Contact Energy Limited · NZX:CEN
Contact Energy — Investor Day (November 2025)
78 slides from Contact Energy's investor day presentation, Nov 25, 2025
Slide 1: Contact Energy Capital Markets Day
Contact Energy Capital Markets Day 25 November 2025 1
Slide 2: Disclaimer and important information
Disclaimer and important information While all reasonable care has been taken in compiling this presentation, neither Contact Such financial information and financial measures (including EBITDAF, free cash flow and nor any of its directors, employees, shareholders nor any other person gives any oper
Slide 3: Agenda
Agenda Welcome Mike Fuge Introducing Contact31+ Chief Executive Officer Renewables Dorian Devers and flexibility Chief Renewable Growth Officer Relationships with Chris Abbott our stakeholders Chief Corporate Affairs Officer Manawa integration Matt Bolton John Clark Jan Bibby update Manawa Integrati
Slide 4: Introducing Contact31+
Introducing Contact31+ Mike Fuge Chief Executive Officer 4
Slide 5: Key messages
Key messages Contact26 has transformed us into a bigger, cleaner and stronger company The market needs more renewables and flexibility as New Zealand’s energy transition continues We are well positioned to capture the market opportunity, with clear advantages that distinguish us from competitors We
Slide 6: Contact26: Leading decarbonisation, renewable growth and delivering value for our investors
Contact26: Leading decarbonisation, renewable growth and delivering value for our investors 1 Decarbonisation and renewable growth 3 Investment and earnings performance Normalised and expected EBITDAF2 $980M $2B FY26e, up $427M Cumulative growth capex 2 new major 3 projects under 11.8+ TWh p.a. 77%
Slide 7: Contact26: Contact is now bigger, cleaner and stronger
Contact26: Contact is now bigger, cleaner and stronger 1 Contact in FY21 2 Contact in FY26 8.4TWh of generation across hydro, FY26 expected generation 11.8TWh across hydro, geothermal and thermal plants geothermal, solar and thermal plants and wind PPAs1 81% renewable generation FY26 generation is e
Slide 8: There is a compelling market opportunity supporting Contact31+ ambitions
There is a compelling market opportunity supporting Contact31+ ambitions Key trends: We considered the key trends under Contact’s three market scenarios: The energy transition is leading to • Accelerated renewables: significant growth in demand as New Zealand increasingly volatile renewable supply e
Slide 9: The impacts of the energy transition have become more evident, with increasing wholesale price volatility
The impacts of the energy transition have become more evident, with increasing wholesale price volatility Gas supply is declining There is increasing investment This is driving more volatile ~20% year-on-year in renewables to meet demand prices across seasons Annual gas production, PJ Grid electrici
Slide 10: Customers are accelerating electrification and increasingly managing their energy use
At the same time, customers are accelerating electrification and increasingly managing their energy use Good Plans (Time of Use) Cumulative More than customers since 2022, as ~30% annual growth in EV sales in 4x customers increasingly participate in their energy 2021-20241 management Contact’s EV ch
Slide 11: Electricity demand is expected to grow by up to ~5TWh by FY30
Electricity demand is expected to grow by up to ~5TWh by FY30, with >3TWh tied to known and committed sources Grid electricity demand forecast is Dairy, data centres, metals and residential to grow by 3-5TWh to 2030 sector expected to drive new demand New Zealand grid electricity demand growth over
Slide 12: We have better clarity across key market risks
We have better clarity across key market risks, providing confidence to grow and invest MAY AUG OCT NOV 2024 2025 2025 2025 Market NZAS extended Huntly Firming Stable outcome from BCG: Energy to Grow evolution operations Option signed Government-led review report released Effect NZAS to remain Agree
Slide 13: Contact is well positioned to capture the market opportunity
Contact is well positioned to capture the market opportunity Most diversified Largest national New Zealand’s leader Trusted retailer portfolio in New Zealand renewable pipeline in geothermal with leading operations and capabilities cost-to-serve Contact’s portfolio1 Renewable energy ~50% ~30% genera
Slide 14: Contact31+
Contact31+ Leading New Zealand’s renewable energy future Strategic pillars Lead on new flexibility Build into new demand Extend our advantage in New Zealand with wind and solar Lead the energy as New Zealand’s Accelerate batteries, build Deliver lowest-cost diversified wind transition at home advant
Slide 15: Contact31+ will deliver the highest value outcomes for our investors and New Zealand
