Contact Energy (CEN) Investor presentation summary

Portfolio and strategy

• FY26 generation was 98% renewable, up from 81% in FY21; the portfolio spans geothermal, hydro, solar and batteries, with gas and diesel peaking capacity for resilience.

• Mean generation was 12TWh, with 7 geothermal stations, 26 hydro schemes, one solar farm and one battery in operation; additional assets are under construction.

• Strategic priorities include scaling geothermal, adding flexibility through batteries and hydro, developing wind and solar, and supporting customers’ energy transition.

• FY26 underlying EBITDAF was $1,011m; the FY23–FY25 figures exclude specified impacts from movements in the Ahuroa Gas Storage onerous contract provision.

Investment and development pipeline

• Projects under construction represent ~$1.3b of investment and ~0.5TWh of net new generation; the wider pipeline exceeds 11TWh, including ~4TWh of priority options.

• Te Mihi Stage 2 is a 101MW geothermal project targeting Q3 CY27 online, with ~840GWh annual output and ~200GWh net uplift; equipment delivery delays have not changed the target date.

• Glorit Solar is planned at 150MWac and 287GWh p.a., targeting Q4 CY28; financial close was reached in June 2026 and early works are underway.

• Southland Wind has consent for >325MW and expected average output above 1,210GWh p.a.; strategic partner selection is underway, with mid-2027 targeted for FID.

• A non-binding LOI with Rio Tinto would support a potential restart of NZAS Line 4, a 50MW potline, through a PPA.

Market outlook and demand

• Domestic gas production has fallen 31% since 2024, a 17% CAGR reduction; thermal generation was ~7% of FY26 generation amid high hydro inflows and wind conditions.

• MBIE electricity demand scenarios range from 47TWh to 61TWh by 2035; proposed data centre loads of ~1GW are progressing through Transpower’s pipeline.

• Data centre demand could support renewable development, with development principles including incremental renewable supply, fair power pricing, sustainable operations and local community benefits.

• A CDC partnership is exploring a 250MW data centre at Stratford, supported by new generation and battery storage; 350MW of transmission capacity is expected within 1–2 years and 600MW within 2–3 years.