New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Contact Energy’s (CEN) investor day set a series of FY31 targets, with asset development the core driver of earnings growth under its Contact31+ strategy.</li><li>While the development programme is large, the use of joint ventures to develop its wind and solar projects reduces funding requirements, minimising the need for a capital raise.</li><li>Overall, the positives outweighed the negatives, and we lift our target price +2.1% (+23cps) to NZ$11.00 and retain our OUTPERFORM rating.</li></ul>

Contact Energy’s (CEN) investor day set a series of FY31 targets, with asset development the core driver of earnings growth under its Contact31+ strategy.While the development programme is large, the use of joint ventures to develop its wind and solar projects reduces funding requirements, minimising the need for a capital raise.Overall, the positives outweighed the negatives, and we lift our target price +2.1% (+23cps) to NZ$11.00 and retain our OUTPERFORM rating.

Contact Energy Flexing The Development Pipeline—2025 IR Day