Vector’s 2026 half year results in line with expectations

Market Release
20 February 2026

Vector’s 2026 half year financial performance
in line with expectations

 Group net profit after tax for continuing operations
1
$113 million, down 4%
2

 Adjusted EBITDA
3
for continuing operations
1
$240 million, up 19%
2

 Gross capital expenditure for continuing operations
1
$223 million
 Capital contributions of $97 million
 Interim dividend 12.5 cents per share
4

Note: all comparatives are made in relation to the six-month period 1 July 2024 to 31
December 2024.
Vector Group (NZX: VCT) today released its financial results for the first half of the 2026
financial year, 1 July 2025 to 31 December 2025.
Vector group chief executive Chris Blenkiron said: “These results are strong and in line with
our expectations. Since I started at Vector in December I’ve seen a huge amount of passion,
capability and commitment across the organisation and our partners. This is a solid
foundation as we continue to provide Aucklanders with energy today and in the future”.

Adjusted EBITDA for continuing operations, which does not include capital contributions, was
$240 million, up 19%. This was driven by revenue which was up by 14%.

Mr Blenkiron said, “This puts the company in a sound position to continue to invest in growth,
reliability, and efficient electrification for Auckland”.

Group net profit after tax was $113 million, down 4%, with higher adjusted EBITDA offset by
lower capital contributions.

Gross capital expenditure was $223 million, down 15%. Gross capital expenditure is
expected to be higher in the second half of the financial year than it was in the first.

1
Excludes discontinued operations of Gas Trading, which included Ongas and Vector’s shareholding in Liguigas, which were
sold on 31 January 2025.
2
Movement is reported with the prior period comparatives (1 July 2024 to 31 December 2024) being adjusted to exclude
discontinued operations.
3
EBITDA and Adjusted EBITDA are non-GAAP measures which the directors and management believe provide useful
information as they are used internally to evaluate performance of business units, to establish operational goals and to allocate
resources. Adjusted EBITDA excludes capital contributions. See the interim financial statements for further details or click on
this link to see Vector’s policy.
4
The dividend will be paid to shareholders who are on the register at 19 March 2026, with payment made on 31 March 2026.

Capital contributions, which are paid by new customers joining the network, were $97 million,
down 22%. Vector’s current approach to capital contributions aims to ensure those driving
growth pay the full cost, rather than other customers. However, the Electricity Authority’s
review into how new connections should be funded could impact this approach.

The board has determined to pay an unimputed interim dividend of 12.5 cents per share.

Mr Blenkiron said, “Our focus is on making sure every dollar we spend produces the best
value possible for our customers, and on keeping our charges, which are around a quarter of
the total power bill, as affordable as we can.

“Looking ahead, Vector will continue our significant investment in Auckland, forecasting
around half a billion dollars of capital expenditure in this financial year. We’ll continue
listening to and delivering for our customers and communities. We know that for our energy
system to be at its best and most affordable, the whole sector needs to coordinate well and
work in concert with each other.”

Key financial and operational information

Business segment H1 FY25 H1 FY26 % change
Electricity
- Revenue excluding contributions
- Adjusted EBITDA
- Total connections

$372m
$172m
628,990

$445m
$220m
637,247

+20%
+28%
+1.3%
Gas distribution
- Revenue excluding contributions
- Adjusted EBITDA
- Total connections

$34m
$24m
120,761

$35m
$24m
120,304

+2%
+1%
-0.4%
Other
- Revenue
5

- Adjusted EBITDA

$31m
$6m

$18m
($4m)

-44%
n.a.

Outlook

For the 2026 full year results, we are forecasting adjusted EBITDA to be within our guidance
range of $470 to $490 million. We are now forecasting gross capital expenditure within the
range of $500 to $540 million and capital contributions within the range $180 to $215 million.

ENDS


5
Note that capital contributions only apply to electricity and gas distribution segments.

Vector’s interim financial statements are available here: vector.co.nz/reports.

Investor contact
Jason Hollingworth, chief financial officer
Jason.hollingworth@vector.co.nz 021 312 928

Media contact
Matt Britton, communications manager
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.

---

Financial and
Operational Results
HALF YEAR ENDING 31 December 2025
Presentation Date: 20 February 2026

Disclaimer
This presentation contains forward-looking statements.
Forward-looking statements often include words such as “anticipates”, “estimates”, “expects”,
“intends”, “plans”, “believes” and similar words in connection with discussions of future operating
or financial performance.
The forward-looking statements are based on management's and directors’ current expectations
and assumptions regarding Vector’s businesses and performance, the economy and other future
conditions, circumstances and results.
As with any projection or forecast, forward-looking statements are inherently susceptible to
uncertainty and changes in circumstances. Vector’s actual results may vary materially from those
expressed or implied in its forward-looking statements.
2

Agenda
3
•Overview of Financial Performance
•Financial Performance
•Segment Performance
•Outlook & Market Commentary
•Q&A

OVERVIEW OF FINANCIAL
PERFORMANCE
4

Variance
excludes
Discontinued
Operations
Overview of financial performance
5
Adjusted EBITDA is not a GAAP measure of profit. For a reconciliation of adjusted EBITDA to EBITDA and net profit refer to the appendix of this presentation.
HY25 refers to Half Year 25 for the six months ending 31 December 2024. HY26 refers to Half Year 26 for the six months ending 31 December 2025.
Revenue
Excl. Contributions
Adjusted
EBITDA
Gross Capital
Expenditure
Operating
Cashflow
NPAT
+14%+19%-15%+17%-4%
Figures shown in
$NZD Millions
Half Year FY26 vs Half Year FY25
Grey bars represent the discontinued operations of Gas Trading
which included Ongas, Liquigas which were sold on the 31
st
of
January 2025.
Blue bars represent the ongoing continuing operations of Vector.
437
498
202
240
118
113
261
223
277
325
69
12
7
3
507
498
214
240
125
113
264
223
277
325
HY25HY26HY25HY26HY25HY26HY25HY26HY25HY26

FINANCIAL PERFORMANCE
6

Adjusted EBITDA (from continuing operations) up $38m / 19%
7
FY26 Half Year adjusted EBITDA movement vs prior year ($M)
•Adjusted EBITDA increase driven by the DPP4 allowable return and related higher interest rate environment
relative to DPP3. DPP4 reset was effective 1 April 2025
•Other is a non-reportable segment and includes VTS, HRV, Vector Fibre, Equalise and group eliminations.
202
+48
+0-10
240
HY25ElectricityGas
Distribution
OtherHY26

118
+38-26
-3
-1
-4
-9
113
HY25Adj. EBITDACapital
Contributions
Depreciation
and
Amortisation
Net InterestShare of
Associates
OtherHY26
NPAT from continuing operations is down $5m
8
“Other” includes, fair value changes on financial instruments and tax.
FY26 Half Year NPAT from continuing operations movement vs prior year ($M)

