Slides
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1 Accelerating Contact31+ strategy and equity raise 16 February 2026 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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2 This presentation has been prepared by Contact Energy Limited (the Company or Contact) in relation to an offer of new fully paid shares in the Company (New Shares) by way of: • a placement to eligible institutional and other selected investors ( Placement); and • a share offer to eligible existing shareholders of the Company with an address recorded on the Company's share register in New Zealand or Australia (Retail Offer). The Placement and the Retail Offer, together, are referred to as the Offer. The Offer is made in New Zealand pursuant to the exclusion in clause 19 of schedule 1 of the New Zealand Financial Markets Conduct Act 2013 (FMCA). The Offer is made in Australia, in the case of the Placement, under section 708A of the Corporations Act 2001 ( Cth) (Corporations Act), as modified by the Australian Securities and Investments Commission ( ASIC) Instrument 21- 0114, and in the case of the Retail Offer, under the ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 as modified by ASIC Instrument 26-0124. Information of a general nature This presentation contains summary information about the Company and its activities that is current as of the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a product disclosure statement for the purposes of the FMCA or a prospectus or other disclosure document for the purposes of the Corporations Act or the laws of any other jurisdiction. The Company is subject to disclosure obligations that require it to notify certain material information to NZX Limited (NZX) and ASX Limited (ASX). This presentation should be read in conjunction with the Company's 2025 Integrated Report, its half-year results for the period ended 31 December 2025 and other periodic and continuous disclosure announcements released to NZX and ASX (which are available at www.nzx.com and www.asx.com.au under the ticker code "CEN"). No information set out in this presentation will form the basis of any contract. NZX and ASX The New Shares will be quoted on the NZX Main Board following completion of each of the Placement and the Retail Offer, and an application will be made by the Company for the New Shares to be quoted on the ASX. Neither NZX nor ASX accepts any responsibility for any statement in this presentation. NZX is a licensed market operator, and the NZX Main Board is a licensed market under the FMCA. Not financial product advice This presentation does not constitute legal, financial, tax, accounting, financial product or investment advice or a recommendation to acquire the Company's securities (including the New Shares), and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult a financial advice provider, solicitor, accountant or other professional adviser if necessary. Important Notice and Disclaimer Investment risk An investment in securities in the Company is subject to investment and other known and unknown risks, many of which are difficult to predict and are beyond the control of the Company. Refer to Appendix 2 "Key Risks" for a non - exhaustive summary of certain key risks associated with the Company and the Offer. Neither the Company nor any other person named in this presentation guarantees the performance of the Company or any return on any securities of the Company. Not an offer This presentation is not a prospectus or product disclosure statement or other offering document under New Zealand or Australian law or any other law (and will not be filed with or approved by any regulatory authority in New Zealand, Australia or any other jurisdiction). This presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. Any decision to purchase New Shares in the Offer must be made on the basis of all information provided in relation to the Offer, including, in the case of the Retail Offer, information to be contained or referred to in the separate offer document to be made available on NZX and ASX ( Offer Document) and the Company's other periodic and continuous disclosure announcements released to NZX and ASX. Any eligible shareholder who wishes to participate in the Retail Offer should consider the Offer Document, in addition to the Company's other periodic and continuous disclosure announcements released to NZX and ASX, in deciding to apply for New Shares under the Retail Offer. Anyone who wishes to apply for New Shares under the Retail Offer will need to apply in accordance with the instructions contained in the Offer Document and the application form. The release, publication or distribution of this presentation (including an electronic copy) outside New Zealand or Australia may be restricted by law. Any recipient of this presentation who is outside New Zealand or Australia must seek advice on and observe any such restrictions. Refer to Appendix 3 "International Offer restrictions" of this presentation for information on restrictions on eligibility criteria to participate in the Offer. Restrictions on distribution This presentation is not for distribution or release in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended ( U.S. Securities Act), or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold, directly or indirectly, to persons in the United States, except in transactions exempt from, or not subject to, the registration requirements under the U.S. Securities Act and the securities laws of any state or other jurisdiction of the United States. The New Shares to be offered and sold in the Retail Offer may only be offered and sold outside the United States in "offshore transactions" (as defined in Rule 902(h) under the U.S. Securities Act) in reliance on Regulation S under the U.S. Securities Act. The information in this presentation has been prepared on the basis that all offers of New Shares in Australia under the Offer will be made to Australian resident investors to whom an offer of shares for issue may lawfully be made without a formal disclosure document under Part 6D.2 of the Corporations Act because of section 708A of the Corporations Act as modified by ASIC Instrument 21 -0114 and ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547, as modified by ASIC Instrument 26-0124. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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3 Disclaimer To the maximum extent permitted by law, each of the Company, the sole lead manager, bookrunner and underwriter of the Placement (together, the Underwriter) and its related bodies corporate and affiliates including, in each case, their respective shareholders, directors, officers, employees, agents and advisers, as the case may be (each, a Specified Person) disclaims and excludes all liability (whether in tort (including negligence) or otherwise) for any direct or indirect loss, expense, damage, cost or other consequence (whether foreseeable or not) suffered by any person as a result of their participation in the Offer or from the use of or reliance on the information contained in, or omitted from, this presentation, from refraining from acting because of anything contained in or omitted from this presentation or otherwise arising in connection therewith (including for negligence, default, misrepresentation or by omission and whether arising under statute, in contract or equity or from any other cause). To the maximum extent permitted by law, no Specified Person makes any representation or warranty, either express or implied, as to the currency, fairness, accuracy, completeness or reliability of the information and conclusions contained in this presentation, and you agree that you will not bring any proceedings against or hold or purport to hold any Specified Person liable in any respect for this presentation or the information in this presentation and waive any rights you may otherwise have in this respect. None of the Underwriter, nor its affiliates, related bodies corporate, directors, officers, partners, employees, agents or advisers (Advisers) have independently verified or will verify any of the content of this presentation and none of them are under any obligation to you if they become aware of any change to or inaccuracy in the information in this presentation. No Adviser has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and none of them makes or purports to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. No Adviser takes responsibility for any part of this presentation, or the Offer, and makes no recommendations as to whether you or your related parties should participate in the Offer, nor do they make any representations or warranties to you concerning the Offer. You represent, warrant and agree that you have not relied on any statements made by any Adviser in relation to the Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them, and agree that you are responsible for making your own independent judgement in relation to any matter arising in connection with this presentation. No Adviser accepts or shall have any liability to any person in relation to the distribution of this presentation from or in any jurisdiction. Determination of eligibility of investors for the purposes of the Placement and the Retail Offer is, in each case, determined by reference to a number of matters, including legal and regulatory requirements, logistical and registry constraints and the discretion of the Underwriter and the Company (in respect of the Placement) and the Company (in respect of the Retail Offer). The Company, the Underwriter and each other Specified Person disclaim any duty or liability (including for negligence) in respect of the exercise of that determination and the exercise or otherwise of that discretion, to the maximum extent permitted by law. If you do not reside in a permitted offer jurisdiction, you will not be able to participate in the Offer. The Company, the Underwriter and each other Specified Person disclaim any duty or liability (including for negligence) in respect of the determination of your allocation. This presentation contains data sourced from and the views of independent third parties. In such data being replicated in this presentation, no Specified Person makes any representation, whether express or implied, as to the accuracy of such data. The replication of any views in this presentation should not be treated as an indication that the Company or any other Specified Person agrees with or concurs with such views. Important Notice and Disclaimer Financial data All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. Certain figures, amounts, percentages, estimates, calculations of volume and fractions provided in this presentation are subject to the effect of rounding. Accordingly, the actual calculations of the figures may differ from the figures set out in this presentation. Non-GAAP financial information This presentation includes certain financial measures that are "non -GAAP (generally accepted accounting practice) financial information" under Guidance Note 2017: 'Disclosing non -GAAP financial information' published by the New Zealand Financial Markets Authority, "non-IFRS financial information" under ASIC Regulatory Guide 230: 'Disclosing non-IFRS financial information' and "non-GAAP financial measures" within the meaning of Regulation G under the U.S. Exchange Act of 1934, as amended. Disclosure of such non -GAAP financial measures in the manner included in this presentation would not be permissible in a registration statement under the U.S. Securities Act. Such financial information and financial measures (including EBITDAF, S&P net debt, IRR, project costs, operating costs and SIB capex) have not been subject to audit or review and do not have standardised meanings prescribed under New Zealand equivalents to International Financial Reporting Standards ( NZ IFRS), Australian Accounting Standards (AAS) or International Financial Reporting Standards ( IFRS) and therefore, may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS, AAS or IFRS. Information regarding the usefulness, calculation and reconciliation of these measures is provided in Appendix 4 “Glossary” and relevant slides. Pro forma financial information The pro forma financial information provided in this presentation is for illustrative purposes only and is not represented as being indicative of the Company's actual or future financial position and / or performance. This presentation includes a pro forma S&P net debt, which has been adjusted to reflect the impact of the Offer assuming it occurred as at 31 December 2025. The pro forma metric on slides 7 and 20 have been prepared in accordance with the stated basis of preparation , being consistent with the basis of preparation of the non -GAAP net debt and EBITDAF measures, except that it has been adjusted to reflect the impact of the estimated proceeds of the Offer as if they had been received as at 31 December 2025. In addition, the pro forma financial information in this presentation does not purport to be in compliance with Article 11 of Regulation S -X under the U.S. Securities Act and was not prepared with a view towards compliance with the rules and regulations or guidelines of the U.S. Securities and Exchange Commission or the American Institute of Certified Public Accountants for the preparation and presentation of pro forma financial information. Pro forma financial information has not been subject to audit or review. Past performance Past performance information provided in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) a promise, representation, warranty, guarantee or indication as to the past, present or future performance of the Company. