Transpower announces Integrated Report and Annual Result

28/08/2026 08:31 NZST, FLLYRP

Transpower has reported net profit after tax of $176m and

operating earnings (EBITDAIF) of $704m. The increase in

earnings reflects increased operating revenue under the

Commerce Commission approved regulatory control

period 4 (RCP4), along with the associated step-up in

investment in capability to meet the grid investment need.

Transpower has a clear plan to reinvest these profits to

replace and refurbish ageing parts of the grid to ensure the

grid can continue to support the significant growth of

electrification.

The 17% growth in operating revenue primarily reflects the

higher Weighted Average Cost of Capital in RCP4 for

transmission revenue; while the 6% increase in operating

expenses is driven by additional grid maintenance

including the impacts of severe weather, planned step

changes in technology investment and the final phase of a

planned increase of the organisation’s workforce necessary

to deliver RCP4 outcomes.

The expected increase in capital expenditure reflects the

increased investment approved under RCP4. Transpower

maintains strong investment grade credit metrics and has

continued to access global financial markets to support the

funding required for investment in the grid.

The Board declared a final dividend of 2.5 cents per share,

or $30 million. This is slightly above the dividend forecast

in Transpower’s Statement of Corporate Intent.

Transpower has delivered a strong year of performance

while continuing to invest in the national grid and power

system operations that New Zealand needs for the future.

Our focus remains on keeping power flowing, maintaining

disciplined cost control, and enabling the electrification

that will support economic growth and resilience across

Aotearoa New Zealand.