satisfactionHigh customer loyalty in mobile base
+40
iNPS
4
SPK-308

Technology
and AI
People and
culture
Financial
discipline
Sustainable
Spark
Lead in core
connectivity
Simplify and
optimise beyond
the core
1
2
Better network
Better customer
experiences
It’s better
with Spark
To help all of
New Zealand
win big in a
digital world
Our PurposeOur Strategic ChoicesOur AmbitionOur Enablers
SPK-30 Strategy
SPK-309

It’s better with Spark
Our ambition
SPK-3010

Better network
25
10
9
6
93
100
80
60
40
20
0
92
86
82
91
NetworkValueServiceLoyaltyOther purchasing considerations
76
45
71
44
56
15
51
34
30
Better customer
experiences
Network quality attributes account
for 4 of the top 5 most important
considerations when a customer is
choosing a provider
Following network and value,
customer experience is the next
most important factor to customers
when choosing a provider
Source: Consumer Survey (Jun ’25), N = 4440
25
10
9
6
93
100
80
60
40
20
0
92
86
82
91
NetworkValueServiceLoyaltyOther purchasing considerations
76
45
71
44
56
15
51
34
30
25
10
9
6
93
100
80
60
40
20
0
92
86
82
91
NetworkValueServiceLoyaltyOther purchasing considerations
76
45
71
44
56
15
51
34
30
Grounded in what matters to our customers
Value for money
25
10
9
6
93
100
80
60
40
20
0
92
86
82
91
NetworkValueServiceLoyaltyOther purchasing considerations
76
45
71
44
56
15
51
34
30
SPK-3011

Where we will invest for growth
Mobile
Cloud
Broadband
Procurement
Lead in core connectivity
Simplify and optimise
beyond the core
Business
connectivity
IT Services
Fixed networks, IoT,
collaboration, voice
Service management
and data and AI
consulting
Contributes 80% of
Spark’s gross margin
Spark the clear market
leader in connectivity
Connectivity products often
bundled by customers
Customer demand for data
continues to grow
Leading 5G Standalone
investment creates new
commercialisation opportunities
Strengthen mobile market leadership
Grow broadband bundling and wireless 5G
Deliver advanced connectivity solutions
Optimise for changing markets
Simplify and exit legacy
Leverage AI, automation, and global
partnerships for efficiency and better
customer experiences
Contributes 20% of
Spark’s gross margin
Leading market positions
in cloud and IT
More fragmented
competitive environment
than connectivity
Changing mix and demand
impacting profitability
 In adjacent
segments we will:
Connectivity will be
the #1 focus of future
capital allocation
OUR STRATEGIC CHOICESSTRATEGIC CONTEXT
OUR STRATEGIC CHOICESSTRATEGIC CONTEXT
SPK-3012

Data centre partnership creating shareholder value in short and long-term
High quality data centre partner secured
Pacific Equity Partners (PEP) partnership secures a funding
pathway to build out the planned 130MW+ development pipeline
Realising value in the short and long term
Realises value in the short term, while enabling Spark to continue
participating in the growing market through a 25% retained stake
Strong multiple compared to similar transactions
Transaction values ‘DC Co’ at $705m
1
, and represents an EV/EBITDA
multiple of 30.8x
2
based on FY25 pro-forma EBITDA
Spark expects to receive initial cash proceeds of ~$486m
3
at completion,
with additional deferred cash proceeds of up to ~$98 million contingent
on the achievement of performance-based objectives by the end of the
CY27 (totaling ~$583m if the full earn-out is achieved)
Enables capital investment focus on core business
Proceeds will be used to reduce group net debt
Once the transaction is complete and DC Co’s standalone funding
facilities are in place, Spark’s annual capital contribution to fund the
development pipeline is expected to be modest
‘DC Co’ created to hold all data centre assets
and operations (including resource consents), funded
through a mix of equity and debt at completion
DC Co will have its own Board, management team,
and debt financing facilities (non-recourse to Spark)
Spark expects to spend $50m-$70m capex in H1 26
prior to assumed transaction completion date
4
DC Co will be equity accounted from
completion – estimated to be 1 January 2026
4
Earnings and cashflow generated by DC Co
will be reinvested in the growth of the business
1. Headline enterprise value comprising base enterprise value of $575 million and up to a further $130 million of earn-out enterprise value
2. Assumes FY25 pro forma EBITDA of $22.9m for Spark data centre business within the transaction perimeter
3. Final net proceeds subject to completion adjustments
4. Timing is an estimate only. The transaction is subject to regulatory and customary consents including Overseas Investment
Office approval, with a targeted completion date of 31 December 2025
DC Co – transaction features
SPK-3013

