October Operating Report

Monthly Operating Report
September 2025

2
September 2025 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 372GWh (September
2024: 389GWh)
•Mass market netback of $150.12/MWh (September 2024:
$130.58/MWh)
»The Wholesale business recorded:
•Contracted wholesale electricity sales, including that sold to the
Customer business, totalled 736GWh (September 2024:
814GWh)
•Electricity and steam net revenue of $168.78/MWh (September
2024: $174.51/MWh)
•Electricity generated (or acquired) of 820GWh (September
2024: 859GWh)
•Unit generation cost, which includes acquired generation was
$35.77/MWh (September 2024: $52.04/MWh)
•Own generation cost in the month of $25.7/MWh
(September 2024: $31.4/MWh)
»Otahuhu futures settlement wholesale price for the 1
st
quarter of
2026 (ASX):
•As at 13 October 2025: $170.10/MWh
•As at 30 September 2025: $172/MWh
•As at 29 August 2025: $194.50/MWh
1
Contact retains some optionality on a portion of this gas. Contracted gas sales for the next 12 months
total ~5PJ, including the recently announced All of Government contract.
2
Total approved project costs. For inclusions and exclusions from total, see Contact’s full disclosures
associated with investment announcements.
3
Being delivered by Contact’s 50/50 Joint Venture with Lightsource bp.
The September Operating Report has been prepared on a
Contact standalone basis. As the Manawa integration
progresses, we will look to provide combined reporting over
time.
»As at 12
th
October 2025, South Island controlled storage was
116% of mean and North Island controlled storage was 120% of
mean.​
»As at 12
th
October 2025, total Clutha scheme storage was
120% of mean.​
»Inflows into Contact’s Clutha catchment for September
2025 were 143% of mean. (August: 72%, July: 108%, June:
84%).
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 9.4PJ.
1
»Contact’s current renewable development projects under
construction:
ProjectExpected OnlineProject Costs
2
Glenbrook-Ohurua BESSQ1-CY26$163m
Kowhai Park Solar
3
Q2-CY26$273m
Te Mihi Stage 2 geothermalQ3-CY27$712m

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
OctNovDecJanFebMarAprMayJunJulAugSepOct
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
CY25CY26CY27CY28
$/MWh
28/06/202429/08/202530/09/2025
0
100
200
CY25CY26CY27CY28
$/MWh
28/06/202429/08/202530/09/2025

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
FY25 BENFY26 BENFY25 OTAFY26 OTA
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Sep-25Sep-24Aug-25
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Sep-25Sep-24Aug-25

5
Total national demand
Regional demand change (%) on September 2024
»New Zealand electricity demand was up 6.5% on September 2024. When compared to
September 2023, demand was up 2.9%.
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
FY24, 25 and 26 respectively
Regional demand is excluding NZAS
The nationwide
average temperature
for September 2025
was 11.3ºC, 0.8ºC
above the 1991-2020
September 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
1%
(0%)
0%
(0%)
1%
2%
4%
18%
1%
12%
3%
5%
3%
1%
4%
(1%)
2%
5%
6%

Wholesale
Contact Energy / Monthly Operating Report
6
Retail
Generation mix, gross sales position and unit generation cost (FY25 and 26
respectively)
Retail sales volumes and netback (FY25 and 26 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
Axis Title
Mass market electricity salesRetail gas salesNetback

Contact Energy / Monthly Operating Report
7
1
FY25 unit generation cost is shown including monthly unwinds of the AGS onerous contract provision. It excludes the $98m provision release which was recognized in June 2025.
Note: EBITDAF contribution from Manawa was $14.9m in September and $40.2m YTD (post transaction completion on 11
th
July 2025).​
7
Operational data
Measure
The month ended The month ended The month ended Three months endingThree months ending
September 25September 24August 25September 25September 24
RetailMass market electricity salesGWh
312 318 380 1,078 1,098
Retail gas salesGWh
61 71 74 205 219
Mass market electricity and gas salesGWh
372 389 454 1,283 1,317
Average electricity sales price$/MWh
325.56 287.09 311.74 316.15 279.01
Electricity direct pass thru costs$/MWh
(152.25)(131.10)(141.83)(144.34)(122.41)
Cost to serve$/MWh
(16.20)(14.64)(12.47)(14.72)(14.04)
Customer netback$/MWh
150.12 130.58 148.36 148.99 131.85
Energy cost$/MWh
(175.43)(140.18)(199.73)(202.41)(166.75)
Actual electricity line losses%
6%4%6%6%6%
Retail gas salesPJ
0.2 0.3 0.3 0.7 0.8
Electricity ICPs#
450,500 444,500 449,000 449,000 443,000
Gas ICPs#
73,000 73,000 72,500 73,000 73,000
Telco connections #
131,000 113,000 129,000 129,000 111,500
WholesaleElectricity sales to Customer business

