Mainfreight Half Year Financial Results 30 September 2023

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of IssuerMainfreight Limited
Reporting Period6 months to 30 September 2023
Previous Reporting Period6 months to 30 September 2022
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$2,355,042-21.6%
Total Revenue$2,355,042-21.6%
Net Profit/(Loss) from Continuing Operations$124,550-42.6%
Total Net Profit/(Loss)$124,550-42.6%
Interim/Final Dividend
Amount per Quoted Equity Security$0.85000000
Imputed Amount per Quoted Equity Security$0.15000000
Record Date8/12/2023
Dividend Payment Date15/12/2023
Current PeriodPrior Comparable Period
Net tangible assets per Quoted Equity Security
$14.7422$13.5334
A brief explanation of any of the figures above
necessary to enable the figures to be
understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
9/11/2023
Unaudited financial statements accompany this announcement.
Authority for this Announcement
Tim Williams, Chief Financial Officer
Tim Williams
+64 9 259 5510
tim@mainfreight.com

---

MAINFREIGHT LIMITED
Preliminary Half Year Announcement
For the Six Months ended 30 September 2023
Income Statement
For the Six Months ended 30 September 2023
Six Months Ended Six Months EndedYear ended
30 Sept 202330 Sept 2022 31 March 2023
Notesunauditedunauditedaudited
$NZ000$NZ000$NZ000
Total Revenue2,355,042 3,003,333 5,675,709
Transport Costs(1,304,577) (1,895,050) (3,444,287)
Labour Expenses(538,549) (520,152) (1,023,106)
Other Expenses(191,595) (165,632) (357,288)
Earnings before Finance Costs, Tax, Depreciation and Amortisation
320,321 422,499 851,028
Depreciation of Right to Use Assets(85,204) (70,562) (155,359)
Finance Costs Relating to Lease Liabilities(9,719) (8,010) (17,326)
Other Depreciation & Amortisation Expenses(47,637) (38,968) (83,630)
Other Finance Costs(2,924) (3,247) (7,315)
Profit before Taxation174,837 301,712 587,398
Income Tax Expense(50,287) (84,694) (160,922)
Net Profit for the Period124,550 217,018 426,476
Earnings per share
Basic and diluted earnings (cents per share)123.69215.51423.52
Net Profit for the Period124,550217,018426,476
Other Comprehensive Income for the Period, Net of Tax
Other comprehensive income to be reclassified to profit/(loss) in
subsequent periods
Exchange Differences on Translation of Foreign Operations23,307 98,163 41,514
Income Tax Effect217 1,149 1,420
Net Other Comprehensive income to be reclassified to profit/(loss)
in subsequent periods
23,524 99,312 42,934
Other comprehensive income not to be reclassified to profit/(loss) in
subsequent periods
Revaluation of Land including Foreign Exchange Movements632 3,971 1,625
Income Tax effect- - (411)
Defined Benefit Pension Provision(3) (20) 157
Income Tax effect1 3 (39)
Net Other Comprehensive income not to be reclassified to
profit/(loss) in subsequent periods
630 3,954 1,332
Other Comprehensive Income for the Period, Net of Tax24,154 103,266 44,266
Total Comprehensive Income for the Period, Net of Tax148,704 320,284 470,742
The accompanying notes form part of these interim financial statements
Preliminary half year report on consolidated results (including the results for the previous corresponding half year).
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
This report has been prepared in a manner which complies with generally accepted accounting practice and fairly
presents the matters to which the report relates and is based on unaudited financial statements.
For the Six Months ended 30 September 2023
Statement of Comprehensive Income

