Full Year Results to 30 June 2024 and Final Dividend

Section 1: Issuer information
Name of issuer Freightways Group Limited
Financial product name/description Fully Paid Ordinary Shares
NZX ticker code FRW
ISIN (If unknown, check on NZX
website)
NZFREE0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 13 September 2024
Ex-Date (one business day before the
Record Date)
12 September 2024
Payment date (and allotment date for
DRP)
1 October 2024
Total monies associated with the
distribution
1

$33,955,000
Source of distribution (for example,
retained earnings)
Current earnings for the year ending 30 June 2024
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.26388889
Gross taxable amount
3
$0.26388889
Total cash distribution
4
$0.19000000
Excluded amount (applicable to listed
PIEs)
$-
Supplementary distribution amount $0.03352941
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.07388889

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Resident Withholding Tax per
financial product
$0.01319444
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Stephan Deschamps
Contact person for this
announcement
Stephan Deschamps
Contact phone number +64 27 562 5666
Contact email address stephan.deschamps@freightways.co.nz
Date of release through MAP

19 August 2024

---

Results for announcement to the market
Name of issuer FREIGHTWAYS GROUP LIMITED
Reporting Period 12 months to 30 June 2024
Previous Reporting Period 12 months to 30 June 2023
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$1,209,151 7.8%
Total Revenue $1,209,151 7.8%
Net profit/(loss) from
continuing operations
$70,926 (5.8%)
Total net profit/(loss) $70,926 (5.8%)
Final Dividend
Amount per Quoted Equity
Security
$0.26388889
Imputed amount per
Quoted Equity Security
$0.07388889
Record Date 13 September 2024
Dividend Payment Date 1 October 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.92) $(1.06)
A brief explanation of any
of the figures above
necessary to enable the
figures to be understood
Refer to the attached annual report and results
presentation.
Authority for this announcement
Name of person

authorised
to make this announcement
Stephan Deschamps
Contact person for this
announcement
Stephan Deschamps
Contact phone number +64 27 562 5666
Contact email address stephan.deschamps@freightways.co.nz
Date of release through MAP

19 August 2024

The information set out in this announcement is based on the audited financial statements of the Group for the
financial year ended 30 June 2024. An unqualified audit opinion was issued by the Group’s auditors in relation
to those financial statements.

---

FY24 Results
For the full year ended 30 June 2024

Read this presentation with the financial statements: The financial results in this presentation should be read in conjunction with the financial statements for
the full year ended 30 June 2024, which can be found in the Freightways full year results announcement available on the NZX and ASX platforms.
No offer or investment advice: This presentation is for information purposes only. It is not a product disclosure statement, prospectus or investment statement.
Nothing in it constitutes an invitation to subscribe for shares, securities or financial products in Freightways, or financial product, legal, financial, investment, tax
or any other advice or a recommendation. Any investor should consult their own professional advisors and conduct their own independent investigation of
Freightways and the information contained in this presentation, including any statements relating to the future performance of Freightways. The information in
this presentation is given in good faith and has been obtained from sources believed to be reliable and accurate at the date of this presentation.
Our non-GAAP information: Certain items of financial information included in this presentation are "non-GAAP" financial measures. These non-GAAP financial
measures do not have a standardised meaning prescribed by New Zealand Accounting Standards and so may not be comparable to similarly named measures
presented by other entities. Freightways believes that these measures provide useful information in measuring the financial position and performance of the
Freightways business. However, undue reliance should not be placed on non-GAAP financial measures included in this presentation.
Forward looking statements: This presentation may include forward‐looking statements regarding future events and the future financial performance of
Freightways. Such forward‐looking statements are based on current expectations and involve risks and uncertainties. Freightways cautions investors not to place
undue reliance on these forward-looking statements, which reflect Freightways’ views only as of the date of this presentation. Actual results may be materially
different from those stated in any forward‐looking statements. Freightways gives no warranty or representation as to its future financial performance or any future
matter. The information in this presentation is current at the date of this presentation, unless otherwise stated. Freightways is not under any obligation to update
this presentation after its release, whether as a result of new information, future events or otherwise.
Disclaimer: None of Freightways, its affiliates, or their respective advisers or representatives, give any warranty or representation as to the accuracy or
completeness of the information contained in this presentation, and exclude their liability to the maximum extent permitted by law.
Disclaimer
FRW FY24 Results | Slide 2

Agenda
Mark Troughear
Chief Executive Officer
Overview, Divisional
Performance,
and Outlook
Stephan Deschamps
Chief Financial Officer
Financial Summary
and Capital
Management
Neil Wilson
General Manager - FRW
Divisional Strategy
(IM)
Aaron Stubbing
General Manager - EP
Divisional Strategy
(EP)
FRW FY24 Results | Slide 3

•Physical storage and
information management
services
•Suite of digitalisation services
•eCommerce 3PL
•Refrigerated national
transport
•Temperature controlled 3PL
•Same day refrigerated delivery
Express Package &
Business Mail
•B2B - overnight national
network delivery -courier
and mail
•B2C - overnight and economy
delivery - courier and mail
•Oversize parcels
Waste
Renewal
•Document Destruction
•Medical waste collection and
processing
•Product destruction & renewal
Temperature
Controlled
Information
Management
Overview
Brands
EP & BM FY24 external revenue: $995mIM FY24 external revenue: $214
Our Four Lines of Business
FRW FY24 Results | Slide 4

Darwin
Perth
Adelaide
Melbourne
Hobart
Canberra
Sydney
Brisbane
Townsville
Tauranga
Rotorua
Hawke's Bay
Palmerston North
Taupo
Wellington
Christchurch
Timaru
Dunedin
Whangarei
Hamilton / Putaruru
New Plymouth
Whanganui
Nelson / Blenheim
Central Otago / Cromwell
Invercargill
Auckland / North Shore
Legend
Network Courier
Point-to-point
Temperature Controlled
Business Mail
Support
Information Management
Waste Renewal
Increasingly, business for FRW Group is about mapping growth across two complementary
Trans-Tasman markets, strengthening FRW’s portfolio diversification
AUSTRALIA (35% Revenue)NEW ZEALAND (65% Revenue)
Our Trans-Tasman Footprint
FRW FY24 Results | Slide 5

Financial Summary and Capital Management
FRW FY24 Results | Slide 6

* Non-GAAP (Generally Accepted Accounting Principles)
FY24 Group Highlights
FRW FY24 Results | Slide 7
Revenue Growth
7.8%
EBITA* Growth
2.5%
NPAT Growth
(5.8%)
Dividend
37c
(Full Year)

Notes
FY24
$m
FY23
$m
Change
%
Operating Revenue
1,209.21,121.67.8
EBITDA (non-GAAP)1
229.1214.96.6
EBITA (non-GAAP)2
149.0145.32.5
NPATA (non-GAAP)3
83.686.6(3.5)
NPAT4
70.975.3(5.8)
Basic Earnings Per Share (cents)
39.843.1(7.7)
Notes:
•Results in this table are after adjustments for NZ IFRS16 (Leases).
•Refer to appendices for reconciliation to results before NZ IFRS16.
•Pcp includes 9 months Allied contribution only
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
3.Net profit after tax before amortisation
4.Net profit after tax
FY24 Consolidated Performance
FY24 Performance Overview:
•Resilient result in a challenging macro-economic environment
•Supported by diversity of businesses across the Tasman and a
level of flexibility in the cost base
•FY24 still reflects strong cost pressures, but seen easing next
year
•We continue to invest in our future
‒Allied Express sortation
‒Ruakura 3PL
‒First Global eCommerce
‒Victorian medical waste facility
•Tax expense includes one off $1.5m impact from the NZ
Government’s removal of tax depreciation deductions on
commercial buildings
FRW FY24 Results | Slide 8

FY24 Consolidated Performance
cps = Cents Per Share
2024
2.7x
2023
2.8x
Net Debt | EBITDA
Dividend
FY24
37cps
FY23
37cps
post IFRS16
FRW FY24 Results | Slide 9

Divisional Performance
FRW FY24 Results | Slide 10

Market Backdrop
FRW FY24 Results | Slide 11
Express Package Market Backdrop
•4 quarters of negative GDP growth in NZ in the last 6
quarters, although NZ monetary policy now easing
‒Has negatively impacted NZ Express Package
same-customer volumes
•GDP growth in AU was more positive but still modest
compared to the long run average
‒AU same-customer volumes are steady
without being spectacular
•Competitive market:
‒NZ has seen rationalisation of the market
‒AU fragmented and niche focussed
•Labour markets loosened in both countries
-2
-1
0
1
2
3
4
5
6
7
Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24
YOY GDP Growth
Real GDP qoq NZReal GDP qoq AU

