CRLL0614 CRL Annual Report 2026 ISSUU by City Rail Link Ltd

City Rail Link Limited Annual Report for Financial Year 2025–2026

Beresford Square reopened in October 2025

Use of te reo Māori in this document Our commitment to te reo Māori means that you will see the use of words and phrases in te reo Māori throughout this document as normal practice. Some definitions:

Aotearoa

New Zealand

Tāmaki Makaurau

Auckland

Kaitiaki

custodian/steward

Te ao Māori

The Māori world view

Mahia te mahi

do the work

Te reo Māori

Māori language

Mahi toi

Māori art or artistic works

Mana Whenua

tribe with authority of the region

Tikanga Māori customs, values and protocols

City Rail Link Ltd Annual Report 2026

Contents Ngā Kaupapa Project Overview Introduction to the City Rail Link

Chair and CEO Report

Progress Highlights

City Rail Link Project Contracts

Statement of Performance

Objectives

Performance Targets and Measures

Project Delivery

Funding Envelope

Community and Stakeholder Engagement

Health and Safety

Sustainability and Social Outcomes

Financial Objectives

Company Overview

City Rail Link Ltd Board

Senior Leadership Team

CRL Ltd as a Good Employer

CRL Ltd's Partnership with Mana Whenua

Financial Statements, Notes, Governance and Remuneration Disclosures

Corporate Directory

Statement of Responsibility

Statement of Financial Performance

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Governance and Remuneration Disclosures

Independent Auditor’s Report

City Rail Link Ltd Annual Report 2026

Introduction to the City Rail Link He Kōrero Whakataki mō City Rail Link City Rail Link Limited (CRL Ltd or the Company) was established to support the development of Auckland and of greater New Zealand by delivering a large-scale railway infrastructure project. With City Rail Link (CRL or the Project) now complete, it is set to become part of the wider transport network and will contribute to a more vibrant and better connected Auckland – with more regular trains at peak times and increased travel choices, supporting the ongoing growth of the city. CRL Ltd’s scope includes: • 3.45km twin underground tunnels connecting Waitematā and Maungawhau Stations • Building two new stations - Te Waihorotiu and Karanga-a-Hape • Waitematā Station being transformed into a through station and significantly redeveloping Maungawhau Station • Capacity for nine-car trains • Performing wider rail network improvements at The Strand, Ōtāhuhu and Newmarket • Funding rail network improvements for Henderson Station that will be delivered by KiwiRail • Reinstatement and improvement of urban realm spaces around the stations and construction areas including Te Komititanga, Waitematā Station Plaza and Beresford Square.

City Rail Link Ltd Annual Report 2026

PROJECT OVERVIEW

Waitematā Station

Te Waihorotiu Station

Chief Post Office Building Entrance

Wellesley Street Entrance

Remuera Station Newmarket Station

Parnell Station

Eastern Entrance Grafton Station

Victoria Street Entrances

Beresford Square Entrance

Karanga-a-Hape Station Mercury Lane Entrance

Maungawhau Station Ruru Lane Entrance

CRL - Underground Track

Existing Track

City Rail Link Ltd Annual Report 2026

New or Redeveloped CRL Stations

Existing Stations 5

Chair and CEO Report Pūrongo a te Heamana me te Tumu Whakarae This is City Rail Link Ltd’s ninth annual report and its most significant during the lifespan of the City Rail Link (CRL) project. The report covers the period 1 July 2025 to 30 June 2026 (FY26) and marks the project’s most important milestone, achieving Practical Completion – marking the successful construction and commissioning of CRL’s railway lines, tunnels, stations and systems. Practical Completion was achieved on 30 June 2026 and CRL Ltd formally handed over the project to Auckland Council and KiwiRail Holdings Ltd, the state-owned enterprise responsible for rail operations nationwide. Auckland Transport and KiwiRail Holdings Ltd are responsible for the operation and maintenance of CRL. Following Practical Completion, the project’s sponsors, the Government and Auckland Council,

announced that the City Rail Link would become operational and open to the public on Sunday, 13 September 2026. Initially, the three city centre CRL stations will be able to move up to 19,000 passengers an hour at peak. Future upgrades by Auckland Council and KiwiRail to rail infrastructure, the train fleet and control systems would enable up to 54,000 passengers per hour at peak through the CRL.

Horotiu by Graham Tipene and Paraone Luiten-Apirana in the foyer of the Wellesley Street building at Te Waihorotiu Station 6

City Rail Link Ltd Annual Report 2026

PROJECT OVERVIEW

Progress during FY26 towards Practical Completion was highlighted by several positive milestones: the end of almost a decade of heavy construction; continued collaboration with CRL Ltd’s transport partners to finish an extensive programme of testing during the commissioning phase; the continued fit-out of the new CRL stations; re-opening of streets and public spaces around CRL sites; and separate, but critical to maximise the benefits of CRL, completion of KiwiRail’s Rail Network Rebuild programme in Auckland. Construction of a third platform and extra tracks at Henderson Station on the Western Line progressed through design and heavy construction during the year and is on track for completion before Day One opening of CRL. One important safety-related development during FY26 was the installation of high-speed 5G communications technology in the CRL tunnels and stations. Installation by CRL Ltd’s delivery partner, Link Alliance, and telecommunications companies One NZ, Spark and 2degrees, not only allows passengers to continue to use mobile phones and other devices while underground, it also provides emergency services with an essential communications link if there is an event underground. Aucklanders benefited from progress towards Practical Completion when, in October 2025, Beresford Square beside Karanga-a-Hape Station, was re-opened, followed in November 2025 by the re-opening of Albert Street at Te Waihorotiu Station to provide easier access into the city centre for buses, and foot and road traffic. Access at both locations had previously been restricted by CRL’s heavy construction programme. FY26 was anchored by an exacting programme of testing and commissioning of all CRL’s systems – among them lighting, ventilation, security, communications, lifts and escalators – to ensure

City Rail Link Ltd Annual Report 2026

everything functioned as it should, and the training of drivers, train managers and station staff. Hundreds of Aucklanders acted as volunteers to test station facilities and to work alongside NZ Police, Fire and Emergency New Zealand and Hato Hone St John to evaluate plans, procedures and specialist training for tunnel and station emergency evacuations. The success of this programme highlighted the combined expertise and collaboration of CRL Ltd, Link Alliance, KiwiRail, Auckland Transport – supported by Auckland Council and Auckland One Rail, together with the emergency services, to ensure that the expanded rail network will be safe to operate. CRL Ltd’s partnership with Auckland Transport, KiwiRail and Auckland One Rail (which is contracted by Auckland Transport to operate metro rail services) through an informal agreement known as the One Client Alliance has been vital to the successful completion of CRL. CRL Ltd acknowledges the continued support during FY26 from the Crown and Auckland Council. In August 2025, the Prime Minister, Rt Hon Christopher Luxon, the Mayor of Auckland, Wayne Brown, and other Government and civic leaders were welcomed on site and were the first people from outside the project to travel on a test train through the CRL tunnels. The $12 million Targeted Hardship Fund (THF), established by the Crown and Auckland Council and administered by CRL Ltd, with support from TSA Riley, closed in April 2026. The THF provided financial relief to small and medium businesses impacted by heavy construction at the Maungawhau, Karanga-a-Hape and Te Waihorotiu station sites. Over the course of the fund, total THF spend was $10.7 million. In that time, 669 payments were made to 72 individual businesses that neighboured CRL sites.

The Project acknowledges the local communities neighbouring worksites. Heavy construction disruption was a challenge at times, and CRL Ltd would like to thank them for their patience and support. All CRL stations showcase unique design that represent a striking blend of modern architecture and Māori artistry that merge Tāmaki Makaurau’s cultural past with the city’s future. CRL Ltd acknowledges the tremendous creativity demonstrated by all the artists who made unique contributions to the project. The final fit-outs at Maungawhau, Karanga-a-Hape and Te Waihorotiu stations were revealed in October 2025. Installations included ceiling representations of pupurangi or kauri snails at

Karanga-a-Hape’s Mercury Lane entrance and representations of maramataka – the Māori lunar calendar – at the station’s Beresford Square entrance. As part of the re-development of Waitematā Station Plaza, representatives from the project’s Mana Whenua Forum blessed the new Waitī Waitā (Skylid) artwork and plaza. Alongside the striking station designs, the Mana Whenua Forum’s contribution to the project also included supporting the health and wellbeing of the many thousands of CRL workers and contractors, and support for employment and business opportunities for Māori and Pasifika communities. Achieving Practical Completion reflects years of careful planning, bold decision-making and extraordinary effort.

53 glass triangles inlaid in the basalt wall at Maungawhau Station greet passengers 8

City Rail Link Ltd Annual Report 2026

PROJECT OVERVIEW

CRL Ltd acknowledges the collaboration and determination of the many people, past and present, who successfully delivered the project: management teams and project leaders for their leadership and commitment during a challenging run towards Practical Completion, the designers, engineers and construction teams for their expertise and dedication, and the Project Sponsors for their governance and provision of funding. Capital works spend in FY26 of $268 million was 17 per cent lower than the budget of $322 million. CRL Ltd received Sponsor funding of $348 million which was similarly lower (14 per cent) than budgeted funding of $403 million. These variances are mainly a result of project delivery costs coming in under budget and some costs delayed into the following financial year. CRL Ltd's deficit for the year was $125 million. The budgeted deficit was $4,198 million as it was assumed the transfer of core project assets would be by way of vesting through the Statement of Financial Performance. The actual $3,879 million transfer was instead accounted for through equity as a transaction with shareholders.

The total Project spend to 30 June 2026 was $5,283 million compared to total approved funding of $5,644 million¹ and CRL Ltd continues to expect that the remaining stages of the Project will be delivered within that budget envelope. CRL Ltd will continue to operate into FY27 and beyond. It will manage a transition period after the handover to Auckland Council and KiwiRail to support Day One operations, oversee a defect period of two years, carry out legal processes related to land and conclude the lessons learned review of the CRL. From its inception, CRL Ltd’s vision and ambition was to leave both Auckland and New Zealand as better places – it believes, proudly, that it has achieved both those goals thanks to outstanding teamwork, collaboration and groundbreaking innovation and design demonstrated from everyone who has worked hard over many years to deliver the City Rail Link. We extend our thanks and appreciation to all those involved in the CRL.

Patrick Brockie Chief Executive Officer

John Bridgman Board Chair

1 The approved budget of $5,644 million excludes future property sales proceeds that will flow directly to Sponsors and are expected to reduce the overall cost of the Project to $5,493 million, being the Target Delivery Cost amount stated in the Project Delivery Agreement. There has been no change in the total cost of the Project.

City Rail Link Ltd Annual Report 2026

Progress Highlights Ngā Wā Hira o te Anga Whakamua

August 2025

October 2025

Ministers given a “test train experience” - the first time passengers have travelled on the CRL.

Completion of the Kotāne Pupuke (kauri snail) installation at the Mercury Lane entrance of Karanga-a-Hape Station.

Beresford Square re-opens after six years of construction, giving Aucklanders back a refreshed public space at the doorstep of Karanga-a-Hape Station.

January 2026

First full timetable test across the whole network - putting a new timetable through its paces.

The Waitematā Station Plaza and eastern glasshouse open, completing CRL’s first station neighbourhood in the city centre.

Construction fences were removed displaying Te Waihorotiu’s platforms.

February 2026

March 2026

April 2026

264 drivers are certified to operate the new CRL routes and 195 train managers have completed station familiarisation.

Te Waihorotiu Station's Wellesley Street forecourt is completed.

Ventilation structures are finished and tests of ventilation fans completed.

Photo: Matt Hart Auckland Council

August 2025

City Rail Link Ltd Annual Report 2026

PROJECT OVERVIEW

October 2025

November 2025

Emergency services plan a series of exercises to test scenarios when CRL operates.

Construction coverings and equipment at Karanga-a-Hape Station are removed, revealing the finished platforms for the very first time.

CRL Ltd, Link Alliance, One NZ, Spark and 2degrees installed the 4G and 5G connectivity through tunnels and stations.

December 2025

November 2025

Auckland One Rail customer service staff get familiar with the CRL stations they will be working in.

Removal and fill in of the large noise shed and temporary access shaft (created in mid2020 to enable 24/7 excavation of the Karanga-a-Hape Station).

Albert St fully re-opens after 10 years of construction and buses return with a ribbon cutting ceremony.

April 2026

May 2026

June 2026

Te Waihorotiu Station entrance gates are ready for passengers.

Major live emergency exercises commenced to test emergency systems and evacuation procedures.

Practical Completion achieved and the CRL handed over to new owners and operators - signalling that CRL Ltd has delivered on what it was established to achieve.

City Rail Link Ltd Annual Report 2026

City Rail Link Project Contracts Ngā Kirimana o te Kaupapa City Rail Link CRL Ltd’s primary goal for the year ended 30 June 2026 was to complete the Project and handover the CRL assets for integration into the existing transport network. To ensure the Project’s success, CRL collaborated with delivery partners. Through the One Client Alliance, the parties have co-ordinated to optimise the timeliness and cost-effectiveness of their operations and have been fully involved in testing and commissioning, and the process of accepting the CRL assets for handover. Auckland Council and KiwiRail are the new owners of the CRL assets and, along with Auckland Transport, are responsible for rail services through the City Rail Link. Auckland One Rail is subcontracted by Auckland Transport to operate the metro rail network. The majority of the rail and station infrastructure work was undertaken under the Project Alliance Agreement (C3, C5 and C7). This contract is being delivered by the Link Alliance and continues through the post-Practical Completion defect liability period.

Link Alliance team members outside Maungawhau Station

City Rail Link Ltd Annual Report 2026

PROJECT OVERVIEW

Table 1 Contracts underway in the 2025/26 financial year. Contract

Scope

Contractor

Completion* Status

Project Alliance Agreement (combined C3, C5 and C7 contracts)

Stations and Tunnels, Tunnel Connections, Rail and Station Systems Integration Design, procure, and deliver rail and station infrastructure and systems, including testing and commissioning, across the full geographic area of CRL from just south of Wyndham St to the North Auckland Line (NAL) at Mt Eden, and reinstating the urban realm and streetscapes in certain areas around the stations. The contract has a two-year defect period which commenced on 1 July 2026.

Link Alliance (CRL Ltd, Vinci, Downer, Soletanche Bachy, WSP, Aecom, Tonkin & Taylor)

Completed

Henderson Construction of a third platform with new track formation and platform remodelling works at Henderson Station.

KiwiRail Holdings Ltd

Completed in August 2026

Urban realm works at Waitematā Station Plaza to reinstate the public space, including installation of the Waitī Waitā (Skylid artwork)

Auckland Council Auckland Transport

Opened to the public in January 2026

Urban realm works at Maungawhau to provide station access through the future development area

Downer

Planned for completion by the end of 2026

* ‘Completion’ means that the assets involved will be available for use. For Contracts C3, C5, and C7, 'completion' means that Practical Completion has been achieved. This is followed by a two-year defect liability period.

What happens next? • CRL Ltd is supporting Auckland Transport, Auckland One Rail and KiwiRail in preparation for the opening of passenger services on the City Rail Link. • This means proactively identifying and mitigating risks that could occur post-Practical Completion and sharing scarce specialist resources. • The One Client Alliance will continue until after the CRL opens to passenger services to ensure a seamless transition. Leadership transitioned to Auckland Transport in August 2026 and CRL Ltd has a supporting role focusing on the delivery and closure of obligations under the Project Alliance Agreement and Project Delivery Agreement. • The works to expand and upgrade Henderson station are substantially complete and expected to be finalised and transferred prior to Day One opening of the CRL. • Final minor urban realm reinstatement works are being completed. • Managing the two-year defects liability period while transitioning towards a gradual winding down of the company. • Refer also to CRL Ltd’s Statement of Performance Expectations for 2026/27 on our website. City Rail Link Ltd Annual Report 2026

Statement of Performance Tauākī Mahinga Objectives The Statement of Performance Expectations (SPE) for 2025-2026 acts in conjunction with the Statement of Intent (SOI) for 2025-2027 to assess CRL Ltd’s progress in delivering its main output class: ‘Deliver the Auckland City Rail Link project by end 2025’. CRL Ltd’s overarching strategic objectives, as set out by CRL Ltd’s Sponsors in the Project Delivery Agreement, are to:

Improve transport access in and around the city for a rapidly growing Auckland

Improve the efficiency and resilience of the transport network of urban Auckland

Significantly contribute to lifting and shaping Auckland’s economic growth

Provide a sustainable transport solution that minimises environmental impacts

Contribute positively to a liveable, vibrant, and safe city

Deliver the Project with a ‘best for Auckland’ approach

In response to these requirements, CRL Ltd has established five strategic areas, each with an outcome statement that describes the success of the Project based on CRL Ltd’s scope of accountability. CRL Ltd has held itself accountable to these outcomes throughout the Project and will continue to set targets for them until the Project is completed. CRL Ltd’s five strategic areas and outcome statements, consistent with those set out in the SOI, are:

1. Project Delivery

Deliver a safe, operable, quality rail link and streetscapes to agreed configurations in a timely manner

2. Funding Envelope

Achieve financial efficiency

3. Community and Stakeholder Engagement

Deliver a high level of communication and engagement

4. Health and Safety

Build an underground rail link that is safe for constructors, operators, maintainers, and users

5. Sustainability and Social Outcomes

Achieve sustainability excellence including social outcomes

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

Performance targets and measures for FY26 were established by CRL Ltd management with input from CRL Ltd’s Board and Sponsors to communicate the progress of the project across both construction and non-construction activities. Information within this Statement of Performance and the remainder of the Annual Report reflects reporting against strategic objectives set out in the SOI. Service performance information can be found on pages 14 to 33 of this annual report. Post delivery of the CRL to its ultimate owners, responsibility for realising wider economic, social and environmental benefits rests with Sponsors.

