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>Manawa Energy (MNW) will be glad 2Q25/1H25 is behind it, and that it can look forward to better operating conditions in the coming months.</li><li>Low hydro generation and reduced wind volumes challenged MNW's risk management.</li><li>While 1H25 EBITDAF is expected to be a record low, MNW has come through this challenging period well and should have a much stronger 2H25. </li></ul>

Manawa Energy (MNW) will be glad 2Q25/1H25 is behind it, and that it can look forward to better operating conditions in the coming months.Low hydro generation and reduced wind volumes challenged MNW's risk management.While 1H25 EBITDAF is expected to be a record low, MNW has come through this challenging period well and should have a much stronger 2H25. 

Manawa Energy - 1H Slog Into the Wind Complete, Downwind in 2H — 2Q25 Op Stats

Manawa Energy Ltd

Manawa Energy - 1H Slog Into the Wind Complete, Downwind in 2H — 2Q25 Op Stats