Notes
FY24
$m
FY23
$m
Change
%
Operating Revenue
999.1911.19.7
EBITDA (non-GAAP)1
181.9169.87.1
EBITA (non-GAAP)2
128.4125.42.4
NPAT3
76.678.1(1.9)
Notes:
•Results in this table are after adjustments for NZ IFRS16 (Leases).
•Refer to appendices for reconciliation to results before NZ IFRS16.
•Pcp includes 9 months Allied contribution only
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
3.Net profit after tax
FY24 Express Package & Business Mail Highlights
FY24 Performance Overview:
•EPBM divisional revenue up 9.7% on the pcp with a full year of Allied
•EPBM EBITA is up 2.4% on pcp
•Strong service performance has helped grow market share
•Big Chill profits lower due to weaker same-customer volume and the
financial impact of the new Ruakura 3PL site
•DX Mail delivered strong improved performance on pcp supported by
improved pricing, market share gains and operational efficiencies
•EPBM EBITA % margin is diluted slightly by Allied Express operating at
a lower margin and impacted by the lower profitability of Big Chill
•Allied automation and depot programme will add $3m incremental
depreciation and lease cost in FY25. Expected to be largely offset by
new business gains and labour efficiencies
FRW FY24 Results | Slide 12

FY24 NZ Express Package Metrics
Same-Customer VolumesAverage Price Per Item
$8.50
At June ‘24,
excluding surcharges
EP Courier Pay Average
$507
Validated Addresses
Local Deliveries
29%
PFE Per Residential Item
$1.67
B2C Items
20%
As a percentage of total items
Fleet Vacancies (wage drivers)
<1%
Of Total Fleet
Per courier / per day
73%
Of electronic ticketed
items consigned
Of total network items
Surcharge per residential item
at June ‘24
H2
5.0%
H1
5.5%
FRW FY24 Results | Slide 13

New Zealand
Other EP Volumes:
•NZ Network market share gains of c. 4% helped offset same-customer decline
•Woolworths has now fully exited the business (from September)
•Big Chill Transport same-customer volume is down 8%
•Oversize courier freight revenue now at a ~$10m p.a. run rate
H2 VolumesFY24 Volumes
H1 Volumes
1.6%1.9%
NZ Network Express
Item Trend
Compared to FY23
0.1%
Temu contributed to 1.6% of FY24 volume (all in H1)
FY24 NZ Express Package Volume
FRW FY24 Results | Slide 14

Australia
Other EP Volumes:
•Allied has performed well over FY24. While same-customer volumes are flat, the
investmentin a larger sales team has delivered results witha strong new business
performance
•The new automated sortation systems implemented during the year in Sydney and
Melbourne are delivering the efficiencies we were expecting
•Good pipeline of new business prospects for FY25
•Brisbane depot was completed in August 2024. This milestone means that Allied have now
transitioned to larger facilities in all key states and are well positioned for extra volume
either organically or through M&A
H2 VolumesFY24 Volumes
H1 Volumes
13%9%
AU Network Express
Item Trend
Compared to FY23
11%
FY24 AU Express Package Volume
FRW FY24 Results | Slide 15

Notes
FY24
$m
FY23
$m
Change
%
Operating Revenue
214.4214.3-
EBITDA (non-GAAP)1
57.556.42.0
EBITA (non-GAAP)2
32.332.7(1.2)
NPAT3
17.718.0(1.7)
Notes:
•Results in this table are after adjustments for NZ IFRS16 (Leases).
•Refer to appendices for reconciliation to results before NZ IFRS16.
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
3.Net profit after tax
FY24 Information Management and Waste Renewal
FY24 Performance Overview:
•IM revenue was flat on the pcp overall with a mixed performance across
the various lines of business:
‒Document storage and activity revenues grew by 6% through
pricing and organic growth
‒Digital revenues in Australia remained strong, up 17% on pcp
‒Paper prices were $2.5m below the pcp
‒Non-recurring digital project in NZ in FY23 ($7m)
‒Medical Waste revenue was down 10% on pcp
•Earnings were on par with last year, primarily impacted by the factors
above and the inability to utilise the Victorian Medical Waste facility
(growth and processing efficiency) for most of FY24
FRW FY24 Results | Slide 16

Strategy Update
FRW FY24 Results | Slide 17

Three Horizons of Growth | Express Package
Horizon 1. Extend And Defend | B2B
•Focus on a profitable market share gains
•Continue to ensure service is a differentiator for customers
•Assess metropolitan “local” pricing and infrastructure costs
Horizon 2. Grow Scale | B2C
•Acquired First Global in November to provide cross-border eCommerce
capability
•Maintain high levels of service to be able to commanda premium for
B2C deliveries
Horizon 3. Establish New Lines of Business | Oversize (25kg+)
•Scale Oversize revenue in NZ
•New business teams to grow Allied’s market share in Oversize in AU
•Assess bolt-on M&A opportunities in AU
Overview:
•B2B - overnight national network delivery -courier and mail
•B2C - overnight and economy delivery - courier and mail
•Oversize parcels
Express Package Brands:
FRW FY24 Results | Slide 18

Project Evolve | Express Package

Project Evolve.
Benefits:
•Designed to improve our ability to efficiently Price for Effort
(differentiate our pricing on the basis of effort) for a range of
transactions. It will enable, for example:
‒differential pricing for local items based on distance
travelled and size
‒efficient charges for re-handling of items in the network
•Enable differential payment to couriers for effort
•Modernise customer invoicing with flexibility in invoice
presentation, consolidation and payment options
Overview:
•Project Evolve is a multi-year investment in modernising
pricing, billing and courier pay systems that support the
NZ Express Package business.
Expected Implementation Costs:
‒FY25 c. $5m
‒FY26 c. $5m
•Expected payback in c. 4.5 years
•Under current accounting standards, this is treated as an
expense
FRW FY24 Results | Slide 19

Local Network Courier Pricing | Express Package
Background
•Pricing structure hasn’t changed. A flat rate
per item up to 25kg / 0.125m3
•Local pricing has not kept in step with
congestion, geographical spread of cities
and the size of the average item travelling
through networks
•City boundaries have grown. In 1996
Auckland was 65km (Papakura to Orewa),
it is now 125km (Pukekohe to Wellsford)
and growing
•Increased infrastructure required to deliver
effectively across larger cities (satellite
depots, shuttle trucks, people)
Average Auckland
Local Rate is
1/3
Of the price charged in
Sydney, Melbourne &
Brisbane
Solution
•Charge based on distance, size and
complexity to maintain margin and
remunerate couriers for effort and ensure
pricing reflects that effort and resources
required to deliver locally – especially in NZ’s
larger cities
FRW FY24 Results | Slide 20
Average local rates have
increased only modestly
in the last 25 years,
whereas city boundaries
and costs have increased
significantly.

Three Horizons of Growth | Temperature Controlled
Horizon 1. Extend And Defend | National Delivery
•Pursue market share opportunities leveragingnewinfrastructure (trucks
and depots) and improved service performance
•Implementation of Big Chill Connect (new Transport Management System)
will provide improved visibility for existing customers and be an important
tool to securing new business
Horizon 2. Grow Scale | 3PL
•Demand for Ruakura 3PL services has exceed expectations, profitable
from July 2024, aim to scale to 95% utilisation by the end of FY25
•Assess viability of an additional 3PL facility
Horizon 3. Establish new lines of business |
Same Day (ProducePronto)
•Roll out of national delivery for convenience stores continues to gain
momentum. New volumes secured in July 2024 will further improve
density and allow product diversification
•Achieve efficiency gains through shared facilities with Big Chill.
ProducePronto’s new Auckland site, which has doubled capacity, is also
adjacent to Big Chill
•Expand services into the fast-food market
Overview:
•Refrigerated national transport
•Temperature controlled 3PL
•Same day refrigerated delivery
Temperature Controlled Brands:
FRW FY24 Results | Slide 21

