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>Manawa Energy's 4Q25 operating statistics closed out a difficult FY25 with continued low hydro inflows and calm conditions reducing hydro generation and wind offtake volumes.</li><li>FY25 earnings are expected towards the bottom end of the revised guidance range, with MNW rethinking the volumes it can safely contract at a fixed price.</li><li>The value of MNW shares remains tied to the possibility of a takeover by CEN, viewed as having a 50% chance currently.</li></ul>

Manawa Energy's 4Q25 operating statistics closed out a difficult FY25 with continued low hydro inflows and calm conditions reducing hydro generation and wind offtake volumes.FY25 earnings are expected towards the bottom end of the revised guidance range, with MNW rethinking the volumes it can safely contract at a fixed price.The value of MNW shares remains tied to the possibility of a takeover by CEN, viewed as having a 50% chance currently.

Manawa Energy - 4Q25 Op Stats—Trockenflaute

Manawa Energy Ltd

Manawa Energy - 4Q25 Op Stats—Trockenflaute