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's (MFT) 1H23 result had been pre-released at its investor day three weeks ago</li><li>Outlook commentary highlights a sequential slowdown in growth</li><li>We welcome the higher capex guidance, which highlights management's confidence in the outlook for its US and European Transport operations, and helps resolve what was becoming an under-geared balance sheet</li></ul>

Mainfreight's (MFT) 1H23 result had been pre-released at its investor day three weeks agoOutlook commentary highlights a sequential slowdown in growthWe welcome the higher capex guidance, which highlights management's confidence in the outlook for its US and European Transport operations, and helps resolve what was becoming an under-geared balance sheet

Mainfreight: 1H23 — Growth Capex Injection

Mainfreight Ltd

Mainfreight: 1H23 — Growth Capex Injection