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How Vector Limited makes money — FY2025
Revenue $1.1b · EBITDA $401.1m (36.3% of revenue) · Net profit $154.7m (14.0% of revenue)
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $1.1b | Reported | |
| Operating costs (net of other income) | −$702.9m | Derived * | |
| EBITDA | $401.1m | Reported | |
| Depreciation & amortisation | −$231.4m | Reported | |
| EBIT | $169.7m | Reported | |
| Interest | — | Not reported | Included in the balancing item. |
| Income tax | — | Not reported | Included in the balancing item. |
| Interest, tax and other items (net cost) | −$15.0m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $154.7m | Reported |
- * operating costs: $702.9m = Revenue − EBITDA
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: Vector Limited Annual Report (PDF, NZX)
Vector Limited board of directors
7 current directors, 86% independent, average tenure 4.6 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Doug McKay | Chair | No | 2022 | 4.1 yrs | — |
| Dame Paula Rebstock | Independent Director | Yes | 2024 | 2.1 yrs | — |
| Anne June Urlwin | Independent Director | Yes | 2021 | 5.1 yrs | — |
| Vaughan Busby | Independent Director | Yes | 2025 | 1.4 yrs | — |
| Paul Hutchison | Independent Director | Yes | 2021 | 4.9 yrs | — |
| Bruce Turner | Independent Director | Yes | 2019 | 7.5 yrs | — |
| Alastair Bell | Independent Director | Yes | 2019 | 7.1 yrs | — |
Future directors & observers
Non-voting board observers, such as Institute of Directors Future Directors. They are not counted in the board size, independence or governance figures above.
- Nick Astwick — Future Director, since 2015
VCT governance score breakdown
Vector Limited scores 86/100 (Excellent) on the NZXplorer Governance Risk Score for FY2026, based on 73% data coverage. See the GRS methodology.
- Board structure
- 23/25
- Shareholder rights
- 20/20
- Executive remuneration
- 5/10
VCT dividends
The most recent Vector Limited dividend on record is 13.50 cents per share, for FY2026 (final), 0% imputed, ex-dividend 8 Sept 2026, paid 21 Sept 2026.
Vector Limited largest shareholders
Top 10 registered holders of VCT as disclosed for FY2025. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | Entrust | 75.10% |
| 2 | Custodial Services Limited <A/C 4> | 3.55% |
| 3 | ANZ Wholesale Australasian Share Fund – NZCSD <PNAS90> | 1.68% |
| 4 | Generate KiwiSaver Public Trust Nominees Limited <NZCSD> <NZP T4 4> | 1.35% |
| 5 | HSBC Nominees (New Zealand) Limited – NZCSD <HKBN90> | 1.17% |
| 6 | BNP Paribas Nominees (NZ) Limited – NZCSD <BPSS40> | 1.07% |
| 7 | Accident Compensation Corporation – NZCSD <ACCI40> | 0.86% |
| 8 | FNZ Custodians Limited | 0.83% |
| 9 | CITIBANK Nominees (New Zealand) Limited – NZCSD <CNOM90> | 0.79% |
| 10 | JPMorgan Chase Bank NA NZ Branch-Segregated Clients ACCT – NZCSD <CHAM24> | 0.76% |
Recent VCT NZX announcements
The 10 most recent filings by Vector Limited to the NZX.
- Operational Performance for the 3 months ended 30 Sept 2026Operational Update
- Chair and CEO - Annual Meeting speeches and presentationAGM
- Results of annual shareholders’ meetingAGM
- Vector delivers strong 2026 resultFull Year Results
- Notice of Annual MeetingAGM
- Correction to Vector FY26 full year results announcementFull Year Results
- Director nominations closing dateAGM
- Date of annual meetingAGM
- Operational performance for the year ended 30 June 2026Operational Update
- Full year results date & investor webcast detailsFull Year Results
Vector Limited (VCT) — frequently asked questions
What does Vector Limited do?
Vector is New Zealand's largest electricity and gas distribution network company, owning and operating electricity networks serving 592,000 connections across Auckland and Wellington, plus gas networks and fiber infrastructure. Vector Limited is listed on the NZX under the ticker VCT, in the Utilities sector.
What is the Vector Limited (VCT) share price?
Vector Limited (NZX:VCT) shares closed at $4.50 on 22 October 2026, down 1.32% on the previous close. At that price its market capitalisation was about $4.40 billion, based on 977,035,491 shares on issue as at 11 March 2026.
Who are the directors of Vector Limited?
Vector Limited has 7 current directors: Doug McKay (Chair), Dame Paula Rebstock (Independent Director), Anne June Urlwin (Independent Director), Vaughan Busby (Independent Director), Paul Hutchison (Independent Director), Bruce Turner (Independent Director) and Alastair Bell (Independent Director). 6 of the 7 are recorded as independent (86%). Average board tenure is 4.6 years.
Who is the chair of Vector Limited?
Doug McKay chairs the Vector Limited board, and has been a director since 2022.
Who is the CEO of Vector Limited?
Simon Mackenzie is the Group Chief Executive of Vector Limited.
What was Vector Limited's most recent dividend?
The most recent Vector Limited dividend on record is 13.50 cents per share for FY2026 (final), 0% imputed, ex-dividend 8 September 2026, paid 21 September 2026.
What is Vector Limited's dividend yield?
Vector Limited's trailing 12-month dividend yield is 5.78%, as at 22 October 2026. That is 26.00 cents per share of ordinary dividends with an ex-date in the 12 months to 22 October 2026, divided by the 22 October 2026 closing price of $4.50. Special dividends are excluded.
Who are the largest shareholders of Vector Limited?
The largest registered holder of VCT shares in the FY2025 top-20 register was Entrust, with 75.10%, followed by Custodial Services Limited <A/C 4> (3.55%) and ANZ Wholesale Australasian Share Fund – NZCSD <PNAS90> (1.68%).
What is Vector Limited's governance score?
Vector Limited has an NZXplorer Governance Risk Score of 86/100 (Excellent) for FY2026, based on 73% data coverage.
When was the last Vector Limited annual meeting?
The most recent Vector Limited annual meeting on record was held on 24 September 2026.
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