New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Kraken grew contracted accounts +28% year-on-year to 95m in FY26 and is ‘closing in’ on its FY27 100m target.</li><li>Kraken reported revenue of £300m for FY26, up +21% year-on-year, with 75% of customers on multi-product offerings as at FY26.</li><li>EBITDA declined to -£9m for FY26 (versus £62m the year prior), citing migration delivery costs related to bringing contracted customer accounts online.</li></ul>

Kraken grew contracted accounts +28% year-on-year to 95m in FY26 and is ‘closing in’ on its FY27 100m target.Kraken reported revenue of £300m for FY26, up +21% year-on-year, with 75% of customers on multi-product offerings as at FY26.EBITDA declined to -£9m for FY26 (versus £62m the year prior), citing migration delivery costs related to bringing contracted customer accounts online.

<ul><li>Meridian Energy (MEL) delivered a record June 2026 and a record 4Q26 to cap a remarkable FY26 turnaround from FY25.</li><li>Favourable operating conditions reduced the need for expensive hedges as sales volumes and margins continued to grow.</li><li>While we have pulled back our medium-term outlook slightly on lower ASX futures prices, we upgrade MEL to NEUTRAL from UNDERPERFORM following recent soft share price performance that has seen MEL underperform the market by -8.6% in the past six weeks.</li></ul>

Meridian Energy (MEL) delivered a record June 2026 and a record 4Q26 to cap a remarkable FY26 turnaround from FY25.Favourable operating conditions reduced the need for expensive hedges as sales volumes and margins continued to grow.While we have pulled back our medium-term outlook slightly on lower ASX futures prices, we upgrade MEL to NEUTRAL from UNDERPERFORM following recent soft share price performance that has seen MEL underperform the market by -8.6% in the past six weeks.

Meridian Energy Powering to the Finish Line 4Q26 Op Stats

United States

Kraken is a US-based cryptocurrency exchange. The exchange allows investors to trade Bitcoin, Ethereum and 500+ other cryptocurrencies. Kraken enables more advanced trading strategies, including margin trading, indices, futures, OTC trading, and staking.

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Kraken (KRAK123D US)

Gentrack (GTK) - Kraken FY26 Results

Kraken grew contracted accounts +28% year-on-year to 95m in FY26 and is ‘closing in’ on its FY27 100m target. Kraken reported revenue of £300m for...

Forsyth Barr

Meridian Energy Powering to the Finish Line 4Q26 Op Stats

Meridian Energy (MEL) delivered a record June 2026 and a record 4Q26 to cap a remarkable FY26 turnaround from FY25. Favourable operating...

Forsyth Barr

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