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>Earnings are tracking lower, leading to a material downward earnings revision and a short-term dividend reduction.</li><li>Historically low hydro inflows and weak wind volumes are the main drivers of the earnings downgrade.</li><li>MEL has been successful in lifting its pricing and progressing its development pipeline, supporting improved long-term earnings.</li></ul>

Earnings are tracking lower, leading to a material downward earnings revision and a short-term dividend reduction.Historically low hydro inflows and weak wind volumes are the main drivers of the earnings downgrade.MEL has been successful in lifting its pricing and progressing its development pipeline, supporting improved long-term earnings.

Meridian Energy - March 2025 Op Stats—Parched