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 (MEL) delivered a record 1H24 operating result for its New Zealand operations, with strong retail margin growth underpinning the increase in earnings.</li><li>Whilst ongoing opex challenges took some of the shine off, the outlook for the remainder of FY24 is positive as MEL and the rest of the industry await the NZAS decision (which will hopefully be in the next few months).</li><li>Forecasts, target price, and our investment view are little changed. UNDERPERFORM.</li></ul>

Meridian Energy (MEL) delivered a record 1H24 operating result for its New Zealand operations, with strong retail margin growth underpinning the increase in earnings.Whilst ongoing opex challenges took some of the shine off, the outlook for the remainder of FY24 is positive as MEL and the rest of the industry await the NZAS decision (which will hopefully be in the next few months).Forecasts, target price, and our investment view are little changed. UNDERPERFORM.

Meridian Energy - Sun Shines on Electrification — 1H24 Result