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 tough start to FY26 at its Annual Shareholder Meeting (ASM), with a material decline in year-to-date profitability relative to the prior year.</li><li>With revenue growth marginally positive year-to-date, the sharp drop in earnings stems from further margin pressure across all three products (Transport, Warehousing and Air &amp; Ocean).</li><li>Despite this unfavourable earnings backdrop and repeated downgrades over the past three years, MFT still offers long-term growth potential, as illustrated by further new customer wins.</li></ul>

Mainfreight (MFT) reported a tough start to FY26 at its Annual Shareholder Meeting (ASM), with a material decline in year-to-date profitability relative to the prior year.With revenue growth marginally positive year-to-date, the sharp drop in earnings stems from further margin pressure across all three products (Transport, Warehousing and Air &amp; Ocean).Despite this unfavourable earnings backdrop and repeated downgrades over the past three years, MFT still offers long-term growth potential, as illustrated by further new customer wins.

Mainfreight Ltd

Mainfreight - Margin Blues