Three Horizons of Growth | Information Management
Horizon 1. Extend And Defend | Storage
•Archive revenues and margins forecast for continued growth through a
combination of pricing and new business.New customer growthexpected
to be stronger in AU assisted by health and government verticals.
•Investigating dark store options outside of main centres given the shift to
more static archive and media storage by some customers.
Overview:
•Document Destruction
•Digitalisation
•E-Commerce 3PL
Information Management Brands:
Horizon 2. Grow Scale | Digitisation
•New purchase order for $15m signed with large customer in AU will assist
growth in FY25 & FY26
•Strong pipeline of future opportunities in both countries. In AUrevenues
are moving away from being one off project based and instead trending
towards longer term annuity like opportunities.
Horizon 3. Establish new lines of business | eCommerce 3PL
•Utilise spare records storage capacity to grow our SME targeted
eCommerce fulfilment offer
FRW FY24 Results | Slide 22

Three Horizons of Growth | Waste Renewal
Horizon 1. Extend And Defend | Secure Destruction
•Implementing new pricing strategies to improve margin
•Continued focus on market share gains
Horizon 2. Grow Scale | Medical Waste
•VIC processing plant expected to produce profit in FY25
•Target 25% revenue growth through market share gains in VIC, NSW, QLD
in FY25
Horizon 3. Establish new lines of business | High Value Waste
•Build profitability in SaveBOARD
•Target product destruction market
•Continue to source circular loop solutions for hard to recycle waste
Overview:
•Document Destruction
•Medical Waste
•High-Value Waste Recycling
Waste Renewal Brands:
FRW FY24 Results | Slide 23

Disciplined Approach to M&A
Acquisition Strategy and Investment Criteria
•Well defined target characteristics
•Acquisitions aligned with strategy & operating culture
•Disciplined approach to acting on opportunities
In FY24
•Acquired First Global – to build scale in Express Package Horizon
2 eCommerce segment
•Acquired OnSend to add scale to our horizon 3 Oversize segment
•Invested in automated systems at Allied Express
•Built relationships with a pipeline of AU targets
•Have seen more stressed businesses in the last year due to the
economic climate
Revenue and EBITA have
improved year on year.
Significant investments
made in automation and
new or expanded facilities
in Sydney, Melbourne,
Perth, Adelaide and
Brisbane.
Assisted launch of
Freightways’ Kiwi Express
Oversize service in NZ,
Revenue run rate of $10m
p.a.
FRW FY24 Results | Slide 24

Outlook
FRW FY24 Results | Slide 25

FY25 Outlook
•The economic climate is clearly tough in New Zealand in particular. We
expect H1 to remain subdued and we are hopeful of a return to modest
organic growth in H2
•AU is slightly more buoyant but with no rate cuts expected before Christmas
•We expect labour cost increases to be maintained at lower levels in FY25
•Our focus is on restoring margins for both divisions in FY25 and FY26 as
those labour markets ease and modest organic growth occurs
•Both the Victorian Med-X facility and Big Chill’s Ruakura facility are
expected to contribute positively to earnings in the coming year
•Full Ye a r Capex expected to be steady at $35m including for trucks, IT
capital projects and NZ mechanisation
•Exploring options to modernise the aircraft fleet in the coming years
•We will invest c. $5m (opex) in a new pricing / billing and courier pay system
in both FY25 and FY26, to enable pricing benefits from FY26 onwards
•We are assessing M&A opportunities to leveraging our strong platform in AU
Focus on
restoring
margins
Volumes expected to
remain stable despite
tough economic
conditions.
Focus on restoring
margins.
Disciplined M&A
approach, with
opportunities being
explored.
FRW FY24 Results | Slide 26

Questions
FRW FY24 Results | Slide 27

Appendices
FRW FY24 Results | Slide 28

FREIGHTWAYS GROUPFY24 ($m)FY23 ($m)
Notes
Post NZ IFRS16NZ IFRS16
adjustment
Pre NZ IFRS16 (non-
GAAP)
Post NZ IFRS16NZ IFRS16
adjustment
Pre NZ IFRS16
(non-GAAP)
Operating Revenue
1,209.2-1,209.21,121.6-1,121.6
EBITDA (non-GAAP)1
229.1(65.9)163.2214.9(53.5)161.4
EBITA (non-GAAP)2
149.0(12.1)136.9145.3(8.7)136.6
NPATA (non-GAAP)3
83.63.887.486.63.490.0
NPAT4
70.93.874.775.33.478.7
NOTES
•Pcp includes 9 months Allied contribution only
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
3.Net profit after tax before amortisation
4.Net profit after tax
Appendix – Reconciliation of Post-IFRS16 to PRE-IFRS16
FRW FY24 Results | Slide 29

Appendix – Reconciliation of Post-IFRS16 to PRE-IFRS16
EXPRESS PACKAGE & BUSINESS MAILNotesFY24 ($m)FY23 ($m)Change (%)
Operating Revenue
999.1911.19.7
EBITDA (after NZ IFRS16)
1181.9169.87.1
Less: NZ IFRS16 adjustment
(44.4)(34.3)29.4
EBITDA (before NZ IFRS16)
137.5135.51.5
EBITA (after NZ IFRS16)
2128.4125.42.4
Less: NZ IFRS16 adjustment
(7.6)(4.7)61.7
EBITA (before NZ IFRS16)
120.8120.70.1
NOTES
•Pcp includes 9 months Allied contribution only
1.Operating profit before interest, tax, depreciation and amortisation (non-
GAAP)
2.Operating profit before interest, tax and amortisation (non-GAAP)
FRW FY24 Results | Slide 30

Appendix – Reconciliation of Post-IFRS16 to PRE-IFRS16
INFORMATION MANAGEMENT &
WASTE RENEWAL
NotesFY24 ($m)FY23 ($m)Change (%)
Operating Revenue
214.4214.3-
EBITDA (after NZ IFRS16)
157.556.42.0
Less: NZ IFRS16 adjustment
(21.3)(19.0)12.1
EBITDA (before NZ IFRS16)
36.237.4(3.2)
EBITA (after NZ IFRS16)
232.332.7(1.2)
Less: NZ IFRS16 adjustment
(4.4)(3.9)12.8
EBITA (before NZ IFRS16)
27.928.8(3.1)
NOTES
1.Operating profit before interest, tax, depreciation and amortisation (non-
GAAP)
2.Operating profit before interest, tax and amortisation (non-GAAP)
FRW FY24 Results | Slide 31

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Annual Report 2024
Better
places
Financial Year Ended 30 June 2024

The
power
of
movement
Moving you to a better place is about never standing still
We’re committed to being forward-looking and forward-
acting in everything we do. In a challenging year, that drive,
and our diversified portfolio helped absorb a lot of the
downward pressure on the sectors and economies
in which we operate.
Our people power our progress through our culture.
We work hard to engage everyone in their work and to
offer them training and opportunities across our brands.
In particular, we pride ourselves on ensuring that employees
and contractors are fairly paid for and have opportunities
to be recognised for their efforts, skills, knowledge
and experience.
This year, we got on with picking up, processing, and
delivering to help our customers. And our teams went above
and beyond to remind businesses and households that
they can trust us to do right by them. Those processes, will,
in turn reassure our shareholders that we remain a strong
investment choice with good prospects for future growth.
Our commitment to communities also remains strong.
From grassroots causes to our ongoing partnerships with
KidsCan, RSPCA Queensland, Westpac Rescue Helicopter
and more to exploring ways to reduce our emissions in the
future as viable alternative cell technology emerges, we are
determined to do right by communities and to offer our
support, especially in these times of greater need.
Our businesses have been resilient in current
economic conditions, and we are optimistic about the
future. In particular, we are confident that we have made
good use of the last two years to invest wisely in our
infrastructure, road and air networks, systems, processes
and, of course, our people. We’re better placed as a result.
Good growth awaits.
Image:
Some of the awesome
Big Chill Ruakura team
Freightways Group Limited and its subsidiariesfreightways.co.nz1

Contents
OVERVIEW
04 This year's highlights
06 Our growth strategy
08 Our family of brands
PERFORMANCES
10 Chair and CEO’s Report
20 Living our capabilities in 2024
22 Ruakura. Our new chilled facility
28 Allied Express. Auto-sortation for Sydney
34 Our community
36 Creating Freightways Global
SUSTAINABILITY
42 Environmental statement
44 Materiality review
46 SDG 3 Good health and wellbeing
48 SDG 8 Decent work and economic growth
50 SDG 9 Industry, innovation and infrastructure
52 SDG 13 Climate action
LEADERSHIP
54 Our Board and Leadership
RESULTS
57 Directors' Report
67 Financial statements and notes
CHAIR AND CEO’S
REPORT
ALLIED EXPRESS.
AUTO-SORTATION FOR SYDNEY
10
36
22
54
28
57
RUAKURA.
OUR NEW CHILLED FACILITY
OUR BOARD
AND LEADERSHIP
CREATING
FREIGHTWAYS GLOBAL
DIRECTORS’ REPORT
AND FINANCIALS
2Freightways Group Limited and its subsidiariesfreightways.co.nz3Freightways Annual Report | Financial Year ended 30 June 2024

