February 2026 Operating Report

Monthly Operating Report
February 2026

2
February 2026 overview
»The Customer business recorded:
•Mass market electricity and gas sales of 295GWh (February
2025: 237GWh)
•Mass market netback of $160.23/MWh (February 2025:
$159.57/MWh)
»The Wholesale business recorded:
•Contracted wholesale electricity sales, including that sold to the
Customer business, totalled 816GWh (February 2025: 632GWh)
•Electricity and steam net revenue of $122.35/MWh (February
2025: $133.15/MWh)
•Electricity generated (or acquired) of 809GWh (February 2025:
675GWh)
•Unit generation cost, which includes acquired generation was
$41.70/MWh (February 2025: $70.95/MWh)
•Own generation cost in the month of $31.0/MWh
(February 2025: $60.30/MWh)
»Otahuhu futures settlement wholesale price for the 2
nd
quarter of
2026 (ASX):
•As at 16 March 2026: $220.3/MWh
•As at 27 February 2026: $189.45/MWh
•As at 30 January 2026: $172.4/MWh
»As at 16
th
March 2026, South Island controlled storage was 98%
of mean and North Island controlled storage was 164% of
mean.​
»As at 16
th
March 2026, total Clutha scheme storage was
98% of mean.​
»Inflows into Contact’s Clutha catchment for February
2026 were 73% of mean. (January 2026: 110%, December:
128%, November: 137%).
»Contact’s contracted gas volume (including contracted swaps)
for the next 12 months is 10.2PJ.
1
»Contact’s current renewable development projects under
construction:
»See slide 9 for a one-off look-through on broker consensus
FY26 EBITDAF.
ProjectExpected OnlineProject Costs
2
Glenbrook-Ohurua Battery 1Q1-CY26$163m
Kōwhai Park Solar
3
Q2-CY26$273m
Te Mihi Stage 2 geothermalQ3-CY27$712m
Glenbrook-Ohurua Battery 2Q1-CY28$235m
1
Contact retains some optionality on a portion of this gas. Contracted gas sales for the next 12 months total 5.71PJ, including the All of Government contract.
2
Total approved project costs. For inclusions and exclusions from total, see Contact’s full disclosures associated with investment announcements.
3
Being delivered by Contact’s 50/50 Joint Venture with Lightsource bp.

New Zealand controlled hydro storage
against mean / 12 months
ASX futures settlement
Hydro storage and forward prices
3
Benmore
Otahuhu
Contact Energy / Monthly Operating Report
0
500
1000
1500
2000
2500
3000
3500
4000
4500
MarAprMayJunJulAugSepOctNovDecJanFebMar
GWh
South Island ActualNorth Island Actual
South Island post-market meanNational post-market mean
0
100
200
CY26CY27CY28CY29
$/MWh
30/06/202530/01/202627/02/2026
0
100
200
CY26CY27CY28CY29
$/MWh
30/06/202530/01/202627/02/2026

Wholesale electricity pricing
Otahuhu
Contact Energy / Monthly Operating Report
4
Benmore
Distribution of wholesale market price by trading periods
Wholesale market
0
50
100
150
200
250
300
350
400
450
500
JulAugSeptOctNovDecJanFebMarAprMayJun
$/MWh
FY25 BENFY26 BENFY25 OTAFY26 OTA
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Feb-26Feb-25Jan-26
0%
20%
40%
60%
80%
100%
<$35$36-$60$61-$85$86-$110$111-$135$136-$160>$160
% of trading
periods
Feb-26Feb-25Jan-26

5
Total national demand
Regional demand change (%) on February 2025
»New Zealand electricity demand was down 1.0% on February 2025. When compared to
February 2024, demand was down 6.2%.
Source: Contact and Electricity Authority grid demand (reconciled) http://www.emi.ea.govt.nz
FY24, 25 and 26 respectively
Regional demand is excluding NZAS
The nationwide
average temperature
for February 2026
was 16.9ºC, 0.5ºC
below the 1991-2020
February average.
This was the coolest
February since 2012.
Electricity demand
Contact Energy / Monthly Operating Report
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
NZASSouth Island (exc. NZAS)North Island
(4%)
16%
(4%)
(2%)
4%
(7%)
(12%)
(23%)
4%
9%
3%
(0%)
5%
(1%)
(2%)
(1%)
(2%)
(0%)
2%

