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>3Q25 was a challenging quarter for Contact Energy (CEN) due to record low hydro generation, impacting the generator/retailer business model.</li><li>CEN managed operating conditions reasonably well, with EBITDAF slightly up on 3Q24, but FY25 EBITDAF outlook has been trimmed.</li><li>CEN offers good value with expected solid earnings and dividend growth, with earnings volatility likely driven by weather conditions.</li></ul>

3Q25 was a challenging quarter for Contact Energy (CEN) due to record low hydro generation, impacting the generator/retailer business model.CEN managed operating conditions reasonably well, with EBITDAF slightly up on 3Q24, but FY25 EBITDAF outlook has been trimmed.CEN offers good value with expected solid earnings and dividend growth, with earnings volatility likely driven by weather conditions.

Contact Energy - Rationing the Water—3Q25 Op Stats