Leading
New Zealand data
centre platform
Significant
development
pipeline
Attractive market
dynamics
Track record of
securing global
cloud contracts
High quality
customer
relationships
Strong focus on
sustainability
DC Co is well positioned to capture its share of this growth
data centre facilities
across NZ, with three
scale AKL campuses
hectares of development
land owned or under
agreement
CAGR for NZ DC
capacity demand over
next five years
1
p.a.
WALE
3
of data centre revenue
attributable to global
cloud providers
2
Customers across
International, Govt,
Enterprise, SMEs
Genesis Energy partnership
providing access to
renewable electricity
built capacity with 88%
contracted utilisation
secured for Takanini
Pod 3 and North Shore
developments
as New Zealand catches
up to global trends
for global cloud / content
provider data centre
contracts
historic churn across data
centre customer base
renewable electricity to
be matched to DC sites
from FY26
4
11732%
~
270
~
1. 5 %
30%10 yr
23MW
Resource
Consents
Cloud and AI
driving demand 15y r10 0%
1. Spark estimate
2. Recurring revenue as at H1 25
3. Based on a total contract value
weighted average of remaining lease
years for global cloud/content provider
contracts as at 30 June 2025
4. The Genesis renewable energy partnership,
and REC matching, is expected to cover all
current sites with the exception of Takanini
Pod 2 and the University of Waikato which are
recent additions to the portfolio
~~
SPK-3014

Forecast demand is expected to grow ~8x over the next 10 years
1
52%
Market demand
(New Zealand MW)
Gen AI workloads
Traditional cloud
Enterprise & Government
2035CAGR2034203320322031203020292028202720262025
~8x
17 %
10%
112
155
226
295
368
448
527
610
694
779
864
1. Based on Spark estimates
SPK-3015

Lead in core
connectivity
Our strategic choices

Lead in core connectivity
Mobile
Business connectivity
#1 Focus
The centre of our core is mobile,
making it our priority for capital
allocation. Focus on strengthening
our market leadership.
Focus on growing our position as
the preferred connectivity provider for
businesses, big and small, in New Zealand.
Focus on bundling with
mobile to improve retention,
and growing wireless broadband
as 5G rollout matures.
Broadband
SPK-3017

Mobile today
1. Based on Spark’s leading mobile service revenue market share, as measured by IDC as at 30 June 2025
2. As measured by IDC as at 30th June 2025
3. Mobile Virtual Network Operators offer mobile services by leasing network access from traditional mobile network operators rather than owning their own infrastructure
2.6m
MVNO
85%#1#1
High levels of
customer loyalty in
premium segments
#1 mobile provider
– 41.4% market share
1
Mobile customers
by connections in Enterprise
and Government
2
Consumer and SME
accounts for >85% of
mobile service revenue
New MVNO platform
launching early 2026
+>
Mobile contributes:
Revenue
Unique two brand structure provides choice for customers
ValuePrice
40%
~
Gross margin
52%
~
Spark is the #1
mobile provider in
New Zealand
1
3
SPK-3018

Growing customer demand for data
High levels of Spark customer loyalty
in premium segments
Consumer market growth linked to
population growth
Business mobile fleets reduced in line
with workforces – connections stabilising
and growth to return in line with
improved economic conditions
Ongoing business ARPU pressure in near
term from intensified competitive pricing
Rewarding and
recognising
customers
Rewarding and recognising
high-value, loyal customers
to support retention and
trade-up into higher value
segments
Meeting changing
customer needs
Product innovation
delivering new functionality,
digital experiences, and new
technologies (inc. satellite)
Strategic context
FY30 focus
Better network
experiences where
it matters most
Directing our network
investment to meet
customers where they are
Continued investment in
value brand Skinny and
business mobile to compete
across all market segments
More
customer
choice
Mobile tomorrow
SPK-3019

