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 Energy / Thematic (Sector/Industry)

<ul><li>November 2025 was dominated by three of the four generator-retailers hosting investor days—all three of which were positive on the long-term outlook for the sector and focused on how each business will meet the expected demand growth and fuel supply challenges.</li><li>Looking ahead to 2026, key themes are likely to be the election, the progression of new developments, the gas market (and the LNG decision) and electricity demand growth.</li><li>Our preferred sector exposures are Contact Energy (CEN) and Mercury (MCY), both rated OUTPERFORM.</li></ul>

November 2025 was dominated by three of the four generator-retailers hosting investor days—all three of which were positive on the long-term outlook for the sector and focused on how each business will meet the expected demand growth and fuel supply challenges.Looking ahead to 2026, key themes are likely to be the election, the progression of new developments, the gas market (and the LNG decision) and electricity demand growth.Our preferred sector exposures are Contact Energy (CEN) and Mercury (MCY), both rated OUTPERFORM.

Power Points - FUELLED FOR 2026—December 2025