Good morning to you all. My name is Rob McDonald, and I'm the Chair of the Contact Board. On behalf of the Board and all the Contact team, I'd like to welcome you to the 2026 annual shareholders' meeting. This meeting is being webcast live for shareholders who have not been able to attend in person, and I also extend a warm welcome to those who are watching online. For those guests who are here in person, in the unlikely event of a fire alarm, please make your way out of the auditorium the same way you came in, turn right, and exit the building via the glass doors onto Aitken Street. There is an exit beside the lectern that leads to Aitken Street. Once outside, turn right and head towards Molesworth Street and then follow the footpath 100 m to the gathering point at the courtyard in the front of Rugby House. In the event of an earthquake, immediately assume the brace position by leaning forward in your seat and placing your hands on the back of your head. Once the shaking has stopped, wait for instructions from the library staff as evacuation may not be necessary. Toilets are located on either end of the foyer as you exit the auditorium. I'd like to introduce the others with me on the stage. Firstly, to my right is our Chief Executive, Mike Fuge, and my fellow Board directors, David Smol, Rukumoana Schaafhausen, Alison Barrass, Jon Macdonald, David Gibson, Sandra Dodds, and Deion Campbell. Other members of the Contact senior leadership team are also here today, as well as representatives from our auditors for 2026, EY. As you have noted, today's meeting started with a greeting from Rukumoana, followed by Contact's [Non-English content], which is customarily sung to embellish the greeting. For Contact, it is important to acknowledge our relationship with Tangata Whenua and our shared commitment to the sustainable use of New Zealand's incredible natural resources. Today's meeting will start with addresses from me as Chair and from the Chief Executive, Mike Fuge. Then we'll move on to the resolutions that are outlined in the notice of meeting. We have four resolutions to put to the meeting today, and these resolutions will be decided by taking a poll. There will be an opportunity for shareholders to ask questions relating to these resolutions and to raise any additional matters they may wish to discuss. EY audit partners are present today should shareholders have questions to put to them. Only shareholders and proxy holders can ask questions. Once the resolutions are introduced, we'll invite questions. We have some microphones available. If you wish to speak, please raise your hand and wait for a microphone to be brought to you so we can hear your question. As we have a number of shareholders in the room and also online, I would ask you to limit your questions to two. All shareholders participating online can ask questions during this meeting. I encourage you to send through your questions as soon as you can. This will allow us to answer these questions at the appropriate time of the meeting. Questions may be moderated, or if we receive multiple questions on the same topic, they may be amalgamated. If we cannot answer a question in this meeting, we will answer it in due course via email. I will provide you with further instructions relating to voting as we progress through the meeting. For those online, if you encounter any issues, please phone the helpline 0800 200 220. With the housekeeping done, let us get underway. [Non-English content]. On behalf of the Contact Energy Board of Directors, I would like to begin by thanking our people, our customers, and you, our shareholders, for what has been a very strong year. It has been one defined by bold decisions, accelerated investment, and continued growth. When I joined the Board, Contact was already an important part of the New Zealand energy sector. Today, it is a fundamentally different company. We have transformed our generation portfolio, reshaped our strategy, and established ourselves as a leader in New Zealand's renewable energy future. Most importantly, we have demonstrated an ability to turn ambition into delivery. Five years ago, we launched Contact26, our strategy to be a leader in the decarbonisation of New Zealand. Major investments in geothermal, solar, and battery storage have strengthened Contact's portfolio and positioned us to meet New Zealand's growing demand for clean energy. The successful integration of Manawa Energy has strengthened Contact's position. It has expanded the scale and diversity of our renewable portfolio, and I am pleased to report that the benefits of this acquisition have exceeded our expectations. Together, the combined portfolio of Contact and Manawa provides greater flexibility, resilience, and opportunities for future growth. Contact31+, our new strategy to lead New Zealand's renewable energy future, was unveiled last November. It will create more long-term value for customers, our communities, and our shareholders. Mike will talk more about Contact31+ in his speech. Standing here today, it is a time for personal reflection. After more than a decade as a director and eight years as chair, the time has come for me to step down. To understand Contact today, you need to understand the past. Contact was born 30 years ago with the rump of the assets of the old Electricity Corporation of New Zealand. It was supposed to fail. It was a collection of leftovers, some said the worst of the old system. There was some awaited hydro generation on the Clutha River and Wairākei geothermal power station, which had been built in the post-war economy. Slowly, over the first two decades, Contact acquired and built more geothermal and thermal generation assets, as well as added a retail business. I am pleased to be part of this journey over the last decade, where Contact has built a world-class geothermal operation, new solar and battery farms, and acquired a diverse set of hydro dams across New Zealand to complement our portfolio. From assets once described as second best, Contact has built one of the best energy portfolios in the transition and the opportunity ahead. It did not happen by accident. It happened because people over the decades across the company made bold decisions, stuck with hard projects, and had the courage to keep moving forward. Too often, I hear claims from detractors that the industry is not investing enough. The trouble with that is if people of profile say such things, others believe it to be true. It is not. Here's the reality. The industry has never been spending or building more than now. We are investing more than ever in the history of New Zealand. It puts Think Big in the shade. On a per capita basis, it is more than the United States, China, U.K., and Australia. As a sector, 4 TWh of new renewable generation projects have come online in the past five years. A further 3 TWh is either committed or under construction and expected to be online by 2027. It is important that this path remains clear and allows the sector to build out New Zealand's renewable energy future. It is this way we move towards energy independence as a nation. The solution to stabilizing the country's energy prices and ensuring New Zealand's electricity is reliable and renewable is more energy capacity, and that comes from more investment. It is in this context I offer another insight. Good policy eats ideology for breakfast. The oil and gas ban in 2018, in my view, is characterized as an ideology that triggered a loss of investment confidence and industry capability, leading to an acceleration of the decline of the existing fields. It led to a number of unintended consequences. Higher gas and electricity prices, gas shortages, industry closures, increased emissions from coal. Ironically, the electricity industry, particularly the main players that have launched into solving the consequences. There's been much discussion and political rhetoric about structural separation of retail businesses from gentailers. Let me give you some personal observations. The businesses following the Electricity Authority latest rules are indeed structurally separated. To separate further will create additional costs that would ultimately be borne by consumers, by everyday people of New Zealand. Again, ideology over good policy has the potential