32%
59%
#1
Easy
Wireless Broadband (WBB) a convenient
and mobile option for customers
#1 in market –
~32% market share
1

WBB 32% of
broadband base
WBB market share
3
660k
Broadband customers
+
5G WBB delivers superior speeds to 4G WBB
2
336 vs 63Mbps
Broadband today
1. Based on Spark’s leading broadband connection market share, as measured by IDC as at 30 June 2025
2. June 2025 MBNZ report
3. As measured by IDC as at 31 March 2025
Spark is the #1
Broadband provider
in New Zealand
1
Unique two brand structure provides choice for customers
ValuePrice
SPK-3020

Mature and commoditised market – growth
expected to follow migration and housing
development
WBB delivers material margin benefits
Tailwinds supporting WBB growth – with
ongoing 5G rollout and spectrum re-farming
post 3G exit boosting capacity
Around 50% of Spark households bundle
mobile and broadband – a growth and
retention opportunity
Better value for customers and
retention for Spark through
broadband and mobile bundling
Better experiences for
customers and margins for
Spark as 5G rollout matures
Strategic context
Broadband tomorrow
FY30 focus
SPK-3021

1,10 099%99%
Spark has built New Zealand's
first 5G Standalone network
of New Zealanders
reached by our IoT
networks
of NZers reached by
4G network, and >50%
of the population reached
by 5G network
2
71
SME business hubs
deliver high customer
satisfaction scores
1
Devices connected to our
Internet of Things (IoT) networks
of our business customer base purchase
connectivity products and services
Enterprise and government customersSmall-medium business customers
Business connectivity today
1. SME business hub interaction net promoter score increased 5 points in FY25
2. Towns with a population over 1,500
Spark is a leading
connectivity
provider for
businesses
in New Zealand
110 k
++
2. 37m
++
1s t
80%
~
SPK-3022

Business connectivity tomorrow
Business connectivity continues
to be a core foundational layer
Customers are modernising
their connectivity solutions
Strong customer preference to
purchase multiple connectivity
products from one provider
Strategic context
FY30 focus
Modernised
customer solutions
Transition customers from
legacy to modernised solutions
Advanced connectivity
customer solutions
New advanced connectivity
solutions that solve complex
business problems
AI-enabled customer
experiences
Leveraging AI and automation
to create easier digital self-
service for customers
SPK-3023

Simplify
and optimise
beyond the core
Our strategic choices

Beyond the core – our business solutions today
Cloud
Public, private, and hybrid
cloud solutions
IT Services
Service management and
data and AI consulting
Procurement
Resale of hardware
and software licenses
Considered adjacent to core
Leading market positions in
cloud, IT Services, Data and AI
Scale business compared to many
global peers, with higher profitability
More fragmented competitive
environment than connectivity
Changing mix and demand
impacting profitability
Strategic context
SPK-3025

Leverage global partnerships to enhance service offerings and returns
Simplify portfolios by sunsetting and exiting legacy offerings
A focus on digital first, automated, and AI-enabled journeys and solutions
Highly utilised and targeted professional services
Beyond the core – our business solutions tomorrow
CloudIT ServicesProcurement
SPK-3026

MAT TR: solutions to securely prove identity and
share trusted information, giving users control
over their personal data with digital credentials.
Spark has commenced a process to introduce
new investors
Cloud infrastructure: one of the largest private
cloud operators in New Zealand, trusted to host
and store workloads for SMEs, enterprise,
and government customers
Spectrum: 350MHz highest value spectrum holdings
Active mobile assets: on 2,250+ mobile sites, providing
4G to 99% and 5G to >50% of the population
IoT networks: largest dedicated IoT network, providing
coverage to 99% of the population 
Data centre asset: 25% shareholding in DC Co, a leading
data centre provider with a 130MW+ development pipeline
1
National fibre routes: spanning ~9400km and connecting
mobile network across 35 exchanges
Entelar: field services for civil works, fibre and mobile
networks; supply chain; and IT field services
Subsea cables: connecting New Zealand
to the world through our investment in
Southern Cross which owns and operates
high speed undersea cables between
New Zealand, Australia, United States and
the Pacific Islands, and the Tasman Global
Access fibre-optic submarine cable between
Australia and New Zealand
Satellite: purpose-built Satellite Earth
Station in Warkworth that supports Pacific
and maritime connectivity
International connectivity assetsDomestic connectivity assetsDigital connectivity assets
Extensive portfolio of valuable assets
Valuable extensions to our networks that provide
Spark with owner’s economics on high-growth routes
Core assets provide competitive advantage
in connectivity and network resilience
Core assets. Retain and invest.Non-core assets. We will continue to consider ownership options over time.
Businesses that operate in adjacent
categories to core connectivity
Our approach
1. Subject to completion of transaction
SPK-3027