Contact31+ will deliver the highest value outcomes for our investors and New Zealand Select target FY31 outcomes under Contact31+ Subject to future investment decisions1 Target renewable energy 250MW+ 500MW 500MW+ 450MWac outcomes geothermal batteries wind solar delivered / committed online delivere
Slide 16: Renewables and flexibility
Renewables and flexibility Dorian Devers Chief Renewable Growth Officer 16
Slide 17: Contact26: We honed our project execution muscle and are primed for continued renewable growth
Contact26: We honed our project execution muscle and are primed for continued renewable growth Attractive returns on completed projects Sequenced execution across technologies FIDs: Glenbrook- Ohurua Te Huka 3 Te Mihi Stage 2 Tauhara Tauhara + Wairakei Kōwhai extension Technology: Steam 174MW Park 1
Slide 18: Contact26: We built New Zealand's largest renewable energy pipeline
Contact26: We built New Zealand’s largest renewable energy pipeline – with premium attributes Largest renewable energy pipeline in New Zealand Key advantages Renewable energy generation pipeline1, TWh Large scale projects: Competitor #1 Competitor #3 With multiple 300+ MW wind and 150+ MWac solar op
Slide 19: We are New Zealand's leading geothermal operator and developer
We are New Zealand’s leading geothermal operator and developer Geothermal is an attractive source of firm, baseload power regardless of the weather, Wairakei, 138MW We are New Zealand’s with an average capacity factor of ~95%1 Te Mihi, 166MW largest geothermal producer Poihipi, 53MW Geothermal is re
Slide 20: Contact31+ pillar: Extend our advantage as New Zealand's geothermal leader
Contact31+ pillar: Extend our advantage as New Zealand’s geothermal leader Priorities over next 5 years Target milestones and outcomes Build out our existing consents FY27 on Tauhara and Wairakei fields • Te Mihi Stage 2 on track (for delivery FY28) Extend our high-quality, existing fields by su
Slide 21: We will sustainably take existing geothermal fields to their full potential
We will sustainably take existing geothermal fields to their full potential over the next 5 years 1. Te Mihi Stage 2 2. Tauhara 2 3. Te Mihi Stage 3 4. Tauhara 3 Location / type Wairakei field Tauhara field Wairakei field Tauhara field Partial replacement with All new generation Partial replacement
Slide 22: And we'll explore greenfield sites beyond FY31
And we’ll explore greenfield sites, identifying options to extend our geothermal leadership beyond FY31 Current geothermal electricity generation, sites Approach to greenfield exploration in the Taupo Volcanic Zone1 Capacity, GWh: ≤50 Iwi Apply our 50-100 engagement leading Ohaaki 100-150 capabiliti
Slide 23: Contact31+ pillar: Build into new demand with wind and solar
Contact31+ pillar: Build into new demand with wind and solar Priorities over next 5 years Target milestones and outcomes Consent and bring to market large scale, FY27 lowest cost, diversified wind to support New • Kōwhai Park solar delivered1 Zealand’s economic growth and new demand • FID on 1-2 a
Slide 24: We will use four key levers to deliver New Zealand's largest, lowest cost wind farms
We will use four key levers to deliver New Zealand’s largest, and lowest cost wind farms 1 Contact’s wind farm options are ~2-3x larger than New Zealand average. Overview of priority wind sites Economies of scale are available in design and construction execution Hapuakohe3 250 - 300MW Average NZ Po
Slide 25: Expanded wind development capabilities and a maturity-driven partnership approach
We will draw on our expanded wind development capabilities and a maturity-driven partnership approach Contact’s wind development capabilities have been enhanced with the acquisition of Manawa Collective • 4.2GW of operational wind projects in Australia and Combined Contact and Roaring40s wind New Ze
Slide 26: Our food processing electrification proposition aligns solar generation with customer demand
Our food processing electrification proposition aligns solar generation with customer demand in summer Dairy gas consumption aligns to Our food processing electrification proposition is widely beneficial seasonal solar generation patterns Targeting 1+ TWh of electrified process heat demand by FY31 I
Slide 27: Attractive consented solar options advanced through our JV with Lightsource bp
Attractive consented solar options are being advanced through our JV with Lightsource bp Solar generation pipeline, TWh Status of key solar projects and development options Kōwhai park Start of In development FID construction Energisation In development - near consent outcome Located near industrial
Slide 28: Contact31+ pillar: Lead on new flexibility in New Zealand
Contact31+ pillar: Lead on new flexibility in New Zealand Priorities over next 5 years Target milestones and outcomes Lead and accelerate battery development to FY27 firm renewables intraday • Glenbrook-Ohurua 100MW battery delivered1 Become New Zealand’s leading digital trader, extending our di