to damage the investment climate for the industry as a whole. It is time for non-gentailer retailers to step up and use the hedging products now available. On the back of record levels of generation investment, the wholesale market has gone through a significant transition this year. Wholesale prices have reduced by around 30%, bringing the market back into balance. The market has been allowed to function as it was designed, and the government has resisted unfounded calls to fundamentally alter the investment conditions. Analysis done for the government by Sense Partners shows that electricity prices at this level will bring a NZD 10 billion boost to the country's GDP by 2030. This outcome matters not only for the sector, but for New Zealand's wider economic resilience, competitiveness, and long-term prosperity. In respect of retail prices, the wholesale price component of the retail bills are now in line with the long-term market pricing. Unfortunately, the material increases in line and transmission prices has, and will continue to contribute to price increases. I encourage the government to review the economic regulation of natural monopolies across the economy. There is another opportunity we should not shrink from, data centers and compute security. New Zealand has a chance to build sovereign digital capability, attract new investment, create new skilled jobs, and use new renewable energy to support it. If we choose to be knockers and blockers, New Zealand risks becoming a backwater in an AI-driven world. If we choose to be builders, we can create a new export industry powered by renewable energy. We should say it plainly. Data centers do not steal power from New Zealand. Properly structured, they will bring new energy demand that underwrites new energy supply. They can turn renewable energy into a modern export in the same way this country exports aluminum, steel, and dairy to the world. Today, I leave Contact excited as well as grateful. Sad, yes, because these are extraordinary times, but confident because Contact is well-placed to create value for shareholders while helping lead New Zealand to the next phase of the energy transition. I also want to briefly reflect on the role of the Board. Boards can be cautious by nature. Sometimes that caution is necessary, but a Board should not be a handbrake on ambition. Its role is to set the guardrails, test the strategy, appoint the right Chief Executive, and then give management the confidence to get on with it. The most important decision a Board makes is appointing the Chief Executive. No strategy can compensate for the wrong leader. Mike Fuge joined at a time when Contact needed pace, conviction, and a more forward-leaning posture. Under his leadership, and with the strength of the leadership team around him, Contact has matured into an industry-leading company with a clear strategy and a real delivery capability. When I joined the Contact Board, the company was still finding its strategic voice. Today, the conversations are sharper, the choices are clearer, and the ambition is matched by capability. Contact is no longer drifting towards a distant third place. It is a strong number two with momentum. It's not really about rankings. It is about the difference between leaning into growth or standing still. Contact has chosen growth. As I reflect on my time as chair, I'm proud that Contact came out of its shell. We leaned forward, we strengthened the brand, and we became more confident in retail. We showed character through initiatives such as our partnership with Women's Refuge and The Good Initiative, and we demonstrated that a great company is measured not only by what it earns, but by what it stands for. To the Board, thank you for the debates, the discussions, and yes, the disagreements. Good decisions are rarely made by everyone nodding politely. They are made when capable people test the issues honestly and then unite behind the decision. Most of all, I leave with confidence. Confidence in the strength of the business, confidence in the people who lead it, and confidence in New Zealand's renewable energy future. It has been a privilege to serve as your chair. I want to acknowledge my fellow directors, past and present, and warmly welcome Jon Macdonald, who will lead the Board to its next chapter. I know the Board is in capable hands. To our shareholders, thank you for your trust, your support, and your belief in this company. I'd now like to invite the Contact Chief Executive, Mike Fuge, to address the meeting. Thank you, Mike. Thank you very much, Rob, for those kind words. I am absolutely delighted to be here with you all today and to share not just my reflections of what has been a strong year for Contact, if a busy one, but also what lies ahead. Five years ago, we committed to being a leader in the decarbonization of New Zealand with Contact26. A bold strategy that began during the pandemic, when our world was locked down, and our home became our everything, our world. Since then, we have bought 1.9 TWh of base load renewable energy to the market, completing two new geothermal power stations in Taupō, together powering the equivalent of over 260,000 Kiwi homes. Our first grid-scale battery is online, and our first solar farm, Kowhai Park in Christchurch, is now sending electrons to the grid. We have successfully completed the acquisition of Manawa Energy, and we have proactively decarbonized our own portfolio. We have seen significant growth in the numbers of everyday Kiwis who choose to connect their homes to us. As of the 30th of June, Contact had 690,000 customer connections across electricity, gas, broadband, and mobile, and this number is now well over 700,000 as we speak today. Last month, we were named Energy Retailer of the Year in the annual New Zealand Energy Excellence Awards. Chosen independently by the judges, this recognition reflects the strength of our customer offering. In the electricity sector, the momentum behind the renewable energy investment is now flowing through to lower wholesale future prices. That matters. It moves New Zealand closer to energy independence, and it gives our businesses, industries, and the wider economy a stronger competitive edge. As Rob mentioned, the impact of this is predicted to have a multibillion dollar boost to New Zealand's GDP by 2030. Let's look at our financial results. Today, we are a fundamentally bigger, more resilient company. Our strong FY 2026 performance and generation growth reflect both the completion of the Manawa integration and the impact of our ongoing renewable investments. In FY 2026, we have reported a net profit of NZD 423 million and operating earnings EBITDAF of NZD 1,011 million. The result was underpinned by a significant lift in our renewable generation. The result also reflects a rising return on invested capital as we invest in high-quality projects with a continued intense focus on capital discipline and good, solid returns. What is more, we are incredibly pleased to share that 98% of the energy that Contact generated in the last year was from sustainable, renewable sources. Just five years ago, this was 81%. As a result of this year's financial performance, we will deliver investors a NZD 0.40 per share annual dividend, up 3% on the previous year. With our Contact26 strategy delivered, we have launched Contact31+, our new strategic roadmap for the next five years and beyond. Our ambition remains to lead New Zealand's renewable energy future, creating long-term value for our customers, communities, and shareholders. We will do this by extending our advantage as New Zealand's geothermal leader, leaning into new flexibility, building new demand with wind and solar in particular, and leading the energy transition at home. This will be enabled by empowering our people, our leaders, and growing relationships with our stakeholders. Leveraging technology and continuous focus on increasing productivity and operational excellence. I have huge aspirations for New Zealand and the part that the renewable energy economy can play in powering, manufacturing, and growing the country's export earnings. Demand for renewable energy is occurring at a scale that supports ongoing investment in generation, storage, and infrastructure. Over the last five years, Contact