Operational Performance for the 6 months ended 31 Dec 2025

creating a new energy future


OPERATIONAL PERFORMANCE FOR THE
6 MONTHS ENDED 31 DECEMBER 2025

Operational performance highlights:

• 637,247 electricity network connections, up 1.3% on 31 December 2024
• 4,543 GWh electricity volume distributed in the period, up 1.3% on December 2024
comparative period.
Commentary:

The six months ended 31 December 2025 has seen network connection numbers continue to
grow across Vector’s Auckland electricity network. In the year to 31 December 2025, total
electricity connection numbers grew by 1.3%. However, new connections for the six months
ended 31 December 2025 are 1.0% lower than in the six months to 31 December 2024.
Electricity distributed volume was up 1.3% compared with the six months ended 31 December
2024, largely correlating with cooler winter temperatures, particularly in August 2025, where
more electricity was used for heating. Residential volumes were up 0.6% while business
volumes were up 1.9%.

There has been a 0.4% decrease in total connections on Auckland’s gas distribution network
over the year to 31 December 2025. New gas connections in the six months to 31 December
2025 were down 50.9% on the same period last year. There was a net reduction of 317
customers in the six months to 31 December 2025. Gas distribution volume for the six months
to 31 December 2025 was down 4.5% compared with the prior comparative period, due to
lower demand from the residential, industrial and commercial sectors.

SAIDI minutes for normal operations (planned) for the nine months ended 31 December 2025
is higher than the prior comparative period however still within the regulatory threshold. While
SAIDI minutes for normal operations (unplanned) for the nine months ended 31 December
2025 are within the regulatory threshold, they are higher than the prior comparative period and
include the impact of Cyclone Tam, which also triggered a Major Network Event beginning on
the 15
th
of April 2025 and lasting until mid-morning of the 18
th
of April. We note that SAIDI
results are preliminary and subject to audit.




market release
23 January 2026

creating a new energy future


market release
23 January 2026

6 months ended 31
December


2025 2024 % change
Electricity
Customers
1, 4
637,247 628,990 1.3%
New connections
Net movement in customers
2

6,710
5,141
6,778
4,660
(1.0%)
11.0%
Volume distributed (GWh)

4,543 4,484 1.3%
SAIDI (minutes) – 9 months to 31 December
3

Normal operations – unplanned
Normal operations - planned
77.6

46.6
62.6
38.9
24.0%
(19.8%)
Major network events 24.2 16.3 48.5%
Total 148.4 117.8 26.0%

Gas Distribution
Customers
1, 4
120,304 120,761 (0.4%)
New connections
Net movement in customers
2

341
(317)
694
407
(50.9%)
N/A
Distribution volume (PJ)

6.3 6.6 (4.5%)



1. As at 31 December.
2. Net number of customers added during the period includes disconnected, reconnected,
and decommissioned ICPs.
3. SAIDI (minutes) for the nine months ended 31 December 2025 is an unaudited value and
subject to change.
4. Billable ICPs.

The Excel version can be found at: http://vector.co.nz/news

creating a new energy future


market release
23 January 2026
ENDS

Investor contact
Jason Hollingworth, Chief Financial Officer, Vector
Jason.hollingworth@vector.co.nz, 021 312 928

Media contact
Matthew Britton, Senior Communications Partner, Vector
Matthew.britton@vector.co.nz, 021 224 2966


About Vector
Vector is an innovative New Zealand energy company, delivering energy and communication
services to more than 630,000 residential and commercial customers across New Zealand.
Vector has a leading role in creating a new energy future through its Symphony strategy
which puts customers at the heart of the energy system. Vector is listed on the New Zealand
Stock Exchange with ticker symbol VCT. Our majority shareholder, with voting rights of
75.1%, is Entrust. For further information, visit www.vector.co.nz.