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 solid 2Q26 with above-average hydro generation, low spot gas prices, and robust yield growth driving a strong performance.</li><li>MCY starts 2H26 with Lake Taupo storage +20% above average, and strong near-term inflows.</li><li>MCY is well positioned to finish FY26 strongly, with upside if conditions dry in the South Island, resulting in firmer wholesale prices at which it can sell surplus hydro.</li></ul>

Mercury (MCY) had a solid 2Q26 with above-average hydro generation, low spot gas prices, and robust yield growth driving a strong performance.MCY starts 2H26 with Lake Taupo storage +20% above average, and strong near-term inflows.MCY is well positioned to finish FY26 strongly, with upside if conditions dry in the South Island, resulting in firmer wholesale prices at which it can sell surplus hydro.

Mercury Solid Performance—2Q26 Operating Statistics

Mercury NZ Ltd

Mercury Solid Performance—2Q26 Operating Statistics