has committed more than NZD 2.4 billion to renewable energy projects and has already bought 1.9 TWh of new energy to market. There is more to come. With an 11 TWh development pipeline across wind, solar, and geothermal, as well as 700 MW of grid-scale battery options. Looking at the other side, manufacturing, we have some significant agreements in place. We have signed not one, but two new agreements with the industrial giant, New Zealand Steel, extending our long-term partnership and a shared commitment to the country's renewable energy future. The latest 50-MW demand flexibility agreement will reduce demand in peak winter periods, so winter can be directed to where it is needed most. We have leased additional land at the company's Glenbrook site next to our new 100-MW grid-scale battery, and have started construction on an additional 200-MW battery right next door. In May, we signed a letter of intent with Rio Tinto to support new generation and grow demand. This supports the restart of the idle fourth potline at the New Zealand Aluminium Smelters at Tiwai. Under this proposal, the smelter could underpin the development of our now consented Southland wind farm, as well as increase New Zealand's export earnings. This month, we started our 10-year electricity supply agreement with Fonterra for their Whareroa site in Taranaki. Contact will supply Fonterra with around 415 GWh per year of renewable electricity. I mentioned earlier that Kowhai Park in Christchurch is now extending electrons to the grid. The dairy company, Synlait, will buy 25% of the energy generated from a new Kowhai Park solar farm. Our investment continues at pace. In Taupō in April, we began a NZD 30 million drilling program to support the proposed Te Huka Two geothermal plant. Te Mihi Two is now a year into construction. The NZD 712 million project will replace the iconic Wairākei geothermal power station in stages and generate enough renewable electricity to power the equivalent of 120,000 Kiwi homes. Kowhai Park, developed with Lightsource bp, opens officially next month. Our second solar farm with Lightsource bp is now underway at Glorit, north of Auckland on the Kaipara Coast, and we were delighted to learn late last week that the Environment Court have approved the resource consent for the Stratford Solar Battery farm, our third joint venture with Lightsource bp. Meanwhile, in May, our first wind project, the Southland Wind Farm, was consented. It will strengthen New Zealand's energy security, support households and businesses, and create new renewable generation and regional economic growth. Our first grid-scale battery, Glenbrook Ohurua 1, is more than new infrastructure. This 100-MW storage system represents a shift in how we power New Zealand's future. As we move towards a highly renewable system, flexibility from assets like these batteries will support energy security and resilience. It also reduces exposure to global energy shocks, building a more independent energy system for Aotearoa. Now to our retail business. We've worked hard to ensure the renewable energy transition is as affordable as possible for Kiwi households. New Zealanders continue to make competitive choices with our Good Plans, with more than a third of our customers opting for free or discounted power in return for off-peak use. Since we launched our time-of-use plans to the market in August 2021, customers have benefited from more than 403 million hours of free power. Doing the right thing by the most vulnerable is incredibly important to us as well. Last winter, we quietly launched The Good Initiative, a NZD 5 million fund to support communities and customers in need. In its first year, this grassroots program has partnered with 60 community agencies, covering the cost of energy, and provided more than 23,000 instances of support to households who are finding it tough. This year, we are increasing The Good Initiative funding by 50%. Contact Energy is powered by 1,400 team members who come to work every day passionate about the role they have in leading New Zealand's renewable energy future. Today, we have three major renewable projects under construction. By next year, that number could well double. It's our people behind them, our people helping deliver the electricity New Zealand needs to power our renewable energy economy. As I turn to the next five years, our focus is on employing and retaining the very best of the best. Some companies have indeed got to where Contact is today with growth and proven delivery, but not many have pushed beyond that without tripping over their shoelaces. We need to attract and retain the very best of the best in terms of ability and capability in New Zealand, our home. Last Thursday, we were delighted to be named as one of the top 100 workplaces in the world. To be recognized as one of the 2026 global top 100 inspiring places to work is testament to the leadership of our people experience team, led by Jan Bibby. We're continuing our work with CDC to explore a potential 250-MW data center at Stratford in Taranaki. We believe Stratford shapes as an ideal location to explore an energy and digital hub powered by renewable energy from where the local Taranaki economy can thrive, and the wider energy of New Zealand can benefit. Data centers unlock more investment in solar, wind, and geothermal power stations, along with strengthening and spreading the cost of critical infrastructure that transports the energy they need in terms of lines and transmission. If we can get this going and attract data centers to New Zealand, we have, as an industry, identified more than enough conventional renewable energy to rebuild the grid over again. One that is equivalent to two times the Maui gas field when it was first discovered, and will be with us not for 60 years, but forever, creating even more economic growth for our [Non-English content] and [Non-English content]. With this potential project, we expect around 600 jobs at peak construction like we saw at Te Huka in Taupō. When operational, it's anticipated more than 100 highly paid skilled workers will be employed. That's four times more than were employed at Taranaki Combined Cycle. New Zealand's renewable energy system has just so much potential. What we see is further opportunity. The opportunity to tell our story globally, to encourage more investment, to build a stronger economy, to show just what is possible for Aotearoa, to lift our aspirations as a nation and play our part in economic growth and prosperity for all. Finally, I would like to take a few moments to pay tribute to Rob, our chair, who at the end of today's meeting steps down. Thank you, Rob, for your governance, wisdom, and leadership over the last decade. Often in New Zealand, what counts is not who is at the table and who is talking, but who is not at the table and who is not talking. This is Rob. I have really appreciated your wise counsel, strong challenge, and absolute quiet, unflappable demeanor in tough times, and unwavering support through challenging times as the company has led the transition away from fossil fuels. He has been the archetypal chairman. Quiet influence, that gentle word of encouragement, that quiet question which cuts through a clear strategic issue. He has been the master of understatement. When some of us would say aggressive growth, he would say, quietly, "Lean into opportunities." When some of us would say, "Outstanding financial results," Rob would always say, "Solid. Well done." Your advocacy on behalf of the wider sector, your deep humanity, and your absolutely decency and respect of others and our critical stakeholders and the underprivileged of this nation has not gone unnoticed. To our people, thank you for your extraordinary work. I am proud of you and all that you have delivered in this last year. [Non-English content]. Thank you. Five years ago, Contact Energy set out to lead the decarbonization of Aotearoa, New Zealand. Our Contact26 strategy has served us well, and we committed more than NZD 2 billion to build the critical energy infrastructure the country needs. We have taken big steps to support a renewable energy future. Today, we celebrate our significant achievements. Building two new geothermal power stations with another underway, diversifying with investment