MAINFREIGHT LIMITED
Balance Sheet
As at 30 September 2023
30 Sept 202330 Sept 202231 Mar 202330 Sept 202330 Sept 202231 Mar 2023
unauditedunauditedauditedunauditedunauditedaudited
$NZ000 $NZ000 $NZ000$NZ000 $NZ000 $NZ000
Current AssetsCurrent Liabilities
Bank234,548 260,857 341,991 Trade Creditors & Accruals500,207 628,783 492,966
Trade Debtors619,672 846,560 619,470 Employee Entitlements107,822 139,594 147,311
Income Tax Receivable28,265 - 22,411 Provision for Taxation17,267 21,512 60,979
Properties Held for Sale- - 7,748 Lease Liability for Right of Use Assets163,962 138,024 155,626
Other Debtors56,198 92,273 66,295 Asset Finance Loans9,456 9,241 9,258
938,683 1,199,690 1,057,915 798,714 937,154 866,140
Non-current Tangible AssetsNon-current Liabilities
Property1,138,012 1,085,749 1,068,880 Bank Term Loan181,013 256,678 186,788
Plant & Equipment301,456 200,749 276,983 Employee Entitlements4,127 2,985 4,085
Right of Use Assets812,876 689,988 744,914 Lease Liability for Right of Use Assets688,650 583,970 625,478
Deferred Tax Liability10,788 11,389 10,613
Asset Finance Loans23,212 21,201 23,134
2,252,344 1,976,486 2,090,777 907,790 876,223 850,098
Total Liabilities1,706,504 1,813,377 1,716,238
Non-current Intangible AssetsShareholders' Equity
Software57,834 52,465 54,638 Share Capital85,821 85,821 85,821
Goodwill224,396 225,540 218,894 Retained Earnings1,442,297 1,281,491 1,405,355
Other Intangible Assets1,048 1,419 1,130 Revaluation Reserve210,583 212,708 209,951
Deferred Tax Asset20,104 19,722 19,693 Foreign Currency Translation Reserve49,339 82,193 25,815
Defined Benefit Pension Reserve(135) (268) (133)
303,382 299,146 294,355 Total Equity1,787,905 1,661,945 1,726,809
Total Assets3,494,409 3,475,322 3,443,047 Total Liabilities & Equity3,494,409 3,475,322 3,443,047
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Statement of Changes in Equity
For the Six Months Ended 30 September 2023
ForeignDefined
AssetCurrencyBenefit
OrdinaryRevaluationTranslationPensionRetainedTotal
SharesReserveReserveReserveEarningsEquity
$NZ000 $NZ000 $NZ000 $NZ000 $NZ000 $NZ000
Six Months to 30 September 2023 (unaudited)
Balance at 1 April 202385,821 209,951 25,815 (133) 1,405,355 1,726,809
Profit for the Period- - - - 124,550 124,550
Other Comprehensive Income- 632 23,524 (2) - 24,154
Total Comprehensive Income for the Period- 632 23,524 (2) 124,550 148,704
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (3,625) (3,625)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,625 3,625
Balance at 30 September 202385,821 210,583 49,339 (135) 1,442,297 1,787,905
Six Months to 30 September 2022 (unaudited)
Balance at 1 April 202285,821 208,737 (17,119) (251) 1,152,081 1,429,269
Profit for the Period- - - - 217,018 217,018
Other Comprehensive Income- 3,971 99,312 (17) - 103,266
Total Comprehensive Income for the Period- 3,971 99,312 (17) 217,018 320,284
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (3,523) (3,523)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,523 3,523
Balance at 30 September 202285,821 212,708 82,193 (268) 1,281,491 1,661,945
Twelve Months to 31 March 2023 (audited)
Balance at 1 April 202285,821 208,737 (17,119) (251) 1,152,081 1,429,269
Profit for the Period- - - - 426,476 426,476
Other Comprehensive Income- 1,214 42,934 118 - 44,266
Total Comprehensive Income for the Period- 1,214 42,934 118 426,476 470,742
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (6,964) (6,964)
Dividends Paid- - - - (173,202) (173,202)
Foreign Investor Tax Credit- - - - 6,964 6,964
Balance at 31 March 202385,821 209,951 25,815 (133) 1,405,355 1,726,809
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Cash Flow Statement
For the Six Months ended 30 September 2023
Six Months EndedSix Months EndedYear ended
30 Sept 202330 Sept 202231 March 2023
unauditedunauditedaudited
$NZ000$NZ000$NZ000
Cash Flows from Operating Activities
Receipts from Customers2,738,057 3,564,724 5,894,809
Interest Received- - 2,767
Payments to Suppliers and Team Members(2,439,349) (3,140,401) (4,931,112)
Finance Charge on NZ IFRS 16 Leases(9,719) (8,010) (17,326)
Interest Paid(2,924) (3,247) (10,082)
Income Taxes Paid(99,260) (121,630) (181,851)
Net Cash Flows from Operating Activities186,805 291,436 757,205
Cash Flows from Investing Activities
Proceeds from Sale of Property, Plant & Equipment10,113 1,625 9,843
Proceeds from Sale of Software726 2 132
Purchase of Property, Plant & Equipment(127,857) (171,671) (303,491)
Purchase of Software(10,112) (8,011) (20,396)
Repayments from Team Members- 3 3
Net Cash Flows from Investing Activities(127,130) (178,052) (313,909)
Cash Flows from Financing Activities
Proceeds of Long Term Loans25,000 143,671 197,925
Dividend Paid to Shareholders(87,608) (87,608) (173,202)
Repayment of Loans(32,788) (73,524) (197,348)
Lease Payments NZ IFRS 16 (81,260) (67,106) (146,734)
Net Cash Flows from Financing Activities(176,656) (84,567) (319,359)
Net Increase / (Decrease) in Cash and Cash Equivalents(116,981) 28,817 123,937
Net Foreign Exchange Differences9,539 29,782 15,796
Cash and Cash Equivalents at Beginning of Period341,991 202,258 202,258
Cash and Cash Equivalents at End of Period234,549 260,857 341,991
Comprised:
Bank and Short Term Deposits234,549 260,857 341,991
Bank Overdraft- - -
234,549 260,857 341,991
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months ended 30 September 2023
1Corporate Information
The preliminary half year report announcement of Mainfreight Limited ("the parent") and its subsidiaries ("the Group")
for the six months ended 30 September 2023 was authorised for issue in accordance with a resolution of the Directors.
Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares are publicly
traded on the NZX Main Board (New Zealand Stock Exchange).
2Accounting Policies
Accounting policies remain consistent with the prior year ended 31 March 2023 financial statements.
3Required NZX DisclosuresParent
Six Months Ended Six Months EndedYear ended
30 Sept 202330 Sept 2022 31 March 2023
unauditedunauditedaudited
SharesSharesShares
Movements in Ordinary Shares on Issue
Closing balance100,698,548 100,698,548 100,698,548
Average balance during the period100,698,548 100,698,548 100,698,548
$NZ000$NZ000$NZ000
Net Tangible Assets
Net Tangible Assets1,484,523 1,362,799 1,432,454
Net Tangible Assets per Security (cps)1,474.22 1,353.34 1,422.52
Dividends Paid and Proposed
Recognised Amounts
Declared and Paid during the Period to Parent Shareholders
Final Fully Imputed Dividend for 2023: 87.0 cents (2022: 87.0 cents)87,608 87,608
Unrecognised Amounts
Interim Fully Imputed Dividend for 2024: 85.0 cents (2023: 85.0 cents)85,594 85,594
After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 8 November 2023
These amounts have not been recognised as a liability as at 30 September 2023 but will be brought to account in the full
year to 31 March 2024.