Slide 29: Battery opportunity to reach 900-1,200MW by 2030
Battery opportunity to reach 900-1,200MW by 2030, driven by thermal displacement, renewable growth and rising peak demand Battery market opportunity is driven by three main factors… …leading to an expected battery market opportunity of 900-1,200MW by 2030 Thermal generation displacement 900 Fast sta
Slide 30: First battery online in Q1 CY26 and accelerating options from our pipeline
We are expecting our first battery online in Q1 CY26 and accelerating options from our pipeline Glenbrook-Ohurua battery Contact Under construction: 100MW Glenbrook-Ohurua battery update battery Glenbrook 200 battery On track to be online by end Q1 CY26 pipeline Development: Consent filed for Ba
Slide 31: Exploring long-term options to displace dry year energy sources
We are exploring long-term options to displace dry year energy sources that carry a high cost of dispatch Dry years expose New Zealand to a ~4TWh supply We will explore options to support cost effective gap from reduced hydro output seasonal flexibility and security of supply Current cross-market en
Slide 32: Long-term options to support seasonal flexibility and security of supply
We will explore long-term options to support cost- effective seasonal flexibility and security of supply Developing and augmenting hydro, examples for feasibility-testing within Contact31+ strategy window Consenting additional flexibility Brownfield hydro augmentation Pumped hydro Early concepts – C
Slide 33: Relationships with our stakeholders
Relationships with our stakeholders Chris Abbott Chief Corporate Affairs Officer 33
Slide 34: Contact31+ takes a focused approach to our stakeholder relationships
Contact31+ takes a focused approach to our stakeholder relationships Tangata whenua, iwi, hapū Contact31+ is designed to deliver energy for all of New Zealand, Local engaging with a broad set of key Landowners Relationships communities external stakeholders with our stakeholders, Contact’s transpare
Slide 35: We continue to respond to gas and electricity market challenges for our customers
We continue to respond to gas and electricity market challenges for our customers Market challenges What we’re doing Energy hardship for Household customers Time of Use products (e.g., Good Plans) household and industrial Supporting vulnerable Flex / virtual power plant (e.g., Hot Water Sorter
Slide 36: Committed to Net Zero generation by 2035
We remain committed and are charting strong progress to Net Zero generation by 2035 Contact’s Net Zero (Scope 1&2) Carbon Waterfall, tCO2e Initiatives Potential buffer for increased emissions due to dry conditions A• We are preparing to close our remaining baseload gas generation plant, Taranaki Com
Slide 37: We are reducing the environmental impact of aspired growth
We are reducing the environmental impact of aspired growth Nearer-term pipeline Principles-guided approach Application across proposed development Geothermal Early assessments: Sustainability Contact’s replacement • Tauhara 2 assessments included at pre-site Te Mihi of Wairakei station will stop • T
Slide 38: Effective consenting approach using Fast Track and traditional pathways
Our development plans necessitate an effective consenting approach, using both Fast Track and traditional pathways We adopt a purposeful approach to consenting, balancing what is right for New Zealand through a tailored approach for each site and situation, and recognising the importance of pace to
Slide 39: Q&A: Dorian Devers, Chris Abbott
Q&A: Dorian Devers Chris Abbott 39
Slide 40: Manawa integration update
Manawa integration update Jan Bibby Chief People Experience Officer Matt Bolton Manawa Integration Director John Clark Chief Generation Officer 40
Slide 41: Leading the energy transition at home
Leading the energy transition at home Carolyn Luey Chief Retail Officer 41
Slide 42: Contact26: Strong performance as the lowest cost-to-serve energy retailer
Contact26: Results demonstrate strong performance as the lowest cost-to-serve energy retailer Lowest cost-to-serve Trusted retail provider Multi-services provider energy retailer Contact Net Promoter Score Multi-product customers, 000’s Cost-to-Serve per connection, $ 37 40 37 40 35 +61% -14% 139 15
Slide 43: Regulation, competition, and customer preferences are shifting
Regulation, competition, and customer preferences are shifting Increasing regulatory Shifting tech-enabled Customers seeking presence competitor landscape value and participation Regulatory oversight of energy Energy retailers globally are Customers are actively seeking value affordability is
Slide 44: Contact31+ pillar: Lead the energy transition at home
Contact31+ pillar: Lead the energy transition at home Priorities over next 5 years Target milestones and outcomes Attract and reward key customer energy FY27 profiles, locations and product bundles to Future technology stack selected optimise lifetime value and execution commenced Harness digi
