Mainfreight Sustainability Report

2024Mainfreight Sustainability Report

CULTUREFAMILYPHILOSOPHY
CULTURE, FAMILY, PHILOSOPHY, THE MAINFREIGHT WAY
THREE PILLARS OF MAINFREIGHT
• Eat together – use mealtimes as a
discussion time
• Listen to each other
• Share the profits and the successes
• Openly discuss problems and
openly solve them
• Don’t beat up your brothers and
sisters
• Have respect – see it from others
and show it by actions
• One hundred year company
• Profit comes from hard work, not
talk
• We are driven by margin, not
revenue
• Train successors, so that you may
advance
• An enduring company is built by
many good people, not a few
• We “care” for our customers,
environment and community
• Total quality management base
• Ready, Fire, Aim
Our company is built on our Three Pillars – Culture, Family, and Philosophy,
articulated over 20 years ago. These core values continue to shape our approach
to people, planet, and the way we do business. Our Three Pillars are as relevant now as
they have ever been and provide the lens and guidance through which to address the
growing challenges of sustainability. It is inherent in our one-hundred-year philosophy.
• Under-promise, over deliver
• Keep reinventing with time and
growth
• Education is optional, learning is
compulsory
• Let the individuals decide
• Keep it simple
• Tear down the walls of bureaucracy,
hierarchy and superiority
• Avoid mediocrity – maintain
standards and beat them
• Look after our assets
• Immaculate image and presentation
• Promote from within
• Integrity – how it affects other people
• No job descriptions
Contents
1
Three Pillars of Mainfreight
1
Message from Don
2
Sustainability Value Cycle
2
Sustainability Framework
3
ENVIRONMENTAL
Climate Change
4
Waste Management
11
Water Security
14
SOCIAL
Community
16
Team
19
People in the Value Chain
24
GOVERNANCE
Reporting & Disclosure
25
Corporate Governance Resources
25
CLIMATE-RELATED DISCLOSURES REPORT
Verification Statement
47
CRD Content Index
49
GRI Index
51
Glossary
52

Mainfreight Sustainability Value Cycle
MESSAGE
FROM DON
Fast forward to 2024, where global warming is a
feature of all our lives, bringing with it droughts,
floods and a huge environmental impact to the
world around us. Our sustainability approach has
never been more important.
Within this sustainability report, we document
the progress we are making towards improving
the environment where possible, and the ongoing
initiatives we are committed to in finding the
solutions required to lower our own carbon
footprint and that of our customers.
Also detailed in this report, we provide commentary
of our culture and efforts to help improve the lives
of our people and our community.
We believe that our commitment to sustainability,
our communities, and our people, are key reasons
why customers trust us with their supply chain
solutions. This approach will play a crucial role in
future supply chain decisions and activities.
In 1978 Bruce Plested started this business with a
small amount of capital and a passionate desire
to be better for the transport customers of New
Zealand.
Alongside the aspiration to do better, Bruce wanted
the people of Mainfreight to be proud of what they
achieved every day, which included the beginning
of our bonus system that shares the profits of the
business with those who earn them.
Included was his desire to recycle and to be as
sustainable as we possibly could be. Wooden
pallets were used for firewood; and plastic, glass
and metal were recycled. A large, discarded,
milk storage tank from the side of the road
during Bruce’s travels became our first attempt
at recycling rainwater from the roof at our freight
terminal – the beginning of rainwater collection to
clean our vehicles.
Typical of our attitude, we did not shout from the
roof tops about our recycling of waste or water. It
was just what we did around here.
2

Mainfreight Sustainability
EnvironmentalSocialGovernance
Climate
Change
Waste
Management
Water
Security
Transportation
Reducing our
Impact
Resources
Infrastructure
Supporting
Circularity
Systems
Operations
Community
People in the
Value Chain
Patnerships
Involvement
Reporting
& Disclosure
Corporate
Governance
Voluntary
Reporting
Climate-related
Disclosures
Sustainability
Framework
Our Sustainability Framework lays out our
approach to the sustainability topics deemed
material to the business and its major stakeholders.
Under the pillars of Environmental, Social and
Governance we have crafted responses broken
down into operational elements to deliver on our
sustainability goals.
We follow this structure throughout the report in
documenting the various projects and initiatives
we have underway throughout the Group.
Team
Health, Safety
& Wellness
Opportunity &
Development
Diversity &
Inclusivity
3
3

TransportationInfrastructureOperations
Climate Change
Waste Management
Water Security
Climate Change
ENVIRONMENTAL
As of March 2024, the world obtained the
unenviable distinction of 10 consecutive months
of record global temperatures. Collectively, the
12 months to March show an average global
temperature increase of 1.58°C above preindustrial
levels - aleady exceeding (albeit temporarily) the
Paris Agreement target of 1.5°C.
This lays bare that not only is the challenge here
and now, but so too are the consequences of
an already warmer planet. Ambitious efforts to
decarbonise are no longer enough, we need to
do so while developing the resilience to maintain
operations and supply chains in the face of major
natural hazards. We are also acutely aware that
our responsibilities are not just to our direct
stakeholders, but to the wider communities we
serve, in maintaining the flow of essential goods
especially in times of crisis.
However, we also see much cause for optimism;
in scientific understanding and technology, but
especially in collaboration with our partners and
customers in finding novel solutions to existing
challenges. The benefits of which often compound
beyond the scope of their immediate concern.
•Shifts to electrification also benefit urban air
quality, where current pollutants contribute
to millions of deaths globally and trillions in
healthcare costs.
•Use of low carbon modal shifts can reduce
congestion.
•Sharing in the cost of lower emission fuels
helps develop the production supply needed
for the future.
•Greater private commercial energy
infrastructure can build grid resilience rather
than burden it.
•The development of water self-sufficiency
provides climate resilience and frees up
accessibility to local communities while
reducing the waste water loads on local
infrastructure.
4

Electric Vehicles
Low emission heavy vehicles are going to be
critical in efforts to decarbonise road freight, which
amongst the broader transport category, remains
a growing source of global emissions.
The rate of innovation and development within
battery technology is proving promising. New
electric heavy vehicles are developing to a
standard comparable with internal combustion
(ICE) alternatives, especially in metro applications.
In addition, our investments in solar and battery
storage allow us to charge these vehicles using
renewable energy sources. For now, up front costs
remain a challenge along with supporting local
infrastructure, however we continue to invest in
these fleets of tomorrow, the details of which we
outline below.
Although hydrogen fuel cell electric vehicles and
hydrogen dual fuel vehicles remain of interest they
do not currently feature in our fleet.
Fuso E-Canters
Over the past 18 months we have grown our fleet
of Fuso E-Canters to eight vehicles operating
throughout New Zealand. The Fuso E-Canter is
a 100% electric-powered light truck. An 81kWh
lithium ion battery allows approximately 100km in
laden range and can be charged within an hour.
The E-Canter has 135kW of power, an electric
motor with two-stage regenerative braking, 3.5t
payload and advanced safety features.
SEA/Isuzu Electric Conversion
Supporting our Fuso E-Canters in New Zealand
are our two SEA electric Isuzu conversions. With
a larger payload capable of carrying 12 and 14
pallets, and larger batteries (138kWh), these are
more reflective of our wider PUD (pickup and
delivery) fleet demands.
XCMG E700 Battery Swap
The XCMG E700 Battery Swap is our first heavy
electric vehicle operating in New Zealand. With
three 282kWh batteries, we are able to operate
Auckland to Hamilton short haul as well as metro
deliveries without long charging delays. The use
of lithium ferrous phospate batteries rather than
lithium ion are also safer, more stable and less
environmentally harmful.
Alongside existing runs, we are also exploring
use of the E700 to support zero emission port
connections.
Transportation
Foton Light Electric & SEA Conversions
In Australia we have 11 operational light electric
trucks, comprising of two Hino 300 SEA 85s and
nine Foton iBlues operating within our network.
These trucks now service several of our customers
across both the east and west coast of Australia.
Intermodal Connectivity
Amidst the excitement of cutting-edge technologies, traditional modes
of transport like rail, coastal shipping and inland waterways offer
immediate and significant emissions reductions, often in the range of
70%.
Mainfreight has invested heavily, not just in supporting these different
transport modes, but in their seamless interconnectivity, to make them
more accessible. Some examples include inbuilt rail sidings at many
of our larger transport sites and inland waterway connections along
major rivers in Europe.
By establishing our branches as intermodal nodes we can offer greater
flexibility to the diverse needs of our customers.
Our Fleet
Mainfreight’s road fleet policy, agreed with owner drivers, requires
vehicles in our fleet be no older than 10 years, with an average age
closer to 6 years. This compares to national average fleet ages across
New Zealand, Australia, Europe and the United States, of over 14 years.
As a result, the majority of our fleet are the equivalent of Euro V or VI.
Modern vehicles are more fuel efficient with improvements estimated at
approximately 1% per year. This may seem trivial, but over a large fleet
and compounding year on year, the effect is significant. In addition, high
Euro Class vehicles require strict limits on the emission of other types
of harmful pollutants, including nitrogen oxides (NOx) and particulate
matter (PM), which contribute to air pollution especially in urban areas.
5
Climate Change Waste Management Water Security

Zero Emissions Areas (ZEAs)
Zero Emissions Areas (ZEAs) are locations
(typically urban centres) with restrictions on the
type and class of vehicle that may operate there.
These are often driven in part to incentivise lower
greenhouse gas emissions, but also particulate
emissions which are detrimental to air quality,
especially in densely populated areas.
Increasingly, national and local governments are
exploring the role of ZEAs in their cities. Several are
now established near Mainfreight branches in the
Netherlands and more are being explored in other
countries and regions where Mainfreight operates.
ZEAs have proven a great springboard towards
fleet electrification. In the Netherlands, we currently
operate two MAN electric trucks with an additional
two Volvo FM electric tractor units being built and
more expected in early 2025 (one DAF EX and one
MAN TGS).
BYD Electric Tractor Units
By Q3 2024, Mainfreight’s Americas team will be
in possession of our first two drayage/wharf based
electric tractor units operating out of Long Beach.
This is in support (although ahead of time) of the
Port of Long Beach’s Clean Air Action Plan to have
zero emission trucks by 2035.
These BYD 8TT class 8 EVs will be some of our
heaviest duty to date with 483 max horsepower
and 422kWh lithium ferris phosphate batteries.
Delivering an expected laden range of 150 miles
and supported by 180kW DC charging at our
nearby warehouse.
Crucially these electric trucks are also being
readied to be taken on by owner drivers, an
important milestone as we move towards greater
fleet electrification.
HVO Diesel
Hydrotreated Vegetable Oil (HVO) is a second-
generation low emission fuel. It differs from
traditional biofuels in being a direct ‘drop in’
alternative to diesel, either completely (100%) or
as a blend with existing stocks. Non blended HVO
offers an 80%-90% reduction in emissions.
Mainfreight has been using HVO at our own fueling
station in s’Heerenberg, The Netherlands, with over
25,000L to date and more on the way. We continue
to explore the role of novel fuels for road freight in
locations with available supply.
Sustainable Maritime and Aviation Fuels
Of Mainfreight’s total Greenhouse Gas (GHG)
emissions, almost 60% is tied to air freight and a
further 10% to international sea freight. Regardless
of any success we have internally in reducing our
emissions, we are beholden to the decarbonisation
efforts of our partners who support these freight
modes.
These sectors are relatively difficult to abate,
particularly aviation. Both electrification and
green hydrogen are poor alternatives over the
medium term. Electrification has prohibitively high
energy density demands and green hydrogen has
large volumetric storage needs. These demands
are consequential not just to cost but in reduced
potential payloads. As a result, novel low emission
fuels are likely the most viable technology over
the near term. In shipping, this includes methanol,
ammonia and methane often called Liquefied
Natural Gas, LNG.
In aviation, Sustainable Aviation Fuel (SAF) is a
collective term for a broad range of advanced
fuels produced from different feedstocks. These
offer varying degrees of emissions reductions in
the range of 80%. However, in practice these are
almost always injected as a blend with existing fuel
supplies, offering much lower reductions on an
individual flight basis.
Industry is still working to scale up the production
of these fuel types. Importantly, financial feasibility
will need to be balanced with prioritising feedstocks
that do not contribute to further deforestation or
food insecurity.
We continue to work with our partners in this arena
and have trials underway with biomethane LNG
(bio-LNG) in shipping. Early-stage discussions are
also underway on the supply of SAF and how we
may be able to share this and other solutions with
our customers.
We see ongoing collaboration in sustainable
maritime and aviation fuels as a core component
of our climate strategy.
Mainfreight GHG Emissions
We are proud to have been reporting on our Group
Greenhouse Gas Emissions to ISO 14064-1: 2018
since 2018 across all categories/scopes.
Intensity Factors for 2024 FY
CO2e per tonne kilometre domestic
(road/rail) freight 0.084 kg down from
0.094 kg in 2022, YOY Change: -10.6%
CO2e per TEU kilometre of sea freight
0.066 kg down from 0.071 kg in 2022,
YOY Change: -7.0%
CO2e per tonne kilometre of air freight
1.210 kg down from 1.216 kg in 2022,
YOY Change: -0.5%
Mainfreight Emissions (Tonnes CO2e)
CategoryCategory Description2024 FY2022 CY
Category 1
Direct GHG emissions and removals in tonnes CO2e (including road
freight: owner driver vehicles & owned / leased vehicles)
303,309 239,241
Category 2
Indirect GHG emissions from imported energy (electricity)
16,798
18,385
Category 3
Indirect GHG Emissions from Transportation (third party road, rail, air,
sea transport)
1,082,0681,170,369
Category 4
Indirect GHG emissions associated with the use of products by the
organisation
88,581
68,501
Category 5
Indirect GHG emissions associated with the use of products from the
organisation
-
Category 6Other indirect GHG emissions sources131
Total 1,490,756
1,496,627
6
Climate Change Waste Management Water Security

Customer Emissions Reporting
The supply chain will be the largest source of
emissions for most organisations, often in the
range of 75-80%. Yet historically, these ‘value
chain’ emissions have been poorly understood and
poorly accounted for.
We are aiming to change that. Mainfreight has
developed its own suite of emissions reporting
tools to add a whole new layer of transparency to
emissions throughout the supply chain. Building on
our advanced tracking software, we can dive deeper
into each individual leg of a shipment, applying
the most relevant emission factors to provide an
accurate picture of generated emissions.
We currently offer international Air & Ocean and
land Transport dashboards. Here customers can
find a detailed profile of their emissions, drill down
into particular trade lanes or areas of interest
and test and validate potential decarbonisation
strategies. We also have work underway for our
Wharf, Warehousing and calculator/scenario
builder tools.
While baseline understanding is a crucial starting
point, we also work with customers to explore
different opportunities for improvement. This
includes leveraging Mainfreight’s renewables and
low emission fleets as well as intermodal options
and support with supply chain planning functions.
If you haven’t already, reach out to your local
Mainfreight team today, and join over 500
customers using our emissions tools to advance
their climate strategies.
Getting Closer to Customers
On a tonne-kilometre basis, smaller ‘last-mile’
vehicles are approximately 3x as emissions
intensive as a large heavy vehicles. The challenge
particularly in less densely populated countries
like New Zealand, is that ‘last-mile’ vehicles might
actually cover large geographic areas. Mainfreight
aims to operate branches as close to our customers
as possible.
This drives our constant network intensification to
offer a better more local service to our customers
while also reducing last mile transit in both time
and emissions.
Smart Freight Centre
Mainfreight are proud to be members of the Smart Freight Centre, who are leading efforts to decarbonise transport and logistics.
In particular we support the following programmes:
• The Global Logistics Emissions Council (GLEC) Framework
• Clean Cargo (previously the Clean Cargo Working Group)
• Clean Air Transport
For those that are interested, you can find details about the work of the Smart Freight Centre here:
https://smartfreightcentre.org/en/
Air & Ocean
Transport
7

