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

Thematic (Sector/Industry)

United states Capital goods / Thematic (Sector/Industry)

<ul><li>Christmas cheer is in the air as transport markets are finally showing signs of life, particularly those reliant on New Zealand end-demand.</li><li>2026 is shaping up as a year of recovery. Profitability should collectively improve across all modes, as any excess capacity is partially filled by improving demand, pricing behaviour remains rational, and cost control measures will likely linger late into the up-cycle.</li><li>Our preferred cyclical recovery exposure is OUTPERFORM rated Mainfreight (MFT), given earnings growth support from its Australian and European operations.</li></ul>

Christmas cheer is in the air as transport markets are finally showing signs of life, particularly those reliant on New Zealand end-demand.2026 is shaping up as a year of recovery. Profitability should collectively improve across all modes, as any excess capacity is partially filled by improving demand, pricing behaviour remains rational, and cost control measures will likely linger late into the up-cycle.Our preferred cyclical recovery exposure is OUTPERFORM rated Mainfreight (MFT), given earnings growth support from its Australian and European operations.

Transport Trends Getting Into Gear