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>GNE delivers record half year result as expected: A key benefit of record hydro generation is it reduces the cost of generation</li><li>Guidance upgrade driven by more hydro generation, but increased capex takes the gloss off</li><li>Kupe development decision interesting: Also taking the gloss off the result was Kupe well development costs coming in +NZ$25m higher than expected at NZ$75m</li></ul>

GNE delivers record half year result as expected: A key benefit of record hydro generation is it reduces the cost of generationGuidance upgrade driven by more hydro generation, but increased capex takes the gloss offKupe development decision interesting: Also taking the gloss off the result was Kupe well development costs coming in +NZ$25m higher than expected at NZ$75m

Genesis Energy: Record Setting Half — 1H23 Result