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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4 Forward-looking statements This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements are based on Contact’s current expectations, estimates and projections about the industry in which it operates, and beliefs and assumptions. Forward-looking statements can generally be identified by use of words such as 'approximate', 'project', 'foresee', 'plan', 'target', 'seek', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will', ‘objective ’, 'assume', 'guidance', 'outlook' or similar expressions. Forward-looking statements in this presentation include statements regarding the timetable, conduct and outcome of the Offer and the use of proceeds thereof, statements about the plans, targets, objectives and strategies of the Company, statements about the Company’s development pipeline including in respect of project timing, costs and size, statements about the New Zealand energy market and the other industries and markets in which the Company operates, and statements about the Contact31+ strategy and the future performance of, and outlook for, the Company's business. Any indications of, or guidance or outlook on, future earnings or financial position or performance and future distributions are also forward -looking statements. All such forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, significant uncertainties, assumptions, contingencies, and other factors, many of which are outside the control of the Company, are difficult to predict, and which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward -looking statements. Such forward-looking statements speak only as of the date of this presentation. Except as required by law or regulation (including the NZX Listing Rules and the ASX Listing Rules), the Company undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to the date of this presentation or to update or keep current any of the information contained herein. Any estimates or projections as to events that may occur in the future (including, but not limited to, projections of EBITDAF, returns, IRR, carbon costs, generation, wholesale electricity market prices, financing costs, development costs, project costs, operating costs, SIB capex, demand revenue, expenses, capex, dividends, development plans, expenses, debt balances, net debt, S&P net debt, interest rates, earnings, assets, liabilities, accounting adjustments, performance and market conditions) are based upon the best judgement of the Company from the information available as of the date of this presentation. A number of factors could cause actual results or performance to vary materially from the projections, including the key risks set out in this presentation. Investors should consider the forward-looking statements in this presentation in light of those risks and disclosures. In particular, investors should be aware that the statements in slides 7, 8, 9, 12, 14, 15, 16, 17, 18 and 20 and other statements and information regarding outlook, growth or strategy (collectively, the "outlook information") are forward-looking statements. The outlook information has been prepared by the Company based on an assessment of current economic and operating conditions, including its view of energy market trends. Additionally, it incorporates assumptions regarding future events, competitive dynamics, and broader macroeconomic drivers. Investors should note that given the significant uncertainties that exist in the current operating conditions, the outlook information may not be achieved. The outlook information assumes the success of the Company's business strategies, the success of which may not be realised within the period for which the outlook information has been prepared, or at all. The outlook information is subject to a number of risks, including the risks set out in this presentation. Important Notice and Disclaimer Investors should be aware that the timing of actual events, and the magnitude of their impact, might differ from that assumed in preparing the outlook information, which may have a material negative effect on the Company's actual financial performance, financial position and cash flows. In addition, the assumptions upon which the outlook information is based are subject to significant uncertainties and contingencies, many of which are outside the Company's control, are not reliably predictable, and it is not reasonably possible to itemise each item. Accordingly, neither the Company nor any other person can give investors assurance that the outcomes discussed in the outlook information will be achieved. Investors are strongly cautioned not to place undue reliance on any forward-looking statements, such as indications of, and guidance on, outlook, future earnings, cash flow, financial position and performance. Sources of market and industry data This presentation contains data relating to the industries, sectors, segments and end -markets in which the Company operates. Unless otherwise stated, this information has been prepared by the Company using publicly available data and internally generated data, including its collective knowledge of, and experience in, the relevant industries, as well as existing and prior contracts, market analysis, interviews with industry participants undertaken by the Company and its consultants, and information derived from engagement with customers. Investors should note that market data and statistics are inherently subject to a range of limitations and possible errors, including errors in data collection and the possibility that relevant data has been omitted. As a result, this data is subject to uncertainty and not necessarily reflective of actual market conditions. Estimates and forecasts involve additional risks and uncertainties and are subject to change based on various factors. There is no assurance that any of the forecasts, projections and estimates sourced from the publicly available data or internally generated data, will be achieved. General For the purposes of this Important Notice and Disclaimer, "presentation" means these slides, any oral presentation of these slides by the Company, any question-and-answer session that follows that oral presentation, hard copies of this presentation and any materials distributed at, or in connection with, that presentation. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. The Company reserves the right to withdraw, or vary the timetable for, the Offer without notice. Acceptance By attending or reading this presentation, you agree to be bound by the foregoing limitations and restrictions and, in particular, will be deemed to have represented, warranted, undertaken and agreed that: ( i) you have read and agree to comply with the contents of this Important Notice and Disclaimer; (ii) you are permitted under applicable laws and regulations to receive the information contained in this presentation; (iii) you will base any investment decision solely on information released by the Company via NZX and ASX (including, in the case of the Retail Offer, the Offer Document); and (iv) you agree that this presentation may not be reproduced in any form or further distributed to any other person, passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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5 Agenda 1 2 3 4 A Overview Use of proceeds Financial impacts Offer details Appendices Appendix 1: Supplementary information Appendix 2: Key Risks Appendix 3: International Offer restrictions Appendix 4: Glossary NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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6 Section 1 Overview NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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7 Overview Enhanced ability to accelerate future development opportunities Compelling market opportunity Offer details • Contact is launching a $525M equity raise to: − Commence pre-FID drilling on Tauhara 2 geothermal to advance steamfield development and explore upsizing target capacity from 50MW to 60-70MW − Fund its investments in the Glenbrook battery 2.0 and Glorit solar development projects − Enhance Contact’s ability to accelerate development pipeline opportunities which are in line with the Contact31+ capital allo cation framework • Capital raised will be deployed in line with the Contact31+ capital allocation framework • Contact is well positioned as New Zealand’s most diversified generator with the largest national renewable pipeline1 • Compelling market opportunity driven by increasing electricity demand and emerging energy sector trends − 3-5TWh of new demand over the next 5 years is expected to underpin new development − Greater clarity on key market risks providing confidence to grow and invest2 • Contact31+ strategy is focused on leading New Zealand’s renewable energy future and delivering the highest value outcomes for Contact’s investors and New Zealand • $525M equity raise comprising: ‒ A fully underwritten Placement of $450M; and ‒ A non-underwritten Retail Offer to raise up to $75M (with the ability to accept oversubscriptions at Contact’s discretion) • Approximately 60 million new shares to be issued (equivalent to 6.0% of current issued capital) assuming $525M raised at the Placement price • Offer structure is designed to achieve the objective of providing almost all existing shareholders the opportunity to subscribe for at least their pro rata portion of the equity raise, on a best efforts basis Contact has announced a $525M equity raise to advance the execution and potential upsizing of renewable energy projects which would accelerate the Contact31+ strategy • Equity raise is expected to reduce Contact’s 1H26 pro forma S&P net debt / EBITDAF ratio from 2.8x3 to 2.3x • Post equity raise average S&P net debt / EBITDAF ratio is expected to remain in Contact’s target range of 2.6x – 2.8x over the medium term • FY31+ EBITDAF targets are maintained, with potential upside from the acceleration of future growth opportunities 4 • Contact reaffirms its expectation to lift the total dividend in FY26 to 40cps and between 41 and 42cps in FY27 5 Equity raise to accelerate the Contact31+ strategy 1. Based on estimated output in GWh. Excludes under construction projects. Also excludes 3rd party solar purchases, pre-pipeline opportunities and other prospects where access is not yet secured. The large majority of options in these pipelines remain subject to resource consent approvals which may not be granted on expected timelines, or at all. | 2. See slide 7 of Contact’s 1H26 results presentation. | 3. See slide 19 of Contact’s 1H26 results presentation for an explanation of Contact’s estimated 1H26 S&P net debt / EBITDAF ratio. | 4. Refer to slide 18 for more information on the potential for acceleration of future growth opportunities. | 5. New shares issued in the equity raise won’t be eligible for the interim FY26 dividend announced on 16 February 2026. All future dividend decisions are at the discretion of the Board at the time. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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8 1 7 3 7 3 2 700 100 360 100 Contact is well positioned to capture the market opportunity 1. Reflects Contact’s FY26 normalised and expected generation and acquired PPA volumes, in GWh, as indicated in August 2025. Assumes mean hydrology and wind conditions and planned outages. | 2. Excludes under construction and committed projects. Also excludes 3rd party solar purchases, pre-pipeline opportunities and other prospects where access is not yet secured. The large majority of options in these pipelines remain subject to resource consent approvals which may not be received. Sourced from most recent company announcements at the date of this presentation. | 3. Sources include ‘MBIE electricity statistics, quarterly electricity generation and consumption data’ and reported Contact geothermal generation information. New Zealand’s leader in geothermal Most diversified portfolio in New Zealand1 Largest national renewables pipeline 43% 50% 2% 5% Only New Zealand player with its own geothermal, hydro and thermal generation and wind (under PPA) Geothermal Hydro Thermal Wind acquired (PPAs) Contact’s current portfolio1 Geothermal Wind Solar Renewable energy generation pipeline2, TWh ~50% of New Zealand’s output from geothermal generation in FY253 ~80% of New Zealand’s geothermal output growth since FY153 + solar, battery and geothermal builds underway 48% of total Battery capacity pipeline2, MW 56% of total Competitor 1 Competitor 2 Competitor 3 Competitor 3 Competitor 1 Competitor 2 Competitive advantages in battery development Prime locations, near growing customer base and / or transmission grid access Experience in grid-scale battery construction in New Zealand In-house capability in battery development and proprietary dispatch optimisation model Portfolio is complementary with batteries, providing firming benefits across our portfolio and our wind and solar pipeline Co-located execution at scale, brings procurement benefits and other efficiencies e.g., on grid connection NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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9 Grid electricity demand is forecast to grow by 3-5TWh to 2030 Compelling market opportunity driven by increasing electricity demand and emerging energy sector trends 1. New Zealand Aluminium Smelters Ltd. | 2. Huntly Firming Options (HFOs) are 10-year agreements between Genesis and each of Contact, Meridian and Mercury, which provide risk management for dry years, supporting energy security. | 3. MBIE EDGS reference case used as a proxy for market expectations given its use by Transpower for capital investment planning. Note, this case differs from Contact’s Contact31+ scenarios outlined on slide 18. | 4. Sourced from public announcements of contracted new electricity supply to metals and dairy customers, public announcements by data centre operators of projects committed and / or under construction, as well as residential trend assessments undertaken by Contact. Does not include assumptions around potential industrial demand loss or line losses. | 5. Includes residential EV charging. 