• Contact Energy makes non-binding offer to purchase remaining 24.98% stake in King Country Energy
• Transaction would give Contact full ownership of King Country Energy's 5 hydropower stations
• Consideration expected to be paid in Contact shares

Contact Energy has made a non-binding indicative offer to King Country Trust ('the Trust') to purchase the remaining 24.98% of King Country Energy for ~$47 million. Through its wholly owned holding subsidiary, Contact currently holds ~75% of the shares in King Country Energy and operates and maintains King Country Energy's five hydropower stations. Four are located within the King Country region, one in the Horowhenua region, with total installed capacity of ~53MW and average expected annual generation of ~190GWh. If the Proposed Transaction proceeds, Contact would take full ownership of King Country Energy's stations. The Trust has elected to undertake a Special Ownership Review and public consultation in accordance with the terms of its Trust Deed to inform its decision whether to accept Contact's offer. This consultation is expected to commence shortly and run for around a month. Following public consultation, if the parties elect to proceed with the Proposed Transaction, a sale and purchase agreement would be expected to be signed and completed in the second quarter of CY26. The consideration for the Proposed Transaction is expected to be paid in scrip (by issuing new Contact shares to the Trust or its nominee).