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>The generator-retailer 1H26 reporting season is upon us.</li><li>Meridian Energy (MEL) bore the brunt of the pain in 1H25, and we anticipate it will almost double EBITDAF.</li><li>All companies are expected to report healthy operating performance increases relative to 1H25, mainly because 1H25 included the effects of the dry 2024 winter.</li></ul>

The generator-retailer 1H26 reporting season is upon us.Meridian Energy (MEL) bore the brunt of the pain in 1H25, and we anticipate it will almost double EBITDAF.All companies are expected to report healthy operating performance increases relative to 1H25, mainly because 1H25 included the effects of the dry 2024 winter.

Electricity Sector Swimming With the Current—1H26 Preview