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's (MNW) 2Q23 operating statistics were accompanied by a -NZ$16m (-11%) FY23 EBITDAF guidance downgrade, predominantly due to soft hydro generation and elevated development costs</li><li>Our forecast changes reflect revised guidance, stronger wholesale prices and higher inflation</li><li>1H23 result will be soft, first time MNW dividend will be the key focus</li></ul>

Manawa Energy's (MNW) 2Q23 operating statistics were accompanied by a -NZ$16m (-11%) FY23 EBITDAF guidance downgrade, predominantly due to soft hydro generation and elevated development costsOur forecast changes reflect revised guidance, stronger wholesale prices and higher inflation1H23 result will be soft, first time MNW dividend will be the key focus

Manawa Energy: Developing Future Earnings Hurts FY23

Manawa Energy Ltd

Manawa Energy: Developing Future Earnings Hurts FY23