Vector reports 7% EBITDA increase, eyes future investment

Vector has reported a 7% increase in adjusted EBITDA of $185 million for the first half of the 2024 financial year.

The company's total capital expenditure also saw a 6% rise to $238m.

Meanwhile, underlying net profit after tax was up by a significant 29%.

However, the reported group net profit after tax stood at $22m, which included a $60m impairment of the gas distribution business.

Vector chief executive, Simon Mackenzie, highlighted the importance of future cashflows, which will be set by the Commerce Commission in 2024, for enabling investment in Auckland's electricity network.

Mackenzie said this was critical for growth, reliability, decarbonisation, and climate resilience until 2030.