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>Freightways (FRW) will likely report a robust 1H25 result on 17 February 2025.</li><li>We expect EBITA growth of +8% against the prior year, consistent with 1Q25 growth, driven largely by pricing initiatives, Allied Express volume growth, and the cycling of prior year losses in several businesses.</li><li>After three years of margin compression— a function of high-cost inflation and changing business mix (i.e. the Allied Express acquisition) — we expect FRW will begin a multi-year period of margin expansion from FY25. </li></ul>

Freightways (FRW) will likely report a robust 1H25 result on 17 February 2025.We expect EBITA growth of +8% against the prior year, consistent with 1Q25 growth, driven largely by pricing initiatives, Allied Express volume growth, and the cycling of prior year losses in several businesses.After three years of margin compression— a function of high-cost inflation and changing business mix (i.e. the Allied Express acquisition) — we expect FRW will begin a multi-year period of margin expansion from FY25. 

Freightways - 1H25 Preview—Growth to Be Delivered

Freightways Ltd

Freightways - 1H25 Preview—Growth to Be Delivered