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2023
4Segmental Reporting
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose
operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available.
The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries
(i.e. moving freight between countries).
New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform both
domestic and air and ocean services.
The segmental results from operations are disclosed below.
Geographical Segments
The following table represents revenue, margin and certain asset information regarding geographical segments for the six months ended
30 September 2023 and 30 September 2022.
TheInter-
New Zealand Australia AmericasAsia Europe SegmentTotal
$NZ000 $NZ000 $NZ000 $NZ000 $NZ000 $NZ000 $NZ000
Six Months to 30 September 2023 (unaudited)
Operating Revenue
- Sales to Customers outside the Group556,912 684,473 531,285 79,977 502,395 - 2,355,042
- Intersegment Sales9,321 21,468 47,354 61,085 35,471 (174,699) -
Total Revenue566,233 705,941 578,639 141,062 537,866 (174,699) 2,355,042
PBT & Abnormal Items61,086 61,087 19,606 10,725 22,333 - 174,837
Net Interest Expense3,175 5,889 1,196 (82) 2,465 - 12,643
Depreciation & Amortisation35,197 32,524 26,429 3,430 35,261 - 132,841
Capital Expenditure50,103 21,232 23,445 1,907 30,443 - 127,130
Trade Receivables133,971 188,316 134,347 39,936 176,884 (53,782) 619,672
Non-current Assets944,636 700,930 399,566 25,139 485,455 - 2,555,726
Total Assets1,062,073 927,933 677,850 151,693 728,642 (53,782) 3,494,409
Total Liabilities417,258 431,823 387,482 82,088 441,635 (53,782) 1,706,504
Six Months to 30 September 2022 (unaudited)
Operating Revenue
- Sales to Customers outside the Group644,599 771,856 891,421 159,147 536,310 - 3,003,333
- Intersegment Sales10,745 33,905 68,097 117,833 44,366 (274,946) -
Total Revenue655,344 805,761 959,518 276,980 580,676 (274,946) 3,003,333
PBT & Abnormal Items74,457 69,968 93,586 25,200 38,501 - 301,712
Net Interest Expense2,395 4,493 2,842 43 1,484 - 11,257
Depreciation & Amortisation30,167 26,864 21,995 2,293 28,211 - 109,530
Capital Expenditure50,653 97,749 18,104 631 10,918 - 178,055
Trade Receivables156,056 219,082 297,944 65,784 203,009 (95,315) 846,560
Non-current Assets788,268 661,574 388,159 20,669 416,962 - 2,275,632
Total Assets953,982 932,103 808,950 190,523 685,079 (95,315) 3,475,322
Total Liabilities402,931 477,734 485,433 116,328 426,266 (95,315) 1,813,377