in battery and solar, and with the acquisition of Manawa Energy, expanding our hydro portfolio. We are proud to say that 98% of the energy we generated in the past year was from renewable sources. That is up from 81% in 2021. We have also delivered to everyday Kiwis with more than 690,000 connections across energy, broadband, and mobile. Pioneering geothermal energy since 1958, we have built enduring connections with local iwi and community and delivered major projects with purpose. Now, we look ahead. Contact31+ is our bold new strategy, leading New Zealand's renewable energy future. We will extend our geothermal advantage, lead on new flexibility, build into new demand with wind and solar, and lead the energy transition at home. The journey ahead is ambitious, exciting, and inclusive. We cannot wait. Welcome to the annual shareholder meeting 2026. Okay. We will move on to the formal resolutions for the meeting. These are outlined in the notice of meeting sent to shareholders in August. Voting on the resolutions will be by poll. Each resolution will be put to the meeting with the proxy voting results displayed on the screens. For those of you here with us in Wellington, you will be able to cast your vote by filling out the voting card you received at the registration desk on your way in. This card will be collected at the end of the formal part of the meeting. If you are a shareholder or proxyholder and did not register on arrival or wish to vote, please make your way to the registration desk and our staff from the share registry will assist you. If you are both a shareholder and a proxyholder or a shareholder company representative or have more than one holding, you would have received a separate voting card for each holding. When you vote on the resolutions, please complete all the voting cards given to you at registration. For those attending the meeting online, to vote, you will need to click Get Voting Card within the online meeting platform. You will be asked to enter your shareholder or proxy number to validate. Once you have made your selection, please click Submit Vote on the bottom of the card to lodge your vote. Please refer to the virtual meeting online portal guide or use the helplines specified if you require assistance. Voting will remain open for five minutes after the conclusion of the meeting. Each resolution set out in the notice of meeting is an ordinary resolution and requires approval by a simple majority of votes cast by shareholders entitled to vote and voting on the resolution. For the information of shareholders, the proxy votes received for the four resolutions will be displayed on the screen as we discuss and then vote on each resolution. We have two directors who are retiring by rotation and are standing for re-election today, David Smol and Rukumoana Schaafhausen. We also have a new director, Alison Barrass, standing for election by shareholders for the first time. The Board unanimously recommends the shareholders vote in favor of the election of each of these directors. Our first resolution today relates to the re-election of David Smol. It is my pleasure to move that David be re-elected as director of Contact. I would now like to invite David to speak in support of his election. [Non-English content]. Good morning. Thank you, Rob. As Rob said, my name is David Smol, and it is a privilege to have this opportunity to stand for re-election as the director of Contact Energy, a Board to which I was first elected in 2018. I have had a long association with Contact. My first involvement was as part of the team that established the company back in 1996, working with the runt assets of the Electricity Corporation of New Zealand. As Rob described it earlier, it was not exactly how we thought about it at the time, but there is definitely an element of truth in what he said. If reappointed to the Board, I will be deeply committed to implementing Contact31, our strategy to lead New Zealand's renewable energy future, decarbonizing the energy system while maintaining security of supply and affordability for our customers, enabling economic growth through electrification, and creating value for our shareholders. Currently, I am a member of the Audit and Risk Committee and Chair of the Health, Safety and Environment Committee. The health and safety of all our people and the people with whom we interact is a paramount focus for the Board and the executive. We are continually looking for ways to strengthen our health and safety system. Being a responsible steward of the environmental resources we use to generate electricity is also a priority for me. I believe I have a lot to contribute to Contact as a director. I am an economist by training. I have accumulated extensive senior executive and governance experience. The energy sector has been a big part of my career since the 1980s, and I find it as fascinating now as I did back then. I have got a demonstrated track record in the development and execution of strategy, leading large and complex organizations, understanding the economics of electricity systems, risk management, evaluation and delivery of major projects, and operating in regulated industries. I have been careful to organize my commitments to ensure that I have capacity to do full justice to my role with Contact, and I will continue to do so if I were to serve another term as a director. It would be an honor to be re-elected. Thank you very much for your consideration. [Non-English content]. Thank you. Are there any questions in respect of David's election? Are there any questions in respect of David's election? There are no questions online from shareholders. Okay. Please now complete your voting card beside resolution one. Please select any of the four against or abstain in the appropriate place of the voting card, and that will apply to all other resolutions as well. Okay, let's move to the second resolution. Our second resolution today relates to the re-election of Rukumoana Schaafhausen. It is my pleasure to move that Rukumoana be re-elected as director of Contact. I'd now like to invite Rukumoana to speak in support of her election. Thanks, Rob. [Non-English content]. Thank you for the opportunity to address you all today. I am seeking re-election as a director of Contact Energy, and I remain strongly committed to Contact's ambition to build a better Aotearoa by leading New Zealand's renewable energy future. I bring more than 30 years of governance and leadership experience across iwi, public, and private sector organizations. That breadth has taught me the importance of being able to see issues from different perspectives, commercial, community, environmental, and intergenerational, and importantly, to bring those perspectives together around the Board table. I believe that is particularly important for Contact. Energy sits at the heart of New Zealand's economic and social well-being. The decisions we make today about generation, infrastructure, and investment will shape our country and our communities for generations. We have some significant challenges ahead of us ensuring security of supply, maintaining affordability, continuing to invest in renewable generation, and supporting the electrification of growth of the New Zealand economy. But I also see enormous opportunity. As you've heard in the results today, Contact generated 98% of its electricity from renewable sources last year. The question now is how we build on that position, investing wisely, supporting greater electrification, and ensuring the benefits of that transition are felt more broadly across Aotearoa. I bring to the Board a strong commercial and governance lens, but also a deep understanding of communities, tangata whenua, and the importance of enduring relationships. I am comfortable working across different perspectives, asking difficult questions when needed, and looking beyond the immediate decision to its longer-term consequences. For me, good governance is ultimately about stewardship. We need to deliver sustainable value for our shareholders while leaving the organization, our communities, and our environment stronger for those who come after us. I am proud to have served on the Contact Board, and with your support, would be privileged to continue contributing to Contact's long-term