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) will report another robust full year result on 25 May 2023; we expect FY23 NPAT growth of +17% against the prior year, boosted by a very strong first half performance, partly offset by a deterioration through 2H23</li><li>Industry data and peer commentary suggest the operating environment has weakened across each of its three products in recent months.</li><li>Global freight volumes are being impacted by supply chain destocking and more cautious consumers, and realised international freight rates have declined further.</li></ul>

Mainfreight (MFT) will report another robust full year result on 25 May 2023; we expect FY23 NPAT growth of +17% against the prior year, boosted by a very strong first half performance, partly offset by a deterioration through 2H23Industry data and peer commentary suggest the operating environment has weakened across each of its three products in recent months.Global freight volumes are being impacted by supply chain destocking and more cautious consumers, and realised international freight rates have declined further.

Mainfreight: FY23 Preview — Satisfactory

Mainfreight Ltd

Mainfreight: FY23 Preview — Satisfactory