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>January 2026 set several records, the most notable of which was a record low wholesale electricity price of just NZ$4/MWh at Otahuhu (OTA).</li><li>January 2026 is another pointer to the future. High levels of must-run generation will suppress wholesale electricity prices, particularly during low demand months when it is sunny, such as January and December.</li><li>For further analysis of what we expect from the 1H26 reporting season, refer to our report Swimming with the Current, published 31 January 2026.</li></ul>

January 2026 set several records, the most notable of which was a record low wholesale electricity price of just NZ$4/MWh at Otahuhu (OTA).January 2026 is another pointer to the future. High levels of must-run generation will suppress wholesale electricity prices, particularly during low demand months when it is sunny, such as January and December.For further analysis of what we expect from the 1H26 reporting season, refer to our report Swimming with the Current, published 31 January 2026.

Power Points The Future Is Now—February 2026

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Power Points The Future Is Now—February 2026