International Investor Roadshow Presentation Oct - Nov 2026

1
Contact Energy
Image: Tauhara Geothermal Power Station
International investor roadshow
October / November 2026

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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
Contact Energy is one of New Zealand’s most
significant companies
CEN:NZX/ASX
4
th
Largest NZX Company
1

Contact Energy is dual-listed on NZX
and the ASX
S&P Global and MSCI
Continued representation within key
DJ BIC Asia Pacific and MSCI indices
Shareholder returns
Annual total shareholder return of 13%
over the last 10 years
2
Resilient, highly renewable
generation portfolio
Positioned to capture NZ
electricity market opportunity
Strong, diversified balance
sheet to support growth
Track record of consistent
earnings and dividend growth
•Generation 98% renewable in FY26 (up from 81%
in FY21).
•Diversified geothermal, hydro, solar and battery
portfolio.
•Gas and diesel peaking capacity adds resilience.
•Strong cash flow generation backed by operating
performance and renewable geothermal baseload.
•Deep relationships with industrial customers that
are electrifying process heat.
•Partnered with CDC to explore 250MW data
centre development option at Stratford.
•Proven specialist geothermal developer: 1.9TWh
new geothermal online in last 2 years.
•11TWh p.a. pipeline of wind, solar and geothermal
development options.
•Investment-grade rating and leverage discipline.
•3 debt capital market jurisdictions.
•Sustainable finance leadership with green bonds
and strong sustainability ratings.
•Existing hybrids, with further hybrid capacity
available.
Underlying EBITDAF, $M
3
546
573
663
774
1,011
FY22FY23FY24FY25FY26
DPS
35cps
FY23
40cps
FY26
>50cps
FY31e
4
S&P BBB
1. Based on free-float market capitalisation. | 2. Source Bloomberg. Assumes all dividends are reinvested on issue. | 3. Underlying EBITDAF excludes the impacts in FY23-FY25 from movements in an onerous contract
provision relating to the Ahuroa Gas Storage facility (AGS). | 4. All future dividend decisions are at the discretion of the Board at the time.

4
We own operate and develop low-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
12TWh
mean
generation
1
1
solar farm
+1 under construction
3
debt capital
market
jurisdictions
59k
shareholders
700k
total customer
connections
2
1,421
employees
3
167
community organisations
supported in FY26
1
battery
+ 1 under
construction
~98% renewable
4
product verticals with
electricity, gas,
broadband and mobile
Note: All figures, unless specified, as at 30 June 2026.
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. Volume is based on normal hydro and wind
conditions and excludes any assumptions for planned maintenance outages or generation that may be acquired on-market. | 2. Customer connections include Simply Energy connections as at 30 June 2026. |
3. Includes Western Energy employees.

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Empowered
people and leaders
Unite our people behind
Contact31+ and develop NZ’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
NZ’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 NZ
Accelerate batteries, build advantage in
hydro flex and maintain gas flex,
optimising our portfolio in real time​​
Strategic pillars
Leading New Zealand’s renewable energy future
Values
Performance edgeOwn the futureBrave humility
Underpinned by continued operational excellence across our diverse and resilient portfolio
Enablers

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Our renewable investment programme continues
Glenbrook-Ohurua
Battery 2
200MW / 400MWh
Target online Q1 CY28
Target IRR >10% at FID
3
Te Mihi Stage 2
Geothermal
101MW / ~840GWh p.a.
(~200GWh net uplift)
4
Target online Q3 CY27
Target IRR ~10% at FID
3
Glorit
Solar
150MWac / 287GWh p.a.
Target online Q4 CY28
Target IRR >12% at FID
2
Te Mihi Stage 2
•Construction underway.
Earthworks began March 2026.
•Battery packs under
construction with lithium price
locked in second half 2025.
•Steamfield separator, heat
exchangers and turbines for the
first unit installed. Cooling
tower near complete.
•Delays being incurred in
equipment delivery, in part due
to global shipping constraints.
•Target online remains Q3 CY27.
•Financial close reached in
June 2026.
•Early works underway.
•Notice to proceed issued to
EPC contractor.
1. Total construction cost over the life of the projects including joint venture and project financing (solar). | 2. 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. | 3. Representing target ungeared project IRRs. | 4. Indicative average uplift from new generation accounting for the planned
partial closure of Wairakei geothermal station.
Glenbrook-Ohurua
Battery 2
Glorit
Auckland
Wellington
Current projects under construction represent ~$1.3b of investment
1
, ~0.5TWh of net new generation
Under construction:
Kōwhai Park
Online Sep 2026
Glenbrook-Ohurua Battery 1
Online Mar 2026
Te Huka 3
Online Dec 2024
Tauhara
Online May 2024
Recent projects – Continuous build programme since 2021:
+275GWh p.a.
+100MW / 200MWh+430GWh p.a.+1,450GWh p.a.