success and to the energy future of Aotearoa. [Non-English content]. Are there any questions in respect of Rukumoana's election? There are no questions online in relation to this resolution. Please now cast your vote for Resolution 2. Our third resolution today relates to the election of our newest Contact director, Alison Barrass. It is my pleasure to move that Alison be elected as a director of Contact. Alison was appointed to the Board on September 1st this year. Under the NZX listing rules, she is required to stand for election by shareholders at today's meeting. I would now like to invite Alison to speak in support of her election. [Non-English content]. Good morning, everyone. It's a pleasure and a privilege to be standing for election to the Contact Energy Board. I thought it would be helpful to start by telling you a little bit about myself and why I feel I'm in a strong position to bring value to Contact Energy. I've been working full-time in governance for 12 years now in a variety of complex industries such as telco, infrastructure, financial services, and the primary sector. I have a background in fast-moving consumer goods with 30 years in executive leadership roles, including the last 15 as CEO, with a keen focus on health and safety. As a director, I have an interest in emerging technology and sustainability and a passion for New Zealand businesses that have the opportunity to contribute to the growth and prosperity of our country. I'm also interested in how companies can build lasting consumer connections in an increasingly automated world, and in emerging generation technologies and their potential to further decarbonize New Zealand's energy system. I greatly admire the work of Contact's Board and management in driving growth for this business. Growth brings challenges. The sector will need to continue to manage its risks and opportunities well to keep delivering for stakeholders and communities across New Zealand. The world is without doubt an increasingly challenging place. There is rarely a day in business when we are not considering the impact of geopolitics, rapid technology transformation, and changing climatic conditions. Some changes work in our favor, and some don't. Either way, our job is to build in resilience. We need to be constantly looking out and ahead. We need to be eyeing the horizon, harnessing its possibilities, and navigating the risks. To be asking the difficult questions and persevering until we get answers. It's not luck that creates great businesses, but hard work and commitment, and that's the promise I make as I stand for election to this Board, that I'll work hard for this company and our shareholders. I'll be a voice around the Board table that looks ahead, challenges the business, and pushes our people to deliver the best possible outcomes. I'm humbled to be standing for election here today. [Non-English content]. Are there any questions in respect of Alison's election? There are no questions online in relation to this resolution. Please now cast your vote for Resolution 3. The last resolution to be considered relates to our auditor. I move that the directors are authorized to fix the fees and expenses of the auditor. EY is Contact's auditor, and this resolution proposes that the Board is authorized to fix the remuneration of the auditor, which is the conventional practice for New Zealand-listed companies. It reflects the fact that the level of the auditor's workload, and therefore fee, may change from time to time to take into account the changes in company size or complexity or changes in law. I now invite discussion on the resolution. We have one online question. Audit fees have increased substantially this year. 2023, NZD 719,000. 2024, NZD 764,000. 2025, NZD 947,000. 2026, NZD 1,274,000. We appreciate the purchase and the integration of Manawa Energy, but can the Board give reassurance that these fees will not continue to rise at the pace over the next few years? This is a question from [Jenny Miller]. Thank you for the question. I should say that over that period, people will appreciate that there has been both the acquisition of Manawa, which has added size to the company and also integration costs, as well as capital raises over that period as well. So that has also added. The other addition is, of course, climate reporting over that period as well, which is undertaken by EY. I do not think I can give assurance about the audit fees going forward, but I would expect them, subject to normal activity of the year now, to be at a level which I would see not going forward and increasing at the same pace in subsequently years, unless there is a material change in activity. No more questions. Please now cast your vote for Resolution 4. Staff from our share registry will now collect your voting papers. Please place your voting paper in the ballot box as they are passed around. Shareholders participating via the virtual meeting should now submit their votes online. Voting will remain open until five minutes after the conclusion of the meeting. Just pause for a minute as the votes are collected. The votes will be counted and the results announced to the NZX and ASX later this afternoon. It is now my pleasure to introduce you to Jon Macdonald, who following my retirement from Contact at the end of this meeting, will be taking on the role of Board Chair. Jon. [Non-English content]. Thank you, Rob, for your kind words earlier. While I know Mike also did this, I would like to acknowledge all that Rob has done for Contact over his decade as a director and eight years as our chair. Rob leaves Contact with a company bigger and better in every way. In looking at just two key dimensions, the market capitalization, or essentially the value of the company has grown from around NZD 3.7 billion when Rob joined to around NZD 9 billion today. Over that time, our carbon emissions have reduced by approximately 80%. Beyond the numbers, Rob leaves a company with clarity of purpose, good momentum, and a strong sense of its role in New Zealand. He has chaired the Board with great judgment and care. On behalf of the Board and shareholders and the wider Contact team, I want to thank you, Rob, for your leadership and service. For my part, it's a privilege to step into the role of chair of Contact. I do so with great respect for the responsibility and with great confidence in the company. I know Contact Energy well. I've served on the Board for the last eight years, and over that time, I've been wholly supportive of our strategy and direction. I hear Rob's earlier words about the role of the Board, and my aim as chair will be continuity of good governance, strong execution, and careful stewardship of the company. Contact has a clear strategy to lead New Zealand's renewable energy future, and the achievements of Contact26 provide a strong foundation, and Contact31 sets out our next phase of growth. A particular focus for the Board will be making the most of our pipeline of potential renewable energy projects while ensuring we have good line of sight to the electricity demand that will support that generation. As we think about new electricity demand, Contact will continue to work hard to help New Zealand companies decarbonize. We will also continue to explore the opportunity around data centers, as Rob and Mike have spoken about in some detail. We see the potential for data centers done well to be a meaningful industry for New Zealand, providing good opportunity and jobs in our regions. Jobs during the construction phase, jobs directly related to the operation of the data center, jobs in the resultant generation projects for the additional energy, and jobs in related and supporting industries. More broadly, Contact has an important role to play in New Zealand's energy transition, but we must fulfill that role in a way that keeps customers and communities with us. That means working hard to make energy more affordable for New Zealand families and for industry while continuing to invest for the long term. We get it that a lot of Kiwis are doing it tough, and we get it that a lot of industrial New Zealand is reliant on affordable energy to be able to do their bit for the economy. The opportunity for Contact is significant. We will continue to execute strongly and make disciplined choices and keep working hard to earn the trust of the people we serve. I also want to thank the Contact team for all the hard work. The progress the company has made and the confidence we have in the future is a direct reflection of that commitment, capability, and care. Thank you, Rob. Go well. And thank you to you, our shareholders, for your continued support. Thank you, Jon. We are now moving to the fun part of the business. General business. This is your opportunity to discuss anything we have not already covered or ask questions of the Board or the management team. Before we open the floor to questions from those present and online, we have three questions submitted prior to this meeting. Please can we have the first question? This is a question from [Alan] and [Angela Senekus]. What were the Contact shares worth 10 years ago, and what are they worth now in 2026? 