Vector (VCT) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with health and safety instructions, acknowledgment of local iwi, and addresses from the chair and CEO.

• Agenda included executive addresses, director elections, auditor appointment, general business, Q&A, and voting.

• Hybrid format enabled both in-person and online participation, with clear guidelines for questions and voting.

Financial performance review

• Adjusted EBITDA for continuing operations rose 14% to NZD 365.2 million in FY24, up from NZD 320 million in FY23.

• Group net profit after tax was NZD 79.9 million; underlying profit (excluding gas impairment) was NZD 139.9 million.

• Vector's 50% share of Bluecurrent's FY24 net loss was NZD 24.9 million, with NZD 30.6 million in cash distributions received and NZD 19.9 million post balance date.

• Significant reduction in net interest costs due to lower debt and interest received on cash.

• Sale of 50% of the metering business (now Bluecurrent) contributed to improved balance sheet.

Board and executive committee updates

• Board worked closely with the CEO, major shareholder, and regulator to drive results and manage the energy transition.

• Doug McKay (Chair) and Simon Mackenzie (Group Chief Executive) delivered their respective addresses.

• Bruce Turner and Anne Urlwin stood for re-election, highlighting their industry experience and strategic focus; both were re-elected with over 833 million votes each.

• Bruce Hassall withdrew from election following shareholder feedback.