Judgements have been disclosed throughout the performance reporting. Further, there are conditions that may impact on CRL Ltd’s performance targets and result in a variation from the anticipated or forecast results. In some cases, CRL Ltd has aggregated performance to provide an overall assessment of the rating applied. There were no significant judgements made on aggregation of performance data. CRL Ltd’s performance against each target will be rated as follows:

4 Achieved: the target has been completely met

Statement of Compliance

✘ Not achieved: the target has not been fully

The Statement of Performance has been prepared in accordance with the requirements of the Crown Entities Act 2004, which include the requirement to comply with New Zealand generally accepted accounting practice (NZ GAAP) and the Companies Act 1993.

–

The Statement of Performance has been prepared in accordance with Tier 1 Public Benefit Entity financial reporting standards, which have been applied consistently throughout the period.

Disclosure of judgements and assumptions CRL Ltd has selected performance targets to reflect material progress of the Project. Consideration has been given to areas of interest for a wide range of stakeholders, including businesses, the local community and New Zealanders generally.

City Rail Link Ltd Annual Report 2026

achieved

Not applicable

This rating scale is the same as that applied in last year's annual report.

Performance Measures The following section of the Annual Report will compare CRL Ltd’s progress towards achieving the performance measures in the SPE 2025-2026, which are consistent with the measures in the SOI 2025-2027, and will provide explanations for major variances. Each output will be accompanied by some of the related highlights from the year. CRL Ltd monitors progress against performance targets through its monthly and quarterly reporting to the CRL Ltd Board and Sponsors. The performance target related to the approved appropriation (i.e. funding) for the CRL Project is consistent with the Estimates and Supplementary Estimates within the Vote Transport for FY26.

Performance Targets and Measures Ngā Whāinga me Ngā Whakaritenga Whakatutukitanga Project Delivery Outcome: Deliver a safe, operable, quality underground rail link and streetscapes to agreed configurations in a timely manner. FY26 heralded a suite of testing, completions and blessings. City Rail Link achieved Practical Completion by completing the C3/C5/C7 tunnel, station and systems infrastructure, a milestone marked by the signing of the Certificate of Practical Completion by all parties - CRL Ltd, Other Alliance Participants, Auckland Transport and KiwiRail – on 30 June 2026. Achieving Practical Completion required significant effort and coordination with One Client Alliance partners Auckland Transport, KiwiRail and Auckland One Rail to achieve a safe and reliable CRL for handover and operation, and means CRL Ltd achieved its performance target of completing C3/C5/C7 tunnel, rail and station infrastructure. Combined with significant upgrades and improvements across the rapid transit network, the 3.45km-long CRL will transform the city and the daily journeys of its 1.8 million residents, delivering more frequent and more reliable

The heritage Bluestone Wall has been reconstructed block-by-block, a metre from its original location 16

services. CRL will reshape the way people move around Tāmaki Makaurau. When it opens, Auckland’s train timetable will change completely. There will be three newly named train lines, East West, South City and Onehunga West, and three new city stations, offering more ways to connect with people and places across Auckland. Journeys will be more direct, more convenient, and there will be better connections to frequent bus routes that now cover Auckland. The CRL will double the number of people who can reach the city centre by train in a journey of 30 minutes or less. Focus in FY26 shifted from construction to testing and operational readiness with delivery milestones across fit-out, systems testing and integration, trial running, reliability proving, emergency testing, assurance, regulatory approvals, property and planning and eventual asset handover. Station fit-out and urban realm reinstatement Major fit-out activity at all three CRL stations concluded by December 2025, taking place concurrently alongside the remaining urban realm reinstatement works surrounding stations. In midtown, reinstatement of Auckland’s oldest road wall was completed in September 2025. The 1881 Bluestone Wall on Albert Street, recognised in the Unitary Plan as a Category B historic heritage place, is the oldest surviving piece of road construction in the central city. To make way for the tunnels below, expert stonemasons carefully deconstructed the wall into 1,800 numbered blocks. Every stone has been reconstructed in perfect sequence – shifted just one metre east to clear the new tunnels beneath - a piece of Auckland’s past, rebuilt for its future. City Rail Link Ltd Annual Report 2026

Photo: Matt Hart Auckland Council

STATEMENT OF PERFORMANCE

Blessing of Waitī Waitā in Waitematā Station Plaza

In October 2025, extensive protection fencing was

and connect. A new artwork – Waitī Waitā – sits

removed to reveal the final station platforms for

at its centre, representing the meeting of fresh and

the first time. By November 2025, the large noise

saltwater and the swirling waters formed as they

shed and temporary access shaft at Mercury Lane

mix. Graham Tipene (Ngāti Whātua, Ngāti Kahu,

were no longer required, having fulfiled their role

Ngāti Hine, Ngāti Hauā, Ngāti Manu) produced the

to provide access for 24/7 mining, tunnelling and fit-out activity without disturbing nearby residents. Midtown’s transformation received a pre-Christmas boost with Albert Street reopening to buses for the first time in ten years in November 2025. The street has been rebuilt with dedicated bus lanes, two-way traffic, wider footpaths, new seating, and native planting, alongside features such as seven skylights named after the whetū (stars) of Matariki, that draw natural light into the station. The return of frequent bus services provides more direct access to the city centre, reduces pressure on Queen Street, and strengthens connections between bus and rail services, helping create a more accessible, vibrant and better-connected midtown. The new year saw Waitematā Station Plaza and the eastern glasshouse unveiled to complete the first city centre CRL neighbourhood. Construction began in July 2024 as part of the broader Britomart Precinct regeneration and the Plaza serves as a key entrance and exit point for the

8-metre diameter artwork that weighs 31 tonnes. In February 2026, a new and improved Karangaa-Hape precinct for cyclists and pedestrians was blessed at dawn by Mana Whenua, signalling another step towards making it easier, safer and more welcoming for residents and commuters moving through the area. Karanga-a-Hape Station will play a key role in Auckland’s wider public transport network, served by both the East West Line and the South City Line on the new rapid transit network. This means whether passengers are coming from Pukekohe, Papatoetoe, Glen Innes or Glen Eden – Auckland’s most vibrant street will be an easy train ride away with trains running every few minutes at peak times. Urban realm reinstatement of roads and footpaths around Te Waihorotiu Station dovetailed with midtown’s regeneration programme, with the paved Wellesley Street forecourt and Auckland Transport’s bus improvements project completed in March and April 2026.

station while creating a welcoming space to gather City Rail Link Ltd Annual Report 2026

Around Maungawhau Station, final streetscape works include installation of bespoke concrete, native Pōhutukawa trees, seating, recycled basalt boulders, paving, lighting and drop-off areas, to create a low-traffic environment for thousands of passengers who will use the station daily. Henderson Station (C8) KiwiRail continued the delivery of strategically important works at Henderson Station to strengthen the reliability and resilience of the rail network. This will enable the running of more trains, more reliably, when CRL opens, unlocking new connections and improved journey times for West Auckland. The new third platform upgrades will provide extra track capacity, and included improved drainage, signalling and overhead line works and new staff facilities. The physical construction works were completed in August 2026. The upgrades establish Henderson Station as a potential terminus for some services, helping to ease congestion at city centre stations and better distribute passenger volumes. This operational flexibility enables more efficient train management and helps reduce delays in support of increased peak services. Installation of 4G and 5G Infrastructure Installation of high-speed 4G and 5G infrastructure through the CRL stations and tunnels will keep passengers streaming, messaging and connected on their daily journeys. Underground connectivity is critical for real-time train tracking and integration with Auckland Transport’s public transport system, as well as providing a communications link in the event of an emergency. Installation in partnership with One NZ, Spark and 2degrees involved sophisticated hardware and software – over 350 radio transmitters connected by over 100 kilometres of cables. Although cell coverage above ground is widespread via cell towers, establishing coverage underground posed significant challenges. Solid materials such as concrete, steel, and earth used to build the CRL made it harder to provide consistent wireless

connections, so careful planning was required to identify a solution. Testing and Commissioning with One Client Alliance During FY26, testing and commissioning phases took place concurrently to maintain the delivery timeline, including continuation of system integration and dynamic train testing and new phases such as emergency operations testing and timetable trials. CRL Ltd and Link Alliance worked closely with the One Client Alliance for these final phases of delivery, testing and handover. The role of the One Client Alliance is to maintain a single view of readiness across construction, systems integration, operations and asset acceptance, while helping partners identify issues early, resolve conflicts quickly and keep decisions aligned to what is best for the overall programme and future passenger service. Collaboration, shared expertise, and pooled resources are essential to identifying and resolving issues. As the project moves from delivery into operations, the One Client Alliance is also preparing for Day One by coordinating trial running, reliability proving, operator and maintainer readiness, and the governance needed to support opening decisions. This helps separate Link Alliance’s contractual pathway to Practical Completion from the broader networkwide judgement about when CRL and the 2026 timetable are ready to enter public service, giving Auckland greater confidence that the railway will open safely, reliably and in a controlled way. Dynamic Train Testing The first test train through the CRL tunnels in February 2025 signaled the start of the testing and commissioning phase. Dynamic testing - the controlled operation of running trains through the new tunnel system – took place over eight months with a range of tests at varying train speeds to test signalling systems, power supply, track integrity, and overall functionality. The tests validated that

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

Day One timetable, particularly through critical junctions on the rail network. The April and July 2026 timetable testing demonstrated that the proposed opening-day timetable was operable and resilient, representing a key milestone toward network readiness. Reliability Proving

Timetable testing with Auckland One Rail staff

the systems performed as expected and confirmed readiness for the next phase of testing. There were no major issues or risks to Day One operations identified throughout the system validation regime of over 16,000 individual tests. Trial Running and Operational Readiness Following completion of dynamic testing, the test team progressed to trial running, representing the formal transition into full operational readiness under a live railway environment. Trial running simulated full operational conditions with station operations, timetable testing, driver testing and emergency preparedness.

Alongside timetable testing, driver preparedness moved from the classroom and the simulator onto the tracks and into the tunnels. Almost 300 drivers completed CRL training including a day of CRL theory and simulator runs, a day of station familiarisations and a day of hands-on tunnel driving, ensuring drivers were equipped to operate safely within the new underground environment. Refresher training was completed during the 25/26 Christmas Block of Line. More than 250 train managers and station staff were also put through their paces. Operational Scenario Testing As part of Trial Operations, a wide range of operational scenarios were tested to validate system performance under both normal and degraded conditions (such as simulated traction

These activities were delivered using a structured assurance framework, including formal Safety Stage Gate approvals and daily Go/No-Go decision-making processes, ensuring testing proceeded safely while managing real-time operational risks. Increasingly, systems were treated as live, with exposure to real operational conditions such as alarms, isolations and active railway controls, requiring close coordination between testing, construction and operational teams. CRL Ltd supported Auckland Transport to carry out four separate timetable testing opportunities in October 2025, January, April and July 2026. This enabled stress-testing of systems, people and processes to identify improvements ahead of asset handover and Day One operations and included testing the proposed frequency of the CRL Public information display (PID) during timetable testing City Rail Link Ltd Annual Report 2026

power faults and tunnel incidents). This tested service recovery, communications between control teams and train crews, and operational contingency processes, and ensured the railway could operate safely and reliably not only under normal conditions, but also in response to realworld disruptions. Systems Integration Testing During FY26, systems integration testing progressed from testing individual systems and components, to proving the railway works as an integrated system capable of day-to-day operations. Fit-out and installation was completed including site acceptance testing, which confirms the equipment works and performed as expected. This takes place before the equipment is connected to other rail systems across the stations and tunnels. As anticipated on a programme of this scale, some station systems installation activity finished later than planned, creating more overlap than expected with subsequent stage testing and the start of trial running. This was not a clean hand-off

from fit-out/installation to testing; it required disciplined coordination between construction, commissioning, testing and operations teams to protect test integrity while the remaining station systems work was closed out. The focus then shifted to closing snags and supporting trial running. This work helps close remaining issues while continuing to build confidence that the new infrastructure, operating procedures and teams are ready to support safe and reliable passenger services. As with any major rail commissioning programme, it is not uncommon for testing to identify snags and issues as systems, assets and operational processes are proven in live conditions. These are assessed and categorised so that priority can be managed appropriately through the remaining delivery phases. More than 23,000 kilometres of train running were completed across testing and driver training, providing a substantial body of evidence that the railway can perform consistently under both routine and abnormal conditions.

Volunteer passengers exit a train during emergency exercises 20

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

Emergency Operations Testing After extensive planning and co-ordination with emergency services, running both desktop and training exercises, full emergency operations testing began in April 2026. Large-scale emergency simulation exercises helped prepare the City Rail Link for opening, involving smoke machines and volunteers acting as injured passengers to test evacuation procedures in trains, tunnels and stations. The testing programme, which ran to early June 2026, included 15 scenarios of varying scale and complexity and brought together rail operators, emergency services (Fire and Emergency New Zealand, NZ Police and Hato Hone St John) and key agencies to assess real-world responses, coordination and system performance under pressure. The exercises validated critical infrastructure, technology and operational readiness, while ensuring staff were equipped to safely support passengers in emergencies. Insights from these tests informed final adjustments to procedures, helping ensure the CRL opens as a safe, reliable and accessible service for all Aucklanders. Large-scale proxy passenger trials, involving hundreds of staff from organisations involved in the project, enhanced realism by testing real passenger behaviour, evacuation processes and station operations under near-live conditions. Verification Inspections and Handovers FY26 saw a comprehensive programme of verification inspections to assess that the project was constructed in accordance with the approved design. This included front-of-house and back-of -house areas in the stations. In total, more than 80 rooms were inspected, signed-off and made available for use by the eventual asset owners.

City Rail Link Ltd Annual Report 2026

Alongside the formal commissioning programme, One Client partners Auckland Transport and Auckland One Rail undertook a programme of station and system reliability proving. This saw increasing interactions of operations, systems and staff to test consistency over time. On a day-today basis, this involved support staff learning and familiarising themselves with back-of-house and front-of-house systems, from Auckland One Rail and Auckland Transport. Assurance and Safety Cases Throughout delivery, the Project has applied a structured assurance approach, based on recognised rail requirements and best practice safety frameworks. This provides confidence that the infrastructure has been designed, constructed and tested to support safe, reliable and maintainable operations. Independent assurance continues to provide an important level of review, with oversight from the Independent Safety Assessor and Owner Verifier. Safety of the new rail system is not left to chance. Before the City Rail Link (CRL) can open, approval is needed from NZ Transport Agency (NZTA) as the rail safety regulator. NZTA issues rail licenses on the basis of safety cases, which outline how operators manage safety on a railway. KiwiRail and Auckland One Rail already had licenses to operate the Auckland rail network and have secured updated licenses which now include the CRL section of the network, and new Auckland rail timetable.

Property CRL Ltd has a role in managing property acquired for the project under the Public Works Act 1981.

and station infrastructure have been transferred to the ultimate asset owners, achieving the performance measure.

As the project moved toward Practical Completion, the focus for CRL Ltd was squarely to progress the cadastral surveys, capturing the final threedimensional legal boundaries of the CRL's underground infrastructure.

The boundaries have also been altered to establish a single designation encompassing all railway assets (including where these assets pass through stations) for the entire length of the new railway, between Waitematā and Maungawhau Stations.

Temporary occupations of third-party land that had supported construction activity for over five years were closed out this year, completing the handback of those properties to their owners.

Forty-nine individual resource consents were obtained for the CRL project, with the majority of these (forty-four) relating to construction. Throughout FY26, the Link Alliance worked closely with CRL Ltd to demonstrate to Auckland Council that the conditions of consent for construction of the main works had been complied with. This allows CRL Ltd to surrender the constructionrelated resource consents that have now served their purpose and are not required for operation and maintenance of the CRL.