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2023
4Segmental Reporting - continued
The
New Zealand Australia AmericasAsia EuropeTotal
$NZ000 $AU000 $US000 $US000 €EU000 $NZ000
Revenue Local Currency
Six Months to 30 September 2023556,912 632,932 324,828 48,898 282,195 2,355,042
Six Months to 30 September 2022644,599 697,372 562,843 100,485 326,988 3,003,333
Growth-13.6%-9.2%-42.3%-51.3%-13.7%-21.6%
Excluding FX Impact-23.0%
PBT Local Currency
Six Months to 30 September 202361,086 56,487 11,987 6,557 12,544 174,837
Six Months to 30 September 202274,457 63,216 59,090 15,911 23,474 301,712
Growth-18.0%-10.6%-79.7%-58.8%-46.6%-42.1%
Excluding FX Impact-42.5%
PBT to Revenue Margin
Six Months to 30 September 202311.0%8.9%3.7%13.4%4.4%7.4%
Six Months to 30 September 202211.6%9.1%10.5%15.8%7.2%10.0%
Division Segments
The following table represents revenue and PBT in respect of the three main types of services for the six months ended
30 September 2023 and 30 September 2022.
Domestic
Transport Warehousing Air & OceanTotal
$NZ000 $NZ000 $NZ000$NZ000
Six Months to 30 September 2023 (unaudited)
Revenue 1,087,678 393,300 874,064 2,355,042
PBT & Abnormal Items73,439 27,155 74,243 174,837
Six Months to 30 September 2022 (unaudited)
Revenue 1,113,253 355,299 1,534,781 3,003,333
PBT & Abnormal Items109,938 28,940 162,834 301,712
30 Sep 2023 30 Sep 2022
unaudited unaudited
$NZ000 $NZ000
Reconciliation between non-GAAP and the Income Statement
Profit before Taxation for the Year174,837 301,712
Finance Costs Relating to Lease Liabilities9,719 8,010
Other Finance Costs2,924 3,247
EBITA187,480 312,969
Depreciation of Right of Use Assets85,204 70,562
Other Depreciation and Amortisation Expenses47,637 38,968
EBITDA (Adjusted)320,321 422,499
EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, and royalties (segment only; not Group).
There are no customers in any segment that comprise more than 10% of that segment's revenue.
Bank term loan is allocated based on segment net assets excluding bank term loan.
The geographical segments are determined based on the location of the Group's assets.