Better
Network
Our ambition

New value from
advanced technologies

Investing where it matters for our
customers: network upgrades and
expansion based on our customers’
real-world experiences using our network
Proactively resolving network issues:
leveraging our global partners to accelerate
our use of AI, advanced analytics, and
automation, to detect and resolve network
issues proactively for our customers
Uplifting regional resilience: improve
redundancy through investment in regional
coverage, self-healing networks, disaster
recovery solutions and satellite connectivity
New customer solutions: leverage leading
5G Standalone network investment to bring
new capabilities to our business customers –
such as network slicing and private networks
New commercial models: participate in the
global shift to create new commercial models
for ‘Network as a service’ that are API-based
and globally standardised
Reliable and
trusted network
Grow our
leadership in
reliability and
coverage:
Create new
commercialisation
opportunities:
Better network
SPK-3029

Delivering customers
the performance they
need, whenever and
wherever they need it
Protecting our customers
through proactive threat
detection and network
security monitoring tools
Reliable
connectivity
Safe and
secure
Leveraging AI and
automation to detect and
resolve issues proactively,
before our customers even
know there’s a problem
Proactive
resolution
Reliable and trusted network
Resilient
infrastructure
Investing in regional digital
infrastructure to improve
redundancy and resilience
Customer focused connectivity
SPK-3030

Leveraging our position as the only telco
with a 5G Standalone network in New Zealand
New value from advanced technologies
Dedicated network slices
for prioritised services
Ultra reliable, low-latency
connectivity
Broad range of use cases
across sectors and businesses
5G private network underway
with cargo and port customers
Personalised and prioritised
customer experiences
Commercialisation
opportunities
New commercial models
from Network-as-a-service
and Network APIs
Access new customers through
global API aggregators
Enables Spark to capture
early demand from high
value enterprise clients
Ability to explore consumer
use cases in future years
SPK-3031

New commercialisation opportunities from global API aggregators
Spark is the first
New Zealand company
to join global API
aggregator Aduna
Onward providers
Spark creates standard APIs
Initial focus on SIM swap detection
and number verification APIs – supporting
businesses to reduce fraud
Aduna creates common APIs for entities running
developer platforms (onward providers)
Businesses and developers use
APIs to build into their applications
SPK-3032

Better customer
experiences
Our ambition

Deliver a consistent, reliable
network usage experience for
our customers – moving from
reactive to proactive assistance
There when
it matters
Upweight our focus on digital
channel, automation, and AI investment
to reduce friction and time to serve for
our customers, and improve self-service
capability and sales conversion
Simple and easy
to deal with
I am
valued
Customers are recognised and rewarded
through our products and services,
communications, and experiences that
differentiate us from the pack
Better customer experiences
SPK-3034

Evolving retail experiences
Empowering frontline
teams through AI
Improve acquisition
through spark.co.nz
MySpark app – recognition
and personalised offers
Serving up the right offer to the
right customer at the right time
Automating customer self service
and issue resolution
Human assisted
channels
Our path to better customer experiences
Powered
by AI
Digital
channels
SPK-3035

