Contact31+ Strategy, Capital Markets Day 2025

Contact Energy Limited Level 2 Harbour City Tower, 29 Brandon Street, Wellington 6011 | PO Box 10742, Wellington 6143
P: +64 4 499 4001 | W: contactenergy.co.nz

25 November 2025

Contact31+ Strategy, Capital Markets Day 2025
Contact Energy (Contact) has released its strategy to lead New Zealand’s renewable energy
future; Contact31+.
Contact has outlined its plans to extend its advantage as New Zealand’s geothermal leader,
lead on new flexibility in New Zealand, build into new demand with wind and solar and lead
the energy transition at home.
“Over the last five years, we have delivered strongly against our Contact26 strategy, with
this past year being one of the most significant in Contact’s history,” said CEO Mr Mike
Fuge.
“We have to keep the momentum going. New Zealand needs more renewable energy and
flexibility as the energy transition continues. We have a clear plan to deliver this with
Contact31+.”
Contact is hosting its Capital Markets Day 2025 today. The presentation materials are
attached, focusing on the Contact31+ strategy.
Presentations will run from 10am to 2.30pm NZDT. A livestream of the day can be accessed
by registering here.
A recording will also be posted to the investor presentations page of the Contact website.


Investor enquiries Media enquiries
Shelley Hollingsworth Louise Wright
Head of Strategy and Investor Relations Head of Communications and Reputation
+64 27 227 2429 +64 21 840 313
investor.centre@contactenergy.co.nz media@contactenergy.co.nz

---

1
Contact Energy
Capital Markets Day
25

November 2025

2
Disclaimer and important information
While all reasonable care has been taken in compiling this presentation, neither Contact
nor any of its directors, employees, shareholders nor any other person gives any
representation as to the accuracy or completeness of this information or accepts any
liability for any errors or omissions.
This presentation may contain certain forward-looking statements with respect of a variety
of matters. All such forward-looking statements involve known and unknown risks,
significant uncertainties, assumptions, contingencies, and other factors, many of which are
outside the control of Contact, which may cause the actual results or performance of
Contact to be materially different from any future results or performance expressed or
implied by such forward-looking statements. Such forward-looking statements speak only
as of the date of this presentation. Except as required by law or regulation (including the
NZX Listing Rules and the ASX Listing Rules), Contact undertakes no obligation to update
these forward-looking statements for events or circumstances that occur subsequent to
the date of this presentation or to update or keep current any of the information
contained herein.
Any estimates or projections as to events that may occur in the future (including
projections of revenue, expense, net income and performance) are based upon the best
judgement of Contact from the information available as of the date of this presentation.
EBITDAF, free cash flow and operating free cash flow are financial measures that are “non-
GAAP (generally accepted accounting practice) financial information” under Guidance
Note 2017: “Disclosing non-GAAP financial information” published by the New Zealand
Financial Markets Authority, “non-IFRS financial information” under ASIC Regulatory Guide
230: “Disclosing non-IFRS financial information” and “non-GAAP financial measures” within
the meaning of Regulation G under the U.S. Exchange Act of 1934.
Such financial information and financial measures (including EBITDAF, free cash flow and
operating free cash flow) do not have standardised meanings prescribed under New Zealand
equivalents to International Financial Reporting Standards (“NZ IFRS”), Australian Accounting
Standards (“AAS”) or International Financial Reporting Standards (“IFRS”) and therefore, may
not be comparable to similarly titled measures presented by other entities, and should not be
construed as an alternative to other financial measures determined in accordance with NZ
IFRS, AAS or IFRS accounting practice) measures. Information regarding the usefulness,
calculation and reconciliation of these measures is provided in the supporting material.
This presentation does not constitute financial or investment advice. This presentation does
not constitute an offer to sell, or a solicitation of an offer to buy, Contact securities and may
not be relied on in connection with any purchase of a Contact security.
Numbers in the presentation have not all been rounded and might not appear to add.
All references to $ are New Zealand dollar unless stated otherwise.
All trademarks, service marks and company names are the property of their respective
owners. All company, product and service names used in this presentation are for
identification purposes only. Use of these names, trademarks and brands does not imply
endorsement or that they are or will be customers of Contact and reflects public
announcements of intention only.

3
Financial framework
for growth
Matt Forbes
Chief Financial Officer
Tech advantage
John Clark
Chief Generation Officer
Tighe Wall
Chief Technology Officer
Agenda
Welcome
Introducing Contact31+
Mike Fuge
Chief Executive Officer
Relationships with
our stakeholders
Chris Abbott
Chief Corporate Affairs Officer
Renewables
and flexibility
Dorian Devers
Chief Renewable Growth Officer
Leading the energy
transition at home
Carolyn Luey
Chief Retail Officer
Jan Bibby
Chief People Experience Officer
Matt Bolton
Manawa Integration Director
John Clark
Chief Generation Officer
Manawa integration
update

4
Introducing
Contact31+
Mike Fuge
Chief Executive Officer

5
Key messages
Contact26 has transformed us into a
bigger, cleaner and stronger company
The market needs more renewables and
flexibility as New Zealand’s energy transition
continues
We are well positioned to capture the
market opportunity, with clear advantages
that distinguish us from competitors
We have a clear plan to go after this
opportunity – introducing Contact31+
5

6
3
2
4
Investment and earnings performance
Decarbonisation and renewable growth
1
Contact26: Leading decarbonisation, renewable
growth and delivering value for our investors
Shareholder returns
Retail
Total retail
connections
4

Contact Mobile
connections
Households on
Time of Use plans
3 projects under
construction,
battery, solar
and geothermal
2 new major
geothermal plants
online adding
~2TWh of generation
11.8+ TWh p.a.
of generation
expected from FY26
>95% renewable
1
Maintained market leading cost-to-serve
30% lower than next competitor
5

1. Assuming mean hydrology and wind conditions. | 2. Normalised and expected earnings, assuming mean hydrology and wind conditions and excluding one-off Manawa transaction and
integration costs of $35M. | 3.

Includes forecast growth capex spend in FY26. | 4. Excludes Simply Energy connections. | 5. Based on total retail opex per connection in FY25. | 6. Dividend
indication only. All dividend decisions are a matter for the Board at the conclusion of each reporting period.
EBITDAF
2
$980M
FY26e, up $427M
77% from FY21
Dividend 40cps
FY26e
6
, up 5cps
14% from FY21
202020212022202320242025
Accumulated capital gain
Accumulated dividend
Total shareholder return (FY21 – FY25)
4%
5%
4%
4%
4%
%
Dividend yield
Normalised and expected
642k13k144k
$2B
Cumulative growth capex
invested FY21 – FY26e
3
30 June
2025

7
2
Contact in FY26
Contact in FY21
1
Contact26: Contact is now bigger, cleaner and stronger
New Zealand’s most diversified renewable generator
post Manawa Energy and renewable builds
81% renewable generation
EBITDAF $553M
NPAT $187m
Normalised and expected EBITDAF $980M
1
$945M after one-off Manawa costs​ FY26e
FY26 generation is expected to be
>95% renewable
1
Retail multi-product offerings now include mobile
642k total connections as at start of year
3
8.4TWh of generation across hydro,
geothermal and thermal plants
FY26 expected generation 11.8TWh across hydro,
geothermal, solar and thermal plants and wind PPAs
1
Strong generation portfolio but with limited
geographic and tech diversity
5x geothermal
stations
1x hydro
scheme
2x thermal baseload
2x peaking stations
3x thermal
peaking stations
4
26 x hydro
schemes
7x geothermal
stations
1x battery1x solar
In construction:
Retail multi-product offerings across
broadband, gas and electricity
508k total connections as at start of year
2
FY21
1. Assuming mean hydrology and wind conditions and excluding any short-term acquired generation purchases e.g. fuel replacement via ASX, which will reflect the renewable mix of the market. | 2. As at
30 June 2020. | 3. As at 30 June 2025. Excludes Simply Energy connections. | 4. While, in addition, Contact still owns its baseload Taranaki Combined Cycle gas plant (TCC), preparations are underway for
plant closure in the next 2-3 months.
Wind
PPAs
FY26
1x geothermal

8
There is a compelling market opportunity
supporting Contact31+ ambitions
1. New Zealand Aluminium Smelters Ltd at Tiwai Point.
3-5TWh of new demand over the next 5 years is
expected to underpin new development, driven
largely by gas electrification
The energy transition is leading to
increasingly volatile renewable supply
that requires more intra-day firming
Customer needs and behaviours are
changing, as they electrify and increasingly
manage their energy use
We have better clarity on key market risks
(e.g., NZAS
1
operations, government policy)
providing confidence to grow and invest
40
45
50
55
60
65
70
202520302035204020452050
TWh of electricity demand
Disorderly decarbonisationAccelerated renewables
Slow transitionMBIE EDGS reference
Next ~5 years
~5-10 years
~10+ years
Key trends:
•Accelerated renewables: significant growth in demand as New Zealand
electrifies at pace
•Disorderly decarbonisation: slower demand growth scenario, reflecting
demand exit and delay to committed decarbonisation projects
•Slow transition: sharp slow-down in transition and cancellation of near-
term committed projects
We considered the key trends under Contact’s three
market scenarios:

