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 investor day highlighted several incremental positives that should deliver value for investors, including a FY30 EBITDAF target implying 5%-7% annualized growth.</li><li>There is potential upside from geothermal development through a mix of greenfield and brownfield projects, albeit post-2030.</li><li>Mercury's new management team is expected to maintain its strong execution track record, reaffirming MCY as a top pick in the electricity sector with an OUTPERFORM rating.</li></ul>

Mercury's investor day highlighted several incremental positives that should deliver value for investors, including a FY30 EBITDAF target implying 5%-7% annualized growth.There is potential upside from geothermal development through a mix of greenfield and brownfield projects, albeit post-2030.Mercury's new management team is expected to maintain its strong execution track record, reaffirming MCY as a top pick in the electricity sector with an OUTPERFORM rating.

Mercury Developing Options—2025 IR Day Take-Outs

Mercury Industries

Mercury Developing Options—2025 IR Day Take-Outs