• Mass market electricity and gas sales up, netback stable
• Wholesale electricity sales, revenue, and generation increased
• Generation costs rose due to higher fuel and purchased power costs
• Renewable development projects on track

Contact Energy's January 2026 operating report highlights mixed performance across its business segments. The Customer business recorded mass market electricity and gas sales of 322GWh, up from 271GWh in January 2025, though the mass market netback was slightly lower at $166.61/MWh compared to $167.65/MWh a year earlier. In the Wholesale business, contracted electricity sales, including to the Customer segment, totaled 900GWh, up from 700GWh in January 2025. Electricity and steam net revenue was $120.71/MWh, down from $123.24/MWh a year ago. Generation costs, which include acquired generation, rose to $52.77/MWh from $45.95/MWh, driven by higher fuel and purchased power costs. Contact's own generation cost was relatively stable at $41.20/MWh. The company's renewable development projects, including the Glenbrook-Ohurua Battery, Kōwhai Park Solar, and Te Mihi Stage 2 geothermal, remain on track to come online in 2026 and 2027. Hydro storage levels in both the South and North Islands were above average as of early February 2026, and inflows into Contact's Clutha catchment were 110% of mean for January 2026.