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>Mainfreight (MFT) is expected to report a mixed FY25 result on 29 May 2025, with stable consensus earnings outlook amidst an uncertain economic backdrop.</li><li>Key issues for FY25 include tariff negotiation implications, freight volumes, A&amp;O margins, regional performance, capex guidance, and bonus accruals.</li><li>FY25 earnings are expected to exceed the consensus of ~NZ$375m, although the quality of earnings remains to be determined, and the outlook for FY26 is uncertain.</li></ul>

Mainfreight (MFT) is expected to report a mixed FY25 result on 29 May 2025, with stable consensus earnings outlook amidst an uncertain economic backdrop.Key issues for FY25 include tariff negotiation implications, freight volumes, A&amp;O margins, regional performance, capex guidance, and bonus accruals.FY25 earnings are expected to exceed the consensus of ~NZ$375m, although the quality of earnings remains to be determined, and the outlook for FY26 is uncertain.

Mainfreight Ltd

Mainfreight FY25 Preview—Mixed