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>Hydro powers a strong 1H23 result: MCY reported a strong 1H23 result as expected, though plenty of moving pieces and accounting changes made read-through difficult</li><li>Cost pressures and capital needs rising</li><li>Kaiwera Downs 1 well underway, Kaiwaikawe the next cab off the rank followed by Kaiwera Downs II</li></ul>

Hydro powers a strong 1H23 result: MCY reported a strong 1H23 result as expected, though plenty of moving pieces and accounting changes made read-through difficultCost pressures and capital needs risingKaiwera Downs 1 well underway, Kaiwaikawe the next cab off the rank followed by Kaiwera Downs II

Mercury: Excess Water Whets Earnings — 1H23 Result

Mercury NZ Ltd

Mercury: Excess Water Whets Earnings — 1H23 Result