Vector (VCT) AGM 2026 summary

Opening remarks and agenda

• Meeting commenced with apologies for a brief delay, overview of housekeeping, and emergency procedures.

• Agenda included voting instructions, addresses from the Chair and Group Chief Executive, auditor appointment resolution, general business, and Q&A.

• Hybrid format allowed both in-person and online participation, with structured opportunities for shareholder questions.

Financial performance review

• Adjusted EBITDA rose from NZD 401 million in FY 2025 to NZD 482 million in FY 2026, mainly driven by electricity business growth.

• Net profit after tax increased to NZD 240 million, reflecting stronger earnings and no gas impairment this year.

• Gross capital expenditure reached NZD 544 million, with electricity CapEx at a record NZD 512 million.

• Economic net debt stood at NZD 2.28 billion with gearing at 39%, maintaining financial flexibility.

• FY 2027 guidance: adjusted EBITDA NZD 540–560 million, CapEx NZD 605–635 million, capital contributions NZD 160–190 million.

Dividend announcements

• Final dividend declared at NZD 0.135 per share, totaling NZD 0.26 per share for FY 2026.

• FY26 final dividend maintained at 16.75 cents per share, consistent with FY25.

• Dividend reflects strong performance and consideration of investment program and future funding needs.