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>Freightways (FRW) reported a subdued 1H24 result but provided supportive commentary to a step up in profits in FY25.</li><li>Labour cost pressures, same customer volume declines, start-up costs for Big Chill's Ruakura facility, lower paper prices, and higher depreciation and interest costs all weighed on first-half performance.</li><li>The operating environment is challenging but no worse than it was in October 2023, when the company provided flat to declining FY24 EBITA guidance.</li></ul>

Freightways (FRW) reported a subdued 1H24 result but provided supportive commentary to a step up in profits in FY25.Labour cost pressures, same customer volume declines, start-up costs for Big Chill's Ruakura facility, lower paper prices, and higher depreciation and interest costs all weighed on first-half performance.The operating environment is challenging but no worse than it was in October 2023, when the company provided flat to declining FY24 EBITA guidance.

Freightways - 1H24 — Earnings Momentum Inflection

Freightways Ltd

Freightways - 1H24 — Earnings Momentum Inflection