Wholesale
Contact Energy / Monthly Operating Report
6
Retail
Generation mix, gross sales position and unit generation cost (FY25 and 26
respectively)
Retail sales volumes and netback (FY25 and 26 respectively)
Business performance
-
20
40
60
80
100
120
140
160
180
0
100
200
300
400
500
600
700
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/Mwh
GWh
Mass market electricity salesRetail gas salesNetback
-
10
20
30
40
50
60
70
80
90
100
-
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
GWh
GeothermalHydroThermal
Acquired generation otherAcquired gen volume via PPAContracted electricity sales
Unit generation cost (RHS)

Contact Energy / Monthly Operating Report
7
1
FY25 unit generation cost is shown including monthly unwinds of the AGS onerous contract provision. It excludes the $98m provision release which was recognized in June 2025.
7
Operational data
Measure
The month ended The month ended The month ended Eight months endingEight months ending
February 26February 25January 26February 26February 25
RetailMass market electricity salesGWh
212 211 236 2,280 2,309
Retail gas salesGWh
83 27 86 666 399
Mass market electricity and gas salesGWh
295 237 322 2,945 2,708
Average electricity sales price$/MWh
380.72 341.24 382.26 342.27 301.89
Electricity direct pass thru costs$/MWh
(178.25)(150.73)(174.79)(158.22)(134.10)
Cost to serve$/MWh
(20.04)(23.42)(20.12)(17.11)(17.73)
Customer netback$/MWh
160.23 159.57 166.61 152.86 140.80
Energy cost$/MWh
(137.49)(145.44)(130.89)(155.21)(145.75)
Actual electricity line losses%
8%7%6%6%6%
Retail gas salesPJ
0.3 0.1 0.3 2.4 1.4
Electricity ICPs#
454,500 442,000 453,000 451,000 442,500
Gas ICPs#
76,000 73,000 75,000 74,000 73,000
Telco connections #
139,000 118,000 136,000 133,000 114,000
WholesaleElectricity sales to Customer business

GWh
230 227 252 2,423 2,468
Electricity sales to Commercial and IndustrialGWh
177 124 185 1,406 1,030
Electricity CFD salesGWh
409 281 463 3,742 2,452
Contracted electricity salesGWh
816 632 900 7,571 5,950
Steam salesGWh
20 16 6 157 150
Total electricity and steam net revenue$/MWh
122.35 133.15 120.71 135.91 147.71
C&I netback (at the ICP)$/MWh
120.65 118.97 121.09 138.86 126.26
C&I line losses%
4%4%4%4%4%
Thermal generationGWh
3 106 8 189 671
Geothermal generationGWh
400 365 438 3,231 2,896
Hydro generationGWh
310 163 198 3,272 2,320
Spot electricity salesGWh
713 634 644 6,692 5,887
Acquired generation otherGWh
33 41 34 408 327
Acquired gen volume via PPAGWh
63 - 83 576 -
Electricity generated (or acquired)GWh
809 675 761 7,675 6,214
Unit generation cost (including acquired generation)
1
$/MWh
(41.70)(70.95)(52.77)(45.63)(53.75)
Spot electricity purchases

GWh
(407)(351)(437)(3,829)(3,498)
CFD sale settlementsGWh
(409)(281)(463)(3,742)(2,452)
Spot exposed purchases / CFD settlementGWh
(816)(632)(900)(7,571)(5,950)
Spot revenue and settlement on acquired generation (GWAP)$/MWh
47.56 261.57 3.75 76.00 183.40
Spot purchases and settlement on CFDs sold (LWAP)$/MWh
(51.78)(270.11)(4.21)(75.72)(192.13)
LWAP/GWAP%
109%103%112%100%105%
Gas used in internal generationPJ
0.0 1.0 0.1 1.6 5.6
Gas storage net movement (extraction) / injectionPJ
(0.1)(0.8)(0.1)0.3 0.9
ContactTotal customer connections#
678,000 637,000 672,000 664,500 634,000
Realised gains / (losses) on market derivatives not in a hedge relationship$m
(0.38)(1.90)0.44 1.27 (17.09)

