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

Thematic (Sector/Industry)

New zealand Utilities / Thematic (Sector/Industry)

<ul><li>North Island generators to deliver the growth: We anticipate most generator/retailers will lift 1H23 EBITDAF earnings</li><li>Outlook commentary should be positive from GNE and MCY, less so from CEN</li><li>Key themes likely to be development pipelines, inflation, and NZAS</li></ul>

North Island generators to deliver the growth: We anticipate most generator/retailers will lift 1H23 EBITDAF earningsOutlook commentary should be positive from GNE and MCY, less so from CENKey themes likely to be development pipelines, inflation, and NZAS

Electricity Sector: NI Hydro Powers 1H23 Sector Earnings