Climate Change Waste Management Water Security

Our New Builds
We take great pride in building state of the art
facilities that not only support our ability to provide
world class service to our customers, but also allow
us to do so in a safe and sustainable way. This
includes efficient lighting and appliances, double
glazing throughout, battery charging for our
electric forklift fleet, EV charging for our team EVs
and hybrids and DC charging for electric trucks.
HVAC (Heating, Ventilation, and Air Conditioning)
and VRF (Variable Refrigerant Flow) with heat
recovery and carbon monoxide monitoring are
also standard features. We also operate advanced
Building and Energy Management Systems (BMS
and EMS) in order to constantly track and optimise
the performance of our facilities.
In the face of a growing incidence of climate-related
hazards, we are also shoring up the resilience and
self-sufficiency of our branches. Solar, battery
as well as water capture and storage allow us to
maintain operations and supply chains in the face
of disruption to local infrastructure and utilities.
And we’re just getting started, with another $390
million in new land and building projects planned
through to the end of 2026.
Battery Energy Storage System (BESS)
In order to make the most of our investment in
solar energy, we are now supplementing these
installations with BESS. BESS allows us to operate
when the sun isn’t shining by using stored surplus
energy generated during the day, with some of
our new sites able to operate more than 80%
independent of the grid. Our BESS assets now
total over 9,500kWh, and we expect this to grow
considerably as battery technology improves, and
our solar arrays further expand.
EV Chargers
EV chargers are now a common feature in both
owned and leased facilities in order to support
the electrification of our forklift fleet, small vehicle
fleet and, increasingly, DC charging for our heavy
fleet (up to 180kW).
Extensive smart charging infrastructure will be a
centrepiece of our shift towards electrification,
with integrated charging turning our branches into
the ‘fuelling’ stations of the future.
Solar
Rooftop solar arrays are now a standard feature on
all new builds. Mainfreight operates over 20,000
solar panels, and some 8,400kW in generation
capacity across our sites, enough to power around
2000 homes. Better yet, we expect ths to more
than double over the next three years.
Infrastructure
8
Climate Change Waste Management Water Security

Sustainable Building Platform
As you will have read to this point, Mainfreight is investing heavily
in developing cuttingedge facilities with a range of features geared
towards sustainability, efficiency, resilience, and self-sufficiency.
However, equally important, is that we are equipped to utilise
these capabilities effectively. Which is where our Mainfreight Site
Sustainability Platform (MSSP) comes in. Developed with our partners
at Beyond Zero Technologies, and currently being trialled at several of
our Australian facilities. MSSP digitises and integrates all elements of
site management. Including energy use, grid connectivity, fault alerts,
maintenance schedules, duress management, safety, IOT integration,
trend analysis and more.
These are all integrated into an online portal, where branch teams
can track their site’s performance, identify areas of concern (or use
the prediction models) and implement and test changes. Fault alerts
are registered immediately, and maintenance prompts ensure we keep
our sites in peak condition. Further, we can compare branch progress
against prior periods or similar branches in the network, with learnings
shared between teams.
At the national and group level, Mainfreight can validate whether
sustainability assets are performing as expected and use learnings to
evaluate the right configuration for new investments. Incidentally, we
have realised other benefits including reconciling utilities billing and
identifying grid disruptions before being notified by providers.
You can find further details on Beyond Zero Technologies and their
platforms at: https://beyondzero.tech/
Energy Tracking
GHG Tracking
Energy Storage
Interactive Platform
9

Climate Change Waste Management Water Security
Virtual Power Plants and Virtual Energy
Networks
As we switch on more solar and battery assets, we are developing
new ways to deploy these, taking better advantage of the energy
generated and improving their rate of return at the same time.
Through a traditional retail electricity agreement, solar power is
used directly as it’s produced, and battery power takes over when
the sun isn’t shining. During periods when both the battery is fully
charged and solar panels are still producing excess energy, this
power is typically fed back into the grid, for a low feed-in tariff.
To improve this further, Mainfreight is working to use solar sharing
to match excess energy with demand from other Mainfreight sites in
the same region. This allows us to claim a greater overall proportion
of renewable energy and at a better net cost than traditional feed
in tariffs.
Additionally, in Australia, Mainfreight aims to support the wider grid
by participating in Frequency Control Ancillary Services (FCAS).
We can lend our energy infrastructure to support the local grid,
acting as part of a buffer to pump energy in when it is most needed
and take it out when there is over supply. In practise this operates
similar to a commodities market where our energy management
system and algorithms use spot pricing to identify needs, and can
prompt a course of action.

Operations
Electric Material Handling
Equipment
With improving technology we have
been able to transition many of our new
branch forklifts from diesel and LPG to
electric. Minor changes in behaviour (like
remembering to put on charge) have been
quickly adopted to facilitate cleaner, more
modern electric alternatives. Operations, like
our warehousing sites, have been operating
fully electric material handling equipment
for years.
Small Fleet Conversion
Mainfreight also operates a significant small
vehicle fleet for our sales and support team,
to work closely with our customers. Fleets in
New Zealand and Australia have made major
progress in shifting from fossil fuel to almost
half hybrid and electric and we continue to
do more.
Electric Tugs
Two of our major Australian transport
branches have been trialling the Terberg
Electric Terminal Tractor to reduce the
footprint of our depots. The 236 kWh tractor
has seen our two branches reduce around
70 tonnes of CO2e when compared to our
two outgoing diesel terminal tractors. We’re
now transitioning more branches on our east
coast, with a commitment made to six EV
tractors to replace our existing diesel fleet.
For more information see:
terbergspecialvehicles.com
10
Climate Change Waste Management Water Security

Waste Management
ENVIRONMENTAL
We live on a planet with finite resources and
the evidence is clear that linear production
and consumption models that generate waste
throughout the supply chain through to disposal
are not enduringly sustainable.
Our approach to Waste Management begins with
identifying the waste streams we generate and
finding novel solutions to mitigate our impact
and avoid sending waste to landfill. This includes,
prioritising the reduction of materials and
practises that generate waste, replacing single use
consumables with reusable alternatives, and finally,
by recycling remaining waste streams to minimise
our landfill footprint. We have focused our efforts
under two sub streams: Reducing our Impact and
Supporting Circular Solutions.
Reducing our
Impact
Supporting
Circularity
Climate Change
Waste Management
Water Security
11

Soft Plastic Recycling
Shrinkwrap is a crucial material in global logistics
that ensures palletised freight is structurally sound
for both transportation and storage. However,
shrinkwrap is largely single use soft plastic that is
typically disposed of. Mainfreight has now found
partners in multiple regions who not only capture
shrinkwrap waste, but repurpose it back into the
production cycle to produce 30% recycled content
wrap.
Although not a fully circular system, this provides
a promising start and substantially reduces the
amount of virgin plastic consumed. We continue
to work with partners to mitigate the impact of
this waste stream while retaining the important
integrity characteristics of shrinkwrap that allows
goods to move safely through the supply chain.
Composting and Team Gardens
Food waste and organics are a common waste
source anywhere there are people. At Mainfreight,
we operate our own branch canteens serving
healthy and delicious food to our teams around
the world. This provides a steady stream of food
waste diverted from landfill, which, when paired
with organic waste from our gardens, offers a
great source of food for our onsite worm farms
Castings and ‘worm tea’ then deliver a rich source
of nutrients for our vegetable and herb gardens,
growing food to be served back in our canteens.
Reusable Pallets and Stillages
We serve a range of interesting types of freight
across our operations and are trusted to move
those goods safely and damage free throughout
the world. In support of this, our own workshop
teams help fabricate custom equipment and
stillages to safely load and carry goods and avoid
the need for excessive and single use packaging.
Among the reusable solutions that cycle through
our network, are hanging garment racks, enclosed
segregation boxes for dangerous goods, and
collapsable cages and crates for loose freight.
Much of this equipment can also be tracked in real-
time using our IOT (Internet of Things) devices.
Every day we see the flow of tens of thousands of
pallets across the supply chain. Although much of
this travels on reusable equipment or hire pallets,
there are also many ‘one-way’ pallets destined
only for landfill. As a result, we are in a unique
position to redirect waste pallets to second life
uses. Pallets, including broken part pallets are
separated, stored, and supplied to other causes
and initiatives turning them into everything from
garden boxes (some of which might appear in our
branches) through to chairs and bookcases. Pallets
that can’t be upcycled are provided to partners
who chip them into mulch for a range of different
purposes.
Common Sense Recycling
Short of our more creative solutions, we have
also been recycling cardboard, glass, plastic and
aluminium in our branches for decades, and we
continue to educate and work with our team to
recover landfill waste where it is recyclable.
Plastic and Cardboard Bailing Machines
We have deployed bailing machines at a number
of facilities to capture and compact plastic and
cardboard waste. This provides a number of
benefits, reducing the space occupied by waste
on our sites as well as keeping them pristine. In
addition, many categories of carboard and plastic
neatly compacted can be sold for further use in
manufacturing. This reduces the need for more raw
materials and allows us to make a small financial
premium rather than paying for disposal.
Reducing our Impact
12
Climate Change Waste Management Water Security

Polystyrene Compression
Our Mainfreight 2 Home division provides services
for both the transportation as well as delivery and
installation of homewares, furniture and appliances.
Part of our installation service offering includes the
removal of old appliances and packaging waste
including cardboard and polystyrene. Polystyrene
is a particularly light and voluminous waste
product that can be awkward and expensive to
dispose of. At our Mainfreight 2 Home Auckland
and Christchurch branches, we operate our own
polystyrene compacting machines. Compressing
material to around 40:1 the density of general
polystyrene. The resulting product is then able to
be used as an input material in the production of
other goods, reducing the need for virgin materials.
Reverse Logistics
Establishing an efficient reverse logistics system
will be a critical component in the shift to greater
circularity in supply chains. Facilitating the return,
refurbishment and repurposing of end-of-life
goods, not only reduces waste but also conserves
resources and energy and avoids greater embodied
emissions.
This shift will not be easy, most existing supply
chains are designed to be one way and logistics
is just one component. However, with growing
interest and increasing scarcity of raw materials
we expect this field to continue to grow.
At Mainfreight, we have been supporting reverse
logistics solutions for years and always welcome
the opportunity to explore new alternatives with
our customers and suppliers alike.
Our aim, ultimately, is giving ‘end of life’, a new life.
Supporting Circular Solutions
13
Climate Change Waste Management Water Security

Water Security
ENVIRONMENTAL
Globally, in the wake of climate-related events, we
are seeing a growing frequency of water stress,
droughts and, conversely, flooding contaminating
water supplies. At the same time, population,
industry and agriculture continue to grow and with
it an ever-increasing demand for accessible water.
It’s not difficult to see how these opposing
dynamics will make a resource we all need, and
largely take for granted in developed economies,
increasingly constrained.
Although Mainfreight are not a major commercial
water users, we have long been advocates for
the responsible consumption of water, and the
proactive role industry can play.
Our approach is centred around our large facility
roof spans acting as water catchments, paired
with storage, filtration, recycling and a considered
approach to water use in all applications.
Water is first and foremost a public good, and we
see it as our responsibility to minimise our footprint
so that we don’t impose on the needs of the local
communities we serve.
ResourcesSystems
Climate Change
Waste Management
Water Security
14

Rainwater
Rainwater is a free lunch that all too often goes
to waste, lost to evaporation or down storm
water drains. Mainfreight have taken a different
approach. Rainwater captured on our roof spaces is
redirected to onsite storage tanks and repurposed
for ablutions, gardens and more recently filtered
and refined for drinkable water in our branches.
The capture and retention of rainwater has a
long rich history at Mainfreight and started with a
second hand farm tank back in our early days. Now,
rainwater storage is fitted as standard across our
branches and is evident throughout our network
from large branches to small, with millions of litres
in water storage supporting our operations.
Greywater
Greywater is typically directed straight to
wastewater drains (which generally form a
significant part of the water utilities organisations
are charged for). At Mainfreight, greywater has a
second life and is instead repurposed for our truck
wash and sprinkler systems.
Dandenong Case Study
The growing incidence of climate-related events
including floods, bushfires and droughts have now
more than ever shone the spotlight on the fragility
of our water resources and infrastructure.
Our Dandenong South facility is built to leverage
its large roof area to capture, store and filter all of
the site’s water needs - from irrigation and truck
wash to ablutions and potable drinking water. The
1.6 million litre storage capacity is designed to
provide for all of the site’s water needs for 45 days.
In addition, the 42,000 square metre catchment
area is modelled to capture more than double
the branch usage, even with the lowest average
monthly rainfall.
Responsible Care
Mainfreight handle a variety of freight profiles
including dangerous goods (DGs), especially
under our specialist chemical handling arm,
Chemcouriers. We are trusted to carry and care
for these goods and mitigate any risks they could
pose to life as well as to ecosystems, and water
courses.
Our approach includes specially designed facilities,
equipment, training and certification for our
operations teams and drivers. This establishes the
processes and tools for the team to handle these
goods safely and respond effectively to spills or
emergencies. Our Chemcouriers business is a
member of Responsible Care NZ and is committed
to best practice handling of all hazardous materials.
Water SystemsWater Resources
15
Climate Change Waste Management Water SecurityClimate Change Waste Management Water Security

Community
SOCIAL
Community
Team
Our ties to local communities and community
groups go back to our earliest days and the
establishment of our Three Pillars (see page 1).
Communities provide the team in our operations,
the customers that procure our services and the
investors that provide our capital. Without which,
we could not continue to grow and serve new
communities.
Patnerships
Involvement
People in the Value Chain
16

Books in Homes
Mainfreight has been part of the “Duffy Books in
Homes” programme since its inception in 1994,
and currently we support over 100 schools in
New Zealand, Australia and and the United States.
This means over 25,000 children every year are
getting new books to read with our support. The
philosophy behind the programme is simple – to
break the cycle of ‘booklessness’. Kids who can’t
read become adults who can’t communicate,
and that’s a serious disadvantage in a world that
operates on the written word.
In the USA, Books In Homes USA improves
the trajectories of under-resourced children,
with involvement in over 175 partnerships and
initiatives focused on helping children in need.
Thanks to Mainfreight USA and CaroTrans, two of
the programme’s lead sponsors, Books In Homes
USA has given away 1,062,638 books to 386,209
recipients since 2008.
In Australia, Books in Homes supports 12,500
children each term, across 140 schools, pre-
schools and other community-based organisations
throughout Australia. Mainfreight has been a
major sponsor of Books in Homes Australia
since its foundation in 2001, and is proud of the
organisation’s distribution to-date of over 3 million
books. Mainfreight continues to be a major sponsor
of Books in Homes in Australia.
In 2024 in New Zealand, Duffy Books in Homes will
reach 30 years since officially launching, and will
reach their 15 million books milestone. There are
now 570 primary and intermediate schools, as well
as 270 early childhood centres (including Te Reo
and Pasifika language nests), on the Duffy Books
in Homes programme. Thanks to Mainfreight’s
support, 46,865 books were gifted to children
from their Duffy partner schools in New Zealand
last year.
Even with this support, Duffy Books in Homes has
an ongoing recruitment of schools every term.
Currently over 139 schools are seeking a funding
partner to share the cost of delivering and gifting
more than 150,000 books to 25,435 children. We
would urge more New Zealand companies to take
our lead to support this very worthy educational
initiative.
Life Education Trust
Life Education Trust and Harold the Giraffe have
been part of New Zealand’s schools for 36 years,
and Mainfreight has been a partner for the last 16
years.
Life Education’s vision is that all tamariki (children)
and rangatahi (youths) have the life education they
deserve. Growing up and navigating the complexity
of life today sees increasing wellbeing challenges
for young people. Each year, more than 280,000
school students across New Zealand participate in
the Trust’s education programmes.
Recently, their work has grown further to include
professional development programmes for
teachers – a ‘coach the coaches’ approach. More
than 2,000 teachers each year are taking part in
programmes to upskill their professional teaching
strategies, supported by Life Education Trust.
A child without education is like a bird without wings.
You can learn more about how you can help by
visiting their websites:
www.booksinhomes.org.nz
www.booksinhomesaustralia.com.au
www.booksinhomesusa.org
www.lifeeducation.org.nz
Bairds Mainfreight Primary
Mainfreight has had a close association with Bairds Mainfreight Primary School in Otara,
Auckland. In September this year will reach a 30-year milestone of involvement with this school.
During this time, we have invested a considerable amount in IT and computer equipment. We
have also assisted the school with many smaller projects, and our team regularly attend weekly
assemblies and year-end award presentations. Our Chairman, Bruce Plested, annually hosts the
school at his property on Waiheke Island, where the children get to experience farm and island
life. For many, it is their first adventure out of Auckland, including a ferry ride.
Our relationship with the school is very special. It is maintained and promoted by the school
and their enthusiastic and passionate team of teachers. This relationship started in 1993 where
sporting equipment was given to the school from the company’s social club. New school and
sporting apparel were donated, and computers and IT support quickly followed. More recently,
a lockable container for storage of school bikes has been donated.
Educational scholarships for high school, and onwards to tertiary education, are also available
for deserving students from the school. These are awarded yearly, and for a period of three
years, providing standards and criteria are met.
We are proud of our small contribution helping to educate and grow Kiwi kids to a higher level
of learning in this marvellous “Anything is Possible” school in South Auckland.
17
Community Team