Gross capex lower in H1 but expected to lift in H2
9
Note 1. All years adjusted to exclude discontinued operations;
Gross Capital Expenditure ($M)FY26 Half Year Gross Capex movement vs prior year ($M)
Gas D’ and
Other Capex
Electricity
Capex
243
208
18
15
261-28
-8
-2
-1
223
HY25Electricity
Growth
Electricity
Replace-
ment
Gas
Distribution
OtherHY26
129
109
116
142
138
126
51
72
97
93
123
97
180
182
213
234
261
223
HY 21HY 22HY 23HY 24HY 25HY 26
Net capexCapital contributions

Strong Balance Sheet
10
Vector’s Standard and Poor’s credit rating is BBB+ with a stable outlook
Net Economic Debt ($B) and Gearing
Debt Maturity Profile ($M)
Note. Gearing is defined as economic net debt to economic net debt plus adjusted equity. Adjusted equity means total equity adjusted for hedge reserves.
100
475
277
138
574
223
170
307
225
577
977
FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
Bank FacilitiesUSPP
Wholesale BondsCapital Bonds
Retail Bonds
3.11
3.16
3.30
3.41
1.93
2.14
2.13
2.23
2.15
2.16
57%
57%
58%
59%
33%
36%36%
38%
37%
37%
JunDecJunDecJunDecJunDecJunDec
20212022202320242025
Economic net debt ($B)Gearing

SEGMENT PERFORMANCE
11

Electricity - adjusted EBITDA up $48m / 28%
12
•Electricity revenue increase driven by the
new DPP4 reset from 1 April 2025 with the
higher allowance as set by the Commerce
Commission reflecting theimpact of
higher interest rates, high historic inflation
and recovery of pass-through costs such
as transmission.
•Pass through includes transmission costs,
with the increase linked to the new reset
period for Transpower. Vector recovers
these costs via revenue.
•Higher opex costs linked to increased
maintenance activity and higher digital
costs.
•Total connections continue to grow with
electricity connections up 1.3% on FY25 to
637,247.
Adjusted EBITDA Movement ($M)
New Connections
000’s
Total Connections
000’s
Note 1. New connections refers to gross new connections. Net connections accounts for disconnections and cancellations which represents the movement in total connections.
172
+73-15
-11
220
HY25RevenuePass-
Through
Other
Opex
HY26
5.2
6.6
7.8
6.6
7.9
8.9
6.8
6.7
HY
19
HY
20
HY
21
HY
22
HY
23
HY
24
HY
25
HY
26
567
576
586
596
607
620
629
637
HY
19
HY
20
HY
21
HY
22
HY
23
HY
24
HY
25
HY
26

Gas Distribution - adjusted EBITDA flat at $24m
13
•Our Gas Distribution business builds and
maintains the gas network within the
wider Auckland region.
•Adjusted EBITDA is flat at $24m with
slightly higher revenue being offset by
higher costs.
•Gas volumes were down 4.5% on prior
year to 6.3PJ’s with lower demand across
all sectors.
•Total connections have decreased 0.4%
vs prior year to 120,304 and new
connections while still positive have
continued to decline and were just 341 in
the past six months.
Adjusted EBITDA Movement ($M)
New Connections
000’s
Total Connections
000’s
Note 1. New connections refers to gross new connections. Net connections accounts for disconnections and cancellations which represents the movement in total connections.
24
+1-1
24
HY25RevenueOpexHY26
1.7
1.9
2.0
1.7
1.3
1.2
0.7
0.3
HY
19
HY
20
HY
21
HY
22
HY
23
HY
24
HY
25
HY
26
110
113
115
118
119
120
121
120
HY
19
HY
20
HY
21
HY
22
HY
23
HY
24
HY
25
HY
26

Investment in Bluecurrent
14
•Our investment in Bluecurrent continues to perform
in line with expectation. Year on year Bluecurrent
have increased revenue, driving higher EBITDA and
this is flowing through to higher distributions.
•Vector’s P&L view represents 50% of Bluecurrent
NPAT via the ‘share of profit/loss from joint ventures’
line. Year on year the loss has grown by $4.3m
driven by Bluecurrent’s debt refinancing and related
one off, non-cash P&L impact related to the release
of unamortised fees but with the overall refinancing
resulting in a lower interest rate on their debt book.
•In HY26 we received $26.6m of distributions in
relation to our 50% shareholding.
•The closing carrying value of our investment is
$594m.

OUTLOOK & MARKET COMMENTARY
15

Outlook – FY26
16
•Full Year Guidance:
•For the 2026 full year, we are forecasting adjusted EBITDA to be within
our guidance range of $470 to $490 million. For Capex we are updating
Guidance as follows;
•We have tightened the Gross Capex and Capital Contributions guidance
range as we have greater visibility of project timelines through to the
end of the reporting period.
HY26
Actual
FY Guidance
Issued Aug. 2025
FY Guidance
Current Update
Gross Capex$223m$520m - $590m$500m - $540m
Captital Contributions$97m$180m - $230m$180m - $215m

FY26 Interim Dividend
17
•Interim dividend of 12.50 cents per share
with no imputation.
•Dividend record date of 19 March 2026
and payment date of 31 March 2026
Dividend Trend (cents per share)
8.00
8.258.258.258.258.258.25
9.25
12.00
12.50
8.00
8.00
8.258.25
8.508.508.50
13.00
13.00
5.50
1.75
16.00
16.25
16.5016.50
16.7516.75
22.25
24.00
25.00
12.50
FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
InterimFinalSpecial

Q&A
ANY QUESTIONS?
18

APPENDICES
19

Segment Results – Continuing Operations
20
1. Other is not a reportable segment. Includes VTS, HRV, Vector Fibre, Equalise and inter-segment eliminations,
ElectricityGas Distribution
Other
1
Total
HY25HY26ΔHY25HY26ΔHY25HY26ΔHY25HY26Δ
Adjusted EBITDA
Revenue excl. Capital
Contributions
37244573+20%34351+2%3118(14)-44%43749860+14%
Operating Expenses(200)(225)(25)-13%(10)(11)(1)-5%(26)(22)4+14%(236)(258)(22)-9%
Adjusted EBITDA17222048+28%24240+1%6(4)(10)n.a.20224038+19%
Capex
Growth130101(28)-22%63(3)-49%77(0)-0%143112(31)-22%
Replacement114106(8)-7%331+21%21(1)-35%119111(8)-7%
Gross Capex243208(36)-15%96(2)-27%99(1)-7%261223(39)-15%
Capital Contributions(117)(92)25+21%(6)(4)2+30%(1)(0)0+11%(123)(97)26+22%
Net Capex127116(11)-9%32(1)-20%98(1)-7%138126(12)-9%

