Vector (VCT) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of local iwi and confirmation of quorum; agenda included addresses from the Chair and CEO, director re-election speeches, seven resolutions, general business, Q&A, and voting, with hybrid participation enabled.

• Meeting agenda included voting instructions, ordinary business, chair and CEO addresses, director elections, director fee pool increase, auditor appointment, and Q&A session.

• Shareholders were encouraged to ask questions relevant to the meeting, with operational queries directed to customer service staff present.

• Voting was conducted by poll, with both in-person and online options, and discretionary proxies held by the Chair were to be voted in favor of resolutions.

Financial performance review

• Adjusted EBITDA from continuing operations increased by 16%, rising from $345M to $401M, driven by higher revenue, especially in the last quarter under the new regulatory price path.

• Group net profit after tax was NZD 154.7 million, including a NZD 37 million impairment of the gas distribution business due to declining connections and market uncertainty.

• NPAT rose to $155M, with positive contributions from EBITDA and capital, offset by depreciation and interest.

• Completed sales of non-core businesses (natural gas trading, On Gas LPG, HRV) to focus on regulated electricity and gas networks and growth opportunities.

• FY26 guidance projects adjusted EBITDA of $470M–$490M, gross capex of $520M–$590M, and capital contributions of $180M–$230M.

Board and executive committee updates

• Chris Blenkiron appointed as new Group Chief Executive, joining in December after a thorough local and international search.

• Chair Doug McKay and Group Chief Executive Simon Mackenzie addressed shareholders.

• Board refreshed with new talent, including Vaughan Busby, and all incumbent directors standing for re-election for continuity.

• Directors Vaughan Busby, Alastair Bell, Paul Hutchison, Doug McKay, and Paula Rebstock were presented for election or re-election.

• Board emphasized constructive relationship with majority shareholder Entrust and highlighted leadership transition planning.