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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
Te Mihi 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 | 312GWh
1. Ultimate size 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. Fluid take is partially
consented. Ultimate size is dependent on additional land access and consented mass-take. | 4. Te Mihi 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 | 830 GWh
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

8
A pathway is in place for NZAS to act as long-term customer
underpinning our 1TWh+ Southland Wind Farm
Electricity stats
Up to
55 Turbines
>325MW
total capacity
Average annual output expected to be
>1,210GWh
Non-binding letter of intent (LOI) signed with Rio Tinto for a PPA to
support the potential restart of 50MW Line 4 potline at New Zealand
Aluminium Smelter (NZAS).
Consent approved April 2026.
Specialised infrastructure
advisor, Mafic, appointed to run
identification and selection
process for a strategic partner for
Contact’s extensive wind pipeline.
We have engaged a shortlist of credible wind partners.
Project updates
Contact is advancing strategic partner identification and targeting mid-2027 for Final Investment Decision

9
The impacts of the energy transition are apparent in the New
Zealand electricity market
Sources: EMI wholesale price data (OTA node), EMI demand data, EMI Generation output by plant, MBIE electricity & gas statistics.
Annual gas production, PJ
Gas supply is declining
rapidly
The electricity market is
increasingly renewable
135
108
93
FY24FY25FY26
-17%
CAGR
Thermal share of generation ~7%
1
in FY26,
the lowest since the market was introduced.
This reflected high hydro inflows and wind
conditions during the period and renewable
investment in recent years.
Pricing volatility 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 2024 (17%
CAGR reduction). Recent
drilling campaigns have been
unable to arrest this trend.
0
50
100
150
200
250
300
350
400
450
Oct-
16
Oct-
17
Oct-
18
Oct-
19
Oct-
20
Oct-
21
Oct-
22
Oct-
23
Oct-
24
Oct-
25
Oct-
26
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
2
, $/MWh
New demand is
emerging
Since 2021 (last 5 years) demand
growth has averaged 0.3% 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
Long-dated futures recently settling
at ~$130/MWh, close to Contact’s
long-run expectation of
$120 – 130/MWh (2026 real)
1
1
1. Thermal share of generation is calculated using EMI generation output by plant, excluding non-identified generation of 2.9TWh (non-grid generation and losses). For FY26, the calculation is based on 2.8 TWh of thermal
generation (including gas and coal) and total grid-connected generation of 41.2 TWh. | 2. October 2026 represents month to date pricing up to 16 October 2026.

