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>New FY27 targets highlight earnings growth and development goals: CEN’s revised targets show it is generally on track to achieve the FY26 goals set out two years ago and that it can do more.</li><li>Capex growth the only negative: The only negative we took from the day was higher SIB capex (up +NZ$50m in the FY24–FY26 period) and Te Mihi upgrade costs increasing ~+10% (+NZ$75m) on our old assumption.</li><li>April 2023 operating result was strong, points to CEN meeting FY23 EBITDAF guidance</li></ul>

New FY27 targets highlight earnings growth and development goals: CEN’s revised targets show it is generally on track to achieve the FY26 goals set out two years ago and that it can do more.Capex growth the only negative: The only negative we took from the day was higher SIB capex (up +NZ$50m in the FY24–FY26 period) and Te Mihi upgrade costs increasing ~+10% (+NZ$75m) on our old assumption.April 2023 operating result was strong, points to CEN meeting FY23 EBITDAF guidance

Contact Energy: Outlook Building Nicely — 2023 Investor Day