Run for Kids
Each year more and more Mainfreight Australia team
members take part in the Melbourne Run for Kids event
organised by the Royal Children’s Hospital Good Friday
Appeal. Giving on Good Friday is a Victorian tradition,
and is all about helping those who are smallest and most
vulnerable. Mainfreight has taken part since its inception
in 2006 and it has become a favourite event for our team
and their extended families.
Stichting Present Montferland
Stichting Present Montferland is a foundation in the
Netherlands, aimed at bridging the gap between local
businesses and individuals in need. Offering help to the
elderly or those with disabilities through to renewing
gardens or local green spaces. Our s’Heerenberg
warehousing team recently helped out on a range of local
projects as part of a ‘Roll up your sleeves’ management
challenge.
You can read more about the projects and the work
Stichting Present Montferland do here:
https://stichtingpresent.nl/montferland/verhalen/
maatschappelijk-project-teamleiders-mainfreightsmaakt-
naar-meer/
Note - you may need to have your browser translate from Dutch.
Child Watch Phuket Foundation & Children’s
Cancer Foundation Hong Kong
The Child Watch Phuket Foundation is a non-profit
organisation based in Phuket, Thailand, with the purpose
of combating child abuse and exploitation.
In September, 2023, our team in Thailand delivered food,
medicine and sterilisation equipment as well as a donation
to support this great organisation and the vulnerable
children it aims to protect.
We are also proud to have supported the Hong Kong
Children’s Cancer Foundation (CCF), with a number of our
team participating in the Standard Chartered Marathon.
Mainfreight IDEA Days
Mainfreight’s IDEA (Intellectual Disability Empowerment
in Action) days are an annual event at a number of our
New Zealand branches. Our special guests and their
care givers are invited to our depots to enjoy a day of
fun and entertainment with our team. Including truck and
muscle car rides along with regular participation from
New Zealand Police and Fire Service and of course the
traditional Mainfreight BBQ. Many of our branches have
long standing relationships with the local IHC spanning
back as far as 20 years.
Other Volunteering
Our team of people all over the world also support
community and charitable projects at a local level,
with a wide variety of initiatives from fundraising
events, to hosting groups at our facilities, and
voluntary time commitments. It’s part of who we
are.
Bee Hotels
We have bee hotels at a number of our European
branches, including a whole new bee wall at
our branch in Utrecht. Bees perform one of the
ecosystem’s most critical functions in pollination,
from the wild flowers at our depots and nearby
gardens to the agricultural crops in the surrounding
farmlands. The honey produced in our bee hotels
and hives is then sold in our canteens with proceeds
going to the Dutch charity ‘Kika’.
18
Community Team

Team
SOCIAL
Community
Team
At Mainfreight, it’s no secret that our people are
the driving force behind our success. Our most
enduring slogan ‘special people, special company’
is testament to the fact that all of what we do and
all of what we achieve starts with our team.
So, there is no more important area for us to invest,
than in creating the conditions and opportunities
that allow our team to thrive. This starts with health,
safety and wellness, and attracting a diverse team
to an inclusive wider family. Finally, we seek to
provide a range of opportunities and avenues for
development for the varied career objectives for
all of our team.
People in the Value Chain
19
Opportunity &
Development
Diversity &
Inclusivity
Health, Safety
& Wellness

The Health & Safety Lens
At Mainfreight, the responsibility for creating and
maintaining a safe working environment rests with
us all. This is illustrated by our commitment to
quality facilities and equipment; to quality people
and processes; and by our culture which facilitates
input and ownership from every team member at
every level. Our safety standards often surpass
local legislative requirements.
Our stance on the health, safety and wellbeing of
our team has been to educate and identify risks
and to rely on each and every team member acting
in a safe and responsible manner.
In our safety culture, all incidents and accidents
are accurately recorded and reported. Our regular
Positive Action Team meetings (P.A.T) help address
health and safety concerns and allow for hazards
to be identified and where possible mitigated.
Through organised safety weeks and safety
challenges we stretch the team further in their
creative approach to solving safety challenges.
Our Health and Safety Initiatives
PREVENTTRAININVOLVEMAINTAIN
SUPPORT
Initiatives to help
prevent health and
safety risks at our
sites as well as
when we deal with
the community
How we train our
teams to understand
and behave in
accordance with our
health and safety
standards
How we engage
all people to be
a part of our
health and safety
initiatives
What we do
to maintain
engagement and
standards for health
and safety
How we support
our teams to
ensure they stay
healthy and get
back to work
quickly
Fatigue Protection Devices
Some of the biggest causes of accidents in the
road transport industry are fatigue and distraction
of drivers. If we’re lucky, this could cause a minor
inconvenience, but if we’re unlucky, lives could
be lost. Mainfreight is committed to keeping our
team, owner drivers and the public safe through
implementing the best available tools - including
technology.
Autosense has created Guardian Technology
which is a face and gaze tracking solution. In
cab cameras monitor the driver’s head position
and eyes. If safety parameters are exceeded, an
audio alarm and seat vibration are immediately
activated. Guardian also features a forward-facing
camera which captures critical information about
road conditions at the time of the event. When
a fatigue or distraction event is detected, data
and footage are immediately relayed to the 24/7
Guardian Centre, which then alerts team in the
relevant area, to allow them to respond in real-time
to the developing situation in the cab.
In Australia and New Zealand, this allows real-time
follow-up for fatigue and distraction events, while
enabling branches to act quickly and recognise any
trends occurring in their fleets. A different fatigue
protection solution is also employed in Europe.
Electronic Logbooks
Another tool in our driver safety and fatigue
management approach, is the use of electronic log
books. These provide a transparent, real-time and
unambiguous outline of driver work and rest hours
so that these can be planned safely and efficiently.
Crown InfoLink
Crown equipment are an international partner for
Mainfreight. From this year, we have been rolling
out the Crown InfoLink monitoring system for our
forklifts and material handling equipment (MHE).
InfoLink features a number of safety and fleet
management minded initiatives:
• Pre-shift inspections are required as part of the
login for the first operating team member. This
is retriggered later in the day for shift change
over.
• In the online platform, we can monitor trends by
driver and follow speed, heavy braking, sharp
turns and other characteristics. Performance
and learnings can then be shared with the
team.
• Speed limits and other settings can be updated
remotely so that new features and policies can
be implemented at the touch of a button.
• From an operational perspective, we are able
to monitor various performance characteristics
of our fleet including:
- Busiest periods of the day or week
- Utilisation and fleet right-sizing
- Running time and down time for different
categories of equipment to identify
bottlenecks and equipment that may be
under or over resourced
Canteens
Our canteens are a big part of our branch family
culture, an initiative that dates back all the way to
our three pillars. We eat together each day, with
hot, healthy, and delicious food served by our own
chefs at heavily subsidised rates. Some of our sites
have also adopted worm farms and vegetable
gardens to recycle canteen food waste.
Health, Safety & Wellness
20
Community Team
20
Team

Financial Literacy Workshops
A key focus at Mainfreight is fostering a learning
culture, however not all learnings are directly
related to moving freight around our network.
One initiative is offering a learning series to help
our team outside of the working day and provide
them the necessary life skills in today’s world.
We have partnered with Westpac NZ to provide
free workshops for managing personal finance.
Sessions touch on spending, budgeting, the cost of
debt, long-term saving and what superannuation
actually does! The Westpac team are accessible in
all of our NZ locations to come onsite, as well as
offering virtual workshops periodically throughout
the year.
Team Assistance Programme
A Team Assistance Programme provides free
problem-solving and counselling services aimed
at improving the emotional, mental and general
health of team members, owner drivers and their
families.
Across our regions, we have a series of local
supplier networks that aim to provide confidential
support with qualified professionals.
Our team, owner drivers and their families
have access to resources and professionals to
support them through personal issues including
relationship, marital, financial, gambling, mental
health, trauma, or substance and alcohol abuse
problems.
Duress Management System
Our Duress Management System is a new
innovation and part of our broader Mainfreight Site
Sustainability Platform being trialled in Australia.
For those facilities equipped with DMS we have
various alert stations throughout the site. Allowing
immediate notification (including SMS) and
response to a health and safety event as well as to
Dangerous Goods (DG) spills.
Once triggered, the alert will send notifications
to key team and log time and location data.
Depending on the alert type, we can also automate
branch responses such as opening roller doors so
emergency services can gain access or for fumes to
dissipate. Logged information along with response
and outcome are recorded and fed into site health
and safety data for our own reporting as well as for
any emergency services or compliance.
21
Community Team

Share in the Profits
While a disciplined approach to maximising
earnings is a focus of any for-profit organisation,
the way a company elects to split the rewards is
a more discernible reflection of the organisational
culture. In 2024 on the back of a challenging
year, Mainfreight reported a profit before tax of
$395.4 million and although this doesn’t meet the
performance of previous years, we continue to
commit to sharing in the rewards with team that
have contributed to our profitability. This year, $25
million will be paid out in team bonuses to those
branches that have met their targets.
Dedicated Training & Development
Team and Facilities
We have our own Training and Development team
as well as purpose-built facilities to support our
team’s ongoing learning.
The team provide a range of internal training and
support, from inductions through to technical
guidance on new systems, adapting to change and
internal audits to keep our operations constantly
at their best.
They are also the guardians of our culture, the
gatekeepers for who joins our team and the guides
for a constantly evolving operations and regulatory
landscape.
Living Wage
Mainfreight is committed to paying higher than the
living wage, not just a minimum wage. This is true
irrespective of the countries we operate in.
Learning Management System (LMS)
Education is optional, learning is compulsory, and
our online learning management system (LMS) helps
us further foster Mainfreight’s culture of continuous
learning. Our LMS platform allows team members
to access training materials at their fingertips, book
themselves on training, and track their own progress. It
also facilitates the management of training programmes
and compliance with local regulations.
Team Family Scholarships
With education being at the forefront of Mainfreight’s
core values, we believe it is important that future
generations are setup for success and make a positive
difference in the countries we operate in. The Mainfreight
Scholarship is for children of team members and owner
drivers in New Zealand and Australia (with more regions
to follow), to provide the opportunity to pursue higher
education and turn their aspirations into a reality. The
current scholarship is a three year long commitment
of $4000 per year, resulting in a $12,000 individual
investment for each successful applicant.
The Mainfreight Scholarship has been awarded for over
20 years and since records started in 2009, over 520
scholarships have been handed out!
Training Programmes
Mainfreight invests in training our teams, from on-
the-job training through to formal programmes. With
focus areas including, induction, operations, personal
development, leadership development and systems. To
highlight a few:
Mainfreight Induction Programme
Mainfreight’s induction programme is a rite of passage
for all full-time team members. It covers our history, our
philosophies and the key principles and processes that
help new team members hit the ground running.
Mainfreight Graduate Development Programme
We offer a graduate programme in every region we
operate. However each has the same underpinning
goal: to produce the leaders for Mainfreight’s future.
Graduates begin the programme on the floor in a
branch, earning their stripes, learning the operation,
and gaining experience that will be invaluable
throughout their career. To support their learning,
graduates are provided with the personal development
tools, networking opportunities, and training to help
grow them into the leaders of the future.
Team Leadership Services
Mainfreight has a long history of helping develop
emerging and experienced leaders in our business
through leadership programmes based on self-
development, understanding leadership concepts, and
team dynamics. We utilise both internal and external
suppliers to support these programmes.
Outward Bound
Mainfreight worked with Outward Bound to devise a
tailored week long team programme. Each year two
groups of Mainfreighters from around the world are
selected for a challenging week in the stunning Anakiwa,
Marlborough Sounds in New Zealand. Mainfreight has
been working with Outward bound for over 20 years
and this experience is a (mostly) fond memory for
many of our senior leaders.
Promote from Within
Promotion from within is a key aspect of our
Mainfreight philosophy, it ensures our leaders are
responsible for developing their own successors
and it provides opportunities for team members of
any background to reach the highest office. Take a
look at many of our leaders and you will see tenure
not in years but decades.
Opportunity & Development
22
Community Team
Parental Leave Policy
In 2023, Mainfreight introduced a paid parental leave
initiative to further support Mainfreight families. The
parental leave policy differs slightly based on country.
However, all versions provide full salary and some form
of childcare support to assist parents returning to work.
We believe that there are many lasting benefits, for our
team members, their spouses, and children, in creating a
system that allows both their families, and the Mainfreight
family to thrive.

Mainfreight is committed to diversity and
inclusivity in all areas of its operations, and
the Group’s Diversity Policy is available on our
website at the link below.
https://www.mainfreight.com/global/ennz/
investor/corporate-governance/diversity-
policy
Mainfreight recognises and values the
differences in experience and perspective from
all the groups that make up our team, or will
make up our team in the future. This includes
but is not limited to different ethnicities, cultural
background, gender, age, abilities, family status,
religious beliefs, sexual orientation and gender
identities. As a large company operating in
over 27 countries, we are proud of the diverse
individuals that make up our wonderful team.
However, we also acknowledge that at least
in respect to gender there is more we can do
in an industry that has been historically male
dominated.
We are proud to see a continued increase in the
number of female team members at the branch
manager level, now at 73 (an increase of 16%).
In 2024, we also welcome two new directors to
the Board in Annie Steel and Hayley Buckley.
We continue to focus on developing more
women in senior leadership positions within the
Group.
Distance from the Labour Force
Diversity and inclusivity can take shape in many
forms. One key initiatives we have established
in the Netherlands is to actively hire jobseekers
who have a distance to the labour market. We
understand that various barriers can prevent
individuals from accessing employment
opportunities, and we strive to create an
environment where everyone has a fair chance
to succeed.
In Europe, we have created new operations and
value-added services roles that can be filled
by those less generally suited to traditional
operations work. By providing opportunities,
we are not only helping the individuals gain
valuable work experience but also enriching
our team with diverse perspectives and
talents. These new team members receive
comprehensive training and ongoing support
to ensure they have the tools and resources
needed to succeed. By supporting these
jobseekers, we contribute to both our team
and the broader community, by reducing
unemployment, stigma, and promoting social
equity.
Male FemaleMaleFemale
Directors
5351
Officers
100100
Male FemaleMaleFemale
New Zealand
77%23%76%24%
Australia
71%29%71%29%
Europe
74%26%74%26%
Americas
65%35%59%41%
Asia
37%63%38%62%
Total Group
71%29%70%30%
This Year
This Year
Last Year
Last Year
Number of Women in Leadership Roles
20202021202220232024
0
70
60
50
40
30
20
10
80
Diversity & Inclusivity
23
Community Team

Mainfreight has long prided itself on transparency
and an upfront warts and all approach to how we
communicate with both our customers and the
wider market. We have always sought to meet or
exceed any reporting or regulatory obligations
required of us and will continue to do so.
Mainfreight already exists under the purview of
modern slavery legislation and publishes a modern
slavery statement aligned to these obligations.
However, recent legislative attention and growing
public interest have developed further and extend
beyond the reaches of internal operations, to the
wider value chain.
As a service provider, we are not major procurers of
upstream materials and have a more limited value
chain when it comes to our partners and suppliers.
However, we recognise that we can do more and
exercise greater due diligence to ensure that no
labour or human rights violations exist throughout
our value chain.
Over the next 18 months we will be exploring
this extensively, to ensure that we have no risk
of exploitation throughout our international
partnerships. We will also work on establishing
due diligence mechanisms and controls to offer
assurance to our customers and stakeholders.
Sustainable Procurement
Sustainable procurement is an important and
established component in how we engage with
partners and suppliers. By making informed and
responsible purchasing decisions, we contribute
to a healthier planet, a fairer society, and a more
resilient economy.
We prioritise purchasing products that have a
reduced environmental impact. This includes
items made from recycled materials, products with
minimal packaging, and goods that are energy-
efficient. We assess and consider suppliers based
on their environmental practices.
We expect that our partners adhere to appropriate
labour practices, including fair wages, safe working
conditions, and the prohibition of child labour. By
building long-term relationships with suppliers
who share our commitment to sustainability, we
mitigate environmental and social value chain risks
and build long and enduring partnerships.
People in the Value Chain
24
Community TeamTeam
24