UTILISATION OF BIG CHILL
3PL SITE AT RUAKURA IN-
LINE WITH EXPECTATION
BY YEAR END8
%
GROUP WIDE
REVENUE
GROWTH
23
%
AUSTRALIA
REVENUE
GROWTH
Highlights
This year's
10
%
GROUP WIDE EXPRESS
PACKAGE REVENUE
GROWTH
3
%
GROUP WIDE
EBITA*
GROWTH
2
%
EXPRESS
PACKAGE EBITA*
GROWTH
14
%
DOCUMENT
DESTRUCTION
REVENUE GROWTH
7
%
GROWTH IN CASH
GENERATED FROM
OPERATIONS
8
%
POSTAL
REVENUE
GROWTH
*EBITA is a non-GAAP measure (GAAP - Generally Accepted Accounting Principles)
4
Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz5

Freightways
growth strategy
OUR PURPOSE
What we do
Freightways is a business that is
always on the move. Across the
Group, we pick-up, process and
deliver physical and digital items
providing a reliable and efficient
service for our customers. We look
to develop our people through career
opportunities. We seek appropriate
and sustainable returns for our
investors. And we look to move the
dial for communities through the
causes we support and employing
or contracting local people.
OUR PRINCIPLES & CAPABILITIES
How we work
Three principles guide how our teams
and our partners deliver:
• We take ownership and
responsibility at every level for what
we do and what we can improve.
• We think commercially about
the deals we make so that they
make sense for our customers, our
contractors, our business and our
shareholders.
• We work as a family by supporting
people, by prioritising their safety
and wellbeing and by doing our
best to ensure they get home
safe each day.
We depend on our capabilities
to deliver what our customers,
investors and communities expect.
We’re efficient. This critical capability
enables us to move around
100,000,000 items through our
various businesses every year.
We are reliable. We target flawless
execution, which enables us to shift
multiple items through multiple
touchpoints in our network, across
two nations, every day. We act like
entrepreneurs. We recognise and
execute on high-value opportunities.
We always look forward and up.
We love our customers, both
internal and external because
we know they’re crucial to our
commercial success.
OUR VISION
Why we do this
Better outcomes won’t just happen.
It takes a conscious effort from
our team to move things forward
for our customers, our team, our
shareholders and our communities.
Our “why” is to move you
to a better place.
STAKEHOLDERS:
OUR CUSTOMERS
OUR TEAM
OUR SHAREHOLDERS
OUR COMMUNITY
ACTIVITIES
PRINCIPLES
CAPABILITIES
VISION
Ta ke
ownership
Think
commercially
Work as
a family
Strive for
efficiency
Deliver
reliably
Love our
customers
Act like an
entrepreneur
EXPRESS PACKAGE
AND BUSINESS MAIL
TEMPERATURE
CONTROLLED
INFORMATION
MANAGEMENT
WASTE
RENEWAL
“We move
you to a
better place”
Pick-up, Process and Deliver
6Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz7

Product Destruction
& Renewal
National
Delivery
Same Day
Third Party
Logistics
Digital Mailhouse
Aviation
Mail Delivery
Express
Courier
Medical
Waste
Document &
eDestruction
Online
Back-up
Digital Information
Processing
Document Media
& Storage
Third Party
Logistics
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Our family
of brands
Our market-leading
brands combine
shared infrastructure
within New Zealand
and Australia
respectively, with
specialist knowledge
in each niche.
We work across a
range of business
sectors, achieving
high levels of quality
and efficiency,
through our focus on
adding value to how
we pick-up, process
and deliver.
Our strong culture
and commitment
unifies our people
and feeds our deep
team spirit.
We draw on all of
that to continue to
evolve our businesses
to meet the changing
needs of our
customers.
EXPRESS PACKAGE
AND BUSINESS MAIL
Our multi-brand strategy in the
Australasian courier and business
mail markets caters to a range
of customer needs and delivery
timeframes. It enables us to win
a niche with a specialist focus –
but also leverage the combined
infrastructure across each segment.
Our New Zealand Express Package
operations share branch networks,
air and road linehaul, and IT. These
brands include New Zealand Couriers,
Post Haste, Castle Parcels, NOW
Couriers, SUB60, Security Express,
Kiwi Express, STUCK, Kiwi Oversize,
Freightways Global, and Pass the
Parcel. We also offer airfreight
capability for our overnight Express
Package delivery service through
our joint venture airline, Parcelair,
and our linehaul partner, Parceline.
Our national Australian network
is operated by Allied Express and
includes a full spectrum of national,
local and 3rd Party Logistics (3PL)
courier services.
DX Mail is New Zealand’s only
dedicated business mail specialist
offering time-sensitive physical
postal services. It leverages the
Express Package network ensuring
it can operate in a lean manner.
Dataprint offers mailhouse-print
services and digital mail presentation
platforms across New Zealand. Our
technology and solutions transform
data into effective communications
for customers.
TEMPERATURE
CONTROLLED
Big Chill Distribution and
ProducePronto make up our national
temperature-controlled business,
together servicing the chilled logistics
needs of Kiwi businesses. Combining
our chilled national linehaul with an
urban, chilled van network allows
us to offer national delivery, same
day delivery, 3PL and 4PL under one
responsive umbrella utilising the
Big Chill depots nationwide.
INFORMATION
MANAGEMENT
The Information Management
Group (TIMG) helps businesses in
New Zealand and Australia protect
and add value to the data they
entrust us with. It offers physical
storage and information management
services, as well as digital information
processing services such as
digitalisation, business process
outsourcing, online back-up and
eDiscovery services. Last year we
increased the utilisation of our
New Zealand storage facilities by
starting an eCommerce 3PL service
called Stocka.
W A S T E
RENEWAL
Shred-X offers document
destruction, eDestruction and
product destruction services in
Australia. We also provide medical
waste collection and processing
services under the Med-X brand.
This year we continued to find new
ways to transform what would once
have been waste into new products.
8Freightways Group Limited and its subsidiariesfreightways.co.nz9Freightways Annual Report | Financial Year ended 30 June 2024

CHAIR & CEO'S REPORT
Going the
extra mile
pays off
In what was a challenging year
for many businesses, as both the
New Zealand and Australian
economies slowed down,
we are pleased with a resilient
result despite lower customer
activity – particularly across
Express Package and Temperature
Controlled transport.
The reality is that it has been a
tough year for our customers.
The declining macroeconomic
environment meant consumers
bought less on the back of higher
interest rates and living costs.
However, our ability to win market
share from strong service levels has been a
critical factor in mitigating the recession we
experienced in New Zealand, which means
our businesses have performed well in
these tough times.
Our diversification also helped. Being less reliant on solely
the New Zealand economy and with specialised logistics
services spanning several different sectors, including
Waste Renewal and Information Management, gave us
resilience and opportunities to grow.
Overall, operating revenue showed good growth,
increasing by 7. 8 % from last year on the back of solid
performances from Allied Express and New Zealand
Couriers. Earnings before interest and tax was up 1.8%,
with net profit after tax down by 5.8% principally because
of a higher interest expense.
One macroeconomic factor we were pleased to see
reverse was the availability of quality labour in both
markets. In recent years, the tight market has made it
challenging to recover the total increase in labour costs.
But since the later half of 2023, we’ve seen more job
applicants and a lower turnover rate in our depots and
drivers' network. This trend will help us better manage
our margins with less pressure on wage rates.
7. 8
%
Increase in overall
operating revenue
for the Group
Decrease in net profit
after tax, due to higher
interest expense
Increase in earnings
before interest and
tax increase
5.8
%
1.8
%
10Freightways Group Limited and its subsidiariesfreightways.co.nz11Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiaries11