GAAP to Non-GAAP Reconciliation
21
Vector’s standard profit measure prepared under New Zealand GAAP
is net profit. Vector has used non-GAAP profit measures when
discussing financial performance in this document. The directors and
management believe that these measures provide useful
information as they are used internally to evaluate performance of
business units, to establish operational goals and to allocate
resources. For a more comprehensive discussion on the use of non-
GAAP profit measures, please refer to the policy ‘Reporting non-
GAAP profit measures’ available on our website (vector.co.nz).
Non-GAAP profit measures are not prepared in accordance with NZ
IFRS (New Zealand International Financial Reporting Standards) and
are not uniformly defined, therefore the non-GAAP profit measures
reported in this document may not be comparable with those that
other companies report and should not be viewed in isolation or
considered as a substitute for measures reported by Vector in
accordance with NZ IFRS.
Definitions
EBITDA
Earnings before interest, taxation, depreciation, amortisation,
impairment, associates and fair value changes.
Adjusted EBITDA
EBITDA adjusted for third party contributions and significant
one-off gains, losses, revenues and/or expenses.
Extract from the financial statements
GAAP to Non-GAAP reconciliation
HY25HY26
Group EBITDA and Adjusted EBITDA
$M$M
Reported net profit for the period (GAAP)-
continuing operations
118.1113.0
Add back: net interest costs39.039.6
Add back: tax (benefit)/expense50.457.4
Add back: depreciation and amortisation110.7113.2
Associates (share of net (profit)/loss)10.815.1
Fair value change on financial instruments(4.4)(2.0)
EBITDA - continuing operations324.6336.3
Adjusted for:
Capital contributions(123.0)(96.6)
Adjusted EBITDA- continuing operations201.6239.7
Adjusted EBITDA- discontinued operations12.0-
Total Group adjusted EBITDA213.6239.7

END
22

---

FINANCIAL PERFORMANCE
$MILLION
31-DEC-25
6 MONTHS
31-DEC-24
6 MONTHSCHANGE
30-JUN-25
12 MONTHS
Total revenue – continuing operations
1
594.4560.56.0%1,104.0
Adjusted EBITDA – continuing operations
1
239.8201.618.9%401.1
Adjusted EBIT – continuing operations
1
126.690.939.2%169.7
Net profit – continuing operations
1
113.0118.1(4.3%)154.7
Total revenue – discontinued operations–69.3(100.0%)79.2
Adjusted EBITDA – discontinued operations–12.0(100.0%)12.9
Adjusted EBIT – discontinued operations–10.5(100.0%)11.3
Net profit – including discontinued operations113.0125.4(9.9%)167.7
Operating cash flow – including discontinued operations325.1276.917.4%515.2
FINANCIAL POSTION
$MILLION31-DEC-2531-DEC-24CHANGE30-JUN-25
Total equity3,605.73,713.3(2.9%)3,600.9
Total assets6,944.97,128.0(2.6%)6,922.3
Economic net debt
2
2,156.02,230.0(3.3%)2,148.3
KEY FINANCIAL MEASURES
31-DEC-2531-DEC-24CHANGE30-JUN-25
Adjusted EBITDA/ total revenue
1
40.3%36.0%11.9%36.3%
Adjusted EBIT/ total revenue
1
21.3%16.2%31.5%15.4%
Equity/total assets51.9%52.1%(0.4%)52.0%
Return on assets (adjusted EBITDA/assets)
1
3.5%2.8%25.0%5.8%
Gearing
3
37.3%37.5%(0.5%)37.3%
Net interest cover (adjusted EBIT/net interest costs) (times)3.22.623.1%2.5
Earnings (NPAT) per share (cents) – including
discontinued operations11.312.4(8.9%)16.7
Dividends declared, cents per share12.5012.004.2%25.00
1. Excludes contributions from gas trading which is classified as discontinued operations for all periods presented.
2. Economic net debt is borrowings and lease liabilities net of cash and cash equivalents.
3. Gearing is defined as economic net debt to economic net debt plus adjusted equity. Adjusted equity means total equity adjusted for hedge reserves.
Total revenue
$594.4 MILLION
Operating cash flow
$325.1 MILLION
Financial overview
Vector Interim Financials 2026
1









.
.
.
.
*
.
NET PROFIT
(including discontinued operations)
for the six months ended 31 December
$ MILLION
TOTAL REVENUE
for the six months ended 31 December
$ MILLION

ELECTRICITY DISTRIBUTION

GAS DISTRIBUTION

OTHER
1

DISCONTINUED OPERATIONS – TOTAL

TOTAL GROUP

TOTAL CONTINUING OPERATIONS
ADJUSTED EBITDA
for the six months ended 31 December
$ MILLION

ELECTRICITY DISTRIBUTION

GAS DISTRIBUTION

OTHER
1


DISCONTINUED OPERATIONS – TOTAL

TOTAL GROUP

TOTAL CONTINUING OPERATIONS
Financial performance trends
1. Includes eliminations of transactions between segments, and with discontinued operations

* Six-months to 31 December 2023 includes $60.6 million of non-cash
impairment.
0
100
200
300
400
500
600
700
800
20252024202320222021
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.








.
.
.
.







CAPITAL EXPENDITURE
for the six months ended 31 December
$ MILLION
Vector Interim Financials 2026
2

OPERATING CASH FLOWS
(including discontinued operations)
for the six months ended 31 December
$ MILLION









.
.
.
.
.
3,618.0
2,156.0
2
0
2
5
2
0
2
4
2,230.03,714.1
SOURCE OF FUNDING – GEARING
as at 31 December
$ MILLION

ECONOMIC NET DEBT

ADJUSTED EQUITY
Financial performance trends (continued)
Vector Interim Financials 2026
3

---

Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

CONTENTS
Independent Review Report3
Group Condensed Interim Financial Statements
Profit or Loss5
Other Comprehensive Income6
Balance Sheet7
Cash Flows9
Changes in Equity 10
Notes to the Group Condensed Interim Financial Statements11
GROUP CONDENSED INTERIM FINANCIAL STATEMENTS
These group condensed interim financial statements for the six months ended 31 December 2025 are dated
19 February 2026, and signed for and on behalf of Vector Limited by:
Chair
Chair, audit committee
And management of Vector Limited by:
Group Chief Executive
Chief Financial Officer
Group Condensed Interim Financial Statements
for the six months ended 31 December 2025 (unaudited)
2
Vector Interim Financials 2026

© 2026 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
Document classification: KPMG Public

Independent Auditor’s Review
Report
To the shareholders of Vector Limited (Group)
Report on the group condensed interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the group
condensed interim financial statements on pages 5 to
21 do not:
‒ present fairly, in all material respects, the
Group’s financial position as at 31
December 2025 and its financial
performance and cash flows for the 6 month
period then ended and comply with New
Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New
Zealand Accounting Standards Board.

