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>August 2026 was notable for record high electricity demand, near record high solar generation and the FY26 reporting season.</li><li>On the morning of 6 August 2026, electricity demand reached a new all-time high, and in a sign of the future, that demand was met without 1,000MW of thermal generation that was available in 2025.</li><li>In our view, our preferred sector exposures, Mercury (MCY) and Contact Energy (CEN), both rated OUTPERFORM, had the most positive results, followed by Meridian Energy (MEL), rated NEUTRAL.</li></ul>

August 2026 was notable for record high electricity demand, near record high solar generation and the FY26 reporting season.On the morning of 6 August 2026, electricity demand reached a new all-time high, and in a sign of the future, that demand was met without 1,000MW of thermal generation that was available in 2025.In our view, our preferred sector exposures, Mercury (MCY) and Contact Energy (CEN), both rated OUTPERFORM, had the most positive results, followed by Meridian Energy (MEL), rated NEUTRAL.

Power Points Solar Shining Brighter—September 2026