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 (CEN) delivered a strong FY25 result despite the challenging hydro conditions prevalent throughout the year, in line with expectations.</li><li>The focus for FY26 is on integrating Manawa Energy (MNW) into the business and realising the synergies.</li><li>The only disappointment was capex rising faster than expected, leading to a modest reduction in our target price.</li></ul>

Contact Energy (CEN) delivered a strong FY25 result despite the challenging hydro conditions prevalent throughout the year, in line with expectations.The focus for FY26 is on integrating Manawa Energy (MNW) into the business and realising the synergies.The only disappointment was capex rising faster than expected, leading to a modest reduction in our target price.

Contact Energy Managing The Hydro Curveball—FY25 Result