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>New Zealand is around 12 months from a general election, where electricity is more likely to be an election issue than at any election since 2014.</li><li>Meridian Energy (MEL), as the largest hydro generator, is the company most at risk from the implementation of a negative policy, and we downgrade it to NEUTRAL from OUTPERFORM.</li><li>The Frontier report, released 1 October 2025, is the latest in a long line of studies into the electricity market.</li></ul>

New Zealand is around 12 months from a general election, where electricity is more likely to be an election issue than at any election since 2014.Meridian Energy (MEL), as the largest hydro generator, is the company most at risk from the implementation of a negative policy, and we downgrade it to NEUTRAL from OUTPERFORM.The Frontier report, released 1 October 2025, is the latest in a long line of studies into the electricity market.

Electricity Sector - Pondering The Political Landscape—Assessing The Headwind