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>Contact Energy (CEN) is close to fully commissioning its 174MW Tauhara geothermal plant, the first in a series of what we expect to be four geothermal investments in the next six years.</li><li>We expect strong earnings growth over the next two financial years as a result, with FY24 expectations boosted by better than expected guidance.</li><li>We have lifted our FY24 EBITDAF forecast +5% to NZ$675m. CEN has also dropped strong hints that it will lift its FY24 dividend if NZAS stays.</li></ul>

Contact Energy (CEN) is close to fully commissioning its 174MW Tauhara geothermal plant, the first in a series of what we expect to be four geothermal investments in the next six years.We expect strong earnings growth over the next two financial years as a result, with FY24 expectations boosted by better than expected guidance.We have lifted our FY24 EBITDAF forecast +5% to NZ$675m. CEN has also dropped strong hints that it will lift its FY24 dividend if NZAS stays.

Contact Energy - Building a Head of Steam — FY23 Result