Transpower releases FY25 Integrated Report

29/08/2025 08:30 NZST, ANNREPP

Transpower’s operating revenue increased by 6% to $986 million in line with expectations following the transition to regulatory control period (RCP4), effective 1 April 2025. The increase relates to higher costs, an increase in the Weighted Average Cost of Capital (WACC), and higher levels of investment.

Operating expenses were $420 million, a 9% or $35 million increase relative to the previous year, mainly due to higher maintenance, increased investigation work to support customer growth, and workforce costs as the business grows and builds the capacity needed to deliver an increased work programme.

Net profit after tax was $107 million, a 19% increase from the prior year, but a 14% drop after normalising for a one-off non-cash tax expense in 2024 of $34 million (relating to the removal of tax depreciation deductions on non-residential buildings).

A final dividend of 6.0 cents per share, or $72 million, has been declared, representing a total dividend for the year of $120 million. This represents an increase of $10 million over and above the full-year dividend forecast in Transpower’s 2024/2025 Statement of Corporate Intent.

Transpower has delivered a consistent operating performance over the last year, despite the challenges of higher supply chain, maintenance and resourcing costs.

We continue to deliver returns for our shareholder, the New Zealand Government, while investing in New Zealand’s future.