October Operating Report

Monthly Operating Report
October 2025

2
October 2025 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 385GWh (October
2024: 320GWh)
•Mass market netback of $146.09/MWh (October 2024:
$133.29/MWh)
»The Wholesale business recorded:
•Contracted wholesale electricity sales, including that sold to the
Customer business, totalled 997GWh (October 2024: 699GWh)
•Electricity and steam net revenue of $116.76/MWh (October
2024: $136.30/MWh)
•Electricity generated (or acquired) of 1,018GWh (October 2024:
717GWh)
•Unit generation cost, which includes acquired generation was
$35.93/MWh (October 2024: $52.62/MWh)
•Own generation cost in the month of $30.2/MWh
(October 2024: $38.7/MWh)
»Otahuhu futures settlement wholesale price for the 1
st
quarter of
2026 (ASX):
•As at 13 November 2025: $160/MWh
•As at 31 October 2025: $166/MWh
•As at 30 September 2025: $172/MWh
»As at 12
th
November 2025, South Island controlled storage was
151% of mean and North Island controlled storage was 120% of
mean.​
»As at 12
th
November 2025, total Clutha scheme storage
was 135% of mean.​
»Inflows into Contact’s Clutha catchment for October
2025 were 195% of mean. (September: 143%, August: 72%,
July: 108%).
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 9.5PJ.
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
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 October Operating Report has been compiled on a combined
basis. Historic results have been restated to include operations from
both Contact and Manawa from 11 July 2025.

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
NovDecJanFebMarAprMayJunJulAugSepOctNov
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
CY25CY26CY27CY28
$/MWh
28/06/202430/09/202531/10/2025
0
100
200
CY25CY26CY27CY28
$/MWh
28/06/202430/09/202531/10/2025

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

5
Total national demand
Regional demand change (%) on October 2024
»New Zealand electricity demand was up 5.2% on October 2024. When compared to
October 2023, demand was up 1.6%.
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 October 2025 was
13.1ºC, 0.94ºC above
the 1991-2020
October 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
2%
4%
3%
2%
4%
(1%)
1%
24%
(1%)
10%
(1%)
1%
4%
1%
1%
2%
2%
3%
(2%)

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
-
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
-
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
GeothermalHydro
ThermalAcquired generation other
Total acquired gen volume via PPAContracted electricity sales
Unit generation cost (RHS)

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 $98m provision release which was recognized in June 2025.
Note: Operational data is provided on a combined basis and has been restated to cover operations across both Contact and Manawa from July 2025.
7
Operational data
Measure
The month ended The month ended The month ended Four months endingFour months ending
October 25October 24September 25October 25October 24
RetailMass market electricity salesGWh
278 276 312 1,356 1,375
Retail gas salesGWh
107 44 61 312 262
Mass market electricity and gas salesGWh
385 320 372 1,668 1,637
Average electricity sales price$/MWh
341.02 300.23 325.56 321.26 283.27
Electricity direct pass thru costs$/MWh
(158.29)(138.56)(152.25)(147.21)(125.65)
Cost to serve$/MWh
(17.11)(19.45)(16.20)(15.27)(15.10)
Customer netback$/MWh
146.09 133.29 150.12 148.32 132.13
Energy cost$/MWh
(118.83)(124.34)(175.43)(183.10)(158.46)
Actual electricity line losses%
6%5%6%6%5%
Retail gas salesPJ
0.4 0.2 0.2 1.1 0.9
Electricity ICPs#
451,500 444,500 450,500 449,500 443,500
Gas ICPs#
74,000 73,000 73,000 73,000 73,000
Telco connections #
133,000 115,000 131,000 130,000 112,000
WholesaleElectricity sales to Customer business

GWh
295 291 331 1,444 1,454
Electricity sales to Commercial and IndustrialGWh
203 132 161 674 509
Electricity CFD salesGWh
499 276 493 1,942 1,223
Contracted electricity salesGWh
997 699 986 4,060 3,186
Steam salesGWh
23 22 22 90 89
Total electricity and steam net revenue$/MWh
116.76 136.30 162.48 155.63 173.93
C&I netback (at the ICP)$/MWh
131.19 106.40 167.27 166.19 145.66
C&I line losses%
4%4%4%4%4%
Thermal generationGWh
1 30 28 173 484
Geothermal generationGWh
429 266 427 1,742 1,412
Hydro generationGWh
472 398 475 1,869 1,202
Spot electricity salesGWh
902 694 929 3,784 3,097
Acquired generation otherGWh
14 23 84 273 246
Total acquired gen volume via PPAGWh
102 - 93 281 -
Electricity generated (or acquired)GWh
1,018 717 1,106 4,339 3,343
Unit generation cost (including acquired generation)
1
$/MWh
(35.93)(52.62)(48.79)(47.80)(61.46)
Spot electricity purchases

GWh
(498)(423)(493)(2,118)(1,963)
CFD sale settlementsGWh
(499)(276)(493)(1,942)(1,223)
Spot exposed purchases / CFD settlementGWh
(997)(699)(986)(4,060)(3,186)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
33.52 58.64 110.80 108.29 249.68
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(33.69)(62.40)(117.16)(112.13)(262.10)
LWAP/GWAP%
101%106%106%104%105%
Gas used in internal generationPJ
0.0 0.3 0.2 1.5 3.8
Gas storage net movement (extraction) / injectionPJ
0.5 1.0 (0.1)(0.8)1.7
ContactTotal customer connections#
665,000 637,000 659,000 657,500 633,000
Realised gains / (losses) on market derivatives not in a hedge relationship$m
1.28 (0.16)0.97 (0.22)(15.13)

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 (October, January, April, July)
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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To find out more about Contact Energy
+64 27 227 2429
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