Spark a leader in AI and automation capability in New Zealand
Strategy
and talent
Responsible
AI
Data
capability
Predictive models
and Gen AI
High-value
use cases
Enterprise-wide
tech enablement
Global
partnerships
Improved productivity: agentic AI tool, SparkGPT, an assistant
for employees – providing rapid access to information and taking
automated action to reduce manual work
Scaling SparkGPT to reduce cycle
time of key processes, improving
speed and efficiency
Augmenting care teams with
Agentic AI agents that solve queries
and issues faster – immediate focus
on service and billing
People
Customers
Network
Shorter wait times: customer care teams enabled by call summarisation
(saving ~1.5-2 mins per call) and AI assistants – answering ~20k team questions
a month and reducing queries to back-office teams by 60%
Faster to market: predictive models automating and personalising customer
comms, reducing campaign-to-market time from weeks to hours, and
identifying sales priorities to best serve customers and grow revenue
Reduced resolution times: real-time network performance monitoring
that detects anomalies, and advanced fault management that automates
incident analysis and reduces customer experience impacts
Scale network AI and automation
– reducing manual fault handling
by up to 30%
Future FocusExisting AI capability
SPK-3036

Our enablers
Building a culture focused on
customers and performance by
growing engagement, investing
in targeted capabilities, and
empowering Spark through AI.
Continuing to invest in the AI
and technology that underpins
our marketplace success and
empowers our people.
Delivering business value by
supporting a better digital world that
is low impact with high connectivity,
and equitable and trusted.
People and culture
Technology and AISustainable Spark
Financial discipline
Disciplined capital and cost
management, supporting
improved shareholder returns.
SPK-3037

Our plan for long-term value creation
Revenue growth
Predictable free cash flow
Capital investment prioritised to
network and customer experiences
Growing dividends over time for our
shareholders
Efficiency
Simplifying and optimising non-core
New global partnerships bring scale
advantages
Lean operating model, AI investment,
and cost management
Disciplined capital
management
Customer demand for data and
pricing driving mobile service
revenue growth
Focus on customer lifetime value
across connectivity
5G Standalone investment supporting
new monetisation opportunities
SPK-3038

Capital Management Framework
Focused on a strong balance sheet, targeting metrics consistent with current credit rating
BAU Capex – used to
sustain and grow the
core business organically
(excluding spectrum)
Strategic Capex – capital
investment outside the
core business that meet
Spark’s hurdle rates
Investment and M&A
for growth must meet
hurdle rates
Dividend payout
ratio of 70-100% of
Free Cash Flow (FCF)
Dividend Reinvestment
Plan utilised when
appropriate, currently
suspended
Growth in return
on invested capital
Maintaining
financial strength
Investment
and portfolio
management
Sustainable
shareholder
returns
Free Cash Flow: Reported EBITDAI, less adjusting items and non-cash
gains or losses; BAU Capex; interest costs; tax; lease costs; impact of
changes in working capital, and excluding strategic and spectrum Capex
Definitions:
Strategic Capex: Capex that is allocated to key strategic projects
outside the core business that is expected to meet specific return
thresholds (for example, data centres)
Hurdle rates:
NPV positive and
ROIC greater than
cost of capital
Long-run Capex
to revenue ratio
of 10 -12 %
1
2
3
SPK-3039

Our SPK-30
strategy ambitions
SPK-30

Our SPK-30 strategy ambitions
FY30 Financial Ambition
1
FY30 Non-Financial Ambition
Productivity Customer
EBITDAINetwork
CapexEmployee
Free cash flowSustainability
ROIC
3
Annualised savings of
$150 m -$180 m by F Y30
(from FY24 baseline)
>45+ iNPS
(industry best practice)
Low single digit CAGR
from FY25-FY30
Maintain: Most reliable network,
with widest coverage experience
2
Capex to revenue ratio
10 -12 %
Top quartile employee
engagement
Mid single digit CAGR
from FY25-FY30
Reduce absolute scope 1 and 2
GHG emissions 56% by 2030 from
a FY20 baseline year
11-13% by FY30
1. Note: Financial and non-financial ambitions should not be relied upon by investors as guidance. Annual guidance will be provided for each year at the FY results briefing
2. As awarded by Opensignal annually
3. ROIC is calculated as net operating profit (EBITDAI less depreciation and amortisation) after tax (at 28%) as a percentage of Invested Capital (total debt including leases plus equity)
SPK-3041