All property no longer required for final minor construction works was transferred to Auckland Council on 30 June 2026, achieving the performance target to address surplus land in accordance with CRL Ltd’s statutory duties and obligations and consistent with Sponsors’ directions¹. Resource Management Act 1991 Planning The construction, operation, and maintenance of the CRL is provided for by a combination of land use designations and resource consents under the Resource Management Act 1991 (RMA). Throughout FY26, CRL Ltd worked closely with the Link Alliance to ensure that all necessary resource consents were in place to complete the remaining works and support compliance as the project moved toward completion. Because ownership of the station assets and railway assets constructed as part of the CRL project has been transferred in separate parts to Auckland Council and KiwiRail, reconfiguration of the existing designations was required to establish separate designations for the stations and railway. Working in collaboration with Auckland Transport and KiwiRail, CRL Ltd completed an extensive process to alter the designation boundaries so that the three new stations have their own separate designations. All designations relating to the operation of rail

Asset Handovers During the year, assets totalling $65.5 million were vested to Auckland Transport and KiwiRail. These assets related to Normanby Road Bridge ($38.7 million), Mt Eden Road over the railway line ($8.6 million) and upgraded track assets at Britomart East ($18.2 million). The Link Alliance works achieved Practical Completion on 30 June 2026. In FY26, $3.9 billion of completed tunnel, station, urban realm and property assets were transferred to Auckland Council and KiwiRail. As part of asset transfer, responsibility for the station designations transferred to Auckland Transport and responsibility for the railway designations transferred to KiwiRail. At 30 June 2026 Auckland Council and KiwiRail took ownership of the CRL assets. However, readiness for in revenue service was not met at 30 June 2026 due to matters still to be resolved relating to closing out recommendations and outcomes from emergency services testing and final safety certifications from the NZ Transport Agency as the rail regulator.

1 The transfer of most property titles to Auckland Council occurred in April 2026 with the remainder transferred in May 2026. The first tranche of surplus land was declared by CRL Ltd in June 2026. Auckland Council has confirmed it will carry out the disposal of surplus land in accordance with Public Work Act 1981 obligations.

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

Following the resolution of these matters, the Sponsors subsequently announced the opening date of the CRL as 13 September 2026, meaning that the asset is considered ready for revenue service (opening to the public). Day One Operations After handing over the CRL to its future operators, the Project transitions into its post-completion phase. CRL Ltd will remain operational until after Final Completion under the Project Alliance Agreement is achieved. There is a two-year period to notify Alliance defects following Practical Completion. Final Completion occurs at the end of the defect period once all defects have been satisfactorily remediated.

CRL Ltd's ongoing presence ensures that all outstanding defects are addressed and that CRL Ltd fulfils its remaining obligations under the Project Delivery Agreement with its Sponsors, Auckland Council and the New Zealand Government. During this period, CRL Ltd will focus on supporting the integration of CRL assets into the wider Auckland Transport network, managing remediation activities, and overseeing legal processes related to land and asset transfer. Once all requirements are met and the project is fully complete, CRL Ltd is expected to wind up its operations.

Performance Targets and Measures2 Targets and Measures 2026

C3/C5/C7 rail and station infrastructure complete3

Transfer of all designations relating to the operation of rail and station infrastructure to the ultimate asset owners4 Acceptance by Auckland Transport and KiwiRail of the assets (as ready for in revenue service), with approval of the Sponsors5 Address surplus land in accordance with CRL Ltd’s statutory duties and obligations and consistent with Sponsors’ directions6

Performance in 2026

Performance in 2025

–

Practical Completion was achieved on 30 June 2026

No comparable target

–

Operational designations transferred on 30 June 2026

No comparable target

✘

–

Asset acceptance as ready for in revenue service was achieved in August 2026 with the announcement of the CRL opening date

No comparable target

–

Achieved

No comparable target

2 Project Delivery performance targets are set each year to reflect project milestones relevant to that year. More information is available in the SPE 2025-2026. 3 Completion means that the Project Alliance Agreement Schedule 22 Certificate of Practical Completion Part 2 has been signed by all parties (CRL Ltd, Link Alliance Other Alliance Participants, Auckland Transport, KiwiRail). This occurred on 30 June 2026. 4 This measure relates to the transfer of requiring authority responsibilities for operational rail and station infrastructure designations to Auckland Council and KiwiRail. Designations are distinct from the transfer of land ownership and operational resource consents. 5 Asset acceptance is defined in the Project Delivery Agreement as being when the asset is “ready for in revenue service”. The measure is considered to be achieved when the final safety certification from NZ Transport Agency as the rail regulator is obtained and the operators (Auckland Transport and KiwiRail) have determined the Day One opening date. 6 CRL Ltd achieved the measure by acting in accordance with the Framework Agreement with Auckland Council, progressing its obligations by transferring most of the property titles to Auckland Council in April 2026, and the remainder in May 2026. The first tranche of surplus land was declared by CRL Ltd in June 2026. Auckland Council has confirmed it will carry out the disposal of surplus land in accordance with Public Works Act 1981 obligations.

City Rail Link Ltd Annual Report 2026

Funding Envelope Outcome: Achieve financial efficiency Delivering within the approved project budget has continued to be a key priority for CRL. Forecast project costs are continuously monitored and reported monthly to the CRL Ltd Board and Sponsors. Despite delays to project completion, costs have been proactively managed and efficiencies achieved. At 30 June 2026, the forecast total project costs are within the overall project budget set out in the Project Delivery Agreement (PDA).

In FY26, CRL Ltd received $348 million in funding from the Sponsors (compared to $438 million in FY25). This funding was less than the budgeted amount of $403 million mainly as a result of project delivery costs coming in under budget and some costs delayed into the following financial year. CRL Ltd maintains tight discipline over corporate costs which continue to come within the budget despite inflation pressures, thus fulfiling the second SPE 2025/26 Funding Envelope target.

Performance Targets and Measures Targets and Measures 2026

Performance in 2026

Performance in 2025¹

Forecast total project cost2 is within the approved budget.

Forecast total project cost2 is within the PDA target project cost of $5,644 million.

Deliver the Project within the approved budget of $5,644 million3

Operate CRL Ltd’s corporate functions within the approved budget4

1 The FY25 measure of “Project spend of at least 90 per cent of approved Appropriation ($258m)” was removed in preference of the outcome measure on delivery within approved budget. 2 Forecast total project cost is updated monthly based on the latest programme and cost information. The forecast is based on actual costs to date and an estimate of the costs to complete. Costs to complete include forecast information prepared by CRL Ltd (for example, for corporate and property costs) and gathered from relevant third parties carrying out work such as design, construction, testing, regulatory and assurance services. The preparation of the forecast requires judgement as it is based on a range of assumptions about future events. 3 The PDA target project cost is based on a P50 estimate, meaning that there is a 50% probability the actual project cost could be below or above that number. The approved budget of $5,644 million excludes future property sales proceeds that will flow directly to Sponsors and are expected to reduce the overall cost of the Project to $5,493 million, being the Target Delivery Cost amount stated in the Project Delivery Agreement. This amount includes the defect liability period and ongoing operating costs of CRL Ltd. There has been no change in the total cost of the Project. 4 Corporate functions are as defined in the finance system and include finance, legal, people, communications, IT and office costs. The budget is set as part of the SPE process and reported quarterly to the Board. No judgement is applied in the assessment of this measure.

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

Victoria Street entrance to Te Waihorotiu Station City Rail Link Ltd Annual Report 2026

Community and Stakeholder Engagement Outcome: Deliver a high level of communication and engagement Collaboration, celebration and connection were the themes of community and stakeholder engagement over the past year, reflecting the closing phases of the project. The reopening of Beresford Square in October 2025 provided a glimpse of what was to come for businesses – expansive new spaces for the community to gather, connect and celebrate. Since opening, the Square has become a focal point for regular markets organised by the Karangahape Road Business Association. The majority of communications and stakeholder engagement was in partnership with Auckland Council, Auckland Transport, KiwiRail and Auckland One Rail to raise awareness and understanding of the changes and benefits CRL will bring to Tāmaki Makaurau. This information included timetable testing, emergency operations testing and the opening of new public spaces around the stations. CRL Ltd and Link Alliance worked closely with Auckland Transport and KiwiRail to carefully transfer long-held community relationships to the new asset owners and operators of the stations and tunnels. Alongside the transfer of community relationships, the final editions of the Link Alliance station newsletters were issued, encouraging subscribers to sign-up for updates from Auckland Transport and KiwiRail. Social media posts and joint media releases shifted focus to operational readiness rather than construction milestones. As revamped streetscapes were given back to the public and Link Alliance’s construction footprint became smaller and smaller, the final meetings of Community and Business Liaison Groups were held (CLG). The CLGs had been in place since the start of construction, giving an avenue for those most affected by construction to review proposed delivery plans and provide valuable input to mitigate impacts. 26

Across the year, the construction journey was showcased with timelapse videos showing the build for the three new stations since 2019, illustrating the enormity and engineering complexity. Post June 2026, a six-part series of history videos revisited the decade-long CRL journey – and the city that has transformed around it. The popularity of the CRL content meant the performance target relating to public engagement was exceeded, although overall targets were lower, reflecting the transition to Auckland Transport's leadership of communications as part of operational readiness. Collaboration with Auckland Council helped tell the story of the wider benefits CRL will deliver for the city centre, midtown and Karangahape Road, reflecting increasing momentum and optimism in the private sector with major investment following the CRL build including the New Zealand International Convention Centre, Radisson RED Auckland and the in-progress Double Tree Hilton on Albert Street. This included expert commentary from a range of figures including Auckland Council’s Chief Economist and Principal Transport Advisor, speaking of the 21,000 more city centre residents, 17,200 students and 37,000 existing jobs that will be within a 12-minute walk of two new CRL stations when CRL opens. Stakeholder and public optimism and excitement about the project continues to grow as Day One approaches, with CRL’s opening generating wider conversations about its legacy for future infrastructure projects. Auckland Transport research from December 2025 indicated that more than 67% of train users are quite or very positive about the CRL. 87% of train users anticipate more public transport options at peak times when CRL opens, along with more reliable (81%) and more frequent (75%) train journeys. The same research showed 62% of respondents supported the project, rising to 67% for public transport users and 75% for train users.

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

Targeted Hardship Fund

Type of businesses supported

In April 2026, the $12 million Targeted Hardship Fund (THF) was closed following the end of CRL's programme of heavy construction. The THF was established and funded in 2021 by CRL Ltd's two sponsors, the Crown and Auckland Council, to provide financial assistance for small businesses significantly disrupted and facing financial hardship as a result of the project's work at the Maungawhau, Te Waihorotiu and Karanga-a-Hape station sites.

1% 6% 14%

47%

32%

The fund was administered by CRL Ltd with TSA Riley providing independent third-party administrative support. Consistent with prior years, CRL Ltd prioritised prompt payment and clear communication. All payments for successful applications were made within 30 days of receipt of the completed application, adhering to the Sponsors’ guidelines and expectations.

Food & Beverage

Retail

Accommodation

Other

Health & Beauty

Number of businesses supported by financial year 60 54

Over the course of the fund, total THF spend was $10.7 million, with 669 payments made to 72 individual businesses that neighboured CRL sites.

44 40

0.0

FY21/22

FY22/23

FY23/24

FY24/25

FY25/26

Performance Targets and Measures Targets and Measures 2026

Achieve >4,000 likes on social media posts, >15,000 direct views of videos, and 10 media releases and public participation through events (target 4)1

Performance in 2026

Performance in 2025

✘

>181,000 likes on social media posts (achieved)

>350,000 likes on social media posts (achieved)

>409,000 direct views of videos (achieved)

>1.2 million direct views of videos (achieved)

15 media releases (achieved)

8 media releases (not achieved)

✘

public participation through events (8 achieved)

public participation through events (4 achieved)

Targeted Hardship Fund payments made to successful applicants within 30 days of CRL Ltd receiving a completed application

Achieved – the THF was closed in April 2026.

Achieved

1 The FY25 measure of “increased participation through site tours” was removed due to the stage of the project in FY26 with dynamic testing having commenced. The FY25 measure relating to events was merged with the existing engagement measure and targets were accordingly updated for media releases and events.

City Rail Link Ltd Annual Report 2026

Health and Safety Outcome: Build an underground rail link that is safe for constructors, operators, maintainers and users CRL Ltd aspires to health and safety excellence and has embedded this in a Health and Safety Strategy summarised as ‘Mahia te mahi, hei painga hei oranga mo tātou katoa,’ or ‘to do the work for the good of everyone.’

Control and Execution) to support coordination in station sites, continued use of the Temporary Operations Management system for energised and operationally sensitive areas, and continued use of Hāpai te Mahi for rail corridor access.

CRL Ltd collects and analyses health, safety, and environmental data as part of the Company’s safety management system. All major incidents are investigated and preventative actions are put in place by Link Alliance and other Project contract suppliers. The Company regularly inspects construction sites to check that minimum Health and Safety requirements are met across all contracts.

The Temporary Operations Control Centre (TOCC) continued to provide 24/7 oversight and real-time communications with KiwiRail Train Control and Auckland One Rail teams at the Auckland Rail Operations Centre.

The current industry standard measurement of Health and Safety performance is the Total Recordable Injury Frequency Rate (TRIFR). CRL Ltd has again met its TRIFR target, recording a 12-month moving average TRIFR of 3.0 recorded injuries per million hours worked on the Project (target six or less). The Project’s safety culture and safety system have remained strong over the past year as the CRL moved further into dynamic testing, integrated systems testing and operational readiness activities as well as finishing and snagging. These activities changed the Project’s risk profile, with work increasingly taking place in environments that look and operate more like live stations and rail corridors. Managing this transition safely has required close coordination across CRL Ltd, Link Alliance, KiwiRail, Auckland Transport, Auckland One Rail and other Project participants.

Worker health and wellbeing remained a priority. The Project continued to provide in-house wellbeing support, including access to occupational health nursing services and psychotherapy support. Health and wellbeing campaigns were delivered through the year to encourage early support, promote healthy behaviours and help workers manage worker fatigue, uncertainty and change as the Project moved closer to completion. CRL Ltd won the Site Safe-sponsored award for Best Governance-Level Engagement in Health & Safety at the 2026 New Zealand Workplace Health & Safety Awards. Organised by Thomson Reuters, publisher of Safeguard magazine, and proudly supported by WorkSafe New Zealand and ACC, the awards recognise excellence in workplace health, safety and wellbeing across New Zealand. From day one, CRL Ltd and Link Alliance set out to achieve industry-leading standards in health, safety and wellbeing. This award reflects the commitment, leadership and dedication of everyone involved in delivering the project safely.

A key focus this year has been strengthening systems and controls needed to support safe access, work planning, visibility and deconfliction, as well as operational readiness. This includes the creation of bespoke online tool ACE (Access

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

Performance Targets and Measures Targets and Measures 2026

Total Recordable Injury Frequency Rate (TRIFR) at or below six injuries per million hours worked2 Issue the Final Safety Assurance Summary Report within three months of Practical Project Completion3

Performance in 2026

Performance in 20251

3.0 injuries per million hours worked

1.1 injuries per million hours worked

–

Not yet due

No comparable target

1 Health and safety performance targets are set each year to reflect what is relevant to that year. The previous measure in 2025 relating to the Health and Safety HSPI score was removed as it was no longer relevant following the end of heavy construction. 2 The TRIFR calculation is the ratio of lost time injuries and medical treatment injuries—defined as injuries requiring treatment by a medical professional, recorded over the previous 12 months, per one million hours worked by personnel from CRL Ltd and its subcontractors. 3 Practical Project Completion as defined in the Project Delivery Agreement was not achieved in the financial year and therefore the Final Safety Assurance Summary was not due for issuance within the reporting period. The result has therefore been marked as "not yet due".

Hato Hone St John staff took part in emergency exercises

City Rail Link Ltd Annual Report 2026

Sustainability and Social Outcomes Outcome: Achieve sustainability excellence including social outcomes During FY26, the project completed construction and finalised its sustainability performance, marking a significant milestone in delivering on its sustainability commitments across environmental, social and cultural outcomes. In June 2025, the CRL project was awarded ‘Leading’ Infrastructure Sustainability (IS) Design & As Built Ratings by the Infrastructure Sustainability Council (ISC). Contract C3 achieved a verified score of 81.34 points, and the combined CRL project (Contracts C1, C2 and C3) achieved a score of 80.75 points, both within the highest ‘Leading’ category. These results exceed the project’s minimum requirements and represent among the highest IS As Built ratings achieved in New Zealand.

While the C3 rating was reported previously, the confirmed whole of project certification recognises the consistent integration of sustainability across all contracts, from design through to delivery. City Rail Link was named as a finalist in the 2026 Infrastructure Sustainability Council Awards for Outstanding Achievement – IS Rating Scheme, Excellence in Environmental Outcomes and Excellence in Social Outcomes. While the project did not receive an award, being shortlisted recognises the strength of CRL’s sustainability performance and its contribution to leading practice in infrastructure delivery.

Evidence of carbon emission reduction was integral to achieving this. The reduction of carbon emissions associated with construction and projected operational energy over the 100-year design life of the CRL targeted were 25 per cent and for embodied carbon 15 per cent.

CRL has delivered strong outcomes in resource efficiency and circular economy performance. A total of 70,830 tonnes of construction and demolition waste was generated, of which 7,124 tonnes were reused and 66,732 tonnes recycled, resulting in an overall landfill diversion rate of approximately 94%, exceeding the project target of 90%.

The SPE 2025-2026 target of 25 per cent was not achieved (actual result: 22.9 per cent2) because the energy-saving strategies that were incorporated into station and tunnel design and build will deliver lower projected annual carbon savings than initially anticipated when setting the overall SOI target.

Spoil management outcomes were achieved in accordance with project objectives, with a total of 1,781,349 tonnes of spoil managed. 100% of clean fill (673,016 tonnes) was diverted from landfill, with materials directed to approved clean-fill, managedfill or licensed disposal facilities as appropriate.

