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) has had a steady end to FY24, with Tauhara commissioning volumes helping to offset below average hydro generation.</li><li>We calculate FY24 EBITDAF was NZ$662m (after market–making losses), up +NZ$116m on FY23.</li><li>With hydro conditions continuing to be challenging, short-term earnings risk is to the downside, but rising ASX futures prices will help lift medium-term earnings.</li></ul>

Contact Energy (CEN) has had a steady end to FY24, with Tauhara commissioning volumes helping to offset below average hydro generation.We calculate FY24 EBITDAF was NZ$662m (after market–making losses), up +NZ$116m on FY23.With hydro conditions continuing to be challenging, short-term earnings risk is to the downside, but rising ASX futures prices will help lift medium-term earnings.

Contact Energy - Steady End to FY24 - June '24 Operating Stats