GWh
331 332 404 1,148 1,163
Electricity sales to Commercial and IndustrialGWh
131 125 136 388 377
Electricity CFD salesGWh
274 356 290 842 948
Contracted electricity salesGWh
736 814 830 2,379 2,487
Steam salesGWh
22 21 22 68 67
Total electricity and steam net revenue$/MWh
168.78 174.51 172.23 176.79 184.55
C&I netback (at the ICP)$/MWh
151.34 138.13 180.87 172.18 159.38
C&I line losses%
4%4%3%5%4%
Thermal generationGWh
28 26 116 173 454
Geothermal generationGWh
427 362 459 1,314 1,145
Hydro generationGWh
324 398 287 935 803
Spot electricity salesGWh
778 787 862 2,421 2,403
Acquired generationGWh
42 72 55 168 223
Electricity generated (or acquired)GWh
820 859 918 2,589 2,625
Unit generation cost (including acquired generation)
1
$/MWh
(35.77)(52.04)(52.89)(44.03)(63.87)
Spot electricity purchases

GWh
(463)(457)(540)(1,537)(1,540)
CFD sale settlementsGWh
(274)(356)(290)(842)(948)
Spot exposed purchases / CFD settlementGWh
(736)(814)(830)(2,379)(2,487)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
108.51 78.86 170.60 129.81 301.88
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(116.55)(90.51)(181.69)(137.65)(318.20)
LWAP/GWAP%
107%115%107%106%105%
Gas used in internal generationPJ
0.2 0.3 1.0 1.5 3.4
Gas storage net movement (extraction) / injectionPJ
(0.1)1.2 (1.0)(1.3)0.8
ContactTotal customer connections#
659,000 635,000 655,000 655,000 632,000
Realised gains / (losses) on market derivatives not in a hedge relationship$m
0.97(0.18)(0.03)(1.50)(14.97)

8
Material themeMeasureUnit
Q1 FY26Q1 FY25
Climate Change
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e162313
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.0560.130
Water
Freshwater take
3
Million cubic
metres
0.420.57
Non-consumptive water usage
4
Million cubic
metres
3,8783,671
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
4.594.54
Biodiversity
Native rākau (trees) planted by Contact
5
#
29,423
46,165
Pests caught
6
#
1,196
851
Community
Community initiatives and organisations supported#
37
26
Inclusion and
Diversity
Board
% Women/ %
Men
29% / 71%43% / 57%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
22% / 78%20% / 80%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
42% / 56%46% / 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. Data is not yet available for hydro assets acquired in purchase of Manawa Energy on a basis consistent with Contact’s reporting and has
not been included.
5
Does not include DrylandCarbon/Forest Partners activities.
6
Predominantly rats, mice and hares. Data on pests trapped at Manawa sites is not currently available.
7
Includes all permanent, fixed term and casual employees. 1.3% and 1.4% unspecified in Q1 FY26 and Q1 FY25 respectively.
Contact Energy / Monthly Operating Report
Environment, Social and Governance (ESG)
ESG data below is provided on a combined basis and covers operations across both Contact and Manawa where data available

9
investor.centre@contactenergy.co.nz
contact.co.nz/aboutus/investor-centre
Investors
Shelley Hollingsworth
Head of Corporate Finance (Acting)
contact.co.nz
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Linkedin.com/company/contact-energy-ltd
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To find out more about Contact Energy
+64 27 227 2429
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