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Distribution Notice
(for Equity Security issuer/Equity and Debt Security issuer)
Section 1: Issuer Information
Name of Issuer
Financial product name/description
NZX ticker code
ISIN
Full YearQuarterly
Half YearxSpecial
DRP Applies
Record date
Ex-Date (one business day before the Record
Date)
Payment date (and allotment date for DRP)
Total monies associated with the distribution
Source of distribution (for example, retained
earnings)
Currency
Section 2: Distribution Amounts per Financial Product
Gross Distribution
Gross Taxable Amount
Total Cash Distribution
Excluded Amount (applicable to listed PIEs)
Supplementary Distribution Amount
If fully or partially imputed, please state
imputation rate as % applied
Imputation tax credits per financial product
Resident Withholding Tax per financial
product
N/A
Authority for this Announcement
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Type of distribution
(Please mark with an X in the
relevant box/es)
NZD
Mainfreight Limited
Ordinary Shares
MFT
NZMFTE0001S9
8/12/2023
7/12/2023
15/12/2023
$85,593,766
Retained Earnings
Section 3: Imputation Credits and Resident Withholding Tax
Is the Distribution imputed?
Fully imputed
Partial imputation
No imputation
$1.18055556
$1.18055556
$0.85000000
$0.15000000
$0.33055556
$0.05902778
Section 4: Distribution Re-investment Plan (not applicable)
28.0%
tim@mainfreight.com
9/11/2023
Tim Williams, Chief Financial Officer
Tim Williams
+64 9 259 5510

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M A I N F R E I G H T L I M I T E D

Mainfreight Lane | off Saleyards Road | Otahuhu 1062 | New Zealand
Tel +64 9 259 5500 | Fax +64 9 270 7400
PO Box 14-038 | Panmure | Auckland 1741 | New Zealand


Supporters of
MAINFREIGHT – GLOBAL LOGISTICS

MAINFREIGHT LIMITED
9 November 2023


Financial result for the six months ended 30 September 2023 (Unaudited)

Commentary

Mainfreight is pleased to confirm our half-year financial results to 30 September 2023.
This result, whilst significantly reduced from the prior comparative period, reflects a
more “normalised” trading environment from that experienced in the prior year, where
exceptionally high freight volumes and rate structures overly inflated our trading results.

This return to a more normalised trading environment has seen results across our
Air & Ocean and domestic Transportation categories decline. Our operations across
the USA, Europe and Asia are the most affected.

Result Summary

Revenue $ 2.36 billion Down 21.6%
Profit before tax $174.8 million Down 42.1%
Net profit $124.55 million Down 42.6%

• Adjusted for foreign exchange impact, Group Revenue is down 23.0%, Profit
before tax is down 42.5%, and Net profit is down 43.0%.
• Operating cash flows declined from $291.4 million to $186.8 million and reflects
the reduction in profitability for the period.
• An interim dividend of 85 cents per share has been set by the Board of Directors,
payable on 15 December 2023.

- 2 -

This result reflects a well signalled downturn in freight demand and the subsequent
reduction in Airfreight and Ocean freight rate levels.

Inflationary pressures have increased our cost to service, and net margins have
reduced as a consequence. During the month of September, we have experienced
small improvements in trading, particularly across our domestic freight networks in
New Zealand and Australia. However, our American and European Transport
operations continue to lag.

Group Operating Cash Flows

Operating cash flows were $186.8 million, down from $291.4 million in the prior
comparative period. This reflects the profitability reduction. We continue to have
satisfactory cash collection.

Net funds (debt) reduction has reduced to $20.9 million in funds, down from
$122.8 million at 31 March 2023. Net debt of $26.3 million at September 2022.

