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) first-quarter trading update highlights a business that is: (1) benefiting from the early stages of a cyclical recovery in New Zealand; (2) continuing to grow share through customer wins; and (3) investing to pursue further growth opportunities.</li><li>1Q26 EBITA grew strongly, up +12% on the prior year, driven primarily by Express Package operations, which delivered a combination of volume growth, price realisation, and operating leverage.</li><li>The near-term outlook is positive, with scope for an acceleration in earnings growth through the remainder of FY26.</li></ul>

Freightways’ (FRW) first-quarter trading update highlights a business that is: (1) benefiting from the early stages of a cyclical recovery in New Zealand; (2) continuing to grow share through customer wins; and (3) investing to pursue further growth opportunities.1Q26 EBITA grew strongly, up +12% on the prior year, driven primarily by Express Package operations, which delivered a combination of volume growth, price realisation, and operating leverage.The near-term outlook is positive, with scope for an acceleration in earnings growth through the remainder of FY26.

Freightways Ltd

Freightways Redelivering Strong Growth