10
Demand for new electricity is expected to be driven by
electrification and digitalisation
25
30
35
40
45
50
55
60
65
202020222024202620282030203220342036
Renewable build
supports thermal
substitution
EMI
MBIE EDGS - Constraint
MBIE EDGS - Reference
MBIE EDGS - Innovation
6,952
7,278
7,304
7,564
5,500
6,000
6,500
7,000
7,500
8,000
8,500
201620182020202220242026
Electricity demand scenarios, TWh
Peak electricity demand, MW, annual peak half hour
Sources: EMI demand data, MBIE - Electricity Demand and Generation Scenarios, Tanspower Load and other projects data. Transpower Te Kanapu Future Scenarios (June 2026). Fonterra decarbonisation press
release. NZ Stats National population projections.
1. MBIE scenarios are defined as: Reference - Current trends continue with anticipated changes. Innovation - Current economic trends continue, alongside accelerated technological uptake and learning rates.
Constraint - International trends leave little room for domestic growth or innovation. I 2. Transpower Te Kanapu Future Scenarios (June 2026). Median EV share of the light passenger vehicle (LPV) fleet across the
five scenarios in 2046.
Growth in peak electricity
demand has been driven
primarily by residential usage,
broadly in line with population
growth.
Why it matters?
•
System capacity must meet
peak demand (not average).
•
Higher peaks require
investment in generation,
storage and networks.
•
Increases the value of flexible
capacity (hydro, batteries,
demand response).
MBIE’s scenarios range
from 47–61 TWh by
2035, reflecting
different potential
pathways for
electrification,
economic growth, EV
adoption, industrial
demand, and large new
loads such as data
centres.
Data centres represent a
significant demand opportunity,
with ~1GW of proposed load
currently progressing through
Transpower's pipeline.
Metals: Contact has signed a
LOI with Rio Tinto for a PPA to
support the potential restart of
idle ~50 MW Line 4 potline at
the NZ Aluminium Smelter.
Dairy electrification: Fonterra
plans to phase out coal by 2037.
It is replacing gas-fired heat at
Whareroa and Edgecumbe and
installing new electric boilers at
Waitoa.
Residential: Stats NZ forecasts
population grow of over 1% p.a. over
the next 20 years.
EVs expected to reach >40% of
New Zealand's light passenger
vehicle fleet over the same period
(3.7% in 2026).
2
Key drivers across various market scenarios
61 TWh
50 TWh
47 TWh

11
The nature of the data centre growth opportunity in
New Zealand has evolved
WorkloadsLocationScaleNZ example
From small
10-20MW
domestic cloud
centres ...
(What we have
today)
Domestic
enterprise
and cloud for
local
business
Built in major
cities close to
users to
minimise
latency
10–20MW
facilities
CDC Silverdale
20MW:
... to >100MW
centresfor
global AI
workloads
(Where we’re
going)
Global AI
workloads
growing
rapidly,
creating
export
opportunity,
powered by
renewables
Built in
regional hubs
connecting
directly to
transmission
for latency
tolerant
compute
Scaled
facilities up
to 1,000MW
CDC’s 250MW
proposal at
Stratford:
Sources: BCG report “New Zealand: A Destination for Data” (2026); BCG report “Data Centres as Strategic Infrastructure” (2026).
1. Destinations listed are the first main location the cable connects to, before connecting into wider global network. Some cables also connect to small island states before listed destinations | 2. Illustrative only.
Zone advantages include sites with rural farmland parcels (not sensitive or conservation land), neighbouring sub-stations where there is grid capacity to serve new load and viable pathways to fibre connectivity.
With lower sensitivity to latency for AI workloads, and a growing fibre network, New Zealand is well positioned to capture a
share of global data centre growth
AI is changing the scale, location and scope of data centresNew Zealand offers six strategically advantaged zones for data centre
development, and has a growing sub-sea fibre-optic network
Hawaiki (to AUS and US)
Southern Cross Tasman
Express (2028, to AUS)
Southern Cross (to AUS)
Tasman global access
(to AUS)
Proposed Tasman ring
network (2027, to AUS)
Proposed Tasman ring
network (2027, to AUS)
Honomoana
(2026, to AUS and US)
Southern Cross (to US)
Nelson -
Levin
Aqualink
Existing network cable
1
Future network cable
1
Advantaged DC Zones
2
Stratford
Datagrid’s 280MW
proposal in
Southland

12
New Zealand is an internationally competitive location for
large-scale data centres hosting AI workloads
Investment driversKey componentsNew Zealand’s competitive position (BCG analysis)
Rapid speed
Grid connection1–3 years for grid connection vs 2–5+ years for other developed countries
PermittingFast track permitting programmes for infrastructure, including data centres
Generation supplyGeneration to power ~1GW DC equivalent under construction / shovel-ready
Competitive cost
EnergyCost competitive 100% firmed energy contracts
LandAbundant land; 10% larger than UK & only 5m people; cost on par with peers
ConstructionConstruction cost on par with peers
Advantaged sites
Transmission availability>1GW of grid capacity available within 1-2 years across 6 advantaged zones
1
Connectivity4 existing subsea cables; 4 new cables under development, including by Google
Climate, water & resourcesAbundant water; mild climate enables cooling efficiency
Supportive policy
Taxes, duties & tariffsLow/zero tariff; 20% immediate CAPEX depreciation; favorable thin cap
Business environment8
th
out of 82 countries in the EIU’s 2024 Business Environment Rankings
Sustainable &
secure
Energy sustainability95%+ renewable electricity supply by 2027 – 1 of 3 developed countries
Data security1 of only 7 non-EU countries recognised by EU for adequate data protection
Political stabilityVery low risk; Moody’s Aaa; 2nd in EIU’s Global Democracy Index
^
^
^
^
^
^
^
^
^
^
^
^
Source: BCG report “New Zealand: A Destination for Data” (2026).
1
North Waikato, Taupo, Taranaki, Manawatu, South Canterbury, Central Otago.
~
~