The IS verified carbon savings from the project include:

In parallel, the project delivered significant social and cultural outcomes. Through a strong partnership with mana whenua, Māori values were embedded into project delivery, influencing design, environmental management and community engagement. Social procurement initiatives supported employment, training and supplier diversity outcomes, including targeted opportunities for Māori, Pasifika and local communities. Programmes such as internships and ongoing workforce development contributed to long-term capability building, while engagement with social enterprises and diverse suppliers helped deliver broader community benefits.

• embodied carbon: 27,583 tCO2-e (13 per cent) • the project achieved a saving of over 21,285 tonnes of CO2-e by replacing cement with fly ash alone. • construction energy: 6,968 tCO2-e (22.9 per cent) The operational energy for the stations, tunnels and streetscape is projected to have an annual reduction of 296 tCO2-e (22 per cent) from the base case, with a design which will support wider flow-on emission reductions and benefits for the duration of the asset’s lifespan. 30

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

These outcomes demonstrate consistently high performance across environmental and social objectives through the full construction lifecycle. FY26 marks the transition from construction to completion, with sustainability outcomes now fully realised and independently verified. Final reporting confirms that construction emissions, resource use and waste generation stabilised in line with project completion, and that all materials, carbon and resource impacts have been fully accounted for. Together, these results demonstrate the successful delivery of CRL’s sustainability objectives and reinforce the project’s position as a benchmark for integrated sustainability in major infrastructure delivery. Carbon Measurement Methodology CRL Ltd adheres to the requirements set by the International Standard ISO 14064.1 and the guidelines set by the Ministry for the Environment for the verification and reporting of greenhouse gas (GHG) emissions and sustainability outcomes. In FY24, Toitū Envirocare completed an external audit of the Project's energy model for C3 and confirmed that the model was sound. The ISC has also been retained to verify and provide performance ratings across key performance targets. Notwithstanding this, quantifying GHG

Te Pō (darkness) by Reuben Kirkwood, with bronze manaia referencing kaitiakitanga (guardianship), Beresford Square

emissions is subject to inherent uncertainty as scientific knowledge and methodologies are still evolving in this area, as are GHG reporting and assurance standards.

Performance Targets and Measures Targets and Measures 2026

C3 to achieve 25% reduction (versus base-case) in construction and projected operational energy-related greenhouse gas emissions (tCO₂e)

Performance in 2026

Performance in 20251

✘

22.9% projected reduction2

22.9% projected reduction

1 Sustainability and social outcomes performance targets are set each year to reflect what is relevant to that year. The previous measure in 2025 relating to the Infrastructure Sustainability As Built rating was removed as it was one-off and specific to that year. The previous measure relating to focus group employees was removed as it was no longer relevant due to significantly decreased staff numbers following the end of heavy construction. 2 The final result was measured at 31 December 2024 following the end of heavy construction and final assessment of projected operational energy-related greenhouse gas emissions. The result has not been re-measured as there has been no change in circumstances.

City Rail Link Ltd Annual Report 2026

Financial Objectives Output Class Cost of Service Statement City Rail Link Development Actual 2026 $(000)

Budget 2026 $(000)

Actual 2025 $(000)

Total revenue

2,133

1,940

4,346

Total expenses

(127,367)

(4,200,249)

(160,746)

Net surplus/(deficit)1

(125,234)

(4,198,309)

(156,400)

The variance of FY26 actual deficit to budget arises from the transfer of core project assets being accounted for as a transfer of assets through equity rather than as vested through the Statement of Financial Performance. 1

Targeted Hardship Fund2 Actual 2026 $(000)

Budget 2026 $(000)

Actual 2025 $(000)

Total Funding

529

1,187

825

Total Expenditure

(529)

(1,187)

(825)

Net surplus/deficit

Funding and Expenditure

² The Targeted Hardship Fund funding and expenditure in the table above represents the Crown's 50% share only.

Reporting against Appropriation Vote Transport – Supplementary Estimates of Appropriations 2025/26 – Budget 2026.

Auckland City Rail Link Non-Departmental Capital Expenditure The Crown is a 51 per cent shareholder of CRL Ltd and funds CRL Ltd on 50:50 basis with Auckland Council. The Crown and Auckland Council fund CRL Ltd by subscribing to equity in the company. The appropriation is to achieve construction and operational readiness of the City Rail Link project. An explanation of the variances from budget can be found in note 16 of the Financial Statements within this Annual Report.

Assessment of Performance City Rail Link Ltd Deliver the Auckland City Rail Link project by end 2025

Target 2026

Actual 2026

Actual 2025

Project delivery targets are met

✘

3 of 4 delivery targets were achieved.

City Rail Link Ltd Annual Report 2026

STATEMENT OF PERFORMANCE

CRL Ltd receives Appropriation through Vote Transport for both the Targeted Hardship Fund and Capital Expenditure for the project. Our reporting against these Appropriations is as follows:

Auckland City Rail Link - Capital Expenditure This is a multi-year Appropriation limited to the Crown's 50 per cent share of the total project capital costs of the City Rail Link. The Appropriation commenced on 1 July 2024 and expires on 30 June 2028.

Appropriation

$(000)

Original appropriation

636,647

Accumulated spend and adjustments up to 30 June 2025

(205,500)

Appropriation remaining at 30 June 2025

431,147

Actual spend to 30 June 2026

(174,000)

Appropriation remaining at 30 June 2026

257,147

Auckland City Rail Link - Targeted Hardship Fund This is a multi-year Appropriation limited to the Crown’s 50 per cent share of the payments and administration costs to eligible businesses for hardship associated with sustained and major disruption relating to the C3 package of works for construction of the City Rail Link. The Appropriation commenced on 1 July 2021 and expired on 30 June 2026. Appropriation

$(000)

Original appropriation

6,000

Accumulated spend and adjustments up to 30 June 2025

(4,832)

Appropriation remaining at 30 June 2025

1,168

Actual spend to 30 June 2026

(529)

Appropriation adjustment 2026 (transfer to Targeted Hardship Initiative Appropriation1)

(595)

Appropriation remaining at 30 June 20262

1 This Appropriation is administered by Auckland Council and is reported in the Ministry of Transport’s 2026 Annual Report. 2 The Targeted Hardship Fund has now closed and this remaining amount was unspent.

City Rail Link Ltd Annual Report 2026

Company Overview Te Hanganga Rangatōpū Corporate Structure CRL Ltd is a Crown Entity created to manage the delivery of the City Rail Link transport infrastructure project. CRL Ltd commenced operations on 1 July 2017 following an agreement by the Company’s Sponsors to jointly fund the Project. Incorporated under the Companies Act 1993, CRL Ltd is a majority-Crown-owned entity under Schedule 4A of the Public Finance Act 1989 and Part 2 of Schedule 1 of the Ombudsman Act 1975. In addition, the Public Finance Act 1989 applies

several provisions of the Crown Entities Act 2004 to CRL Ltd as if it were a Crown Entity under that Act. The Crown holds 51 per cent of voting shares and Auckland Council the remaining 49 per cent. Both Sponsors contribute 50 per cent of the cost of the Project by equity contribution.

New Zealand Government (Crown)

Auckland Council

SPONSORS

CRL Ltd

CRL Ltd Board

CRL Ltd Chief Executive

Audit and Risk Committee

People and Remuneration Committee

CRL Ltd Senior Leadership Team

City Rail Link Ltd Annual Report 2026

COMPANY OVERVIEW

Me te Ōturu by Reuben Kirkwood at Beresford Square entrance City Rail Link Ltd Annual Report 2026

City Rail Link Ltd Board Te Poari o City Rail Link Ltd

John Bridgman

Russell Black

John has over 35 years’ experience in engineering and project management roles in major infrastructure across Australasia and Asia. He was previously Chief Executive of Crown Infrastructure Delivery Limited and Managing Director of AECOM in New Zealand and AECOM Industry Director - Civil Infrastructure in Australia. John is a Director of Kāinga Ora - Homes and Communities where he chairs their Investment and Delivery Committee. He was previously a Director of New Zealand Transport Agency Waka Kotahi.

Russell has 34 years delivery experience of underground railways in Hong Kong, Singapore, London, and China. He was Project Director for the London Jubilee Line Extension; and from 1992 Projects Director for the Hong Kong Airport Railway and all subsequent MTR projects in Hong Kong and China until 2010. Since Russell's return to New Zealand, he has provided strategic management advice on Australian rail projects. Russell was the Independent Chair of the Melbourne High Capacity Metro Train Project Control Group to 2024. He is a former EQC Commissioner, Northpower Ltd Director, Metro Trains Melbourne Pty Ltd Director, Sydney Metro Advisory and Assurance Boards’ member. He is an International Fellow of the Royal Academy of Engineers.

Chair

Director

City Rail Link Ltd Annual Report 2026

COMPANY OVERVIEW

Anne Urlwin

Brian Harrison

Malcolm Gibson

Anne is a professional Director and chartered accountant with wide-ranging governance experience, including in the infrastructure and construction sectors. Her current governance roles include chairmanship of Precinct Properties New Zealand Ltd and directorships of Vector Limited, Ventia Services Group Limited, and Infratil Limited. Anne is a former Director of Chorus Ltd, Summerset Group Holdings Limited, Queenstown Airport Corporation Limited, Tilt Renewables Ltd and Steel & Tube Holdings Ltd and she is a former Chair of commercial construction group Naylor Love. Anne has served on several central and local Government entity boards.

Brian has a legal background with extensive domestic and international experience advising corporates, financiers, multinationals and Government bodies on major projects and infrastructure in a broad range of sectors.

Malcolm is a civil engineer with more than 40 years of experience in designing, building and operating underground urban railways in Hong Kong and Sydney. In addition to his role on CRL, he has been engaged as Technical Director on the Sydney Metro project from 2014 until December 2024 and was involved in the successful opening and commencement of operations of the 36 km Northwest section in May 2019 and the 15 km City section in August 2024. Malcolm has particular experience in the systems integration aspects which are essential for transitioning railways from construction projects into reliable, safe, operable and maintainable railways for the longer term.

Director

City Rail Link Ltd Annual Report 2026

Director

City Rail Link Ltd Senior Leadership Team City Rail Link Ltd Ngā Kaihautū

Left to right Wayne Cooney Systems Director Patrick Brockie Chief Executive Officer Peter Cunningham General Manager Project Handover Emma Kurtovich General Counsel & Company Secretary Sarah Hampton Head of People & Capability Victoria Thackwray General Manager Corporate Relations & Communications Russell McMullan General Manager Assurance & Integration Nicola Mills Chief Financial Officer John Humphrey Commercial Lead Sumi Eratne Programme Delivery Director

City Rail Link Ltd Annual Report 2026

COMPANY OVERVIEW

CRL Ltd as a good employer CRL Ltd hei Kaituku Mahi Pai CRL Ltd is made up of talented specialists who work together to ensure the Project is delivered in a timely manner, within budget, and in full alignment with all Sponsors' requirements. CRL Ltd is a high performing, values led organisation delivering a nationally significant project within a culture of integrity, respect, and strong governance. CRL Ltd has a team of talented specialists who work together to ensure the Project is delivered in a timely manner, within budget, and in full alignment with all Sponsors' requirements. CRL Ltd supports employee wellbeing and professional growth by investing in targeted team

and individual learning opportunities to build capability, offering enhanced career transition support in addition to traditional EAP services, celebrating professional achievements and project milestones, and delivering a proactive employee wellbeing programme that promotes engagement, connection, and recognition. CRL Ltd is proud to employ a highly engaged team of professionals committed to delivering New Zealand’s largest transport infrastructure project.

CRLL employees receive values awards City Rail Link Ltd Annual Report 2026

Paoa ki uta, Paoa ki tai, Paoa ki tua

CRL Ltd’s Partnership with Mana Whenua The Mana Whenua Forum (Forum) has played an integral role in the City Rail Link project by shaping station design, guiding cultural outcomes, and embedding Te Ao Māori across the railway. The Forum includes representatives from eight Tāmaki Makaurau iwi: Te Ākitai Waiohua, Te Kawerau ā Maki, Ngāti Maru, Ngāti Paoa, Ngāi Tai ki Tāmaki, Ngāti Tamaoho, Ngāti Te Ata Waiohua, and Ngāti Whātua Ōrākei. During the year, mana whenua provided cultural leadership, working alongside City Rail Link Ltd on cultural design, tikanga, public art and significant project milestones. During FY26, the Forum focused on completing and unveiling mahi toi while also preparing for the transition to operations. The year also marked an important milestone for the Forum. Auckland Transport established the Mana Whenua Forum in 2012 during the planning of City Rail Link before responsibility transferred to City Rail Link Ltd in 2017 for the delivery phase. As the railway moves into operation, responsibility for the Forum returns to Auckland Transport, reflecting its role as operator of the public transport network.

Successes in FY26 A major focus during the year was the completion and unveiling of mahi toi and cultural design across the station environments.

CEO Patrick Brockie at a Mana Whenua blessing 40

At Karanga-a-Hape Station, Beresford Square and surrounding public spaces reopened in 2025, alongside further public realm upgrades around Mercury Lane and East Street completed during the year. Me te Ōturu, representing the maramataka harvest calendar, and Te Pō, the station’s guardian stone, were blessed in October 2025. These works form part of the station’s wider cultural design narrative, referencing the story and voyage of the legendary mariner Hape, who guided his people to their new home in the region. At Waitematā Station, Waitī Waitā, the new Skylid installation by iwi artist Graham Tipene (Ngāti Kahu, Ngāti Manu, Ngāti Hine, Ngāti Whātua, Ngāti Haua), was blessed and unveiled in January 2026. The artwork reflects the narrative of Waitematā Harbour, highlighting the meeting point of land and sea and its significance as a key fishing ground for local iwi. Its unveiling marked the culmination of more than a decade of work in the Waitematā and Britomart precinct, with the completed plaza becoming one of the first major public spaces returned to the people of Tāmaki Makaurau. At Te Waihorotiu Station, Māori cultural design became increasingly visible throughout the station. This included Horotiu, suspended within the Wellesley Street entrance. Carved by engineering City Rail Link Ltd Annual Report 2026

COMPANY OVERVIEW

Above and below: Ngāti Whātua Ōrākei conduct the final blessing – Mahi Ōkawa for City Rail Link

PhD candidate and artist Paraone LuitenApirana (Ngāti Hikairo, Ngāi Tūhoe, Te Arawa) in collaboration with Ngāti Whātua Ōrākei carver Graham Tipene, it represents the ancient kaitiaki of the Waihorotiu Stream, from which the station takes its name. At Maungawhau Station, cultural design was integrated throughout the station and surrounding public realm. The Waterwall, named Parawhenuamea after the atua of streams and rivers, was unveiled and commissioned during the year. The installation incorporates volcanic glass triangles inspired by the volcanic landscape and geological identity of Tāmaki Makaurau. Te Reo Māori station names, including Te Waihorotiu, Karanga-a-Hape and Maungawhau, became increasingly visible across the network. Permanent wayfinding signage was installed, while maps, customer information and communications across the public transport network were updated to reflect the gifted names.

Final blessings On 20 July 2026, mana whenua led the final blessing of the City Rail Link stations ahead of public opening. The ceremony marked the City Rail Link Ltd Annual Report 2026

transition of the stations from construction sites to public spaces, acknowledging the completion of the works and welcoming the public onto the new railway. In accordance with tikanga Māori, the blessing also recognised a shift in spiritual protection, from those who built the railway to the passengers, staff and communities who will use it for generations to come. Mana whenua will continue to support the project through its final delivery phase and into opening. Representatives from the Forum are working alongside CRL Ltd and Auckland Transport on tikanga planning and opening preparations as the railway prepares to enter passenger service. 41

Paoa ki uta, Paoa ki tai, Paoa ki tua

Te Hononga o CRL Ltd ki te Mana Whenua He wāhanga nui tō te Rūnanga Mana Whenua (te Rūnanga) i roto i te kaupapa City Rail Link, arā, nā rātou i whakaawe i te hoahoa o ngā teihana, te ārahi i ngā putanga ahurea, me te whakaū i Te Ao Māori puta noa i te rērawe. Kei roto i te Rūnanga ko ngā māngai nō ngā iwi e waru o Tāmaki Makaurau: Te Ākitai Waiohua, Te Kawerau ā Maki, Ngāti Maru, Ngāti Paoa, Ngāi Tai ki Tāmaki, Ngāti Tamaoho, Ngāti Te Ata Waiōhua, me Ngāti Whātua Ōrākei. I roto i te tau, nā ngā mana whenua i ārahi i ngā tikanga, i mahi tahi i te taha o City Rail Link Ltd mō te hoahoa ahurea, ngā tikanga, ngā toi tūmatanui me ngā tohu nui o te kaupapa. I te Tau Pūtea 2026, i aro te Rūnanga ki te whakaoti me te hura i ngā mahi toi me te whakarite mō te whakawhiti ki ngā mahi whakahaere. He wā hira hoki tēnei tau mō te Runanga. I whakatūria e Auckland Transport te Rūnanga Mana Whenua i te tau 2012 i te wā whakariterite i a City Rail Link i mua i te whakawhitinga o te haepapa ki a City Rail Link Ltd i te tau 2017 mō te wāhanga whakarato. I te nekehanga o te rērawe ki te wāhanga whakahaere, kua whakahokia te haepapa mō te Rūnanga ki a Auckland Transport, e tohu ana i tana mahi whakahaere i te ratonga ikiiki tūmatanui.

