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>DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 2Q26 result overnight with its share price down ~-14% on the day as quarterly earnings missed consensus expectations.</li><li>DSV is underperforming the market (low to mid-single digit growth) on volumes but its margin path has improved as Schenker synergies are realised (albeit slower than investors would like) and favourable freight rates benefit air and sea forwarding.</li><li>Warehousing is a highlight, while road has experienced quality issues that have increased cost.</li></ul>

DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 2Q26 result overnight with its share price down ~-14% on the day as quarterly earnings missed consensus expectations.DSV is underperforming the market (low to mid-single digit growth) on volumes but its margin path has improved as Schenker synergies are realised (albeit slower than investors would like) and favourable freight rates benefit air and sea forwarding.Warehousing is a highlight, while road has experienced quality issues that have increased cost.

Mainfreight (MFT.NZ) - DSV Q2 Read-Through

Mainfreight Ltd

Mainfreight (MFT.NZ) - DSV Q2 Read-Through