9
The impacts of the energy transition have become more
evident, with increasing wholesale price volatility
0
100
200
300
400
500
FY16FY18FY20FY22FY24
Monthly average spot price
Source: EMI wholesale price data (OTA node), MBIE electricity & gas statistics and 2P reserves.
1. Forecast under Contact’s disorderly decarbonisation scenario.
Wind and solar expected
to comprise ~10TWh by
FY35
Annual gas production, PJ
Gas supply is declining
~20% year-on-year
Wholesale electricity spot price, monthly
average, $/MWh
This is driving more volatile
prices across seasons
Grid electricity production (including supply,
demand and losses), TWh
There is increasing investment
in renewables to meet demand
Seasonal spread
is widening
199020002010202020302040
0
50
100
150
200
250
Winter peak
Summer low
Actual production, PJ
Future
projection, PJ
9
10
10
10
6
3
3
3
4
5
6
7
1
1
FY25
1
1
FY27
1
1
2
FY31
1
1
2
FY35
1
4343
45
47
OtherWindSolarThermalGeothermalHydro

10
At the same time, customers are accelerating electrification
and increasingly managing their energy use
1. Growth in BEV from 2021 to 2024 was 32.1% (27,495 BEV in 2021 to 83,806 in 2024). EVDB EV Market Stats (2025), EECA.
$500M
Committed
investment in
electrification by
major industry
players towards FY30
4x
Good Plans (Time of Use)
customers since 2022, as
customers increasingly
participate in their energy
management
~30%
Cumulative
annual growth
in EV sales in
2021-2024
1
~1
TWh
Demand response now in
the market, with industrial
take-up of flexible, seasonal
and/or off-peak structures
increasing
New Zealand Aluminium Smelter at Tiwai Point
Contact’s EV charging partnership with bp
More than
More than

11
Grid electricity demand forecast is
to grow by 3-5TWh to 2030
Electricity demand is expected to grow by up to ~5TWh
by FY30, with >3TWh tied to known and committed sources
1. MBIE EDGS reference case used as a proxy for market expectations given its use by Transpower for capital investment planning. | 2. Forecast does not
include assumptions around potential industrial demand loss or line losses. | 3. Includes residential EV charging.
41
42
43
44
45
46
47
CY20CY21CY22CY23CY24CY25CY26CY27CY28CY29CY30
41.6
1.2
1.1
0.9
1.2
0.2
CY30
46.1
Actual demand data (EMI)
Contracted / under construction demand
MBIE EDGS 2024 – Reference scenario
New Zealand grid electricity demand growth over time
1
, TWh/year
Additional
demand growth
forecasted by
MBIE
Known and
committed
new demand
CY24 demand
Breakdown of new-to-grid electricity demand in 2030
2
, TWh/year
Dairy, data centres, metals and residential
sector expected to drive new demand
Residential
3
Data centres
Metals
Dairy electrification

12
We have better clarity across key market
risks, providing confidence to grow and invest
NZAS extended
operations
NZAS to remain
operational under
new long-term deal,
alongside an innovative
demand response
agreement creating
additional flexibility to
improve New Zealand’s
energy security
Stable outcome from
Government-led review
Government
commissioned Frontier
Economics report, found
current market design is
working well to promote
investment in additional
generation
BCG: Energy to Grow
report released
Report shows New
Zealand is developing
renewable generation
at the fastest rate in its
history and highlights
market challenges are
largely due to the rapid
decline of the gas
market
Huntly Firming
Option signed
Agreement signed
between major
generators to secure
the long-term future
of Huntly and manage
dry year risk through
the energy transition
Market
evolution
Effect
MAY
2024
AUG
2025
OCT
2025
NOV
2025
New Zealand will have a general election in 2026 and the electricity sector is likely to remain in focus. While radical proposals may be floated, we expect
mainstream parties to draw on the Government-led review and the BCG report to understanding the challenges faced by the sector and the investment required.

13
Contact is well positioned to capture the market opportunity
1. Reflects FY26e output by technology as indicated in August 2025. Assumes mean hydrology and wind conditions. | 2. Excludes under construction projects. Also excludes 3rd party solar purchases, pre-pipeline
opportunities and other prospects where access is not yet secured. The large majority of options in these pipelines remain subject to resource consent approvals. | 3. Based on total retail opex per connection in
FY25. | 4. Consumer NZ retailer survey April 2025.
New Zealand’s leader
in geothermal
operations and capabilities
Trusted retailer
with leading
cost-to-serve
Most diversified
portfolio in New Zealand
Largest national
renewable pipeline
43%
50%
5%
2%
Only New Zealand player
with geothermal, thermal,
hydro and wind generation
Geothermal
Hydro
Thermal
Wind (PPAs)
Contact’s portfolio
1
GeothermalWindSolar
Renewable energy
generation pipeline
2
, TWh
~50%
of national
geothermal
generation FY25
~30%
lower cost-to-serve
than peers
3
~80%
of national
geothermal output
growth since FY15
3rd
Most Loved &
Trusted
Energy Brand
4
+ solar, battery and
geothermal builds underway
49% of total
Battery capacity pipeline
2
, MW
62% of total
Competitor
1
Competitor
2
Competitor
3
Competitor
3
Competitor
1
Competitor
2
173732
900100300150

14
Empowered
people and leaders
Unite our people behind Contact31+
and develop New Zealand’s
best energy leaders
Relationships
with our stakeholders
Maintain enduring trust with
stakeholders, investing for secure,
affordable renewable energy while
upholding our environmental
commitment
Productivity
Drive disciplined growth by
simplifying processes and
deploying automation
Tech advantage
Establish a distinctive edge in
data and AI on a simplified and
secure technology platform
Extend our advantage
as New Zealand’s
geothermal leader
Scale on high-quality existing
fields, explore new options,
and continue to improve our
cost-leadership position​
Build into new demand
with wind and solar
Deliver lowest-cost diversified wind
and rapidly deploy solar, anchored on
long-term industrial partnerships​
Lead the energy
transition at home
Empower our customers to shift
energy use, while making every
interaction easy and personal
Lead on new flexibility
in New Zealand
Accelerate batteries, build
advantage in hydro flex and
maintain gas flex, optimising our
portfolio in real time​​
Underpinned by continued operational excellence across our diverse and resilient portfolio
Leading New Zealand’s renewable energy future
Contact31+
Enablers
Strategic pillars

15
Contact31+ will deliver the highest value
outcomes for our investors and New Zealand
250MW+
geothermal
delivered / committed
500MW
batteries
online
500MW+
wind
delivered / committed
450MWac
solar
delivered
Target
renewable
energy
outcomes
Target
financial
outcomes
Select target FY31 outcomes under Contact31+
Subject to future investment decisions
1
$90 per
customer
retail cost-to-serve
2
$1.3-1.4B
EBITDAF
fully-ramped
on exit
3

+300bps
ROIC
versus
historical
>50cps
dividend
4

1. These outcomes are dependent on a number of future investment decisions which will be considered by the Board in isolation with all
information available at the time. Pending appropriate market conditions and projects meeting returns thresholds. | 2. Our cost-to-serve target
under Contact26 was on a per connection basis. Under Contact31+ we measure cost-to-serve on a per customer basis to enable a customer-centric
view of cost and facilitating comparison with global benchmarks. Cost-to-serve in FY25 was $113/customer and $83/connection. | 3. In-year FY31
EBITDAF target $1.2-$1.3B. | 4. All future dividend decisions are at the discretion of the Board at the time.
15

16
Renewables
and flexibility
Dorian Devers
Chief Renewable
Growth Officer

17
Contact26: We honed our project execution muscle
and are primed for continued renewable growth
Sequenced execution across technologies
Attractive returns on completed projects
101
102
103
104
105
Technology: Steam
Online: May 2024

Cost: $931M
Technology: Binary
Online: December 2024

Cost: $305M
20222023
Tauhara
Kōwhai
Park
Tauhara
online
Te Huka 3
20212025
Te Mihi Stage 2
+ Wairakei
extension
Glenbrook-
Ohurua
Te Huka 3
online
Tauhara
Te Huka 3
Tracking to plan on new builds
Glenbrook-Ohurua
Grid-scale battery
100MW / 200MWh
Target online Q1 CY26
Target IRR ~8-9% at FID
Te Mihi Stage 2
Geothermal plant
101MW / ~830GWh
Target online Q3 CY27
Target IRR ~10% at FID
Hydro refurbishment projects
(Clyde, Roxburgh, Manawa)
174MW
~1,450GWh
~13% IRR
1
51MW
2

~430GWh
~14% IRR
1
Post construction
1. Expected IRR over the life of the plant updated for actual construction costs, electricity price assumptions and output. | 2. Reflects maximum rated capacity (MCR). The plant has been producing at 54MW.
Post construction
FIDs:
Completion:
Kōwhai Park
Solar farm
150MWac / ~275GWh
Target online Q2 CY26
Target IRR ~12% at FID
2024

18
Largest renewable energy pipeline in New Zealand
Contact26: We built New Zealand’s largest renewable
energy pipeline – with premium attributes
Key advantages
Large scale projects:
With multiple 300+ MW wind and
150+ MWac solar options
Prime locations: Close to key
load centers (e.g., Auckland),
resulting in favourable location
factors and high capture rates
Source: Media, company websites and publications.
1. Excludes under construction projects. Also excludes 3rd party solar purchases, pre-pipeline opportunities and other prospects where access is not yet secured.
The large majority of options in these pipelines remain subject to resource consent approvals.
High-capacity factors:
Driven by high quality
renewable energy resources
~2~5~8
GeothermalWindSolar
Renewable energy generation pipeline
1
, TWh
Grid-scale battery pipeline
1
, MW
62%
49%
Competitor #1
Competitor #3
Competitor #2
Competitor #1
Competitor #3
Competitor #2
of total
Gentailer pipeline
of total
Gentailer pipeline
173732
900100300150

