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) had a strong December 2025, holding back generation to take advantage of very low wholesale prices.</li><li>CEN is set to report a record 1H26 result, driven primarily by the acquisition of Manawa Energy, alongside strong margin growth and record renewable generation over the half.</li><li>Longer term, we are attracted to CEN’s high-quality development pipeline and view the current valuation as undemanding.</li></ul>

Contact Energy (CEN) had a strong December 2025, holding back generation to take advantage of very low wholesale prices.CEN is set to report a record 1H26 result, driven primarily by the acquisition of Manawa Energy, alongside strong margin growth and record renewable generation over the half.Longer term, we are attracted to CEN’s high-quality development pipeline and view the current valuation as undemanding.

Contact Energy Short and Sweet—December 2025 Op Stats