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 incur a number of additional costs through 2H23 that will dampen FY23 margins.</li><li>These relate to (1) the recent floods, (2) its upcoming ASX listing, and (3) aircraft lease costs for its express overnight network.</li><li>The majority of these costs are temporary in nature and not recoverable by price increases.</li></ul>

Freightways (FRW) will incur a number of additional costs through 2H23 that will dampen FY23 margins.These relate to (1) the recent floods, (2) its upcoming ASX listing, and (3) aircraft lease costs for its express overnight network.The majority of these costs are temporary in nature and not recoverable by price increases.

Freightways: 2H23 Margins to Be Impacted by One-Off Costs

Freightways Ltd

Freightways: 2H23 Margins to Be Impacted by One-Off Costs