19
We are New Zealand’s leading geothermal
operator and developer
oBenefits of geo,
oTitle We are New Zealand’s leading geothermal operator & developer, has a
combination of:
▪Baseload energy regardless of weather
▪Renewable
▪Low -carbon with programme to go to no carbon
▪Low SRMC
▪Long -life plants (Wairakei plant operational since 1951 – phased
replacement underway,
▪X % of new zealand
▪Geo capabilities (reservoir management, development & design) banner
on the bottom
We have a suite of
capabilities across the
geothermal value chain that
we will leverage to capture
new opportunities
Reservoir management
•Operating experience on
the world’s second longest
electricity-producing field
•Dedicated, internationally
recognised sub-surface team
Well drilling and optimisation
•Continued R&D to lower cost
of operations
•Western Energy
3
is a leading
provider of well solutions
in New Zealand and offshore
Plant design and operations
•Our projects accounted for 88%
of New Zealand’s new
geothermal capacity brought
online FY21-25
Geothermal is an attractive source of firm,
baseload powerregardless of the weather,
with an average capacity factor of ~95%
1
Geothermal is long-lived and resilient. Contact’s
Wairakei station has been operational since 1958
Operating 7 geothermal stations
producing ~5TWh p.a. (12% of
New Zealand’s total generation)
Tauhara, 174MW
Te Huka 1&2, 26MW
Te Huka 3, 51MW
Ohaaki, 41MW
We are New Zealand’s
largest geothermal producer
Wairakei, 138MW
Te Mihi, 166MW
Poihipi, 53MW
Geothermal is renewable and low-carbon
with the potential to be zero-carbon with
reinjection technology
Geothermal has a low operating
cost of ~$10/MWh on average
2
Note: Capacity is shown as the maximum rated capacity (MCR or nameplate capacity) for each plant, which may differ from actual operating capacity in a range of circumstances.
1. Estimated average capacity factor for new stations. | 2. Reflects operating expense. Total cost including operating expense, carbon and maintenance capex is ~$20/MWh on average. |
3. Contact subsidiary company.

20
Priorities over next 5 years
Target milestones and outcomes
FY27
FY31
Contact31+ pillar:
Extend our advantage as New Zealand’s geothermal leader
Build out our existing consents
on Tauhara and Wairakei fields
Extend our high-quality, existing fields
by sustainablyincreasing consented fuel
Continue to improve our cost
leadershipposition through several
targeted initiatives
Explore new opportunities in New
Zealandwith landowners and
tangatawhenua
•Te Mihi Stage 2 on track
(for delivery FY28)
•Tauhara 2 FID taken
1
•Tauhara 3 option progressed
•Tauhara 2 delivered
1
•Te Mihi Stage 3 on track
(for delivery FY32)
1
•FID on Tauhara 3
1
•50+ MW greenfield options
1. Each FID to be considered in isolation with all information available at the time. Pending appropriate market conditions and projects meeting returns thresholds.
20

21
We will sustainably take existing geothermal fields
to their full potential over the next 5 years
~50MW / 415GWh
Under
construction
Up to 100MW / 830GWh
1
Target online Q3-CY27Earliest FID FY27
2. Tauhara 24. Tauhara 33. Te Mihi Stage 31. Te Mihi Stage 2
Earliest FID FY28Earliest FID FY30
Fluid take and (steam)
plant consented
Plant consented, fluid partially
consented. Assessment underway
to increase current fluid consent
Fluid partially consented.
Discussions underway to
increase consent on new areas
101MW / 830GWh
Project status
Location / type
Capacity / output
Project cost
Wairakei field
Partial replacement with
incremental uplift
Tauhara field
All new generation
Wairakei field
Partial replacement with
incremental uplift
Innovative procurement
Introducing greater competition
to OEMs in New Zealand
Innovative design
Focusing on a reduction
in steamfield costs
Efficiency - size and enthalpy
Maximising plant capacity factors
Cost
reduction
levers
Up to 100MW / 830GWh
2
$712M
3
$6.5 – 7.5M / MW
Tauhara field
All new generation
Incremental
uplift GWh (p.a)
~200GWh
Up to ~300GWh
415GWh
Up to 830GWh
Note: All capacity, output, uplift and cost figures for pre-FID projects are indicative only and subject to refinement.
1. Current fluid consent is expected to support an ~80MW plant. Capacity and output figures assume successful extension of the Wairakei field fluid take consent. | 2. Following the build of Tauhara 2, current
consents would leave fluid take of ~30MW equivalent. To expand operations, additional land access and consent is required. Plant capacity and output assumes successful extension of consent and additional
land access is secured. Cost of Tauhara 3 project may be elevated by transmission requirements. | 3. Includes all pre-FID sunk costs. Excludes capitalised interest.
Timing

22
And we’ll explore greenfield sites, identifying options to extend
our geothermal leadership beyond FY31
Current geothermal electricity generation, sites
in the Taupo Volcanic Zone
1
Approach to greenfield exploration
Apply our
leading
capabilities
and tech
Stage-gated
exploration process
Iwi
engagement
≤50
50-100
100-150
>150
Capacity, GWh:
Competitor
Contact
(existing site)
Plant owner:
1. Excludes Ngāwhā (which is in Northland) and embedded / industrial plants at Kawerau.
Targeting 50+ MW greenfield options by FY31 in the Taupo volcanic region
Stage-gated exploration process:
Negotiating access with landowners
Exploration / drilling
Applying for consent
Front-end engineering design
Taupo Volcanic Zone
Waikato region
Te Mihi
Poihipi
Te Huka
Wairakei
Tauhara
Ohaaki
Contact operates
New Zealand’s
largest geothermal
capacity (~650MW /
~50% of total
capacity)
There is room to expand, with
several high-quality greenfield
opportunities identified to meet
or exceed our 50+ MW target

23
Build into new demand with wind and solar
•Kōwhai Park solar delivered
1
•FID on 1-2 additional solar farms
2
•1+ wind farms consented
•0.5TWh industrial energy
demand electrified
•500+ MW wind delivered or
committed
2
•450MWac solar delivered
2
•1+ TWh industrial energy
demand electrified
Consent and bring to market large scale,
lowest cost, diversified wind to support New
Zealand’s economic growth and new demand
Rapidly deploy solar in the near term,backed
by summer-weighted demand
Deploy wind and solaroff-balancesheetand
with development partners to lower costs,
enhance returns and share expertise
Partner with customers in decarbonising
energy useby electrifying heat demand
Apply innovative procurement methods to
improve OEM competition in New Zealand
1. Expected online Q2 CY26. | 2. Each FID to be considered in isolation with all information available at the time. Pending appropriate market conditions and projects meeting returns thresholds.
Priorities over next 5 years
Target milestones and outcomes
FY27
FY31
Contact31+ pillar:

24
Overview of priority wind sites
Contact’s wind farm options are ~2-3x larger than New Zealand average.
Economies of scale are available in design and construction execution
We will use four key levers to deliver New
Zealand’s largest, and lowest cost wind farms
120MW
250 –
300MW
275MW
Average NZ
wind farm size
1

Southland
Huriwaka
Contact pipeline
average
>325MW
~2-3x
Others
Contact
1. Average of existing, committed, and (gentailer) consented wind farms in New Zealand. | 2. Kaihiku is 50:50 JV with Pioneer Energy. | 3. Legacy Manawa development options. |
4. Earliest FID dates are both shown as FY27 reflecting site optionality. Actual investment decisions will be sequenced.
Huriwaka
3

250 - 300MW
Earliest
FID: FY27
4
Source: Media, company websites and publications.
Pouto
>400MW
Hapuakohe
3

250 - 300MW
Kaihiku
2,3
300MW
Next-in-line sites
Other priority sites
Leading offtakers
Working with industrials to
provide economically
compelling renewable
electricity
Project finance
Off-balance sheet
funding to improve
project returns to
Contact by 200-300bps
2
3
4
Innovative
procurement
Introducing greater
competition to New
Zealand
1
Southland
>325MW
Earliest
FID: FY27
4

25
We will draw on our expanded wind development
capabilities and a maturity-driven partnership approach
Project development phase
Construction
Operations
Infrastructure funds
Developer (IPPs)
Iwi
Large scale industrials
OEM
Suitability of a development partner for wind will differ depending on the stage in the project life cycle at which the partnership is entered
Infrastructure plus funds
1

OEM
Developer (IPPs)
Contact’s wind development capabilities have been enhanced with the acquisition of Manawa
Combined Contact and
Manawa wind
development team
Roaring40s wind
development exclusive
consultancy
Collective
expertise of
Contact’s
wind team
•4.2GW of operational wind projects in Australia and
New Zealand, 40% of all operational installed capacity
•Average experience of 22 years (across development,
construction and operations)
Artist’s impression of Southland Wind
Project maturity
Intended partnering
stage for Southland Wind
Infrastructure plus funds
1

