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>FY25 is expected to be Meridian Energy's worst operating result in over a decade, driven by extreme hydro conditions and high-cost replacement generation.</li><li>Despite a challenging FY25, operational improvements and the Flick Electric acquisition are expected to boost earnings for FY26 and beyond.</li><li>The NEUTRAL rating is maintained due to premium trading against peers and sector uncertainties from regulatory and political reviews.</li></ul>

FY25 is expected to be Meridian Energy's worst operating result in over a decade, driven by extreme hydro conditions and high-cost replacement generation.Despite a challenging FY25, operational improvements and the Flick Electric acquisition are expected to boost earnings for FY26 and beyond.The NEUTRAL rating is maintained due to premium trading against peers and sector uncertainties from regulatory and political reviews.

Meridian Energy - Closing Out Its Annus Horribilis