Vector Limited (NS) Analysis

Overview

About Vector

Vector is an innovative New Zealand energy and digital solutions company, which runs a portfolio of businesses delivering energy, technology and communication services to more than 620,000 residential and commercial customers across New Zealand. Vector has a leading role in creating a new energy future through its Symphony strategy which puts customers at the heart of the energy system.

Vector’s majority shareholder, with voting rights of 75.1%, is Entrust. For further information, visit www.vector.co.nz

Vector listed on the NZSX in 2005.

Performance

The following information was extracted from Vector Limited's half year results, released 20 February 2026

Vector’s 2026 half year financial performance in line with expectations

•Group net profit after tax for continuing operations (1) $113 million, down 4%

•Adjusted EBITDA (3) for continuing operations (1) $240 million, up 19%

•Gross capital expenditure for continuing operations (1) $223 million

•Capital contributions of $97 million

•Interim dividend 12.5 cents per share

Note: all comparatives are made in relation to the six-month period 1 July 2024 to 31 December 2024.

Vector Group (NZX: VCT) today released its financial results for the first half of the 2026 financial year, 1 July 2025 to 31 December 2025.

Group net profit after tax was $113 million, down 4%, with higher adjusted EBITDA offset by lower capital contributions. Gross capital expenditure was $223 million, down 15%. Gross capital expenditure is expected to be higher in the second half of the financial year than it was in the first.

Capital contributions, which are paid by new customers joining the network, were $97 million, down 22%. Vector’s current approach to capital contributions aims to ensure those driving growth pay the full cost, rather than other customers. However, the Electricity Authority’s review into how new connections should be funded could impact this approach. The board has determined to pay an unimputed interim dividend of 12.5 cents per share.