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>It isn’t often a utility can almost double operating earnings, but Meridian Energy (MEL) has achieved that, with 1H26 EBITDAF increasing +97% on 1H25.</li><li>Project development is the current focus for the sector, with MEL progressing towards reaching a final investment decision (FID) on three projects in 2026, albeit all three FIDs are likely to be at the end of the calendar year.</li><li>MEL is playing catch-up relative to CEN and MCY, and it has an ambition to develop multiple projects at the same time, testing its project management capabilities.</li></ul>

It isn’t often a utility can almost double operating earnings, but Meridian Energy (MEL) has achieved that, with 1H26 EBITDAF increasing +97% on 1H25.Project development is the current focus for the sector, with MEL progressing towards reaching a final investment decision (FID) on three projects in 2026, albeit all three FIDs are likely to be at the end of the calendar year.MEL is playing catch-up relative to CEN and MCY, and it has an ambition to develop multiple projects at the same time, testing its project management capabilities.

Meridian Energy First Half Of Redemption—1H26 Result