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 likely report a solid FY25 result on 18 August 2025.</li><li>We forecast EBITA growth of +7% against the prior year, driven by pricing gains, new customer wins, and volume growth in its Australian Allied Express business—more than offsetting same-customer volume declines in New Zealand.</li><li>Moderating cost inflation is allowing for gross margin recovery, though temporary Project Evolve costs and an adverse mix will likely have tempered overall margin development in FY25.</li></ul>

Freightways (FRW) will likely report a solid FY25 result on 18 August 2025.We forecast EBITA growth of +7% against the prior year, driven by pricing gains, new customer wins, and volume growth in its Australian Allied Express business—more than offsetting same-customer volume declines in New Zealand.Moderating cost inflation is allowing for gross margin recovery, though temporary Project Evolve costs and an adverse mix will likely have tempered overall margin development in FY25.

Freightways FY25 Preview—Profit Pick-Up

Freightways Ltd

Freightways FY25 Preview—Profit Pick-Up