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>December 2022 another month below pcp, but some positives as well</li><li>1H23 a soft result, made to look worse vs. a record 1H22</li><li>Pulling back FY23 EBITDAF again as there is no sign yet wholesale electricity market conditions are changing in favour of CEN</li></ul>

December 2022 another month below pcp, but some positives as well1H23 a soft result, made to look worse vs. a record 1H22Pulling back FY23 EBITDAF again as there is no sign yet wholesale electricity market conditions are changing in favour of CEN

Contact Energy: Feeling Pain Whilst Awaiting Rain