New Zealand · Delayed Price · Currency is NZD Vector Earnings Call Transcripts
Fiscal Year 2026
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Strong financial results were reported, with record investment in the electricity network and a refreshed strategy focused on electrification and productivity. Shareholders approved the appointment of a new auditor, and management addressed questions on gas transition, CapEx, and infrastructure costs.
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FY 2026 saw double-digit revenue and profit growth, record electricity network investment, and strong cash flow. Outlook for FY 2027 includes higher EBITDA and CapEx, with continued focus on electrification and disciplined capital allocation.
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Revenue rose 14% and Adjusted EBITDA increased 19% year-over-year, driven by higher electricity revenue under new regulatory settings. Net profit fell 4% due to lower capital contributions, while CapEx was down but expected to rise in the second half.
Fiscal Year 2025
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The meeting reviewed strong financial results, a leadership transition, and strategic focus on regulated networks and technology-driven growth. Shareholders approved director elections, a fee pool increase, and auditor reappointment, while key risks included regulatory uncertainty and rising operational costs.
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Revenue and adjusted EBITDA grew strongly, with solid cash flow and stable debt. Gas business impairment and divestments reflect sector uncertainty, while electricity pricing and CapEx are shaped by regulatory resets. Dividend payout is within policy range but not a future guide.
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Strong half-year results with revenue up 11% and Adjusted EBITDA up 16% year-over-year, driven by electricity price increases and higher capital contributions. Revised dividend policy links payouts to cash flow, and the CEO transition is set for June.
Fiscal Year 2024
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The meeting reviewed strong financial results, strategic divestments, and a focus on digital and climate resilience initiatives. Dividend policy and future investments hinge on upcoming regulatory decisions, while board re-elections and auditor appointments proceeded smoothly.
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Strong full-year results driven by higher electricity and LPG volumes, strategic asset sales, and disciplined capital investment. Regulatory uncertainty and energy market challenges remain, with dividend policy under review pending the outcome of the price-quality path reset.