13
The potential for data centre expansion in NZ would be
underpinned by additionality and sustainable development
45
125
300
425
150
300
350
700
202020252030F2035F
800
1,425
Domestic
Export (base)
Export (high)
New Zealand data centre market, with future export scenarios, 2020-2035
Data centre computing capacity, MW
Source: BCG report “New Zealand: A Destination for Data” (2026).
BCG’s market scenarios
indicate significant
growth potential in the
New Zealand data
centre market driven, in
part, by the potential to
export AI compute
Key development principles expected to unlock export scenarios
Contact’s view of the ‘bottom lines’ for data centre development
Large scale data centre demand would unlock new renewable development from extensive pipelines in the NZ market
1
New data centre demand is matched by incremental
renewable energy, built from extensive NZ pipelines
2
Data centres pay their share of transmission costs,
uplifting utilisation and spreading costs over a wider base
3
Customers pay a fair price for power, reflecting the cost of
building new firmed renewable electricity
4
Operations are environmentally sustainable, including through
the use of closed loop cooling systems (limiting water use)
5
Local communities benefit, including through skilled job
creation both in the construction phase and ongoing
6
Enduring value is created in the regions and for New Zealand

14
High-capacity fibre connection
Solar and battery development options
Available transmission capacity
Diverse high-capacity fibre,
both terrestrial and subsea,
provides connection to
Auckland where New
Zealand’s international
cables land.
350MW transmission capacity
available within 1-2 years with
minimal substation work.
600MW expected to be
available within 2-3 years
following planned upgrades.
3
150MWac / 312GWh p.a. solar
farm consented, with DC
coupled batteries potentially
providing up to 750MWh
storage.
2
500MW grid-scale battery
capacity consented.
Land owned and under option
Existing site complemented
by significant adjacent land
options.
Able to support scalable
renewable and load growth
opportunities.
Long-term member of the community
50 years operating in the
Stratford community.
Long-standing relationships
with local stakeholders
including councils and
tangata whenua.
Note: The operation of Contact’s existing 200MW fast-start gas peaking assets at Stratford is not impacted by the data centre concept.
1. IT / compute load of 250MW and approximately 350MW total load including ancillary load at peak times (subject to final design). | 2. Based on batteries with 5-hour duration. | 3. BCG analysis based on
Transpower data and disclosures. | 4. Power Usage Effectiveness (PUE).
Following the March 2026 closure of the TCC gas plant, we are taking steps to leverage the unique combination of grid capacity,
scalable land, renewable development options and diverse fibre connectivity at our Stratford site
Contact and CDC will seek resource consent for a 250MW data centre
1
. It would be supported by co-located battery
storage development and new generation from Contact’s 11TWh development pipeline. The data centre would feature
CDC’s fully closed-loop cooling technology keeping operational water use exceptionally low. Current activities focus on
consenting, site and infrastructure design, customer engagement and development planning.
We have partnered with CDC to explore data centre
development at our highly strategic Stratford site
Favourable environmental conditions
Site altitude lowers peak
temperatures, supporting
data centre PUE.
4
Local climate supports rain
harvesting opportunity
enabling net-zero water
consumption.
.