10 years ago today, the Contact shares closed at NZD 4.95. Close of market yesterday, they were NZD 8.51. Combined with dividends, the average annual return over the 10-year period is 12.4%. The next question is from [Patrick Gleason]. Why does Contact only pay NZD 0.08 for solar power returned to the national grid? The price customers pay for electricity includes generation, which is actually about 45% of the bill, and that is a shrinking amount. Transmission, distribution, metering, levies, GST, and retail services. Solar buyback rates reflect only the value of electricity exported to the grid, so they are not directly comparable to retail electricity prices. We consider a range of factors when setting buyback rates, including the value of exported electricity and when that electricity is typically exported. Customers with solar and battery systems can choose our Good Charge plan, which offers a higher buyback rate for electricity exported during peak demand periods. That is 7:00 A.M. to 9:00 A.M. in the morning and 6:00 P.M. to 10:00 P.M. in the evening, and half-price overnight battery charging. Our aim is to balance recognizing the value of exported solar power with offering simple, practical plans for customers. This is a question from [William] and [James Campbell]. Is Contact Energy contemplating a special dividend payment after huge profits? We're not contemplating any special dividends and are focused on investing future growth through our Contact31 strategy to lead New Zealand's renewable energy future. Contact expects to invest around NZD 650 million in the coming year alone in growth and stay in business CapEx. I will just say that I don't consider Contact's profits to be huge. They are a reflection of the capital employed in this business and the amount of investment that has occurred, particularly in the last five years. Okay, that's all the questions sent in advance. Does anyone present or online have a question? Sir. My question about dividends. Oh, if you could just wait till the— Further to the online question regarding dividends, how are you balancing keeping the dividend up over time? I know you have a 60% increase in profit and only a 3% increase in dividend over the last year. How are you keeping your shareholders on Board with your dividend? Essentially, the policy is very much aimed at a consistent level, and I use the word hopefully growing, and that is certainly what the plan going forward is directionally heading. I think predictability is important as well. We will see an element of profit volatility occur, but I keep coming back to this same point, is the company is investing heavily. If you think about the past year and the change in profitability, that was a year when Manawa Energy was fully part of the result as well, and we are able to capture the benefits of that, both integration but the core earnings of Manawa Energy. But we should not lose sight. We also issued a number of shares for that acquisition as well. So you have seen the number of, or the amount of dividend paid as a total absolute amount increase quite significantly in the past year. Other questions? Sir, just wait for the— [Peter Milne]. If Contact Energy stopped paying dividends, by how much would that reduce electricity bills? That's an unusual question. I might even get the chief executive who's probably got. I think there's a couple of elements to that, remembering that electricity bills, the energy component only makes up 45% of the bill. In terms of the dividend, it is appropriate to ensure an appropriate return to shareholders while continuing to invest in growth. The fundamental thing that will drive down electricity bills are twofold. One is continuing to build at pace renewable energy projects, increasing supply, and then sharing the costs of lines and transmission, those fixed assets, across a much wider base, which means fundamentally growing the economy. Turning on to our shareholders and saying, "Well, you should fund consumers," you've got to also remember that Contact Energy, in terms of its shareholder book, is 70% owned by Kiwis. The sector is probably the best part of 75%-80% if you take account of the government shareholding in the other Mixed Ownership Model companies. This is a Kiwi enterprise, and we think we've struck the appropriate balance between hardworking Kiwi savers, direct Kiwi investors, and customers, and ensuring that it's fair and equitable for all. I think it's fair to say if we just decided to stop paying the dividend, that would have a devastating impact on the investments of our shareholders. Okay. Next. I appreciate you're trying to decarbonize industry. What about domestic gas users? You still do retail gas, don't you? Indeed, we do. If anything, we have in the past 18 months leaned into that. I think I would say we have leaned into a transition. We see that particularly security of the electricity system, but also security of gas supply is important, and we see that occurring over a period. There will be a time when that ends, probably sometimes towards 2050. A real cutoff just leaves tens of thousands, probably hundreds of thousands of households simply stranded with no gas. That would be unacceptable for the country, and we're proud to lean in and support those people in the coming years. Mike, do you want to add anything further? Yeah, look, that Greymouth Gas gas deal. The best part of 70%-8 0% of our gas book goes directly to direct use users, whether ordinary Kiwi homes, schools, hospitals, and government agencies. We signed that seven-year deal with the specific purpose of, one, providing reliable gas supply to those users, but also giving them a chance to transition as well at a reasonable pace, which doesn't leave them out of pocket. It's that balance. We're providing that security of supply, and at the same time, we want to get alongside ordinary Kiwi households, schools and hospitals, and agencies across government, which will allow them to transition as well, calmly. Yeah, I think just my final comment on that is it's important that gentailers and the industry is constructive as we go through this transition and helping customers, businesses in that transition. I think just cutting off things, and I go back to my comments and my speech around that. If we just cut off supplies, that has devastating effects on the economy, on individuals as well. Other questions from the floor? [Non-English content]. I'm here on the domestic side of electricity. Normal people in their homes, like beneficiaries who can't pay their power bill and ones who complain about the price of the electricity. I'm not sure, can you give us a point about the domestic side where can you give us an idea of how many people that cannot afford their electricity, and if there's a vast amount or a low amount of people who can't afford it, which I think is probably high, how would you go about— I think for some of them, it's just reeducation on how to actually use their electricity in their homes. Do you have a figure about actually how high it is of the people who find it hard to pay their power bill? Yeah. I'll let Mike make some comments, but I will make some comments because I think it's fair to say Contact recognize that there are a lot of people out in New Zealand struggling with lots of the cost of living, and energy costs are a part of that as well. I think as a Board, we do look at and certainly