Ngā Angitu i te Tau Pūtea 2026 Ko tētahi arotahi nui mō te tau ko te whakaotinga me te huranga o ngā mahi toi me te hoahoa ahurea puta noa i ngā wāhi teihana.

Te Pou Whakahaere a Patrick Brockie i tētahi karakia a te Mana Whenua 42

I whakatuwherahia Te Teihana o Karanga-a-Hape, Beresford Square me ngā wāhi e pae ana i te tau 2025, ā, i tutuki hoki ētahi atu whakahounga i te takiwā o Mercury Lane me East Street i roto i te tau. I karakiatia hoki te Me te Ōturu, e tohu ana i te maramataka hauhake, me Te Pō, te kōhatu kaitiaki o te teihana, i te marama o Oketopa 2025. I roto ēnei mahi i ngā kōrero hoahoa ahurea whānui a te teihana, e tohu ana i ngā kōrero me te wharaunga o te kaumoana rongonui a Hape, nāna i ārahi i tōna iwi ki tō rātou kāinga hou i te rohe nei. I te Teihana o Waitematā , i karakiatia, i huraina hoki a Waitī Waitā, te whakamaunga toi Skylid hou a te tohunga toi a Graham Tipene (Ngāti Kahu, Ngāti Manu, Ngāti Hine, Ngāti Whātua, Ngāti Haua) i te Hānuere 2026. E whakaata ana tēnei toi i ngā kōrero mō Te Waitematā, e tohu ana i te tūtakitanga o te whenua me te moana me tōna hiranga hei mahinga ika mō tōna iwi. E tohu ana te huranga i te whakaotinga o ngā mahi o te tekau tau i te takiwā o Te Waitematā me Britomart, ā, ko te ātea tētahi o ngā wāhi tūmatanui matua tuatahi i whakahokia ki a Ngāi Tāmaki Makaurau. I te Teihana o Waihorotiu, i mārama te kitea haere o te hoahoa Māori puta noa i te teihana. I roto i tēnei ko Horotiu, i whakatārewahia i roto i te kuhunga ki Wellesley Street. He mea whakairo e te kaitono tohu kairangi pūkaha, te tohunga toi a Paraone Luiten-Apirana (Ngāti Hikairo, Ngāi City Rail Link Ltd Annual Report 2026

COMPANY OVERVIEW

I runga me raro: E whakahaerehia ana e Ngāti Whātua Ōrākei ngā karakia whakamutunga – Mahi Ōkawa mō City Rail Link

Tūhoe, Te Arawa) i te taha o te tohunga whakairo o Ngāti Whātua Ōrākei a Graham Tipene, e tohu ana i ngā kaitiaki onamata o te kōawa o Waihorotiu, nō reira te ingoa o te teihana. I te Teihana o Maungawhau, i whakauruurua haerehia te hoahoa ahurea puta noa i te teihana me te takiwā tūmatanui e pae ana. I huraina, i whakahautia hoki te Wairere, he mea tapa ki te atua o ngā awa me ngā kōawa a Parawhenuamea, i roto i te tau. E whakauru mai ana te whakamaunga toi ngā tapatoru kōata puia e tohu ana i te horanuku puia me te tuakiri aronuku o Tāmaki Makaurau. I kitea nuitia ngā ingoa teihana reo Māori puta noa i te ratonga rērawe, arā a Te Waihorotiu, Karangaa-Hape me Maungawhau. I whakamaua ngā pānui tohutohu tūturu, ā, i whakahoutia ngā mahere, ngā mōhiohio kiritaki me ngā karere puta noa i te ratonga ikiiki tūmatanui hei whakaata i ngā ingoa i tukuna mai.

Ngā karakia whakamutunga I te 20 o Hūrae 2026, i tākina e ngā mana whenua ngā karakia whakamutunga mō ngā teihana o City Rail Link i mua o te whakatuwheratanga ki te iwi whānui. E tohu ana tēnei i te whakawhitinga City Rail Link Ltd Annual Report 2026

o ngā teihana mai i ngā wāhi hangatanga ki ngā wāhi tūmatanui, e whakaatu ana i te otinga o ngā mahi me te pōhiri i te iwi whānui ki te rērawe hou. I raro i ngā tikanga Māori, e tohu ana hoki ngā karakia i te nekehanga o te manaaki ā-wairua mai i te hunga nā rātou i waihanga i te teihana ki ngā pāhīhī, ngā kaimahi me ngā hapori ko rātou ka whakamahi mō e hia whakatipuranga. Ka tautoko haere tonu ngā mana whenua i te kaupapa tae noa ki tōna wāhanga whakarato whakamutunga me tōna whakatuwheratanga. Kei te mahi tahi ngā māngai o te Rūnanga me CRL Ltd me Auckland Transport ki te whakarite i ngā tikanga me te whakatuwheratanga kia rite ai mō te wā e mahi ai te ratonga kawe pāhīhī. 43

Corporate Directory Whaiaronga Rangatōpū Board

John Bridgman

Chair

Russell Black Malcolm Gibson Brian Harrison Anne Urlwin

Senior Management

Patrick Brockie

Chief Executive Officer

Wayne Cooney

Systems Director

Peter Cunningham

General Manager Project Handover

Sumi Eratne

Programme Delivery Director

Sarah Hampton

Head of People & Capability

John Humphrey

Commercial Lead

Emma Kurtovich

General Counsel & Company Secretary

Russell McMullan

General Manager Assurance & Integration

Nicola Mills

Chief Financial Officer

Victoria Thackwray

General Manager Corporate Relations & Communications (until 31 July 2026)

Bankers

Bank of New Zealand Queen Street Auckland ANZ Bank New Zealand Limited Albert Street Auckland

Auditor

The Audit Office

Registered Office

Level 4, 12 Morgan Street, Newmarket, Auckland, 1023

Solicitors

Chapman Tripp

City Rail Link Ltd Annual Report 2026

FINANCIAL REPORT

Statement of Responsibility Tauākī Kawenga We are responsible for the preparation of City Rail Link Limited (the Company’s) financial statements and statement of performance, and for the judgements made in them. We are responsible for any end of year performance information provided by the Company under section 19A of the Public Finance Act 1989. We have the responsibility for establishing and maintaining a system of internal control designed to provide reasonable assurance as to the integrity and reliability of financial reporting. In our opinion, these financial statements and statement of performance fairly reflect the financial position and operations of the Company for the year ended 30 June 2026. Signed on behalf of the Board

John Bridgman Chair

Anne Urlwin Director

31 August 2026

City Rail Link Ltd Annual Report 2026

Statement of Financial Performance for the year ended 30 June 2026

Actual 2026 $(000)

Actual 2025 $(000)

160

Interest revenue

2,090

4,186

Total revenue

2,133

4,346

2,862

3,191

Professional services

1,330

685

General expenses

2,900

2,489

Insurance expenses

7,067

7,051

Lease payments

377

329

Note Revenue Rental and other revenue

Expenses Employment expenses

12 (ii)

Defect expenses

1.20

918

Third party works

1.8

45,758

26,114

Depreciation and amortisation expenses

Loss on demolition of asset

764

Capital work in progress write-off

663

5, 6

65,487

120,120

Total expenditure

127,367

160,746

Deficit for the year

(125,234)

(156,400)

(125,234)

(156,400)

Vested asset expense

Other comprehensive revenue and expense Total comprehensive revenue and expense for the year

This statement is to be read in conjunction with the notes to the financial statements. Refer to note 16 for comparatives to budget. 46

City Rail Link Ltd Annual Report 2026

FINANCIAL REPORT

Statement of Financial Position as at 30 June 2026

Note

Actual 2026 $(000)

Actual 2025 $(000)

Cash and cash equivalents

33,018

28,537

Trade and other receivables

4,512

6,345

Prepayments

1,583

3,892

Link Alliance working capital advance

15,926

34,137¹

Assets held for distribution

150,699

18,210

205,738

91,121

Assets

Total current assets Capital work in progress

26,281

3,625,573¹

Prepayments

5,333

6,602

Property, plant and equipment

137,7872

Total non-current assets

31,640

3,769,962

Total assets

237,378

3,861,083

Liabilities Accounts payable and accruals

81,766

49,622

Employee entitlements

1,197

1,278

Total current liabilities

82,963

50,900

Total liabilities

82,963

50,900

Net assets

154,415

3,810,183

1,381,746

4,912,280

(1,227,331)

(1,102,097)

154,415

3,810,183

Equity Contributed capital Retained earnings Total equity

¹ The Link Alliance working capital advance as at 30 June 2025 has been reclassified from capital work in progress to enable comparability. Refer to note 4 for more details. 2 Subterranean land as at 30 June 2026 is nil. The 30 June 2025 balance of $21.1 million has been reclassified to Property, plant and equipment.

This statement is to be read in conjunction with the notes to the financial statements. Refer to note 16 for comparatives to budget. City Rail Link Ltd Annual Report 2026

Statement of Changes in Equity for the year ended 30 June 2026

Contributed capital

Retained earnings

Total

$(000) Note 17

$(000)

4,912,280

(1,102,097)

3,810,183

(125,234)

348,000

(3,878,534)

Balance at 30 June 2026

1,381,746

(1,227,331)

154,415

Balance at 30 June 2024

4,474,280

(945,697)

3,528,583

(156,400)

Issue of B class shares

438,000

Balance at 30 June 2025

4,912,280

(1,102,097)

3,810,183

Note Balance at 30 June 2025 Total comprehensive revenue and expense for the year Owner transactions Issue of B class shares Transfer of core project assets accounted through equity

Total comprehensive revenue and expense for the year

Owner transactions

This statement is to be read in conjunction with the notes to the financial statements.

City Rail Link Ltd Annual Report 2026

FINANCIAL REPORT

Statement of Cash Flows for the year ended 30 June 2026

Actual 2026 $(000)

Actual 2025 $(000)

160

Interest received

2,041

4,183

Employee costs

(10,615)

(11,480)

(304)

(298)

(64,872)

(30,993)

(643)

4,505

(74,350)

(33,923)

(268,216)

(413,658)

(953)

(1,495)

(269,169)

(415,153)

348,000

438,000

348,000

438,000

Net increase/(decrease)

4,481

(11,076)

Opening cash and cash equivalents

28,537

39,613

Closing cash

33,018

28,537

33,018

28,537

33,018

28,537

Note Cash flows to operating activities Cash received from customers

KiwiSaver contributions Payments to suppliers (including third party works) Other (payments)/receipts Net cash to operating activities Cash flows to investing activities Acquisition of capital work in progress Acquisition of property, plant and equipment Net cash to investing activities Cash flows from financing activities Proceeds from issue of contributed capital

Net cash from financing activities

Made up of Bank balances Total cash

This statement is to be read in conjunction with the notes to the financial statements. Refer to note 16 for comparatives to budget.

City Rail Link Ltd Annual Report 2026

Notes to the Financial Statements Ngā Tuhipoka ki Ngā Tauākī Pūtea 1. Statement of accounting policies 1.1 Reporting entity City Rail Link Limited (the ‘Company’ or 'CRL Ltd') is a Crown Entity, registered under schedule 4A of the Public Finance Act and is domiciled in New Zealand. The Company was incorporated on 13 April 2017. The Company is owned by the Crown (51 per cent shareholder through the Minister of Transport and Minister of Finance) and Auckland Council (49 per cent). The Company’s purpose is to govern and manage the delivery of the City Rail Link project. CRL Ltd commenced operations with effect from 1 July 2017. CRL Ltd will exist for as long as is required for the City Rail Link project and as determined by the shareholders. The financial statements of the Company are for the year ended 30 June 2026. These financial statements were authorised by the CRL Ltd Board on the date specified on page 45.

1.2 Basis of preparation The financial statements have been prepared on a going concern basis. The Sponsors (who are the entity's shareholders) have resolved that CRL Ltd will continue to operate through the two-year Defect Period as defined in the Project Alliance Agreement, after which an assessment will be made to determine whether the company should be wound up or retained. The Defect Period under the Project Alliance Agreement commenced on 1 July 2026 and continues for two years. Final Completion under the Project Alliance Agreement is achieved when all Alliance defects are remediated and may take longer than the two-year period. The Sponsors further confirmed that CRL Ltd should continue to fund its operations from its existing funding.

The financial statements are presented in New Zealand Dollars ($000), which is the Company’s functional currency, and have been prepared on an accrual and historical cost basis. Accounting policies have been applied consistently throughout the year.

1.3 New and amended standards and interpretations There were no new applicable standards or interpretations that required adoption this financial year.

Standards issued, not yet effective and not early adopted Standards and amendments issued but not yet effective, that have not been early adopted and that are relevant to the Company are:

2024 Omnibus Amendments to PBE Standards (amendments to PBE IPSAS 1) This amendment clarifies the principles for classifying a liability as current or non current. The amendment is effective for the year ending 30 June 2027 with early adoption permitted. These amendments are not expected to have a significant impact.

PBE Conceptual Framework Update PBE Conceptual Framework Update amends Chapter 3 "Qualitative Characteristics" and Chapter 5 "Elements in General Purpose Financial Reports" of the Public Benefit Entities’ Conceptual Framework. The amendments are effective for the year ending 30 June 2029 with early adoption permitted. These amendments are not expected to have a significant impact.

The financial statements of the Company have been prepared in accordance with the requirements of the Crown Entities Act 2004, which includes the requirement to comply with generally accepted accounting practice in New Zealand (NZ GAAP) and the Companies Act 1993.

1.4 Cash and cash equivalents

The Company is a Public Benefit Entity (PBE) for financial reporting purposes and reports under Tier 1 PBE standards.

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Cash comprises cash at bank and short-term deposits with a maturity of three months or less.

1.5 Financial instruments

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

Financial assets Financial assets are initially recognised at fair value. Trade and other receivables are usually received within 30 days of recognition. CRL Ltd actively manages unpaid debtors beyond 30 days. After initial measurement, such financial assets are subsequently measured at the amount due less an allowance for credit losses.

Financial liabilities Financial liabilities are classified as payables. The Company's financial liabilities include trade and other payables. Trade and other payables are unsecured and are usually paid within 30 days of recognition. Due to their shortterm nature they are not discounted. A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.

1.6 Capital work in progress (WIP) CRL Ltd capitalises those costs directly attributable to the construction of the project. CRL Ltd also capitalises a portion of corporate costs that are deemed to be required to support the construction, testing and commissioning of the actual physical works. This allocation of cost is reviewed regularly to ensure the method adopted remains appropriate for the stage of the project. When separable assets within the project are completed there is an agreed handover procedure to the recipient of the asset. The asset is then removed from CRL Ltd's WIP and vested or distributed to the new owner. The asset is not depreciated or amortised while classified as WIP. Refer to Capital Work in Progress in Note 6 for more details.

1.7 Assets held for distribution An asset is classified as held for distribution if the asset is available for distribution in its present condition, the CRL Ltd Board has approved the asset for handover and handover is highly likely to be completed within one year of classification. The asset is measured at the lower of its carrying amount and fair value less costs to distribute. An asset is not depreciated or amortised while classified as held for distribution. Assets may be distributed by vesting the asset or as a capital distribution depending on the form of the transfer. Assets classified as held for distribution include those assets that are expected to be transferred to the Sponsors or their nominees as part of the final

City Rail Link Ltd Annual Report 2026

project-wide handover. This includes both core CRL project assets (stations, tunnels and urban realm) and land acquired under the Public Works Act 1981. Upon completion of a transfer, such assets are derecognised and accounted for in accordance with the Company’s policy for transfer of core project assets and land.

1.8 Third party works CRL Ltd funds work undertaken by KiwiRail Holdings Limited on the KiwiRail Holdings Limited network. As part of the overall project, CRL Ltd undertakes or funds construction work, such as that at Newmarket, Henderson and Britomart East stations across the wider Auckland rail network. These works enable the network to manage the larger expected volumes of rail passengers. The nature of the work completed (mostly in the existing rail corridor) and the ownership of the assets constructed, means that they do not form part of CRL Ltd's assets, in accordance with NZ GAAP. Costs related to third party works are expensed as incurred.

1.9 Third party funding CRL Ltd receives additional funding from third parties (including the Sponsors and related parties) for agreed specific works (construction and non-construction) that are in addition to the project scope. The third party funding is used to reimburse CRL Ltd for the works, so that CRL Ltd is kept financially neutral. In facilitating these works, CRL Ltd effectively acts as an agent. Third party funding received is offset against the related expense incurred. The Targeted Hardship Fund is treated as third party funding.

1.10 General expenses General expenses include costs such as operating leases, property rates, directors fees, IT costs, telecommunications and other office operating costs.

1.11 Property, plant and equipment Property, plant and equipment consists of land, subterranean land, buildings, furniture and fittings and office equipment (including computer hardware).

Recognition and measurement Property, plant and equipment is measured initially at cost. Cost includes expenditure that is directly attributable to the acquisition of the items. The cost of an item of property, plant and equipment is recognised

only when it is probable that future economic benefit or service potential associated with the item will flow to the Company, and the item’s cost can be measured reliably.