GOVERNANCE
Reporting & Disclosure
Corporate Governance Resources
25
Reporting & Disclosure
Sustainability standards serve an important purpose in helping cut through
the greenwash and ensuring a more consistent and comparable approach to
presenting sustainability information across company and industry. Of course,
the field of sustainability is developing rapidly and there are numerous different
standards, frameworks and protocols available across the world. Some are
preferred in different regions, some by different stakeholder groups and
others through different industry perspectives. Here we have laid out details
on two of our longstanding reporting and disclosure frameworks. In addition
to this we also provide disclosures to a number of voluntary and investor lead
sustainability initiatives.
We also welcome the opportunity to provide our first Aotearoa New Zealand
Climate Standards aligned report below.
GRI – Global Reporting Initiative
The Global Reporting Initiative is likely the most widely recognised and followed
standard for sustainability reporting. Mainfreight have reported with reference
to GRI since 2020. Readers this year can find the details of our disclosures as
well as our GRI Context Index at the end of this report.
You can read more about GRI here: https://www.globalreporting.org
ISO 14064-1: 2018 Organisation Greenhouse Gas Emissions
Reporting
ISO 14064-1: 2018 is the most recent organisational reporting standard for
Greenhouse Gas Emissions. In contrast to the earlier 2006 iteration, ISO 14064-
1: 2018 has a greater focus on indirect value chain emissions accounting. You can
find Mainfreight’s Greenhouse Gas Inventory Reports independently verified by
Toitu Envirocare available on our website.
https://www.mainfreight.com/global/en-nz/investor/reports-library/
sustainability-information
You can find further details on the International Standards Organisation or ISO
14064 here: https://www.iso.org/standard/66453.html
Corporate Governance Resources
Mainfreight Investor Reports
- here you can find our:
• Mainfreight Annual Reports
• Mainfreight GHG Inventory Reports
• Mainfreight Team Newsletters and trading updates
Mainfreight Corporate Governance
– here you can find our:
• Mainfreight Board and Committee Charters
• Mainfreight Diversity Policy
• Mainfreight Whistle Blower Policy
• Mainfreight Guidelines for Anti-Corruption Practices
• Other policies

2024Mainfreight Climate-related Disclosures Report

Governance Risk Management Strategy Metrics & Targets
This Climate-related Disclosures Report represents
the next step in our climate reporting journey,
with a progression from the Taskforce on Climate-
related Financial Disclosures (TCFD) framework
to also meet the Aotearoa New Zealand Climate
Standards.
Overall, the structure remains consistent with the
four thematic areas of the TCFD, which significantly
informed the New Zealand Standards. However,
this year we delve deeper into the quantitative
assessment of different risks and opportunities. Our
scenarios now have a more developed narration
and additional disclosure requirements have also
been addressed.
Introduction
We continue to report our Group Greenhouse
Gas (GHG) emissions, independently verified to
reasonable assurance across all scopes/categories,
as we have since 2018.
Globally, climate risk reporting remains relatively
novel despite a rapidly evolving regulatory and
reporting landscape. Both reporters and primary
users will need to further develop and improve
their understanding so that climate reporting
can effectively serve its intended purpose. For
companies in better accounting for risks and
for investors in better informing the allocation
of capital. To that end we welcome feedback on
where we have done well and where we could do
better.
Disclaimer
This report contains forward looking
statements in respect to metrics, scenarios,
targets, projections and the interpreted
impacts of climate-related risks and
opportunities.
Mainfreight have sought to use quality
internal and independent data as inputs to
our models. The methodologies, assumptions
and limitations have been outlined as they
are best currently understood. These remain
in our view; relevant and representative at
the time of publication. There are, however,
considerable uncertainties in making forward
projections. Changes in data, improvements
in methodology and a plethora of scientific,
technological, economic and political factors
will influence the validity of such projections.
As a result, users of these statements should
take caution that they will not possess the
same level of reliability as other statements
made in Mainfreight’s annual reporting.
We are nonetheless committed to
accommodating future developments in
understanding through ongoing improvements
in our climate-related disclosure reporting.
Nothing in this report constitutes guidance or
advice with respect to the Group’s financial,
legal or strategic performance or growth.
Contents
Statement of Compliance
Mainfreight Limited (together with its
subsidiaries, the Mainfreight Group) is a
Climate Reporting Entity (CRE) under the
Financial Markets Conduct Act 2013 (the Act).
The following report, which constitutes our
Climate Statements in accordance with
the Act, covers the period 1 April 2023 – 31
March 2024. The statements and disclosures
provided, are compliant with the Aotearoa
New Zealand Climate Standards (CS1, CS2
and CS3) issued by the External Reporting
Board (XRB).
Of the adoption provisions provided within
the standards (NZ CS2), the following have
been applied for this report on a limited basis:
• Adoption provision 1: Current financial
impacts - applied for transition impacts
only.
• Adoption provision 2: Anticipated
financial impacts - applied for transition
impacts only.
• Adoption provision 5: Comparatives for
Scope 3 GHG emissions - comparative
periods are provided in line with our
historical reporting to calendar year
rather than our reporting period.
• Adoption provision 6: Comparatives
for metrics - comparative metrics are
provided in line with our historical
reporting to calendar year rather than
our reporting period.
• Adoption provision 7: Analysis of
trends - comparative periods and any
interpretation of trends are provided
in line with our historical reporting to
calendar year rather than our reporting
period.
Introduction27
Governance28
Risk Management 29
Strategy31
Metrics & Targets43
Additional Information46
27

Governance Risk Management Strategy Metrics & Targets
Board
The Mainfreight Group Board of Directors (the
Board) are responsible for the proper direction
and control of the Group’s activities. This includes
oversight for the identification and control of the
Group’s risks (including climate-related risks).
The Audit Committee, established by the Board,
is responsible for ensuring that the company has
an effective risk control framework in place for:
• Safeguarding company assets (including
appropriate insurance cover and other
mitigation)
• Maintenance of proper accounting and
business records
• Compliance with legislation
• Ensuring reliability of financial information
• Maintaining an overview of business risk
factors and establishing the means of
mitigating these
The Audit Committee members are developing
the skills and competencies to oversee climate-
related risks and opportunities. The Board also
ensures directors have access to ongoing training
and education relating to the business, along
with changes in corporate conduct and legal
compliance. Additional information in climate
science and modelling are provided by the Group
Sustainability and Group Finance teams to the
Chief Financial Officer (CFO) in support of the
Audit Committee.
The Audit Committee meets annually to monitor
progress against climate-related targets and
addressing material and unmitigated risks, with
findings and recommendations made to the
Board.
Remuneration policies do not directly consider
performance against climate metrics and
targets. However, progress remains at or above
expectation.
The Board delegates the conduct of the day-
to-day affairs of the company to the Group
Managing Director and Executive Management.
Our Climate Governance Structure
Board of Directors
Audit Committee
Executive Management
Sustainability
Team
The Board approves the Group Climate-related Risk Management
Process. It receives and reviews reports provided by the Audit
Committee, and ensures the ongoing skills and competencies of
governance across the Board and relevant committees.
The Audit Committee reviews all major risks including those
escalated by Management. The Committee ensures risks are
being managed in accordance with the Group’s Climate-related
Risk Management Process and may make recommendations to
the Board.
Executive Management is responsible for ensuring that the
business is effectively following and delivering on the Group
Climate-related Risk Management Process to identify, measure,
manage, monitor, and control risks.
The Sustainability and Finance teams provide support with
the consideration and assessment of potential risks, as well as
functional support in the implementation of the Group Climate-
related Risk Management Process.
Figure 1. Climate Governance Structure
Governance
Finance
Team
Management
Engagement
Executive Management (Management) is
responsible for ensuring the business is identifying,
managing, and controlling climate-related risks
alongside other risks. Risk mitigation strategies
directed by the Board are implemented and
monitored by Management. Performance towards
these strategies, and new assessments of climate
risks and hazards, are reported by Management
back to the Board and Audit Committee.
The Group Finance and Group Sustainability teams,
reporting to the Chief Financial Officer, support the
practical implementation of climate-related risk
mitigation strategies and transition planning. The
Group Sustainability Team is also responsible for
preparing climate risk assessments and providing
updated information to Management and the Audit
Committee.
Mainfreight’s Board meet seven times a
year.
Mainfreight’s Audit Committee meets
annually to discuss climate-related risks and
opportunities.
Mainfreight’s CFO with support from the
Sustainability Team and Finance Team report
annually into the Audit Committee.
The Sustainability Team formally reviews
climate-related risks with the CFO annually as
well as on discovery of any new material risk,
or where an existing risk is evaluated to have
changed significantly.
28

Governance Risk Management Strategy Metrics & Targets
Introduction
Risk management is a fundamental component of
effective governance, ensuring progress against
strategic objectives remains unabated despite
emergent challenges and uncertainties.
Both governance and management functions have
been working over the past 18 months towards
adoption of climate-related risk management.
The risk models prepared and reported here,
provide an assessment based on impact and
probability, much like a traditional risk matrix. This
allows us to assess and prioritise climate-related
risks alongside other risk categories.
Mainfreight’s Climate-related Risk Management
Process, shown in Figure 2, outlines our steps to
identify, measure, manage, monitor and control, as
they are applied to climate-related risks.
Risk Management
Climate-related Risk Management Process
Identify
We have used various sources to identify potentially relevant climate-
related risks and opportunities, including but not limited to:
• Academic publications and literature related to climate change
• Scientific assessments and data
• Policy guidance and public sector research
• Industry and regional specific reports and developments
• Regulation and formal standards
• Independent natural and climate hazard risk assessments
• Organisational experience with transition planning and
implementation of new projects and technologies
• Organisational experience with natural hazards, responses and
resilience
Assessments of materiality are made against possible impacts
throughout the business and value chain to warrant their disclosure in
this report. The absence of a specified risk here, does not preclude that
risk from assessment, and may well be addressed strategically at local
levels. Instead, material risks are presented from a Group perspective.
Measure
Once identified, climate-related risks are assessed within their category
for scope, size, probability and overall impact. Our models and
methodologies for calculating risks against each of the categories are
detailed further in our Strategy section which cover:
• Acute physical risks to assets
• Acute physical risks and opportunities to operations
• Chronic physical risks to assets (largely not material)
• Chronic physical risks to operations
• Transition risks and opportunities
Time Horizons
For each of the assessed risks and opportunities we have compared
their likely consequence across three time horizons between 2023 (the
year of our first Climate Risk Report) and 2050.
1. Short Term: 2023 – 2030
2. Medium Term: 2030 – 2040
3. Long Term: 2040 – 2050
1
2
1
Identify
2
Measure
3
Manage
4
Monitor
5
Control
Figure 2. Climate-related Risk Management Process
29

Governance Risk Management Strategy Metrics & Targets
Manage
After a climate-related risk is identified and assessed material within
the Group’s Climate-related Risk Management Process, an appropriate
management response is developed and implemented. The responses
roughly follow the below classifications:
Watch and wait: A material risk is acknowledged, but uncertainty around
its impact or the efficacy of more active responses requires further
information gathering. This differs from risk acceptance, here a risk is
being actively monitored until such a time as a more informed response
can be enacted or until a risk is assessed as immaterial.
Minimise or maximise: This response is associated with efforts to reduce
or increase the likelihood of a given risk or opportunity occurring. These
are more commonly applied to transition risks, where there may be
organisational influence to actively affect the likelihood of given risks
and opportunities. This is largely not true for physical risks as a result of
global climate change.
Mitigate or instigate: This response is where efforts are taken to reduce
the overall impact of a risk, were it to occur. These responses are more
aligned to physical risks and opportunities (although opportunities are
largely constrained to competitive performance in preparedness for a
negative event). The most common form of mitigation is insurance. We
hold building and contents policies for all of our major sites, in addition
to business disruption policies to safeguard our operations. However,
there are also practical examples like flood or fire prevention, and water
and energy independence which can be effective strategies.
Monitor
Our risk monitoring process involves the regular evaluation and validation
of the current state of identified risks, as well as the level of collective
risk. This is considered alongside the effectiveness of management
responses and interventions.
3
4
Control
The control element provides the resource and capability to deliver all
other core functions of the Climate-related Risk Management Process,
along with determination of broader strategic responses.
Efforts to identify, standards to measure, projects to manage and
conditions against which to monitor risks are all formulated within risk
management control. Our existing and well-practiced risk management
processes are critical to our resilience and adaptability to climate-related
and other business risks.
5
30

Governance Risk Management Strategy Metrics & Targets
Responsiveness:
In cultivating agility and decisiveness
at all levels of the business so that
we can respond swiftly to the diverse
implications of a global transition.
Embodied resilience:
In our infrastructure, our systems, our
network and our people to sustain
the flow of goods in the face of major
events.
Innovation and collaboration:
In developing the tools and solutions
for Mainfreight and its customers to
succeed and thrive in a low carbon
economy.
Business Model & Strategy
Mainfreight is a an international provider of
logistics and integrated supply chain solutions.
Spanning managed warehousing, domestic
and cross-border transport, international
freight forwarding and everything in between.
Our network of 337 branches across 27
countries, with 10,644 team members, helps to
connect businesses, markets and communities
all around the world.
At Mainfreight we are proudly long-term
thinkers. Our ever stretching 100-year vision
allows us to look beyond short-term cycles to
the business we aim to be decades from now.
Strategy
Understanding Climate-related Risks
and Opportunities
Transition Risks
Transition risks are those that emerge from
efforts to transform global economies toward a
low carbon future, in order to avert the worst
effects of global climate change. These risks fall
under various categories such as policy, legal,
technological, market and reputation.
The rate of change and the drivers behind it will
have meaningful implications on where and how
these risks materialise. Many of which will have
a financial component, although this can be
difficult to assess.
Physical Risks
Physical risks are those that arise from both
extreme weather events (acute risks) and
gradual shifts in shifts in climate conditions, such
as, increasing temperature, rainfall and sea levels
(chronic risks).
They pose operational, financial and supply
chain risks to organisations, and threats to life
and livelihoods for individuals and communities
(who are our team members and customers).
These are risks arising from climate change.
Opportunities
Climate-related opportunities can exist from
both a transition and physical standpoint,
however, given the nature of these two classes,
they fall most commonly under transition. This
is because physical considerations, especially
acute risks like major storms or wildfires carry
few upsides. It is possible an especially effective
response to major acute risks could predicate an
improvement in market share. Or alternatively,
certain industries may have opportunities in
the emergence of chronic climate changes (i.e
increased precipitation for some crops).
To prepare for the many possible futures, our
climate strategy sets out three areas of focus:
31

