Half Year 2025 Vector Ltd Earnings Call Transcript
Key Points
- Revenue increased by 11%, driven primarily by Electricity revenue.
- Adjusted EBITDA for continuing operations rose by 16% to $202 million.
- Net profit after tax for continuing operations increased by 50% compared to the prior period.
- Capital contributions were up 32%, largely due to new data centers and a large KiwiRail project.
- Vector Ltd (VETTF) maintained a stable credit rating of BBB+ from Standard & Poor's.
- The number of new electricity connections was 2,079 lower than the first half of FY24.
- Gas volumes were 7% lower compared to the first half of FY24 due to decreased demand.
- Bluecurrent reported a net loss of $10.8 million due to depreciation and amortization costs.
- Gross capital expenditure increased by 12% to $261 million, indicating higher spending.
- The interim dividend of $0.12 per share was declared with no imputation, reflecting potential tax inefficiencies.
Good morning, everybody. Welcome to Vector Limited's conference call and webcast to discuss the company's financial and operational results for the half year ended December 31, 2024. (Operator Instructions) I must advise you that this conference call is being recorded today. I would now like to hand you over to Vector's Chair, Doug McKay, who will take you through the call. Please go ahead, Doug.
(spoken in foreign language) Hello, everyone, and welcome to our presentation this morning. I'm Doug McKay, Vector's Chair. Today, we're going through Vector's results briefing for the half year ended December 31, 2024. Joining me on the call is our Group Chief Executive, Simon MacKenzie; and Chief Financial Officer, Jason Hollingworth. Before I hand over to Simon, I want to acknowledge the release to the market this morning that Simon will be stepping down at the end of June.
As I said in the release, Simon is an outstanding CEO and his leadership of Vector over many decades in different
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