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Highlights

  • VCT recorded a net profit after tax of NZD 118 million from continuing operations in H1FY25.
  • In H1FY25, VCT’s board has declared an interim dividend of 12 cents per share in 1HFY25.
  • VCT forecasts that gas disconnections will outpace new connections from FY26, ending by FY29.

Vector Limited (NZX:VCT) is a New Zealand-based energy company that serves customers with electricity, communications, and digital solutions, driven by its customer-centric Symphony strategy.

In the first half of the financial year 2025 (H1FY25), VCT recorded a net profit after tax of NZD 118 million from continuing operations. Adjusted EBITDA for continuing operations rose 16% YoY to NZD 202 million. The company invested NZD 261 million in gross capital expenditure during the period.

During the reported period, VCT declared an interim dividend of 12 cents per share. The board has also revised its dividend policy to align with cash flow and the Commerce Commission’s five-year regulatory cycle.

In the nine months of the financial year 2025 (9MFY25), VCT reported 630,004 electricity network connections, marking a 1.3% YoY increase compared to March 2024. Gas network connections rose modestly by 0.3% YoY to reach 120,644 by the end of the period.

Recent Business Update

Vector has appointed Vaughan Busby as a non-executive director following an external board-led search. With over two decades of experience in energy and infrastructure, Mr Busby holds directorships at Energy Queensland, Netlogix Australia, and chairs SFV. He brings international governance expertise and looks forward to contributing to Vector’s New Zealand operations.

Company Outlook

In FY25, VCT expects adjusted EBITDA between NZD 400 million and NZD 415 million, gross capital expenditure of NZD 495 million to NZD 525 million, and capital contributions ranging from NZD 215 million to NZD 245 million, ahead of the transition to the DPP4 regulatory period, which commenced on 1 April 2025.

Recently, the company has released its ten-year Gas Asset Management Plan, forecasting gas disconnections to outpace new connections from FY26, with new connections ceasing by FY29.

Stock Information

VCT’s share closed at NZD 4.46 apiece on 10 July 2025.

Support and Resistance Summary

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 10 July 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.