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>We expect Freightways (FRW) to report a strong FY26 result on 17 August 2026, driven by Express Package despite higher fuel costs.</li><li>We forecast strong growth in Express Package profits, supported by the first-time consolidation (five months) of newly acquired VTFE, strong volume growth at Allied Express, a strong AUD, domestic parcel price increases driving gross margin expansion, and positive volume development across NZ parcels and Big Chill.</li><li>Information Management is likely to show improved margin performance.</li></ul>

We expect Freightways (FRW) to report a strong FY26 result on 17 August 2026, driven by Express Package despite higher fuel costs.We forecast strong growth in Express Package profits, supported by the first-time consolidation (five months) of newly acquired VTFE, strong volume growth at Allied Express, a strong AUD, domestic parcel price increases driving gross margin expansion, and positive volume development across NZ parcels and Big Chill.Information Management is likely to show improved margin performance.

Freightways FY26 Preview—Express Package Set to Deliver

Freightways Ltd

Freightways FY26 Preview—Express Package Set to Deliver