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 an FY26 result that on the face of it looks broadly in line with market expectations, but with several factors that point to much better quality, and post-year end trading better than feared.</li><li>The balance sheet retains plenty of fire power with a year-end net cash balance of NZ$27m.</li><li>The company has retained its 87c final dividend, consistent with our expectations.</li></ul>

Mainfreight (MFT) reported an FY26 result that on the face of it looks broadly in line with market expectations, but with several factors that point to much better quality, and post-year end trading better than feared.The balance sheet retains plenty of fire power with a year-end net cash balance of NZ$27m.The company has retained its 87c final dividend, consistent with our expectations.

Mainfreight (MFT.NZ) - FY26 Result Initial Thoughts

Mainfreight Ltd

Mainfreight (MFT.NZ) - FY26 Result Initial Thoughts