CHAIR & CEO'S REPORT
Keeping our
customers moving
to a better place
The year saw activity from our existing customers
reduce by 5% in New Zealand and a slightly higher rate in
Temperature Controlled transport. However, we were able
to mitigate a significant amount of that loss through new
business gained by our sales and account management
teams. Winning new customers through strong service
levels and relationships that customers valued made a
considerable difference and strengthened our positions in
various niches in which we operate. These wins enabled us
to keep our overall volume at a similar level to last year and
mitigate the worst impacts of the New Zealand recession.
Resilience in a
quieter market
In quieter times, the key to the Express Package
businesses is to maintain a largely variable cost structure.
A number of our costs flex up or down with an increase
or decrease in customer activity. This makes our network
courier and linehaul business resilient in challenging times
and, in the context of our portfolio of businesses, helps us
effectively balance our risks and exposures.
The hard yards we have put in over recent years to build
courier remuneration meant our contractors were well
paid for their work, and we were insulated against falling
volumes. As it happened, item volumes remained largely
constant, and our fleet size remained similar to last year
with high service levels. In fact, New Zealand Couriers
recorded their highest-ever Net Promoter Score this year.
In Australia, our Allied Express business’s second
year was again characterised by healthy revenue growth.
The automation sortation systems we have implemented
in NSW and Victoria, mean we now have one of the best
freight sorting automation in the country for big and bulky
freight, backed by loyal business relationships. These
new facilities in Sydney and Melbourne will enable Allied
Express to pick-up, process, and deliver greater quantities
with better efficiency. We can now move freight through
the depots much more quickly, weighing, cubing and
measuring every single item, reducing manual handling
and the likelihood of damage.
We’ve also increased the capacity for growth across
Allied Express through larger depots that give us
high-quality facilities across the five Australian states.
We’ve complemented that increase in capacity by
introducing sales capability in Australia to maximise
the opportunities from Allied's service proposition.
Business Mail
Despite structural decline in the wider
physical mail market in New Zealand, DX Mail have
continued to expand their network in FY24 by
adding new postie runs in Auckland, Waikato
and Wellington to meet the increase in volume
experienced during the year. This additional
volume combined with cost efficiencies
achieved through the new automated letter
sortation systems resulted in a strong year-
on-year improvement for DX Mail.
10
%
Express Package growth led
by market share gains and
greater capacity in the 25kg+
niche market
Freightways Group Limited and its subsidiariesfreightways.co.nz1312Freightways Annual Report | Financial Year ended 30 June 2024

CHAIR & CEO'S REPORT
Temperature Controlled
was subdued
It’s been a tougher year for the temperature-
controlled market as consumers switched
down their food choices, affecting demand for
higher-grade, chilled, and frozen food.
Same-customer volumes were down about 8%.
The Big Chill network is intrinsically fixed cost because the
business owns the trucks, leases the facilities, and employs
the team – meaning the impacts are higher when volumes
drop. Conversely, we can leverage that model quickly and
restore margins when volumes return.
In the meantime, we have continued to invest. Our Big Chill
facility in Ruakura is now open, offering us new capacity to
meet the demand for temperature-controlled logistics and
expand our nationwide delivery capability. The 13,000sqm
3PL cold store facility brings to ten the number of depots in
the nationwide network, increasing our links to the Port of
Tauranga, the Waikato and the Bay of Plenty, and our
same-day and overnight services to Auckland.
Despite the sector challenges, utilisation at Ruakura has built
up nicely, enabling us to achieve break-even by the end of the
year. While the pick/ pack activity level is down from what we
anticipated because of consumer demand, we are ahead of
our forecasts in storage. We’re confident inventory turnover
will pick up when the economy rebounds.
Meanwhile, our new ProducePronto facility in Auckland
enables us to grow our temperature-controlled, same-day
and 4PL offering in the convenience food markets. We’ve also
increased capacity in Wellington and Christchurch to make
space for growth. ProducePronto focuses on convenience
stores at the moment, but we are also looking at other
opportunities for time-sensitive delivery of frozen and chilled
food, at places that need on-time, reliable deliveries each day,
such as fast food chains and cafes.
8
%
Decrease in same-
customer volume due to
lower consumer demand
PHIL CLARKE
General Manager
Big Chill Distribution
14Freightways Group Limited and its subsidiariesfreightways.co.nz15Freightways Annual Report | Financial Year ended 30 June 2024

CHAIR & CEO'S REPORT
Good growth in
our horizons
Our Information Management business
is a steady and consistent asset to own in
tough times.
Earnings and revenue streams remain resilient because,
by document storage's very nature, things remain stable.
This year we've also seen good digital growth again,
with revenue up 17% in Australia on the back of greater
demand for scanning, lifting and reforming data. The team
have strong forward future commitments which will ensure
this growth continues into next year and beyond.
Stocka is one of our third horizon businesses that has
gone from strength to strength this year. Targeted at
an under-served niche, this brand works to supply
storage and pick/ pack services to small and mid-sized
eCommerce businesses with small packages to ship
into our courier network. While only small at this stage,
we expect to be able to use any spare document
storage capacity to provide this service to customers
in New Zealand and, in the future, Australia.
$
3
m
Stocka revenue
for FY24
14
%
Document
destruction
revenue growth
A mixed year for
Waste Renewal
Good market share and an ongoing
investment in the right equipment has
seen our Waste Renewal businesses
continue to do well, particularly with
document destruction.
While we have supposedly been moving towards an
increasingly paperless world since the late 1970s,
our teams have been gaining market share year-on
-year for the last decade.
By contrast, our Med-X team, who handle medical
waste, had a tough year as we suffered delays in getting
regulatory approval for our Victoria waste treatment
facility. Now that we have received it, we are confident
we can improve our processing efficiency and grow our
customer base.
Waste Renewal is an area of the Group where we have a
lot of third horizon activity, and our teams have worked
hard all year to find new products that align with our
pick-up, process and deliver philosophy. Textile recycling
and e-destruction have performed well this year,
enabling us to keep fabrics and computer parts out of
landfill. Our saveBOARD operations are also running in
Sydney and New Zealand and slowly building momentum.
16Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz17

CHAIR & CEO'S REPORT
Sustainable and feasible
We have been TOITŪ certified for ten years
now, and we remain committed to reducing
our emissions across Scope 1,2 and 3.
We will release our Climate-related
Disclosures ahead of our Annual
Shareholders' Meeting.
This year, our Climate-related Disclosures
will include emissions reporting for
Allied Express for the first time.
We have reviewed our Sustainable Development Goals
(SDGs) materiality, and decided to reduce our priority
SDGs to four to allow for a stronger focus on the
other Goals.
SDG 13 - Climate Action is a priority, and we have the
ambition to transition to alternative fuels through our
road and air fleets as and when the technology and
infrastructure to do so becomes available and feasible.
Capital expenditure steady
Debt and gearing remain stable although
near the top end of guidance. The range
established by our Capital Management
policy aims to maintain the company at
an investment-grade profile. We remain
committed to these guidelines and to
preserving our credit profile, while taking
into account the merger and acquisition
opportunities that can be accretive
for shareholders.
The current allocation for capital expenditure is
approximately 3% of revenue – and we will continue to
invest at that level over the year. The major project we are
about to start will consolidate how we can more flexibly
price our services and bill across the Express Package
business. The new system will also deliver efficiencies
and mitigate billing risks. For example, it will enable us to
be more flexible in how we charge for Pricing for Effort
and different levels of service. We expect the spend for
this project to be staggered over several years with $5m
in FY25 and $5m in FY26 and expect we will start to see
benefits in FY26, building into FY27.
Looking ahead
The economic climate has presented
challenges on both sides of the Tasman
and remains difficult across broad swathes
of the economy. In New Zealand we are
hopeful that we have seen the worst and
will see some improvement, supported by
lower interest rates, by the second half
of FY25. In Australia, the situation is slightly
more encouraging currently although the
challenges with inflation are comparable.
In New Zealand, the market gains in our Express Package
businesses, underpinned by the solid returns of our
Information Management services highlight the benefits
of our diversified approach. Our Temperature Controlled
businesses are well positioned for when volumes return,
and there is an opportunity at Ruakura to continue to
scale should we decide to do so.
In Australia, our investment in Allied Express has delivered
on our business case expectations. The business has
experienced strong revenue growth in the last year and has
a new capacity to grow into.
Meanwhile, we will continue to develop our third horizon
business and to grow our presence in niche markets
through 25kg+ courier, same-day temperature-controlled
transport, high-value waste opportunities and Stocka.
This year, our people were a decisive factor in
our ability to hold our own in softer market segments.
Our deepest thanks to all of you for stepping up and
doing so much to improve our performance.
Once again, our board has provided invaluable
guidance and strategic input, and we thank them for their
contributions. Finally, to our shareholders and customers,
thank you for continuing to support us.
"This year, our people were a
key factor in our ability to
hold our own in softer market
segments. Our deepest thanks
to all of you for stepping up
and doing so much to improve
our performance..."
– MARK TROUGHEAR
MARK TROUGHEAR
Chief Executive Officer
MARK CAIRNS
Chairman
18Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz19

