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Executive summary

• EBITDAF rose 24% year-over-year to NZD 500 million, driven by the Manawa acquisition and increased renewable generation, with net profit after tax up 44% to NZD 205 million.

• Over 97% of generation was renewable in 1H26, up from 89% year-over-year, with significant growth in hydro and geothermal output.

• The Manawa acquisition was completed, integrating 25 hydro schemes and a 75% stake in King Country Energy Limited, delivering 80% of targeted cost synergies within six months.

• Major infrastructure projects, including Glenbrook Battery 2.0 and Glorit Solar, are progressing on schedule and will be funded by a NZD 525 million equity raise.

• Interim dividend declared at 16cps per share, with full-year target of 40cps, a 3% increase year-over-year.

Financial highlights

• EBITDAF for 1H26 was NZD 500 million, up NZD 96 million from prior period, with adjusted EBITDAF excluding Manawa transaction/integration costs at NZD 522 million.

• Net profit after tax increased by NZD 63 million to NZD 205 million, primarily due to higher EBITDAF.

• Operating free cash flow rose to NZD 249 million, up NZD 111 million year-over-year, and operating cash flows were NZD 308 million.

• Basic and diluted EPS attributable to shareholders was 20.9 cents, up from 17.9 cents year-over-year.

• Interim dividend declared for 1H26 was NZD 159 million (16cps per share), with total FY26 dividend guidance reaffirmed at 40cps.

Outlook and guidance

• FY26 expected reported EBITDAF upgraded to NZD 965 million, with normalised EBITDAF at NZD 995 million, reflecting first-half outperformance.

• No change to second-half assumptions; guidance upgrade is structural, not due to one-off factors.

• Capital expenditure guidance for FY26: NZD 170–185 million for stay-in-business CapEx, NZD 500–510 million for growth CapEx.

• Total FY26 dividend expected to be 40cps, with 41–42cps targeted for FY27.

• Operating cash flow conversion expected to remain at 50%.