Debt facilities total $499 million, of which $317 million remain undrawn. Current bank
facilities have been extended to April 2028.

Net capital expenditure totalled $127 million for the half-year period to September 2023.
Expenditure for land and buildings accounting for $55 million, warehousing racking and
fit out costs of $39 million, plant and equipment of $20 million. Information technology
had a spend of $13 million.

Dividend

The Directors have approved a final dividend of 85 cents per share, fully imputed at the
28% company tax rate. With the record date on 8 December 2023, payment will be
made 15 December 2023.

- 3 -
Product Performance (NZ$)

Transport Revenue: $1,087.68 million down 2%
PBT: $ 73.44 million down 33%
Warehousing Revenue: $ 393.30 million up 11%
PBT: $ 27.16 million down 6%
Air & Ocean Revenue: $ 874.06 million down 43%
PBT: $ 74.24 million down 54%

Divisional Performance (figures in local currencies)

New Zealand
Revenue NZ$557 million Down 13.6%
Profit before tax NZ$61.1 million Down 18%
Transport volumes have marginally increased through the first half with September
profitability exceeding the September month in the prior year. A sign of improvement.
Warehousing continues to trade ahead of the prior year with significant new customer
gains underway, particularly for our new Favona, South Auckland site.
Air & Ocean trading has been satisfactory, relative to the decline in global trading.
Customer gains across the New Zealand business has been encouraging with a
number of additional contracts pending.

Australia
Revenue AU$633 million Down 9.2%
Profit before tax AU$ 56.5 million Down 10.6%
Trading for the September month saw improved profitability in our domestic Transport
and Air & Ocean operations with Warehousing marginally behind as new facilities are
opened.
Whilst Australia has been our best performing region during the first half, we do expect
a tougher lead into Christmas, as retail trading softens and industrial action at Ports by
the MUA Union disrupts shipping and replenishment of retail warehouses.
November has seen the much-anticipated opening of our new Moorebank Warehousing
site, which incorporates rail services ex the Port of Sydney and negates the need for a
number of overflow warehouses.

- 4 -

The Americas
Revenue US$325 million Down 42.3%
Profit before tax US$12.0 million Down 79.7%
Our poorest performing division, with particularly disappointing performances from our
Air & Ocean division and that of our Transport operations. Warehousing has
performed satisfactorily.
The dramatic decline in Air & Ocean freight rates particularly on the Trans-Pacific East
Bound trade from China has a marked impact on our results. Whilst restocking has
seen forward orders improve gradually through until Christmas, we do not expect to see
the levels of profitability obtained in the prior period in the near future.
As we reposition our domestic Transport operations, our margin performance has
deteriorated, albeit freight volumes have increased. The quality margin of these volume
increases is our challenge. Leadership in our Transport division has changed –
Mitch Gregor, who has previously been in New Zealand Transport and Warehousing
leadership roles has relocated to Chicago to find improvement and growth in our
domestic Transport operations.
Warehousing activity and profitability has been satisfactory, including the consolidation
of our Dallas warehouses to one 46,500 sqm site. Utilisation across the balance of
warehousing sites provides opportunity for further development.
CaroTrans has seen a decline in LCL (Less than Container Load) freight tonnage. As
Ocean freight rates decline, more LCL volume is being shipped in FCL (Full Container
Load) form.
Strong sales activity continues across all four divisions, and we remain confident of the
long-term opportunities across the region.

Europe
Revenue €282 million Down 13.7%
Profit before tax € 12.5 million Down 46.6%
Improved trading across our Warehousing locations has been pleasing, with
profitability improved on the prior period.
Unfortunately, this has been offset by disappointing results from our Transport network
where driver overhead cost increases and reduced volumes have reduced profitability.

- 5 -
Air & Ocean performance has been impacted by reduced international volumes and
rate decline, consistent with the other regions and the decline in global trading.
Sales activity, particularly for Warehousing inquiries has increased, requiring additional
Warehousing sites in the medium term. Domestic Freight Rate increases are planned
for January implementation.