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Our capabilities are our intangible, strategic assets that we
draw from to execute our business strategy, grow, get work
done and serve our customers. They do not exist alone,
but together create the Freightways' way of doing business.
This year, we have several stand-out examples of our
capabilities in action.
NEW ZEALAND COURIERS'
ANNUAL NETWORK
PRESSURE TESTING
SHOWED THEY DELIVERED
TWICE AS FAST AS THEIR
MAIN COMPETITOR.
OUR DIFOT (DELIVERY
ON TIME AND IN FULL)
MEASURES ARE AT THEIR
HIGHEST LEVELS IN THE
LAST FOUR YEARS.
OUR TEAMS ARE
STABLE WITH LOW
COURIER TURNOVER
AND FEW VACANCIES,
MEANING EXPERIENCED
PEOPLE ARE DELIVERING
FOR OUR CUSTOMERS.
WE EXPECT STRONG
EFFICIENCY GAINS
WITH OUR AUSTRALIAN
SORTATION SYSTEMS
AS VOLUMES INCREASE.
THE DATA WE COLLECT ON
EVERY PARCEL PROVIDES
THE BASIS FOR CONTINUOUS
IMPROVEMENT IN TERMS OF
MARGIN PER PARCEL.
THE CREATION OF
FREIGHTWAYS GLOBAL
MEANS WE NOW HAVE
END-TO-END CONTROL
OF THE IMPORT/ EXPORT
CUSTOMER EXPERIENCE.
WE CONTINUE TO PROVIDE
EASY ACCESS TO OUR
OPERATIONS THROUGH
DIGITAL AND PHONE BASED
LOCAL CHANNELS AS WELL
AS A LARGE ON-THE-ROAD
ACCOUNT MANAGEMENT
TEAM WHO WORK TO
BUILD STRONG CUSTOMER
RELATIONSHIPS.
WE STRIVE TO UNDERSTAND
OUR CUSTOMERS’ NEEDS
AND THE EXPECTATIONS
OF THEIR CUSTOMERS SO
THAT WE CAN POSITION
THE RIGHT BRANDS FOR
THE SERVICES OUR
CUSTOMERS REQUIRE.
WE ONLY GROW OUR
CUSTOMER BASE IF WE
KNOW OUR LOGISTICS CAN
HANDLE THE INCREASES
IN VOLUME. SACRIFICING
CUSTOMER SERVICE FOR
SHORT TERM FINANCIAL
REWARD IS NOT HOW WE
DO BUSINESS.
WE WILL CONTINUE TO
USE OUR PRICING FOR
EFFORT INITIATIVE TO
CREATE THE PLATFORM
FOR OUR CONTRACTORS
TO BE REMUNERATED
FAIRLY FOR THEIR EFFORT.
WE CONTINUE TO
ASSESS OUR HORIZON
THREE INITIATIVES TO
ENSURE THEY CAN SCALE
INTO THE FUTURE.
WE ARE CURRENTLY
MAPPING HOW WE CAN
ACCOMMODATE FUTURE
PROJECTED GROWTH
FOR OUR LARGEST
TEMPERATURE-CONTROLLED
CUSTOMERS.
Living our
capabilities in 2024
20Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz21

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STRIVE FOR EFFICIENCY
The ability to store, pick, pack and label
items for transport all from our new state-
of-the-art facility creates efficiencies for
our customers.
ACT LIKE AN ENTREPRENEUR
Convenience food is a strong,
growing market. The Big Chill network,
Ruakura, and ProducePronto are perfectly
positioned to capitalise on this segment.
Ruakura.
Our new
chilled
facility
CASE STUDY
After significant weather
challenges, we took possession of
our new Ruakura temperature
-controlled facility this year.
Built specifically for us by our
partner and landlord, Tainui
Group Holdings, the new Ruakura
super-hub is perfectly positioned
for our emerging needs.
22Freightways Group Limited and its subsidiariesfreightways.co.nz23Freightways Annual Report | Financial Year ended 30 June 2024

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Ruakura more
than proves
its worth
THE FACILITY
Four rooms
across three hectares
The facility is broken into four ‘rooms’:
two freezer rooms, where the product is
kept below negative 24 degrees, and two
chiller rooms, where the product is kept
at two degrees celsius.
The site also has a temperature-controlled loading zone,
with 12 different docks for trucks/ trailers/ containers
to back up to for loading. At the same time, our food-safe
capabilities ensure we have export eligibility for meat,
dairy and seafood so we can connect these products
directly to ports.
Movements are two-way. We receive incoming stock from
producers for bulk 3PL and imported food from both the
Auckland and Tauranga ports, which we can warehouse
and then pick/ pack as required for internal markets or
export. However, we also ship to others, redistributing food
products throughout the country using our temperature
-controlled network.
OUR CUSTOMERS
Feeding our revenues
Our customers tend to be dairy producers,
food importers, and those working with
meat products, seafood, pet food, poultry,
and bakery goods, particularly those
customers looking for long-term storage
of high volume and high stock turnover.
They come to us because we can handle the scale and the
complexity of their operations, we are export-capable,
we offer transport, warehousing and 3PL in one operation,
and our convenient location gives them greater access to
crucial ports and their Auckland customer bases.
In terms of how we add value within the Freightways
Group, Ruakura generates business for Freightways’
other temperature-controlled business, ProducePronto.
Combined, Big Chill and ProducePronto’s specialised
capabilities have allowed us to offer the market a unique
set of storage, national delivery and same day express
temperature-controlled services.
4
12
The number
of rooms
in the facility
Number of docks
available for trucks/
trailers for loading
The temperature
of our two
freezer rooms
The temperature
of our two
chiller rooms
-24
̊
2
̊
Connecting us via road and
rail with both Auckland and
Tauranga ports and very close
to the inland port at Ruakura,
our new three-hectare site is also
close to the country’s large dairy-
producing regions, to growers
and key manufacturers.
The motorway infrastructure in both directions makes for
cost-effective linehaul, helping us to decrease travel times
and relieve the pressure on our Auckland and Putaruru
depots, which were at capacity. It also enables us to cost
effectively service the wider Bay of Plenty region.
Freightways Group Limited and its subsidiariesfreightways.co.nz2524Freightways Annual Report | Financial Year ended 30 June 2024

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CAPACITY
Balancing capacity
across the region
The addition of the Ruakura facility has
enabled us to better service customers
in the golden triangle between Auckland,
Hamilton and Tauranga.
It has also allowed us to move some customers with
product stored in Auckland to Hamilton where it is
closer to either the port of origin (Port of Tauranga)
or the ultimate delivery destination.
Demand in a weaker economy has been pleasingly
strong with interest in Ruakura coming from both
importers of frozen and chilled foodstuff as well
as domestic manufacturers.
Balancing the demand across the Auckland and
Hamilton sites has boosted Ruakura’s utilisation
quickly and freed up some valuable space in
Auckland for new customers.
We have also made good efficiency gains
by using Ruakura as a cross-dock facility/
transition point between our south and north
linehaul to keep products moving on
their journey.
HEALTH AND SAFETY
Keeping our people safe
Work processes onsite emphasise safety.
We have acoustic fences for noise control,
and depot staff wear ‘work-alone alarms’
that will notify us should anything happen
to a staff member.
Our forklifts have freezer cabins where drivers can wear
less bulky attire and narrow aisle racking where forklifts are
guided so no collisions can occur. All staff also undergo our
standard health and safety training, along with specialised
training for manual handling and food safety.
SUSTAINABILITY
Ready for the future
Tainui Group Holdings and builder Apollo
Projects did a fantastic job with the
building. The property has a Green Star
Four rating and the structure has been
strengthened to hold solar panels.
Plans have incorporated electric chargers for when
battery technology is commercial-ready. We can
also harvest rainwater from the roof for cleaning and
irrigation purposes.
Looking ahead, we expect to extend our capabilities in
export logistics via container loading for our busy export
customers. This will allow our customers to focus on
their production while we handle all logistics.
Utilisation of Big Chill 3PL
site at Ruakura in-line with
expectation by year end
Freightways Group Limited and its subsidiariesfreightways.co.nz2726Freightways Annual Report | Financial Year ended 30 June 2024