1. Infrastructure funds that seek involvement earlier in project maturity.

26
Our food processing electrification proposition aligns
solar generation with customer demand in summer
Dairy gas consumption aligns to
seasonal solar generation patterns
Our food processing electrification proposition is widely beneficial
Targeting 1+ TWh of electrified process heat demand by FY31
Decarbonisation of
industrial sector, shifting
off gas reliance
Grid impact limited by
matching demand with
renewable supply
New
Zealand
Low cost, economically
attractive, reliable new
renewable electricity
Supporting
decarbonisation of
operations
Our food
processing
customers
Contact
Retain winter and peak
merchant exposure to
capture GWAP
De-risk solar deployment
through high quality
offtake, enabling project
finance
Benefits
Illustrative shape
1
1. Demand and irradiance curves are not to scale. Dairy gas demand is based on actual Fonterra natural gas usage as published by the Gas Industry Co. Solar irradiance is illustrative based on average
New Zealand general irradiance data – Global Solar Atlas. | 2. Solar generation numbers provided represent 80% of expected generation from each respective project in line with Contact’s actual and
expected contracted offtake from JVs.
Dairy gas demandSolar irradiance
Jun
Jun
Jan
Jan
Jan
WinterWinter
68
540
1,070
19
Summer load
opportunity
220
224
240
144
Priority
Contact solar
Christchurch Airport & BP
Synlait
Fonterra (Whareroa)
Food processing opportunities
Summer load and output opportunity (GWh)
Party
Argyle
Stratford
Glorit
Kōwhai Park
Priority Contact solar
(output at 80%)
2

27
Attractive consented solar options are being
advanced through our JV with Lightsource bp
In
development
ConsentedUnder
construction
Total
pipeline
3.0
Status of key solar projects and development options
In development
In development - near consent outcome
Consented
Under construction
Kōwhai park
Stratford
Potential for
battery co-location
(100MW consented)
Status
Expected online
end Q2 CY26
Capacity
150MWac
FIDEnergisation
Start of
construction
Status
Earliest FID
FY27
Capacity
~150MWac
Consent
lodged
FID
preparation
Consent under
assessment
Solar generation pipeline, TWh
Located near industrial
load improving location
factor
Argyle
2
High-capacity
factor, existing
connection
Status
Earliest FID
FY26
Annual output
~180GWh
Consent
lodged
FID
preparation
Consent
obtained
Capacity
~80MWac
Glorit
Upper North Island
generation benefits
GWAP
Status
Earliest FID
FY26
Capacity
~150MWac
Consent
obtained
FID
preparation
Consent under
appeal
1
Annual output
~280GWh
Annual output
~275GWh
Annual output
~300GWh
Expecting
Stratford
consent
outcome in
FY26
1
1. Glorit Consent, initially granted in October 2025, is now under appeal. | 2. Argyle is a legacy Manawa solar development option and does not fall under the joint venture with Lightsource bp at this time.
2.02.0
0.6
0.2
0.3
0.6
0.2
0.3

28
Priorities over next 5 years
Target milestones and outcomes
FY27
FY31
Lead on new flexibility in New Zealand
1. Expected online end Q1 CY26. | 2. Each FID to be considered in isolation with all information available at the time. Pending appropriate
market conditions and projects meeting returns thresholds.
Lead and accelerate batterydevelopment to
firm renewables intraday
Become New Zealand’s leading digital trader,
extending our digital platforms and optimising
ourgrowing and diverse portfolio
Leverage our contracted gas,access to gas
storage and our peaking plant to support
continued security of energy supply
Realise the value from our expanded hydro
portfoliobuilding an advantage in hydro
flexibility
Evaluate a portfolio of long-term flex
development options(e.g. hydro) for FY31+
•Glenbrook-Ohurua
100MW battery delivered
1

•Additional 200MW battery under
construction
2
•Manawa portfolio benefits of
$10-20M p.a. delivered
•500MW of batteries online, a further
500MW consented
2
•Long-term renewable flex
options developed
•FY31+ peaking strategy developed
28
Contact31+ pillar:

29
Battery opportunity to reach 900-1,200MW by 2030, driven by
thermal displacement, renewable growth and rising peak demand
...leading to an expected battery market
opportunity of 900-1,200MW by 2030
Battery market opportunity (Contact’s disorderly
decarbonisation scenario), cumulative, MW
202520262030
135
700-900
900-1,200
LowHighActual
1. Stratford peakers, McKee, Whirinaki, Huntly Unit 6. | 2. TCC (energy, but not dispatchability, replaced by new baseload
geothermal).

| 3. Thermal generation dispatchability is not entirely replaced by battery.
6.0
6.5
7.0
7.5
2019202020212022202320242025
YTD
~900MW
thermal displacement
opportunity
3
~1.6GW
of new intermittent
wind and solar to be
deployed by 2030
~25-50
MW/year
peak demand increase
Battery market opportunity is driven by three main factors...
Fast start and winter
peak coverage
generation capacity,
MW
600
600
Fast start
generation
1
300
Announced
thermal (CCGT)
closure
2
300
Total
900
1.1
0.5
SolarWind
Wind and solar
capacity growth, in
Contact’s disorderly
decarbonisation
scenario, GW
Thermal generation displacement
Intermittent renewable growth forecast, cumulative GW, FY26-30
Rising peak demand
Current peak
demand, GW
Average of top 100 peaks
Top 100 peaks
Thermal plant is still needed to support winter energy demand, however, batteries can
shift energy to efficiently meet short-term peak dispatch requirements
Source: EMI, Transpower.

30
We are expecting our first battery online in Q1 CY26 and
accelerating options from our pipeline
Glenbrook-Ohurua battery updateContact
battery
pipeline
Wellington
Glenbrook-Ohurua battery
Under construction: 100MW
Glenbrook 200 battery
Development: Consent filed for
incremental 400MW
1
Stratford battery
Consented: 100MW
Development: Consent
filed for incremental
400MW
Prime locations,
near growing
customer base
and transmission
grid access
Approach for future deployment
Experience building
grid scale batteries
in New Zealand
giving us a repeatable
low-cost playbook
On track to be online by end Q1 CY26
Battery dispatch algorithm under development
In-house capability in
battery development
and proprietary
dispatch optimisation
model (BatMan)
•Leverage execution playbook from first battery for faster
execution, lower costs and higher value
•Option to continue with Tesla for consistency across operating
procedures and plant
•Interest growing from a variety of offtakers (e.g., gentailers, IPPs,
retailers) for battery-related risk management products
Competitive advantages
Portfolio is
complementary with
batteries, providing
firming benefits across
our portfolio and solar
pipeline
100MW in construction
100MW consented
800MW in consenting
Auckland
Large scale
pipeline, brings
procurement
benefits and other
efficiencies e.g., on
grid connection
1. A draft consent for 400MW incremental capacity at Glenbrook has been received from Auckland City Council.

31
Dry years expose New Zealand to a ~4TWh supply
gap from reduced hydro output
We will explore options to support cost effective
seasonal flexibility and security of supply
We are exploring long-term options to displace dry year
energy sources that carry a high cost of dispatch
Optimising utility of thermal fleet
and storage
800
1,200
300
1,000
300
335
Contingent
hydro
storage
Industry
HFOs
Ahuroa
Gas
Storage
(AGS)
Demand
response
Methanex
flex
Whirinaki
diesel
Dry year
swing
Current cross-market energy
sources to support dry years, GWh
The above options (ex-hydro) have a dispatch cost >$200/MWh
Developing and augmenting hydro,
including consenting additional flexibility
Optimising renewable generation with
targeted solar, wind and battery
development – freeing up hydro and
thermal fuel for when it’s most needed
1. Short Run Marginal Cost.
3,900 – 4,000

32
We will explore long-term options to support cost-
effective seasonal flexibility and security of supply
Brownfield hydro augmentation
Optimising utility of gas across thermal fleet and storage
Clyde refurbishment
Potential annual uplift:
30-50GWh
1
Roxburgh runners
upgrade (units 5 and 6)
Potential annual uplift:
~12GWh
1
Contact31+ strategy window:
•Optimise use of annual gas supply contracts of ~10PJ
4
, storage of
~3.5PJ at AGS and peaking fleet at Stratford
•Provides the transitional support for periods of low renewable (wind,
hydro) generation while further renewable options are developed
•Potential for AGS to be applied to market-developed LNG solutions
•FY31+ peaking strategy to be developed
Early concepts – Clutha hydro scheme
1. In mean hydro conditions. | 2. Potential annual uplift available from refurbishments across Manawa schemes, over and above the Manawa hydro refurbishment programme already announced and
underway. | 3. Option utilises existing Clutha scheme storage i.e. no change in storage. | 4. 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.
Clutha
Residual flow
Developing and augmenting hydro, examples for feasibility-testing within Contact31+ strategy window
Optimising renewable generation
Consenting additional flexibilityPumped hydro
Hawea
Operating range
Solar development
offsetting summer
hydro
Lakes able to
be held higher
into winter
New wind
deployed with
low geographic
correlation
Increases
wind
‘firmness’
Large scale
battery use
for short-term
dispatch
Gas retained
for periods of
low renewable
generation
Catchment
Capacity
MW
Storage
GWh
Flex /
storage
1~90Existing
3
Daily /
seasonal
275 – 200150-200
Development timelines: 7+ years post-feasibility
Manawa schemes
Potential annual uplift:
50-100GWh
1,2

33
Relationships
with our
stakeholders
Chris Abbott
Chief Corporate Affairs Officer

34
Contact31+ takes a focused approach
to our stakeholder relationships
Relationships
withour
stakeholders,
enabling
renewable energy
generation for all
of New Zealand
Tangata whenua,
iwi,hapū
Landowners
Local
communities
Environmental
stewards
(local councils, DOC
2
, etc.)
Customers
(household, SME
and industry)
Government
and regulators
Contact31+ is designed to deliver
energy for all of New Zealand,
engaging with a broad set of key
external stakeholders
Contact’s transparent and proactive
approach to stakeholders supports
collaboration with specific groups,
while providing renewable electricity
at a competitiveLRMC
1
1. Long Run Marginal Cost. | 2. Department of Conservation.

