Macquarie Australia Conference Presentation

Macquarie Australia Conference
May 2026

2
Contact is one of New Zealand’s
most significant companies
Note: All figures, unless specified, as at31 March 2026.
We own, operateand developlow-cost, long-life renewable generation
and storage assets, meeting the evolving needs of our customers
7
geothermal
stations
+ 1 under
construction
26
hydro
schemes
4
controlled
storage
lakes
3
thermal
peaking
stations
11.8TWh
mean
generation
1
1
solarfarmunder
construction
+1 FID-approved
3
in-focus debt
capital market
jurisdictions
>50k
shareholders
684k
total customer
connections
2
1,405
employees
114
community organisations
supported in FY25
1. Mean generation volume from Contact’s operational plant as well as wind and geothermal PPAs as at the date of this presentation i.e.excludes plant under construction. Volumeis based on normal hydro and
wind conditions and excludes any assumptions for planned maintenance outagesorgenerationthat may be acquired on-market. | 2. Customer connections include Simply Energy connections as at31 March 2026.
1
battery
+ 1 under
construction
~98% renewable
4
product verticals with
electricity, gas,
broadband and mobile

3
​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

4
Market and renewable
development updates

5
NZ market context: Impacts of energy transition apparent
Sources:EMI wholesale price data (OTA node), EMI demand data, MBIE electricity & gas statistics.
Annual gas production, PJ
Gas supply is declining
rapidly
The electricity market is
increasingly renewable
148
120
102
FY23FY24FY25
-17%
CAGR
Thermaldispatch over 1H26, at~7% of total
generation, was the lowest on record.
This reflected high hydro inflows and wind
conditions during the period and
renewable investment in recent years.
Pricingvolatility and seasonal
spread have increased
Higher renewable generation is leading
to wider seasonal pricing spreads as
thermal (often the marginal price setter
when operational) shifts to
operating in winter.
Domestic gas production has fallen
31% since 2023 (17% CAGR reduction
in production). Recent drilling
campaigns have been unable to
arrest this trend.
0
50
100
150
200
250
300
350
400
450
Jun-
16
Jun-
17
Jun-
18
Jun-
19
Jun-
20
Jun-
21
Jun-
22
Jun-
23
Jun-
24
Jun-
25
Long-dated futures (>12 months)Short-dated futures (<12 months)Monthly average spot price
Reliable, plentiful natural gas
Gas outages & availability decline
Wholesale and futures electricity pricing, $/MWh
New demand is
materialising
Since 2021 (last 5 years) demand
growth has averaged 0.5% p.a.
Large-scale committed and
prospective new industrial demand
is largely yet to come online.
~$80/MWh
average long dated futures price
~$170/MWh
average long dated futures price

6
Over 3TWh of new electricitydemand is tied to known
and committed sources
1. Starting estimate of current data centredemand is based on total capacity at existing sites of ~185MWand ~15% average utilisation. Growth estimate assumes these sites ramp up to an average mature load
realisationfactor of 50% by 2030, withan average power utilisationeffectiveness (PUE) factor of 1.4. These assumptions are based on IEA, AEMO and company disclosures.| 2.Where volume of the project is not
disclosed, assumed utilisation rate for dairy boilers is 50%. | 3. Although commissioned in late CY25, both Waitoaand Awarua are included as new demand given only a part period of demand is understood to be
included in CY25 baseline demand data.
​CY30
​CY25 demand
​Breakdown of known new-to-grid electricity demand in 2030
2
, TWh
​Identified projects across the dairy, data centreandmetals sectors, alongsidecontinued residential trends,
are expected to contribute >3TWh to electricity demandby 2030
​Residential
​Data centres
1
​Metals
​Dairy electrification
2
NZ Steel EAF
Supply agreement
is now live
NZ Steel EAF
Supply agreement
is now live
Higherutilisation of
6xexisting sitesand
1x site under construction.
Higherutilisation of
6xexisting sitesand
1x site under construction.
Whareroa, Edendale,
Waitoa
3
, Edgecumbe
Awarua
3
Whareroa, Edendale,
Waitoa
3
, Edgecumbe
Awarua
3
Population / ICP growth,
home electrification
& EV demand
(net of rooftop PV)
Population / ICP growth,
home electrification
& EV demand
(net of rooftop PV)
Drivers by category / project
1.0
1.0
0.2
​0.9 -1.0
41.7TWh
~45TWh
CDC, 10 Peaks, DCI, Microsoft
Doesnotincludeanyassumptions for plant currently
under review in food and wood processing sectors
Based on known /
committed
sources only
>3TWh of
demand
​Metals
​Dairy electrification
​Data centres
​Residential