Asia
Revenue US$49 million Down 51.3%
Profit before tax US$6.6 million Down 58.8%
Ongoing slowing freight demand continues to impact our financial performance in Asia –
particularly due to the reliance on Transpacific freight volume from China to the USA.
Development across Southeast Asia continues, and our sales activities have been
satisfactory. Refocussing our trade lane development to and from Europe and
Australasia, is reducing our reliance on China and the Transpacific.
Post the half-year, our operations in Mumbai, India, have opened with a number of
sales opportunities presenting themselves.

Outlook

This half-year result to September is one of our toughest, when compared to the prior
period. Whilst this has been well signalled, we now see a more “normalised” trading
environment in front of us.

Whilst the macro trading environment continues to be slow, our level of sales activities
and opportunities provide confidence, as does the domestic trade improvements in
Australasia.

Our strong customer verticals, particularly Food, Beverage, DIY, Perishable and Retail
sectors, alongside our high-quality logistics global network services, are providing
further opportunities. We remain committed to our prudent investment in our network
facilities and technology developments. Strong management of margin and overhead
costs remains key.

- 6 -
Recruitment of people has been closely managed and through natural attrition, our
people numbers have declined by 500 post March 31, 2023.

Capital expenditure for the 2024 and 2025 financial years will reduce from $676 million
to $563 million, a decline of $113 million from previous estimates, because of building
delays and re-evaluation of development projects.

We expect our second six months of trading to improve, albeit marginally, and remain
confident of our medium to long-term growth prospects.

Mainfreight will release its financial results for the full 2024 financial year on
29 May 2024.

For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email don@mainfreight.com
or
Tim Williams, Chief Financial Officer, telephone +64 9 259 5510, +64 274 533 470 or
email tim@mainfreight.com.

---

Half Year Result to 30 September 2023
MAINFREIGHT LIMITED

Result Summary
•Revenue$2.36 billion down 21.6 %
•PBT$174.8 million down 42.1 %
•Net Profit $ 124.55 million down 42.6 %
•People–10,811 down 500
•Branches–332 up 1
•Countries–26 –no change

Half Year Overview
•Adjusted for foreign exchange impact, Group Revenue is
down 23.0%, Profit before tax is down 42.5%, and Net
profit is down 43.0%
•Bonus Accrual $20 million v $51 million last year
•Operating Cash flows declined from $291.4 million to
$186.8 million and reflects the reduction in profitability
for the period
•Volume stats
•Sea Freight (TEU)down 16.9%
•Air Freight (Kgs) up 2.7%
•Transport (Tonnes) down 3.5%
•Climate Risk Report lodged with the NZX and is available
on our website

Dividend
•Directors have approved an interim dividend of 85 cents
per share
•Books close 8 December 2023
•Payment on 15 December 2023
“Balance sheet strength allows us to maintain at last
year’s level”

Capital Management
Operating Cash Flow $186.8 million v $291.4 million
last year
“Reflects reduction in profitability”
Net Capex $127 million -$94 million on property
Net Funds (Debt) reduction to $20.9 million in funds,
down from $122.8 million at31 March 2023
“Cash at hand”
Debt facilities $499 million, undrawn $317 million
Bank Facilities extended to 2028 in July
$

Future Capital Expenditure Update: F24 -25
Spend to September 2023 = $127 million
Reduction of $113m for 2024/25 from previous estimates due to re-prioritisationof future sites
2024
2025
NZ$ MILLIONF24
Planned Capital Expenditure$272
▪Property
▪Fit-out costs
▪Non-property capex
$148
$64
$60
NZ$ MILLIONF25
Planned Capital Expenditure$291
▪Property
▪Fit-out costs
▪Non-property capex
$151
$80
$60
Property and Fit-out costs F24-F25
New Zealand
Australia
Americas
Europe and Asia
$226million
$116million
$88million
$13million
$443million