35
Long-term PPAs with customers, backed by Tauhara
Long-term supply deals to support decarbonisation
Renewable heat ROI currently in-market, seeking
interest in conversion of process heat
2
Demand response prioritised in new contracts e.g. NZAS
We continue to respond to gas and electricity
market challenges for our customers
Market challenges
Energy hardship for
household and industrial
customers has increased
Energy cost increases have
been exacerbated by gas
decline and higher energy
distribution costs
1
Price volatility has increased
with the increase in
intermittent renewable
generation
Ability for businesses and
critical users to contract gas
has been impacted by
declining availability
What we’re doing
Household customers
Supporting vulnerable
customers
Helping households
shift their load shape
Time of Use products (e.g., Good Plans)
Flex / virtual power plant (e.g., Hot Water Sorter)
Energy Wellbeing (e.g., The Good Initiative)
Removal of disconnection and reconnection fees
1. From 1 April 2025, Commerce Commission-approved changes to network charges began to take effect, increasing household bills by $10-$25 per month on average (depending on region
and usage profile). | 2. Contact is seeking interest from process heat customers who are looking to switch from natural gas to renewable electricity, given current gas supply constraints.
Industrial customers
Supporting New
Zealand’s industry to
transition
Businesses and core
service providers
Keeping businesses and
critical services operating
Gas of up to 10PJ p.a. secured, enabling support of
gas-reliant businesses and core service providers
All-of-Government gas supply deal to support
~100 government agencies and institutions (e.g.,
schools, hospitals)

36
We remain committed and are charting strong
progress to Net Zero generation by 2035
-100
0
100
200
300
400
500
600
700
800
FY25Additional
geothermal
generation
1
Hydro
normalisation
TCC closureBatteriesTe Mihi 2 & 3
re-injection
Potential
future
initiatives
Forestry
offset
Potential buffer for increased emissions due to dry conditions
Contact’s Net Zero (Scope 1&2) Carbon Waterfall, tCO
2
e Initiatives
Contact is developing new and
updated externally-validated near-
and long-term science-based targets
•We are preparing to close our
remaining baseload gas generation
plant, Taranaki Combined Cycle (TCC),
within the next 2-3 months
•Carbon reduction through
displacement of thermal peaker usage
by current and pipeline battery assets
•Reduction in geothermal emissions
from carbon reinjection at Te Mihi 2 & 3
2
•Geothermal capture and re-injection
across the fleet and long-term hydro
optimisation. All potential initiatives are
subject to feasibility and may extend
beyond Contact31+ window
A
B
C
D
ABC
Note: Assumes future geothermal builds include carbon capture and reinjection. Subject to feasibility at FID.
1. Additional geothermal generation emissions related to a full year of operations at Tauhara and Te Huka 3 i.e., incremental to emissions from these new stations in FY25. | 2. Te Mihi Stage 3 remains subject to FID.
D
SBTI 2026

37
We are reducing the environmental impact of
aspired growth
Principles-guided approach
Geothermal
•Tauhara 2
•Te Mihi Stage 3
Battery
•Glenbrook 200
•Stratford
Wind
•Southland
•Huriwaka
Solar
•Glorit
•Argyle
•Stratford
Nearer-term pipelineApplication across proposed development
Glorit
Solar
Te Mihi
Stages 2 & 3
Southland
Wind
Contact’s consenting
conditions support
surrounding biodiversity
2
Contact’s replacement
of Wairakei station will stop
geothermal discharge
into the Waikato River
Contact’s proposed
long-term protection of
the surrounding wetland
would deliver conservation
benefitsotherwise unavailable
(e.g., pest control,fencing)
Early assessments: Sustainability
assessments included at pre-site
development stage
Targeted local engagement:
Targeted initiatives with local
communities and tangata whenua
Managing impact: RMA
1
and consent
conditions to mitigate ecological impact
‘Win-win’ outcomes: Initiatives
with positive outcomes not possible
without asset development
Resilient solutions: Leveraging
nature-based solutions
1. Resource Management Act. | 2. Contact was granted consent for Glorit in October 2025. This consent is now under appeal.

38
Our development plans necessitate an effective consenting
approach, using both Fast Track and traditional pathways
Our consenting approach balances factors
relevant to each project to determine the best
and most effective strategy available, using
traditional consenting pathways alongside Fast
Track processes when most appropriate
We continue to utilise regularconsent
pathways for straightforward projects
(e.g., Glenbrook battery development) with
limited visual and ecological impact
Engaging
stakeholders
We adopt a purpose-led approach to the
Fast Track process, focusing on cases where
we can accelerate nationally critical projects
and increase efficiency across our pipeline
7
Targeted
approach to
consenting
projects currently in or
submitted for Fast Track
We adopt a purposeful approach to consenting, balancing what is right for New Zealand through a tailored approach
for each site and situation, and recognising the importance of pace to support New Zealand’s renewable energy transition

39
Q&A:
Dorian Devers
Chris Abbott

40
Manawa
integration
update
Jan Bibby
Chief People Experience Officer
Matt Bolton
Manawa Integration Director
John Clark
Chief Generation Officer

41
Leading the
energy
transition
at home
Carolyn Luey
Chief Retail Officer

42
Contact26: Results demonstrate strong performance
as the lowest cost-to-serve energy retailer
Multi-services provider
Trusted retail provider
Lowest cost-to-serve
energy retailer
150k multi-product customers (+61%)
8x gas and 3x telco EBITDAF growthFY22-25
34% of electricity base now on Time of Use plans
3 flex products in-market
1. The Good Initiative helps Contact partner with social agencies and heartland community groups to cover their energy costs, focusedon the Northland, Gisborne and central North Island areas. | 2. Cost-to-serve
measured here on a per connection basis in line with Contact26 strategy targets. Defined as: (Direct Retail opex + indirect opex – customer acquisition cost) / total connections at the end of June.
No contracts or disconnection fees
TheGood Initiative launched
1
to amplify
Energy Wellbeing programme
~80% of customer interactions
were digitalin FY25
Cost-to-serve per connection down 14%
2
96
83
83
81
83
FY23FY24FY25FY21FY22
-14%
93
114
125
139
150
FY21FY23FY24FY25FY22
+61%
35
37
40
37
40
FY21FY22FY23FY24FY25
Multi-product customers, 000’s
Contact Net Promoter Score
Cost-to-Serve per connection, $

43
Increasing regulatory
presence
Customers seeking
value and participation
Shifting tech-enabled
competitor landscape
Regulatory oversight of energy
affordability is increasing as cost-of-
living pressures continue
Growing compliance requirements
to improve ease of plan comparison
(e.g. bill standardisation)
Policymakers are taking an active
role in driving customer choice
(e.g., retailers must offer Time of Use
products from June 2026)
Energy retailers globally are
transforming their operating
models, leveraging AI
New Zealand energy retailers are
adopting new technologies at
pace, to improve customer
experience, cost-to-serve and
speed to market
Customers are actively seeking value
and changing energy consumption
behaviours in the face of rising energy
prices (including regulated lines
charges)
Expectations for convenient and
streamlined customer experience are
growing, driven by digitisation
Growing segment of customers
participating in the energy transition
with EVs, solar and batteries
Regulation, competition, and
customer preferences are shifting

44
Priorities over next 5 years
Target milestones and outcomes
FY27
FY31
Lead the energy transition at home
1. Cost-to-serve per customer. Calculated as total retail opex, excluding acquisition costs and indirect technology costs not directly related to customer service,
divided by total number of customers. This differs from $/connection historically reported. Cost-to-serve in FY25 was $113/customer and $83/connection.
Future technology stack selected
and execution commenced
Cost-to-serve $110 per customer
1
15 – 20MW retail demand flex
under management
All customers live on new platform
Cost-to-serve $90 per customer
1
65MW retail demand flex under
management
Attract and reward key customer energy
profiles,locations and product bundles to
optimise lifetime value
Harness digital and AI technology to make
every interaction easy and personal, while
reducing cost-to-serve
Empower customers to shift usage to off-
peak through demand flex, VPPs and
Contact's Good Plans
44
Contact31+ pillar:

45
We will expand on our cost-to-serve advantage
through a modernised retail technology platform
Tools to achieve reduction in cost-to-serve per
customer will target operational efficiency
Reduction in cost-to-serve per customer through
specific levers
1

103
104
105
Current total
cost-to-serve
per customer
Target future
cost-to-serve
per customer
~$113
~$90
~20%
Use AI to
automate and
digitise
customer service
Develop
people
capabilities
Simplify
product
suite
Modernise
Contact’s
retail tech
platform
1. Calculated as total retail opex, excluding acquisition costs and indirect technology costs not directly related to customer service, divided by total number of customers. Cost-to-serve measured
per customer indicates a shift in measurement approach vs Contact26. Assessing cost per customer aligns with our customer-centric approach, considering each customer’s relationship with
Contact, and facilitates comparison with global benchmarks. Cost-to-serve in FY25 was $113/customer and $83/connection.
Retail platform modernisation & cost-to-serve
delivery approach
Continuous delivery
based on experience,
ensuring margins and
customer satisfaction
are maintained
FY27FY27 - 30FY30+
Indicative timings
Iterative approach
to implementation,
minimising business
and customer disruption
Right size ambition
by advancing Initial
Business Casing and
competitive tender

