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>Tale of two halves: The reported profit growth (PBT up +20%) in FY23 said more about FY22 than progress through the past year.</li><li>Cyclical pressures biting: Sequential performance through 2H23 and outlook commentary point to a more challenging period for MFT through FY24.</li><li>Capex has to increase: MFT has moved to a year end net cash position, the first time since being a listed company.</li></ul>

Tale of two halves: The reported profit growth (PBT up +20%) in FY23 said more about FY22 than progress through the past year.Cyclical pressures biting: Sequential performance through 2H23 and outlook commentary point to a more challenging period for MFT through FY24.Capex has to increase: MFT has moved to a year end net cash position, the first time since being a listed company.

Mainfreight: FY23 — Speed Bump Ahead; More Fuel in Tank

Mainfreight Ltd

Mainfreight: FY23 — Speed Bump Ahead; More Fuel in Tank