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

Thematic (Sector/Industry)

New zealand Utilities / Thematic (Sector/Industry)

<ul><li>We like the valuation metrics that the sector is currently offering, with the electricity sector underperforming its yield peers despite performing well vs the market.</li><li>Electricity demand increased +5.7% in August 2025 vs 2024, with 60% of the increase due to New Zealand’s largest consumer, NZAS, returning to full demand in late August for the first time in 14 months.</li><li>FY25 saw the combined EBITDAF of the generator–retailers fall -9% vs FY24.</li></ul>

We like the valuation metrics that the sector is currently offering, with the electricity sector underperforming its yield peers despite performing well vs the market.Electricity demand increased +5.7% in August 2025 vs 2024, with 60% of the increase due to New Zealand’s largest consumer, NZAS, returning to full demand in late August for the first time in 14 months.FY25 saw the combined EBITDAF of the generator–retailers fall -9% vs FY24.

Power Points - DEMAND STORMS BACK—SEPTEMBER 2025