7
Our committed build programme responds to the known
market opportunity
Glenbrook-Ohurua
Battery 2
200MW / 400MWh duration
Target online Q1 CY28
Target IRR >10% at FID
2
TeMihi Stage 2
Geothermal
101MW / ~830GWh p.a.
(~200GWh net uplift)
3
Target online Q3 CY27
Target IRR~10% at FID
2
Glorit
Solar
150MWac / ~285GWh p.a.
Target online Q3 CY28
Target IRR >12% at FID
1
Kōwhai Park
In final construction
4
Glenbrook-OhuruaBattery 1
Online Feb 26
TeMihi Stage 2
•Construction underway.
Earthworks began March 2026.
•Battery packs under
construction with lithium price
locked in second half 2025.
•Site construction by EPC
contractor progressing to
schedule.
•Installation of Cooling towers,
heat exchangers and
separators well progressedwith
supporting civils complete.
•FID reached in Feb 2026.
•Working towards financial
close with lending providers
and Lightsourcebp.
1.Target Contact IRR includes joint venture returns and margin on acquired generation. Return on acquired generation will ultimately depend on sales channel and market conditions. | 2. Representing target
ungeared project IRRs. | 3. Indicative average uplift from new generation accounting for the planned partial closure of Wairakeigeothermal station. | 4. Entering live commissioning in May 2026.
Glenbrook-Ohurua
Battery 2
Glorit
TeHuka 3
Online Dec 2024
Tauhara
Online May 2024
Recent projects –Continuous build programme since 2021
+275GWh p.a.
+100MW / 200MWh+430GWh p.a.+1,430GWh p.a.
Auckland
Wellington

8
Beyond known committed projects, opportunities for new
electricity demand exist at scale across key sectors
Data Centres
Metals
Electrification of dairy
3
Reopening of NZAS potline 4
National Green Steel EAF
Consented via fast-track
The Contact31+ strategy includes delivering lowest-cost diversified wind and rapidly deployed solar, anchored on long-
term industrial partnerships. Recognising that some of the indicative opportunities illustrated here are large-scale and
binary, in the event allshould proceed, we estimate that they could contribute up to
~8TWh of additional demand beyond already committed projects.
1. For data centres we typically assume an average power usage effectiveness (PUE) factor of 1.4 and a mature load realisation factor of 50%. | 2. All project capacity is sourced from company presentations,
except for Goodman Property Trust which is sourced from its announcements on the Penrose campus and Transpower grid planning queue. | 3. It is expected a portion of load from shifting dairy
manufacturing away from coal will go to biomass. | 4. Based on manufacturing fuel use disclosure in Fonterra’s FY25 Climate Statement. Suitability for electrification to be confirmed.
Major Metals projects
>50MW | 400GWh
~56MW
Fonterra has committed to
eliminating coal use by 2037
It is estimated that this requires 1.8TWh
of energy to replace.
4
Completely shifting away from all fossil fuels
could require 4.6TWhof energy
(including known and committed biomass and electricity
conversions not yet commissioned by FY25).
4
Additional potential data centre demand
Other large potential operators
2
,
disclosed uncommitted pipeline
Major existing operators
2
,
disclosed uncommitted pipeline
Ten Peaks
130MW126MW
280MW
15MW
Estimated load
could add 4-5TWh
1
from two sources:
150MW

9
Total uncommitted generation pipeline of 11TWh+,
provides optionality to accelerate with demand
We are advancing 4TWh+ of priority development options
to meet new demand opportunities
Huriwaka
250MW | 890GWh
Southland wind
>325MW | 1,210GWh
TeMihi Stage 3
Up to 100MW | 830GWh
1
(Up to ~300GWh net uplift)
2
Tauhara 2
50 –70MW | 415 –580GWh
Stratford BESS
200MW | 400MWh
Argyle
80MWac | 180GWh
Stratford Solar (hybrid)
150MWac | 300GWh
1. Ultimatesize is subject to additional consented mass-take. | 2. Represents potential net uplift in output after accounting for the planned closure of the Wairakei geothermal station. | 3. Fluidtake is partially
consented. Ultimate size is dependent on additional land access and consented mass-take. |4. TeMihi Stage 3 is included on a net uplift basis.
Consent granted
In Fast-Track
Contact31+ priority
development options,
representing ~4TWh of
net new renewable output
And can draw additional projects from our 11TWh+ total pipeline to meet acceleration in customer needs
Tauhara 3
Up to 100MW | 830GWh
3
High priority proposed
Contact31+ growth
projects subject to FID
Future development
pipeline options
under assessment
​~11
Solar
Geothermal
4
Wind
0.5
0.7
​Renewable generation development pipeline options, TWh
​~4
​~7

10
Consent granted and partner RFI underway on our
1TWh+ Southland Wind development option
Consent granted
RFI released to market
Advisor appointed
•Consent approved 2
nd
April 2026.
•Up to 55 Turbines, >325MW total
capacity.
•Average annual output expected to
be >1,210GWh p.a.
•RFI released to the market April 2026.
•High level of interest received to date from
a range of credible parties.
•Contact is seeking strategic partners
for its extensive wind pipeline.
•Specialised infrastructure advisor,
Mafic, has been appointed to run
the strategic partner identification
and selection process.