Slide 45: Expand cost-to-serve advantage through a modernised retail technology platform
We will expand on our cost-to-serve advantage through a modernised retail technology platform Reduction in cost-to-serve per customer through Tools to achieve reduction in cost-to-serve per specific levers1 customer will target operational efficiency ~20% ~$113 105 103 ~$90 Use AI to Simplify Develo
Slide 46: Retail demand flex provides shared value
Retail demand flex provides shared value, supporting customer ownership over energy use and improving Contact’s load shape Overall retail flex Contact can leverage existing Time of Illustrative retail flex capacity across total addressable New opportunity in Use products to help customers Zealand ma
Slide 47: Our retail business supports all New Zealanders through the energy transition
Our retail business is focussed on supporting all New Zealanders through the energy transition Enhanced customer We are expanding our digital and AI capabilities to deliver a more personal customer experience, reduce the number of interactions and experience time to resolve We are leaning into custo
Slide 48: Tech advantage
Tech advantage Tighe Wall Chief Technology Officer John Clark Chief Generation Officer 48
Slide 49: Contact26 laid the groundwork for a leading, digitally-enabled Contact Energy
Contact26 laid the groundwork for a leading, digitally-enabled Contact Energy Data and Generation Trading and flex Retail Corporate enterprise tech • Launched plant • Upgraded trading • Developed New Zealand- • Delivered process, data • Developed early optimisation tools optimisation capabilities le
Slide 50: Technology will now accelerate while simplifying the tech stack
Technology will now accelerate while simplifying the tech stack Leading in advanced Lean, flexible and Stable and secure analytics and AI efficient technology systems Establish a distinctive competitive Further streamline the technology Maintain a simple and reliable advantage in advanced analytics
Slide 51: Contact31+ builds on this progress
Contact31+ builds on this progress Generation Trading and flex Retail Corporate Data and Drive plant efficiency Establish lead in trading: Modernise the retail Deliver productivity- enterprise tech and boost productivity platform including enhancing tools, process Simplify enterprise Real-time spot
Slide 52: Case study: Digitally enabled and real-time hydro dispatch (HOWARD)
Case study: Digitally enabled and real-time hydro dispatch (HOWARD) Geothermal Hydro (pre-optimisation) Hydro (reduce) Hydro (increase) TCC Peakers Advanced hydro optimisation tool, improving price exposure Generation, 1,500 through optimal intraday MW dispatch 1,000 Expected to yield an average
Slide 53: Case study: Battery Manager (BatMan)
Case study: Battery Manager (BatMan) Gate closure Charge Discharge Spot price Contact developed BatMan Generation, 100 $350 in-house, strengthening our MW $300 internal capabilities, as no 50 Battery OEMs offered Price ($/MWh) & $250 $200 autobidder solutions in New Price 0 Zealand forecast, $150
Slide 54: Q&A: Carolyn Luey, Tighe Wall, John Clark
Q&A: Carolyn Luey Tighe Wall John Clark 54
Slide 55: Financial framework for growth
Financial framework for growth Matt Forbes Chief Financial Officer 55
Slide 56: Strategically differentiated from peers – leading the transition, not following it
We are strategically differentiated from our peers – leading the transition, not following it Geothermal Portfolio diversity Manawa leadership Contact combines integration benefits Baseload renewable geothermal, hydro and Integration brings wind generation, with capacity flexible thermal for risk de
Slide 57: Investment in Contact offers clear value for investors
Investment in Contact offers clear value for investors Relative valuation Predictable cash Sustainable finance Attractive EV/EBITDAF flows leadership vs peers despite Geothermal baseload Green bonds and superior growth reduces volatility vs strong sustainability pipeline and hydro-heavy peers rating
Slide 58: Financial performance and context
Financial performance and context 58
Slide 59: We have outperformed indicative project returns and market earnings expectations under Contact26
We have outperformed indicative project returns and market earnings expectations under Contact26 Sustained earnings uplift Attractive returns from growth investment $500M uplift in normalised and expected EBITDAF Total growth capex FY21-FY25: >$1.6 billion Project IRRs on new plants (expected) Conta
Slide 60: EBITDAF outperformance resulted from delivering on value drivers
EBITDAF outperformance under Contact26 resulted from delivering on short- and long-term value drivers Strategic fixed-price sales, TWh Invest in Industrial customer PPAs (long-term contracts) signed. Tauhara-backed PPAs to major energy users (Oji Fibre, renewable 1 PanPac) and thermal substitution (
