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 FY26 EBITDAF guidance upgrade that we thought Mercury (MCY) might make at its 1H26 result has come through.</li><li>With its storage lake effectively full, when it is usually at a seasonal low, MCY is well positioned to continue its strong momentum through 4Q26 and into FY27.</li><li>We have lifted our target price +10cps.</li></ul>

The FY26 EBITDAF guidance upgrade that we thought Mercury (MCY) might make at its 1H26 result has come through.With its storage lake effectively full, when it is usually at a seasonal low, MCY is well positioned to continue its strong momentum through 4Q26 and into FY27.We have lifted our target price +10cps.

Mercury Bursting With Energy—3Q26 Op Stats

Mercury NZ Ltd

Mercury Bursting With Energy—3Q26 Op Stats