Contact Energy (CEN) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with acknowledgments to local iwi and a welcome to shareholders and guests, both in-person and online.

• The agenda included addresses from the Chair and CEO, review of financial statements, shareholder Q&A, and voting on four resolutions.

• Safety instructions and meeting procedures were outlined, including voting and question protocols.

Financial performance review

• FY2024 saw strong financial results: EBITDA of NZD 663 million and profit after tax of NZD 230 million.

• Annual dividend increased to NZD 0.37 per share, up 6% from FY2023.

• Significant investment of NZD 1.2 billion in new geothermal generation at Tauhara and Te Huka 3.

• Normalized EBITDA for FY2025 expected to rise to NZD 770 million, reflecting new geothermal assets.

• Retail business grew by 36,000 connections, with over 410,000 customers now served.

Board and executive committee updates

• Board introduced, including new director David Gibson, with details on recruitment and governance experience.

• Sandra Dodds and Jon MacDonald stood for re-election, highlighting their governance and sector experience.

• Acknowledgment of upcoming retirements of key leadership team members.