Governance Risk Management Strategy Metrics & Targets
Climate Scenarios
Our Approach to Scenario Analysis and
Selection
In order to assess our resilience to plausible
climate futures, three scenarios have been chosen
and modelled here, as described in Table 1. These
allow us to explore the range of impacts different
emission pathways could have on our material
risks and opportunities.
All three scenarios are based on the “Middle
of the Road” Shared Socioeconomic Pathway
(SSP2). This pathway does not markedly shift
from historical patterns, where both global and
local institutions make slow progress towards the
Sustainable Development Goals. Each scenario
has been built from this same starting point
and explores how varying levels of physical and
transition risk could lead to different climate
futures.
The SSP framework is widely used in the climate
change research community in order to facilitate
the integrated analysis of future climate impacts,
vulnerabilities, adaptation, and mitigation.
External data was sourced from the NGFS Phase
4 Scenario Explorer, using the REMIND-MAgPIE
3.2-4.6 model, as this had a broad range of
temperature outcomes and, is the only NGFS
model which integrates potential future damages
from physical risks.
The variation between our three scenarios
comes from the level of policy coordination over
the short, medium and long term, as well as
technology availability.
These scenarios were selected in order to capture
a range of assumptions about uncertain futures.
Two of our scenarios meet the Paris Agreement
goal of <2°C by 2100, but compare the effects of a
smooth and delayed transition. Our third scenario
leads to a hot house world, where emissions
continue to rise into the long term above 3°C by
2100.
Our Climate Scenarios
Orderly Transition
The defining characteristic of the Orderly Transition Scenario,
the most optimistic of the three, is an immediate and largely
coordinated global response towards climate action, resulting in
a 1.45°C temperature increase by 2100. Driven by nonpartisan
cooperation and resounding public consensus, ambitious policy
and fiscal intervention is made towards decarbonisation.
A clear pathway is defined for the phaseout of fossil fuels, creating
certainty and spurring investment in climate friendly technologies.
Industry, investor and community groups fill the remaining voids,
driving decarbonisation in international shipping, aviation and
wider transport, allocating capital to fast transitioning businesses
and divesting and litigating against laggards.
Coordinated national and international transport planning
facilitates intermodal connectivity, permitting short-term
mitigation, as harder to abate sectors continue to evolve.
Low carbon technologies perform better than expected and
quickly evolving iterations continue to improve their operational
efficiency, making legacy technologies increasingly unviable.
A systems approach is taken to the development of supporting
infrastructure, particularly towards electrification. Renewable
generation grows exponentially and is supplemented by large
grid scale batteries. Investment in transmission and distribution
is made early, in preparation for growing demands, and
commercial operators are incentivised toward self-generation
and building grid resilience.
Increasing transparency and growing concern quickly shifts
consumer preferences and behavior toward more sustainable
alternatives, and the associated premium allows for further
reinvestment.
Climate-related events spurred by already increasing
temperatures, incite greater interest and investment in the
transition, rather than distract from it.
Under this scenario, the worst of the catastrophic climate events
and climatic changes are largely avoided. However, even with
substantial support, organisations face significant upheaval in
near term transition risks, with those poorly prepared or heavily
entrenched in emission intensive industries especially exposed.
Disorderly Transition
In the Disorderly Transition Scenario, competing social and
geopolitical interests persist, resulting in little short-term
international coordination towards decarbonisation. The result is
a 1.77°C hotter world by 2100, missing the lower 1.5°C goal of the
Paris Agreement.
Fossil fuel use peaks by 2030 but demand remains sticky. Lower
emission fossil fuels, like natural gas, divert attention from greater
renewable and energy system investment.
Globally, organisations struggle to stay abreast of disparate
regional regulations and policy frameworks adding to confusion
and delaying critical investments. A lack of transparency makes
organisation and industry performance toward climate aims
difficult to assess. Consumer and market responses, as a result,
are relatively constrained.
In the early 2030s, the world reaches an abrupt tipping point.
Social and consumer frustrations confront a slow moving political
and industrial response, and lead to a dramatic shift in policy and
accelerated international collaboration.
With a delayed starting point, the response required is now
steeper. Significant and highly disruptive policy interventions
are implemented, imposing massive strain on economic and
social systems.
Competition for low emission technologies is intense, further
pushing up prices and leaving out many smaller players and
markets.
Policy, coupled with a rapid escalation in emissions pricing, heavily
devalues emission intensive assets. Emissions intensive industries
with difficult abatement pathways incur, and pass on, major cost
increases. In particular, aviation becomes prohibitively expensive
for many consumers and cargo interests, in the medium term.
At the same time, increasing global temperatures are already
contributing to a growing incidence of major climate events,
requiring significant further investment in recovering and
remediating impacts.
32

Governance Risk Management Strategy Metrics & Targets
Business as Usual (BAU)
Our final scenario Business As Usual (BAU) is the most
broadly impactful. Here, there is little to no effective
coordination over the short, medium and longer terms.
Competitive global politics detract from national
efforts towards the transition. Without any clear global
leadership, there are few incentives for nations to
decarbonise, while others continue to proliferate fossil fuels.
Economies and industry stay the current course, largely
unencumbered by regulation or forces for change. Low
emission technologies remain niche in most markets and
their inability to reach scale prevents them from being cost
competitive with legacy technology until nearer mid-century.
The gains that are made toward decarbonisation
and renewable energy are largely offset by growth in
population and consumption over the medium term.
Widespread climate-related catastrophes become increasingly
more common, and government expenditure is heavily
directed towards recurring recoveries and rebuilding national
infrastructure. Industry responds to growing uncertainty by
becoming increasingly cost sensitive, coupled with pervasive
insurance unaffordability there are major headwinds towards
productive investments.
Extreme climate-related events constantly disrupt industry,
supply chains and the markets they seek to serve. The
rolling crises increase the costs of production and shipping.
Communities, struggling to adjust, see their disposable incomes
shrink. The outcome is deep economic retrenchment.
Despite the lack of investment and coordination, renewables
and low emission technology slowly supplant existing energy
systems and technologies on a cost basis.
Climate, economic and social systems are permanently changed.
Scenario
Orderly
Transition
Disorderly
Transition
Business As Usual
Action to reduce
emissions
ImmediateDelayedNone
Policies to achieve
low-carbon economy
High CoordinationRegional Variation
No new policies
enacted
Global Mean
Temperature increase
by 2100
(67th Percentile)
1.5°C1.8°C3.0°C
Net Emissions
Smooth transition to
net zero by 2050
Delayed and more
severe transition to
net zero by 2060
Start to decrease
from 2090
Transition Impacts ModerateModerateLow
Physical ImpactsLowModerateHigh
Short Term
Temperature Increase
1.58°C1.58°C1.58°C
Medium Term
Temperature Increase
1.71°C1.83°C1.84 °C
Long Term
Temperature Increase
1.69°C1.91°C2.11°C
Trends to 2050
Transportation EnergyStarts to declineDeclines from 2030
Continually
increases
Transportation Energy
Mix
Transitions toward
electric and lower
carbon gases
Less rapid transition
to electric and low
carbon gas, remains
reliant on oil
Remains reliant
on oil with a small
introduction of
lower carbon gases
and electricity
Investment in Energy
Supply
Investment in low
carbon sources and
energy efficiency,
with significantly
reduced reliance on
fossil fuels by 2040
Investment in low
carbon sources and
energy efficiency,
with significantly
reduced reliance on
fossil fuels by 2050
Low investment
in low carbon
sources and energy
efficiency, remains
reliant on fossil
fuels
Carbon Price
Steady increase
from 2020
Steep increase from
2030
Consistently very
low
Carbon Sequestration
Most energy
production
emissions are
captured as well as
using land-based
sinks
Most energy
production
emissions are
captured as well as
using land-based
sinks
Relies on land-
based sinks (e.g.
afforestation,
soil carbon
enhancement,
biochar)
Scenario Explorer DataNet Zero 2050Delayed TransitionCurrent Policies
All scenario data was accessed through: NGFS Phase 4 Scenario Explorer hosted by IIASA
and uses REMIND-MAgPIE 3.2-4.6 inputs
Table 1. Mainfreight Climate Scenarios
33

Governance Risk Management Strategy Metrics & Targets
The relationship between scenarios, risk type and time
horizon, loosely follows the dynamic outlined in Figure 3.
In simplistic terms, transition and physical risks have an
inverse relationship. A BAU scenario imposes little to no
transition risk, but extreme physical risk. Alternatively, in
our Orderly Transition scenario, the worst of the physical
risks are largely avoided through the immediate and
sustained efforts towards decarbonisation (transition
impacts).

20202030204020502060
2020203020402050206020202030204020502060
Interpretation & Link to Time
Horizons
Orderly TransitionBusiness as Usual
Disorderly Transition
TransitionPhysical
TransitionPhysical
TransitionPhysical
Figure 3. Scenario Risk Profiles
High
Low
High
Low
High
Low
34

Governance Risk Management Strategy Metrics & Targets
Events & Claims
Mainfreight is a large international company with
a diverse and dispersed network of facilities
around the world. As such, minor disruptions
due to natural hazards are common, which our
network is adept at quickly responding to.
Over the past three years there have been only
two material climate-related events:
• Cyclone Gabrielle – Hawkes Bay, New Zealand,
February 2023
• New South Wales Floods – New South Wales,
Australia, November 2023
Mainfreight has extensive insurance coverage
that includes direct impacts as well as impacts
to operations. Both of these events were covered
under existing policies, with the net impact
after insurance estimated at approximately
NZD$110,000.
Current Physical Impacts
Case Study Assessment
To support our understanding of current physical
impacts, we have also undertaken a limited case
study assessment to determine whether climate-
related events affect the longer-term growth
prospects of impacted regions. The assessment
included the following events:
• Hurricane Ian – Florida, USA, September 2022
• Auckland Floods – Auckland, New Zealand,
January 2023
• Cyclone Gabrielle – Hawkes Bay, New Zealand,
February 2023
• New South Wales Floods – New South Wales,
Australia, November 2023
• Cyclone Jasper – Queensland, Australia,
December 2023
Our analysis mapped a 12-month period (or 6
months for recent events) centred on the event,
as well as a comparison to the same period in
the prior year. The resulting performance in
revenue was then compared to the wider regional
performance for both inbound and outbound
freight.
Somewhat counterintuitively, we found that
despite a very short-term reduction (typically
one to two weeks), the impacted areas performed
neutral to above average when compared to
wider regional performance. The interpretation
and implications are explored further in our
Future Physical Impacts to Operations section.
We note there is a high degree of uncertainty,
given the small sample size and other dependent
variables.
Climate Impact Accrual
The final component in our evaluation of current
physical impacts, and the foundation of our
calculations for future anticipated impacts, is our
modelled Climate Impact Accrual.
This new tool is intended to assess the probability
and impact of different classes of risk against each of
our sites around the world. We then generate a single
year ‘accrual’ for each site against each class of risk
(equivalent to the annualised cost exposure after
insurance/mitigation). Across our operating regions,
250 sites were assessed against seven physical risks,
generating over 1,800 individual values.
NZ$ChronicAcute
Operating
Region
Drought
Increased
Precipitation
Sea Level
Rise
FloodStorm SurgeWildfireWindstormTotal
Americas$391$7$37$2,125$220$425$1,355$4,560
Asia$28$1$5$233$416$138$566$1,388
Australia$306$95$206$5,447$2,144$16,114$8,771$33,084
Europe$2,707$29$270$31,734$40,612$603$11,294$87,248
New Zealand$184$88$800$12,729$23,037$1,599$29,192$67,629
Grand Total$3,617$220$1,317$52,268$66,429$18,879$51,178$193,908
The primary input to our modelling was a natural and
climate hazard assessment provided by Gallagher
(formerly Crombie Lockwood) with licensed
use of the Swiss RE CatNet software. This was
contrasted to asset type, value, ownership model,
insurance coverage and other mitigation measures
to assess the relative exposure in a given year.
The branch values have been summarised by region
and risk type below, with our anticipated yearly
physical impact to the Group assessed at NZ$193,908
(in year one). This appears a little conservative
relative to the lived experience over the last three
years - at less than 0.01% of total assets.
Table 2. Current Climate Impact Accrual (after insurance) by Hazard & Region
35

Governance Risk Management Strategy Metrics & Targets
Current Transition Impacts
The transition impacts of an adapting global
economy are already being felt, although there
remains much variety in the pace and priority of
national and industrial strategies toward lower
emissions.
We continue to navigate and engage with
the various global progammes of work, while
delivering on our own transition plan. In Figure
4 we have outlined some of the observable
transition impacts to date.
Many of these impacts are not black and white
and reflect both risks and opportunities relative
to organisational responses.
In this year’s report we have sought to provide a
qualitative rather than quantitative assessment of
transition risks, here and in the Future Transition
Impacts section. Our intention is to build towards
further quantification of these classes of risks in
future reports.
Technology
adoption
Customer
preferences
Building and
resource
efficiency
GHG pricing
Enhanced
reporting
requirements
Risk ImpactRisk/Opportunity TypeOpportunity Impact
Mainfreight has invested considerable time
and effort in preparing for climate reporting
obligations in New Zealand and offshore.
GHG pricing changes via regulated Emissions
Trading Schemes (ETS), or carbon taxes which
are indirectly incurred through fuel prices.
These in turn are largely passed onto the
market by contract Fuel Adjustment Factors,
a common industry mechanism to share fuel
volatility risks.
New technology often has teething issues. Our
experience with existing electric trucks has
not yet proven to be competitive with mature
legacy vehicle technology.
There is a strong emerging preference for
sustainability focused supply chain solutions.
We expect this to become increasingly
ambitious.
Mainfreight’s new facilities have significant
sustainability aligned capabilities, including
solar, batteries and water capture and storage.
There remains a risk that these will not perform
to expectation, and capital could have been
more productively allocated elsewhere.
We are increasingly able to leverage the
knowledge base we have built to prepare
for these standards, as an asset assisting our
customers in the outset of their journey
.
As operators of a modern, fuel efficient fleet,
cost increases disproportionately impact carriers
with older vehicles, improving our competitive
standing.
The increased operating cost of 1st and 2nd
generation electric trucks shouldn’t be viewed
in isolation. There is considerable benefit in the
early learnings of how to operate these new
fleets, for when the technology matures. They
have also served to facilitate new discussions
and opportunities with customers, and provided
immediate, although modest, reductions in
emissions.
So far, our performance has placed us well to
meet these demands in acquiring and retaining
business. We have also found a more receptive
customer base to rail and coastal transport
modes where we have invested heavily.
So far, these investments are perfoming
adequately. However, there is additional benefit
in our reduced exposure to utilities price
increases, and the resilience afforded in being
more self-sustaining.
Figure 4. Current Transition ImpactsHigh ImpactLow Impact
36

Governance Risk Management Strategy Metrics & Targets
Future Physical Impacts to
Assets
Our evaluation of the physical risks to our assets,
has generated a number of key findings to inform
business decision making. In particular, where and
what mitigation to deploy, how we manage and
prepare for possible events, and where capital
is best directed in supporting climate resilient
growth. Some of these observations include:
• Storm surge, flood and windstorm are all
similarly rated as our top global risks.
• Windstorms, although not viewed as
especially impactful, are highly pervasive.
• Our wildfire risk is heavily centred around
Queensland, Australia.
NZ$Scenario 1. OrderlyScenario 2. DisorderlyScenario 3. BAU
RegionShortMediumLongShortMediumLongShortMediumLong
Americas
32,616 137,368 333,757 32,616 147,078 376,616 32,616 148,003 416,898
Asia
9,930 41,821 101,612 9,930 44,778 114,660 9,930 45,059 126,924
Australia
236,656 996,728 2,421,706 236,656 1,067,183 2,732,687 236,656 1,073,897 3,024,967
Europe
624,114 2,628,585 6,386,559 624,114 2,814,390 7,206,683 624,114 2,832,097 7,977,487
New Zealand
483,768 2,037,490 4,950,400 483,768 2,181,512 5,586,101 483,768 2,195,237 6,183,573
Total
1,387,083 5,841,992 14,194,034 1,387,083 6,254,940 16,016,7471,387,083 6,294,293 17,729,848
NZ$Scenario 1. OrderlyScenario 2. DisorderlyScenario 3. BAU
EventShortMediumLongShortMediumLongShortMediumLong
Flood
373,889 1,574,7133,826,013 373,889 1,686,024 4,317,327373,889 1,696,632 4,779,094
Storm Surge
475,186 2,001,347 4,862,586 475,186 2,142,815 5,487,011 475,186 2,156,296 6,073,884
Wildfire
135,048 568,783 1,381,947 135,048 608,988 1,559,409 135,048 612,8191,726,198
Windstorm
366,090 1,541,8673,746,206 366,090 1,650,855 4,227,272 366,090 1,661,242 4,679,407
Drought
25,872 108,965 264,746 25,872 116,667 298,744 25,872 117,401 330,696
Precipitation
1,576 6,639 16,130 1,576 7,108 18,202 1,576 7,153 20,149
Sea Level Rise
9,421 39,678 96,405 9,421 42,483108,784 9,421 42,750 120,420
Total
1,387,083 5,841,992 14,194,034 1,387,083 6,254,94016,016,747 1,387,083 6,294,293 17,729,848
• Europe has our highest overall risk exposure.
This is especially pronounced (and perhaps
partly mitigated) by lower asset ownership
compared to New Zealand or Australia.
• Our Air & Ocean business unit, with a smaller
physical footprint is less exposed to acute
physical risks. However, it is highly dependent
on critical infrastructure, like ports and
airports, which could be disrupted.
• Chronic physical risks are viewed here as not
especially material to Mainfreight facilities.
Tables 3 and 4 show the accumulation of Climate
Impact Accruals relative to time horizon and
weighted for each of our three scenarios.
Table 3. Future Physical Impacts by Region, Scenario and Time Horizon
Table 4. Future Physical Impacts by Event, Scenario and Time Horizon
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
20242026202820302032203420362038204020422044204620482050
Exposure over time ($)
Orderly TransitionDisorderly TransitionBusiness as Usual
Exposure over time (NZ$)
Figure 5. Anticipated Physical Acute Impacts by Scenario
37