are constantly challenging the team about what are we doing about it as a company. You see the mix of our products, free power over three hours. We're the only gentailer out there with prepay. That is really helpful where people are struggling to pay their bills. I'll let Mike add further there, and The Good Initiative is obviously something we've done quite directly in the last year. Yeah, I think it's important that it's not a one-size-fits-all solution. Rob's alluded to some of those layers. Number one, look, for The Good Initiative, which we're increasing by 50% to get to the agency or at the frontline who can help those households in genuine need and making sure they're empowered to employ every dollar they have into where it's most helpful. We made that commitment to stay in prepay, and that was deliberate. It helped a large number of Kiwi households budget. The other thing in that, we have a wellbeing team which actively work on making sure that prepay customers don't or aren't inadvertently disconnected, whether it's applying free credits at the appropriate time or other measures. They work really hard in that space. They're an incredible group of good and honest people. The other thing is, indeed, look, above that, is enabling Kiwis to take control of their power bill, whether it's three free hours of power during the week or the free weekends, moving your load and getting that free power is taking it away from us telling customers what they should do to customers taking hold of their own lives and taking hold of their own future, we actually think is really important. The last thing is, look, that broader building more renewable energy projects, which just increases supply for ordinary Kiwi households. And you've seen the drop in the household prices, and the future prices, and that will flow gently through to retail prices being a lot more stable going forward. The only real thing we have to worry about is increasing lines and transmission. It's that multi-tiered response which is so important. You don't really have a figure on the amount of people unable to pay their power bill generally? We work with those people. I don't have an exact number, but we have, for instance, 10,000 customers on prepay, the vast majority of which pay on time and regularly. You just tier it down to you might get down to maybe 1,000 to 3,000 households who we have to work really actively with. Okay, any other questions in the room? Thank you. My name's [Faye Bishop], and the question I have may not be quite relevant to this. There you go. Speak. Oh, pop that, yeah. That's it. My name is [Faye Bishop]. The question I have may not be quite relevant to this meeting, but I think you will have people who can answer the question. In Mike Fuge's speech, he mentioned Tiwai Point, and in other information that I've had, there is an Australian company who had been planning to build a urea plant near Tiwai. Is Contact a supplier to that business, or is it not something that's on the radar of the Contact management or Board? It's not something I'm aware of. No, look, obviously, with the 95% renewable energy that we now have in abundance in this country, there are a range of industrial options. I hadn't personally heard of the green urea plant down at Tiwai, but I have heard of green urea as an option. It's pretty tough economically, from what I understand. But it's one of many options. The thing we do as a company is it's always really important, one, to keep your eye on that far future. But also to play the game in front of you, which is supporting, in this instance, Fonterra, New Zealand Steel, and the aluminium smelter. And that we have secured the industrial base of this country for a very, very long time. Green urea might happen, it might not. Let's see what happens. It may happen in Southland, it may happen somewhere else, but that's not for me to say. Thank you. Any other questions on the floor? Okay, let's go online, please. We've got a question here from [Kaushik Patel]. With regard to the recent announcement of a potential joint data center venture with CDC, does this mean future capital raise or reduced dividends going forward? One of the things, too, that [Kaushik] also notes is with the current opposition to growth in AI, and he requests some comments from the Board, and in particular, the CEO, Mike Fuge. Okay. Look, I think both Mike and I, in our speeches, I guess, certainly made our enthusiasm for data centers, and I just would go back to, I strongly, personally believe that they will drive additional demand, which will be met by new supply that, in its totality, would add resilience to the New Zealand electricity system. So very positive from that point. I will hand over to Mike, and I might even get Jon to comment as well, because this is very much the future, and after today, I'm not here, so. Okay, look, number one, no investment decisions have been made. While it would be premature to speculate about future funding requirements, our balance sheet is very strong. We raised NZD 575 million of new capital in February this year so that we would be prepared to move quickly if growth opportunities like this did appear. So that's as good an answer I can give to that. Contact Energy has four bottom lines for potential data centers. Number one, it's ensuring that the partners pay a fair price for the power and the infrastructure that goes around it, that they don't land that on others. Number two, they have to be environmentally responsible, particularly with the use of water. Number three, they have to make a positive contribution to the communities around them. They have to be a good neighbor where they operate. And number four, they do have to ensure enduring value for the whole nation. On AI more broadly, our focus is on supporting infrastructure that can help unlock new renewable generation and economic growth for New Zealand. As with any project, we would only proceed if it aligns with our strategy, our values, and creates genuine value for our shareholders and communities. I think there is a broader question for people to consider about AI, is that just as we aspire to energy sovereignty and we aspire to data sovereignty, there is also a question for the nation about whether we want that super intelligence located here or simply in the hands of others. The only way it gets located here is if we have data centers here. Researchers at Berkeley have access to almost 300 times the number of tokens that our researchers in this country have, which ultimately will lead to an unfair competitive advantage if we do not actively consider stepping into that space. Jon. Thanks, Mike. I will keep this brief because I think Rob and Mike have answered that well. Really the way that I would characterize my view around data centers, I reach back a little bit to some of my words earlier, and it is around data centers done well. Mike talked about four points there that constitute a big part of that, but there is a couple there that I just wanted to expand on. The first is acknowledging that data centers are big consumers of energy. But the way we see that working is, alongside any data center, us building new renewable generation that matches or exceeds the consumption of that data center. In addition to that, we expect there to be energy infrastructure around that that improves the resilience of the grid and improves our energy system overall. It will take time, but we see that as a very positive picture done well. Also around some of the other environmental impacts, there are a few different ways that data centers can be constructed. We have been very careful with the partner that we are working with, and they in turn are very attuned to and careful around how to ensure that all those environmental impacts are wholly or very close to wholly mitigated. Water, in particular, is one that has been raised in a few different forums, and we are very comfortable in that regard in terms of what is called a closed-loop system to avoid any excessive water consumption. Then finally, I just want to touch on the opportunity side of that equation, where we really, really, as a country, could do with more industry, especially in our regions. Data centers is an area that can contribute to that. That is in the construction, it is