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>2Q23 rounds out a strong 1H23, but no guidance upgrade this time</li><li>Forecast changes minor, reflect short-term outlook with higher opex and wholesale prices offsetting each other</li><li>Record half year earnings</li></ul>

2Q23 rounds out a strong 1H23, but no guidance upgrade this timeForecast changes minor, reflect short-term outlook with higher opex and wholesale prices offsetting each otherRecord half year earnings

Mercury: Deluge Delivers 1H23 Earnings, Not Upgrade

Mercury NZ Ltd

Mercury: Deluge Delivers 1H23 Earnings, Not Upgrade