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 solid FY25 result, delivering on its margin recovery promise, helped by positive volume momentum and pricing initiatives that exceeded cost inflation.</li><li>Volume growth is strongest at Allied Express but still pleasing in New Zealand, with emerging cyclical green shoots.</li><li>The margin recovery theme will likely continue through FY26, with similar drivers in play but with greater emphasis on operating leverage.</li></ul>

Freightways (FRW) reported a solid FY25 result, delivering on its margin recovery promise, helped by positive volume momentum and pricing initiatives that exceeded cost inflation.Volume growth is strongest at Allied Express but still pleasing in New Zealand, with emerging cyclical green shoots.The margin recovery theme will likely continue through FY26, with similar drivers in play but with greater emphasis on operating leverage.

Freightways FY25—Growth Being Delivered

Freightways Ltd

Freightways FY25—Growth Being Delivered