41 42 43 44 45 46 47 CY20 CY22 CY24 CY26 CY28 CY30 Actual demand data (EMI) Contracted / under construction demand4 MBIE EDGS 2024 – Reference scenario New Zealand grid electricity demand growth over time, TWh3 Breakdown of new-to-grid electricity demand expected in 2030, TWh4 Dairy, data centres, metals and residential sector expected to drive new demand Residential5 Data centres Metals Dairy electrification 41.6 1.2 1.1 0.9 1.2 0.2 CY30 46.1 Additional demand growth forecasted by MBIE Known and committed new demand (Contact’s analysis) CY24 demand 3-5TWh of new demand over the next 5 years is expected to underpin new development, driven largely by gas user electrification The energy transition is leading to increasingly volatile renewable supply that requires more intra-day firming Customer needs and behaviours are changing, as they electrify and increasingly manage their energy use We have better clarity on key market risks (e.g., NZAS1 operations extended, Huntly Firming Options agreed2) providing confidence to grow and invest Key trends: NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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10 Empowered people and leaders Unite our people behind Contact31+ and develop New Zealand’s best energy leaders Relationships with our stakeholders Maintain enduring trust with stakeholders, investing for secure, affordable renewable energy while upholding our environmental commitment Productivity Drive disciplined growth by simplifying processes and deploying automation Tech advantage Establish a distinctive edge in data and AI on a simplified and secure technology platform Extend our advantage as New Zealand’s geothermal leader Scale on high-quality existing fields, explore new options, and continue to improve our cost-leadership position Build into new demand with wind and solar Deliver lowest-cost diversified wind and rapidly deploy solar, anchored on long-term industrial partnerships Lead the energy transition at home Empower our customers to shift energy use, while making every interaction easy and personal Lead on new flexibility in New Zealand Accelerate batteries, build advantage in hydro flex and maintain gas flex, optimising our portfolio in real time Underpinned by continued operational excellence across our diverse and resilient portfolio Leading New Zealand’s renewable energy future Contact31+ Enablers Strategic pillars NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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11 Section 2 Use of proceeds NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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12 Investment to advance the execution and potential upsizing of renewable energy projects Asset class Target project IRR3, % Financing strategy Solar 9%+ SPV/JV (50%) Off-balance sheet5 Wind 9%+ SPV/JV (50%) Off-balance sheet6 Geothermal 10-12% On-balance sheet Brownfield development (incl. hydro)7 WACC+ On-balance sheet Batteries 10%+ On-balance sheet 12%+ 12%+ 10-12% WACC+ 10%+ Target return to Contact4, % 3 2 Enhance Contact’s ability to accelerate development pipeline opportunities which are in line with the Contact31+ capital allocation framework Commence pre-FID drilling on Tauhara 2 geothermal to advance steamfield development and explore upsizing target capacity from 50MW to 60-70MW 1 Fund Contact’s investments in the Glenbrook battery 2.0 and Glorit solar development projects Investing in line with the Contact31+ capital allocation framework Enhanced ability to advance projects if market conditions and project economics are supportive 1. Assumes 95% capacity factor. | 2. Based on 10-20MW of additional capacity, applying Contact’s long-run wholesale market price expectation of $115-125/MWh (2025 real) and an indicative ~$15/MWh of operating costs and carbon costs for geothermal. Of note, total cost of generation including maintenance capex is ~$20/MWh on average. | 3. IRR represents targeted unlevered project returns, over the life of the project. | 4. IRR represents the targeted returns from the project to Contact, over the life of the project. For off-balance sheet investments this includes an equity IRR for Contact’s share of JV profits and the value of the margin on acquired generation. | 5. Contact’s solar projects are assumed to be owned and built through its existing joint venture with Lightsource bp. | 6. Contingent on partnership. Process to identify partners and enter into partnership underway. Illustrated share of JV ownership (50%) is Contact’s base case assumption and is subject to change. | 7. Across all asset classes. Multiple projects have the ability to be accelerated additional capacity / output being explored Up to +20MW / +165GWh p.a.1 potential incremental EBITDAF in FY31 ~$9M – 18M2 addition at existing Glenbrook site (on-balance sheet) 200MW expected additional annual EBITDAF when fully ramped ~$35 – 40M total capacity (through 50/50 joint venture) 150MWac under 15-year PPA to Contact (this is 80% of the total expected output) ~230GWh p.a. Glenbrook battery 2.0 Glorit solar NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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13 We have a suite of capabilities across the geothermal value chain that we will leverage to capture new opportunities Reservoir management • Experience operating for nearly 70 years on the Wairakei field • Dedicated sub-surface team Well drilling and optimisation • Continued research and development to lower cost of operations • Western Energy4 provides well solutions in New Zealand and offshore Plant design and operations • Experience designing and building new geothermal power stations • Our projects accounted for over 80% of New Zealand’s geothermal output growth from FY15-FY255 Geothermal is an attractive source of firm, baseload power regardless of the weather, with an average capacity factor of ~95%1 Geothermal is long-lived and resilient. Contact’s Wairakei station has been operational since 1958 Operating 7 geothermal stations producing ~5TWh p.a. (12% of New Zealand’s total generation)3 Tauhara, 174MW Te Huka 1&2, 26MW Te Huka 3, 51MW Ohaaki, 41MW We are New Zealand’s largest geothermal producer Wairakei, 138MW Te Mihi, 166MW Poihipi, 53MWGeothermal is renewable and low-carbon with the potential to be zero-carbon with reinjection technology Geothermal has a low operating cost of ~$10/MWh on average2 Note: Capacity is shown as the maximum rated capacity (MCR or nameplate capacity) for each plant, which may differ from actual operating capacity in a range of circumstances. 1. Estimated average capacity factor for new stations. | 2. Reflects operating cost of generation only. Total cost of generation including operating cost, carbon and maintenance capex is ~$20/MWh on average. 3. Based on Contact’s FY26 normalised and expected geothermal output and market generation data from EMI. | 4. Contact subsidiary company. | 5. Sources include ‘MBIE electricity statistics, quarterly electricity generation and consumption data’ and reported Contact geothermal generation information. Contact is a leading operator and developer of attractive geothermal generation 1 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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14 Commitment to explore potential upsizing of Tauhara 2 geothermal development opportunity Note: All capacity, output, uplift and cost figures for pre-FID projects are indicative only and subject to refinement. 1. Assumes 95% capacity factor. | 2. Geothermal projects more generally and not specific to Tauhara 2. | 3. Reflects target unlevered project returns over the life of the project. | 4. Based on 10-20MW of additional capacity, applying Contact’s long-run wholesale market price expectation of $115 - $125/MWh (2025 real) and an indicative ~$15/MWh of operating and carbon costs. Of note, total cost of generation including maintenance capex is ~$20/MWh on average. • Updated reservoir modelling has indicated that a plant of 50-70MW can be supported (vs. original 50MW identified) • Undertaking a $30M pre-FID drilling programme to advance steamfield development and to confirm these modelling estimates • Currently refining conceptual design. Have engaged with suppliers to identify the technology that best optimises available resource and returns • Targeting a final investment decision in FY27 Tauhara 2 development update of additional capacity / annual output being explored Up to +20MW / +165GWh p.a.1 target returns across geothermal 10 – 12%2,3 drilling programme confirmed $30M potential incremental EBITDAF in FY31 ~$9M – 18M4 Revised Tauhara 2 development overview Location / Type Tauhara field All new generation Project status Fluid take and (steam) plant consented Capacity / output ~50 – 70MW ~415 – 580GWh1 Expected project cost2 $6.5 – 7.5M / MW Timing Target FID FY27 1 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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15 Batteries will play a critical role in the New Zealand energy system, with sources of value evolving over their life-cycle Reserves revenue Energy arbitrage There is a wide range of new risk management products that allow customers to manage increasing intra-day price volatility Batteries reduce the risk of transmission constraints – particularly in the upper North Island – and provide a lower cost alternative to natural gas-fired peakers for short periods of generation. This substitution also frees up gas supply for industrial, retail and C&I customers Battery value drivers are expected to evolve over time Offtake options Portfolio benefits Retail growth Shifting must-run renewable generation from low value off-peak periods to higher value peak periods Offering of reserve and other ancillary services can be co-optimised with storage and arbitrage opportunities Combining batteries with baseload renewables (e.g. geothermal) creates a shaped supply profile for retail customers Successful project requirements Site location (proximity to load) Availability and cost of grid connection Cost of deployment (including lithium price cycle) Experience in project execution Shared on-site services (co-location) Targeted sequencing of roll-out (aligned to market need) 2 Thermal generation displacement, intermittent renewable growth and rising peak demand support battery market opportunity Battery market opportunity, MW1 Under construction3 1. Contact’s indicative market sizing expectation for batteries is based on Contact’s analysis of the thermal generation displacement opportunity, growth in intermittent renewable generation and analysis of recent trends in rising peak demand. Contact draws on a range of sources including its own market modelling (which includes reference to Energy Link data) as well as EMI and Transpower data. | 2. Includes batteries over 30MW where commissioning has been completed. Meridian’s Ruakākā BESS (100MW) and NewPower’s Rotohiko BESS (35MW). | 3. Includes batteries over 30MW which are under construction and / or not yet commissioned. Genesis’s Huntly BESS (100MW) and Contact’s Glenbrook-Ohurua battery (100MW) and Glenbrook battery 2.0 (200MW). Current operational and under construction Contact’s estimate of total current market opportunity 700 to 900 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Operational2 535
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16 Glenbrook battery 2.0 would expand Contact’s battery capacity to 300MW, adding new flexibility to help manage market volatility and support further decarbonisation Key investment metrics - expected Battery capacity 200MW Modular 112 Tesla Megapacks1 Total project cost $235M3 Target schedule Online Q1 CY2028 1. Tesla has been selected to supply its Megapack 2XL battery energy storage system and to provide commissioning and long-term maintenance services. | 2. Based on a range of sources including reserves, price arbitrage, fuel cost savings and third party sales. | 3. Includes sunk cost of $5.4M. An additional $8M has been approved by the Board for a scenario where a broader range of risks materialise, taking total approved costs to $243M. If the additional $8m is required, the target IRR would reduce by ~0.4%. | 4. Target ungeared project IRR. | 5. Based on announced construction costs on a $/MW basis. Expected EBITDAF2 ~$29M (FY31 in-year) % Target IRR4 Over 10% Operating costs (from first full year with escalation) ~$7M p.a. Lowest cost committed grid-scale battery in the New Zealand market5 Enables shift of must-run generation into peak periods Substitute for natural gas in peaking generation and enables reallocation of natural gas to other customers Leverages strategic partnership with NZ Steel at Glenbrook, close to Auckland load and transmission Supports supply into new Super-Peak hedge market ✓ ✓ ✓ ✓ ✓ Strategic benefits Replicated technology, design and contracting approach supports cost and delivery confidence ✓ Storage duration / discharge 2 hr / ~400MWh Responds to market need, demonstrated by increasing spreads in intra-day pricing and rising natural gas prices Note: Battery will be located on land, immediately adjacent to the Glenbrook-Ohurua battery, leased from NZ Steel under a 35-year lease agreement. Strong interest from a range of third party off- takers for battery products ✓ Contributes to addressing winter peak demand concerns ✓ ~$35-$40M (Fully ramped, post FY31) 2 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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17 Investment in Glorit solar is expected to bring new renewable generation to market to meet contracted new demand Key investment metrics – expected (Contact) Capacity / output ~150MWac ~285GWh p.a. Generation under PPA to Contact 80% of output ~230GWh p.a. Project costs2,3 ~$305M ~$2M/MWac >70% project financed Online Q3 CY2028 %Contact target IRR1 Over 12% Operating cost and SIB capex ~$20/MWh p.a. (real) Upper North Island generation, close to load, benefits GWAP and the settlement under the PPA Delivers on the combined strengths within Contact’s JV with Lightsource bp Speed to market to support >500GWh of contracted new summer-weighted demand JV structure (50/50) and >70% project finance3 reduces Contact’s required total capital outlay ✓ ✓ ✓ ✓ ✓ Strategic benefits Connection into strong point on transmission grid ✓ 1. Includes joint venture returns and margin on acquired generation. Return on acquired generation will ultimately depend on sales channel and market conditions. | 2. Includes development costs. Indirect overheads and financing costs of $42M excluded. 