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) had a good 1Q26, particularly relative to the challenging 1Q25.</li><li>Above-average hydro generation made a significant difference, and while its Lake Taupo storage lake is full, low wholesale electricity prices prevent a more positive short-term outlook for now.</li><li>Modest earnings uplifts have increased our target price by +10cps (+1.3%) to NZ$7.60.</li></ul>

Mercury (MCY) had a good 1Q26, particularly relative to the challenging 1Q25.Above-average hydro generation made a significant difference, and while its Lake Taupo storage lake is full, low wholesale electricity prices prevent a more positive short-term outlook for now.Modest earnings uplifts have increased our target price by +10cps (+1.3%) to NZ$7.60.

Mercury Fully Charged—1Q26 Operating Statistics

Mercury NZ Ltd

Mercury Fully Charged—1Q26 Operating Statistics