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 robust FY26 result, with reported EBITA up +16% (to NZ$181.3m) and NPATA (NPAT before acquisition related amortisation) up +19% (to NZ$108.0m).</li><li>Despite the recently completed VTFE acquisition, balance sheet gearing is close to the midpoint of management’s target range.</li><li>FRW’s outlook commentary alludes to a ‘softer for longer’ year ahead relative to previous expectations given higher fuel prices, however with sustained market share gains evident, we see the risk to market expectations marginally to the upside.</li></ul>

Freightways (FRW) reported a robust FY26 result, with reported EBITA up +16% (to NZ$181.3m) and NPATA (NPAT before acquisition related amortisation) up +19% (to NZ$108.0m).Despite the recently completed VTFE acquisition, balance sheet gearing is close to the midpoint of management’s target range.FRW’s outlook commentary alludes to a ‘softer for longer’ year ahead relative to previous expectations given higher fuel prices, however with sustained market share gains evident, we see the risk to market expectations marginally to the upside.

Freightways (FRW.NZ) - FY26 Result Initial Thoughts

Freightways Ltd

Freightways (FRW.NZ) - FY26 Result Initial Thoughts