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>The icing has been partially removed from Freightways’ (FRW) proverbial profit cake for FY26, with fuel costs eating into an otherwise robust year of earnings growth.</li><li>Nonetheless, we continue to expect EBITA growth to accelerate through 2H26 given the first-time consolidation of newly acquired VTFE.</li><li>Our base case assumes a resolution to the fuel crisis over the coming months and a return to modest volume growth through FY27.</li></ul>

The icing has been partially removed from Freightways’ (FRW) proverbial profit cake for FY26, with fuel costs eating into an otherwise robust year of earnings growth.Nonetheless, we continue to expect EBITA growth to accelerate through 2H26 given the first-time consolidation of newly acquired VTFE.Our base case assumes a resolution to the fuel crisis over the coming months and a return to modest volume growth through FY27.

Freightways A Little Less Icing, Still Plenty of Cake

Freightways Ltd

Freightways A Little Less Icing, Still Plenty of Cake