3. While the joint venture is well advanced with lenders the final numbers could deviate from those presented here once outstanding activities are completed. Until those activities are completed, adverse movement in market conditions, including interest rates and foreign exchange rates, could result in the project not being confirmed to proceed. Comprehensive EPC contract with EPC JV holding a strong track record of delivery (Remainder sold merchant within JV) Key investment metrics – expected (Project) Contact PPA term 15 years Target schedule Contact has already contracted over 500GWh p.a. of new summer-weighted load in the dairy sector 2 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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18 Enhanced ability to accelerate accretive development pipeline opportunities Contact31+ investment strategy and investment prioritisation framework assumes a ‘disorderly decarbonisation’ energy demand scenario1 An ‘accelerated renewables’ scenario1 would support increased renewables investment and an acceleration of Contact’s development pipeline Multiple development projects have the ability to be accelerated The equity raise is expected to enhance Contact’s ability to advance one or more of these projects into the Contact31+ strategy execution window if market conditions and project economics are supportive Contact development pipeline options subject to FID and under assessment, TWh2 New Zealand electricity demand scenarios, TWh1 Contact development projects and options by commitment stage, TWh2 Committed Contact31+ growth projects High priority proposed Contact31+ growth projects subject to FID3 Future development pipeline options under assessment 1. Contact’s modelled market scenarios (‘accelerated renewables’, ‘disorderly decarbonisation’, ‘slow transition’) were developed incorporating Energy Link modelling and Contact information to support Contact31+ strategy development. These are not market forecasts, but are potential future scenarios used to test strategic planning. Of these scenarios, ‘accelerated renewables’ assumes significant growth in demand as New Zealand electrifies at pace, ‘disorderly decarbonisation’ assumes slower demand growth, reflecting demand exit and delay to committed decarbonisation projects and ‘slow transition’ assumes a sharp slow-down in transition and cancellation of near term committed projects. These scenarios do not cover all possible futures, reflect various assumptions by Contact, have not been independently assessed and are different to the various scenarios modelled by MBIE as part of MBIE EDGS.| 2. Measured as at 1 February 2026. Excludes batteries. For consistency with our comparison to competitor pipelines (slide 8), options are only included where land access has been secured. | 3. Excludes Tauhara 3 for consistency when measuring and comparing pipeline size with competitors. Consent on, and access to, new areas is required for this proposed project to advance. 40 45 50 55 60 65 70 2025 2030 2035 2040 2045 2050 Disorderly decarbonisation Accelerated renewables Slow transition MBIE EDGS reference Next ~5 years ~5-10 years ~10+ years Solar Geothermal3 Wind 0.38 0.5 0.7 ~12TWh 3 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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19 Section 3 Financial Impacts NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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20 Enhanced ability to bring forward development pipeline opportunities • Proceeds of the equity raise are expected to enhance Contact’s ability to accelerate further development pipeline opportunities which are in line with the Contact31+ capital allocation framework • Equity raise is expected to reduce Contact’s 1H26PF S&P net debt / EBITDAF ratio from 2.8x to 2.3x1 • Average S&P net debt / EBITDAF ratio is expected to remain in Contact’s target range of 2.6x – 2.8x over the medium term • FY31+ EBITDAF targets are maintained, with potential upside from the acceleration of future growth opportunities2 • Contact reaffirms its expectation to lift the total dividend in FY26 to 40cps and between 41 and 42cps in FY273 Net Debt / EBITDAF Includes S&P adjustments1 1. Illustrated here on a point basis, based on expected S&P adjustments. See slide 19 of Contact’s 1H26 results presentation for an explanation of Contact’s estimated 1H26 S&P net debt / EBITDAF ratio. 1H26 pro forma (PF) illustrates the impact of the estimated net proceeds from a $525M equity raise on Contact’s estimated 1H26 S&P net debt / EBITDAF of 2.8x. | 2. Refer to slide 18 for more information on the potential for acceleration of future growth opportunities. | 3. New shares issued in the equity raise won’t be eligible for the interim FY26 dividend announced on 16 February 2026. All future dividend decisions are at the discretion of the Board at the time. | 4. Reflects initial impact of February 2021 equity raise, undertaken concurrent with the approval of the investment to build the Tauhara geothermal plant. Borrowing maturities, $M Average tenor of 7.5 years as at 31 December 2025 2.4x FY20 1.4x FY21 1.8x FY22 2.6x FY23 2.7x FY24 2.3x FY25 2.8x 1H26 2.3x 1H26PF Contact target leverage (2.6-2.8x) S&P BBB threshold (3.0x) 4 350 434 435 1,011 225 250 14 75 300 6 250 350 92 4 FY26 7 FY27 224 FY28 67 FY29 FY30 FY31 FY32 FY33 FY52 FY55 24 82 367 717 Undrawn bank facilities Drawn bank facilities Domestic bonds USPP NEXI Capital bonds AMTN EMTN NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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21 Section 4 Offer details NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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22 $525M equity raise comprising $450M Placement and $75M Retail Offer Offer summary Offer size and structure • $525M equity raise comprising: ‒ a fully underwritten Placement of $450M; and ‒ a non-underwritten Retail Offer to raise up to $75M (with the ability to accept oversubscriptions at Contact’s discretion) • Approximately 60 million new shares to be issued (equivalent to 6.0% of current issued capital) assuming $525M raised at the Placement price • Offer structure is designed to achieve the objective of providing almost all existing shareholders the opportunity to subscribe for at least their pro rata portion of the equity raise, on a best efforts basis Use of proceeds • The proceeds of the equity raise will be used to advance the execution and potential upsizing of renewable energy projects which accelerate the Contact31+ strategy Placement Price1 • Issue price under the Placement of NZ$8.75 per share (Placement Price) representing: ‒ 7.2% discount to the ex-dividend adjusted last closing price of NZ$9.432 ‒ 7.9% discount to the ex-dividend adjusted 5-day volume weighted average price (VWAP) of NZ$9.513 Retail Offer • Non-underwritten Retail Offer of up to $75M with discretion to scale applications or accept oversubscriptions4 • Eligible shareholders will be invited to apply for up to NZ$100,000 (in the case of Eligible Shareholders in New Zealand) and A$41,000 (in the case of Eligible Shareholders in Australia) of new shares in the Retail Offer • The maximum application size has been selected with the objective of enabling as many eligible retail shareholders as possible to apply for their pro rata share of the equity raise • New shares under the Retail Offer will be issued at the lower of the Placement Price or a 2.5% discount to the 5-day VWAP of Contact shares traded on the NZX up to, and including, the closing date of the Retail Offer • Eligible shareholders should read the Retail Offer booklet which contains important information about the Retail Offer, eligibility criteria and the process to apply for new shares Ranking of new shares • New shares issued under the Placement and Retail Offer will rank equally with existing Contact shares • New shares issued in the equity raise will not be eligible to receive the declared FY26 interim dividend • New shares to be quoted on the NZX and ASX following allotment Risks • Refer to Appendix 2 for a summary of key risks associated with an investment in Contact and the Offer Underwriting • Placement is fully underwritten • Retail Offer is not underwritten 1. The placement reference prices have been adjusted to reflect that the new shares issued in the equity raise will not be eligible to receive the declared FY26 interim dividend. | 2. Represents the NZX market closing price of $9.59 on 13 February 2026 less the declared FY26 interim dividend of $0.16. | 3. Represents the 5-day VWAP up to and including 13 February 2026 of $9.67 less the declared FY26 interim dividend of $0.16. | 4. Contact may scale applications or accept oversubscriptions at Contact’s discretion. If Contact decides to scale applications, it will do so by reference only to the number of fully paid shares held by those shareholders accepting the Retail Offer at 7:00pm NZDT on 13 February 2026. Refer to the Retail Offer booklet for further details regarding the approach to scaling. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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23 Placement Date / Time Trading halt and Placement bookbuild Monday, 16 February 2026 Announcement of results of Placement and trading halt lifted Tuesday, 17 February 2026 ASX settlement Thursday, 19 February 2026 NZX settlement Friday, 20 February 2026 Allotment & commencement of trading of new shares on NZX/ASX Friday, 20 February 2026 Retail Offer Date / Time Record Date 7.00pm NZDT / 5.00pm AEDT on Friday, 13 February 2026 Expected release of Retail Offer Document Thursday, 19 February 2026 Retail Offer opens Thursday, 19 February 2026 Retail Offer closes 5.00pm NZDT / 3.00pm AEDT on Friday, 6 March 2026 Announcement of results of Retail Offer, together with the issue price (in NZ$ and A$) of new shares under the Retail Offer Thursday, 12 March 2026 Allotment of shares on NZX and ASX Friday, 13 March 2026 Commencement of trading of new shares on NZX Friday, 13 March 2026 Commencement of trading of new shares on ASX Monday, 16 March 2026 Equity raising timetable1 1. The above timetable and all dates are indicative only and subject to change (subject to NZX Listing Rules, ASX Listing Rules and applicable laws). NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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24 Concluding remarks and Q&A Compelling market opportunity as New Zealand’s energy transition continues Contact is well positioned as New Zealand’s most diversified generator with the largest national renewable pipeline1 Contact is launching a $525M equity raise to advance the execution and potential upsizing of renewable energy projects which would accelerate the Contact31+ strategy. This includes funding for: − pre-FID drilling on Tauhara 2 to advance steamfield development and explore upsizing target capacity from 50MW to 60-70MW − Contact’s investments in the Glenbrook battery 2.0 and Glorit solar development projects Proceeds are also expected to enhance Contact’s ability to accelerate development pipeline opportunities which are in line with the Contact31+ capital allocation framework Capital raised will be deployed in line with the Contact31+ capital allocation framework − Attractive investment options across a diversified development pipeline comprising 11TWh of generation and 700MW of uncommitted battery capacity 1. Excludes under construction projects. Also excludes 3rd party solar purchases, pre-pipeline opportunities and other prospects where access is not yet secured. The large majority of options in these pipelines remain subject to resource consent approvals. Sourced from most recent company announcements. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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25 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix 1 Supplementary information
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26 - 50% 100% 150% 200% 250% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Accumulated capital gain Accumulated dividend gain Historic performance Note: Historic performance is not an indication of expected future performance. The above historic accumulated total shareholder returns only cover the prior 10 year period, and do not represent, and should not be taken to imply, any longer term historical or future trend. There is no assurance as to future share performance of Contact which can fluctuate rapidly and significantly due to various reasons, including those discussed under “Key Risks” in Appendix 2. Further, Contact is not required to pay dividends which is at the complete discretion of the board, and the payment of any such dividends can vary or be cancelled. 1. Returns as at 31 December. | 2. The accumulated total shareholder return reflects the cumulative percentage return over the period, assuming all dividends are reinvested on the ex-dividend date. Portfolio simplification while transforming Retail (2016-2020) Strategic re-focus on growth projects (2021-2025) Partnership with Roaring 40’s for wind development Rio Tinto announced plans to shut NZAS Underwent retail transformation focused on reducing cost-to-serve Underwent branding refresh Divested Ahuroa Gas Storage facility (AGS); retained rights to access storage Started selling broadband via fibre- optic and copper lines NZ government announced ban on new offshore oil and gas drilling Ownership in Simply Energy increased to 100% Western Energy acquired Contact26 strategy introduced Manawa acquisition announced Contact31+ strategy introduced Major events Manawa acquisition completed NZAS long-term supply agreement reached, with demand response FID on 100MW Glenbrook- Ohurua battery FID on Kōwhai Park solar FID on Te Mihi Stage 2 geothermal 2 2 11.7% Total shareholder return CAGR 2016 - 20251 Calendar year Joint venture with Lightsource bp for solar development FID on Te Huka 3 geothermal FID on Tauhara geothermal Historic accumulated total shareholder return, %1 Track record of delivery NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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27 Project Technology Capacity (MW / MWac)1,2 Estimated output (GWh) Expected online date Earliest available investment decision3 Project status Land secured Consent lodged Consented Under construction Committed Kōwhai Park Solar 150 275 Q2 CY2026 Glenbrook-Ohurua Battery 100 n/a Q1 CY2026 Te Mihi Stage 2 Geothermal 101 840 Q3 CY2027 Glorit Solar 150 280 Q3 CY2028 Glenbrook battery 2.04 Battery 2004 n/a Q1 CY2028 High-priority under Contact31+ Argyle Solar 80 180 FY27 Stratford Solar 150 300 FY27 Southland Wind >325 1,210 FY27 Huriwaka Wind 250 890 FY27 Stratford4 Battery 200 n/a FY27 Tauhara 2 Geothermal 50 415 FY27 Te Mihi Stage 35 Geothermal Up to 100 Up to 830 FY28 Tauhara 35 Geothermal Up to 100 Up to 830 FY30 Assessing Kaihiku (JV)6 Wind 300 1,060 Kaipara Solar 100 190 Pouto Wind >400 ~1,500 Hapuakohe Wind 250 710 Mackenzie Basin Solar 250 540 Ototoka Wind 150 530 Marlborough Wind 100 330 Other solar Solar 710 1,430 Other wind Wind 250 850 An attractive and diversified pipeline of development options 1. Final size of wind projects to be confirmed. 2. Capacity for solar projects is shown as MWac. 3. All available FID timings to be confirmed. 4. 500MW consent granted at each of Glenbrook and Stratford, including 300MW investment approved at Glenbrook. 5. Fluid take partially consented. 6. Kaihiku is a 50:50 JV with 300MW total capacity. Solar options Wind options1 Land access secured Consenting underway Consented ~7TWh 4 3 ~3TWh Combined solar and wind pipeline options of ~10TWh 2 0.5 0.2 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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28 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix 2 Key risks
