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>April 2026 was a strong month for the electricity sector, particularly Mercury (MCY) and Genesis Energy (GNE), which both upgraded FY26 EBITDAF guidance due to favourable operating conditions.</li><li>The climate outlook for the next 12 months is also favourable, with expected El Niño conditions generally positive for the sector, as it means above-average hydro and wind generation for most.</li><li>Our preferred stocks are Contact Energy (CEN) and MCY, rated OUTPERFORM. GNE and Meridian Energy (MEL) are rated NEUTRAL.</li></ul>

April 2026 was a strong month for the electricity sector, particularly Mercury (MCY) and Genesis Energy (GNE), which both upgraded FY26 EBITDAF guidance due to favourable operating conditions.The climate outlook for the next 12 months is also favourable, with expected El Niño conditions generally positive for the sector, as it means above-average hydro and wind generation for most.Our preferred stocks are Contact Energy (CEN) and MCY, rated OUTPERFORM. GNE and Meridian Energy (MEL) are rated NEUTRAL.

Power Points El Nino Set to Make a Splash—May 2026