in the operations of the data centers, it is in the renewable generation that will be built to support those data centers, and all of the upstream and associated industries that sit alongside that. In totality, that would be really helpful for the country. That is something that I am keen to ensure is kept as part of the equation and part of the social discourse that is playing out around data centers. Okay, next question. This is a question from [Lillian Wang] on the same similar subject. AI is driving rapid growth in global center power demand. Could Contact attract major U.S. technology companies to build AI data centers in New Zealand that would be supported by dedicated geothermal and other renewable generation, with the grid mainly providing backup? Does Contact see this power plus data center model as viable long-term growth opportunity? Okay, thanks for the question. I think, again, in our speeches, you saw that we very much saw this as a great opportunity, a great export industry in the making. Yes, we do see large-scale data centers as potential long-term growth opportunities for New Zealand and for Contact. I should say that the U.S. technology companies we are talking about are actually the buyers of the compute power from those data centers. The data centers themselves would be owned and built by others. New Zealand does have some genuine advantages, including a high proportion of renewable electricity, a strong renewable development pipeline, and available sites with grid connectivity. Our approach is very much based on additionality. The objective is not for data centers to consume existing renewable generation, but for long-term demand to help to unlock new renewable supply. Geothermal is particularly well-suited, and Contact has 11 TWh development pipeline across its wind, solar, and geothermal. That is why we are exploring opportunities such as a potential data center at Stratford in partnership with CDC. Thank you. We have now two very similar questions from [Andrew Smyth] and [Steven Lowe] on a different topic. What do you think is driving the decline in the Contact Energy share price in the last three months, down 7.5% for the year? Share prices are influenced by a wide range of factors, many of which are outside the company's control. While we do not comment on the short-term price movement, several factors may have affected recent price sentiment towards the New Zealand utilities sector and Contact. These could include the recent reduction in long-term electricity, future prices, the perception of policy risk change lead up to the election, and probably particularly the higher interest rate environment. The Board and the company and the leadership remain focused on the strategy, delivering operational performance, maintaining disciplined capital allocation. [Jenny], this is a question from [Jenny Miller]. Thank you, Rob, for all you've contributed to Contact Energy. Is the Board confident that the incoming Chair, Jon Macdonald, is the right person for the role, given he's already a very busy Director and Chair? Does he have the time allocation, dedication for the Contact Chair role that Rob has? The Board is very confident. I can say that I participated in what was an extensive process that we undertook over the past year to appoint the chair, and that included the use of an outside advisor. It was a committee of the Board that was chaired by David Smol. The outgoing chair did not get to choose. The incoming chair was chosen by the Board that remained. I think the Board is very confident about Jon being the right person. The one thing I would say about commitments, as these things come along, people adjust over time. I will let Jon perhaps comment of his portfolio. Thanks, Rob, and thanks, [Jenny], for the question. Going very directly to it, yes, I do have time for this role, and yes, I absolutely have that dedication and a passion for Contact Energy. Like Rob laid out there in terms of the very considered process the Board went through, for me too, it was a decision taken with a lot of thought because I have had eight years' worth of seeing how hard Rob has worked in the role. There absolutely is a big time commitment and a big energy commitment that it requires. I can state to you unequivocally, I have both that time and that commitment. Thanks, Jon. This is in the spirit of two questions. This is also from [Jenny Miller]. Referring to C1 and C2 notes in the financial statements, as Contact Energy transitions from older geothermal thermal assets to new projects, how does the Board manage the risks with the potential for write-offs and sudden impairments? Because we got the useful life or initial judgments wrong. Getting it wrong could have a significant impact on profitability down the track. Do you have any comments? The Board takes the risk very seriously. We operate long-life infrastructure businesses. There will always be a degree of judgment involved in areas such as asset lives, future operating performance, and capital investment decisions. To manage that risk, we regularly review the asset lives, carrying values, and future cash flows assumptions, and those assessments are subject to both Board oversight, external audit scrutiny. Any major investment must also meet rigorous return and risk hurdles. Importantly, our strategy has been to replace aging assets at a planned and disciplined way. We continually test our assumptions, and when circumstances change, we will update those assumptions transparently. Our objective is to avoid surprises and ensure shareholders can have confidence in the quality and sustainability of our earnings. I will just make one other comment, particularly around, and you are seeing it with both the Wairākei Power Station, but also previously, the Stratford Combined Cycle. We do have a habit of just sweating these assets a bit longer than what we actually had the written-down periods for. So if anything, we are quite conservative when it comes to asset lives versus how we might finally exit those assets out of our system. This is the final online question because we are almost out of time. This one is from [Hon Lu]. "When applying modern employment philosophy, does Contact place greater emphasis on a candidate's skills and ability to perform the role, or do they also consider an applicant's background and personal circumstances? This might lead to a company becoming more successful. I am going to ask Mike to comment on that, given he is the person that employs people to pay him day out. I did mention that in my speech. We actively seek the very best of the best, particularly in the context of a New Zealand environment and the small population we have here, and that is what will propel us into the future. We always keep an eye on how we are performing on diversity and inclusion. That is also important that we are fair, that we do not let our natural biases exclude some of the best of the best. That is something, but that is more about making sure that we do not let those natural biases. We are unashamedly of that philosophy that the best capability is what is going to propel us to the future, and that is why we are the graduate employer of choice in this nation. I will just add to Mike's final comment there that it is something the Board is quite proud about. We have grown a graduate recruitment program and internship over the past five years to the point it is very sought after by all sorts of graduates across universities in New Zealand. Okay. We are done. There are no more questions from shareholders online. Okay. Are there any final questions on the floor? No. Okay. Thank you, everyone, and thank you, Jon and Mike. As there are no further questions, I now declare the meeting closed. For those present in the room, I would like to invite you to stay and join us for morning tea. Please feel free to talk to me, my fellow directors, and members of Contact's senior management and wider team. We are all wearing name badges and look very much forward to the opportunity to talk to you. If you have customer service queries or would like to sign up as a customer, members of our retail team are also there. Thank you very much for your attendance and continued support of Contact. I wish you a safe journey home. [Non-English content]. Thank you.