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>Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported a 2Q26 result overnight, modestly above market expectations.</li><li>The result read-through for MFT is modestly positive with improving air &amp; sea freight conditions (both rates and volumes) particularly on eastbound Transpacific trade lanes.</li><li>Air freight: The stand-out feature in the result benefiting from market share gains and favourable mix (from semiconductors and cloud infrastructure growth).</li></ul>

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported a 2Q26 result overnight, modestly above market expectations.The result read-through for MFT is modestly positive with improving air &amp; sea freight conditions (both rates and volumes) particularly on eastbound Transpacific trade lanes.Air freight: The stand-out feature in the result benefiting from market share gains and favourable mix (from semiconductors and cloud infrastructure growth).

Mainfreight (MFT.NZ) - K+N Q2 Read-Through

Mainfreight Ltd

Mainfreight (MFT.NZ) - K+N Q2 Read-Through