Governance Risk Management Strategy Metrics & Targets
Future Physical Impacts to
Operations
Acute
Our limited case study assessment in respect to operating performance, is outlined in Table 5 below. It
includes freight revenue generated both into and out of the respective areas, compared to their wider
regions.
Event
Region
Impacted
Event Area
Performance
Regional
Performance
Operating
Difference
Cyclone Gabrielle (Aug 22-Jul 23)New Zealand10.2%1.2%9.0%
NSW Floods (Sep 23-Feb 24)Australia-25.8%-22.8%-2.9%
Hurricane Ian (Mar 22-Feb 23)Americas28.2%20.6%7.5%
Cyclone Jasper (Sep 23-Feb 24)Australia-22.8%-22.8%0.0%
Auckland Floods (Jul 22-Jun 23)New Zealand4.3%5.4%-1.0%
Chronic
Overall, we found two areas that outperformed, two neutral (within 1%) and one that underperformed. Our
interpretation, made with a high degree of uncertainty, is that there are neutral to positive net impacts of
major hazards in respect to freight revenue.
We hypothesise three potential factors that may contribute:
Urgent essentials:
In early disaster response, a significant supply of essential goods are required to get
communities back on their feet, with food, beverages, and pharmaceuticals all in high
demand. These are all profiles of freight where Mainfreight is well represented.
Stretching supply chains:
Over the medium-term, disruption to traditional supply chains and sources of supply will
prompt businesses to look further afield, increasing the broader freight task.
Build back:
Looking ahead, communities will need to rebuild. Here, we are likely to see a sustained
increase in new building and construction, and with it the freight flows needed to facilitate
this activity.
(industry segments), relative to the perceived
exposure of their value chains to chronic risks. As an
example, agriculture would be considered directly
impacted, whereas industries that rely on agricultural
raw materials would be indirectly impacted.
In total, we see less than 3% of group revenue, both
directly and indirectly, as being potentially exposed
to the drought risk in Europe.
Overall, Mainfreight possesses a relatively diverse
industry revenue base. Of our internally tracked
verticals, only one regional segment accounts for
more than 5% of group revenue. This reflects the
Group’s resilience, not just to chronic risks, but to
any number of business risks and disruptions.
Chronic changes in climate, and the associated
physical risks, have been viewed here as less
impactful to Mainfreight relative to acute physical
events and transition impacts.
However, there are modelled chronic risks in the
regions that we operate in, which could be material
to the local customers and industries we serve. The
most notable of these is a drought in Europe. Sea
level rise, while rated Moderate for New Zealand,
is not viewed as having a material impact on the
performance of our customer industries, which
individually may or may not be exposed to sea level
rise.
In Table 7, we have grouped our customer verticals
Chronic EventAmericasAsiaAustraliaEuropeNew Zealand
DroughtLowNegligibleLowVery HighVery low
PrecipitationNegligibleNegligibleNegligibleNegligibleNegligible
Sea Level RiseNegligibleNegligibleVery lowLowModerate
Chronic Risk ExposureAustraliaEuropeNew ZealandAmericasAsiaTotal (NZD)
Directly Exposed0.88%1.93%2.46%0.16%0.07%5.51%
Indirectly Exposed7.68%0.96%6.26%2.34%0.14%17.38%
Not Exposed21.75%20.73%13.20%19.13%2.30%77.11%
Total30.32%23.62%21.92%21.63%2.51%100.00%
Table 5. Case Study Assessment
Table 6. Regional Chronic Risk Ratings
Table 7. Group Revenue Split by Chronic Risk Exposure & Region
However, this comes with a significant caveat that there are likely to be increased operating costs, although
these are partly offset with existing insurance policies. In addition, these events have serious negative
effects on local infrastructure and communities, including our teams, and we would be very reluctant to
classify these as opportunities even if the effects were further substantiated.
38

Governance Risk Management Strategy Metrics & Targets
Future Transition Impacts
AreaRisk / OpportunityImpactResponseTime HorizonOrderlyDisorderlyBAU
Risks
Policy & LegalGHG pricing volatility
Increasing the cost of goods and raw
materials, most notably fuel.
Costs are largely passed on through Fuel
Adjustment mechanisms, although our
efficient modern fleet minimises exposure.
Short
Medium
Long
Policy & Legal
Enhanced reporting
requirements
Further organisational compliance
obligations.
We are well prepared for various standards
globally many of which we will publish in
advance of our obligations.
Short
Medium
Long
Policy & LegalPolicy uncertainty
Lack of direction, detail or delay in
establishing appropriate policy, impedes
business decision making and stifles early
investment.
Our climate strategy is politically agnostic.
We avoid dependence on subsidies and
focus on building viable solutions from the
ground up.
Short
Medium
Long
Policy & LegalExposure to litigation
Increasing stakeholder litigation against
companies demonstrating poor climate
action.
Although we can’t fully mitigate this risk, our
focus is on being transparent and ambitious
in the face the challenges ahead.
Short
Medium
Long
Technology
Cost and potential for
failure in new technology
adoption
Early adopters at the ‘bleeding edge’ incur
additional operating costs and potential for
stranded assets.
While we have borne additional costs in our
adoption of new technologies, we intend to
persist and see this as a necessary first step.
Short
Medium
Long
Market
Changing customer
preferences/loss of
customers
Changing customer behaviour and
preferences impacts sales activity across
certain industries and organisations.
We have developed a suite of sustainable
supply chain tools and alternatives to
support our customers at all stages of their
journeys.
Short
Medium
Long
Opportunities
Policy & Legal
Early preparation and
developed capability
in areas of legislative
attention
Low exposure to regulatory disruption and
fast adaption enables gains in market share
over slow to react competitors.
We have worked proactively to move past
compliance toward being a knowledgeable
trusted partner to support customers’
reporting needs.
Short
Medium
Long
Reputation
Early transition response
and positioning offers
market share gains
In the face of change and crises, those
that respond actively and early are likely
to develop a more enduring reputational
boost.
Our response so far has been well received
with customers and investors. However, this
is just the beginning and, we are investing
extensively to remain a leading provider of
sustainable solutions.
Short
Medium
Long
Energy Source
& Resilience
Building & Resource
Efficiency
New sustainability aligned investments
support lower operating costs and reduce
exposure to utilities price increases.
Developing sustainable, future-proofed
infrastructure is a core strategy to reduce
costs, build resilience and support
electrification.
Short
Medium
Long
MarketsCollaboration
Shared interests facilitate new partnerships
and collaboration to solve problems that
would be otherwise insurmountable.
These partnerships are already being formed
with customers and suppliers alike. We see
this as a cornerstone in achieving our climate
goals.
Short
Medium
Long
Products &
Services
Products and services
Growing interest in sustainable supply
chain allows for the development of
new products and services and the
repositioning of old ones (e.g. rail).
We have developed sophisticated emissions
tracking tools to support whole new
approaches to supply chain design.
Short
Medium
Long
Globally, shipping, logistics and
transportation represents a major source
of GHG emissions contributing to climate
change, and one which continues to grow.
As a result, the wider industry features
heavily in many national transition strategies
toward climate action. Our expectation
is that transition impacts are likely to be
significant, especially over the short and
medium time horizons.
Scenario analysis indicates transition
impacts will be broadly similar in scale
but vastly different in experience between
scenarios, 1 and 2. With an immediate,
steady and sustained evolution of those
impacts contrasted to one of delay followed
by a violent readjustment.
Many models, including the REMIND-
MAgPIE 3.2-4.6 inputs used to develop our
scenarios, anticipate little to no transition
risks under BAU/+3.0°C warming scenarios
over all terms. This is largely to be expected,
given the weighting of modelled inputs like
carbon and energy price or investment in
the energy supply, as proxies for broader
transition impacts. Less immediately
obvious, and more difficult to model, are
changes in public and market sentiment
and the subsequent spillover impacts they
are likely to drive.
Specifically, we anticipate that where
political means fail to enact the transition,
public and market responses via changing
preferences/behavior and litigation will
impose transition impacts of their own.
We expect this to be especially true over
the longer term, as the impacts of climate
change and improvements in attribution
science paint a clearer picture of those
contributing to global harms.
Risk Impact
1
Low
Impact
High
Impact
5432
Table 8. Future Transition Impacts
39

Governance Risk Management Strategy Metrics & Targets
Models & Methodologies
Acute Physical Impacts to Assets
Our analysis of the potential physical impacts
to operations was built from our limited case
study assessment. We examined the revenue
performance of five areas impacted by recent
natural events. We used the event as the centre
point, and viewed performance for the 6 months
leading up to the event and the 6 months
following. The New South Wales Floods and
Cyclone Jasper were more recent so instead used
a 3-month period either side of the event.
Revenue figures included freight originating in
or destined for, the affected area, for both the
Transport and Air & Ocean business units. The
performance was then compared to that of the
wider operating region, with regional revenue
growth subtracted from the impacted area
growth to produce our operating difference
percentage.
While we believe the findings were interesting
enough to warrant their inclusion in this report,
we caution that the small sample size and high
interdependence on other economic factors
creates considerable uncertainty.
As noted previously, the primary input to our
modelling was a natural and climate hazard
assessment provided by Gallagher (formerly
Crombie Lockwood) with licensed use of the
Swiss RE CatNet software. This provided an
evaluation of all major hazard classes for over
250 sites around the world (some 1,800 individual
ratings).
These values informed our ratings of probability.
For example, if a branch is deemed to be at risk
of a 1 in 100 year flood, the applied single year
probability for a flood at that branch is 1%. Other
risks were translated from different qualitative
terms to similar percentage scales as outlined in
Additional Information Table 13.
For consideration of the impact of an event
if it were to occur, we have used a simplified
classification of branch values based on size, type
and ownership model (Additional Information
Table 14). Each event was then individually
assessed as having a detrimental impact as a
proportion of the total asset value (Additional
Information Table 15). For example, a storm surge
event at an owned, extra large, transport facility
would have a pre-insurance and pre-mitigation
calculation of $100m x 20%, totaling $20m.
We then control for insurance and other
mitigation, to generate a post-insurance and
post-mitigation value which, once multiplied by
event probability, gives us the Climate Impact
Accrual for that branch for a storm surge event.
Impact over Time Horizons
To calculate the risk at our three specified time
horizons, we accumulate the climate impact
accruals by the number of years, alongside an
average compounding growth rate of 7%.
Applying Scenarios
The final step is to apply separate weightings
relative to our three scenarios over the different
time horizons, using the changes in average
global surface temperature as a proxy for our
weightings in Table 16.
Acute Physical Impacts to Operations
Modelling of chronic physical risk relative to each
region was derived from our natural and climate
hazard assessment.
Only drought – Europe was considered to be
material. Note, only drought and increased
precipitation were viewed as relevant. Sea level
rise, while not insignificant is not viewed as a risk
specific to industry.
To examine Mainfreight’s potential exposure
we summarised our revenue split by region and
customer industry. Of our classified industry
categories, two were identified as directly
impacted and a further two were identified as
indirectly impacted.
The result was a percentage of total Group
revenue exposed to material Chronic Physical
Risks.
Chronic Physical Impacts to Operations
Almost all forms of prediction in complex systems
carry a high degree of uncertainty. Doing so over
decades, while accounting for climate science,
geopolitics, energy dynamics, technology and
market sentiments is especially ambitious.
Prediction is hard, however the prediction itself
isn’t really the desired goal. The process, tools
and models to be able to continuously ingest
new information, improve models and prepare for
different eventualities is the intended purpose.
We have made significant efforts to source
independent data and reviews of our approach.
We have clearly outlined the assumptions and
workings behind our models, so that they can be
tested and improved, and we continue to validate
predicted impacts against lived experience.
Assumptions, Limitations and
Uncertainty
Of our models, we perceive the physical
impacts to assets as more robust, having been
independently sourced and with a large volume
of data. Conversely, our physical impacts to
operations, with a small internally sourced
dataset is more uncertain.
Transition risks have been assessed on a
qualitative basis, albeit with interpreted scales
of relative impact. As we work toward financial
quantification of transition impacts, we expect
there to be an especially high degree of
uncertainty.
Despite the limitations, we believe the information
contained within this report to be consistent with
the needs and purposes of primary users.
40

Governance Risk Management Strategy Metrics & Targets
Transition Planning
The provided scenario analysis reflects the
challenge and uncertainty, but also opportunity,
posed by climate change and climate responses.
Our approach is consistent with managing for
all scenarios and time horizons based on the
current context and outlook. Where signals and
emerging understanding lend themselves toward
one scenario over others, pace, priority and
associated capital deployment will be adjusted
accordingly.
We are also cognisant of the high expectations
held of us, both as a large multinational
organisation and one in an emissions intensive
industry. Those expectations are not only that
we do our part, but that we play a part in our
customers’ own evolution towards resilient and
low emission supply chains.
On balance, we continue to view our position in
respect to climate impacts as net positive, where
our preparation, resilience and adaptability serve
to improve our competitive offering, albeit with
higher operating costs.
We recognise that the design decisions we make
today will determine the operational capabilities
and resilience we have tomorrow and although
we can’t predict the future, we can prepare for
versions of it.
Our new branch design philosophies are geared
towards greater efficiency, self-sufficiency, further
electrification and resilience. This includes:
• Solar generation - now at over 8,400kW some
sites are over 80% self-sufficient.
• Futureproofed engineering - supporting
further solar expansion if and when required.
• Site batteries (BESS) – now at over 9,500kWh.
• Energy Management Systems (EMS)
optimising energy use and facilitating supply
to grid or Virtual Energy Networks.
Embodied Resilience
• Extensive car and truck charging infrastructure
– up to 180kW DC.
• Rainwater capture, storage and filtration –
some sites are now over 90% self-sufficient.
• Greywater capture and storage for truck wash
and ablutions.
• Raised docks and racking – keeping our
customers’ freight further from flood risks.
• Climate and natural hazard risk assessment
undertaken before commissioning any new
builds.
• Further exploration of mitigation measures in
higher risk areas.
In recent years our operations have sought to serve
customers affected by major floods, bushfires,
global supply chain disruptions, earthquakes and
a pandemic. Our capacity to respond quickly and
re-establish critical supply chains, has seen our
business grow bigger, better and more resilient.
Our commitment to a 100-year vision isn’t
about stubbornly hanging on while the future
unfolds. Rather, it’s a journey of continuous
incremental improvement, where each day we
lay the groundwork for the business we aspire to
become.
Responsiveness entails constant experimentation
with new technologies and ways of serving
our customers in order to remain relevant and
valuable partners. To cater to the wider needs of
our customer base, we are developing a broad
suite of tools and alternate supply chain channels.
Our focus isn’t on picking a winning technology,
but rather familiarising our business with a range
of solutions and being prepared to bring to scale
those needed most, when they are most needed.
In answer to growing global mandates for
climate reporting, we have prepared early and
comprehensively, gaining reasonable assurance
across all GHG scopes since 2018, and publishing
our first Climate Risk report in 2023. Our intention
is not just to meet, but exceed our obligations,
to be open and transparent in the way that
information is shared and ultimately to become a
resource for our customers.
Our responsiveness strategy is about cultivating
agility and decisiveness at all levels of the
business, so that we can respond swiftly to the
diverse impacts and opportunities of a global
transition.
Responsiveness
41

Governance Risk Management Strategy Metrics & Targets
Mainfreight is actively working to decarbonise
core elements of the business, and facilitate
understanding of value chain emissions to share
that journey with our customers. This includes,
among other investments:
• Maintaining a modern, efficient fleet.
• Supporting multi-modal connectivity with
significant integration and support for rail and
coastal.
• Electrifying the truck fleet (20+ heavy vehicles
so far, many more to come).
• Getting closer to customers through network
intensification.
• Electrification of our material handling
equipment/forklifts (over 80%).
• Transition of our small fleet to electric and
hybrid.
• Route and planning optimisation tools.
• Providing advanced emissions analytics to
customers. See an example of our Customer
Emissions Platform below.
Innovation and Collaboration
Of Mainfreight’s total GHG Emissions Inventory,
around 60% is tied to air freight, with a further 10%
tied to international sea freight. The only way we
can have a meaningful impact on these emission
sources is through extensive collaboration with
our partners throughout the world. In particular,
novel sustainable fuels like methanol, ammonia
and SAF will be critical over all time horizons.
We continue to work with partners on the
implementation of these solutions, and how we
can share the benefits with our customers.
Figure 6. Mainfreight’s Air & Ocean Customer Emissions Dashboard
42