Allied Express.
Auto-sortation
facility for
Sydney
CASE STUDY
In late September,
our Allied team in Sydney
kicked-off the use of our
brand-new sortation system
for oversized freight, a first
for us and for this part
of the world.
The project took around
16 months to build and
execute. Our sister system in
Melbourne came online at the
end of the financial year.
STRIVE FOR EFFICIENCY
Efficiency gains from our new sortation
systems will become evident as volumes
grow. They will make us faster, more
accurate and safer, and they will create the
room we need in our network to take on
more business.
LOVE OUR CUSTOMERS
The design of the new systems was all
about enhancing Allied Express's long
history of excellent customer service. Billing
accuracy, timeliness, responsiveness, and
the reduction of missorts helps the business
remain a compelling choice for customers.
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28Freightways Group Limited and its subsidiariesfreightways.co.nz29Freightways Annual Report | Financial Year ended 30 June 2024

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That's Sydney
re-sorted
The Sydney system stretches out to approximately the standard size
of a soccer field. It can sort objects ranging from a single A4-sized
envelope to a 50kg deadweight item up to 1.9 metres long and 900mm
wide. (That's about the size of a treadmill box.)
THE BENEFITS
Sizing up the benefits
The system incorporates three induction
points where freight is introduced:
two are for pallet breakdown sortation,
and one is for items picked up and
hand-loaded by delivery drivers.
Once inducted, the freight moves along the conveyor
until it reaches a dimensioner machine where every item
is weighed, measured and its cubic volume is checked
- all for accurate charging purposes. The dimensioner
machine also scans all six sides of the item to locate and
read the courier label, and assign the item a destination.
This significantly reduces the likelihood of misreads or
missorts, and helps with lowering double-handling and
enhancing accuracy. Also, a control system before the
dimensioner regulates freight flow by slowing down and
creating space between each item, ensuring every piece of
freight is separated and accurately measured.
Down the conveyor line from our dimensioner are vertical
diverters that are designed to redirect any freight that
is identified as exceeding the system's weight/ size
limitations. Once scanned, these items are sent to a
separate chute for manual sortation, minimising system
downtime, and maintaining the smooth flow of freight
through the system.
A substantial time-saving feature is that trucks can
reverse directly up to the depot/ conveyor for safer and
more efficient loading and unloading. This saves time
and improves health and safety by reducing manual lifting
and alleviating vehicle congestion.
FUNCTIONALITY
Sorting out the mistakes
Since the system was introduced,
misdirects and missorts have decreased
significantly. Misdirects can be costly
to the business because the distances
we cover are expansive.
If we send freight to Melbourne instead of Queensland, for
example, that's an expensive error, often requiring us to fly
freight to correct the mistake. Reducing missorts reduces
our operating costs and directly improves our bottom line.
To ensure everything goes where it should, the sortation
system has 85 chutes, each corresponding to a
destination. One chute per destination means no doubling
handling, a decrease in handling errors, an improvement in
operational efficiency and an enhancement of customer
reliability. All our intra-state, interstate, and local freight
can be sorted and dispatched immediately.
"Reducing missorts
reduces our operating costs
and directly affects our
bottom line."
30Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz31

EFFICIENCIES
Faster for our
customers
The key benefits for our
customers are faster delivery
times, better accuracy,
and enhanced track and trace.
More efficient sortation and packing means
linehaul can depart earlier from our larger
distribution hubs of Sydney and Melbourne
and the freight on arrival can be processed to
drivers earlier, enabling them to navigate the
larger metropolitan cities earlier in the day.
The dimensioner integrates with our back-end
system and provides more accurate information
for our customers, call centre teams and those
receiving the item.
The new-found efficiencies in our operations
mean we can now bring more customers on board,
knowing that we can provide them with a high level
of on-time delivery and reduce the chance of
damage and missorting of freight. The system will
enable us to process over double the current volume
– which comes in particularly useful in the peak
shopping periods each year when item counts can
increase by up to 40%.
More to come
Once we have systems up and running,
we will better understand how to use
those systems in tandem and separately to
achieve even better handling.
"The key benefits for our
customers are faster delivery
times, more accuracy,
and enhanced track and trace."
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32Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz33Freightways Annual Report | Financial Year ended 30 June 2024

Supporting a
deeper sense of
community
At Freightways,
we recognise the
importance of being
actively involved in
and supporting the
communities in
which we work.
Across the Group, we support some
16 charitable organisations and
not-for- profits at a national level and
many more at a local or regional level.
Our businesses are all encouraged
to support causes that resonate with
their people and customer base, be
they national initiatives like the NZRSA
or more grassroots support like local
sports teams, school or community
projects. We are very proud of our
people who take time out to support
others. The following is a list of the
organisations and causes we
formally support.
Beanies for Babies
Cancer Society New Zealand
Child Cancer Foundation
Clontarf Foundation
I Am Hope
Keep New Zealand Beautiful
KidsCan
Life Flight
NZ Breast Cancer Foundation
NZRSA
Prostate Cancer Foundation AUS
Ronald McDonald House
Rotary Club Newmarket
RSPCA Queensland
The Hearing House
Westpac Rescue Helicopter
KidsCan
• 893 schools and 206
low-decile early childhood
centres are supported
• 55,000 kids fed every day
• 6 million food items
distributed in the last
12 months
• 77 schools and 130
early childhood centres
await help
Our company's principal charity,
KidsCan, helps Kiwi kids have the
basics they need to learn and succeed
at school. KidsCan believes that
education is the ticket out of poverty.
By supporting kids experiencing
hardship with food, clothing, and
health products, they can participate
in learning and the opportunity for a
better future. Freightways is proud to
contribute financially to the great work
done by KidsCan.
This year, we helped raise funds for
Onehunga Primary's Year 5 and 6
camp at the end of Term 2. Various
Freightways volunteers prepared,
sold, and served meals as part of the
fundraising effort. The funds collected
went directly to cover the camp's
expenses for their senior students.
During the winter of 2023, KidsCan
ramped up its efforts to ensure Kiwi
Kids experiencing hardship remained
engaged in their learning through the
supply of warm clothing and food.
To help in distribution, our people
dedicated their time, hands-on
effort, and experience at the KidsCan
warehouse in Auckland to pick, pack,
and prepare packages to send to
schools and organisations in need.
kidscan.org.nz
Child Cancer
Foundation
We're proud of New Zealand Couriers'
long-standing support of the Child
Cancer Foundation (CCF) over the
past two decades. This organisation
supports kids living with cancer and
their families. This year, our people
found several ways to help.
New Zealand Couriers sponsored
CCF's annual Go for Gold Gala Dinner
and Quiz Fundraiser in Wellington.
A team from the Wellington branch
attended, helping to raise $85,000 that
evening. New Zealand Couriers also
sponsored the Auckland Go for Gold
Event in June 2024.
New Zealand Couriers annually
supports the CCF Annual Street
Appeal as the Official Transport
Partner. Our people also dressed up
in the colours of their favourite sports
teams, and contributions here helped
CCF reach its annual goal of $6 million.
New Zealand Couriers donated 30,000
packets of white daisy seeds to CCF
for volunteers to give seeds as tokens
of appreciation to donors. White
daisies symbolise hope and wellness
for children who have cancer.
New Zealand Couriers also supported
CCF's Whanau Connect 2023
Christmas parties. Whānau Connect,
run by volunteers, serves as a platform
for families living with cancer to
connect through shared experiences
and provide mutual support.
childcancer.org.nz






The Royal
New Zealand
Returned
and Services
Association
New Zealand Couriers is the RNZRSA's
Official Poppy Partner and is honoured
to support Poppy Day annually.
Donations to the RNZRSA benefit New
Zealand's military veterans and their
families with counselling, advocacy,
financial aid, mental health care
access, health issues, and support for
veterans and their families.
As the Official Poppy Partner,
New Zealand Couriers distributes
poppies and EFTPOS machines
nationwide to support the
Association's two significant
fundraising days, Poppy Day
and Anzac Day.
rsa.org.nz
16
Charitable
organisations and
not-for-profits
supported
34Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz35