Subsequent expenditure Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the entity. Repairs and maintenance costs are recognised as expenditure as incurred.

Depreciation Land, buildings and subterranean land held for the development of rail tunnels and stations are not depreciated. All other property, plant and equipment assets are depreciated on a straight-line basis over the useful life of the asset. Depreciation is charged at rates calculated to allocate the cost or valuation of the asset less any estimated residual value over its remaining useful life. The estimated useful lives of buildings, property, plant and equipment are as follows: Subterranean land

Not depreciated

Land and buildings

Not depreciated

Furniture and fittings

5 years

Office equipment

5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end.

Derecognition An item of property, plant and equipment is derecognised upon vesting, disposal, transfer of control, distribution, demolition or when no further future economic benefits or service potential are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in surplus or deficit.

Impairment of non-cash generating assets For non-financial, non-cash-generating assets, CRL Ltd assesses at each reporting date whether there is an indication that a non-cash-generating asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, CRL Ltd estimates the asset’s recoverable service amount. An asset’s recoverable service amount is the higher of the

non-cash-generating asset’s fair value less costs to sell and its value in use. Where the carrying amount of an asset exceeds its recoverable service amount, the asset is considered impaired and is written down to its recoverable service amount. In assessing value in use, CRL Ltd has adopted the depreciated replacement cost approach. Under this approach, the present value of the remaining service potential of an asset is determined as the depreciated replacement cost of the asset. The depreciated replacement cost is measured as the reproduction or replacement cost of the asset, whichever is lower, less accumulated depreciation calculated on the basis of such cost, to reflect the already consumed or expired service potential of the asset. In determining fair value less costs to sell, the price of the asset in a binding agreement in an arm's length transaction, adjusted for incremental costs that would be directly attributed to the disposal of the asset, is used. If there is no binding agreement, but the asset is traded on an active market, fair value less cost to sell is the asset's market price less cost of disposal. If there is no binding sale agreement or active market for an asset, CRL Ltd determines fair value less cost to sell based on the best available information. Impairment losses are recognised immediately in surplus or deficit. For each asset, an assessment is made at each reporting date as to whether there is any indication of impairment, or that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, CRL Ltd estimates the asset's recoverable service amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable service amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable service amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such a reversal is recognised in surplus or deficit.

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

1.12 Leases

Transactions with owners recognised in equity

The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at inception date. The substance of the arrangement depends on whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset, even if that right is not explicitly specified in an arrangement.

Transactions with owners are recognised directly in equity where they occur in the Company’s capacity as an entity owned by its shareholders. Such transactions result in a reduction in net assets attributable to owners and are not recognised in surplus or deficit. In the context of the CRL Project, this includes the transfer of core project assets (including land) to the Sponsors or their nominated entities. Refer to note 2.

Company as a lessee

1.15 Revenue

Operating leases are leases that do not transfer substantially all the risks and benefits incidental to ownership of the leased items to the Company. Operating lease payments are recognised as an operating expense in surplus or deficit on a straight-line basis over the lease term.

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and revenue can be reliably measured. Revenue is measured at the fair value of the consideration received. The following specific recognition criteria must be met before revenue is recognised.

Company as a lessor

Rental revenue

Rent received from an operating lease is recognised as income on a straight-line basis over the lease term.

Rental revenue arising from operating leases on acquired properties (required for the project works) is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of financial performance due to its operating nature.

1.13 Employee benefits Liabilities for wages and salaries (including non-monetary benefits) and annual leave are recognised in surplus or deficit during the periods in which the employees rendered the related services, and are generally expected to be settled within 12 months of the reporting date. The liabilities for these short-term benefits are measured at the amounts expected to be paid when the liabilities are settled. Expenses for sick leave are recognised when the leave is taken and are measured at the rates paid.

1.14 Equity Equity is made up of accumulated comprehensive revenue and expense and contributed capital. Accumulated comprehensive revenue and expense is the Company’s accumulated surplus or deficit since the formation of the Company. Contributed capital represents shares issued to the shareholders, the Crown and the Auckland Council for funding of the project, less core project assets transferred to shareholders. 1,000 Ordinary shares were issued for the contributed capital with B Class shares being issued for funding. Each funding share represents one New Zealand dollar on date of issuance. The value of each Ordinary and B Class share will fluctuate subject to the deficit.

City Rail Link Ltd Annual Report 2026

Outstanding customer receivables are monitored monthly and balances >30 days are followed up for recovery. As at 30 June 2026, there were no property debtors with outstanding balances >30 days (2025: nil). No provision for credit losses or allowances have been accounted for as a result.

Interest revenue Interest is received on the cash held at bank and shortterm deposits. Interest income is included in revenue in the statement of financial performance.

1.16 Tax CRL Ltd is a Public Entity in accordance with the Income Tax Act 2007 and consequently is exempt from the payment of income tax. Accordingly, no provision has been made for income tax. Items in the financial statements are presented exclusive of GST, except for receivables and payables which are presented on a GST inclusive basis. Where GST is not recoverable as input tax, it is recognised as part of the related asset or expense. The net amount of GST recoverable from the IRD is included as part of receivables in the statement of financial position.

The net GST paid to, or received from, the IRD, including the GST relating to investing and financing activities, is classified as a net operating cash flow in the statement of cash flows. Commitments and contingencies are disclosed exclusive of GST.

1.17 Significant accounting judgements, estimates and assumptions

CRL Ltd has assessed the substance of the transfer of core project assets and determined that the transfer represents a transaction with owners, undertaken in CRL Ltd’s capacity as an entity owned and funded by the Sponsors, rather than an expense incurred in the course of operations. Accordingly, the transfer is accounted for as a transaction with owners recognised directly in equity (contributed capital), with no impact on surplus or deficit.

The preparation of the Company’s financial statements requires judgements, estimates and assumptions to be made that affect the reported amounts of revenue, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities.

The assets are derecognised when CRL Ltd ceases to control them in substance. The carrying value of the assets transferred is recognised as a reduction in equity in the Statement of Changes in Equity. Refer to note 2.

Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affected in future periods.

Classification of assets held for distribution

(i) Judgements In the process of applying the Company’s accounting policies, the following judgements have been made, which have the most significant effect on the amounts recognised in the financial statements. Accounting for the transfer of core project assets and residual land In determining the appropriate accounting treatment for the transfer of core project assets and residual land (land acquired for the project under the Public Works Act 1981 but which is ultimately not required as ongoing land for operating the CRL), CRL Ltd has applied judgement in assessing whether the transfer represents: • an expense incurred in the course of delivering project outputs; or • a transaction with owners undertaken in CRL Ltd’s capacity as an entity owned by the Sponsors. CRL Ltd concluded that the transfer represents a transaction with owners and should be recognised directly in equity. This judgement reflects: • the purpose of CRL Ltd as a project delivery entity; • the equity-funded nature of the project; • the requirement to transfer assets to Sponsors (or their nominated entities) following completion; • the transfer of residual land under arrangements where value ultimately flows to Sponsors within the project framework; and

The majority of assets were transferred to owners on 30 June 2026 as set out in note 2. CRL Ltd made judgements in assessing the remaining project assets against the criteria in accounting policy 1.7 Assets held for distribution. Where it was concluded that the assets are available for immediate distribution in their present condition at 30 June 2026, and the distribution is highly probable in the following financial year, the assets have been classified as held for distribution. The remaining project assets have been classified as capital work in progress. The impact of the judgement does not affect the value of any assets, rather their disclosure as current or noncurrent. Refer to notes 5 and 6. (ii) Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

• the absence of consideration for the transfer.

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

Value of core project assets The value of the transfer of core project assets is per the Asset Transfer Agreement between the parties. The value is defined as the "Initial Transfer Value" and is based on the book value of the assets at 30 April 2026 and will be subject to a wash-up mechanism to determine the final transfer values in December 2026. Assumptions were made in the determination of the asset transfer values to the respective parties including the apportionment of capitalised indirect overhead costs. Areas impacted by these judgements were Capital work-in-progress, Contributed capital and Vested asset expense. Apportionment of the value of property assets Prior to the transfer of core project assets, CRL Ltd held property assets (land, buildings and subterranean land) with a book value of $138 million. Control of the land and subterranean land that has been utilised in the construction of the CRL (CRL Project Land) was transferred to Sponsors on 30 June 2026 as part of the transfer of core project assets as set out in note 2. Control of the buildings and remaining land will be transferred to Auckland Council progressively as it is declared surplus to the requirements of the project. The first tranche was declared surplus in June 2026. An apportionment of the book value of the property assets was undertaken to determine the value of the CRL Project Land and the Residual Land (being land not required for the ongoing operation of the CRL assets) for the purposes of the asset transfer. This required judgement about: the boundaries of the land and subterranean land required for railway purposes in advance of the survey plans being finalised and titles being created; and the extent to which the project infrastructure constrained future use of the land. Project Alliance Agreement limb 2 and 3 payments The arrangement with the Link Alliance is an alliance form of contracting. Additional information is set out in note 6 Capital work in progress. The Project Alliance Agreement Second Variation Agreement between CRL Ltd and Link Alliance signed September 2023 set out a new payment mechanism for future Limb 2 (corporate profit and overhead including painshare/gainshare) and Limb 3 (Key Result Area (KRA) payments). Limb 2 is 100 per cent at risk under the Limb 3 risk/reward mechanism.

City Rail Link Ltd Annual Report 2026

The Project Alliance Agreement Third and Fourth Variation Agreements between CRL Ltd and Link Alliance, signed February 2026 and May 2026 respectively, set out additional Limb 3 Key Milestones. The Practical Completion Payment Certificate contains the provisional calculations of Limb 2 and 3 as at Practical Completion, including the KRA and Key Milestones achieved. The Limb 2 and 3 risk/ reward framework continues to apply during the twoyear Defect Period with the final financial outcome determined at Final Completion. Estimating the final financial outcome of the contract requires a significant number of underlying assumptions, including a view on the likelihood of any risks eventuating and their possible financial implications. The final financial outcome remains too uncertain and therefore disclosure has been made as a contingency - refer to note 10 Commitments, provisions and contingencies.

1.18 Targeted Hardship Fund In September 2021, project Sponsors, Auckland Council and the NZ Government announced the creation of a $12 million ex gratia Targeted Hardship Fund (THF) to support small businesses experiencing genuine financial hardship from major and sustained CRL construction disruption surrounding the Te Waihorotiu Station, Karanga-a-Hape Station and Maungawhau Station sites (within the C3 contract Affected Area). The THF is governed by guidelines, which are set by the Sponsors and establish fixed considerations with regards to the dates for eligibility and what the THF is to cover. In the year ended 30 June 2026, payments made under the THF totalled $0.9 million (2025: $1.4 million) excluding administration, external review and management fees of $0.2 million (2025: $0.2 million). Sponsors reimburse CRL Ltd for THF payments made on an “actual costs incurred” basis. The THF was closed in April 2026. The conclusion of the THF represents a significant milestone for the project and for the city centre, signalling the end of major construction disruption and the transition toward CRL becoming operational.

1.19 Vested asset expense As CRL Ltd completes certain contracts or separable portions it may transfer these assets from CRL to the Sponsors or their nominees. Any separable assets ancillary to the core project assets will be treated as a vested asset expense. CRL Ltd will recognise a vested asset expense on transfer of the asset.

1.20 Defect Expenses The cost of remediating identified defects is expensed as incurred as there is no future economic benefit anticipated from remediation.

2. Transfer of core project assets and Residual Land On 30 June 2026, upon the certification of Practical Completion of the City Rail Link (CRL) project per the Project Alliance Agreement, CRL Ltd transferred the core project assets (including capital work in progress, property, plant and equipment, subterranean land and project land) to the Sponsors or their nominated entities in accordance with the Asset Transfer Agreement and Sponsor direction under the Project Delivery Agreement. The assets were transferred to the parties designated by the Sponsors as the ultimate owners and operators of those assets. This reflects CRL Ltd’s role as a project delivery entity and the transfer of completed project assets to their long-term owners. During the year, CRL Ltd also transferred Residual Land (being land not required for the ongoing operation of the CRL assets) to Auckland Council in accordance with the Framework Agreement and related arrangements governing development and disposal of surplus land under the Public Works Act 1981. As a result of the transfer, CRL Ltd has derecognised the relevant assets from its Statement of Financial Position. These transfers represent the completion of the CRL Project and the implementation of the Sponsors’ post-completion ownership determination under the Project Delivery Agreement. The assets were transferred for no cash consideration or other compensation, reflecting the project’s funding and governance structure under which the assets are constructed using equity funding provided by the Sponsors and transferred to them upon completion. The carrying value of the assets transferred are summarised below:

Note

2026 $(000)

Capital work in progress

3,786,803

Land and buildings

69,513

Subterranean land

22,218

Asset class

Total transfer of core project assets

3,878,534

Assets were transferred to Auckland Council totalling $2,684.9 million, and KiwiRail Holdings Limited (entity nominated by the Crown) of $1,193.6 million. In determining the value to be transferred to each party, CRL Ltd used information provided by Link Alliance. The Alliance assigned direct construction costs to assets (i.e. stations, tunnels, track, systems, etc) and apportioned indirect costs to assets based on the proportion of direct costs. Costs incurred directly by CRL Ltd were allocated to the assets using the total construction costs for the asset. The value of transfers recognised in the year ended 30 June 2026 is based on costs incurred up to 30 April 2026. Any capital work in progress costs incurred in the months of May and June 2026 are disclosed as Assets held for distribution. Refer to note 5 for more details. The Asset Transfer Agreement, provides for a calculation of Final Transfer Value, whereby capital costs incurred for a period of 6 months following asset transfer will be further transferred to Sponsors (or nominated entities). Accounting for the Final Transfer Value will be consistent with assets being transferred through equity.

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

3. Cash and cash equivalents Cash comprises of cash at bank and short-term deposits with a maturity of three months or less. 2026 $(000)

2025 $(000)

Cash at bank

17,518

20,537

Short-term deposits

15,500

8,000

Total

33,018

28,537

Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Company and earn interest at the respective short-term call and deposit rates. While cash and cash equivalents are subject to the expected credit loss requirements of PBE IPSAS 41, no loss allowance has been recognised because the estimated loss allowance for credit losses is trivial.

Reconciliation of operating deficit with net cash from operating activities 2026 $(000)

2025 $(000)

(125,234)

(156,400)

Depreciation and amortisation

Loss on demolition of asset

764

663

Capitalised overhead costs

(10,732)

(10,849)

Vested asset expense

65,487

120,120

Decrease in accounts receivable, prepayments and other assets

2,886

5,468

Increase/(decrease) in accounts payable, accruals and other liabilities

(7,425)

6,971

Net cash from operating activities

(74,350)

(33,923)

Surplus/(deficit) for the year Adjustments for:

Capital work in progress write-off

Working capital movements:

City Rail Link Ltd Annual Report 2026

4. Trade and other receivables and prepayments Short-term receivables are recorded at the amount due, less an allowance for credit losses. CRL Ltd applies the simplified expected credit loss model of recognising lifetime expected credit losses for receivables. In measuring expected credit losses, short-term receivables have been assessed on a collective basis as they possess shared credit risk characteristics. These have been grouped based on the days past due. Short-term receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include the debtor being in liquidation. 2026 $(000)

2025 $(000)

1,948

577

2,525

GST receivable

4,460

3,816

Total

4,512

6,345

Trade and other receivables

Note

Trade receivables Related party receivables

12 (iii)

Total trade receivables Sundry receivables

As at 30 June, the aging analysis of trade receivables and related party receivables was: $(000) 0 - 30 days

$(000) 30 - 60 days

$(000) 60 - 90 days

$(000) >90 days

Trade receivables 30 June 2026

Trade receivables 30 June 2025

2,525

There have been no changes in the estimation techniques or significant assumptions used in measuring the loss allowance during the reporting period. Related party receivables relate to reimbursable expenses as agreed by contract with Auckland Council and the Crown as per normal arm's length transactions. CRL Ltd has a number of receivables from government entities. CRL Ltd assesses no credit risk (and therefore no credit loss allowance is made) with these counterparties and related receivables. There are trade receivables from non-government entities and these are assessed for credit risk. The financial standing of each counterparty is considered, including if credit ratings and/or financial information is available and acceptable. As of 30 June 2026 there were no receivables from non-government companies and therefore no allowance for credit losses.

Link Alliance working capital advance Under the Project Alliance Agreement, CRL Ltd is required to keep the Link Alliance in a cash neutral position. This is achieved by way of a working capital advance, representing the expected cashflow between progress claim payments. The advance at 30 June 2026 was $15.9 million (2025: $34.1 million). The Link Alliance working capital advance at 30 June 2025 has been separately disclosed from capital work in progress for fairer representation. The prior year capital work in progress balance has been amended for this reclassification to enable comparability.

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

4. Trade and other receivables and prepayments (continued) Prepayments

2026 $(000)

2025 $(000)

Prepayments (current)

1,583

3,892

Prepayments (non-current)

5,333

6,602

Total

6,916

10,494

Prepayments relate to insurance premiums paid in advance for the works undertaken by Link Alliance over the estimated life of the works (including liability periods) and are recognised as both current and non-current assets. In 2026, prepayments relate to professional indemnity insurance (2025: contract works, public liability and professional indemnity insurance).