Major items are:(NZ$)
•Europe$ 66 million
•Netherlands cross-dock land & building
delayed until 2026
•Australia
•Perth land –deferred$ 32 million
•Brisbane Transport delayed until 2026$ 27 million
____________
$125 million
CAPEX for 2024 / 2025 Reduction

Current Trading Environment (Half Year Analysis)
NZ$000REVENUE*VAR %
PROFIT
BEFORE TAX
VAR %
New ZealandNZ$
556,91213.6%

61,08618.0%

AustraliaAU$632,9329.2%

56,48710.6%

AmericasUS$324,82842.3%

11,98779.7%

Europe
EU€
282,19513.7%

12,54446.6%

AsiaUS$48,89851.3%

6,55758.8%

GroupNZ$
2,355,04221.6%

174,83742.1%

* Inter-company revenue excluded
** Prior period our best-ever performance

Trading Update: Our 3 Core Products (NZ $)
TRANSPORT
Revenue:$1,087.68 million down 2%
PBT:$ 73.44 million down 33%
WAREHOUSING
Revenue:$393.30 millionup 11%
PBT:$ 27.16 million down 6%
AIR & OCEAN
Revenue:$874.06 milliondown 43%
PBT:$ 74.24 milliondown 54%
Reflection of Global Shipping and Airfreight rate reductions
September improvement in domestic Transport trading results across Australasia
Continues to improve across all regions excluding USA

•Transport
•Volumes improving
•September profitability is better than the year prior
•Warehousing
•Continues to trade ahead of the year prior
•A number ofsignificant gains for new warehouses
•Development continues for new sites in Auckland and
Christchurch
•Air & Ocean
•Satisfactory performance in light ofthe global slowdown
•A number ofnew customer gains beginning to trade
Region Performance: New Zealand

•September trading continued to improve across
Transport and Air & Ocean
Warehousing slightly behind
•Moorebanksite operational from 1 November
–exiting overflow warehouses
•Industrial action across ports
–of concern for all products leading into Christmas
Region Performance: Australia

•Transport
•Volumes on the increase –however, are marginally priced and impacting
profitability
•Senior leadership change –Mitch Gregor ex NZ
•Warehousing
•Operations performing satisfactorily
•The Dallas site is fully utilisedand has reduced overflow sites
•Additional capacity being secured in New Jersey alongside the current site
to cater for customer growth
•Air & Ocean
•Reducing dependence on Transpacific
•Perishable operations up and running in LA with customer gains
•CaroTrans
•LCL Growth deteriorating as low FCL rates replace the need for LCL consolidations
•Agency changes in Asia to our own to develop the network
Region Performance: Americas

•Transport
•Volume decrease is the largest of all our domestic activity
•Rate review underway for January implementation
•French performance disappointing
•Warehousing
•Activity and profitability remain ahead of the year prior
•Additional sites established and in planning mode for
increased customer requirements
•Air & Ocean
•Seen a deterioration in FCL sea freight (the majority of
activity), however Airfreight and LCL sea freight has
improved marginally
•Land acquisition for Netherlands cross-dock delayed until 2026 year
Region Performance: Europe

•Slowing freight demand in Transpacific ex China
impacting performance
•SE Asia development and growth continuing
satisfactorily –smaller markets to China
•A strong focus on European and Australasian growth
to offset China exports
•Includes stronger import growth and Asian-controlled
tonnage
•Mumbai, India officially launched 26 October 2023
•Forward Airfreight bookings ex China on the increase
leading into Christmas
Region Performance: Asia

Group Outlook
•A more normalisedtrading environment in front of us
•The level of sales activities is pleasing and provides
confidence for the near future
•Volume increases in NZ and Australia are providing confidence
•Overhead cost structures are being managed well
•Capital Expenditure reductions prudent in current
environment
•Whilst USA/Europe/Asia are not trading as well as we would
expect, we are confident of our long-term strategies and
execution in these markets
•Expect further improvement through our second half

To Close
TRADING DATES
F24 –12 months ended 31 March 202429 May 2024
Annual Meeting of Shareholders25 July 2024
F25 –6 months ended 30 September 202413 November 2024
“Expect some form of normality to resume”