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>Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market, reported its 1Q26 result overnight with its share price down -~5% at the time of writing.</li><li>The key result read-through for MFT is modestly positive given a weak but sequentially improving volume backdrop in the North American LTL market.</li><li>Moreover, the pricing environment remains rational and is supported by significant yield increases in the truck-load (TL) market assisting a mix shift towards LTL.</li></ul>

Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market, reported its 1Q26 result overnight with its share price down -~5% at the time of writing.The key result read-through for MFT is modestly positive given a weak but sequentially improving volume backdrop in the North American LTL market.Moreover, the pricing environment remains rational and is supported by significant yield increases in the truck-load (TL) market assisting a mix shift towards LTL.

Mainfreight (MFT.NZ) - ODFL Q1 Read-through

Mainfreight Ltd

Mainfreight (MFT.NZ) - ODFL Q1 Read-through