We have completed a review of the accompanying
group condensed interim financial statements which
comprise:
‒ the group interim balance sheet as at 31
December 2025;
‒ the group interim profit or loss, other
comprehensive income, changes in equity
and cash flows for the 6 month period then
ended; and
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor's Responsibilities for the Review of the interim consolidated
financial statements section of our report.
We are independent of Vector Limited in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to the annual audit, regulatory assurance over
climate related disclosures and other assurance and agreed upon procedures engagements, compliance
services in relation to R&D tax credits and providing a whistleblower hotline. Subject to certain restrictions,
partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. These matters have not impaired our independence as auditor of
the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholders. Our review work has been undertaken so that we might state to
the shareholders those matters we are required to state to them in the Independent Auditor’s Review Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the shareholders for our review work, this report, or any of the conclusions we have formed.
3
Vector Interim Financials 2026

Responsibilities of directors for the group condensed interim
financial statements
The directors on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the group condensed interim financial statements in accordance
with NZ IAS 34; and
‒ implementing necessary internal control to enable the preparation of group condensed interim financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the group condensed
interim financial statements
Our responsibility is to express a conclusion on the group condensed interim financial statements based on our
review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the group condensed interim financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34.
A review of the group condensed interim financial statements prepared in accordance with NZ SRE 2410
(Revised) is a limited assurance engagement. The auditor performs procedures, consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the
financial statements.
The engagement partner on the audit resulting in this independent auditor’s review report is Matthew Diprose.

For and on behalf of:



KPMG
Auckland
19 February 2026
4
Vector Interim Financials 2026

NOTE
31 DEC 2025
6 MONTHS
(UNAUDITED)
$M
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
30 JUN 2025
12 MONTHS
(AUDITED)
$M
Continuing operations:
Revenue4594.4560.51,104.0
Operating expenses4(248.8)(235.9)(492.4)
Non-operating losses3,4(9.3)––
Depreciation and amortisation(113.2)(110.7)(231.4)
Interest income7.310.925.6
Interest costs(46.9)(49.9)(98.0)
Impairment of goodwill7––(37.0)
Fair value change on f inancial instruments2.04.4(8.5)
Share of net prof it/(loss) in joint ventures6(15.1)(10.8)(21.1)
Profit/(loss) before income tax170.4168.5241.2
Income tax benef it/(expense)(57.4)(50.4)(86.5)
Net profit/(loss) for the period from
continuing operations113.0118.1154.7
Net prof it/(loss) for the period f rom
discontinued operations5–7.313.0
Net profit/(loss) for the period113.0125.4167.7
Net profit/(loss) for the period attributable to
Owners of the parent – continuing operations113.0118.1154.7
Owners of the parent – discontinued operations– 6.311.8
Non-controlling interests – discontinued operations –1.01.2
Basic and diluted earnings per share (cents)
Continuing operations911.311.815.5
Discontinued operations9–0.61.2
Total911.312.416.7
Profit or Loss
5
Vector Interim Financials 2026

NOTE
31 DEC 2025
6 MONTHS
(UNAUDITED)
$M
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
30 JUN 2025
12 MONTHS
(AUDITED)
$M
Net profit/(loss) for the period113.0125.4167.7
Other comprehensive income
net of tax- continuing operations
Items that may be re-classif ied subsequently to
prof it or loss:
Net change in fair value of hedge reserves(1.1)(27.0)(37.4)
Translation of foreign operations 8.91.9(2.3)
Share of other comprehensive income of
joint ventures613.9(15.0)(19.9)
Other comprehensive income/(loss) for the period
net of tax -continuing operations21.7(40.1)(59.6)
Total comprehensive income/(loss) for the period
net of tax134.785.3 108.1
Total comprehensive income for the period
attributable to
Owners of the parent – continuing operations134.778.095.1
Owners of the parent – discontinued operations–6.311.8
Non-controlling interests – discontinued operations–1.01.2
Other Comprehensive Income
6
Vector Interim Financials 2026

Balance Sheet
 NOTE
31 DEC 2025
(UNAUDITED)
$M
31 DEC 2024
(UNAUDITED)
$M
30 JUN 2025
(AUDITED)
$M
CURRENT ASSETS
Cash and cash equivalents1.88.723.3
Trade and other receivables 66.287.5100.9
Contract assets84.870.792.5
Derivatives83.61.22.5
Inventories–17.511.5
Contingent consideration6.09.88.1
Intangible assets–5.3–
Income tax41.820.419.6
Disposal group held for sale5–188.6–
Total current assets204.2409.7258.4
NON-CURRENT ASSETS
Receivables4.21.04.4
Derivatives891.5104.263.8
Contingent consideration21.135.520.0
Investment in joint venture6593.7647.2605.5
Intangible assets71,048.71,091.61,051.9
Property, plant and equipment (PPE)4,917.54,715.94,807.9
Right of use assets (ROU)39.444.141.3
Income tax24.578.869.0
Deferred tax0.1–0.1
Total non-current assets6,740.76,718.36,663.9
Total assets6,944.97,128.06,922.3
7
Vector Interim Financials 2026

Balance Sheet (CONTINUED)
 NOTE
31 DEC 2025
(UNAUDITED)
$M
31 DEC 2024
(UNAUDITED)
$M
30 JUN 2025
(AUDITED)
$M
CURRENT LIABILITIES
Trade and other payables170.6187.9206.4
Provisions0.51.30.9
Borrowings3,8199.9249.7–
Derivatives8–0.10.3
Contract liabilities53.460.552.6
Lease liabilities4.66.46.0
Disposal group held for sale5–28.2–
Total current liabilities429.0534.1266.2
NON-CURRENT LIABILITIES
Borrowings3,81,917.21,919.32,049.1
Derivatives896.9113.9143.6
Contract liabilities2.15.22.9
Lease liabilities45.647.245.5
Deferred tax 848.4795.0814.1
Total non-current liabilities 2,910.22,880.63,055.2
Total liabilities 3,339.23,414.73,321.4
EQUITY
Equity attributable to owners of the parent3,605.73,698.33,600.9
Non-controlling interests in subsidiaries5–15.0–
Total equity 3,605.73,713.33,600.9
Total equity and liabilities 6,944.97,128.06,922.3
Net tangible assets per share (cents)9255.7260.1254.9
Gearing ratio (%)937.337.537.3
8
Vector Interim Financials 2026

NOTE
31 DEC 2025
6 MONTHS
(UNAUDITED)
$M
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
30 JUN 2025
12 MONTHS
(AUDITED)
$M
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts f rom customers551.7533.4973.1
Customer contributions received91.0110.5190.0
Dividend received f rom joint venture10.5––
Interest received 6.110.624.4
Payments to suppliers and employees(284.0)(323.0)(566.5)
Interest paid(49.6)(52.3)(103.1)
Income tax paid(0.6)(2.3)(2.7)
Net cash flows from/(used in) operating activities 10325.1276.9515.2
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds f rom sale of PPE and software intangibles0.50.30.4
Purchase and construction of PPE(207.4)(245.9)(443.7)
Purchase and construction of software intangibles(12.4)(14.4)(31.2)
Proceeds f rom contingent consideration7.04.610.8
Proceeds f rom sale of discontinued operations1.74.7158.0
Cash balance disposed in sale of discontinued operations––(5.6)
Repayment of loans advanced11.014.936.2
Other investing cash flows(1.5)0.60.7
Net cash flows from/(used in) investing activities (201.1)(235.2)(274.4)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds f rom borrowings3,8122.535.0260.0
Repayment of borrowings3,8(135.0)(15.0)(305.0)
Dividends paid 3(130.0)(148.7)(268.7)
Lease liabilities payments(3.0)(4.4)(8.4)
Net cash flows from/(used in) financing activities(145.5)(133.1)(322.1)
Net increase/(decrease) in cash and cash equivalents(21.5)(91.4)(81.3)
Cash and cash equivalents at beginning of the period23.3104.6104.6
Cash and cash equivalents at end of the period1.813.223.3
Cash and cash equivalents comprise:
Bank balances and on-call deposits 1.813.223.3
Cash Flows
Discontinued operations The cash flows above reflect the entire Vector group cash flows for the six
months to 31 December 2025 and comparative periods.
9
Vector Interim Financials 2026