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29 This section summarises the key risks that Contact has identified in connection with the Offer. Investors should read this section carefully because these risks may materially adversely affect the future operating and financial performance of Contact, and its share price. Like any investment, there are risks associated with an investment in Contact's shares. This section does not set out all of the risks related to an investment in Contact shares, the future operating or financial performance of Contact, the Offer, or general market or industry risks. The summary of key risks set out below represents Contact's current assessment of these risks. However, that may change either during the course of, or following, the Offer. Some risks may be unknown and other risks, currently believed to be immaterial, could turn out to be material. There is no certainty as to the severity or likelihood of any such foreseen and unforeseen impacts arising nor whether any mitigating action will be effective or can be taken. Accordingly, the key risks that Contact faces are inherently uncertain and will continue to change. Investors should make their own assessment of the key risks set out in this section before deciding whether to invest (or invest further) in Contact. Investors should also refer to Contact’s NZX and ASX market announcements, including its interim financial statements and 2026 interim results presentation for the six months ended 31 December 2025, its annual financial statements, FY25 Integrated Report and results presentation for the year ended 30 June 2025, its monthly operating reports and its November 2025 Capital Markets Day presentation on the Contact31+ strategy. Investors should also consider whether such an investment is suitable in light of their individual risk profile, investment objectives and personal circumstances (including financial and taxation issues). Investors are encouraged to consult with a financial or other professional adviser. Key Risks Key Risk Details Oversupply / reduced demand risk An oversupply in the energy market, or a sustained reduction in demand for electricity, poses a risk to Contact. When supply outpaces demand, wholesale electricity prices typically fall, which can reduce earnings. Potential key contributors to oversupply include, for example: • persistently high water levels in major storage lakes resulting from prolonged regional weather conditions, which can lead to increased hydroelectric generation; • a downturn in demand from large industrial consumers – who are among the largest purchasers of electricity; • the rapid expansion of renewable energy generation, particularly if new capacity comes online faster than demand grows; • an increase in distributed generation, including roof-top solar with residential or commercial scale battery storage, and new generation from existing electricity distribution businesses if regulatory restrictions on ownership of generation are relaxed; and • a reduction in demand as a result of a recessionary economic environment. Overall electricity consumption may decline as businesses scale back operations and households reduce usage as a result of a recessionary economic environment, compounding the risk of oversupply. Gas availability in New Zealand remains limited, with upstream gas wells experiencing accelerated decline rates, reducing the volume of gas available for industrial use, electricity generation and consumer supply. However, if Methanex, one of New Zealand’s biggest users of gas, was to close its plants and cease operations in New Zealand, such a closure may, despite a wider shortage of gas availability in the long term, create a short-term over-supply of gas available to be used for thermal generation pending gas field closure. This scenario may adversely impact the financial performance of Contact, particularly if Contact’s long-term gas supply agreements, including its arrangements entered into with Greymouth Petroleum that commenced in October 2025, are at higher prices than any consequential market correction, locking Contact into unfavourable terms. Contact is party to a firming option with Genesis Energy to manage dry year risk which includes contribution to a strategic energy reserve at Huntly. Although there are benefits to Contact in cases of generation undersupply and / or increased energy demand, the cost of this arrangement may not be recovered in circumstances of oversupply or reduced demand where it is not required to be used. The risks described below under Regulatory risk and Change in competitive environment risk could also contribute to the risk of oversupply / reduced demand. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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30 Key Risks Key Risk Details Undersupply / increased demand risk Energy market undersupply and / or increased demand could occur, leading to unsustainably high wholesale prices and / or an adverse government intervention. If Contact is unable to generate sufficient electricity to meet its own customer demand it would need to purchase electricity from the wholesale market or directly from other generators, most likely at significant cost. Where retail pricing is unable to recover the full cost of generation or acquisition of electricity and the full cost of distribution, the profitability and value of Contact’s business could be adversely affected. Contact has tools available to help manage undersupply and / or increased demand including the entry into long term power purchase agreements, a demand response agreement with New Zealand Aluminium Smelters, an option with Genesis Energy in relation to Huntly power station and other customer demand responses. However, these and other tools may not be effective to manage all of Contact’s risk of undersupply and / or increased demand risk. Undersupply and / or increased demand risk may materialise in some of the following ways, all of which can impact Contact’s overall financial performance and business: • shorter to medium-term: ‒ lower than typical levels in major storage lakes in key locations throughout New Zealand (as experienced in the winter of 2024 and first half of 2025), sudden thermal plant retirement, coincident fuel constraints, major plant or grid outage, and further unexpected reductions in gas field delivery; ‒ ongoing decline or faster decline in gas supply and ongoing drilling activity than anticipated, leading to scarcity across the gas market and the potential for increased fuel costs; ‒ global supply chain constraints due to global demand for renewable energy development or geopolitical events. These may be exacerbated by electricity network refurbishment, redevelopment or expansion offshore with the world currently experiencing a shortage of transformers for grid connection; and ‒ Resource Management Act 1991 (Resource Management Act) (or any replacement regime) consenting requirements causing delays to the building of renewable generation; and • longer-term: ‒ loss of flexible types of generation may make intermittent renewable generation less effective in addressing generation shortfall; ‒ limited forward investment in existing gas fields or no new gas field discoveries, thermal generation retirements, and an inability of gas producers to attract capital for development reducing the availability of gas to contract and the reliability of the electricity supply system leading to loss of gas as a viable fuel source and higher prices; ‒ inability of network and transmission investment to keep up with demand increases and investment into renewable generation, and an increased risk from low hydrology years; and ‒ faster than expected decarbonisation to meet emissions targets increases the demand for electricity before additional renewable generating stations are built. Regulatory risk The activities of Contact are subject to various laws, regulations and government policies. This is a complex and constantly changing regulatory environment which is subject to the prevailing political climate. Any material adverse changes in relevant laws, regulations or government policies, including due to an increased burden on the business as well as risks and direct costs associated with compliance, may affect the financial performance of Contact. Changes to market regulation by the Government or regulators such as the Electricity Authority or the Commerce Commission could have a material impact on Contact’s financial performance. The Electricity Authority and Commerce Commission have jointly established an Energy Competition Task Force to investigate ways to improve the performance of the electricity market. The Task Force was established in response to the fuel shortage and period of sustained high wholesale prices in August 2024. It remains an ongoing committee and its work programme may give rise to market reforms that adversely affect Contact. There is also a risk of further government intervention if energy prices significantly impact consumers, and / or businesses and industrials are unable to economically operate due to wholesale electricity prices, network costs and gas prices being passed on, resulting in negative financial impacts and reputational damage. The Commerce Commission, which enforces the Commerce Act 1986 and Fair Trading Act 1986, has signalled a more proactive enforcement approach in its latest enforcement priorities. This includes a stronger focus on litigation, as evidenced by recent proceedings initiated for alleged breaches of competition and consumer laws. As a result, there is heightened regulatory focus in relation to Contact’s compliance with competition and consumer laws. Any enforcement action could result in financial consequences and reputational damage. Contact may also be adversely affected by changes in laws, regulations or government policies to give effect to recommendations of bodies such as the Waitangi Tribunal, which examines claims by Māori that the Crown has acted inconsistently with the principles of the Treaty of Waitangi and makes recommendations to the government on how to address the breach, which may include regulatory change. Active Waitangi Tribunal inquires include claims in respect of freshwater and geothermal resources. Those inquiries remain ongoing. Any resulting regulatory change may limit Contact’s access to resources needed for its operations or make access to those resources more expensive. The New Zealand General Election in November 2026 may lead to change in regulatory policy settings, market structure change, change in government ownership of the national transmission grid or investment in the Mixed Ownership Model energy companies, involvement of government as a participant or procurer in the industry (for example, via government led investment in flexibility such as through liquified natural gas importation or a pumped hydro scheme), or further regulation of the energy sector, whether or not there is a change of government. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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31 Key Risks Key Risk Details Significant or prolonged infrastructure damage risk Contact is dependent on a number of key generation and transmission assets located throughout New Zealand, not all of which are owned by or under its control. These assets, ancillary assets or infrastructure connecting those assets to transmission and distribution networks, could be damaged or destroyed by a natural disaster such as a major volcanic eruption, earthquake, storm or flood. This could result in a major interruption in Contact’s ability to generate and dispatch electricity into the market, having a material adverse impact on its financial position and performance. Some of Contact’s plant and equipment is approaching the end of its expected service life. For example, Wairakei geothermal power station was constructed in the 1950s and is in the process of being replaced, including through the construction of Te Mihi Stage 2. Even where well maintained, aging assets increase the risk to Contact of unbudgeted capital expenditure, unplanned outages and / or operational or environmental non-compliance. Contact has recently started the process of decommissioning some of its thermal generation in Taranaki (TCC), which has been removed from service, so has less back-up supply available to it in the case of unplanning outage pending completion of new geothermal and battery projects under construction. This means Contact is more reliant on its existing thermal peaking plants to manage risk. Contact’s operations are also susceptible to human error in the operation or maintenance of plant and equipment, as well as to malicious acts including sabotage or terrorism. Any such event could result in physical damage to generation assets, prolonged outages, or safety incidents. The cost of repairs, lost generation revenue, and potential liability to third parties could have a material adverse effect on Contact’s financial condition, operations and reputation. Delays in the availability of critical spare parts, equipment, or skilled personnel, particularly in the aftermath of a major disruptive event, could exacerbate this. There can be no assurance that any insurance Contact has would be able to cover Contact against all risks and liabilities, and that the insurance sum would cover the full replacement value of all plant, loss of business, liability to third parties and all possible adverse events. In the event that Contact experiences a loss or liability, the proceeds of insurance (if any) may not respond to cover the full actual loss incurred or related liabilities. Contact does not insure for all risks. Contact cannot be certain that insurance coverage for potential liabilities and losses that Contact wishes to insure will be available to Contact in the future on commercially viable terms. Consenting risk Consenting risk refers to the risk arising from uncertainties in connection with obtaining or renewing necessary consents and approvals from governmental, regulatory or other authorities. Contact’s