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's (MCY) 1H25 result was strong operationally given challenging hydro conditions, but disappointed due to a material and unexpected opex increase.</li><li>Higher-than-expected opex growth stemmed from underlying cost increases, one-offs, and delayed system-related savings.</li><li>Looking ahead, MCY has maintained FY25 guidance despite renewed hydrology challenges and elevated opex. </li></ul>

Mercury's (MCY) 1H25 result was strong operationally given challenging hydro conditions, but disappointed due to a material and unexpected opex increase.Higher-than-expected opex growth stemmed from underlying cost increases, one-offs, and delayed system-related savings.Looking ahead, MCY has maintained FY25 guidance despite renewed hydrology challenges and elevated opex. 

Mercury - Costs Cut Into Near-Term Growth—1H25

Mercury NZ Ltd

Mercury - Costs Cut Into Near-Term Growth—1H25