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>Mercury (MCY) has downgraded FY25 EBITDAF guidance due to a record low in hydro generation, impacting the balance sheet and short-term dividend path.</li><li>Despite short-term challenges, Mercury remains a strong business with good growth opportunities and a growing dividend, maintaining an OUTPERFORM rating.</li><li>The target price for Mercury has been reduced to NZ$6.95 on lower short-term earnings and dividend path, with potential for recovery as conditions improve.</li></ul>

Mercury (MCY) has downgraded FY25 EBITDAF guidance due to a record low in hydro generation, impacting the balance sheet and short-term dividend path.Despite short-term challenges, Mercury remains a strong business with good growth opportunities and a growing dividend, maintaining an OUTPERFORM rating.The target price for Mercury has been reduced to NZ$6.95 on lower short-term earnings and dividend path, with potential for recovery as conditions improve.

Mercury 3Q25 Op Stats—A Bit of Rain Would Be Nice

Mercury Industries

Mercury 3Q25 Op Stats—A Bit of Rain Would Be Nice