15
Our capital allocation framework is resilient and accretive
Capital allocation priorities
Growth investment commitments
Investor metrics
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.
average (2025 real)
Allocate to projects exceeding
target returns; prioritise
renewables and flexibility +
timebound enhancements
Payout 80–100% rolling four-year
OFCF
1
; consider buybacks when
leverage sustainably below target and
if further dividends are unimputed
+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
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

16
Appendix 1
Supporting information,
New Zealand electricity sector

17
NZ’s electricity market comprises competitive generation
and retailing supported by regulated distribution
Spot
electricity
pool
Million consumers
2.4
4
Major generators
1
Competitive
29
Distribution
businesses
National
transmission
grid operator
1
Regulated monopolies
8
Retailers over
50k connections
Competitive
23%
11%
33%
21%
12%
Other
12%
52%
36%
Channel
by volume
Sources: Major generators’ FY26 Annual and Operating Reports, Electricity Authority, EMI and Commerce Commission.
1. Excludes PPA purchases and market acquired generation.
C&I
Retail
NZAS
38.5%
8.0%
24.5%
11.0%
13.0%
4.5%
0.5%
Average
electricity
bill
20%
22%
25%
19%
13%
Market share
by total ICPs
Other
Generation
Transmission
Distribution
Retail
GST
Metering
Levies
Rising regulated pass-through costs for transmission and distribution make up a large portion of the customer bill
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). Costs are increasing annually.

18
New Zealand’s electricity supply is highly renewable
Emissions for electricity generation, million units of CO
2
e
10
2
Sources: EMI demand data, EMI Generation output by plant, MBIE quarterly energy sector greenhouse gas emissions, NZX Hydro (post-market formation) 1997 – 2025.
41.2
TWh
1,900
2,000
2,100
2,200
2,300
2,400
2,500
2,600
2,700
2,800
2,900
3,000
3,100
3,200
3,300
3,400
3,500
3,600
3,700
200020052010201520202025
Calendar year
Max
Min
Avg: 2809
Average controlled hydro lake storage volumes, GWh
Market emissions have fallen
6%
60%
23%
9%
Gas
1%
Coal
Hydro
Geothermal
Wind
1%
Solar
Total
national
electricity
generation
FY26
1
Generation share by technology
1
, %
2.7
0.2
2017
3.0
0.7
2018
2.5
1.4
2019
2.7
1.4
2020
2.6
2.9
2021
2.4
1.0
2022
1.8
0.1
2023
2.3
1.4
2024
2.0
1.6
2025
1.2
0.3
2026
Natural gasCoal
5 year average
2022 – 2026
=2.9
5 year average
2017 – 2021
=4.0
Stored energy reserves, including gas and coal, remain important sources of system resilience in dry periods
1. FY26 total electricity generation is based on EMI generation output by plant, excluding non-identified generation of 2.9TWh (non-grid generation and losses).

19
▪NZAS now operating on long-
term supply contracts coupled
with demand response.
▪1TWh of committed dairy
electrification projects to be
supported by summer-
weighted generation.
▪NZ Steel’s Electric Arc Furnace
backed by shaped supply
contract.
▪Market and regulatory settings
have evolved alongside the
energy transition.
oNon-discrimination
obligations and super-peak
market making have been
implemented.
▪New Zealand Aluminium
Smelter (NZAS) demand
response mechanisms in place
for dry year support.
▪Huntly Firming Options
signed to support dry year
capacity.
▪Strategic coal reserve and
stored gas and hydro.
▪Fast Track consenting
regime now operating.
▪New renewable generation
added 4TWh over the last
five years (BCG).
1
▪Electricity market reached
93% renewable in FY26.
▪Industry-wide focus on energy
wellbeing consumer care and
reducing barriers to access.
▪Disconnections viewed as last
resort.
▪No disconnection or
reconnection fees (Contact).
▪In FY26 Contact Good Initiative
provided ~$5M of customer
and community support.
The market has adapted for the energy transition
Investing at
pace in
renewable
energy
Managing fuel
security and dry
year risk
Enhancing
market
settings
Supporting
energy
wellbeing
Sector investment, customer innovation and market settings have all advanced as New Zealand has progressed through the
energy transition
▪RMA Reform: Planning and
Environment Acts passed in
2026 with transition to occur
progressively to ~2030.
▪~3TWh of generation either
committed or under
construction and expected to
come online by 2027.
2