Changes in Equity
(unaudited)
NOTEISSUED SHARE CAPITAL$MTREASURY SHARES$MHEDGE RESERVES$MOTHER RESERVES$MRETAINED EARNINGS$MNON– CONTROLLING INTERESTS$MTOTAL EQUITY$M
Balance at 30 June 2024
(audited) 880.0(0.1)26.2(12.9)2,868.315.23,776.7
Net prof it/(loss) for the period––––124.41.0125.4
Other comprehensive income––(27.0)0.3(13.4)–(40.1)
Total comprehensive income ––(27.0)0.3111.01.085.3
Dividends––––(147.5)(1.2)(148.7)
Total transactions with owners––––(147.5)(1.2)(148.7)
Balance at 31 December 2024880.0(0.1)(0.8)(12.6)2,831.815.03,713.3
Net prof it/(loss) for the period––––42.10.242.3
Other comprehensive income––(10.4)(9.1)––(19.5)
Total comprehensive income––(10.4)(9.1)42.10.222.8
Dividends––––(120.0)–(120.0)
Sale of discontinued
operations–––––(15.2)(15.2)
Total transactions with owners ––––(120.0)(15.2)(135.2)
Balance at 30 June 2025
(audited)880.0(0.1)(11.2)(21.7)2,753.9–3,600.9
Net prof it/(loss) for the period––––113.0–113.0
Other comprehensive income––(1.1)22.8––21.7
Total comprehensive income ––(1.1)22.8113.0–134.7
Dividends3––––(130.0)–(130.0)
Sale of treasury shares–0.1––––0.1
Total transactions with owners–0.1––(130.0)–(129.9)
Balance at 31 December 2025880.0–(12.3)1.12,736.9–3,605.7

–
10
Vector Interim Financials 2026

Notes to the Interim Financial Statements
1. Company information
Reporting entityVector Limited is a company incorporated and domiciled in New Zealand,
registered under the Companies Act 1993 and listed on the NZX Main Board
(NZSX). The company is an FMC entity for the purposes of Part 7 of the
Financial Markets Conduct Act 2013. Vector’s condensed consolidated
interim financial statements (the interim financial statements) comply with
this Act.
The interim financial statements presented are for Vector Limited Group
(“Vector” or “the group”) as at, and for the six months ended 31 December
2025. The group comprises Vector Limited (“the parent”) and its
subsidiaries.
Vector Limited is a 75.1% owned subsidiary of Entrust which is the ultimate
parent entity for the group.
The primary operations of the group are electricity and gas distribution,
telecommunications, and digital services.
2. Summary of material accounting policies
Basis of preparationThe interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (NZ GAAP) as
applicable to interim financial statements, and as appropriate to profit
oriented entities. They comply with NZ IAS 34 Interim Financial Reporting.
These interim financial statements do not include all of the information
required for full annual financial statements and should be read in
conjunction with the group financial statements and related notes included
in Vector’s 2025 Annual Report. The interim financial statements for the six
months ended 31 December 2025 and 31 December 2024 are unaudited.
All financial information is presented in New Zealand dollars ($) and has
been rounded to the nearest 100,000, unless otherwise stated.
SeasonalityVector’s electricity and gas businesses are affected by the seasonal demand
for energy, which generally increases during periods of colder weather.
Accordingly, financial results for the first half of the financial year reported
in the interim financial statements are generally more profitable than those
of the second half of the year.
3. Material transactions and events
Material transactions and events that have occurred during the six months to 31 December 2025:
Commerce commission
decisions
The Commission is currently consulting on the price reset for its fourth
Default Price-quality Path (“DPP4”), which relates to the period beginning
1 October 2026 for gas distribution businesses. The draft decision was
released in November 2025. Vector provided our submission to the draft
decision on 22 January 2026, and expect to receive the final decision in
May 2026.
This decision will impact the future cash flows we can expect to earn f rom
the gas distribution business.
11
Vector Interim Financials 2026

Notes to the Interim Financial Statements
3. Material transactions and events (continued)
Regulatory quality
thresholds
For both the regulatory years to 31 March 2024 and 31 March 2025, Vector
was not in breach of its unplanned SAIDI and SAIFI quality limits. Vector
remains within the regulatory threshold for the regulatory year ending
31 March 2026.
Regulatory consultationsIn November 2025, the Electricity Authority released the next round of
consultation on its network connection pricing reform.
This consultation (“Reducing barriers for new connections: upf ront charges
and distributor obligations”) proposes to introduce targeted intervention of
connection pricing where upf ront connection costs are too high, along with
distributor obligations for connecting customers.
Vector has submitted on this consultation on 4 February 2026, with a draft
decision expected later in 2026. These determinations will influence how
Vector manages its customer connections.
Debt programmeDuring the six months ended 31 December 2025, the group drew down
$122.5 million and repaid $135.0 million of bank facilities for a net $12.5
million movement in facilities (six months to 31 December 2024: $20.0
million net movement).
Sale of E-Co Products
Group Limited
On 1 August 2025, Vector entered and completed an agreement with HRV
NZ Limited for the sale of its entire shareholding in Eco- Products Group
Limited for $2.5 million. A non-operating loss of $9.3 million has been
recognised on this transaction.
DividendsVector Limited’s final dividend for the year ended 30 June 2025 of 13.0 cents
per share was paid on 17 September 2025. The dividend was unimputed.
The total dividend paid was $130.0 million.
4. Segment information
SegmentsVector reports on two reportable segments in accordance with NZ
IFRS 8 Operating Segments. The segments and related policies remain
unchanged f rom those reported in Vector’s 2025 Annual Report.
The reportable segments are:
Electricity distribution Auckland electricity distribution services.
Gas distribution Auckland gas distribution services.
Other includes telecommunications, digital services, energy solution
services and corporate operations. The reportable segments have also
been updated to include a portion of shared corporate costs, in line with
allocations used for the most recent regulatory reporting period.
12
Vector Interim Financials 2026

