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) reported a strong 1H26 result, largely in line with expectations, with nothing to change its current growth trajectory.</li><li>EBITA grew +12% to NZ$95.9m but should accelerate during 2H26 given: (1) a steady economic recovery in NZ, benefiting same-customer volumes; (2) the first-time inclusion of recently acquired VTFE from February 2026; and (3) margin initiatives at Shred-X coming to fruition.</li><li>The medium-term growth outlook for FRW remains attractive and could be supplemented by further accretive M&amp;A.</li></ul>

Freightways (FRW) reported a strong 1H26 result, largely in line with expectations, with nothing to change its current growth trajectory.EBITA grew +12% to NZ$95.9m but should accelerate during 2H26 given: (1) a steady economic recovery in NZ, benefiting same-customer volumes; (2) the first-time inclusion of recently acquired VTFE from February 2026; and (3) margin initiatives at Shred-X coming to fruition.The medium-term growth outlook for FRW remains attractive and could be supplemented by further accretive M&amp;A.

Freightways 1H26—Gradually Picking Up Speed

Freightways Ltd

Freightways 1H26—Gradually Picking Up Speed