▪Consultation has closed on MBIE’s proposed Winter Reliability
Obligation framework. Next steps yet to be confirmed.
▪Potential to extend HFO for further dry year support.
▪Potential for fit-for-purpose LNG import terminal to enhance fuel
diversity.
▪Potential for diesel storage as an additional strategic reserve.
▪Legislation expected in 2027 to enhance EA enforcement and
regulatory powers.
▪Contact advocating for a
market-wide obligation to
connect to further lift energy
wellbeing outcomes.
▪$7.5M committed through
Contact Good Initiative in
FY27 to support customers
and communities.
Delivered
Looking ahead
Innovating for
industrial and
commercial
customers
▪Potential reopening of NZAS
Line 4 potline at Tiwai Point.
▪Continued dairy
electrification, aligned to
summer load.
▪Estimated New Zealand data
centre capacity of up to
~725MW by 2035 (Invest NZ).
3
1. BCG. Energy to Grow: Securing New Zealand’s Future (2025). ​| 2. Company announcements and Contact’s analysis. ​| 3. Invest New Zealand, Data and AI infrastructure Report (2026). Data based on base case export
scenario. High case export scenario indicates data centre capacity of up to 1,425MW by 2035.

20
Appendix 2
Supporting information,
Contact Energy

21
57
76
100
939
-265
-291
-315
-346
-459
-85
-56
-74
-80
-185
-94
-269
-326
-256
1,023
FY22FY23
1,269
53
FY24
1,476
50
FY25
1,640
-14
FY26
Electricity sales margin
Other gross margin
Fixed operating costs
Location losses
Variable fuel costs
546
573
663
774
1,011
Operating earnings (EBITDAF)
106
115
127
136
132
3.69
1.39
FY22
3.73
1.42
FY23
3.80
1.22
FY24
3.69
1.73
FY25
3.68
3.91
FY26
5.08
5.14
5.02
5.42
7.58
RetailLong-term sales
117
126
116
200
138
1.13
0.39
FY22
0.52
0.15
FY23
1.62
0.59
FY24
1.09
0.46
FY25
0.23
0.68
0.83
FY26
1.52
0.67
2.20
1.55
1.74
ThermalAcquiredPPA Purchases
Electricity sales
Variable fuel costs
11111
3.94
3.28
FY22
3.92
3.19
FY23
3.63
3.39
FY24
3.30
4.54
FY25
5.03
4.91
0.01
FY26
7.22
7.10
7.02
7.84
9.96
HydroGeothermalBattery
(i) Renewables
(ii) Thermal, acquired and PPAs
133133
150
186
155
0.94
2.10
0.63
FY22
1.10
1.44
0.09
FY23
1.13
2.57
0.51
FY24
1.17
2.30
0.51
FY25
1.86
2.01
0.23
FY26
3.66
2.63
4.21
3.97
4.10
Commercial and IndustrialCFDsSpot sales
(i) Long-term channels
(ii) Market channels
Price
($/MWh)
Volume
(TWh)
Price
($/MWh)
Volume
(TWh)
Fuel cost
($/MWh)
Volume
(TWh)
Fuel cost
($/MWh)
Volume
(TWh)
Our integrated portfolio performance is underpinned by
long-term sales channels and low-cost renewables
Continuing operations, $M
1
EBITDAF
1
2
1
2
1. Refer to slide 46 of the FY26 Results presentation for a definition and reconciliation of EBITDAF. EBITDAF figures are underlying i.e. excluding the impacts of the ($113M) AGS onerous contract provision expense in FY23, a
$12M net movement in the AGS provision in FY24, and a release of the AGS provision of $98M in FY25.
117121
137
158
140
8.739
7.772
9.232
9.390
11.687
Price
($/MWh)
Volume
(TWh)