Governance Risk Management Strategy Metrics & Targets
Introduction
The following summary of metrics relating to
Mainfreight’s GHG emissions have been prepared
in accordance with ISO 14064-1:2018, and verified
to reasonable assurance across all six categories.
The mapping between ISO 14064-1:2018 and the
commonly referenced scopes of the GHG Protocol,
is provided in Table 9. All figures refer to tonnes
CO2e unless otherwise stated.
We have taken an operational control approach
to the inclusion of different material emission
sources, whereby sources not within our direct
financial control have been included, where they
are significant. The primary example of this is our
owner drivers.
We have sought to use the latest AR6 GWPs
(Assessment Report 6 Global Warming Potential)
provided by the Intergovernmental Panel on
Climate Change (IPCC). Where sourced emission
Metrics & Targets
GHG ProtocolISO 14064-1: 2018
Scope 1 – Direct GHG
emissions
Category 1 – Direct GHG emissions
and removals
Scope 2 – Indirect
GHG emissions from
purchased electricity,
heat, cooling or steam
Category 2 – Indirect GHG
emissions from imported energy
Scope 3 – Other
indirect GHG emissions
(Corporate Value Chain
emissions)
Category 3 – Indirect GHG
emissions from transportation
Category 4 – Indirect GHG
emissions from products used by
the organisation
Category 5 – Indirect GHG
emissions associated with the use
of products from the organisation
Category 6 – Indirect GHG
emissions from other sources
factors have used previous GWPs, we have applied
appropriate conversions.
Mainfreight has not employed an internal emissions
price over this reporting period, therefore for the
purposes of primary users this could be interpreted
as $0. Remuneration policies do not directly
consider performance against these metrics and
targets, however progress remains at or above
expectation.
For a complete breakdown of our emissions
factors, sources, exclusions, methods, assumptions,
uncertainties, reporting boundaries and trends, we
invite readers to view our 2024 Financial Year GHG
Inventory report. This is available at the link below,
along with previous reports dating back to 2018.
https://www.mainfreight.com/global/en-nz/
investor/reports-library/sustainability-information
CategoryCategory Description
2024 FY2022 CY2021 CY
Category 1Direct GHG emissions and removals303,309239,241278,964
Category 2Indirect GHG emissions from imported energy16,79818,38514,865
Category 3Indirect GHG emissions from transportation1,082,0681,170,3691,309,744
Category 4
Indirect GHG emissions from products used by the
organisation
88,58168,50176,389
Category 5
Indirect GHG emissions associated with the use of
products from the organisation
---
Category 6Indirect GHG emissions from other sources131137
TOTAL1,490,7561,496,6271,680,099
Source
2024 FY2022 CY2021 CY
Road409,331461,391464,327
Rail9,30510,2339,603
Air880,806818,980943,337
Sea144,099163,960226,769
Total Customer Freight Emissions
(Total of Road, Rail, Air , Sea)
1,443,5411,454,5641,644,036
Direct Operational Emissions47,21542,06336,063
Total Emissions1,490,7561,496,6271,680,099
Intensity Factors
2024 FY2022% Change
CO2e per tonne kilometre Domestic (Road/Rail) freight0.084 kg0.094 kg-10.6%
CO2e per tonne kilometre of Air freight1.210 kg1.216 kg -0.5%
CO2e per TEU kilometre of Sea freight 0.066 kg0.071 kg -7.0 %
Vulnerability of Business Activities to
Climate-related Impacts
Our interpretation of the analysis provided,
is that all three of our business units and
their associated activities are susceptible to
climate-related risks, as well as opportunities.
Although individual impact classifications
will be felt differently across our business, we
believe that no part will be untouched.
From a physical standpoint, this is clear in
our approach to assessing impacts to assets,
operations, and revenue for all parts of the
business. While, in respect to transition
impacts, the oncoming disruption has been
widely signalled across the transport and
logistics industry and its role in the climate
transition.
Table 9. GHG Standard Comparison
Table 10. GHG Category Split
Table 11. GHG Mode Split
Table 12. Intensity factors
43

Governance Risk Management Strategy Metrics & Targets
Category 1
20.35%
Category 2
1.13%
Category 3
72.59%
Category 4
5.94%
Category 5
0.00%
Category 6
0.00%
Year on Year Trends - Emissions
EU
104,427
AU
141,031
NZ
148,279
AS
9,589
AM
62,623
International Air: 880,709
International Ocean: 144,099
Freight Modes
Air
Sea
Rail
Road
880,806
144,099
9,305
409,331
100,000200,000300,000400,000500,000600,000700,000800,000900,0001,000,000
Emissions (TCO2e)
Carbon Dioxide
CO2
98.46%
Methane
CH4
0.18%
Nitrous Oxide
N2O
1.30%
Hydrofluorocarbon
HFC
0.06%
Emissions
Category
Category 1 Gas
Breakdown
Figure 7. Gross Emissions Trend Tracking
Figure 8. Emissions Categories Split
Figure 9. Emissions Gas Split
Figure 9. Emissions Mode Split
Figure 10. Emissions Regional Split
44

Governance Risk Management Strategy Metrics & Targets
Targets
Below we have outlined a number of our
sustainability and climate focused goals for
the business over the coming five years.
With respect to emissions, our current
target is for continued improvement across
our tracked emission intensity values. We
continue to evaluate additional targets,
including absolute targets, and will publish
any developments in future iterations of this
report. Offsets are not included or intended
to form part of our decarbonisation strategy
and associated targets.
Our Sustainability Goals
Increased use of electric delivery
vehicles in all regions
CO2e intensity factors continue to
decline, with support of greater
supply of novel fuels, especially in sea
and air
Our global solar arrays reach
12,000kW
Operating over 10,000kWh in site
battery capacity
Our Zero Emissions fleet grows to
over 50 vehicles
Water collection on all owned sites
Solar power across as many sites as
possible
CO2e intensity factors continue to decline
Carbon Tracking technology being used
by more than 1,000 customers
All freight terminals feature fast charging,
and all owned sites support EV charging
Carrier, vessel and aircraft specific
emission factors for international
shipments
Electric vehicles feature across all
Transport businesses
Hydrogen vehicle options assisting carbon
footprint reductions
Our global solar arrays reach 20,000kW
Our Zero Emissions fleet grows to over
100 vehicles
Global site battery capacity exceeds
15,000kWh
Static batteries join solar arrays and
water capture as standard design
features for new Mainfreight sites
Over 10% of all metro transportation
served by Zero Emission Vehicles
Carbon Tracking technology used widely,
analytics and machine learning provide
optimised routes and prompt possible
decarbonisation strategies
Zero emission line-haul implemented in
first medium haul lanes
Zero emission fleet of over 150 vehicles
Solar arrays pass 25,000kW
SAF and low emission maritime fuels
directly integrated into our offering to
customers
2025 FY 2026 FY 2027 FY 2028 FY 2029 FY
Next Steps
We are committed to improving the inputs, models
and ultimately the insights provided in climate-
related risk reporting, for both internal decision
makers and other interested stakeholders.
As well as meeting the disclosure requirements within
the Aotearoa New Zealand Climate Standards, we
also endeavor to publish information consistent with
the stated reporting principles: Relevance, Accuracy,
Verifiability, Comparability, Consistency, Timeliness,
Balance, Understandability, Completeness and
Coherence.
Below are a number of planned workstreams as
we continue to develop our climate reporting
capabilities:
• Continue to capture, investigate and verify our
GHG emissions data and metrics.
• Assessments of materiality, changes in risk
weightings and the emergence and consideration
of new risks and opportunities, will all be examined
annually in accordance with our Climate-related
Risk Management Process.
• Developing scientific research and climate data
will be incorporated, where appropriate, into
adaptations of our scenario analysis.
• Assessment of further climate-related targets.
• Quantification of transition risks and
opportunities for both current and anticipated
impacts.
• Accumulation of more case studies for our
physical impacts assessment.
• Further analysis of trends and reconciliation to
our transition planning.
• Alignment with the Australian Climate-related
Financial Risk Disclosures.
• Alignment with the European Corporate
Sustainability Reporting Directive.
• Review and alignment with other global, state and
industrial reporting regimes where applicable.
Figure 11. Sustainability Goals
Capital, Planning and
Climate-related Impacts
Mainfreight expect capital expenditure
through to the end of 2026 will total $509
million. This will be used to further expand
and modernise our network, facilities,
technology and infrastructure.
Many of these investments will directly
support elements of our mitigation plans,
in addition to self-sufficiency, resilience and
adaptation. However, much of this expenditure
will assist other business imperatives as
well. For example, expanding our network
is a growth strategy that also mitigates risk
from acute physical events. Whereas new
solar installations have a climate mitigation
benefit, but also an attractive rate of return.
45

Governance Risk Management Strategy Metrics & Targets
EventsTypeLeased ExposureOwned Exposure
Fluvial FloodAcute40%20%
WildfireAcute5%10%
WindstormAcute1%1%
Storm SurgeAcute40%20%
DroughtChronic0.01%0.01%
PrecipitationChronic0.01%0.01%
Sea Level RiseChronic0.01%0.01%
Additional Information
Models & Methodologies Source Tables
Table 13. Event Probability Translation
Probability
Fluvial
Flood
WildfireWindstorm
Storm
Surge
DroughtPrecipitation
Sea Level
Rise
0.01%OutsideNegligibleOutsideNegligibleNo ChangeNo Change
0.01%No Data
Extremely
Low
0.10%Very LowVery LowVery Low
Very Low
Increase
Very Low
Decrease
0.10%
Very Low
Decrease
0.20%ModerateLowLow500 yearsLow
Low
Decrease
Low
Increase
0.20%
Low
Increase
0.33%Moderate
0.40%ModerateModerate250 yearsMedium
Moderate
Decrease
Moderate
Increase
0.50%SignificantSignificantSignificantSignificant
1.00%HighHighHigh100 yearsHigh
High
Decrease
High
Increase
2.00%Very HighVery High50 yearsVery High
Very High
Increase
10.00%Extreme
Table 14. Generalised Asset (Branch) Valuations
Leased
DivisionXSSMLXL
Air & Ocean10,00050,000 250,0001,000,000 2,000,000
CaroTrans10,00050,000 250,0001,000,0002,000,000
Transport500,0001,000,000 2,500,000 5,000,00010,000,000
Warehousing500,0001,000,0002,500,0005,000,00010,000,000
Owned
DivisionXSSMLXL
Air & Ocean1,000,0002,000,0005,000,00010,000,00020,000,000
CaroTrans1,000,0002,000,000 5,000,000 10,000,000 20,000,000
Transport5,000,000 10,000,000 25,000,000 50,000,000100,000,000
Warehousing5,000,000 10,000,000 25,000,000 50,000,000 100,000,000
Table 15. Event Impact Assumptions
Table 16. Scenario Global Surface Temperature Changes
Surface Temperature (°K)
NGFS Phase IV Scenarios using REMIND-MAgPIE 3.2-4.6
MAGICCv7.5.3|67.0th Percentile
Time HorizonYear
Orderly Transition
(Net Zero)
Disorderly Transition
(Delayed Transition)
Business as Usual
(Current Policies)
Short Term20301.581.581.58
Medium Term20401.711.83 1.84
Long Term20501.691.912.11
Scenario/Time Medium/Short Term1.081.161.16
MultipliersLong Term/Medium Term1.071.201.33
46

Governance Risk Management Strategy Metrics & Targets
Year End
Annual
Accrual
Cumulative
Accrual
S1
Multiplier
Cumulative
S1
S2
Multiplier
Cumulative
S2
S3
Multiplier
Cumulative
S3
2024193,908193,9081.00193,9081.00193,9081.00193,908
2025207,482401,3901.00401,3901.00401,3901.00 401,390
2026222,005623,3951.00623,3951.00623,3951.00 623,395
2027237,546860,9401.00860,940 1.00 860,9401.00 860,940
2028254,174 1,115,1141.001,115,1141.001,115,1141.001,115,114
2029271,9661,387,0801.001,387,0801.001,387,0801.001,387,080
2030291,0041,678,0841.081,812,8411.161,940,984 1.161,953,196
2031311,3741,989,4581.082,149,2201.162,301,1401.162,315,618
2032333,1702,322,6281.082,509,1451.162,686,5071.162,703,409
2033356,492 2,679,1201.082,894,2651.163,098,8491.163,118,346
2034381,446 3,060,5661.083,306,343 1.163,540,0561.163,562,328
2035408,1483,468,7141.08 3,747,2661.164,012,1461.164,037,389
2036436,7183,905,4321.084,219,055 1.164,517,2841.164,545,705
2037467,2884,372,7201.084,723,8681.165,057,7811.165,089,602
2038499,9984,872,7181.085,264,019 1.165,636,1121.165,671,572
2039534,9985,407,7171.085,841,980 1.166,254,9271.166,294,280
2040572,4485,980,1651.076,374,0341.207,192,5501.337,961,842
2041612,5206,592,6841.077,026,8961.207,929,2481.338,777,336
2042655,3967,248,0801.077,725,4581.208,717,5161.339,649,913
2043701,2747,949,3541.078,472,9191.209,560,9621.3310,583,572
2044750,3638,699,7171.079,272,7031.2010,463,4491.3311,582,586
2045802,8889,502,6051.0710,128,4721.2011,429,1101.3312,651,531
2046859,09010,361,6951.0711,044,1441.2012,462,3671.3313,795,303
2047919,22711,280,9221.0712,023,9131.20 13,567,9531.3315,019,138
2048983,57312,264,4941.0713,072,2661.2014,750,9301.3316,328,642
20491,052,42313,316,9171.0714,194,0041.2016,016,7141.3317,729,811
Table 17. Physical Impacts to Assets Calculation
TO THE INTENDED USERS
Audit Criteria:
Intended users:
RESPONSIBLE PARTY'S RESPONSIBILITIES
VERIFIERS' RESPONSIBILITIES
Inventory report:2024FY GHG Emissions Inventory Report V0.4
Our responsibility as verifiers is to express a verification opinion to the agreed level of assurance on the GHG statement, based on the
evidence we have obtained and in accordance with the audit criteria. We conducted our verification engagement as agreed in the audit
letter, which define the scope, objectives, criteria and level of assurance of the verification.
The International Standard ISO 14064-3:2019 requires that we comply with ethical requirements and plan and perform the verification
to obtain the agreed level of assurance that the GHG emissions, removals and storage in the GHG statement are free from material
misstatement.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit carried out in accordance with the ISO 14064-
3:2019 Standards will always detect a material misstatement when it exists. The procedures performed on a limited level of assurance
vary in nature and timing from, and are less in extent compared to reasonable assurance, which is a high level of assurance. The
procedures performed on a limited level of assurance vary in nature and timing from, and are less in extent compared to reasonable
assurance, which is a high level of assurance. Misstatements are differences or omissions of amounts or disclosures, and can arise from
fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the decisions of readers, taken on the basis of the information we audited.
GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors
and the values needed to combine emissions of different gases.
Wehavereviewedthegreenhouse gasemissionsinventory report (“the inventory report”)fortheabovenamedResponsiblePartyfor
the stated inventory period.
The Management of the Responsible Party is responsible for the preparation of the GHG statement in accordance with ISO 14064-
1:2018 . This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation of a
GHG statement that is free from material misstatement.
Mainfreight managers, team, customers, investors and all other stakeholders
Registered address:2 Railway Lane, Otahuhu, Auckland, 1741, New Zealand
Inventory period:
Cross Over Year: 01/01/2023 - 31/03/2023
Current Year: 01/04/2023 - 31/03/2024
INDEPENDENT AUDIT OPINION
Toitū Verification
Organisation subject to audit:Mainfreight Limited
ISO 14064-1:2018
ISO 14064-3:2019
Audit & Certification Technical Requirements 3.0
Responsible Party:
Mainfreight Limited
Assurance Statement Template v2.0©Enviro-Mark Solutions Limited 2016Page 1 of 3
47