ability to execute on its development pipeline could be impacted by a failure to get consents for new development projects, or delays in consents being granted could result in delays in project delivery and additional costs being incurred. This could impact future earnings or the timing of those future earnings from those projects. For example, in March 2025 the Expert Consenting Panel convened under the COVID-19 Recovery (Fast-track Consenting) Act 2020 declined Contact’s consent application for its proposed Southland Wind Farm project and the Ministry for the Environment declined to refer Contact’s proposal to allow access to additional storage at Lake Hawea to a ‘fast track’ approval process under the Fast-track Approvals Act 2024. While Contact has re-applied for consent for the Southland Wind Farm project under the Fast Track Approvals Act, this has resulted in delays to the project timeline and additional cost, with no certainty that consent will be granted or that the terms of such consent will be acceptable. If consents are granted but are subject to onerous consent conditions, project delivery costs may increase or the future potential earnings from a project may be reduced. Appeals of consents granted to Contact can also further delay projects. In addition, failure to achieve re-consents for existing generation assets when existing consents expire, or for those re-consents to be granted on less favourable terms, may impact the operations and profitability of existing assets. Execution of development pipeline Consistent with the Contact31+ strategy, the Offer is being made to advance the execution and potential upsizing of renewable energy projects which would accelerate the Contact31+ strategy. Successful delivery on Contact31+ requires execution of this pipeline on a sustained basis. There are a number of project development risks that may impact the pipeline, timing and feasibility of projects. These include: • failure of projects to meet target financial returns or external funding requirements. This may be affected by alternative uses of capital available at the time, the costs of capital to Contact, risk considerations and other factors; • availability of a suitable partner for new wind projects; • the smooth operation of joint ventures or strategic partnerships that have been formed for development projects; • availability of suitable suppliers and contracting counterparties for Contact developments; • global supply chain constraints due to global demand for renewable energy development or geopolitical events (such the current worldwide shortage of large electrical transformers). These constraints may impact costings and timings and ultimately impact the business case for a project; • inability of network and transmission investment to keep up with demand increases and investment into renewable generation, with distribution constraints impacting project viability; • consenting delays, onerous conditions to consents, or consents declined or appealed; and • other considerations that may lead to a project not being approved. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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32 Key Risks Key Risk Details Project and resource risks Development projects undertaken by Contact will carry construction and project-related risks that would be considered normal for those types of investment. These risks include the risk of accident or other health and safety events, supply-chain risks, errors in design, construction or commissioning difficulties or defects, geotechnical conditions varying materially from what is expected, lack of availability of specialist equipment or people, unfavourable weather conditions for construction, contractor default, delay, cost overrun where pricing is not fixed and failure to achieve intended specifications. Any delays to development projects could potentially result in increased operating costs and may have adverse impacts on Contact’s future business operations and profitability. Contact may also implement new projects to maintain and improve assets, reduce operating expenses, and introduce new products and services. Any such projects will be subject to project-related risks as described above. There is also the risk that Contact’s projects, even if successfully constructed, do not deliver the benefits to Contact that were envisaged at the time the project was approved. Reasons for this may include poor design, incorrect assumptions, lack of clarity of purpose, faulty equipment or latent defects, failing to account for unknowns, change in market conditions or preferences, poor integration or premature obsolescence. Supply chain risk – goods and services Contact purchases certain goods and services from suppliers to build, maintain and operate its generation assets, deliver customer services and support corporate functions. These include suppliers of specialised equipment, maintenance services, software systems and third-party labour. Any disruption in the supply of critical goods or services could impair Contact’s ability to maintain asset performance, deliver projects on schedule or meet customer expectations. Contact can become reliant on its suppliers to continue to maintain and support assets and systems implemented in the past, where often there is not an alternative supplier immediately available to provide maintenance and support. In addition to operational risks, there is also a risk that suppliers may not meet the ESG standards Contact has set for itself, particularly in areas such as emissions reduction, labour practices, modern slavery, and ethical sourcing. Failure to uphold ESG standards across the supply chain, particularly where supplier practices conflict with Contact’s public ESG commitments, could result in reputational damage or regulatory scrutiny and may undermine Contact’s positioning as a responsible and sustainable business. Information technology systems and infrastructure risk Contact is reliant on the performance of its and its suppliers’ technology infrastructure and systems to manage its widely geographically distributed generation assets and other plants. The success of Contact’s business will depend on the efficient and uninterrupted operation of this infrastructure and these systems. System interruptions may result from occurrences such as changes to systems, equipment failure, human error or natural disasters. In addition, Contact’s technologies, systems and telecommunication networks may potentially become the target of cyber-attacks, including but not limited to, sabotage, criminal or cyber security threats, computer viruses, malicious code, phishing attacks or information security breaches. Such attacks may exploit vulnerabilities in Contact’s systems. There can be no guarantee that measures implemented by Contact to safeguard its information technology infrastructure or systems will be effective in preventing or mitigating the impact of cyber-attack or system failure. If its information technology infrastructure or systems were to be interrupted, compromised or damaged, this could result in the disclosure of confidential or commercially sensitive information, and a breach of legal or regulatory obligations relating to confidentiality, data protection and privacy. There is also a risk that Contact could suffer an outage of business critical systems or a loss of control of assets, potentially leading to operational disruptions such as an inability to dispatch electricity into the market or adjust to pricing variations, resulting in revenue loss, material harm to its reputation, the risk of physical damage or injury and / or significant expenditure to restore functionality. Information technology involves significant investment by Contact, with future digital technologies potentially requiring additional resource and capital commitment to implement and maintain. Material investment may be required to retain Contact’s position in its markets or as part of its operations. Material investment in digital technology is undertaken carefully but implementation risks are significant in such projects. Contact may invest in technology solutions, large databases or virtual products that involve material costs and which ultimately do not deliver expected benefits or which require significant additional investment to reconfigure or replace. Data security With a large and diverse customer base, Contact holds large volumes of confidential personal and business data within its systems. Data held by Contact may be accessed or used in an unauthorised manner, whether through cyber-attacks, system breaches or human error. The frequency and sophistication of cyber-attacks on businesses is growing. As more business systems and processes move to a digital environment, the consequences of a successful cyber-attack become more severe. From time-to-time Contact also experiences malicious actor attempts to gain access to its information or systems. If Contact suffers a successful major cyber-attack or a data security breach, its reputation could be damaged – which could lead to a loss of existing customers, an inability to attract new customers, and a corresponding loss in revenue. Contact may also incur regulatory fines, penalties or claims as a result of any privacy breach. A successful cyber-attack could also compromise control over its assets, potentially leading to operational disruptions such as an inability to dispatch electricity into the market or adjust to pricing variations, resulting in revenue loss, material harm to its reputation, the risk of physical damage or injury, and / or significant expenditure to restore functionality. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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33 Key Risks Key Risk Details Capability and capacity risk There is no assurance that Contact will continually be able to attract, retain and engage employees of the right skillset and experience particularly given the strong competition for skilled workers in the energy industry. In particular, there is a shortage of trained station operators and technical specialists can be hard to secure, either as employees or outsourced expertise. More generally, some aspects of Contact’s development and construction projects rely on external capability and capacity outside of Contact. As Contact’s operations expand or current employees retire or leave, this may result in a shortage of skilled or experienced workers or contractors in critical roles and may lead to delays in the delivery of projects or cost overruns, and could adversely affect Contact’s ability to deliver on its strategic goals and objectives. Contact may incur increased labour costs in seeking to attract and train new employees from a limited pool of skilled and experienced workers. This may also result in increased reliance on external contractors or consultants, which could elevate operating costs, disrupt organisational culture and reduce employee engagement and internal capability over time. Economic downturn and general macroeconomic conditions Adverse changes in general macroeconomic conditions in New Zealand and globally, including periods of economic downturn or recession, heightens existing risks and introduces new challenges. Geopolitical uncertainty, such as that resulting from the Russia-Ukraine conflict, ongoing tensions in the Middle East and tariffs introduced by the United States under the Trump administration, has in recent times caused significant volatility in financial markets and may negatively affect general macroeconomic stability, with potential adverse impacts on Contact’s business and financial position. These factors may affect both short-term results and long-term strategic objectives of Contact including: • greater costs and/or constraints on the business, including construction and project-related costs and supply chain risks; • a potential reduction in electricity demand, particularly among commercial and industrial consumers, who may scale back production, reduce operating hours, or even cease operations. Contraction in demand from commercial and industrial consumers can increase the risk of oversupply of generation capacity and depressed pricing in the wholesale market; • residential and business consumers may experience greater difficulty in meeting their energy costs with the result that there may be increased regulatory focus on pricing or other intervention. Rising unemployment, reduced household incomes and tighter credit conditions can also lead to higher levels of customer arrears and bad debt; and • a wider market reluctance to commit to growth projects due to uncertainty. These risks could adversely impact Contact’s ability to operate its business and / or implement its ongoing capital investment projects. Risks relating to Contact’s retail business In the coming years Contact expects there will be a material increase in costs for Contact’s retail business through changes to distribution and transmission pricing and the underlying cost of energy. Retail tariff changes may not be able to recover the cost of electricity along with the large increase in network costs. Contact’s retail business is currently forecast to be loss making in FY26. Other electricity retailers are seeing the same cost pressures but may pass these costs on to customers at different times than Contact, resulting in some earnings volatility as Contact looks to recover costs and remain competitive in the market. If forward electricity prices continue to remain high and tariff changes do not keep pace with the anticipated changes to input costs, the profitability of Contact’s retail business may continue to be affected. Customers are becoming more price-sensitive and service-aware, and if retail price increases are not matched by perceived improvements in service or value or there is any misalignment between pricing and customer expectations this could lead to higher churn rates, reputational damage, and reduced customer lifetime value. As energy costs rise, affordability becomes a growing concern for residential and business customers. Contact is exposed to customer credit risk and expects to see increased instances of late payments and bad debt. See also “Regulatory risk” above in relation to heightened regulatory focus in respect of Contact’s compliance with competition and consumer laws. Change in competitive environment The construction of new generation capacity by competitors could materially affect the prices Contact is able to achieve for its electricity sales in the wholesale market. See also “Oversupply / reduced demand risk” above. Contact’s ability to maintain its competitive position will depend on its ability to provide products and services that keep pace with consumer expectations at competitive prices and market trends. This could be a challenge if there is a significant change in the competitive environment, potentially leading to a material adverse impact on revenue if Contact is not able to compete effectively and adapt to evolving consumer expectations. Contact operates in an industry that will be impacted by new technologies. Failure to keep pace with potential new technology developments could lead to Contact being less effective against its competitors, resulting in an adverse impact on its financial performance. New technologies may also reduce the cost of new generation, enabling third parties, including new market entrants, to build projects and secure customers faster than Contact. Equity market conditions Share market conditions may affect the market price of Contact's shares regardless of its operating performance. Share market conditions are affected by many factors, including general economic outlook, interest rates and inflation rates, changes in investor sentiment toward particular market sectors, the demand for, and supply of, capital, global events, terrorism or other hostilities, changes to government regulation, policy or legislation. Particular securities may also be affected by factors such as the inclusion or exclusion of those or other securities in share market indices. Contact’s future financial performance and the market price of Contact shares may be affected by these factors, which are outside of the control of Contact. