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>Hydrology remains a concern, with storage levels improving slightly, but Meridian Energy faced another challenging month.</li><li>The electricity sector offers defensive earnings and dividend growth, with Mercury rated as OUTPERFORM while others remain NEUTRAL.</li><li>The Commerce Commission is expected to make an announcement on Contact Energy's proposed takeover of Manawa Energy by 9 May 2025, with a positive decision anticipated.</li></ul>

Hydrology remains a concern, with storage levels improving slightly, but Meridian Energy faced another challenging month.The electricity sector offers defensive earnings and dividend growth, with Mercury rated as OUTPERFORM while others remain NEUTRAL.The Commerce Commission is expected to make an announcement on Contact Energy's proposed takeover of Manawa Energy by 9 May 2025, with a positive decision anticipated.

Power Points Hydro Holding Pattern—May 2025