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Vector (VCT) investor relations material

Vector H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary19 Feb, 2026

Executive summary

  • Group revenue increased 14%–16% year-over-year, primarily from higher electricity revenue under the new DPP4 regulatory period.

  • Adjusted EBITDA from continuing operations rose 19% to approximately $240 million, driven by regulatory resets and higher allowable returns in electricity distribution.

  • Net profit after tax was $113 million, down 4% due to lower capital contributions, higher depreciation, amortisation, and interest costs.

  • Interim dividend set at 12.50 cents per share, reflecting confidence in performance.

  • Discontinued gas trading operations and Eco-Products Group Limited were sold, with final proceeds received.

Financial highlights

  • Adjusted EBITDA from electricity segment up 28% to $220 million year-over-year.

  • Gas segment EBITDA flat at $24 million, with lower volumes and declining new connections.

  • Gross capital expenditure was $223 million, down 15% from prior period; net CapEx at $126 million.

  • Net cash flows from operating activities were $325.1 million, up from $276.9 million.

  • Dividends paid during the period totaled $130 million.

Outlook and guidance

  • Full-year adjusted EBITDA forecasted at $470–490 million.

  • Gross capital expenditure guidance narrowed to $500–540 million for the year.

  • Capital contributions expected between $180–215 million.

  • Dividend payout for the full year will consider the 70% minimum policy.

  • Commerce Commission's draft decision on DPP4 for gas distribution expected to impact future cash flows, with final decision due May 2026.

What factors influence the full-year dividend payout?
Gas network: rationale for price cap change?
What drives the full-year CapEx forecast?
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Frequently asked questions

Vector Limited is a diversified infrastructure company primarily engaged in energy distribution and services in New Zealand. The company operates electricity and gas distribution networks, delivering energy to residential, commercial, and industrial customers. Vector also offers metering services, energy storage solutions, and telecommunications infrastructure. In addition, the company invests in new technologies to enhance energy efficiency and sustainability, including renewable energy initiatives. Vector serves customers primarily in the Auckland region and supports various initiatives aimed at modernizing energy infrastructure. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.

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