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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34 Key Risks Key Risk Details Environmental and health & safety risk The nature of Contact’s business means that Contact and some of its workers and contractors could be exposed to hazardous materials, heavy machinery and dangerous plant. The nature of the plant and equipment used in electricity generation may also cause contamination to the environment. Contact has a strong focus on ensuring that the health and safety of its employees and contractors is paramount, including through imposing strict contractual requirements on, and management of, services provided by third parties. Nevertheless, there is the potential for harm to occur at one of Contact’s sites which results in harm, serious injury or death. Non-compliance with environmental and health and safety laws and regulations by either Contact or its employees or contractors could result in fines or penalties, remediation costs or claims made against Contact, as well as reputational damage. Additionally, changes in health and safety or environmental regulations may require Contact to invest additional capital expenditure or incur higher monitoring costs. Environmental Social & Governance (ESG) risk If Contact does not sufficiently consider and respond to ESG considerations in both its business strategy and investment decision-making, there will be a risk of adverse impacts upon its business. Investors, regulators, customers, employees, and other stakeholders place a strong emphasis on ESG performance. New and more stringent regulatory requirements include reporting standards and compliance obligations, covering issues such as carbon emissions, climate-related financial risks, modern slavery, diversity and inclusion and supply chain due diligence. Companies must demonstrate not only compliance with minimum standards, but also leadership in transparency, accountability and responsible business conduct across all aspects of their operations. Furthermore, institutional investors and lenders are increasingly integrating ESG criteria into their investment decisions, meaning that companies perceived as lagging in their ESG commitments may face restricted access to capital, higher borrowing costs or divestment. Reputational risk is also significant. Contact has set ambitious ESG targets, including achieving Net Zero for Scope 1 and 2 emissions from generation by 2035. If Contact is seen by stakeholders as failing to meet its ESG targets and expectations, whether due to insufficient action, lack of transparency, failing to meet evolving ESG reporting standards or poor performance relative to peers, this may undermine stakeholder confidence, attract scrutiny from regulators, and Contact may suffer damage to its brand, and diminished attractiveness as an employer. This can translate into reduced market share, difficulties in attracting and retaining talent and may impact Contact’s ability to position itself as a leader in the energy transition. Heightened expectations of stakeholder groups, including local communities and cultural partnerships, in areas that are impacted by particular assets lead to Contact incurring additional cost, and if those expectations are not met, could restrict access to resources and cause reputational damage. Maintaining strong, respectful, and enduring relationships with local communities — including Iwi, Hapū and Tangata Whenua — is critical to the success of Contact’s operations and future development projects. A failure to engage meaningfully or to uphold commitments with these stakeholders could result in reputational damage, project delays, legal challenges, or the loss of social licence to operate. In addition, there is a risk of legal or reputational issues as a result of allegations of “greenwashing”, if Contact’s public statements or marketing about its ESG initiatives are not matched by its actual practices or outcomes. These risks also extend to Contact’s supply chain, where failure by suppliers to meet ESG standards may undermine Contact’s own ESG commitments and stakeholder confidence (refer to “Supply chain risk – goods and services” above). Climate change and weather- related risk Climate change presents a risk to Contact’s business, operations and customers. The increasing frequency and severity of extreme weather events, such as storms, floods, heatwaves, droughts and cyclones, can cause physical damage to infrastructure, disrupt operations, and increase maintenance and repair costs. Chronic climate impacts, including gradual changes in temperature, rainfall patterns and water availability, may affect the operational capability of Contact’s generation assets. Contact owns and operates numerous hydroelectric power stations, which together contribute a substantial portion of its total electricity generation. Changing climate conditions may potentially alter rainfall patterns across New Zealand, leading to greater concentration and intensity of rainfall events and increased frequency of droughts. Therefore, Contact is exposed to the risk of its hydro plants being unable to operate to full capacity (or at all) in the event of extremely low water levels. This may adversely impact the operations and financial performance of Contact, particularly in the case of prolonged drought conditions. For example, in 2024, New Zealand experienced a hydrologically dry year, which impacted hydroelectric output. National hydro storage was significantly reduced, and heavier reliance on thermal generation was required to meet demand. Hydroelectric generation can also involve flooding and other risks (including risk to life) which may be exacerbated by changing weather patterns. While Contact carefully manages the operations of its dams, Contact could be exposed to risk arising from events such as drowning, flooding, silting, falling or other events that affect other parties. Some or all of these risks may not be covered by insurance. In addition, non-physical impacts of climate change, in the form of policy, regulatory, legal, technology and market responses to the challenges posed by climate change may adversely impact Contact’s financial performance. Contact may face increased costs of compliance, investment in new technologies and potential liabilities for failing to meet regulatory or stakeholder expectations. Manawa risks In July 2025, Contact completed its acquisition of Manawa Energy Limited (Manawa). There is a risk that Contact may become exposed to liabilities that Manawa has incurred or is liable for in respect of its respective prior acts or omissions, including liabilities which were not identified during due diligence or which are greater than expected. These could include liabilities relating to historical accounting errors or mis-application of accounting standards, claims by taxation authorities, employee claims or other potential employment law compliance claims, customer claims, regulatory compliance breaches and other claims or litigation. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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35 Key Risks Key Risk Details Risks relating to Contact’s monthly operating reports and forward- looking financial information Contact releases monthly operating reports on its actual performance. While these reports are a useful reference point for understanding Contact’s operational performance and business trajectory, they are not audited or reviewed by independent auditors. Accordingly, they should not be relied upon as providing the same level of assurance or reliability as audited financial information statements. Contact may also, from time to time, provide normalised and expected EBITDAF indications or other forward-looking indications to the market. Expected EBITDAF is based on mean hydrology conditions and Contact’s assessment of events and conditions existing at the time. Dry hydrological conditions may necessitate increased use of more expensive thermal generation, which may adversely affect Contact’s financial performance, including expected EBITDAF. Conversely an excess of water and / or must run intermittent renewables (e.g. wind) can lead to periods of low wholesale electricity prices available on the spot market. Investors should be aware that reliance on forward-looking information carries the risk that Contact’s actual financial performance may fall short of expectations, potentially affecting its ability to meet financial obligations or maintain credit metrics. Such monthly operating reports and forward-looking financial indications are not incorporated by reference in this document. NZX / ASX and general equity risk Contact is listed on both the New Zealand Stock Exchange (NZX) and on the Australian Securities Exchange (ASX) with its ASX listing held under the “foreign exempt” category. While this dual listing provides access to a broader investor base, it also exposes Contact to overlapping legal and regulatory regimes and can introduce additional compliance costs. Any failure by Contact to comply with the applicable laws and regulatory requirements could adversely affect investor confidence and Contact’s ability to raise capital, and could result in shareholder claims and / or enforcement action by NZX Regulation Limited (NZ RegCo), the Financial Markets Authority, the ASX, the Australian Securities and Investments Commission (ASIC) leading to reputational damage, civil penalties, criminal prosecution, and in extreme cases, suspension or delisting from the NZX and / or ASX. There are also general risks associated with investments in equity capital. Fluctuations in Contact’s share price can occur for many reasons, including as a result of movements in equity capital markets in New Zealand and internationally. No assurances can be given that the new shares issued under the Offer will trade at or above the issue price. Neither the Company nor any other person named in this presentation guarantees the performance of the Company or any return on any securities of the Company. Risk associated with failure to complete the Offer Failure to complete the Offer would mean Contact would proceed with the Contact31+ strategy as planned but with less flexibility to accelerate projects or respond to market conditions. Contact may seek alternative sources of funding for its growth projects, which may mean additional borrowings or debt security issuance (and resulting increase to net debt), a subsequent equity capital raising or retention of equity for funding purposes. It may also cause Contact to defer projects that it has planned to contribute to future revenue or cost reductions, including where Contact believes necessary in order to stay within its targeted net debt to EBITDAF range over the medium term. There is no certainty that alternative sources of funding will be available, or available on terms not materially less favourable to Contact. That may have a material adverse impact on Contact's financial position or performance. Ability to pay dividends Contact's business could be materially impacted in an adverse manner by a number of events, including if any of the Key Risks referred to above eventuated. In such a case, Contact may be unable to pay dividends at historical levels or at all. Additional risks and uncertainties relating to Contact’s business There are a range of other general risks, which may impact on Contact, which include but are not limited to: • force majeure events and other events outside of Contact’s control impacting upon the global economy and Contact’s operations. These events include, but are not limited to, the imposition of tariffs that directly or indirectly affect global supply chains or markets for equipment or services that Contact requires, acts of terrorism, international hostilities, natural disasters, seismic events, severe weather events, industrial action, labour shortages, fluctuations in commodity prices or other events or occurrences that can have an adverse effect on Contact’s assets, operations and financial performance. Contact only has a limited ability to insure against some of these risks; • risks that may exist of which Contact may be unaware, including latent, future or otherwise unknown claims or liabilities; • litigation and disputes brought by customers, suppliers, employees, government bodies, tax authorities, tribunals or other third parties, which could have significant economic costs and have the potential to affect its financial standing or its reputation and to divert the attention of staff from the ordinary business of Contact; and • Contact will rely on access to debt and equity financing. The ability to secure financing, or financing on acceptable terms, may be materially adversely affected by volatility in financial markets and changes in the macroeconomic landscape (such as fluctuations in interest rates, foreign exchange rates or commodity prices). A downgrade in the credit rating of Contact would also be likely to adversely affect Contact’s ability in securing financing. For these or other reasons, financing may be unavailable or the cost of financing may significantly increase. Such inability to obtain, or increase to the costs of obtaining, debt or equity financing could materially adversely affect Contact’s assets, operations or financial performance. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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36 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix 3 International Offer restrictions