46
Contact can leverage existing Time of
Use products to help customers
manage energy usage, while reducing
pressure on the grid
Our strategy includes enhancing our
current products (e.g., expanding to
dynamic Hot Water Sorter), while
piloting new retail flex products
Overall retail flex
opportunity in
New Zealand was
~500-600MW
in FY25
Hot Water Sorter reached
>20k homes in FY25,
shifting 4GWh of residential
demand off-peak
Total marketIncreased TAM for growing digital load Total market
Retail demand flex provides shared value, supporting customer
ownership over energy use and improving Contact’s load shape
Hot Water Sorter
is a key example
of value creation
for customers
Illustrative retail flex capacity across total addressable New
Zealand market FY25, MW
We will continue
to unlock value
through broader
retail flex products
We will continue piloting our EV
trial with Kinergy (began June
2025), using AI to automatically
charge EVs during low-demand
Hot water sorterEVBatteryTotal market
500 - 600
Sources: ECCA, New Zealand Transport agency, EMI.
Current dynamic load
control trials can increase
value for customers and
Contact, leaning into a
growing market

47
Our comprehensive energy, mobile and broadband offerings meet
expanding customer needs, with gas supporting customers transitioning
their energy footprint
We are leaning into customers’ increasing ownership of their energy
usage, offering flex products and Time of Use plans that allow customers to
shift their load and save (and supporting the grid)
Our energy wellbeing initiatives support vulnerable customers, through
The Good Initiative, with partnerships with community groups and
wellbeing credits
Enhanced customer
experience
Our retail business is focussed on supporting all
New Zealanders through the energy transition
Great customer choice
Multi-product offering
Energy wellbeing
We are expanding our digital and AI capabilities to deliver a more
personal customer experience, reduce the number of interactions and
time to resolve

48
Tech
advantage
Tighe Wall
Chief Technology Officer
John Clark
Chief Generation Officer

49
Contact26 laid the groundwork for a leading,
digitally-enabled Contact Energy
Contact26
achievements
•Launched plant
optimisation tools
including geothermal well
health solution
•Piloting AI agents for HSE
and Process Safety
Generation
•Upgraded trading
optimisation capabilities
(e.g., algorithmic trading)
•Implemented modernised
ETRM (Energy Trading and
Risk Management) system
Trading and flex
•Developed early
strategic partnerships
with leading providers
•Built strong
foundations and
security practices
Data and
enterprise tech
•Delivered process, data
and automation
improvements
•Enabling value-add
procurement practices
CorporateRetail
•Developed New Zealand-
leading customer data
capability
•Drove migration to self-
service enabling market-
leading cost-to-Serve

50
Technology will now accelerate while
simplifying the tech stack
Leading in advanced
analytics and AI
Establish a distinctive competitive
advantage in advanced analytics to
drive enterprise productivity
Lean, flexible and
efficient technology
Further streamline the technology
landscape enabling faster, more cost-
effective and scalable operations
Stable and secure
systems
Maintain a simple and reliable
enterprise system, safeguarding the
business with best practice cybersecurity
Key activities
Accelerate the delivery of data
analytics and AI agents to surface
insights and automate workflows and
processes
Continuous improvement in data and
AI capabilities
Key activities
Simplify enterprise architecture and
technology stack, including trading
and retail platforms
Unify the technology operating model
Key activities
Enhance cybersecurity and
compliance for IT and OT
1
assets​
Develop best practice technology
foundations
Continuous improvement in
operational performance
1. Operational Technology.

Contact31+ builds on this progress
Generation
Drive plant efficiency
and boost productivity
through digitisation
and automation (e.g.,
predictive analytics)
Trading and flex
Establish lead in trading:
Real-time spottrading,
portfolio modelling and
derivatives trading
(including AI and ML
1
)
Data and
enterprise tech
Simplify enterprise
architecture and
technology stack
Corporate
Deliver productivity-
enhancing tools, process
re-engineering and
intelligent automation
Retail
Modernise the retail
platform including
enabling advanced
customer segmentation
and call centre efficiency
Indicative
timings of
initiatives
Underpinning our technology leadership aspirations is the need to deliver on a
smooth and secure technology transition for Manawa employees and plants
FY
27
Asset management optimisation
programme
Develop best practice technology
foundations (TAM
2
, architecture, etc.)
Continue to identify and deliver AI use
cases
FY
27-30
Productivity uplift
through iterative scaling
of data and AI use cases
Enhance real time trading
and portfolio analytics
FY
30+
Tools iterated to remain
up to date, secure and
responsive to market
changes
Continuous improvement
in capabilities and
delivering business value
Deliver retail re-platforming iteratively
51
1. Machine Learning. | 2. Technology Asset Management.

52
{
0
500
1,000
1,500
HOWARD suggests changes to dispatch profile (reduce / increase water dispatched)
based on forward price forecast. In this illustration, a more shaped hydro dispatch
profile would be more optimal than the current flat profile to match the price volatility
Source: Illustrative HOWARD tool output applied to Contact’s Clutha hydro scheme.
GeothermalHydro (pre-optimisation)Hydro (reduce)Hydro (increase)TCCPeakers
Generation,
MW
23-7-2022 AM23-7-2022 PM24-7-2022 AM24-7-2022 PM
Price
forecast,
$/MWh
Advanced hydro optimisation
tool, improving price exposure
through optimal intraday
dispatch
Expected to yield an
average 1 – 2% asset revenue
improvement once fully
implemented
Following strong results in real
time testing conditions we are
moving to embed HOWARD
with completion targeted for
2H FY26
Case study: Digitally enabled and real-time hydro dispatch
(HOWARD)
We will expand HOWARD’s
capabilities and application,
adding smart forecasting of
demand, intermittent
renewables, and prices as well
as applying the same principles
across other flexible assets
0
100
200
300
400
500

53
{
Source: Illustrative BatMan outputs.
Works to co-optimise
battery dispatch across
energy and ancillary
services and automate
market bids and offers
Targeting Percentage of
Perfect (PoP) metrics
aligned with OEM
algorithms
PoP is a measure of
algorithm performance
against perfect foresight
operations
Contact developed BatMan
in-house, strengthening our
internal capabilities, as no
Battery OEMs offered
autobidder solutions in New
Zealand
Case study: Battery Manager (BatMan)
$0
$50
$100
$150
$200
$250
$300
$350
-100
-50
0
50
100
Price ($/MWh)
ChargeDischargeSpot price
0%
25%
50%
75%
100%
Generation,
MW
&
Price
forecast,
$/MWh
Battery
state of
charge, %
BatMan will identify the optimal charge and discharge of the battery based on prices
and co-optimisation with reserve markets. It also uses advanced techniques to
determine the ‘value of storage’ to form a bid/offer strategy into the market.
Gate closure

54
Q&A:
Carolyn Luey
Tighe Wall
John Clark

55
Financial
framework
for growth
Matt Forbes
Chief Financial Officer

56
Geothermal
leadership
Baseload renewable
generation, with capacity
factors ~95%
1
and low
marginal cost
Manawa
integration benefits
Integration brings wind
development capability and
distributed generation reach,
supported by Contact’s proven
delivery track record

Portfolio diversity
Contact combines
geothermal, hydro and
flexible thermal for risk
management and price
optimisation
We are strategically differentiated from our peers – leading
the transition, not following it
Customer
offerings and digital
leadership
National footprint with a
range of products, lowest
cost-to-serve and
leadership in demand
flexibility for customers
Energy
transition enabler
Deep relationships
with industrial
customers to electrify
process heat – critical
for decarbonisation
Capital discipline and
partnership model
Clear opex / capex targets
and structural cost-down
programmes, contrasting
with peers’ higher exposure
to hydro variability and
consent delays
1. Estimated average capacity factors for new stations.

57
Relative valuation
Attractive EV/EBITDAF
vs peers despite
superior growth
pipeline and
execution track record
Sustainable finance
leadership
Green bonds and
strong sustainability
ratings
Predictable cash
flows
Geothermal baseload
reduces volatility vs
hydro-heavy peers
Dividend strength
+ growth
Consistent payout
with upside from new
projects
Capital structure
strength
Investment-grade
rating and leverage
discipline
Risk mitigation
Balanced portfolio and
hedging strategy vs hydro
variability
Investment in Contact offers clear value for investors

58
Financial
performance
and context

59
We have outperformed indicative project returns and market
earnings expectations under Contact26
Sustained earnings uplift
$500M uplift in normalised and expected EBITDAF
Contact26 market expectation
FY25 consensus EBITDAF
expectations as at May 2021
1
$588M
480
520
550
600
770
553
546
573
663
774
FY21FY22FY23FY24FY25
Guidance vs Actual EBITDAF, $M
945
FY26e
980
Guidance at start of the year (normalised hydrology)Integration and transaction costs
Normalised and
expected EBITDAF
Attractive returns from growth investment
Total growth capex FY21-FY25: >$1.6 billion
Project IRRs on new plants (expected)
Tauhara
$931M invested
Te Huka 3
$305M invested
At final investment
decision
Post
construction
2
~13%
~14%
~10%
~10%
2%
Competitor 1
8%
Competitor 2
10%
Competitor 3
13%
Contact
Total shareholder return (FY21 – 25), % p.a.
3
1. Bloomberg consensus EBITDAF expectations for FY25 as at 31 May 2021. | 2. Expected IRR over the life of the plant updated for actual construction costs, electricity price assumptions and output.
All IRRs on this slide are unlevered project returns. | 3. Annual equivalent returns shown on a gross basis and assuming dividends are reinvested at market price. Source Bloomberg.
Actual result (underlying)
Compelling total shareholder return

60
3.1
4.5
FY21FY25
Geothermal output, TWh
1.3
1.7
FY21FY25
1.6
1.1
FY21FY25
Thermal generation, TWh
$200/MWh
118
158
FY21FY25
Price, $/MWh
9.4
9.0
TWh:
Fuel cost:
2626
FY21FY25
Opex / gross margin, %
EBITDAF outperformance under Contact26 resulted from
delivering on short- and long-term value drivers
Industrial customer PPAs (long-term contracts) signed.
Tauhara-backed PPAs to major energy users (Oji Fibre,
PanPac) and thermal substitution (Genesis) – supporting
supply and demand balance
Renewable output from the new Tauhara and Te Huka 3
geothermal plants was 1.5TWh in FY25, contributing
$120M to EBITDAF
Thermal-backed risk management supported stability of
earnings during dry periods. Contact FY25 performance was
101% of initial guidance (and consensus) vs peers ~80%
1
Reduced thermal generation from 1.6TWh to 1.1TWh,
avoiding thermal costs of ~$100M
Pricing increased from $118/MWh to $158/MWh reflecting
channel mix changes and repricing to market, partially
offset by higher thermal costs ($101/MWh to $200/MWh)
Operational efficiencies (opex / gross margin) of
26% flat from FY21 to FY25, maintaining opex
efficiency during period of growth
1
2
1
2
3
Short-term
value
drivers
Fuel mix
and risk
management
Pricing
and
channels
Operational
and capital
efficiency
Long-term
value
drivers
Invest in
renewable
supply
Decarb.
growth
opportunities
2
1
1
2
3
Strategic fixed-price sales, TWh
1. Average of FY25 EBITDAF result over consensus (at start of FY25) across Contact’s three closest competitors.
60

61
Notes: Assumes repricing at 2027-2029 ASX futures, 50% BEN, 50% OTA as at 3
rd
November ($160/MWh). | Long run hydro post enhancement programme completions. | Fully ramped cost synergies. |
Enterprise value of $2,559M as per Manawa Energy Scheme booklet.
154
250
218
42
26
28
FY26e Manawa
standalone
1
Sales channel repricing
2
Generation normalisation
and enhancements
2
Cost synergies (100%)
Average contribution
from Manawa (at ASX)
Normalised at $120/MWh
+96
Transaction
EV/EBITDAF
We expect a $96M increase on Manawa’s standalone FY26
EBITDAF contribution when contracts reprice to market
Net uplift from contract repricing, $/MWh
Applying current ASX futures for 2027 - 2029
Cost synergies, on track to meet top end of opex reduction range
138
160
FY26e
1
At current ASX
Contracted
+22
Now
$28M
100% within 12-18 months
of completion
At announcement
$23-28M
100% within 18-24 months
of completion
At completion
$25-28M
100% within 12-18 months
of completion
Generation normalisation and enhancements, GWh p.a.
10.2x
Manawa EBITDAF contribution, $M
Combination of the businesses reduces risk, resulting in a lower combined WACC
1,850
1,990
FY26e
1
115
Outages
3
25
Enhancements
4
Normalised
output
1. Standalone contribution from Manawa within Contact’s FY26 normalised and expected EBITDAF as indicated in August 2025. | 2. Portfolio benefits of $10-20M p.a. are captured within sales channel
repricing and generation enhancements. | 3. Highbank and Coleridge unit G1 are on outage for the completion of announced asset enhancements. | 4. Represents remaining uplift in annual output to
be delivered in FY27 and FY28 from completion of the announced asset enhancement programme.

62
Capital
allocation
framework

63
Contact31+ capital allocation framework – resilient and accretive
Capital allocation priorities
Growth investment commitments
Investor metrics
Resilient through the cycle: How we manage risk and protect growth
Preserve financial
strength
Fund core
operations
Invest for growth
and transition
Deliver dividends
from cash flows
Maintain BBB credit rating; net
debt/EBITDAF target 2.6–2.8x
(upper limit 3.0x)
BAU sustaining
capex $110–120M p.a.
(2025 real)
Allocate to projects exceeding
target returns; prioritise
renewables and flexibility +
$140M timebound
enhancements (see page 78)
Payout 80–100% rolling four-year
OFCF
1
; consider buybacks when
leverage sustainably below target and
if further dividends are unimputed
Issue hybrids
Moderate payout within
80–100% dividend policy
1
Further steps to
protect BBB rating
Phase discretionary growth
+300bps uplift
by FY31
Maintain
55% - 60% of
EBITDAF
Operating Free
Cash Flow
ROIC
trajectory
Hurdle
rates
Project
returns >10%
(or WACC + 200–
300bps+)
Investments to exceed
target return thresholds
and respond to market
signals (including demand
for PPAs and strong
business performance)
Maintain
investment discipline
and flexibility
Prioritise
balance sheet
Strategic assets held
on-balance sheet to
preserve control
Non-core assets
financed off-balance
sheet to share risk and
improve returns
1. Contact’s dividend policy is to pay dividends of 80-100% of average Operating Free Cash Flow of the preceding four years. As the historic measure will not capture the operating free cash flow contribution from
Manawa within the history, the Board will apply discretion in the first few years post-acquisition, if the measure is temporarily above 100%, so that it is not constrained in delivering the expected DPS uplift.

64
We will prioritise the balance sheet, maintaining funding
flexibility and investing in projects that exceed target returns
Value of control (illustrative)
High
Low
LowHigh
Contact return
(illustrative)
Illustrative expected return vs value of control, by asset type
Held on-balance sheet to
preserve strategic control
Strategic assets held on-balance sheet
Non-core assets financed
off-balance sheet to share risk
Improve returns
Maximum 50% ownership
S&P
guardrails
Asset
class
Target
project
IRR
2
, %
Financing
strategy
Solar9%+
SPV/JV (50%)
Off-balance sheet
Wind
9%+
SPV/JV (50%)
Off-balance sheet
Geothermal
10-12%
On-balance sheet
Brownfield
development
(incl. hydro)
1
WACC+
On-balance sheet
Batteries
10%+
On-balance sheet
12%+
12%+
10-12%
WACC+
10%+
Target
return to
Contact
3
, %
Separate operations
and management
Project debt non-
recourse to Contact
Non-core part of business –
less than ~10% of EBITDAF
Solar and wind:
Financed off-balance
sheet to reduce capital
outlay improving
returns where control
adds limited value
Geothermal
and hydro:
Core strategic
asset classes
where control
delivers long-
term value
Battery: Integral to
portfolio optimisation and
value-driven dispatch
1. Across all asset classes. | 2. IRR represents targeted unlevered project returns. | 3. IRR represents the targeted returns from the project to Contact. For
off-balance sheet investments this includes an equity IRR for Contact’s share of JV profits and the value of the sale of Contact’s share of project offtake.

65
Diversified approach to funding underpins
efficient access to capital and strong liquidity
•Institutional retail split remains largely consistent over time at ~55% / 45%
•Geographic split remains similar to 2021 but with greater exposure to US
institutional investors after continued engagement by the executive team:
•US (targeted regional fund engagement),
•London,
•Hong Kong, Singapore, Tokyo (Semi-annual roadshows),
•Australia (Semi-annual roadshows, conferences)
Deep diversification
Inaugural EUR MTN
note issued
November 2025
(€500M / $1B NZD)
to replace Manawa
acquisition finance
Contact now targets
4 international debt
markets to ensure
stable and lowest
cost access to capital
Sources of funding, $M
Funding Dashboard
•Cost of debt (weighted average maturity)
5.8% (7.7 yrs) in FY25
•Fixed / floating mix
75% / 25% (12-month forward)
Benchmarked at ~60% fixed
•Liquidity runway
4
$1,089M (undrawn bank facilities $760M + cash $329M)
•Rating headroom
Current pro forma net debt / EBITDAF 2.7x
3
Estimated 30 Jun 2026 net debt / EBITDAF 2.9x vs upper limit 3.0x
100% of debt certified green under our sustainable finance programme
Maturities managed with
limits on <25% maturing
within a 12-month period
224
USPP
869
AUD MTN
1,012
EUR MTN
18
NEXI
2
550
NZD retail bonds
475
Capital bonds
(hybrids)
850
Bank facilities
6%
22%
25%
47%
USAAustraliaEuropeJapanNZ
$3,998M
1
Sources of balance sheet capacity to fund growth
Strong, diversified balance sheet
1. Facilities as at November 2025. | 2. NEXI: Export credit loan facility. | 3. As at 31 October 2025. | 4. Reflects pro forma net debt in September 2025 and FY26 normalised and expected EBITDAF.
Grow EBITDAF for
higher debt market
capacity
Operating Free
Cash Flow in excess of
committed dividends
Hybrids for
equity credit
Additional equity – DRP

