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 Energy / Thematic (Sector/Industry)

<ul><li>We expect combined 1H24 EBITDAF to be slightly down on 1H23, but the prior period benefitted from record-high North Island hydro generation.</li><li>That has meant sector cost of generation has increased, particularly impacting Genesis Energy (GNE). T</li><li>he standout performer will be Contact Energy (CEN) as it reports record half year EBITDAF, however, its outlook for the remainder of 2H24 is likely to be the most subdued due to the effects of its Tauhara geothermal project not coming on line as expected. </li></ul>

We expect combined 1H24 EBITDAF to be slightly down on 1H23, but the prior period benefitted from record-high North Island hydro generation.That has meant sector cost of generation has increased, particularly impacting Genesis Energy (GNE). The standout performer will be Contact Energy (CEN) as it reports record half year EBITDAF, however, its outlook for the remainder of 2H24 is likely to be the most subdued due to the effects of its Tauhara geothermal project not coming on line as expected. 

Electricity Sector - Earnings Growth Stalls — 1H24 Sector Preview