Slides
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1 24 September 2026
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This presentation contains forward-looking statements. Forward-looking statements often include words such as "anticipates", "estimates", "expects", "intends", "plans", "believes“ and similar words in connection with discussions of future operating or financial performance. The forward-looking statements are based on management's and directors’ current expectations and assumptions regarding Vector’s businesses and performance, the economy and other future conditions, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Vector’s actual results may vary materially from those expressed or implied in its forward-looking statements. Disclaimer 2
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Agenda 3 1. Instructions for voting and asking questions 2. Ordinary business > Chair’s address > Group chief executive’s address > Appointment and remuneration of auditor 3. General business and shareholder questions 4. Final chance for voting 5. Meeting closes
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How to vote and ask questions
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Asking questions 5 > Questions may be asked at the relevant time during the meeting. > Two questions only per person. The chair, group chief executive and staff will be available after the meeting for other questions. Online questions can be submitted at any time. Broadcast Vote Q&A. Documents You may enter a question using the field below Your question: Select topic Limit of 2,000 characters per question Send
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> You may mark your voting paper at any time. > A team member from Computershare will collect the voting forms at the conclusion of the meeting. Online voting can be changed at any time, until voting closes. Voting 6 > The chair will indicate the final opportunity for voting before the papers are collected.
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Voting is open 7 734 shareholders, holding a total of more than 852,794,965 shares, have appointed proxies. Doug McKay, in his capacity as chair and in his own name, holds proxies for 335 shareholders, representing 848,913,898 shares. Included in these proxies are 751,000,000 shares held by Entrust, our majority shareholder.
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Chair’s address: Doug McKay
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Strong financial performance “Other” is a non-reportable segment and includes VTS, HRV, Vector Fibre, Equalise and group eliminations. 9 401 +88 +0 -8 482 FY25 Electricity Gas Distribution Other FY26 FY26 adjusted EBITDA ($M)
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Strong financial performance “Other” includes share of associates, fair value changes on financial instruments and tax. 10 155 +81 -20 -2 -9 +37 -2 240 FY25 Adjusted EBITDA Capital Contributions Depreciation and Amortisation Net Interest Impairment Other FY26 FY26 net profit after tax ($M)
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Record investment in electricity All years adjusted to exclude discontinued operations. 11 432 512 470 +18 +62 -5 -1 544 FY25 Electricity Growth Electricity Replace- ment Gas Distribution Other FY26 Record amount invested in the electricity network in a financial year Gas Distribution and Other Capex Electricity Capex FY26 gross capital expenditure ($M), movement vs FY25 FY25 Electricity Growth Electricity Replacement Gas Distribution Other FY26 38 32
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Strong balance sheet Gearing is defined as economic net debt to economic net debt plus adjusted equity. Adjusted equity means total equity adjuste d for hedge reserves. 12 3.11 3.16 3.30 3.41 1.93 2.14 2.13 2.23 2.15 2.16 2.28 57% 57% 58% 59% 33% 36% 36% 38% 37% 37% 39% Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun 2021 2022 2023 2024 2025 2026 Economic net debt ($B) Gearing Economic net debt ($B) and gearing
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Dividend 13 8.00 8.25 8.25 8.25 8.25 8.25 8.25 9.25 12.00 12.50 8.00 8.00 8.25 8.25 8.50 8.50 8.50 13.00 13.00 13.5016.00 16.25 16.50 16.50 16.75 16.75 22.25 24.00 25.00 26.00 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Interim Final Special 5.50 1.75 Dividend (cents per share)
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Guidance provided on adjusted EBITDA, gross capex and capital contributions Outlook for FY27 $540m - $560m Adjusted EBITDA $160m – $190m Capital contributions $605m - $635m Gross capex 14
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The next chapter starts here.