Notes to the Interim Financial Statements
4. Segment information (continued)
31 DEC 2025
6 MONTHS (UNAUDITED)
ELECTRICITY
DISTRIBUTION
$M
GAS
DISTRIBUTION
$M
OTHER
$M
INTER-
SEGMENT
ELIMINATIONS
$M
TOTAL
$M
External revenue:
Sales 444.534.818.6–497.9
Customer contributions92.14.00.4–96.5
Inter-segment revenue1.0–7.0(8.0)–
Segment revenue537.638.826.0(8.0)594.4
External expenses:
Electricity transmission expenses(111.3)–––(111.3)
Network and asset maintenance (41.5)(3.6)(1.2)–(46.3)
Employee benef it expenses(24.2)(2.4)(7.3)–(33.9)
Other expenses(42.4)(4.8)(10.1)–(57.3)
Inter-segment expenses(6.0)–(2.0)8.0–
Segment operating expenses(225.4)(10.8)(20.6)8.0(248.8)
Non-operating losses––(9.3)–(9.3)
Segment EBITDA312.228.0(3.9)–336.3
Depreciation and amortisation(90.6)(12.9)(9.7)–(113.2)
Segment EBIT221.615.1(13.6)–223.1
Segment capital expenditure207.76.38.7–222.7
Reconciliation of segment reporting to profit or loss:
31 DEC 2025
6 MONTHS
(UNAUDITED)
$M
Segment EBIT reported in the segment information223.1
Interest income7.3
Interest costs(46.9)
Fair value change on f inancial instruments2.0
Share of net prof it/(loss) in joint venture(15.1)
Profit before tax from continuing operations170.4
13
Vector Interim Financials 2026

Notes to the Interim Financial Statements
4. Segment information (continued)
31 DEC 2024
6 MONTHS (UNAUDITED)
ELECTRICITY
DISTRIBUTION
$M
GAS
DISTRIBUTION
$M
OTHER
$M
INTER-
SEGMENT
ELIMINATIONS
$M
TOTAL
$M
External revenue:
Sales 371.234.232.1–437.5
Customer contributions116.85.70.5–123.0
Inter-segment revenue1.0–8.6(9.6)–
Segment revenue489.039.941.2(9.6)560.5
External expenses:
Electricity transmission expenses(96.8)–––(96.8)
Network and asset maintenance (36.3)(4.3)(1.4)–(42.0)
Employee benef it expenses(22.6)(2.3)(14.4)–(39.3)
Other expenses(38.3)(3.7)(15.8)–(57.8)
Inter-segment expenses(6.1)–(3.5)9.6–
Segment operating expenses(200.1)(10.3)(35.1)9.6(235.9)
Segment EBITDA288.929.66.1–324.6
Depreciation and amortisation(88.5)(12.7)(9.5)–(110.7)
Segment EBIT200.416.9(3.4)–213.9
Segment capital expenditure243.48.69.4–261.4
Reconciliation of segment reporting to profit or loss:
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
Segment EBIT reported in the segment information213.9
Interest income10.9
Interest costs(49.9)
Fair value change on f inancial instruments4.4
Share of net prof it/(loss) in joint venture(10.8)
Profit before tax from continuing operations168.5
14
Vector Interim Financials 2026

Notes to the Interim Financial Statements
4. Segment information (continued)
30 JUN 2025
12 MONTHS (AUDITED)
ELECTRICITY
DISTRIBUTION
$M
GAS
DISTRIBUTION
$M
OTHER
$M
INTER-
SEGMENT
ELIMINATIONS
$M
TOTAL
$M
External revenue:
Sales 762.267.264.1–893.5
Customer contributions195.913.31.3–210.5
Inter-segment revenue2.0–16.7(18.7)–
Segment revenue960.180.582.1(18.7)1,104.0
External expenses:
Electricity transmission expenses(200.7)–––(200.7)
Network and asset maintenance (76.5)(8.3)(2.8)–(87.6)
Employee benef it expenses(45.9)(4.5)(29.4)–(79.8)
Other expenses(76.4)(7.6)(40.3)–(124.3)
Inter-segment expenses(12.8)(0.1)(5.8)18.7–
Segment operating expenses(412.3)(20.5)(78.3)18.7(492.4)
Segment EBITDA547.860.03.8–611.6
Depreciation and amortisation(181.1)(29.2)(21.1)–(231.4)
Impairment–(37.0)––(37.0)
Segment EBIT366.7(6.2)(17.3)–343.2
Segment capital expenditure432.019.019.1–470.1
Reconciliation of segment reporting to profit or loss:
30 JUNE 2025
12 MONTHS
(AUDITED)
$M
Segment EBIT reported in the segment information343.2
Interest income25.6
Interest costs(98.0)
Fair value change on f inancial instruments(8.5)
Share of net prof it/(loss) in joint venture(21.1)
Profit before tax from continuing operations241.2
15
Vector Interim Financials 2026

Notes to the Interim Financial Statements
5. Discontinued operations
On 1 July 2024, Vector completed the sale of remaining contracts in
the natural gas business to Nova Energy Limited for consideration of
$9.7 million. The final instalment of the consideration was received
on 31 July 2025.
On 31 January 2025, Vector completed the sale of the Ongas LPG business,
and shares in Liquigas Limited (the “gas trading business”).
The assets and liabilities of the gas trading business were presented as a
disposal group held for sale in the interim financial statements for the six
months ended 31 December 2024.
The disposal groups were presented as discontinued operations in the
interim financial statements for the six months ended 31 December 2024
and the 2025 annual report.
6. Investment in joint venture
EQUITY INTEREST HELD
INVESTEEPRINCIPAL ACTIVITY
COUNTRY OF
INCORPORATION
31 DEC
2025
31 DEC
2024
30 JUN
2025
Bluecurrent
Bluecurrent Holdings NZ LimitedMetering servicesNew Zealand50%50%50%
Bluecurrent Holdings (Australia)
Pty Ltd
Metering servicesAustralia50%50%50%
Movement in the carrying amount of joint venture
31 DEC 2025
(UNAUDITED)
$M
31 DEC 2024
(UNAUDITED)
$M
30 JUN 2025
(AUDITED)
$M
Opening carrying value605.5684.2684.2
Shareholder loans(0.1)(11.2)(37.7)
Dividends received(10.5)––
Share of net prof it/(loss)(15.1)(10.8)(21.1)
Share of other comprehensive income13.9(15.0)(19.9)
Closing carrying value593.7647.2605.5
16
Vector Interim Financials 2026

Notes to the Interim Financial Statements
7. Intangible assets
Goodwill impairment
assessments
Goodwill is tested at least annually for impairment against the recoverable
amount of the cash generating units (“CGU”) to which it has been allocated.
As at 31 December 2025, the CGUs within the group which contain goodwill
are electricity and gas distribution.
Management have applied the practical expedient f rom NZ IAS 36
Impairment of Assets in carrying out their impairment assessment of the
electricity CGU at 31 December 2025. The practical expedient allows an
entity to use the recoverable amount calculation prepared in the prior year
provided all of the following criteria are met:
(a) the carrying value of the assets and liabilities of the electricity CGU have
not changed significantly in the intervening period;
(b) the previous calculation of the CGU’s recoverable amount exceeded the
carrying value by a substantial margin; and
(c) based on an analysis of events and circumstances that have occurred
since the previous recoverable amount calculation, the likelihood that a
current recoverable amount determination would be less than the current
carrying amount of the unit is remote.
The future cash flows associated with the gas distribution CGU are
intrinsically linked to the ongoing process to determine the new default
price path for gas distribution businesses (DPP4). Given the uncertainty in
the outcome of DPP4, the annual impairment test for the gas distribution
CGU will be carried out at 30 June 2026, following the publication by
the Commerce Commission of the final determination. Management
have assessed the gas distribution CGUs for indicators of impairment at
31 December 2025, and no indicators were identified.
The group had recognised an impairment of $37.0 million of goodwill
allocated to the gas distribution CGU at 30 June 2025. We have previously
disclosed the risks and uncertainty associated with future gas supply,
customer attitudes towards gas, and policy direction to adequately manage
this transition. This has possible implications for the gas industry and
therefore the risk that Vector’s gas assets may need to be impaired in the
future. Vector has $72.1 million of goodwill allocated to its gas distribution
business at 31 December 2025.
8. Borrowings and derivatives

