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>We expect Freightways (FRW) to report a strong 1H26 result on 16 February 2026.</li><li>We forecast EBITA growth of +14% on the prior year, driven by a combination of volume gains, price increases, and margin expansion, partially offset by adverse mix.</li><li>FRW reported 1Q26 EBITA up +12% on the prior year; we expect a sustained domestic economic recovery to have provided a further tailwind through 2Q26.</li></ul>

We expect Freightways (FRW) to report a strong 1H26 result on 16 February 2026.We forecast EBITA growth of +14% on the prior year, driven by a combination of volume gains, price increases, and margin expansion, partially offset by adverse mix.FRW reported 1Q26 EBITA up +12% on the prior year; we expect a sustained domestic economic recovery to have provided a further tailwind through 2Q26.

Freightways 1H26 Preview—Trucking Along Nicely

Freightways Ltd

Freightways 1H26 Preview—Trucking Along Nicely