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Vector (VCT) briefings

Read that company's published results in release order, newest first.

Vector (VCT)FY26Released 18 August 2026

Payout ratio hits 108.3% of NPAT as free cash flow falls to $88.5m

Underlying profit grew strongly but rising capex and debt-funded dividends raise sustainability questions.

Published 18 August 2026

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Vector (VCT)HY26Released 20 February 2026

Vector adj. EBITDA up 19% as gas trading exit clouds 9.2% NPAT decline

Continuing-ops revenue rose 6.1% and capex fell 16%, but the 12.5c interim dividend ran above reported NPAT and leverage stayed elevated.

Published 23 April 2026

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Vector (VCT)FY25Released 25 August 2025

Net debt climbs to 5.05x EBITDA even as PBT rises 33.9%

Leverage weakened to 5.05x EBITDA and cash fell 69.9% while a 33.9% PBT gain reflects a lower tax rate and a non-comparable prior period.

Published 23 April 2026

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Vector (VCT)HY25Released 26 February 2025

PBT up 169.6% but working-capital build hits unprecedented NZ$27.7m

Continuing-operations earnings surged on a lower tax rate and segment improvement, but a NZ$27.7m working-capital absorption—versus a historical

Published 23 April 2026

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Vector (VCT)FY24Released 27 August 2024

PBT up 12.8% but NPAT down 94.7% on prior-year Metering disposal gain

Networks margin expansion and lower capex strengthened leverage to 3.7x EBITDA, while a $60m gas distribution impairment hit reported earnings.

Published 23 April 2026

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Vector (VCT)HY24Released 27 February 2024

PBT fell 37.6% but NPAT collapsed 75% as tax rate hit 65%

An unprecedented 65.4% effective tax rate widened the PBT-NPAT gap, while Metering disposal proceeds cut leverage from 11.7x to 8.5x.

Published 23 April 2026

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Vector (VCT)FY23Released 25 August 2023

$1,509.9m metering disposal lifted NPAT; continuing PBT fell 32.8%

A $1,509.9m metering disposal gain inflated reported NPAT while revenue fell 11.0%, continuing PBT fell 32.8%, and pre-lease FCF widened to -$183.3m.

Published 23 April 2026

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Vector (VCT)HY23Released 21 February 2023

Net debt/EBITDA at 11.9x above historical range; $32m disposal cushioned NPAT

Revenue grew 8.7% but capex outran OCF, pushing pre-lease FCF to -$56.6m as the disposal gain masked a 34.8% PBT decline.

Published 23 April 2026

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Vector (VCT)FY22Released 26 August 2022

NPAT fell 17.8% on tax step-up and $40m LPG impairment

EBITDA was broadly flat at $510.0m, but segment results weakened, leverage drifted to 6.3x and the dividend now exceeds NPAT.

Published 23 April 2026

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Vector (VCT)HY22Released 25 February 2022

EBITDA fell 3.7% but PBT rose 15.7% as below-EBITDA costs eased

Capex of $266.4m absorbed nearly all of $283.6m operating cash flow, leaving FCF at $17.2m as leverage drifted up to 11.7x EBITDA.

Published 23 April 2026

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Vector (VCT)FY21Released 24 August 2021

Vector adjusted EBITDA +4.8%; NPAT doubling flattered by prior impairment

Capex at 41.4% of revenue keeps free cash flow negative and the 16.75cps dividend uncovered despite 97.2% OCF conversion.

Published 23 April 2026

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