Governance Risk Management Strategy Metrics & Targets
BASIS OF VERIFICATION OPINION
VERIFICATION
VERIFICATION STRATEGY
QUALIFICATIONS TO VERIFICATION OPINION
VERIFICATION LEVEL OF ASSURANCE
January to March 2023
tCO
2
e
Location based
Level of Assurance
Direct Emissions:
Category 1 58,184.78
Reasonable
Indirect emissions from imported energy:
Category 2 4,665.16
Reasonable
Indirect emissions from transportation
Category 3 275,424.79
Reasonable
Indirect emissions from products used by organisation:
Category 4 19,795.82
Reasonable
Total gross emissions358,070.55
April 2023 to March 2024
tCO
2
e
Location based
Level of Assurance
Direct Emissions:
Category 1 303,308.67
Reasonable
Indirect emissions from imported energy:
Category 2 16,798.11
Reasonable
Reasonable
Category 3 1,082,068.22
Reasonable
Indirect emissions from products used by organisation:
Category 4 88,581.16
Reasonable
Total gross emissions1,490,756.15
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have undertaken a verification engagement relating to the Greenhouse Gas Emissions Inventory Report (the ‘Inventory
Report’)/Emissions Inventory and Management Report of the organisation listed at the top of this statement and described in the
emissions inventory report for the period stated above.
The Inventory Report provides information about the greenhouse gas emissions of the organisation for the defined measurement period
and is based on historical information. This information is stated in accordance with the requirements of International Standard ISO
14064-1 Greenhouse gases – Part 1: Specification with guidance at the organisation level for quantification and reporting of greenhouse
gas emissions and removals (ISO 14064-1:2018).
Ourverificationstrategyuseda combineddataandcontrols testingapproach. Evidence-gathering procedures included butwerenot
limited to:
—activities to inspect the completeness of the inventory;
—interviews of site personnel to confirm operational behaviour and standard operating procedures;
—re-perform access controls to onsite records;
—sampling and/or reconciliation of fuel and freight records to confirm accuracy of source data into calculations;
—recalculation, retracing/sense checking of remaining emissions;
The data examined during the verification were historical in nature.
The following qualifications have been raised in relation to the verification opinion:
The opinion is unmodified.
Assurance Statement Template v3.0©Enviro-Mark Solutions Limited 2021Page 2 of 3
RESPONSIBLE PARTY’S GREENHOUSE GAS ASSERTION (CERTIFICATION CLAIM)
VERIFICATION CONCLUSION
ADDITIONAL INFORMATION RELEVANT TO INTENDED USERS
OTHER INFORMATION
Name:Name:
Position:
Signature:
Date:
Wehaveobtainedallthe informationand explanationswehaverequired. In our opinion,theemissions,removalsandstoragedefined
in the inventory report, in all material respects:
• comply with ISO 14064-1:2018 ; and
• provide a true and fair view of the emissions inventory of the Responsible Party for the stated inventory period.
Verified by: Authorised by:
MainfreightLimitedhasmeasureditsgreenhouse gasemissionsinaccordancewithISO14064-1:2018inrespectofthe operational
emissions of its organisation.
Without qualifying our opinion expressed above, we wish to draw the attention of the intended users to the following :
The responsiblepartyisresponsiblefortheprovisionofOtherInformation tomeetProgrammerequirements.The OtherInformation
mayincludeclimaterelateddisclosures around Governance,StrategyandRiskmanagement, emissions management,reductionplan
and purchase of carbon credits, but does not include the information we verified, and our auditor’s opinion thereon.
Our opiniononthe informationweverifieddoes notcovertheOtherInformationandwedo notexpressanyformofaudit opinionor
assurance conclusionthereon.Ourresponsibility isto readandreviewtheOtherInformationand considerit intermsofthe programme
requirements.In doingso,weconsider whethertheOtherInformationis materiallyinconsistentwith the informationweverifiedorour
knowledge obtained during the verification.
The disclosures required by the Aotearoa New Zealand Climate Standards 1-3 were not included in the scope of the Toitū audit. We
therefore did not assess consistency between these disclosures and the Greenhouse Gas inventory report which is the subject of this
report. We do not express an opinion on the accuracy and completeness of these disclosures.
Date opinion expressed: 14 May 202416 May 2024
Position: Verifier, Toitū EnvirocareCertifier, Toitū Envirocare
Signature:
Date verification audit: 22-23 April 2024
Pieter FransenBilly Ziemann
Assurance Statement Template v3.0©Enviro-Mark Solutions Limited 2021Page 3 of 3
48

Governance Risk Management Strategy Metrics & Targets
CRD Content Index
Sub-headingClauseDisclosure
Page
Number(s)
Governance: To enable primary users to understand both the role an entity’s governance body plays in overseeing climate-
related risks and climate-related opportunities, and the role management plays in assessing and managing those climate-related
risks and opportunities.
Disclosures
7a
the identity of the governance body responsible for oversight of climate-related risks
and opportunities;
28
7b
a description of the governance body’s oversight of climate-related risks and
opportunities (see paragraph 8);
28
7c
a description of management’s role in assessing and managing climate-related risks
and opportunities (see paragraph 9).
28
Governance
Body Oversight
8a
the processes and frequency by which the governance body is informed about
climate-related risks and opportunities;
28
8b
how the governance body ensures that the appropriate skills and competencies are
available to provide oversight of climate-related risks and opportunities;
28
8c
how the governance body considers climate-related risks and opportunities when
developing and overseeing implementation of the entity’s strategy;
28
8d
how the governance body sets, monitors progress against, and oversees achievement
of metrics and targets for managing climate-related risks and opportunities,
including whether and if so how, related performance metrics are incorporated into
remuneration policies (see also paragraph 22(h))
28
Management’s
Role
9a
how climate-related responsibilities are assigned to management-level positions or
committees, and the process and frequency by which management-level positions or
committees engage with the governance body;
28
9b
the related organisational structure(s) showing where these management-level
positions and committees lie;
28
9c
the processes and frequency by which management is informed about, makes
decisions on, and monitors, climate-related risks and opportunities.
28
Strategy: To enable primary users to understand how climate change is currently impacting an entity and how it may do so in
the future. This includes the scenario analysis an entity has undertaken, the climate-related risks and opportunities an entity
has identified, the anticipated impacts and financial impacts of these, and how an entity will position itself as the global and
domestic economy transitions towards a low-emissions, climate-resilient future.
Disclosures
11aa description of its current climate-related impacts (see paragraph 12);35,36
11ba description of the scenario analysis it has undertaken (see paragraph 13);32,33
11c
a description of the climate-related risks and opportunities it has identified over the
short, medium, and long term (see paragraph 14);
29, 35-39,
45
11d
a description of the anticipated impacts of climate-related risks and opportunities
(see paragraph 15);
37-39
11e
a description of how it will position itself as the global and domestic economy
transitions towards a low-emissions, climate-resilient future state (see paragraph 16).
31, 41
Current
impacts and
financial
impacts
12aits current physical and transition impacts;35,36
12b
the current financial impacts of its physical and transition impacts identified in
paragraph 12(a);
35
AP1
12c
if the entity is unable to disclose quantitative information for paragraph 12(b), an
explanation of why that is the case.
AP1
Scenario
analysis
undertaken
13
An entity must describe the scenario analysis it has undertaken to help identify its
climate-related risks and opportunities and better understand the resilience of its
business model and strategy. This must include a description of how an entity has
analysed, at a minimum, a 1.5 degrees Celsius climate-related scenario, a 3 degrees
Celsius or greater climate-related scenario, and a third climate-related scenario (see
paragraph 11(b))
32, 33
Sub-headingClauseDisclosure
Page
Number(s)
Climate-related
risks and
opportunities
14a
how it defines short, medium and long term and how the definitions are linked to its
strategic planning horizons and capital deployment plans;
29
14b
whether the climate-related risks and opportunities identified are physical or
transition risks or opportunities, including, where relevant, their sector and
geography;
35-39
14c
how climate-related risks and opportunities serve as an input to its internal capital
deployment and funding decision-making processes.
45
Anticipated
impacts and
financial
impacts
15a
the anticipated impacts of climate-related risks and opportunities reasonably
expected by the entity;
37-39
15b
the anticipated financial impacts of climate-related risks and opportunities
reasonably expected by an entity;
37,38
AP2
15c
a description of the time horizons over which the anticipated financial impacts of
climate-related risks and opportunities could reasonably be expected to occur;
37, 38
AP2
15d
if an entity is unable to disclose quantitative information for paragraph 15(b), an
explanation of why that is the case.
AP2
Transition plan
aspects of its
strategy
16aa description of its current business model and strategy31
16b
the transition plan aspects of its strategy, including how its business model and
strategy might change to address its climate-related risks and opportunities
41
16c
the extent to which transition plan aspects of its strategy are aligned with its internal
capital deployment and funding decision-making processes
41
Risk Management: To enable primary users to understand how an entity’s climate-related risks are identified, assessed, and
managed and how those processes are integrated into existing risk management processes.
Disclosures
18a
a description of its processes for identifying, assessing and managing climate-related
risks (see paragraph 19);
28-30
18b
a description of how its processes for identifying, assessing, and managing climate-
related risks are integrated into its overall risk management processes.
28
19a
the tools and methods used to identify, and to assess the scope, size, and impact of,
its identified climate-related risks
29
19b
the short-term, medium-term, and long-term time horizons considered, including
specifying the duration of each of these time horizons
29
19cwhether any parts of the value chain are excluded29
19dthe frequency of assessment28,30
19eits processes for prioritising climate-related risks relative to other types of risks29-30
Metrics and Targets: To enable primary users to understand how an entity measures and manages its climate-related risks
and opportunities. Metrics and targets also provide a basis upon which primary users can compare entities within a sector or
industry.
Disclosures
21a
the metrics that are relevant to all entities regardless of industry and business model
(see paragraph 22)
37, 38, 43,
45
21b
industry-based metrics relevant to its industry or business model used to measure
and manage climate-related risks and opportunities
43
21c
any other key performance indicators used to measure and manage climate-related
risks and opportunities
43
21d
the targets used to manage climate-related risks and opportunities, and performance
against those targets (see paragraph 23)
43, 45
49

Governance Risk Management Strategy Metrics & Targets
Sub-headingClauseDisclosure
Page
Number(s)
Metric
categories
22a
greenhouse gas (GHG) emissions: gross emissions in metric tonnes of carbon dioxide
equivalent (CO2e) classified as (see paragraph 24):
(i) scope 1;
(ii) scope 2 (calculated using the location-based method);
(iii) scope 3;
37, 38, 43,
45
22bGHG emissions intensity;43
22c
transition risks: amount or percentage of assets or business activities vulnerable to
transition risks;
43
22d
physical risks: amount or percentage of assets or business activities vulnerable to
physical risks;
37,38
22e
climate-related opportunities: amount or percentage of assets, or business activities
aligned with climate-related opportunities;
43
22f
capital deployment: amount of capital expenditure, financing, or investment deployed
toward climate-related risks and opportunities;
45
22ginternal emissions price: price per metric tonne of CO2e used internally by an entity;43
22h
remuneration: management remuneration linked to climate-related risks and
opportunities in the current period, expressed as a percentage, weighting,
description or amount of overall management remuneration (see also paragraph
8(d)).
43
Targets
23athe time frame over which the target applies;45
23bany associated interim targets;45
23cthe base year from which progress is measured;43
23da description of performance against the targets;43
23e
for each GHG emissions target:
(i) whether the target is an absolute target or intensity target;
(ii) the entity’s view asto how the target contributes to limiting global warming to 1.5
degrees Celsius;
(iii) the entity’s basis for the view expressed in 23(e)
(ii), including any reliance on the opinion or methods provided by third parties; and
(iv) the extent to which the target relies on offsets, whether the offsets are verified or
certified, and if so, under which scheme or schemes.
45
GHG Emissions
24a
a statement describing the standard or standards that its GHG emissions have been
measured in accordance with
43
24b
the GHG emissions consolidation approach used: equity share, financial control, or
operational control;
43
24c
the source of emission factors and the global warming potential (GWP) rates used or
a reference to the GWP source
43
24d
a summary of specific exclusions of sources, including facilities, operations or assets
with a justification for their exclusion.
43
Assurance of GHG Emissions
25
Part 7A of the Financial Markets Conduct Act 2013 requires that the disclosure of an
entity’s GHG emissions as required by Aotearoa New Zealand Climate Standards are
the subject of an assurance engagement. This Standard requires that this assurance
engagement is a limited assurance engagement at a minimum.
47,48
26
For the avoidance of doubt, the following information required by Aotearoa New
Zealand Climate Standards is subject to an assurance engagement:
43
26a
GHG emissions: gross emissions in metric tonnes of CO2e classified as (see
paragraph 22(a)):
(i) scope 1;
(ii) scope 2 (calculated using the location-based method);
(iii) scope 3;
43
26badditional requirements for the disclosure of GHG emissions (see paragraph 24);43
26c
GHG emissions methods, assumptions and estimation uncertainty (see NZ CS 3
General Requirements for Climate-related Disclosures paragraphs 52 to 54).
43
AP refers to the adoption provision used, as detailed on Page 27
50

Governance Risk Management Strategy Metrics & Targets
GRI Index
DisclosureName
Page
Number(s)
Explanation/Other
References*
GRI2: General Disclosures 2021
2-1Organisational detailsAR: 28, 29, 82
2-2
Entities included in the organisation’s
sustainability reporting
IR6
2-3
Reporting period, frequency and contact
point
SR27, AR115Annual
2-4Restatements of informationNot Applicable
2-5External assuranceNot Assured
2-6
Activities, value chain and otherbusiness
relationships
Six largest customer verticals that are a
focus for our network – Food & Beverage,
DIY, FMCG, Chemicals, Technology &
Electronics, and Medical & Healthcare
2-7EmployeesAR64GRI Disclosure 2-7 Workforce
2-9Governance structure and compositionAR62-65
2-10
Nomination and selection of the highest
governance body
Constitution of Mainfreight Limited
2-11Chair of the highest governance bodyAR75
2-12
Role of the highest governance body in
overseeing the management of impacts
AR62-65Board Charter
2-13
Delegation of responsibility for managing
impacts
SR28
2-15Conflicts of interestBoard Charter, Code of Ethics
2-17
Collective knowledge of the highest
governance body
SR28
2-18
Evaluation of the performance of the highest
governance body
SR28
2-19Remuneration policiesSR28, AR108
2-20Process to determine remunerationSR43, AR65
Remuneration Committee Charter,
Remuneration Policy
2-22
Statement on sustainable development
strategy
SR2
2-26
Mechanisms for seeking advice and raising
concerns
Code of Ethics, Whistle-Blower Policy
2-28Membership associations
Lean & Green Europe, Smart Freight
Centre, ISO14064-1:2018
2-29Approach to stakeholder engagementSR3
DisclosureName
Page
Number(s)
Explanation/Other
References*
GRI 201: Economic Performance 2016
201-1
Direct economic value generated and
distributed
AR77-81
201-2
Financial implications and other risks and
opportunities due to climate change
SR29-42
GRI 203: Indirect Economic Impacts 2016
203-1
Infrastructure investments and services
supported
AR: 32, 54
GRI 205: Anti-corruption 2016
205-2
Communication and training about
anti-corruption policies and procedures
AR65Guidelines for Anti-Corruption Practices
GRI 305: Emissions 2016
305-1Direct (Scope 1) GHG emissionsIR3-18
Note Scope 1 is equivalent to ISO14064-
1:2018 Category 1
305-2Energy indirect (Scope 2) GHG emissionsIR3-18
Note Scope 2 is equivalent to
ISO14064-1:2018 Category 2
305-3Other indirect (Scope 3) GHG emissionsIR3-18
Note Scope 3 is equivalent to
ISO14064-1:2018 Categories 3-6
305-4GHG emissions intensityIR20
GRI 404: Training and Education 2016
404-2
Programs for upgrading employee skills and
transition assistance programs
AR31
404-3
Percentage of employees receiving regular
performance and career development reviews
99% - reviews conducted as part of our
discretionary profit bonus (captured in
internal branch audits)
GRI 405: Diversity and Equal Opportunities 2016
405-1
Diversity of governance bodies and
employees
AR66-75
GRI 3: Material Topics 2021
3-1Process to determine material topicsSR3
3-2List of material topicsSR3
3-3Management of material topicsSR4-24
Documents shown in green are available in the Corporate Governance section of the Company’s website:
https://www.mainfreight.com/global/en-nz/investor/corporate-governance
Mainfreight has reported the information cited in this GRI Content Index for the period
01/04/2023-31/03/2024 with reference to the GRI Standards, GRI 1: Foundation 2021
Key:
AR - Mainfreight Annual Report 2024
IR - Mainfreight Greenhouse Gas Emissions Inventory Report 2024
SR - Mainfreight Sustainability Report 2024
51