NET
DERIVATIVES
$M
BORROWINGS
$M
Balance at 30 June 2025 (audited)(77.6)(2,049.1)
Fair value movements:
Foreign exchange rates76.9(76.9)
Interest rates and other fair value changes(1.1)(3.6)
Net repayments/(drawdowns)–12.5
Balance at 31 December 2025 (unaudited)(1.8)(2,117.1)
Fair value at 31 December 2025 (unaudited)(1.8)(2,199.5)
17
Vector Interim Financials 2026

Notes to the Interim Financial Statements
9. Financial ratios
Basic and diluted earnings per share
31 DEC 2025
6 MONTHS
(UNAUDITED)
$M
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
30 JUN 2025
12 MONTHS
(AUDITED)
$M
Net prof it f rom continuing operations attributable to
owners of the parent113.0118.1154.7
Net prof it f rom discontinued operations attributable to
owners of the parent–6.311.8
Net profit attributable to owners of the parent113.0124.4166.5
Weighted average ordinary shares outstanding during
the period (no. of shares)999,985,540999,973,657999,973,657
Earnings per share f rom continuing operations11.3 cents11.8 cents15.5 cents
Earnings per share f rom discontinued operations0.0 cents0.6 cents1.2 cents
Total earnings per share11.3 cents12.4 cents16.7 cents
Net tangible assets per share
31 DEC 2025
(UNAUDITED)
$M
31 DEC 2024
(UNAUDITED)
$M
30 JUN 2025
(AUDITED)
$M
Net assets attributable to owners of the parent 3,605.73,698.33,600.9
Less total intangible assets (1,048.7)(1,096.9)(1,051.9)
Total net tangible assets2,557.02,601.42,549.0
Ordinary shares outstanding (number of shares)1,000,000,000999,973,657999,973,657
Net tangible assets per share255.7 cents260.1 cents254.9 cents
Economic net debt to economic net debt plus
adjusted equity ratio (“gearing ratio”)
31 DEC 2025
(UNAUDITED)
$M
31 DEC 2024
(UNAUDITED)
$M
30 JUN 2025
(AUDITED)
$M
Face value of borrowings 2,107.62,185.12,120.1
Lease liabilities50.253.651.5
Less cash and cash equivalents(1.8)(8.7)(23.3)
Economic net debt2,156.02,230.02,148.3
Total equity3,605.73,713.33,600.9
Adjusted for hedge reserves12.30.811.2
Adjusted equity3,618.03,714.13,612.1
Economic net debt plus adjusted equity5,774.05,944.15,760.5
Gearing ratio37.3%37.5%37.3%
18
Vector Interim Financials 2026

Notes to the Interim Financial Statements
10. Cash flows
Reconciliation of net profit/(loss) to net cash flows
from/(used in) operating activities including
discontinued operations
31 DEC 2025
6 MONTHS
(UNAUDITED)
$M
31 DEC 2024
6 MONTHS
(UNAUDITED)
$M
30 JUN 2025
12 MONTHS
(AUDITED)
$M
Net prof it/(loss) for the period:113.0125.4167.7
Items not associated with operating activities:
Gain on sale of discontinued operations classif ied as
investing activities––(3.9)
Cost to sell of discontinued operations––(1.4)
Dividend received f rom joint venture10.5––
Contingent consideration associated with investing activities(1.3)(4.6)(10.8)
PPE items associated with investing activities4.21.08.6
Movements in emission units associated with investing
activities–(2.3)(7.4)
Lease liabilities items associated with f inancing activities0.40.2(0.4)
Other investing activities0.2––
14.0(5.7)(15.3)
Non-cash items
Non operating losses9.3––
Depreciation and amortisation113.2112.2233.0
Non-cash portion of interest costs (net)(4.0)(0.5)(1.4)
Fair value change on f inancial instruments(2.0)(4.3)8.5
Share of net (prof it)/loss in joint ventures15.110.821.1
Impairment of goodwill––37.0
Increase/(decrease) in deferred tax 34.845.068.4
Working capital balances disposed of(8.8)––
Other non-cash items0.5(0.3)(1.3)
158.1162.9365.3
Changes in assets and liabilities
Trade and other payables(35.8)(26.5)(16.7)
Provisions(0.4)(0.3)(8.5)
Contract liabilities–(12.0) (22.3)
Contract assets7.729.711.8
Inventories11.51.114.9
Trade and other receivables 34.7(3.5)2.1
Income tax 22.35.816.2
40.0(5.7)(2.5)
Net cash flows from/(used in) operating activities including
discontinued operations325.1276.9515.2
19
Vector Interim Financials 2026

Notes to the Interim Financial Statements
11. Capital commitments
31 DEC 2025
(UNAUDITED)
$M
31 DEC 2024
(UNAUDITED)
$M
30 JUN 2025
(AUDITED)
$M
Capital commitments at end of period - continuing operations170.8114.6110.6
Capital commitments at end of period -
discontinued operations–2.21.1
Total capital commitments170.8116.8111.7
Capital commitmentsCapital commitments includes capital expenditure which has been
committed to, but not provided for at balance date.
12. Related party transactions
Majority shareholder
transactions
Vector Limited has paid its majority shareholder, Entrust, dividends of
$97.6 million during the six months ended 31 December 2025 (six months
ended December 2024: $110.8 million, 12 months ended 30 June 2025:
$200.9 million).
Bluecurrent transactionsThe group has $171.1 million of shareholder loans to Bluecurrent as at
31 December 2025 (31 December 2024: $197.7 million, 30 June 2025:
$171.2 million). During the six months to 31 December, Bluecurrent fully
repaid the portion of the shareholder loans relating to its New Zealand
business.
Interest income on the loans for the six months to 31 December 2025 was
$5.0 million (six months ended 31 December 2024: $6.8 million, 12 months
ended 30 June 2025: $12.5 million).
Dividends received for the six months to 31 December 2025 were $10.5
million (31 December 2024: nil, 30 June 2025: nil).
Outstanding balancesAt 31 December 2025, the group has no other material outstanding
balances due to or f rom related parties of the group (31 December 2024 and
30 June 2025: not material).
13. Contingent liabilities
DisclosuresThe directors are aware of claims that have been made against entities of
the group and, where appropriate, have recognised provisions for these
within the financial statements.
No material contingent liabilities have been identified.
20
Vector Interim Financials 2026

