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>Dividend the big disappointment, rising capex outlook the main issue</li><li>Weak 1H23 EBITDAF consistent with expectations, no change to FY23 EBITDAF guidance of NZ$127.5m to NZ$140.0m</li><li>Development pipeline grows, but still lots of work to do</li></ul>

Dividend the big disappointment, rising capex outlook the main issueWeak 1H23 EBITDAF consistent with expectations, no change to FY23 EBITDAF guidance of NZ$127.5m to NZ$140.0mDevelopment pipeline grows, but still lots of work to do

Manawa Energy: Dividend Sticker Shock — 1H23 Result

Manawa Energy Ltd

Manawa Energy: Dividend Sticker Shock — 1H23 Result