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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.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.
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