5. Assets held for distribution Assets held for distribution are measured at cost. 2026 $(000)

2025 $(000)

Balance at 1 July

18,210

Transfers from capital work in progress

103,475

18,210

Transfers from land and buildings

47,224

(18,210)

150,699

18,210

Note

Vested assets expense Balance at 30 June

1.19, 12(iii)

Included in the closing balance at 30 June 2026 are costs incurred on the core project assets in May and June 2026 totalling $91.4 million, $47.2 million of Residual Land and $10.2 million relating to Waitematā Station Plaza works. These assets are expected to be vested or transferred through equity in the year ending 30 June 2027.

City Rail Link Ltd Annual Report 2026

6. Capital work in progress Capital work in progress is measured at cost less accumulated impairment losses. Note

2026 $(000)

2025 $(000)

3,625,573

3,388,401

Additions

340,111

411,165

Transfers to PPE

(1,185)

(1,526)

(47,277)

(120,120)

(663)

Balance at 1 July

Vested assets expense

1.19, 12(iii)

Capital work in progress write-off Prior year reclassification to Link Alliance working capital advance

(34,137)

Transfers to assets held for distribution

(103,475)

(18,210)

Transfer of core project assets

(3,786,803)

26,281

3,625,573

Balance at 30 June

Capital work in progress costs include payments to contractors for the actual construction works, resource consents, compliance requirements and costs incurred in the design, procurement and supervision of the works. Costs also include Limb 2 and Limb 3 costs as explained below. CRL Ltd also capitalises a portion of the overhead costs that it deems is required to support the project construction. Examples of these overhead costs include CRL Ltd staff costs and operating costs such as rent and utilities. For 2026 the total value of overhead costs capitalised is $10.7 million (2025: $10.9 million). CRL Ltd reviews its capital work in progress bi-annually to identify any indicators of impairment of the carrying value of its assets.

Project Alliance Agreement Cost Structure The Project Alliance Agreement (PAA) signed with the Link Alliance is an alliance form of contracting. Alliancing is a co-operative form of contracting where the participants enter a relationship (alliance) which is designed to align the commercial interests of the participants. In an alliance contract both parties, the contractor and the client (owner), accept a collective responsibility for risk, performance, and outcome (painshare/gainshare). The contractor receives payment for 100 per cent of the costs related to the direct works including project-specific overhead (referred to as “Limb 1”). Payments made to the contractor for corporate overheads and profit on the contract is referred to as "Limb 2". "Limb 3" payments relate to painshare/gainshare depending on actual cost outcomes compared to the pre-agreed target costs and milestone achievement. Limb 2 is 100 per cent at risk under the Limb 3 risk/reward mechanism. All payments made to the Link Alliance form part of the capital cost of the project, except for defect remediation costs incurred, which are expensed.

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

7. Property, plant and equipment 2026

Subterranean land

Land and buildings

Furniture and fittings

Office equipment

Total

Cost

$(000)

Balance at 1 July 2025

21,096

116,674

133

137,941

Additions

1,170

1,206

(48)

(47,224)

(22,218)

(69,513)

(91,731)

Disposals and demolitions

(12)

Balance at 30 June 2026

142

180

Balance at 1 July 2025

116

154

Depreciation for the year

Disposals and demolitions

(5)

Balance at 30 June 2026

116

154

Net book value at 30 June 2026

Reclassified assets Transfer to assets held for distribution Transfer of core project assets

Depreciation

Project land and buildings including subterranean land were transferred to Sponsors/nominated owners on 30 June 2026. Some residual land was declared surplus and transferred to Sponsors in June 2026. Refer to note 2. 2025

Subterranean land

Land and buildings

Furniture and fittings

Office equipment

Total

Balance at 1 July 2024

19,661

117,321

166

548

137,696

Additions

1,364

117

1,496

Disposals and demolitions

(764)

(128)

(430)

(1,322)

Balance at 30 June 2025

21,096

116,674

133

137,941

Balance at 1 July 2024

166

543

709

Depreciation for the year

Disposals and demolitions

(128)

(430)

(558)

Balance at 30 June 2025

116

154

21,096

116,674

137,787

Reclassified assets

Depreciation

Net book value at 30 June 2025

There are no items of property, plant and equipment where title has been restricted or that have been used for security against liabilities.

City Rail Link Ltd Annual Report 2026

8. Accounts payable and accruals Accounts payable and accruals represent liabilities of goods and services provided to the entity that have not been paid at the end of the financial year.

Trade payables Sundry payables and accruals

2026 $(000)

2025 $(000)

478

81,757

49,144

81,766

49,622

Terms and conditions of the above financial liabilities: • Trade payables are non-interest bearing and are normally settled weekly. • Sundry payables and accruals are non-interest bearing and have an average term of less than three months.

9. Employee entitlements 2026 $(000)

2025 $(000)

Annual leave

657

508

Accrued salaries and wages

540

770

1,197

1,278

10. Commitments, provisions and contingencies Operating lease commitments - Company as a lessee The Company has entered into commercial leases. There are no restrictions placed upon the Company by entering into these leases. Future minimum rentals payable under non-cancellable operating leases as at 30 June are, as follows: 2026 $(000)

2025 $(000)

Less than one year

1,201

One to five years

More than five years

1,201

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

10. Commitments, provisions and contingencies (continued) Operating lease commitments - Company as a lessor CRL Ltd had entered into commercial and rental property leases on its property portfolio consisting of the Company's buildings. As at 30 June 2025, these non-cancellable leases had remaining terms of less than one year and a value of $29,000. Following the transfer of property assets to Auckland Council during the year ended 30 June 2026, there are no further rental receivables.

Capital commitments At 30 June 2026, the Company had capital commitments of $91.1 million (2025: $274.0 million) relating to the project's capital work in progress.

Contingencies Legal Claims CRL Ltd is financially responsible for various claims and disputes under the Public Works Act 1981 (PWA) relating to claims for compensation in relation to land acquisition and alleged injurious affection to land caused by CRL construction. At 30 June 2026, there were six legal claims before the Land Valuation Tribunal where CRL Ltd was involved either directly or indirectly. Four of those claims were settled in August 2026. Five of the claims (including the four settled claims) related to compensation and associated costs payable under the PWA for the acquisition of land (including subterranean land), injurious affection, and the registration of restrictive covenants against the land titles. The remaining claim concerns alleged injurious affection to land due to the construction of the CRL, where no land was acquired. There are further compensation claims that CRL Ltd is actively progressing through engagement with landowners to seek resolution. CRL Ltd continues to assess the likely compensation payable in respect of outstanding claims with reference to the High Court judgements concerning the acquisition of land for public works (Samson and YMCA1). However, given that each property must be considered with reference to the specific factors affecting that property, it is not possible to reliably estimate the obligations of CRL Ltd or accurately predict whether any compensation offer will be acceptable to the landowner. Where it has been assessed that the likelihood of having to make a payment meets the recognition criteria, a provision is included in the financial statements. For the year ended 30 June 2026, no provisions have been recognised (2025: nil).

Link Alliance Project Alliance Agreement obligations Under the terms of the Project Alliance Agreement between CRL Ltd and Link Alliance (as varied), CRL Ltd has an obligation to make payments in relation to Limb 2 (corporate profit and overhead including painshare/gainshare) and Limb 3 (Key Result Area (KRA) payments). The Practical Completion Payment Certificate contains the provisional calculations of Limb 2 and 3 as at Practical Completion, including the KRA and Key Milestones achieved and is accrued at 30 June 2026. The Limb 2 and 3 risk/reward framework continues to apply during the two-year Defect Period with the final financial outcome determined at Final Completion. Estimating the final financial outcome of the contract requires a significant number of underlying assumptions, including a view on the likelihood of any risks eventuating and their possible financial implications. The final financial outcome remains too uncertain and therefore disclosure has been made as a contingency.

¹ Auckland Council v Samson Incorporation Limited [2023] NZHC 1351; YMCA North Inc v Auckland Council [2023] NZHC 3697 City Rail Link Ltd Annual Report 2026

11. Financial assets and liabilities and financial risk management The table below summarises the maturity profile of the Company's financial liabilities which show the timing of the cash outflows and the maturity profiles of financial assets held by the Company which are readily saleable or expected to generate cash inflows to meet the cash outflows of the financial liabilities. The amounts disclosed are undiscounted contractual cashflow. 2026 $(000)

2025 $(000)

33,018

28,537

2,529

15,926

34,137

48,996

65,203

81,766

49,622

81,766

49,622

Six to twelve months

Total contractual cashflows

Financial assets (at amortised cost) Cash Receivables Link Alliance working capital advance

Financial liabilities (at amortised cost) Financial liabilities

Carrying amount

On demand

Less than six months

Non derivative financial assets

$(000)

Cash

33,018

17,518

15,500

33,018

Link Alliance working capital advance

15,926

Total non derivative financial assets

48,996

33,496

15,500

48,996

Financial liabilities at amortised cost

81,766

81,757

81,766

Total non derivative financial liabilities

81,766

81,757

81,766

Net contractual cashflows

(32,770)

33,487

(66,257)

(32,770)

2025

Carrying amount

On demand

Less than six months

Six to twelve months

Total contractual cashflows

Non derivative financial assets

$(000)

Cash

28,537

20,537

8,000

28,537

Receivables

2,529

2,525

2,529

Link Alliance working capital advance

34,137

Total non derivative financial assets

65,203

57,199

8,004

65,203

Financial liabilities at amortised cost

49,622

478

49,144

49,622

Total non derivative financial liabilities

49,622

478

49,144

49,622

Net contractual cashflows

15,581

56,721

(41,140)

15,581

2026

Receivables

Non derivative financial liabilities

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

11. Financial assets and liabilities and financial risk management (continued) The Company’s risk management policies identify and analyse the risks faced by the Company and set appropriate risk levels and controls to monitor those risks. (i) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk. With procurement largely complete, CRL Ltd has a relatively small exposure to currency risk as of 30 June 2026 and no interest rate exposure, as CRL Ltd is not permitted to borrow (2025: nil). (ii) Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party, by failing to discharge an obligation. The Company is mainly exposed to credit risk from its financial assets, and the maximum exposure to credit risk at balance date is represented by the total amount of financial assets in the statement of financial position: • Cash and cash equivalents • Trade receivables (also see note 4) The Company manages credit risk by analysing the credit worthiness of its customers, including external ratings if available. Deposits are placed with Bank of New Zealand and/or ANZ Bank New Zealand Limited, both with long-term AA- credit ratings by Standard & Poor's rating agency. (iii) Liquidity risk Liquidity risk is the risk that the Company will have difficulty meeting the obligations associated with its financial liabilities. CRL Ltd’s approach to managing liquidity is to ensure that it has sufficient cash reserves to meet its liabilities when they fall due. Funding from the CRL Ltd Sponsors will be made available upon request up to the Target Delivery Amount per the Project Delivery Agreement (PDA), adjusted for future property sales proceeds. There is a prescribed funding request process in the PDA. This arrangement means the Company has no significant exposure to liquidity risk. The Company does not expect liquidity risk in regard to foreign exchange transactions as these are funding obligations the Company incurs and forecasts for as part of meeting expected project costs. (iv) Counterparty risk Counterparty risk is the likelihood or probability that one of those involved in a transaction might default on its contractual obligations. CRL Ltd has a number of key contractual counterparties. CRL Ltd receives financial information from and regularly monitors the financial creditworthiness of these counterparties to ensure there is no risk of disruption to the project and that those counterparties are able to continue to satisfy their current and future commitments under their contracts with CRL Ltd. In reviewing financial creditworthiness, CRL Ltd considers financial performance (including rating agency reports where available) of both the counterparty and, as applicable, their parent.

City Rail Link Ltd Annual Report 2026

12. Related parties (i) Key management personnel Key management personnel represents the senior management team (including Chief Executive) and Directors.

Remuneration and benefits

2026 $(000)

2025 $(000)

Senior management

5,528

4,629

309

5,837

4,938

Directors

Key management personnel did not receive any remuneration or compensation other than in their capacity as key management personnel. If the number of personnel were reported as Full Time Equivalent (FTE) the number of senior managers would have been 10.3 FTE (2025: 9.7 FTE). There are 5 appointed directors in 2026 (2025: 5). The Company did not provide loans or compensation to key management personnel or their close family members. No key management personnel received compensation or other benefits in relation to cessation (2025: nil). (ii) Employment expenses 2026 $(000)

2025 $(000)

2,319

2,649

KiwiSaver employer contributions

304

298

Other employment related costs

239

244

2,862

3,191

Salaries and wages

CRL Ltd capitalises a portion (74 per cent in 2026 and 77 per cent in 2025) of employment expenses and the employment expenses shown above are net of capitalisation. There were no payments for termination, severance or redundancy paid in 2026 (2025: nil). (iii) Related party transactions and balances CRL Ltd is a public benefit entity jointly owned by the Crown and Auckland Council. The following entities are considered related parties due to direct shareholding in CRL Ltd or being under control of the Crown or Auckland Council: • The Crown, represented by the Minister of Transport and the Minister of Finance, holds a 51 per cent ownership interest in CRL Ltd. The Crown's interest is administered by the Ministry of Transport. • Auckland Council holds a 49 per cent ownership interest in CRL Ltd. Related party transactions other than remuneration of key management personnel Related party transactions during the year are disclosed below unless: (a) they were entered into in the course of a normal client/supplier relationship under terms equivalent to those that prevail in arm's length transactions in similar circumstances, or (b) they were transactions with other public sector entities consistent with normal operating relationships between those entities and undertaken on terms and conditions that are normal for such transactions in those circumstances.

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

12. Related parties (continued) (iii) Related party transactions and balances (continued)

2026 $(000)

2025 $(000)

529

825

(47,691)

(100,755)

529

825

(17,796)

(19,365)

Due from

Owed to

2026

$(000)

Crown

Auckland Council

Crown

309

Auckland Council

268

577

Entity

Description

Auckland Council Group Auckland Council

CRL Ltd received funding for Targeted Hardship Fund payments 2026: CRL Ltd vested assets to Auckland Council (on behalf of Auckland Transport) being Normanby Road Bridge, Mt Eden Road and Britomart East track upgrades (2025: Britomart station service rooms, Ōtāhuhu station upgrade, Britomart East junction upgrade and Strand station upgrade)

Crown Ministry of Transport

CRL Ltd received funding for Targeted Hardship Fund payments 2026: CRL Ltd vested assets to KiwiRail Holdings Limited, facilitated by the Ministry of Transport being Normanby Road Bridge and Britomart East track upgrades (2025: Ōtāhuhu station and track upgrade, Britomart East junction upgrade, Strand station works and Newmarket track and overhead line works)

Related party receivable / payable balances at year end

2025

City Rail Link Ltd Annual Report 2026

13. Auditors Remuneration 2026

2025

$(000)

Audit or review of the financial statements and performance reporting - current year

358

345

Audit or review of the financial statements and performance reporting - prior year

386

353

The auditor's remuneration includes work performed in respect of: • the year end audit, including both work on the audit of CRL Ltd's financial statements and performance information for the year ended 30 June 2026 and work on the group consolidation returns to CRL Ltd's Shareholders; • review of CRL Ltd's interim financial statements; and • interim group consolidation returns to one of the Company's Shareholders (Auckland Council). This work is performed by The Audit Office. There were no significant disbursements paid.

14. Capital management CRL Ltd's capital is its equity, which comprises contributed capital net of transfer of core project assets and accumulated surplus/(deficit). Equity is represented by net assets. CRL Ltd is subject to the financial management and accountability provisions of the Crown Entities Act 2004, which impose restrictions in relation to borrowings, acquisition of securities, issuing guarantees and indemnities, and the use of derivatives. CRL Ltd manages its equity by prudently managing revenues, expenses, assets, liabilities and general financial dealings to ensure the company effectively achieves its objectives and purpose.

15. Subsequent events Subsequent to year end, CRL Ltd vested assets to Auckland Council and Auckland Transport with a total value of $10.1 million. At 30 June 2026 these assets were included in the value classified as assets held for distribution on the Statement of Financial Position.

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

16. Explanation of major variances against budget Major variations from the Company’s budget figures are explained below:

Statement of Financial Performance Budget $(000)

Actual $(000)

Variance $(000)

Interest revenue

1,900

2,090

190

Total revenue

1,940

2,133

193

Employment expenses

3,739

2,862

877

Professional services

1,782

1,330

452

General expenses

2,704

2,900

(196)

Insurance expenses

6,619

7,067

(448)

Lease payments

463

377

Defect expenses

918

(918)

Third party works

62,258

45,758

16,500

663

(663)

Vested asset expense

4,122,666

65,487

4,057,179

Total expenditure

4,200,249

127,367

4,072,882

Surplus/(deficit)

(4,198,309)

(125,234)

4,073,075

Other Comprehensive Revenue and Expense

Total Comprehensive Revenue and Expense

(4,198,309)

(125,234)

4,073,075

2026 Revenue Rental & other revenue

Expenditure

Depreciation and amortisation expenses Capital work in progress write-off

The Company’s net deficit was $4,073.1 million lower than budgeted. The budget assumed that the main asset transfer would be effected by way of vesting, however the accounting treatment was finalised as a transfer through equity in the Statement of Financial Performance resulting in the large variance. Third party works costs incurred in relation to the C8 Henderson station upgrade were also lower than anticipated by $16.5 million.

