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>Meridian Energy (MEL) has finally finished its most challenging operating half since listing.</li><li>Whilst the December 2024 operating performance was solid, that was not enough to offset a very weak August–November 2024 period, such that we expect 1H25 to be MEL's weakest result since listing in 2013.</li><li>It is also materially softer than anticipated, leading to a significant FY25 EBITDAF downgrade. </li></ul>

Meridian Energy (MEL) has finally finished its most challenging operating half since listing.Whilst the December 2024 operating performance was solid, that was not enough to offset a very weak August–November 2024 period, such that we expect 1H25 to be MEL's weakest result since listing in 2013.It is also materially softer than anticipated, leading to a significant FY25 EBITDAF downgrade. 

Meridian Energy - Look Forward, Not Back — Dec25 Op Stats