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37 This document does not constitute an offer of new ordinary shares ( New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside New Zealand (or in respect of the Retail Offer, outside of New Zealand or Australia) except to the extent permitted below. Australia This document and the offer of New Shares under the Placement are only made available in Australia to persons to whom an offer of securities can be made without disclosure in accordance with applicable exemptions in sections 708(8) (sophisticated investors) or 708(11) (professional investors) of the Australian Corporations Act 2001 ( Cth) (the Corporations Act). This document is not a prospectus, product disclosure statement or any other formal "disclosure document" for the purposes of Australian law and is not required to, and does not purport to, contain all the information which would be required in a "disclosure document" under Australian law. This document may contain references to dollar amounts which are not Australian dollars, may contain financial information which is not prepared in accordance with Australian law or practices, may not address risks associated with investment in foreign currency denominated investments and does not address Australian tax issues. Contact is a company which is incorporated in New Zealand and the relationship between it and investors will be largely governed by New Zealand law. This document has not been and will not be lodged or registered with the Australian Securities & Investments Commission or the Australian Securities Exchange and Contact is not subject to the continuous disclosure requirements that apply in Australia. Prospective investors should not construe anything in this document as legal, business or tax advice nor as financial product advice for the purposes of Chapter 7 of the Corporations Act. Canada (British Columbia, Ontario and Quebec provinces) This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the Provinces), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell such securities. This document is not a prospectus, an advertisement or a public offering of securities in the Provinces. This document may only be distributed in the Provinces to investors that are both ( i) "accredited investors" (as defined in National Instrument 45 -106 – Prospectus Exemptions) and (ii) "permitted clients" (as defined in National Instrument 31 -103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations). No securities commission or authority in the Provinces has reviewed or in any way passed upon this document, the merits of the New Shares or the offering of the New Shares and any representation to the contrary is an offence. No prospectus has been, or will be, filed in the Provinces with respect to the offering of New Shares or the resale of such securities. Any person in the Provinces lawfully participating in the offer will not receive the information, legal rights or protections that would be afforded had a prospectus been filed and receipted by the securities regulator in the applicable Province. Furthermore, any resale of the New Shares in the Provinces must be made in accordance with applicable Canadian securities laws. While such resale restrictions generally do not apply to a first trade in a security of a foreign, non-Canadian reporting issuer that is made through an exchange or market outside Canada, Canadian purchasers should seek legal advice prior to any resale of the New Shares. The Company as well as its directors and officers may be located outside Canada and, as a result, it may not be possible for purchasers to effect service of process within Canada upon the Company or its directors or officers. All or a substantial portion of the assets of the Company and such persons may be located outside Canada and, as a result, it may not be possible to satisfy a judgment against the Company or such persons in Canada or to enforce a judgment obtained in Canadian courts against the Company or such persons outside Canada. Statutory rights of action for damages and rescission. Securities legislation in certain Provinces may provide a purchaser with remedies for rescission or damages if an offering memorandum contains a misrepresentation, provided the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's Province. A purchaser may refer to any applicable provision of the securities legislation of the purchaser's Province for particulars of these rights or consult with a legal adviser. International Offer restrictions Certain Canadian income tax considerations. Prospective purchasers of the New Shares should consult their own tax adviser with respect to any taxes payable in connection with the acquisition, holding or disposition of the New Shares as there are Canadian tax implications for investors in the Provinces. Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the New Shares (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu'il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient rédigés en anglais seulement. European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the European Union except in circumstances that do not require a prospectus under Article 1(4) of Regulation (EU) 2017/1129 of the European Parliament and the Council of the European Union (the "Prospectus Regulation"). In accordance with Article 1(4)(a) of the Prospectus Regulation, an offer of New Shares in the European Union is limited to persons who are "qualified investors" (as defined in Article 2(e) of the Prospectus Regulation). Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the SFO). Accordingly, this document may not be distributed, and the New Shares may not be offered or sold, in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance). No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities. The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice. Japan The New Shares have not been, and will not be, registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended (the FIEL) pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the New Shares may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires New Shares may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of New Shares is conditional upon the execution of an agreement to that effect. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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38 Kuwait This document does not constitute an offer or invitation to subscribe for or purchase any securities in Kuwait. The New Shares have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority. An offering of New Shares is, therefore, restricted in Kuwait. No private or public offering of New Shares is being made in Kuwait and no marketing or solicitation activities are being undertaken to market the New Shares in Kuwait. This document is not intended to lead to the conclusion of any contract of whatsoever nature within Kuwait and no agreement relating to the sale of New Shares will be concluded in Kuwait. Norway This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this document shall not be deemed to constitute an offer to the public in Norway within the meaning of the Norwegian Securities Trading Act. The New Shares may not be offered or sold, directly or indirectly, in Norway except to "professional clients" (as defined in the Norwegian Securities Trading Act). Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part 13 of the Securities and Futures Act 2001 of Singapore (the SFA) or another exemption under the SFA. This document has been given to you on the basis that you are an "institutional investor" or an "accredited investor" (as such terms are defined in the SFA). If you are not such an investor, please return this document immediately. You may not forward or circulate this document to any other person in Singapore. Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party in Singapore. On-sale restrictions in Singapore may be applicable to investors who acquire New Shares . As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly. Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the New Shares constitutes a prospectus or a similar notice, as such terms are understood under art. 35 of the Swiss Financial Services Act or the listing rules of any stock exchange or regulated trading facility in Switzerland. No offering or marketing material relating to the New Shares has been, nor will be, filed with or approved by any Swiss regulatory authority or authorised review body. In particular, this document will not be filed with, and the offer of New Shares will not be supervised by, the Swiss Financial Market Supervisory Authority ( FINMA). Neither this document nor any other offering or marketing material relating to the New Shares may be publicly distributed or otherwise made publicly available in Switzerland. The New Shares will only be offered to investors who qualify as "professional clients" (as defined in the Swiss Financial Services Act). This document is personal to the recipient and not for general circulation in Switzerland. International Offer restrictions United Arab Emirates This document does not constitute a public offer of securities in the United Arab Emirates and the New Shares may not be offered or sold, directly or indirectly, to the public in the UAE. Neither this document nor the New Shares have been approved by the Securities and Commodities Authority ( SCA) or any other authority in the UAE. No marketing of the New Shares has been, or will be, made from within the UAE other than in compliance with the laws of the UAE and no subscription for any securities may be consummated within the UAE. This document may be distributed in the UAE only to "professional investors" (as defined in the SCA Board of Directors' Decision No.13/RM of 2021, as amended). No offer of New Shares will be made to, and no subscription for New Shares will be permitted from, any person in the Abu Dhabi Global Market or the Dubai International Financial Centre. United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ( FSMA)) has been published or is intended to be published in respect of the New Shares. The New Shares may not be offered or sold in the United Kingdom by means of this document or any other document, except in circumstances that do not require the publication of a prospectus under section 86(1) of the FSMA. This document is issued on a confidential basis in the United Kingdom to "qualified investors" within the meaning of Article 2(e) of the UK Prospectus Regulation. This document may not be distributed or reproduced, in whole or in part, nor may its contents be disclosed by recipients, to any other person in the United Kingdom. Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company. In the United Kingdom, this document is being distributed only to, and is directed at, persons ( i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ( FPO), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated ( relevant persons). The investment to which this document relates is available only to relevant persons. Any person who is not a relevant person should not act or rely on this document. United States This document is not for distribution or release in the United States. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be illegal. The securities to be offered and sold in the Placement and the Retail Offer have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities to be offered and sold in the Placement may not be offered or sold, directly or indirectly, in the United States, except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States. The securities to be offered and sold in the Retail Offer may only be offered or sold outside the United States in "offshore transactions" (as defined in Rule 902(h) under the U.S. Securities Act) in reliance on Regulation S under the U.S. Securities Act. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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39 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Appendix 4 Glossary
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40 Glossary Term Description Term Description ASX Australian Stock Exchange MWac Megawatt alternating current CAGR Compound Annual Growth Rate MWp Megawatt peak C&I Commercial and Industrial customers MWh Megawatt hour Contact Contact Energy Limited NZ$ New Zealand dollars CY Calendar year ended 31 December NZ New Zealand EBITDAF A non-GAAP measure of performance defined as earnings before interest, tax, depreciation, amortisation, asset impairment and write offs, and changes in fair value of financial instruments NZAS New Zealand Aluminium Smelters Limited NZX NZX Limited and, where referring to a market, the NZX Main Board EMI Electricity Market Information p.a. Per annum EPC Engineering, Procurement and Construction PF Pro forma EV Electric vehicles PPA Power Purchase Agreement FID Final Investment Decision Q Quarter FY Financial year ended 30 June S&P Standard & Poor’s GWAP Generation Weighted Average Price S&P net debt Net debt calculated according to S&P’s credit-rating methodology GWh Gigawatt hour. One gigawatt hour is equal to 1,000 MWh or 1,000,000 kWh SIB capex Stay-in-business capital expenditure IRR Internal rate of return SPV Special Purpose Vehicle JV Joint venture TWh Terawatt hour. One terawatt hour is equal to 1,000 GWh M Millions VWAP Volume Weighted Average Price MBIE EDGS Ministry of Business, Innovation and Employment Electricity Demand and Generation Scenarios WACC Weighted Average Cost of Capital MW Megawatt. Equal to 1,000,000 watts (W) or 1,000 kilowatts (kW) 1H[X] First six months of financial year [X] NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES