Spark NZ Investor Presentation

UBS
Conference
November 2026

Disclaimer
02
Spark
TheinformationinthisannouncementhasbeenpreparedbySparkNewZealand
Limited.
Theinformationinthisannouncementisprovidedforgeneralpurposesonlyand
doesnotconstitutefinancial,legal,tax,investmentorotheradviceora
recommendationtopurchaseorinvestinsecuritiesinSparkNewZealand.
Thisannouncementmayincludeforward-lookingstatementsaboutSparkNew
ZealandandtheenvironmentinwhichSparkNewZealandoperates,including
indicationsof,andguidanceon,futureeventsandfinancialperformance.Such
forward-lookingstatementsarebasedonthebeliefsofandassumptionsmadeby
managementalongwithinformationcurrentlyavailableatthetimesuchstatements
weremade.
Anyforward-lookingstatementsinthisannouncementarenotguaranteesor
predictionsoffutureperformance,andinvolveknownandunknownrisks,
uncertaintiesandotherfactors,manyofwhicharebeyondSparkNewZealand’scontrol,
andwhichmaycauseactualresultstodiffermateriallyfromthoseprojectedinthis
announcement.SparkNewZealandgivesnorepresentation,warrantyorassurancethat
actualresultsorperformancewillnotmateriallydifferfromtheforward-looking
statements,andunduerelianceshouldnotbeplacedonsuchstatements.
Factorsthatcouldcauseactualresultsorperformancetodiffermateriallyfromthoseexpressed
orimpliedintheforward-lookingstatementsincludetheoutcomeofSparkNewZealand’s
anticipatedrevenuegrowthand/orcostreductionstrategies,economicconditionsandthe
regulatoryenvironmentinNewZealand,competitioninthemarketsinwhichSparkNew
Zealandoperates,andotherfactorsortrendsaffectingtheindustriesinwhichSparkoperates
generally,alongwiththerisksdetailedinSparkNewZealand’sfilingswithNZXandASXfrom
timetotime.
Additionally,anyforward-lookingstatementsassumenomaterialadverseevents,significant
one-offexpenses,majoraccountingadjustments,otherunforeseeablecircumstances,orfuture
acquisitionsordivestments.
ExceptasrequiredbylaworthelistingrulesofthestockexchangesonwhichSparkNew
Zealandislisted,SparkNewZealandisundernoobligationtoupdateanyforward-looking
statementswhetherasaresultofnewinformation,futureeventsorotherwise.
Thispresentationcontainscertainfinancialinformationandmeasuresthatarenon-GAAP
financialinformation.AlthoughSparkNewZealandbelievesthenon-GAAPfinancialinformation
andfinancialmeasuresprovideusefulinformationtousersinmeasuringthefinancial
performanceandconditionofSparkNewZealand,youarecautionednottoplaceundue
relianceonanynon-GAAPfinancialinformationorfinancialmeasuresincludedinthis
presentation.

Contents
1.SPK-30 strategy
2.Connectivity
3.Digital Services
4.Financial summary

SPK-30 Strategy

launched September 2025

FY26 result showed progress on delivering SPK-30 strategy
Differentiating Spark to deliver annuity-like returns, growing dividends for shareholders over time
01 Focused where returns are highest
SPK-30 FOCUS
Focus on core connectivity · Simplify and optimise beyond the core
FY26 PROGRESS
•Core revenue growth:4.4% mobile revenue growth; price-driven
categories stabilising, with mobile service revenue growing 1.1%
•Product innovation: Satellite, roaming, mobile propositions
•Cost reduction: structural productivity improvements delivering
further significant cost savings
•Portfolio management: Data centre transaction completed with
25% shareholding retained toparticipate in future value growth;
Digital Services strategic review underway
DELIVERS
Capital and resources aligned to the areas of highest
shareholder return
02 Investing to differentiate and grow
SPK-30 FOCUS
Better network · Better customer experiences
FY26 PROGRESS
•Network leadership: Widest-coverage award retained
(1)
, with
greater security and resilience built in
•Advanced capability: 5G+ monetisation opportunities;
3G exit enabling spectrum recycling into 5G
•CX growth: six consecutive years of iNPS growth
(2)
; digital CX
ARPU lifting; AI-enabled care reducing time to serve
DELIVERS
Investment behind what differentiates Spark with
customers and drives growth
03 Built on strong fundamentals
SPK-30 FOCUS
Enablers: financial discipline, people, tech and AI, sustainability
FY26 PROGRESS
•Financial discipline: driving strong FCF growth; FY30 cost out
ambitions on track
•AI enabled: AI maturing from individual use cases to
enterprise-wide process efficiency
•Strong business fundamentals: employee engagement up
11pp; 59% reduction in scope 1 and 2 emissions against FY20
baseline
DELIVERS
Cost discipline, leading AI and partnerships, high
performing teams, and a strong licence to operate
Why Spark
•New Zealand’s largest telco, with market-leading positions
(3)
•Refocused on what we do best –our core of connectivity
•Focused on stable, annuity-like returns, predictable free cash flow, and growing dividends for shareholders over time
(1)Spark ranked first for overall coverage experience and 5G coverage experience, as
awarded by Opensignalin the October 2025 NZ Mobile Network Experience report
(2) Spark interaction net promoter score (iNPS) increased from +40 in FY25 to +42 in FY26
(3) IDC New Zealand mobile service revenue and broadband market share report as at 30 June 2026
SPK-30ConnectivityDigital ServicesFinancials
FY26

Financial Ambition
(1)
Non-Financial Ambition
(1)
Productivity
Adjusted
EBITDAI
Capex
Free
cash flow
ROIC
(3)
FY30 FY26 Update
Annualised savings of
$150m-$180m
(from FY24 baseline)
$101m at
end FY26
Low single digit
CAGR from
FY25-FY30
Capex to revenue
ratio of 10-12%
BAU Capex
10.8%
(2)
in FY26
Mid-single digit
CAGR from
FY25-FY30
FCF of $308m up
18.5% in FY26
11-13%
Reported 13.8% vs8.7% in FY25
Adjusted 8.4%, flat to FY25
Customer
Network
Employee
Sustainability
FY30
>+45 iNPS
(industry best practice)
+42, up 2pts
from FY25
Maintain: Most reliable
network, with widest
coverage experience
Maintained #1 for
widest coverage
experience, tied
#1 for reliability
(4)
(1)Financial and non-financial ambitions should not be
relied upon by investors as guidance. Annual guidance
will be provided for each year at the FY results briefing
Top quartile
employee engagement
Up 11pp
from FY25
Reduce absolute scope 1
and 2 GHG emissions 56%
by 2030 from a FY20
baseline year
Scope 1 and 2 emissions
tracking 59% below our
FY20 baseline –ahead of
the pathway to our 2030
science based target
Our SPK-30 strategy ambitions
Goodprogress in first year of new strategy creating strong foundation for future EBITDAI & FCF growth
(2)BAU Capex as a percentage of operating revenues and other gains
(3)Reported ROIC is calculated as net operating profit (EBITDAI less depreciation and amortisation) after tax (at 28%) as a
percentage of Invested Capital (total debt including leases plus equity). Adjusted ROIC removes the FY26 one off data
centre gain on sale and FY25 one offs due to Connexa gain on sale and transformation costs.
FY26 Update
(4) Spark ranked first for overall coverage experience and 5G
coverage experience, while maintaining a top spot in
reliability and availabilityas awarded by Opensignal in the
October 2025 NZ Mobile Network Experience report
EBITDAI
-2.4% in FY26
Looking ahead
Mobile and cost momentum • Diminishing legacy products • Portfolio management
Supporting EBITDAI and ROIC
growth in future years
SPK-30ConnectivityDigital ServicesFinancials
FY26

Connectivity

(1) NZ base: prepaid customers who purchase a recurring value pack, excluding travel packs and casual (non-pack) customers
FY26 saw the momentum return to mobile with further stabilisationin overall connectionsdespite 3G shutdown, and positive ARPU
trends across the portfolio
FY26 mobile performance indicators
•Product innovation pipeline building more value
into pay monthly –Kids Plan, roaming, satellite
•Maintained pay monthly base –with small decline
in connections attributable to 3G closure
•Strong ARPU growth (+3.6%) supported by plan and
pricing refresh, providing greater value for money
•IFP acquisitions up ~15%, supporting higher ARPU
acquisition and retention
•Product innovation in roaming and satellite improving pay
monthly proposition for enterprise and government
•Connections broadly flat on FY25 –small decline
attributable to low value 3G connections
•Rate of ARPU decline has slowed, reducing by $1.92 (7.2%)
in FY26 compared with $3.26 (10.9%) in FY25
•Customer wins and re-signs include ANZ Bank, Oranga
Tamariki, and Contact Energy
•More competitive prepaid line-ups launched across
Spark and Skinny
•Overall connections down 3.6%, compared to 5.2% in
FY25 –~25% of the decline driven by 3G closure
•NZ base contributes ~89% of prepaid revenue
(1)
•ARPU proved resilient, holding broadly flat despite
intense price competition (up 1.1% in NZ base)
•Skinny grew ~2%, supported by launch of 52-week plans
Consumer and SME Pay Monthly
Increasing ARPU on broadly flat connections
Consumer Prepaid
Resilient ARPU in competitive market
Enterprise and Government
Connections stable, ARPU decline slowed
$44.12
$44.46
$46.08
$0.80
$44.92
$44.46
$46.08
FY24FY25FY26
Consumer and SME Pay Monthly ARPU
Excl. InsInsuranceARPU
540
516
506
88.0%
89.1%
89.4%
70.0%
75.0%
80.0%
85.0%
90.0%
400
420
440
460
480
500
520
540
560
FY24FY25FY26
NZ Base of Prepaid Customers (000)
Connections% of total prepaid revenue
318
312
310
300
305
310
315
320
FY24FY25FY26
Enterprise & Government Mobile Connections
(000)
SPK-30ConnectivityDigital ServicesFinancials
FY26

Mobile back in growth
Spark
41.0%
(-0.5%)
One NZ
35.9%
(+0.2%)
2 Degrees
20.8%
(-0.2%)
FY26 total mobile revenue up 4.4%, and mobile service revenue grew 1.1%, supported by a range of
product, customer and network initiatives
BETTER...
VALUE
NETWORK
CX
•New plans delivering more choice for customers
•Launchedsatellite, roaming, long-term and kids
plans
•Network coverage leadership maintained
(1)
•5G+ launched, over half a billion scam attempts
blocked
(2)
•Digital acquisition up 30%, call centre volumes
down 81k
•Customer satisfaction up for the sixth year
running
Moved from stabilisation to
growth
(1)Spark ranked first for overall coverage and 5G coverage in Opensignal’sOctober 2026 NZ Mobile
Network Experience report
(2) A subset of this number includes an annual projection of data measured over a three-month period. With
ever-increasing numbers of online threat, it is likely that this number is much higher
SPK-30ConnectivityDigital ServicesFinancials
FY27

FY27 aims to continue that momentum
iPhone 18 Pro Launch
Spark Upgrader
A better way to
a new phone.
A range of new propositions launched
SPK-30ConnectivityDigital ServicesFinancials
•Good growth in sales of handsets and accessories for the start of FY27 is being supported by elevated interest in new
iPhones and the ability to offer IFP terms to high value pay monthly consumers
•Pre-sales of iPhone 18 Pro, 18 Pro Max and Duo have been strong to date, with Spark offering discounts for customers
on higher tier plans
•Upcoming Black Friday and pre-Christmas sales period are important contributors to customer acquisition
•Handset sales supported by launch of Spark Upgrader –feature of new Spark app that makes it easier for customers
to acquire new handsets
•Apply value from phone trade-in and exclusive offers in an easy-to-use online interface
FY27
Growth in IFP sales is an important driver of value for Spark mobile
•To achieve full benefit of discounts and funding customers need to be on higher tier plans →drives ARPU growth
•Higher-value handsets are increasingly associated with longer-term IFP options, supporting deeper and more sustained customer
relationships

Strong start to FY27 in the market
Skinny x Everyday Rewards
A range of new propositions launched
SPK-30ConnectivityDigital ServicesFinancials
FY27
Skinny is the exclusive telco partner with
Everyday Rewards -giving customers
another way to get rewarded for using
Skinny mobile
•Customers can build a renewal streak
and earn Everyday Rewards points when
they renew an eligible plan on time,
three times in a row
•Approximately 30k customers already
signed up for Everyday Rewards through
Skinny
Bundling broadband with mobile
•Spark continues to be proactive in bundling
•In October an offer was introduced to existing broadband-only
customers who can now save $15 per month when they add an
eligible Spark Pay Monthly mobile plan
Roaming upgraded
•New roaming packs with enhanced experience plus new
eSIMtravel packs launched
•Expected to have a positive impact on mobile service
revenue in FY27

Better customer experiences
Customer satisfaction improved for the sixth consecutive year with NPS of +42 in
FY26, this will be supported in FY27 by investment in our digital channels as a
priority
New Spark app
Helps customers get what they need quickly and easily
Check usage and spend,
and get support
Manage servicesDeals andbenefits
Access great deals
and benefits
Account updates
Stay informed about
your account
SPK-30ConnectivityDigital ServicesFinancials
FY27

Better Network –reinforced by recent Opensignalawards
(1) As awarded by Opensignal in the October 2026 NZ Mobile Network Experience report
Best 5G network
Coverage
5G network coverage
Time on 5G
Download Speed
5G Reliability
5G Download Speed
Outright winner
Reliability
Video
5G Video
Joint winner
Reinforces our competitive network position and supports SPK-30’s focus on
investing in and growing the core connectivity business.
1
Spark was the outright winner in 6 categories, and joint winner in a further 3 categories
at the Opensignalmobile experience awards⁽¹⁾
FY27

Better Network -extending connectivity with satellite
Spark satellite launched in April 2026
237,000+
Satellite extends Spark’s reach, building on the strength of our mobile network
Satellite-to-mobilereaches remote areas and blackspots beyond terrestrial
coverage, helping customers stay connected where towers can’t reach.
customers connected
to the service
7.1million+
megabytes of
satellite data used
323,000+
satellite text
messages sent
SPK-30ConnectivityDigital ServicesFinancials
FY27

Digital Services

Digital Services: a scaled business adjacent to our core
Cloud • IT Services • Adjacent products
A leading provider
of digital services to
New Zealand’s
B2B market
Market
leadership
Recurring
revenue
Majority-recurring
revenue across a
diversified digital
services mix
Intellectual
property
CloudIQ (hybrid
cloud), ServiceFlex
(IT services), and
Qrious (Data and AI)
Data
sovereignty
Provides data-
sovereign storage in
New Zealand
Global
partnerships
Relationships with all
hyperscalers,
partnerships with
Microsoft, Infosys, HPE
Long-term
tailwinds
Long-term shift to
cloud and business
digitisation continues
to drive demand
SPK-30ConnectivityDigital ServicesFinancials

Strategic review of Digital Services
Our current strategic review of Digital Services marks the logical next step in the execution of SPK-30
Strategicreview
•Strategic review of Digital Servicesunderwayto assess options to maximise
shareholder value
•The next logical step under SPK-30, which focuses Spark on leading in core
connectivity and simplification beyond the core
•External adviser appointed; review expected to complete in H1 FY27
•No certainty the review will result in a transaction, nor as to terms or value
Spark
FY26 Results Summary
Performancecontext
•Leading market position: with significant scale, customer base and
recurring revenue
•Simplification progressed: significant progress made simplifying
product sets and labour, and establishing global partnerships that
support efficiency and access to global IP
•Legacy transition: exiting legacy IT products and migrating customers
to modern ServiceFlex product
•Cyclical challenges: New Zealand economic recovery slower than
anticipated, maintaining pressure on business and government
spending
•Structural change in cloud: long-term trend of private cloud shifting
to public cloud –opportunity to add higher value managed services
layer to improve margin and retention
SPK-30ConnectivityDigital ServicesFinancials
FY27

Financial summary

FY26financialsummary
Spark
REPORTED
(1)
FY25
REPORTED
(1)
FY26
CHANGEADJUSTED
(2)
FY25
ADJUSTED
(2)
FY26
CHANGE
Operating revenues and other gains
3,7253,9496.0%3,7003,700-
Operating expenses
(2,672)(2,654)(0.7%)(2,640)(2,665)0.9%
EBITDAI
1,0531,29523.0%1,0601,035(2.4%)
Net financing cost
(118)(118)-(118)(118)-
Depreciation and amortisation
(590)(602)2.0%(604)(602)(0.3%)
Net investment income/(expense)
2(1)NM2(1)NM
Net earnings before tax expense
34757465.4%340314(7.6%)
Tax expense
(95)(88)(7.4%)(113)(89)(21.2%)
Net earnings after tax expense
25248692.9%227225(0.9%)
Net earnings from discontinuing operation81362.5%---
Total net earnings after tax expense26049991.9%227225(0.9%)
BAU capital expenditure
401401-401401-
Free cash flows excluding spectrum
-
-
-26030818.5%
EBITDAI margin28.3%32.8%4.5%pts28.6%28.0%(0.6)%pts
Effective tax rate
27.4%15.3%
(12.1)%pts
33.2%28.3%
(4.9)%pts
BAU capex to operating revenues and other gains
10.8%10.2%
(0.6)%pts
10.8%10.8%
-%pts
Total earnings per share (cents)
13.625.789.0%12.311.9(3.3%)
Total dividend per share (cents)
25.016.0(36.0%)25.016.0(36.0%)
(1)Reported revenue, expenses, EBITDAI and NPAT exclude the results of the data
centre business which has been classified as a discontinued operation in the
Financial Statements.
FY26ResultsSummary
(2) Adjusted results include the earnings of the data centre business up until the sale, and in FY26 excludes the
$278 million gain on sale from the data centres, and in FY25 excludes the $71 million gain on sale from the
Connexa stake and the $53 million of transformation costs.
SPK-30ConnectivityDigital ServicesFinancials
FY26

Delivering against our Capital Management Framework
FY26 capital management in line with new framework established in August 2025
ObjectiveFY26 outcome
Maintaining financial strength
•Strong balance sheet
•Targeted metrics consistent with current A-credit rating
•Net Debt/EBITDA ratio of ~1.7x
(1)
at 30 June 2026, down from 2.2x at
30 June 2025
Investment and portfolio management
•BAU capex –used to sustain and grow the core business organically
(capex to revenue ratio of 10-12%)
•Strategic capex –capital investment outside the core that meets
Spark’s hurdle rates
•FY26 BAU capex of $401m, 10.8% of adjusted revenue
•FY26 strategic capex of $66m
(2)
, representing capex committed as part of
the data centre transaction
Sustainable shareholder returns
•Dividend payout ratio of 70-100% of free cash flow
•Dividend reinvestment plan utilised when appropriate
•Growth in return on invested capital
•FY26 dividend of 16 cps, representing 100% of free cash flow
•DRP reinstated with 0% discount on shares issued in lieu of dividend
•ROIC of 8.4%
(3)
in FY26, flat to FY25 (FY26 Reported ROIC 13.8%vs 8.7% in
FY25)
03
02
01
Spark
FY26ResultsSummary
(1)Calculation of net debt/EBITDA consistent with S&P methodology
(2)Committed capex brought forward, reflected in the data centre sale proceeds
(3)Adjusted Return on Invested Capital excludes gain on sale of data centre in FY26, and Connexa gain and transformation costs in FY25
SPK-30ConnectivityDigital ServicesFinancials
FY26

FY26 ActualFY27 Guidance
Adjusted EBITDAI$1,035m
(2)
$1,010m-$1,080m
BAU capex$401m$350m-$380m
Free cash flow$308m$300m-$350m
Dividend16 cps
90%-100% of FCF
supported by a target
(3)
FY27
dividend range of 16-18 cps
FY27Guidance
(1)
is unchanged
(1)Subject to no material adverse change in operating outlook
(2)Adjusted FY26 EBITDAI includes the earnings of the data centre business up until the sale, while excluding
the $278 million gain on sale
(3) The target FY27 dividend range of 16-18 cps is intended to provide investors with greater clarity on the expected dividend
outcome than a payout ratio alone, while maintaining the discipline of linking dividends to free cash flow generation. Final dividend
decisions remain subject to Board approval.
SPK-30ConnectivityDigital ServicesFinancials

Thank you