11
We’ve laid the groundwork and have a
clear vision for success through Contact31+
​Most diversified generation portfolio in New Zealand with
mean output ~98% renewable
1
​New Zealand's leader in geothermal operations and developmenthaving
brought a total 225MW of new geothermal plant online in the last 2 years
​Largest national renewable pipeline
2
with 11TWh+ of
uncommitted geothermal, wind and solar development options
​Trusted retailer with leading cost-to-serve, 30% lower
than peers
3
11
​Track record of performance having delivered 13% p.a. total shareholder
return in the last 5 years and outperforming EBITDAF guidance every year
4
​Strong balance sheet to support growth, with average S&P net
debt / EBITDAF ratio expected to remain in Contact’s target range of
2.6x –2.8x over the medium term
1. Based on long-run mean year output from Contact’s current operational asset base. | 2. When comparing pipelines across the market, Contact
excludes 3
rd
party solar purchases, pre-pipeline opportunities and other prospects where access is not yet secured. | 3. Based on total retail opexper
connection in FY25. | 4. Reflects FY21 to FY25 period on both measures. Total shareholder return is a compound annual growth rate.

12
Appendix

13
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 MWacsolar 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
•250MW geothermal delivered or committed
1
•FID on Tauhara 3
1
•50MW+ greenfield options
Geothermal
FY31 Targets, Subject to future investment decisions
Does not include potential upside from acceleration options in the
event a high market demand scenario materialises
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. Targets by technology include projects under construction but yetto be delivered at the introduction of Contact31+ i.e. TeMihi Stage 2
geothermal, Glenbrook-OhuruaBattery 1 and KōwhaiPark solar.| 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.
13

14
Contact’s geographically diversified operating assets
Operational generation assets across New Zealand,capacity, MW
1
Dunedin
Wellington
Tauranga
Auckland
Stratford peakers 200MW
Branch River 11MW
Christchurch
Wairakei -138MW
TeMihi 1 & 2 -166MW
Poihipi-53MW
Ohaaki-41MW
Tauhara -174MW
TeHuka1 & 2 -26MW
TeHuka 3 51MW
Kaimai 42MW
Matahina 77MW
Wheao& Flaxy 28MW
Hinemaiaia7MW
Esk4MW
Mangahao40MW
Mangorei4MW
Motukawa5MW
Patea32MW
Kuratau6MW
Wairere4MW
Mokauiti2MW
Cobb River 36MW
Waihopai3MW
Amold 3MW
Kumara/Dillmans/
Duffers 11MW
Kaniere Forks/McKays1MW
Wahapo3MW
Coleridge 40MW
Highbank/Montalto 33MW
Paerau/Patearoa13MW
Deep Stream 6MW
Waipori93MW
Piriaka
1
1MW
Bream Bay 8MW
Clyde 464MW
3
Roxburgh 320MW
3
Whirinaki156MW
1. Capacity shown is the maximum rated capacity (MCR or nameplate capacity) for each plant, which may differ from the actual operational capacity in a range of circumstances. | 2. In final stages of construction
and entering live commissioning in May.| 3. Clyde and Roxburgh power stations each form part of the Clutha hydro scheme.
Thermal peaking plant
Hydro stations
Geothermal stations
Levin
Glenbrook-OhuruaBattery 1
100MW/ 200MWh
Battery Energy Storage System
Solar in final construction
2
KōwhaiPark
2
150MWac
649MWof North
Island geothermal
255MWof North
Island hydro
1,040MWof South
Island hydro

15
Project status
Earliest
available
investment
decision
3
Expected
online date
Estimated
output
(GWh)
Capacity
(MW /
MWac)
1,2
TechnologyProject
Under
construction
Consented
Consent
lodged
Land
secured
Q3CY2026275150Solar KōwhaiPark
Committed
Q3 CY2027840101GeothermalTe Mihi Stage 2
Q3 CY2028285150SolarGlorit
Q1 CY2028n/a200
4
BatteryGlenbrook-Ohurua 2
4
FY2718080SolarArgyle
High
-
priority Contact31+
FY27300150Solar(hybrid)Stratford
FY271,210>325WindSouthland
FY27890250WindHuriwaka
FY27n/a200Battery Stratford
4
FY27415-58050-70GeothermalTauhara 2
FY28Up to 830Up to 100GeothermalTeMihi Stage 3
5
FY30Up to 830Up to 100
Geothermal Tauhara 3
5
1,060300
WindKaihiku(JV)
6
Assessing
190100
SolarKaipara
~1,500>400
WindPouto
710250
WindHapuakohe
540250
SolarMackenzie Basin
530150
WindOtotoka
330100
WindMarlborough
1,430710
Solar Other solar
850250
WindOther wind
An attractive and diversified pipeline of development
options
1.Final size of wind projects to be confirmed.
2.Capacity for solar projects is shown as MWac.
3.All available FID timings to be confirmed. These do
not represent target FID dates.
4.500MW consent granted at each of Glenbrook and
Stratford, including 300MW investment approved at
Glenbrook.
5.Fluid take partially consented. Ultimate size is
dependent on additional land access and consented
mass-take.
6.Kaihikuis a 50:50 JV with 300MW total capacity.
Solar options
Wind options
1
Land access secured
Consenting underway
Consented
~7TWh
4
2
​1.2
~3TWh
Combined solar and wind
pipeline options of ~10TWh
2
0.5
0.2