Notes to the Interim Financial Statements
14. Events after the end of the period
Interim dividendOn 19 February 2026, the board declared an unimputed interim dividend for
the year ended 30 June 2026 of 12.50 cents per share.
No adjustment is required to these interim financial statements in respect
of this event.
Financial statements
approval
The interim financial statements were approved by the board of directors
on 19 February 2026.
21
Vector Interim Financials 2026

Vector’s standard profit measure prepared under New Zealand Generally Accepted Accounting Practice (GAAP)
is net profit. Vector has used non-GAAP profit measures when discussing financial performance in this
document. The directors and management believe that these measures provide useful information as they are
used internally to evaluate performance of business units, to establish operational goals and to allocate
resources. For a more comprehensive discussion on the use of non-GAAP profit measures, please refer to the
policy ‘Reporting non-GAAP profit measures’ available on our website (www.vector.co.nz).
Non-GAAP profit measures are not prepared in accordance with New Zealand International Financial Reporting
Standards (NZ IFRS) and are not uniformly defined, therefore the non-GAAP profit measures reported in this
document may not be comparable with those that other companies report and should not be viewed in
isolation f rom or considered as a substitute for measures reported by Vector in accordance with NZ IFRS.
DEFINITIONS
EBITDA: Earnings before interest, taxation, depreciation, amortisation, impairment, associates
and fair value changes.
Adjusted EBITDA: EBITDA adjusted for customer contributions, and significant one-off gains, losses,
revenues and/or expenses.
GAAP TO NON-GAAP RECONCILIATION
Group EBITDA and adjusted EBITDA
31 DEC 2025
6 MONTHS
$M
31 DEC 2024
6 MONTHS
$M
Reported net profit for the period (GAAP)- continuing operations113.0 118.1
Add back: net interest costs39.6 39.0
Add back: tax (benef it)/expense57.4 50.4
Add back: depreciation and amortisation113.2 110.7
Add back: associates (share of net (prof it)/loss)15.1 10.8
Add back: fair value changes on f inancial instruments(2.0)(4.4)
EBITDA – continuing operations336.3 324.6
Adjusted for:
Capital contributions(96.5)(123.0)
Adjusted EBITDA- continuing operations239.8 201.6
Adjusted EBITDA- discontinued operations - 12.0
Total group adjusted EBITDA239.8 213.6
22
Vector Interim Financials 2026

Segment adjusted EBITDA
31 DEC 2025
6 MONTHS
$M
31 DEC 2024
6 MONTHS
$M
SEGMENT
EBITDA
LESS CAPITAL
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
SEGMENT
EBITDA
LESS CAPITAL
CONTRIBUTIONS
AND OTHER
MOVEMENTS
SEGMENT
ADJUSTED
EBITDA
Electricity distribution312.2 (92.1)220.1 288.9 (116.8)172.1
Gas distribution28.0 (4.0)24.0 29.6 (5.7)23.9
Total reported segments340.2 (96.1)244.1 318.5 (122.5)196.0
Other(3.9)(0.4)(4.3)6.1 (0.5)5.6
Total – continuing
operations336.3 (96.5)239.8 324.6 (123.0)201.6
Discontinued operations –
gas trading–––12.0 – 12.0
Total discontinued
operations–––12.0 –12.0
Total group336.3 (96.5)239.8 336.6 (123.0)213.6
23
Vector Interim Financials 2026

Calendar and Directory
FINANCIAL CALENDAR
2026
Record date for interim dividend19 March
Interim dividend paid 31 March
Third quarter operating statistics April
Fourth quarter operating statistics July
Full year result and annual report August
Final dividend* September
Annual meetingSeptember
* Dividends are subject to Board determination.
INVESTOR INFORMATION
Ordinary shares in Vector Limited are listed and quoted on the New Zealand Stock Market (NZSX) under the
company code VCT. Vector also has capital bonds and unsubordinated f ixed rate bonds listed and quoted on
the New Zealand Debt Market (NZDX). Current information about Vector’s trading performance for its shares
and bonds can be obtained on the NZX website at www.nzx.com. Further information about Vector is
available on our website www.vector.co.nz.
DIRECTORY
Registered office
Vector Limited
110 Carlton Gore Road
Newmarket
Auckland 1023
New Zealand
Telephone 64-9-978 7788
Facsimile 64-9-978 7799
www.vector.co.nz
Postal address
PO Box 99882
Newmarket
Auckland 1149
New Zealand
Investor enquiries
Telephone 64-9-213 5179
Email: investor@vector.co.nz
insight
creative.co.nz

VEC273
24
Vector Interim Financials 2026

VECTOR.CO.NZ

---

VECTOR LIMITED
Results announcement



Results for announcement to the market
Name of issuer VECTOR LIMITED
Reporting Period 6 MONTHS TO 31 DECEMBER 2025
Previous Reporting Period 6 MONTHS TO 31 DECEMBER 2024
Currency NEW ZEALAND DOLLAR
Amount (000s) Percentage change
Revenue from continuing
operations
$594,436 +6.1%
Total Revenue $594,436 -5.6%
Net profit/(loss) from continuing
operations excluding non-
controlling interests
$112,962 -4.3%
Total net profit/(loss) excluding
non-controlling interests
$112,962 -9.2%
Interim Dividend
Amount per Quoted Equity
Security
$0.12500000
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 19 March 2026
Dividend Payment Date 31 March 2026
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$2.557 $2.601
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Refer to accompanying unaudited interim financial
statements
Authority for this announcement
Name of person

authorised to
make this announcement
JOHN RODGER
Contact person for this
announcement
JOHN RODGER
Contact phone number 021 573640
Contact email address john.rodger@vector.co.nz
Date of release through MAP

20/02/2026

Unaudited financial statements accompany this announcement.

---

Vector Limited
Distribution Notice



Section 1: Issuer information
Name of issuer VECTOR LIMITED
Financial product name/description ORDINARY SHARES
NZX ticker code VCT
ISIN (If unknown, check on NZX
website)
NZVCTE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 19/03/2026
Ex-Date (one business day before the
Record Date)
18/03/2026
Payment date (and allotment date for
DRP)
31/03/2026
Total monies associated with the
distribution
$125,000,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NEW ZEALAND DOLLARS
Section 2: Distribution amounts per financial product
Gross distribution $0.12500000
Gross taxable amount $0.12500000
Total cash distribution $0.12500000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.0000000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed No imputation
If fully or partially imputed, please
state imputation rate as % applied
N/A
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per
financial product
$0.04125000
Section 4: Distribution re-investment plan (if applicable)
NOT APPLICABLE

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
JOHN RODGER
Contact person for this
announcement
JOHN RODGER
Contact phone number
021 573 640

Contact email address John.rodger@vector.co.nz
Date of release through MAP

20/02/2026