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 (MFT) has provided a short trading update in its FY23 Annual Report highlighting challenging trading conditions: “Trading, post result, has continued to show a weakness in volumes and activity.</li><li>Whilst management of overhead cost structures and the implementation of freight rate reviews have been successful, it is expected to be a challenging first six months of trading.</li><li>We currently forecast FY24 PBT to decline -18% against the prior year, broadly consistent with market consensus.</li></ul>

Mainfreight (MFT) has provided a short trading update in its FY23 Annual Report highlighting challenging trading conditions: “Trading, post result, has continued to show a weakness in volumes and activity.Whilst management of overhead cost structures and the implementation of freight rate reviews have been successful, it is expected to be a challenging first six months of trading.We currently forecast FY24 PBT to decline -18% against the prior year, broadly consistent with market consensus.

Mainfreight: Annual Report Trading Update

Mainfreight Ltd

Mainfreight: Annual Report Trading Update