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) finished 1H26 with another solid month and is set to report a record half-year result.</li><li>MEL’s retail performance was a key driver, with strong customer growth allowing MEL to receive a greater benefit from record hydro generation, despite consequently low wholesale prices.</li><li>We expect pricing momentum, further retail growth, and high hydro storage to lead to another strong half in 2H26.</li></ul>

Meridian Energy (MEL) finished 1H26 with another solid month and is set to report a record half-year result.MEL’s retail performance was a key driver, with strong customer growth allowing MEL to receive a greater benefit from record hydro generation, despite consequently low wholesale prices.We expect pricing momentum, further retail growth, and high hydro storage to lead to another strong half in 2H26.

Meridian Energy Water, Water Everywhere—Dec 25 Op Stats