City Rail Link Ltd Annual Report 2026

16. Explanation of major variances against budget (continued) Statement of Financial Position Budget $(000)

Actual $(000)

Variance $(000)

Cash and cash equivalents

16,833

33,018

16,185

Trade and other receivables

5,510

4,512

(998)

Prepayments

1,540

1,583

Link Alliance working capital advance

15,926

Assets held for distribution

150,699

23,883

205,738

181,855

26,281

6,214

5,333

(881)

Total Non-Current Assets

6,214

31,640

25,426

Total Assets

30,097

237,378

207,281

Accounts payable and accruals

13,868

81,766

(67,898)

Current employee entitlements

554

1,197

(643)

Total Current Liabilities

14,422

82,963

(68,541)

Total Liabilities

14,422

82,963

(68,541)

Net Assets

15,675

154,415

138,740

Contributed capital

5,315,280

1,381,746

(3,933,534)

Retained earnings

(5,299,605)

(1,227,331)

4,072,274

15,675

154,415

138,740

2026 Assets Current Assets

Total Current Assets Non-Current Assets Capital work in progress Prepayments Property, plant and equipment

Liabilities

Equity

Total Equity

There are significant variances between the budget and actuals due to delayed project completion compared to budget assumptions - the budget assumed all construction and property assets would be completed and transferred by 30 June 2026. At 30 June 2026, assets held for distribution and capital work in progress balances reflect ongoing construction and related property assets that were either not yet transferred or not yet completed (remaining C3 Link Alliance, C8 Henderson station upgrade, Maungawhau remaining urban realm works). The Link Alliance working capital advance was reclassified in FY26. Accounts payables and accruals were higher than budgeted due to contractual payments that became payable at Practical Completion, which was achieved on 30 June 2026. Core project assets were transferred via equity resulting in a lower than budgeted contributed capital balance, refer to note 2 for further information.

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

16. Explanation of major variances against budget (continued) Statement of Cash Flows Budget $(000)

Actual $(000)

Variance $(000)

Interest received

1,900

2,041

141

Employee costs

(12,986)

(10,615)

2,371

(281)

(304)

(23)

(73,377)

(64,872)

8,505

4,166

(643)

(4,809)

(80,538)

(74,350)

6,188

Acquisition of capital work in progress

(321,669)

(268,216)

53,453

Acquisition of property, plant and equipment

(10,551)

(953)

9,598

(18)

(332,238)

(269,169)

63,069

Proceeds from issue of contributed capital

403,000

348,000

(55,000)

Net cash from financing activities

403,000

348,000

(55,000)

Net (decrease)/increase

(9,776)

4,481

14,257

Opening cash and cash equivalents

26,609

28,537

1,928

Closing cash

16,833

33,018

16,185

Bank balances

16,833

33,018

16,185

Total cash

16,833

33,018

16,185

2026 Cash flows to operating activities Cash received from customers

KiwiSaver contributions Payments to suppliers (including third party works) Other receipts Net cash to operating activities Cash flows to investing activities

Acquisition of intangibles Net cash to investing activities Cash flows from financing activities

Made up of:

Lower proceeds from the issue of contributed capital by $55 million resulted from lower than planned project spend in the acquisition of capital work in progress and a higher opening cash balance.

City Rail Link Ltd Annual Report 2026

17. Equity Equity is measured as the difference between total assets and total liabilities. Equity is classified into the following components: • Contributed capital (Ordinary shares less transfer of core project assets) • Funding received for B class shares • Surplus/(deficit)

Shares Ordinary shares The initial shareholding for the creation of CRL Ltd comprised 1,000 Ordinary shares. Ordinary shares related to the initial set up of the company have voting rights attached but no par value. There have been no movements in Ordinary shares. The shareholding was split as per the table below. B Class shares Shareholders receive one share for every dollar of funding contributed. Funding is applied for on a quarterly basis supported by future forecast cash requirements. All B Class shares are authorised, issued and fully paid. They have no voting rights attached.

2026

Minister of Finance

Minister of Transport

Auckland Total number Council of shares

255

490

108,932

108,933

217,865

Total contributed capital $(000)

Ordinary shares Number of shares Total value of shares on issuance ($000)

1,000 435,730

B Class shares Shares issued 1 July 2025

1,119,137,561

1,119,137,561 2,238,275,122 4,476,550,244

4,476,550

Shares issued during the year

87,000,000

174,000,000 348,000,000

348,000

1,206,137,561 1,206,137,561 2,412,275,122 4,824,550,244

4,824,550

Total B Class shares 30 June 2026 Transfer of core project assets through equity

(3,878,534)

Total Contributed Capital 2026

1,381,746

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

17. Equity (continued)

2026

Minister of Finance

Minister of Transport

Auckland Total number Council of shares

Total contributed capital $(000)

Auckland Total number Council of shares

Total contributed capital $(000)

Minister of Finance

Minister of Transport

255

490

108,932

108,933

217,865

Shares issued 1 July 2024

1,009,637,561

2,019,275,122 4,038,550,244

4,038,550

Shares issued during the year

109,500,000

219,000,000

438,000,000

438,000

Total B Class shares 30 June 2025

1,119,137,561

1,119,137,561 2,238,275,122 4,476,550,244

4,476,550

2025 Ordinary shares Number of shares Total value of shares on issuance ($000)

1,000 435,730

B Class shares

Total Contributed Capital 2025

City Rail Link Ltd Annual Report 2026

4,912,280

Governance and Remuneration Disclosures Mana Whakahaere me Ngā Whakapuakanga Utu 1. Directors’ interests Directors made the following entries in the Directors’ Interests Register pursuant to section 140 of the Companies Act 1993 during the year ended 30 June 2026. Director

Board/Committee Memberships

John Bridgman (Chair)

No change

Russell Black

Ceased directorship and shareholding in R&G Orchard Limited which was removed from Companies register.

Malcolm Gibson

No change

Brian Harrison

Ceased directorships in Infrared Infrastructure NZ (WGP) Limited, Wellington Gateway General Partner No.1 Limited, and Wellington Gateway General Partner No.2 Limited.

Anne Urlwin

No change

2. Directors’ remuneration (included in General expenses in the Statement of Financial Performance) 2026 $(000)

2025 $(000)

John Bridgman (Chair)

103

Russell Black

Malcolm Gibson

Brian Harrison

Anne Urlwin

309

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

3. Directors’ meeting attendance During the year, thirteen Board, four Audit & Risk Committee and one People & Remuneration Committee meetings were held. Attendance by each Director was as follows:

Board meetings

Audit & Risk Committee

People & Remuneration Committee

Total meetings held

John Bridgman (Chair)

Russell Black

Malcolm Gibson

Brian Harrison

Anne Urlwin

4. Indemnities and insurance In accordance with section 162 of the Companies Act 1993 and CRL Ltd’s Constitution, CRL Ltd has provided a deed of indemnity to Directors for certain activities undertaken in the performance of CRL Ltd's functions. CRL Ltd has taken out Directors' and Officers' Liability and Professional Indemnity insurance cover during the financial year in respect of the liability or cost of Directors and employees.

5. Information used by Directors There were no notices from Directors requesting to disclose or use Company information received in their capacity as Directors that would not otherwise have been available to them.

City Rail Link Ltd Annual Report 2026

6. Employee remuneration bands The number of employees or former employees who received remuneration and other benefits exceeding $100,000 during the year to 30 June 2026 are specified in the following table. Remuneration includes salary, any performance incentive payments, redundancy payments, employer contributions to KiwiSaver and other sundry benefits received in their capacity as employees or former employees of the Company. 2026 2025 Number of employees Number of employees $100,000 - $109,999

$110,000 - $119,999

$120,000 - $129,999

$130,000 - $139,999

$140,000 - $149,999

$150,000 - $159,999

$160,000 - $169,999

$170,000 - $179,999

$180,000 - $189,999

$190,000 - $199,999

$200,000 - $209,999

$210,000 - $219,999

$220,000 - $229,999

$230,000 - $239,999

$240,000 - $249,999

$250,000 - $259,999

$260,000 - $269,999

$290,000 - $299,999

$300,000 - $309,999

$310,000 - $319,999

$320,000 - $329,999

$350,000 - $359,999

$370,000 - $379,999

$390,000 - $399,999

$400,000 - $409,999

$410,000 - $419,999

$470,000 - $479,999

$500,000 - $509,999

$540,000 - $549,999

$620,000 - $629,999

$730,000 - $739,999

$740,000 - $749,999

$860,000 - $869,999

City Rail Link Ltd Annual Report 2026

NOTES TO FINANCIAL STATEMENTS

7. Chief Executive & Executive remuneration Number of Personnel

Fixed Remuneration and other benefits $(000)

Chief Executive FY26 (Patrick Brockie)

862

FY25 (Patrick Brockie)

Commenced role effective 14 September 2024

632

FY25 (Sean Sweeney)

Resigned role effective 13 September 2024

198

FY26

4,666

FY25

3,799

Senior Managers (excluding Chief Executive)

The Chief Executive remuneration consists of Fixed Remuneration and other benefits. If the number of personnel were reported as FTE the number of Senior Managers including the Chief Executive would have been 10.3 FTE (2025: 9.7 FTE).

8. Other disclosure – Donation No donations were made by CRL Ltd during the year ended 30 June 2026 (2025: Nil).

City Rail Link Ltd Annual Report 2026

Independent Auditor’s Report Te Pūrongo a te Kaiōtita Motuhake

Independent Auditor’s Report Independent Auditor’s Report

To the readers of City Rail Link Limited’s financial statements and performance information To the readers of City Rail Link Limited’s financial statements and performance information for the year ended 30 June 2026 for the year ended 30 June 2026

The Auditor-General is the auditor of is Citythe Railauditor Link Limited Auditor-General has The Auditor-General of(the CityCompany). Rail LinkTheLimited (the Company). The Auditor-General has appointed me, Carl Wessels, using the staff and resources of The Audit Office, to carry out the audit appointed me,and Carl Wessels,information using the and resources of The Audit Office, to carry out the audit of the financial statements performance on staff his behalf.

of the financial statements and performance information on his behalf.

Opinion

We haveOpinion audited: • the financial statements of the Company that comprise the statement of financial position as at We have audited: 30 June 2026, the statement of financial performance, statement of changes in equity, and statement of cash flows for the year ended on that date and the notes to the financial statements thatfinancial include accounting policiesof andthe other explanatorythat information on pages to • the statements Company comprise the46statement of financial position as at 73; and

30 June 2026, the statement of financial performance, statement of changes in equity, and statement of cash flows for the year ended on that and the notes to the financial • the performance information that consists of the statement of performance fordate the year ended 30 June 2026 on pages 14 to 33 and the end-of-year performance information for the statements that include accounting policies and other explanatory information on pages 46 to appropriations for the year ended 30 June 2026 on pages 32 to 33. 73; and

In our opinion:

• the performance information that consists of the statement of performance for the year ended

• The financial statements of the Company present fairly, in all material respects, its financial June onitspages 14performance to 33 andand thecash end-of-year performance position as30 at 30 June2026 2026 and financial flows for the year then ended, information for the in accordance with Public Benefit Entity Standards. appropriations for the year ended 30 June 2026 on pages 32 to 33. • The performance information is appropriate and meaningful and prepared in accordance with In our opinion: the Company’s measurement bases or evaluation methods and Public Benefit Entity Standards, and presents fairly, in all material respects:

• The financial statements of the Company present fairly, in all material respects, its financial



the Company’s service performance and actual revenue and expenses for each reportable position astheatyear 30 ended June 30 2026 financial and June and 2026 its compared to theperformance forecast standards andcash flows for the year then ended, class of outputs for budgets in the statement of performance for the year , and inincluded accordance with Public Benefit expectations Entity Standards. what has been achieved with each appropriation, and the actual expenses or capital • The performance information is appropriate and meaningful and prepared in accordance with expenditure incurred in relation to the appropriation for the year ended 30 June 2026.

the Company’s measurement bases or evaluation methods and Public Benefit Entity Standards, and presents fairly, in all material respects: 



the Company’s service performance and actual revenue and expenses for each reportable class of outputs for the year ended 30 June 2026 compared to the forecast standards and budgets included in the statement of performance expectations for the year , and what has been achieved with each appropriation, and the actual expenses or capital expenditure incurred in relation to the appropriation for the year ended 30 June 2026. City Rail Link Ltd Annual Report 2026

AUDIT REPORT

Basis for our opinion We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and Ethical Standards, the International Standards on Auditing (New Zealand), and New Zealand Auditing Standard 1 (Revised): The Audit of Service Performance Information issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further described in the Responsibilities of the auditor section of our report. We have fulfilled our responsibilities in accordance with the Auditor-General’s Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of the Board for the financial statements and the performance information The Board is responsible on behalf of the Company for preparing financial statements and performance information that are fairly presented and comply with Public Benefit Entity Standards. This includes: • the selection of elements/aspects of service performance, performance measures and/or descriptions, and measurement bases or evaluation methods to enable the presentation of service performance information that is appropriate and meaningful; and • the preparation of a statement of performance, in accordance with the Company’s measurement bases or evaluation methods, that provides an appropriate and meaningful basis to enable readers to assess what has been achieved for the year. The Board is also responsible for the preparation of end-of-year performance information for an appropriation that is prepared in accordance with the entity’s measurement bases or evaluation methods and complies with Public Benefit Entity Standards and legislative requirements. The Board is responsible for such internal control as it determines is necessary to enable it to prepare financial statements and performance information that are free from material misstatement, whether due to fraud or error. In preparing the financial statements and performance information, the Board is responsible on behalf of the Company for assessing the Company’s ability to continue as a going concern. The Board is also responsible for disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless there is an intention to merge or to terminate the activities of the Company, or there is no realistic alternative but to do so. The Board’s responsibilities arise from the Public Finance Act 1989 and the Crown Entities Act 2004.

City Rail Link Ltd Annual Report 2026

Responsibilities of the auditor for the audit of the financial statements and the performance information Our objectives are to obtain reasonable assurance about whether the financial statements and performance information, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit carried out in accordance with the Auditor-General’s Auditing Standards will always detect a material misstatement when it exists. Misstatements are differences or omissions of amounts or disclosures, and can arise from fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of readers, taken on the basis of the financial statements and performance information. For the budget information reported in the financial statements and the performance information, our procedures were limited to checking that the information agreed to the Company’s statement of performance expectations or to the Estimates of Appropriations for the Government of New Zealand for the year ending 30 June 2026. We did not evaluate the security and controls over the electronic publication of the financial statements and the performance information. As part of an audit in accordance with the Auditor-General’s Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. Also: • We identify and assess the risks of material misstatement of the financial statements and performance information, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board. • We obtain an understanding of the process applied by the Company to select its elements/aspects of service performance, performance measures and/or descriptions and the measurement bases or evaluation methods. • We evaluate whether: 

the selection of elements/aspects of service performance, performance measures and/or descriptions and measurement bases or evaluation methods present an appropriate and meaningful assessment of the entity’s service performance; and

City Rail Link Ltd Annual Report 2026

AUDIT REPORT



the performance information is prepared in accordance with the Company’s measurement bases or evaluation methods, and presents fairly, in all material respects, in accordance with Public Benefit Entity Standards, what has been achieved with the appropriation, and for each class of reportable outputs: •

•

the actual performance of the Company as compared with the forecast standards of performance included in the Company’s statement of performance expectations for the financial year; and the actual revenue earned and output expenses incurred as compared to the expected revenues and the proposed output expenses included in the Company’s statement of performance expectations for the financial year.

• We conclude on the appropriateness of the use of the going concern basis of accounting by the Board and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the information we audited or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • We evaluate the overall presentation, structure and content of the financial statements and the performance information, including the disclosures, and whether the financial statements and performance information represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Our responsibilities arise from the Public Audit Act 2001.

Other information The Board is responsible for the other information. The other information comprises all of the information included in the annual report, but does not include the financial statements, the performance information consisting of the statement of performance and the end-of-year performance information for appropriations, and our auditor’s report thereon. Our opinion on the financial statements and the performance information does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon. In connection with our audit of the financial statements and the performance information, our responsibility is to read the other information. In doing so, we consider whether the other information is materially inconsistent with the financial statements and the performance information or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on our work, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

City Rail Link Ltd Annual Report 2026

Independence We are independent of the Company in accordance with the Auditor-General’s Auditing Standards, which incorporate the independence requirements of Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) as applicable for audits of public interest entities issued by the New Zealand Auditing and Assurance Standards Board. Other than in our capacity as auditor, we have no relationship with, or interests in, the Company.

Carl Wessels The Audit Office On behalf of the Auditor-General Auckland, New Zealand 31 August 2026

City Rail Link Ltd Annual Report 2026

S taff from One Client organisations volunteered as 'proxy passengers' for CRL emergency procedures testing. City Rail Link Ltd Annual Report 2026

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CRLL0614 CRL Annual Report 2026 2_9_26-GF

Emergency exercise underway at Mercury Lane entrance to Karanga-a-Hape Station