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) closed out a difficult FY25 with a solid June 2025 performance but confirmed FY25 is a year to put behind it.</li><li>Positives during the year include MEL’s strong retail performance, with +76k connections added; opex coming in below the low end of guidance; and solid progress on its development pipeline—albeit two projects expected to reach financial close by year end have not.</li><li>While we forecast a significant recovery in FY26 earnings, this is priced in and we retain our NEUTRAL rating.</li></ul>

Meridian Energy (MEL) closed out a difficult FY25 with a solid June 2025 performance but confirmed FY25 is a year to put behind it.Positives during the year include MEL’s strong retail performance, with +76k connections added; opex coming in below the low end of guidance; and solid progress on its development pipeline—albeit two projects expected to reach financial close by year end have not.While we forecast a significant recovery in FY26 earnings, this is priced in and we retain our NEUTRAL rating.

Meridian Energy The Only Way Is Up—June 2025 Op Stats