66
Looking
forward

67
Our sales channels will adjust as Mercury and NZAS volumes step
down and prices revert to short- and long-run expectations
Channels to market, TWh
3.8
4.0
1.8
1.7
FY26 normalised
and expected
11.2
Retail
CFDs
C&I
Strategic
fixed price
Pricing linkage
Channel net
price, FY26e
Contact31+ expectations by channel
VolumeNet price
$155/
MWh
Reversion to long-run
wholesale price
expectations. Volume mix
adjusts based on load
and fuel positions.
$165/
MWh
Based on long-run
wholesale price
expectations (when
contracted),
adjusted for shape
and load. Inflation-
index linked
$95/
MWh
Offsetting impacts from
the step down in MCY
and NZAS volumes as
Fonterra and NZSteel
volumes commence.
Closely linked
to ASX futures
(short-term)
Closely linked to ASX
futures (short-term)
Long-run view of wholesale price
$115-125/MWh
2
2025 real terms
Base price at Otahuhu
Contracting accounts for many factors
including load shape and location
Note: All FY26e net price and volume assumptions are referenced to Contact’s normalised and expected EBITDAF view for FY26 as shown on slide 29 of the FY25 results presentation.
1. ASX prices as at 3 November 2025. | 2. This is a through-the-cycle measure in a balanced market. Prices achieved are a function of the market at a point in time. | 3. Net price excludes
retail operating cost-to-serve.
Reversion to long-run
wholesale price
expectations. Volume mix
adjusts based on load
and fuel positions.
Long-term channel
generally tracking to
inflation over time.
Limited linkage to
short-term futures
$164/
MWh
3
Energy price increases
linked to inflation.
Volumes steady, with
potential uplift linked to
retail gas penetration.
ASX linked
ASX futures prices,
Otahuhu, FY27 to FY30
1
68
237
225
138
175
218
210
119
163
206
201
117
157
196
192
114
Jan-26Jan-27Jan-28Jan-29Jan-30
178
OTA quarterly

68
Contact31+ productivity strategy extends on the Manawa
synergies, providing efficiency in the underlying cost base
FY26 – FY27 total opex pathway, $M
Target operating expense
Reduce underlying opex cost base by
$38M (run-rate savings) by FY27, through:
•$28M of Manawa cost synergies
•$10M in further productivity
improvements
FY31 underlying opex reduction target
being refined, to be disclosed post FY27
1. Accounts for expected inflation and opex associated with growth investment.
Our productivity pathway
383
373
348
363
-50
0
50
100
150
200
250
300
350
400
450
Productivity
improvement
11
FY27e
12
3
Inflation and
growth
1
FY27e
35
13
FY26e
(indicated
August
2025)
10
Reclassification
to fixed costs
35
13
FY26e
15
Manawa
synergies
(in-year)
10
405
395
359
15
374
11
•Leverage technology and AI
solutions to streamline work
•Enhance process efficiency
•Maintain commercial and capital
discipline as business scales
•Transform retail operating model,
continuing to lead in cost-to-serve
Underlying opex
Manawa transaction and
integration costs (one-off)
Inflation
New plant - battery
Manawa cost synergies
Contact31+ productivity drivers:

69
Target FY31+ fully ramped exit EBITDAF, $M
1
,
Subject to future investment decisions
Targeting $1.3-1.4B FY31+ fully ramped exit EBITDAF from
investment in renewable energy, retail and trading
Note: FY31+ fully ramped exit EBITDAF refers to the exit run-rate EBITDAF (full-year benefits) once all Contact31+ planned / targeted investments are completed and any later-phased plants are online.
1. EBITDAF targets assume mean hydro and wind generation. | 2. FY26 EBITDAF is underlying i.e. excluding one-off transaction and integration costs and is on a normalised and expected basis (mean
hydrology and wind conditions). | 3. JV assumptions include offtake to Contact at ~80% of generation. EBITDAF includes share of profits from JV. | 4. Assumes ~$20M in-year cost synergies and portfolio
benefits in FY26, being the mid-point of the range indicated in August 2025. | 5. FY31 range includes further upside of $0-50M EBITDAF from phase 2 productivity initiatives, retail and trading.
Net debt /
EBITDAF
~2.9x
2.6x - 2.8x
~1,300 – 1,400
FY26
(underlying)
2
Kōwhai
Park
3
Glenbrook-
Ohurua
battery
Te Mihi stage
2 (uplift)
Manawa
benefits
Phase 1
productivity
GeothermalSolar
3
Wind
3
BESSRetail
1,200 – 1,300
FY31+ fully
ramped exit
EBITDAF
5
980
8 - 10
10 - 15
20 - 25
15 - 20
45 - 75
~75
70 - 80
60 - 80
20 - 25
Committed growth projects
Growth projects subject to FID
Glenbrook 200
Stratford
Glorit
Argyle
Stratford
Southland
Huriwaka
Te Mihi Stage 3
uplift
Tauhara 2
Total $15-20M,
including FY26
initial contribution
Total $96M,
including FY26 initial
contribution
4
15.2TWh
11.8TWh
Generation
FY31 in-year
EBITDAF
10

70
Contact31+ growth investment is
supported by a range of funding levers
•Institutional retail split remains largely consistent over time at ~55% / 45%
•Geographic split remains similar to 2021 but with greater exposure to US
institutional investors after continued engagement by the executive team:
•US (targeted regional fund engagement),
•London,
•Hong Kong, Singapore, Tokyo (Semi-annual roadshows),
•Australia (Semi-annual roadshows, conferences)
Sources of balance sheet capacity to fund growth
Grow EBITDAF for
higher debt market
capacity
Operating Free
Cash Flow in excess of
committed dividends
Hybrids for
equity credit
Additional equity – DRP
Revenue CAGR 5-10%
EBITDAF margin 24-26%
Operating free cash flow
conversion 55-60%
80-100% is paid out as dividends
Up to $600M ($300M
equity credit) available
for new hybrids
~35% DRP take-up
Targets and assumptions
Committed
Potential
FY26 FIDs
All other projects
subject to FID
Growth
investment
FY27 to FY31,
Contact’s
contribution
Debt supported
by increased EBITDAF
$750-850M
DRP
$750-850M
Balance from OFCF
$600-700M
Funding
sources
1

FY27 to
FY31
Growth
capex
Investment in
associates
(ie. wind, solar)
~$2,250M
~$2,250M
~$2,250M
1. Illustrates funding sources for growth investment only.

71
Q&A:
Matt Forbes
Mike Fuge

72
Closing
comments
Mike Fuge
Chief Executive Officer

73
We’ve laid the groundwork and have a
clear vision for success through Contact31+
The market and our strong competitive position present an
opportunity to build on our Contact26 achievements
Contact31+ will see Contact lead New Zealand’s renewable energy
future, extending our geothermal advantage, leading in new
flexibility and building into new demand with wind and solar
We will continue to lead the energy transition at home,
empowering our customers to shift energy use while making
every interaction easy and personal
Delivering on our strategy will be enabled by empowered
people and leaders, stakeholder relationships, our tech
advantage and productivity
73

74
Contact31+ will deliver the highest value
outcomes for our investors and for NZ
•500MW of batteries online
1
, with a further 500MW consented
•Long-term renewable flex options developed
•FY31+ peaking strategy developed
Flex
...
•500+ MW wind delivered or committed
1
•450 MWac solar delivered
1
•1+ TWh industrial energy demand electrified
Wind and solar
•All customers live on modern retail platform
•Cost-to-serve $90 per customer
2
•65MW retail demand flex under management
Home
•ROIC +300bps on historical
•$1.2-1.3B EBITDAF (fully-ramped exit run-rate $1.3-1.4B)
•Dividend >50cps
Financial
•Tauhara 2 delivered
1
•Te Mihi Stage 3 on track (for delivery FY32)
1
•FID on Tauhara 3
1
•50MW+ greenfield options
Geothermal
FY31 Target
Subject to future investment decisions
Strategic pillar
1. Each FID to be considered in isolation with all information available at the time. Pending appropriate market conditions and projects meeting returns
thresholds. | 2. Cost-to-serve per customer. Calculated as total retail opex, excluding acquisition costs and indirect technology costs not directly related to
customer service, divided by total number of customers. This differs from $/connection previously measured under Contact26.
74

75
We are focused on delivering on our
commitments over the next 18 months
Te Mihi Stage 2
geothermal
on track
(for delivery FY28)
Glenbrook-
Ohurua
battery
online
Kōwhai
Park solar
delivered
1+ wind
farm
consented
Deliver
committed
renewable
energy
outcomes
Deliver
committed
financial
outcomes
Performance pre-requisites to unlock full growth potential
1
Benefits of
productivity
programme clear
Manawa
benefits
delivered
41-42cps
dividend in
FY27
2
1. All future investment decisions will be considered by the Board in isolation with all information available at the time. Pending appropriate
market conditions and projects meeting returns thresholds. | 2. All future dividend decisions are at the discretion of the Board at the time.
75

76
Thank you

77
Appendix

78
Contact’s efficient maintenance capex programme will include
targeted timebound enhancements to enable Contact31+
$140M
Timebound
enhancements,
FY27 to FY31
Hydro refurbishment
Wairakei extension
Tauhara spare rotor
Contact31+ enablement
BAU maintenance capex, FY27+
$110-
120M
Annual BAU
maintenance
capex (2025 real)
Potential annual
well drilling
(fuelling) cost
Geothermal fuelling (unconfirmed), FY27+
$2-3 /
MWh
(up to)
Note: See p42 of Contact’s FY25 results presentation for a breakdown of expected FY26 SIB capex.
12
1010
FY27FY28FY29FY30FY31
65-70
40-45
Indicative phasing, $M
Contact31+ enablement:
•Digital trading
•Modern retail platform
•Productivity
Wairakei & TCC decommissioning