8
Material themeMeasureUnit
Q2 FY26Q2 FY25
Climate Change
Greenhouse Gas (GHG) Emissions from generation assets
1
kt CO
2
-e90132
GHG intensity of generation
2
kt CO
2
-e /
GWh
0.0370.060
Water
Freshwater take
3
Million cubic
metres
0.480.40
Non-consumptive water usage
4
Million cubic
metres
8,6046,142
Geothermal fluid discharge to awa (rivers)
Million cubic
metres
4.14.0
Biodiversity
Native rākau (trees) planted by Contact
5
#
5,024
80
Pests caught
6
#
1,274
643
Community
Community initiatives and organisations supported#
23
33
Inclusion and
Diversity
Board
% Women/ %
Men
29% / 71%43% / 57%
Inclusion and
Diversity
Key Management Personnel
% Women/ %
Men
22% / 78%22% / 78%
Inclusion and
Diversity
Employee Gender balance
7
% Women/ %
Men
42% / 57%46% / 53%
Note: This information is updated quarterly (October, January, April, July)
1
Scope 1 – Stationary combustion.
2
Carbon equivalent from stationary combustion / electricity generated and sold via the spot wholesale market
3
Freshwater taken to support operations at geothermal and thermal i.e., drinking water, fire water, water for cooling towers.
4
Water that flows through our hydro schemes and cooling water taken for Wairākei geothermal power station. Data is not yet available for a small number of the hydro schemes acquired in purchase of Manawa Energy on a basis consistent with Contact’s
reporting and has not been included.
5
Does not include DrylandCarbon/Forest Partners activities.
6
Predominantly rabbits, hares, rats and possums. Includes pests caught at King Country Energy sites. Pest data at other Manawa Energy sites is not yet available on a basis consistent with Contact’s reporting and has not been included.
7
Includes all permanent, fixed term and casual employees1.2% and 1.4% unspecified in Q2 FY26 and Q2 FY25 respectively.
Contact Energy / Monthly Operating Report
Environment, Social and Governance (ESG)

One-off broker consensus look-through
Analysts Publication date
FY26 EBITDAF (NZD $m)
(excludes Manawa integration & transaction costs)
FY26 EBITDAF (NZD $m)
(includes Manawa integration & transaction costs)
Analyst 116-Feb-261005975
Analyst 217-Feb-261000970
Analyst 316-Feb-261019987
Analyst 416-Feb-261016981
Analyst 517-Feb-261001966
Analyst 6RESTRICTED
Note: There may be differences been the EBITDAF definition applied by Contact and the methodologies of individual analysts. Contact has not
made any adjustments for such potential differences.
On 16 February 2026, Contact provided an update to its normalised and expected FY26 EBITDAF with therelease of its 1H26results:
•$995m excluding Manawa integration and transaction costs,
•$965m including Manawa integration and transaction costs.
Equity research analysts have each subsequently published their updated forecasts for Contact, including expected FY26 EBITDAF. Some of these
FY26 forecasts have been illustrated excluding – and some have been illustrated including – Manawa integration and transaction costs. As a one-off
exercise to assist with clarity, Contact has summarised the FY26 EBITDAF forecast of each analyst on both bases. Contact does
notendorseindividual or consensus forecasts.
The below table outlines FY26 EBITDAF forecasts for each equity research analyst that currently covers Contact Energy.
Key:
As published in research note
Confirmed directly with Analyst
Publication of forecasts is under short-term restriction
9
Contact Energy / Monthly Operating Report
FY26 EBITDAF expectations

10
investor.centre@contactenergy.co.nz
contact.co.nz/aboutus/investor-centre
Investors
Shelley Hollingsworth
Head of Strategy and Investor Relations
contact.co.nz
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To find out more about Contact Energy
+64 27 227 2429
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