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2035 forecast Present Auckland peak demand growth ~+50% by 2035 Peak demand is a custom analysis and differs from previously published forecasts. 16 Electrification and growth add more than 1 GW of load (+47% net growth) Peak demand 1.88 GW 85% of net growth comes from new connections + 729 MW + 337 MW - 209 MW 2.74 GWDemand growth in existing network Efficiency gains GW = Gigawatt MW = Megawatt
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Group chief executive’s address: Chris Blenkiron
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Investing more while keeping prices flat Monthly bills are combined actuals and forecast, including assumptions, from internal data. FY24 to FY26 electricity capital expenditure is sourced from published financial results. Prior years are based on internal management accounts with an allocation of relevant shared services capital expenditure. The allocation factor primarily reflects how costs are allocated to the electricity business for regulatory reporting purposes. FY = financial year beginning 1 July; RY = regulatory year beginning 1 April. 18 $200 $250 $300 $350 $400 $450 $500 $550 $600 $650 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 Annual electricity CAPEX $m Average monthly residential distribution bill $ CAPEX $m in real terms (2027), FY Average monthly bill in real terms (2027), RY $000 F’cast 2027 $65.26 Actual 2013 $61.45
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Page 19 Transform distribution • Efficient capital deployment • Customer flexibility • Network operations and resilience • Data-driven asset intelligence Electrify Auckland • Co-develop long-term solutions with large customers • Enable and unlock access to greater household electrification Expand connections • Develop grid connections in Auckland • Roll out large-scale connections across NZ Maximise portfolio value • Actively manage our portfolio businesses Fibre, Bluecurrent, GDB and VTS • Deliver strong returns, disciplined investment and strategic flexibility Strategic objective: To deliver lower energy bills for Auckland Purpose: To connect Aucklanders to the energy transition A new strategy for electrification Lift organisational productivity
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Transforming the network for an electrified Auckland 20 Auckland's growth gives us a unique opportunity to accelerate electrification Transform distribution Increase 5-minute smart meter data From 50% to 95%
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Lifting productivity 21 Our scale means productivity improvements benefit more customers Source: Vector financial analysis for pole costs from FY22 to FY26; excludes cross arm costs due to policy and design change in the middle of the period; includes all poles including high complexity. Double concrete – cost per pole ($000, FY26 real terms) FY22 FY26 34 48 +14 (40%) Outage Remediation & compliance Traffic management Structure FY22 FY26 2 5 7 13 5 7 18 21 → → → → Overheads 2 1→ Transform distribution
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Expand connections 22 We have the right mix of assets, capabilities and market position Expand connections 23 45 107 72 53 59 90 18 17 32 20 10 41 0 20 40 60 80 100 120 140 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* Transmission grid connection enquiries Generation and BESS Demand (load) Source: EA, Review of Transpower’s process for managing generation grid connections, 2026. *2026 data is FY YTD (as of June 2026). 3 5 5 5 2 Today: Average connection timeframe = 4.5 years
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Electrifying Auckland 23 We have the know-how to help, backed by community ownership Electrify Auckland Current household Future, electric household Gas space heater1 Petrol carGas stove Electric grid connection Gas hot water Solar panels Electric car Home batteryElectric stoveHeat pump water heater Electric grid connection Annual energy bill ~ $4,553 Annual energy bill ~ $2,100 - $2,880 37-54% net energy saving6 1. Noting most households do not have gas heating; 2. Excludes PED; 3. Average value over all customers, including the 80% that does not have gas; 4. Assumes doubling of the RAB, additional at home electricity costs to replace the full petrol and gas energy used and an installed 6 kW solar system in Auckland generating ~8,000 kWh/year, retail rate of 33 c/kWh, buyback rates of 7–17 c/kWh, and self-consumption of 30–60% (low to high). 5. Assumes 11,500 km/year at ~18 kWh/100 km, with 5–20% of charging done at public stations at $0.30–$0.92/kWh (OpenLoop AC to ChargeNet fast/hyper); excludes RUC; 6. Does not include switching costs, capital costs, nor the additional benefits from e.g. VPP, vehicle to grid, and other electrification value pools. Source: NZ Stats Household Expenditure Survey 2023 household cost estimate, Vector analysis of additional electricity expenditure. Household energy bill 2026 $ per year Petrol Gas Electricity ~22602 ~2443 ~2,049 Petrol 0 Gas 0 Electricity ~2100 – 2,8804,5
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Video Placeholder 24
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Page 25 Transform distribution • Efficient capital deployment • Customer flexibility • Network operations and resilience • Data-driven asset intelligence Electrify Auckland • Co-develop long-term solutions with large customers • Enable and unlock access to greater household electrification Expand connections • Develop grid connections in Auckland • Roll out large-scale connections across NZ Maximise portfolio value • Actively manage our portfolio businesses Fibre, Bluecurrent, GDB and VTS • Deliver strong returns, disciplined investment and strategic flexibility Strategic objective: To deliver lower energy bills for Auckland Purpose: To connect Aucklanders to the energy transition A new strategy for electrification Lift organisational productivity
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Questions on the financial statements and addresses of the chair and group chief executive
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Appointment and remuneration of auditor
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Appointment and remuneration of auditor Proxy results: PROXY VOTING VOTES For 847,849,395 Against 922,054 Discretionary 4,023,516 Abstain 10,201 28
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Shareholder questions
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Final chance for voting
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Thank you