Transpower New Zealand Limited

Overview

Transpower New Zealand Limited are a State Owned Enterprise, tasked with owning and operating New Zealand's National Grid - the network of high voltage transmission lines and substations that connect areas of generation with towns and cities across the country.

TRP issued Fixed Rated Bonds on the NZDX on 30 November 2011. The Bonds are set to mature on 30 November 2018.

Performance

The following information was extracted from Transpower New Zealand Limited's half year results, released 27 February 2026:

Transpower FY26 Result: Aotearoa New Zealand’s electrification journey gathers pace

12 months ended 30 June 2026 (FY26) 12 months ended 30 June 2025 (FY25

Net Profit After Tax $176m $107m

Operating revenue $1.15b $986m

Operating expenses $446m $420m

Capital expenditure $644m $613m

Final dividend $30m $72m

Major strategic highlights:

Delivering at pace today, preparing for the step change in electrification ahead

• Enabled 18 new renewable generation, battery and capacity upgrade projects to connect and/or commission, adding 669 MW. That is more than five times that of FY22, and enough to power around 211,000 households. Over the next 15 years, New Zealand will need to develop and connect as much new generation as was built over the previous 40 years.

• Accelerated the customer connection pipeline - advancing a record 22 new generation connection projects into the delivery phase. We are responding to connection demand with pace and efficiency.

• Commissioned the first digital substation at Ohangai in Taranaki, delivering the substation in record time to support Fonterra’s electrification plans.

• Identified $53m of savings from our ongoing productivity improvement programme, which will be delivered across the remaining four years of RCP4.