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) reported a mixed FY25 result, with strong momentum in Australia offset by profit declines in New Zealand, the Americas, and Asia.</li><li>Underlying PBT fell marginally in FY25, but the second half showed sequential improvement, indicating potential earnings growth in FY26.</li><li>The target price for MFT has been lifted to NZ$77 from NZ$71, reflecting a strong re-rating of key peers over the past four weeks.</li></ul>

Mainfreight (MFT) reported a mixed FY25 result, with strong momentum in Australia offset by profit declines in New Zealand, the Americas, and Asia.Underlying PBT fell marginally in FY25, but the second half showed sequential improvement, indicating potential earnings growth in FY26.The target price for MFT has been lifted to NZ$77 from NZ$71, reflecting a strong re-rating of key peers over the past four weeks.

Mainfreight FY25 Result—Australia Takes the Lead

Mainfreight Ltd

Mainfreight FY25 Result—Australia Takes the Lead