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>December 2025 was the third month in a row with renewable generation above 97%, highlighting the strong hydro position, but also the development of new generation in recent years.</li><li>Meridian Energy (MEL) broke hydro generation records, albeit, we do not expect that to translate into an earnings uplift as wholesale electricity prices were at near-record lows.</li><li>Heading into 2026 we are cautiously optimistic.</li></ul>

December 2025 was the third month in a row with renewable generation above 97%, highlighting the strong hydro position, but also the development of new generation in recent years.Meridian Energy (MEL) broke hydro generation records, albeit, we do not expect that to translate into an earnings uplift as wholesale electricity prices were at near-record lows.Heading into 2026 we are cautiously optimistic.

Power Points Energised For 2026—January 2026