More reasons for customers
to join and stay loyal to Spark
A performance driven culture, delivering
great customer and people experiences
Stable annuity-like returns, with
predictable free cash flow and
growing dividends over time for
our shareholders
Our new strategy:This creates
This will deliver
To grow competitive advantage and shareholder returns
Refocuses Spark on our core business of
connectivity – and in particular mobile – from
a broader digital services ambition
Prioritises capital allocation to our core business,
as new data centre partnership provides clarity on
development pipeline funding
Is grounded in what matters most to our customers
– our mobile network and customer experiences
Future proofs a scalable cost base through
partnerships and AI
1
2
3
4
Recap: SPK-30 strategy
SPK-3042

Positive tailwinds driving
connectivity growth
Portfolio management
supporting shareholder
returns
Proven track record
of cost discipline
and adaptation
Leading market
positions across
all connectivity
segments
Stable, annuity-like
returns and growing
dividends over time
Why
Spark?
Leading AI capability
and global partnerships
SPK-3043

Appendix
SPK-3044

In our business
Suppliers and partners
Customers and communities
Low-impact, high connectivityEquitable and trusted
We will reduce our environmental impact and
enable Aotearoa to do the same through technology
Reduce our environmental impact, with a
focus on efficiency and emissions reduction
Engage our suppliers to address our
upstream environmental impacts
Support Aotearoa’s transition to
a resilient, low-emissions future
Deliver trusted digital products with a focus
on privacy, data ethics, and responsible AI
Engage our suppliers to identify and
address social risks in their businesses
Champion digital equity with a focus
on access, skills, and wellbeing
We will champion digital equity and build
trust in our digital products and services
KPI: Reduce Scope 1 and 2 emissions 56% and
achieve 100% renewable electricity by FY30
KPI: 70% of suppliers by spend with science-based targets
by 2026 (absolute scope 3 ambition to be established for FY30)
KPI: maintain leading performance for reliability and
coverage (as measured by Opensignal annually)
KPI: Maintain top quartile performance
in the WBA Digital Equity Benchmark
KPI: Five annual JAC
1
audits driving
issue identification and remediation
KPI: Extend the reach of our not-for-profit
broadband service Skinny Jump
A better
digital world
1. Joint Alliance for Corporate Social Responsibility (JAC)SPK-3045

The information in this presentation has
been prepared by Spark New Zealand Limited.
The information in this announcement is provided
for general purposes only and does not constitute
financial, legal, tax, investment or other advice or a
recommendation to purchase or invest in securities
in Spark New Zealand.
This announcement may include forward-looking
statements about Spark New Zealand and the
environment in which Spark New Zealand operates,
including indications of, and guidance on, future
events and financial performance. Such forward-
looking statements are based on the beliefs of
and assumptions made by management along
with information currently available at the time
such statements were made.
Any forward-looking statements in
this announcement are not guarantees or
predictions of future performance, and
involve known and unknown risks, uncertainties
and other factors, many of which are beyond
Spark New Zealand’s control, and which may
cause actual results to differ materially from
those projected in this announcement.
Spark New Zealand gives no representation,
warranty or assurance that actual results or
performance will not materially differ from the
forward-looking statements, and undue reliance
should not be placed on such statements.
Factors that could cause actual results or
performance to differ materially from those
expressed or implied in the forward-looking
statements include the outcome of Spark New
Zealand’s anticipated revenue growth and/or
cost reduction strategies, economic conditions
and the regulatory environment in New Zealand,
competition in the markets in which Spark New
Zealand operates, and other factors or trends
affecting the industries in which Spark operates
generally, along with the risks detailed in Spark
New Zealand’s filings with NZX and ASX from
time to time.
Additionally, any forward-looking statements
assume no material adverse events, significant
one-off expenses, major accounting adjustments,
other unforeseeable circumstances, or future
acquisitions or divestments.
Except as required by law or the listing rules of
the stock exchanges on which Spark New Zealand
is listed, Spark New Zealand is under no obligation
to update any forward-looking statements
whether as a result of new information, future
events or otherwise.
This presentation contains certain financial
information and measures that are non-GAAP
financial information. Although Spark New Zealand
believes the non-GAAP financial information and
financial measures provide useful information to
users in measuring the financial performance and
condition of Spark New Zealand, you are cautioned
not to place undue reliance on any non-GAAP
financial information or financial measures included
in this presentation.
Disclaimer
SPK-3046

SPK-30