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>Contact Energy (CEN) has finished FY26 with a flourish and a record quarter result.</li><li>Favourable operating conditions (meaning there was little thermal generation) and a strong commercial market performance were the main factors that led to CEN comfortably exceeding FY26 guidance.</li><li>CEN remains our preferred sector exposure with its attractive development pipeline and strong recent track record.</li></ul>

Contact Energy (CEN) has finished FY26 with a flourish and a record quarter result.Favourable operating conditions (meaning there was little thermal generation) and a strong commercial market performance were the main factors that led to CEN comfortably exceeding FY26 guidance.CEN remains our preferred sector exposure with its attractive development pipeline and strong recent track record.

Contact Energy Strong Finish to FY26 4Q26 Op Stats

<ul><li>Contact Energy (CEN) has had a strong 3Q26 and remains on track to meet our FY26 EBITDAF forecast, which is +3% higher than CEN's guidance.</li><li>Higher generation volumes at a lower average cost due to the Manawa Energy acquisition and increased gas sales are the main factors behind the strong quarter.</li><li>CEN is one of our preferred electricity exposures, with a strong development pipeline, and solid earnings and dividend growth.</li></ul>

Contact Energy (CEN) has had a strong 3Q26 and remains on track to meet our FY26 EBITDAF forecast, which is +3% higher than CEN's guidance.Higher generation volumes at a lower average cost due to the Manawa Energy acquisition and increased gas sales are the main factors behind the strong quarter.CEN is one of our preferred electricity exposures, with a strong development pipeline, and solid earnings and dividend growth.

Contact Energy Tracking to Expectations—3Q26 Op Stats

<ul><li>In an unexpected move, Contact Energy (CEN) is raising ~NZ$525m of equity to fund projects brought forward and to increase balance sheet flexibility for future projects.</li><li>The 1H26 result was strong, with EBITDAF up +28% on 1H25 following the acquisition of Manawa Energy, increased geothermal generation, and more favourable wholesale market conditions.</li><li>CEN has strong growth prospects and a sector-leading development pipeline.</li></ul>

In an unexpected move, Contact Energy (CEN) is raising ~NZ$525m of equity to fund projects brought forward and to increase balance sheet flexibility for future projects.The 1H26 result was strong, with EBITDAF up +28% on 1H25 following the acquisition of Manawa Energy, increased geothermal generation, and more favourable wholesale market conditions.CEN has strong growth prospects and a sector-leading development pipeline.

Contact Energy Accelerating For Growth—1H26 Result

<ul><li>The generator-retailer 1H26 reporting season is upon us.</li><li>Meridian Energy (MEL) bore the brunt of the pain in 1H25, and we anticipate it will almost double EBITDAF.</li><li>All companies are expected to report healthy operating performance increases relative to 1H25, mainly because 1H25 included the effects of the dry 2024 winter.</li></ul>

The generator-retailer 1H26 reporting season is upon us.Meridian Energy (MEL) bore the brunt of the pain in 1H25, and we anticipate it will almost double EBITDAF.All companies are expected to report healthy operating performance increases relative to 1H25, mainly because 1H25 included the effects of the dry 2024 winter.

Electricity Sector Swimming With the Current—1H26 Preview

<ul><li>Contact Energy (CEN) had a strong December 2025, holding back generation to take advantage of very low wholesale prices.</li><li>CEN is set to report a record 1H26 result, driven primarily by the acquisition of Manawa Energy, alongside strong margin growth and record renewable generation over the half.</li><li>Longer term, we are attracted to CEN’s high-quality development pipeline and view the current valuation as undemanding.</li></ul>

Contact Energy (CEN) had a strong December 2025, holding back generation to take advantage of very low wholesale prices.CEN is set to report a record 1H26 result, driven primarily by the acquisition of Manawa Energy, alongside strong margin growth and record renewable generation over the half.Longer term, we are attracted to CEN’s high-quality development pipeline and view the current valuation as undemanding.

Contact Energy Short and Sweet—December 2025 Op Stats

New Zealand

Manawa Energy Limited is a renewable energy company. The Company generate powers through hydro power stations and wind farms throughout Australasia. Manawa Energy is also engaged in electricity distribution.

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Manawa Energy Ltd (MNW NZ)

Contact Energy Strong Finish to FY26 4Q26 Op Stats

Contact Energy (CEN) has finished FY26 with a flourish and a record quarter result. Favourable operating conditions (meaning there was little...

Forsyth Barr

Contact Energy Tracking to Expectations—3Q26 Op Stats

Contact Energy (CEN) has had a strong 3Q26 and remains on track to meet our FY26 EBITDAF forecast, which is +3% higher than CEN's guidance. Higher...

Forsyth Barr

Contact Energy Accelerating For Growth—1H26 Result

In an unexpected move, Contact Energy (CEN) is raising ~NZ$525m of equity to fund projects brought forward and to increase balance sheet...

Forsyth Barr

Electricity Sector Swimming With the Current—1H26 Preview

The generator-retailer 1H26 reporting season is upon us. Meridian Energy (MEL) bore the brunt of the pain in 1H25, and we anticipate it will almost...

Forsyth Barr

Contact Energy Short and Sweet—December 2025 Op Stats

Contact Energy (CEN) had a strong December 2025, holding back generation to take advantage of very low wholesale prices.

Forsyth Barr

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