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 (FRE) has reported a solid 1H23 result, largely in-line with market expectations, helped by the first three months of the accretive Allied Express acquisition.</li><li>Underlying NPATA (NPAT before acquisition related amortisation) was up +6% against the prior year</li><li>Without Allied Express NPATA would have declined modestly, reflective of a COVID restriction dominated prior year comparative, higher labour costs (a feature since 2H22), and lower parcel volumes in FRE’s key B2B operations</li></ul>

Freightways (FRE) has reported a solid 1H23 result, largely in-line with market expectations, helped by the first three months of the accretive Allied Express acquisition.Underlying NPATA (NPAT before acquisition related amortisation) was up +6% against the prior yearWithout Allied Express NPATA would have declined modestly, reflective of a COVID restriction dominated prior year comparative, higher labour costs (a feature since 2H22), and lower parcel volumes in FRE’s key B2B operations

Freightways (FRE): 1H23 Result Initial Thoughts

Freightways Ltd

Freightways (FRE): 1H23 Result Initial Thoughts