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>The upcoming FY26 results season will see record operating earnings (EBITDAF) reported by three of the four generator-retailers, with Genesis Energy (GNE) just missing out (on our numbers).</li><li>Contact Energy (CEN), Mercury (MCY), and Meridian Energy (MEL) have all had very strong years, in sharp contrast to the weak FY25.</li><li>Renewable generation topped 95% in FY26 across the main four generators, lowering thermal generation costs and avoiding the need for demand response payments to NZAS.</li></ul>

The upcoming FY26 results season will see record operating earnings (EBITDAF) reported by three of the four generator-retailers, with Genesis Energy (GNE) just missing out (on our numbers).Contact Energy (CEN), Mercury (MCY), and Meridian Energy (MEL) have all had very strong years, in sharp contrast to the weak FY25.Renewable generation topped 95% in FY26 across the main four generators, lowering thermal generation costs and avoiding the need for demand response payments to NZAS.

Electricity Sector Renewables Powered Results—FY26 Preview