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>Meridian Energy's (MEL) 1Q24 is best described as solid, with continued strong retail margins partially offset by rising opex costs that on an annualised basis are tracking above MEL's guidance range.</li><li>The news MEL is investing in NZ Windfarms (NWF) is a good outcome for NWF shareholders, but does not move the dial for MEL and only adds to growing overbuild concerns.</li><li>MEL remains expensive. UNDERPERFORM.</li></ul>

Meridian Energy's (MEL) 1Q24 is best described as solid, with continued strong retail margins partially offset by rising opex costs that on an annualised basis are tracking above MEL's guidance range.The news MEL is investing in NZ Windfarms (NWF) is a good outcome for NWF shareholders, but does not move the dial for MEL and only adds to growing overbuild concerns.MEL remains expensive. UNDERPERFORM.

Meridian Energy - Margins Beating Costs—1Q24 Op Stats