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 solid 1Q26, comfortably ahead of 1Q25, mainly due to its acquisition of Manawa Energy (MNW).</li><li>With further opportunities as MNW continues to be integrated into the business and synergies are realised; a favourable near-term outlook supported by above-average hydro storage; and long-term appeal from its high-quality development pipeline, CEN remains our preferred pick in the sector.</li><li>September 2025 rounded out a solid 1Q26, with EBITDAF of NZ$283m, +25% ahead of the challenging 1Q25 (albeit CEN performed the best of the generator-retailers in 1Q25).</li></ul>

Contact Energy (CEN) delivered a solid 1Q26, comfortably ahead of 1Q25, mainly due to its acquisition of Manawa Energy (MNW).With further opportunities as MNW continues to be integrated into the business and synergies are realised; a favourable near-term outlook supported by above-average hydro storage; and long-term appeal from its high-quality development pipeline, CEN remains our preferred pick in the sector.September 2025 rounded out a solid 1Q26, with EBITDAF of NZ$283m, +25% ahead of the challenging 1Q25 (albeit CEN performed the best of the generator-retailers in 1Q25).

Contact Energy Outlook Uplift After Solid 1Q26