22
With the Stratford data centre online, volume and price of
Contact’s strategic fixed price channel would both increase
Channels to market, TWh
3.7
3.9
1.9
2.0
FY26
11.5
Retail
CFDs
C&I
Strategic
fixed price
Pricing linkage
Channel net
price, FY26
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
$92/
MWh
Excluding supply to the
proposed Stratford data
centre, volume expected
to be steady, reflecting
offsetting impacts from
the step down in MCY
and NZAS
3
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
$120-130/MWh
2
2026 real terms
Base price at Otahuhu
Contracting accounts for many factors
including load shape and location
1. ASX prices as at 7 October 2026. | 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. New Zealand Aluminium Smelter (NZAS).
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
$174/
MWh
Energy price increases
linked to inflation.
Volumes steady, with
potential uplift linked to
retail gas penetration.
ASX linked
ASX futures prices,
Otahuhu, FY27 to FY31
1
57
163
163
70
119
170
170
71
122
171
170
69
127
174
175
73
Dec-
26
113
Dec-
27
Dec-
28
Dec-
29
Dec-
30
OTA quarterly
CFDs
C&I
Strategic fixed price
Retail
With Stratford data centre:
Ex-Stratford data centre:

23
Our operating assets are diversified both geographically
and by technology
Operational generation assets across New Zealand, capacity, MW
1
Dunedin
Wellington
Tauranga
Auckland
Stratford peakers 200MW
Branch River 11MW
Christchurch
Wairakei - 138MW
Te Mihi 1 & 2 - 166MW
Poihipi - 53MW
Ohaaki - 41MW
Tauhara - 174MW
Te Huka 1 & 2 - 26MW
Te Huka 3 51MW
Kaimai 42MW
Matahina 77MW
Wheao & Flaxy 28MW
Hinemaiaia 7MW
Esk 4MW
Mangahao 40MW
Mangorei 4MW
Motukawa 5MW
Patea 32MW
Kuratau 6MW
Wairere 4MW
Mokauiti 2MW
Cobb River 36MW
Waihopai 3MW
Amold 3MW
Kumara/Dillmans/
Duffers 11MW
Kaniere Forks/McKays 1MW
Wahapo 3MW
Coleridge 40MW
Highbank/Montalto 33MW
Paerau/Patearoa 13MW
Deep Stream 6MW
Waipori 93MW
Piriaka
1
1MW
Bream Bay 8MW
Clyde 464MW
2
Roxburgh 320MW
2
Whirinaki 156MW
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. Clyde and Roxburgh power
stations each form part of the Clutha hydro scheme.
Thermal peaking plant
Hydro stations
Geothermal stations
Levin
Glenbrook-Ohurua Battery 1
100MW/ 200MWh
Battery Energy Storage System
Solar
Kōwhai Park
150MWac
649MW of North
Island geothermal
255MW of North
Island hydro
1,040MW of South
Island hydro

24
We have 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.Consent granted for 500MW of standalone BESS at
each of Glenbrook and Stratford, including 300MW
online or under construction at Glenbrook. Stratford
solar consent includes an additional 150MW of DC
coupled BESS.
4.Fluid take partially consented. Ultimate size is
dependent on consented mass-take (and for Tauhara
3, additional land access).
5.Kaihiku is a 50:50 JV with 300MW total capacity.
Solar options
Wind options
1
Land access secured
Consenting underway
Consented
~7TWh
1.2
2.0
3.8
~2.5TWh
Combined solar and wind pipeline
options of ~10TWh
0.2
0.3
2.1
Project Technology
Capacity
(MW /
MWac)
1,2
Estimated
output
(GWh)
Expected
online date
Project status
Land
secured
Consent
lodged
Consented
Under
construction
Committed
Te Mihi Stage 2Geothermal101840Q3 CY2027
GloritSolar150287Q4 CY2028
Glenbrook-Ohurua 2
3
Battery200
4
n/aQ1 CY2028
High
-
priority Contact31+
ArgyleSolar80180
Stratford
3
Solar (hybrid)150312
SouthlandWind>3251,210
HuriwakaWind250890
Stratford
3
Battery 200n/a
Tauhara 2 Geothermal50 - 70415 - 580
Te Mihi Stage 3
4
GeothermalUp to 100Up to 830
Tauhara 3
4
Geothermal
Up to 100Up to 830
Assessing
Kaihiku (JV)
5
Wind
3001,060
KaiparaSolar
100190
Moa CreekSolar
225490
PoutoWind
>400~1,500
HapuakoheWind
250710
Mackenzie BasinSolar
250540
OtotokaWind
150530
MarlboroughWind
100330
Other solar Solar
400830
Other windWind
250750
Consenting activity progressed to support lodgement.Fluid take partially consented.