Slide 61: Expected $96M increase on Manawa's standalone FY26 EBITDAF contribution
We expect a $96M increase on Manawa’s standalone FY26 EBITDAF contribution when contracts reprice to market Manawa EBITDAF contribution, $M Net uplift from contract repricing, $/MWh Applying current ASX futures for 2027 - 2029 +22 FY26e Manawa 154 standalone1 Contracted 138 160 FY26e1 At current ASX
Slide 62: Capital allocation framework
Capital allocation framework 62
Slide 63: Contact31+ capital allocation framework – resilient and accretive
Contact31+ capital allocation framework – resilient and accretive Capital allocation priorities Fund core Preserve financial Deliver dividends Invest for growth operations strength from cash flows and transition BAU sustaining Maintain BBB credit rating; net Payout 80–100% rolling four-year Allocate
Slide 64: Prioritise the balance sheet and invest in projects exceeding target returns
We will prioritise the balance sheet, maintaining funding flexibility and investing in projects that exceed target returns Illustrative expected return vs value of control, by asset type Target Target Asset project return to Financing class IRR2, % Contact3, % strategy High Non-core assets financed
Slide 65: Diversified approach to funding underpins efficient access to capital
Diversified approach to funding underpins efficient access to capital and strong liquidity Sources of balance sheet capacity to fund growth Grow EBITDAF for Operating Free Hybrids for higher debt market Cash Flow in excess of Additional equity – DRP equity credit capacity committed dividends Strong,
Slide 66: Looking forward
Looking forward 66
Slide 67: Sales channels will adjust as Mercury and NZAS volumes step down
Our sales channels will adjust as Mercury and NZAS volumes step down and prices revert to short- and long-run expectations ASX futures prices, Otahuhu, FY27 to FY301 Pricing linkage Channel net Channels to market, TWh Contact31+ expectations by channel price, FY26e 237 218 11.2 Volume Net price 225
Slide 68: Contact31+ productivity strategy extends on the Manawa synergies
Contact31+ productivity strategy extends on the Manawa synergies, providing efficiency in the underlying cost base FY26 – FY27 total opex pathway, $M Our productivity pathway Target operating expense Reduce underlying opex cost base by 450 $38M (run-rate savings) by FY27, through: 405 395 400 35 • $
Slide 69: Targeting $1.3-1.4B FY31+ fully ramped exit EBITDAF
Targeting $1.3-1.4B FY31+ fully ramped exit EBITDAF from investment in renewable energy, retail and trading Target FY31+ fully ramped exit EBITDAF, $M1, Subject to future investment decisions Growth projects subject to FID ~1,300 – 1,400 60 - 80 20 - 25 45 - 75 Committed growth projects 15 - 20 Glen
Slide 70: Contact31+ growth investment is supported by a range of funding levers
Contact31+ growth investment is supported by a range of funding levers Sources of balance sheet capacity to fund growth Grow EBITDAF for Operating Free higher debt market Hybrids for Cash Flow in excess of Additional equity – DRP capacity equity credit committed dividends Targets and assumptions Ope
Slide 71: Q&A: Matt Forbes, Mike Fuge
Q&A: Matt Forbes Mike Fuge 71
Slide 72: Closing comments
Closing comments Mike Fuge Chief Executive Officer 72
Slide 73: We've laid the groundwork and have a clear vision for success through Contact31+
We’ve laid the groundwork and have a clear vision for success through Contact31+ The market and our strong competitive position present an opportunity to build on our Contact26 achievements Contact31+ will see Contact lead New Zealand’s renewable energy future, extending our geothermal advantage, le
Slide 74: Contact31+ will deliver the highest value outcomes for our investors and for NZ
Contact31+ will deliver the highest value outcomes for our investors and for NZ Strategic pillar FY31 Target Subject to future investment decisions • Tauhara 2 delivered1 • Te Mihi Stage 3 on track (for delivery FY32)1 Geothermal • FID on Tauhara 31 • 50MW+ greenfield options • 500MW of batteries on
Slide 75: Focused on delivering on our commitments over the next 18 months
We are focused on delivering on our commitments over the next 18 months Performance pre-requisites to unlock full growth potential1 Deliver committed renewable energy Te Mihi Stage 2 Glenbrook- Kōwhai 1+ wind outcomes geothermal Ohurua Park solar farm on track battery delivered consented (for delive
Slide 76: Thank you
Thank you 76
Slide 77: Appendix
Appendix 77
Slide 78: Efficient maintenance capex programme with targeted timebound enhancements
Contact’s efficient maintenance capex programme will include targeted timebound enhancements to enable Contact31+ BAU maintenance capex, FY27+ Timebound Wairakei & TCC decommissioning enhancements, Hydro refurbishment FY27 to FY31 Wairakei extension Tauhara spare rotor Annual BAU maintenance $110- C