Creating
Freightways
Global
CASE STUDY
First Global Logistics has
been a long-term partner
to Freightways, helping
brands overseas to quickly
and efficiently deliver
parcels to New Zealand
households and businesses.
This year, the company
became part of our Group.
ACT LIKE AN ENTREPRENEUR
Bringing First Global into the Freightways
fold has made us a large player in the ever-
growing eCommerce space. A vertically
integrated offering from pick-up to delivery
to the consumer means we can control the
experience, end-to-end.
LOVE OUR CUSTOMERS
eCommerce delivery in New Zealand is
inconsistent. Much depends on border
processing times and last-mile delivery
performance. We are here to be the
dependable choice for our customers.
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36Freightways Group Limited and its subsidiariesfreightways.co.nz37Freightways Annual Report | Financial Year ended 30 June 2024

Crossing borders
creating
opportunities
Rebranded as Freightways Global, our new addition has added scale,
capability and vertical integration to our international door-to-door
service, delivering better efficiencies and outcomes for customers
and businesses alike.
Freightways Global specialises in international cross-border
logistics. The team manages all the details needed to get a package
in and out of New Zealand, often while the package is still in the air.
The team is approved by MPI (Ministry for Primary Industries) and
Customs to transition air and sea freight, so once a parcel has been
cleared and the paperwork completed, it can be connected with our
courier brands in New Zealand.
OUR STRATEGY
Increased
vertical integration
“Acquiring First Global was the next step in our
eCommerce strategy. It has given us better control of
the customers’ cross-border experience from pick-up to
delivery. Their presence also gives us a firm pathway to
grow this vertical.”
Scott Hedgman – GM for Sales, Freightways
These deep connections enable vertical integration
that has not been previously available to our customers.
“We know speed and accuracy are so important in
eCommerce. When a shipment arrives, we have already
been working on the compliances needed to land the
goods while they’re in transit. When it lands, we clear
all items and get them into the delivery phase within
24 hours.”
Ruth Adin – GM, Freightways Global
SPECIALISATION
A specialist
in four areas
Based in Mangere, Auckland, and operating in Auckland,
Wellington, and Christchurch, Freightways Global clears
hundreds of thousands of items monthly. We specialise
in four areas of import/ export: eCommerce freight from
places like the UK, US, Australia, and Asia; traditional
freight; complex project-type international shipments
such as vehicles and componentry, and express
warehousing for pallet stock that needs to be held back
for short periods.
Freightways Global is a one-stop shop for all sorts of
international freight to/ from New Zealand. The team
can handle almost anything, so while the majority of items
flow directly into our Express Package brands we have
moved a jet engine recently, and a submarine. We also
manage the return logistics for customers when a receiver
decides to return something they have purchased. Above
all, Global prides itself on its robust systems expertise and
capability around the brokerage, categorising, compliance
and labelling of international freight.
60
%
Percentage of business
that is inbound freight
from eCommerce
businesses
2M
+
Total items Freightways
Global clears annually
"Acquiring First Global has given
us better control of our customers'
cross-border experience,
from pick-up to delivery..."
– SCOTT HEDGMAN
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38Freightways Group Limited and its subsidiariesfreightways.co.nz39Freightways Annual Report | Financial Year ended 30 June 2024

VALUE PROPOSITION
Adding value
for aggregators
When First Global joined Freightways,
their team brought deep industry
experience and relationships to the Group.
It created an opportunity for our teams to collaborate,
creating a high-performing platform from which we can
build the business further. “Our inbound customers are
eCommerce product aggregators/ wholesalers,” says
Scott Hedgman, “while outbound customers are mostly
business-to-consumer businesses.”
SPECIALISATION
Optimistic about growth
Looking ahead, the addition of Global to our
network increases potential run density for
our residential courier base, which in turn
increases courier remuneration.
The low-value, high-volume freight Global predominantly
receives is perfect for our courier network.
"Significant opportunity exists to grow eCommerce
as it continues to grow globally. And New Zealand is
no different," confirms Ruth Adin. "The growth of the
worldwide eCommerce merchants is a phenomenon
of our times. Leveraging Freightways' pick-up, process
and delivery capabilities will enable us to increase
efficiency, reliability, customer-centricity and grow
the business."
– RUTH ADIN
“Leveraging Freightways' pick-up,
process and delivery capabilities
will enable us to increase efficiency,
reliability, entrepreneurship,
and customer centricity
and grow the business...”
RUTH ADIN
GM, Freightways Global
SCOTT HEDGMAN
GM Sales, Freightways
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Freightways Group Limited and its subsidiariesfreightways.co.nz4140Freightways Annual Report | Financial Year ended 30 June 2024

SUSTAINABILITY
Strategies for
commitment
ENVIRONMENTAL STATEMENT:
We recognise that our core business
is reliant on transportation to service
our customers. As an emissions intense
organisation, our commitment to the TOITŪ
certification process encourages our people
and our partners to make environmentally
positive decisions every day.
GUIDING PRINCIPLES
• We recognise that protecting the environment today is essential to
creating a sustainable business future.
• We actively seek to minimise the environmental impact of
all our activities.
• We work in partnership with all stakeholders to promote good
environmental practice.
• We comply with relevant environmental legislation.
• We are a TOITŪ certified organisation. Our greenhouse gas emissions are
measured in accordance with ISO 14064-1:2018 and we are committed to
managing and reducing our relative emissions.
• We recognise that by gaining efficiencies for our core business model
we enable our services to be delivered with as low environmental impact
as possible.
• We regularly review our operational activities, systems and
training to ensure our business practices are aligned with these
guiding principles.
CLIMATE RISK DISCLOSURE
Ahead of our Annual Shareholders' meeting, in October 2024,
we will release our first Climate Risks Disclosure report, that
will consider the ways climate risk could impact our business
and provide targets for the reduction of greenhouse gases
associated with our operations.
01
Our responsible
growth strategy
Goal: To balance the commercial needs of our
business with our responsibility to protect the
environment in which we operate.
SUPPORTING POLICIES:
• When implementing our positioning, people,
performance and profit strategies, we will
incorporate tactics that support our
environmental approach.
• We will ensure development, growth and capital
projects align with our commitment to reduce
our carbon emissions and minimise our
environmental impact.
02
Our cleaner air strategy
Goal: To promote cleaner air by minimising
carbon emissions.
SUPPORTING POLICIES:
• Our vehicle fleet will not be leased for a period
longer than four years to ensure we are using
modern fuel efficient technology.
• As part of this transition, we are continuing to trial
hybrid and electric vehicles.
• Our contractors are strongly encouraged to use
later model, lower emission vehicles.
• Our hub & spoke network is segmented and
reviewed on a continuous basis to ensure
minimisation of kilometres.
• Our aviation business actively measures and
manages its performance to ensure minimisation of
fuel usage and emissions.
• We maintain TOITŪ certification by measuring our
carbon emissions on a business-by-business
basis and committing to managing and
reducing them.
03
Our conservation
& waste management
strategy
Goal: To implement actions that,
wherever practical, see us recycle, reuse
and minimise waste of the products and
resources we consume.
SUPPORTING POLICIES:
• Our range of recyclable courier satchels is
currently transitioning to contain no less than 80%
New Zealand sourced plastic waste.
• Wherever possible, our destruction businesses
utilise ‘best in class’ recycling technologies to
avoid resource waste and landfill solutions.
• We encourage our customers to receive
electronic invoices to minimise paper waste.
• We commit to identifying, measuring and
documenting our carbon emissions as part of our
TOITŪ certification. We will continue to develop
and refine systems to reduce emissions overtime.
04
Our education
& awareness strategy
Goal: To promote education and awareness of
better environmental practice among stakeholders.
SUPPORTING POLICIES:
• We promote our environmental approach among
staff and ensure individuals understand their role
with our environmental objectives.
• Our suppliers are actively encouraged to
demonstrate their environmental practices to
ensure they align with our objectives.
• We actively promote the benefits of good
environmental practice among our customer base.
• We endeavour to actively educate and
communicate with our staff, contractors,
customers and suppliers, our commitment to
emissions reduction, ensuring they understand
our objectives and the role they can play in
achieving these.
05
Our responsible
partnership strategy
Goal: To seek to partner and work with others who
can demonstrate a commitment to the environment.
SUPPORTING POLICIES:
• To make our business partners aware of our
environmental policy, our TOITŪ certification
commitment, and the expectations arising
from these.
• Where all other things are equal, to choose the
partners and contractors who can demonstrate
sound environmental policies.
Image Credit:
Douglas Bagg, Unsplash.
42Freightways Group Limited and its subsidiariesfreightways.co.nz43Freightways Annual Report | Financial Year ended 30 June 2024

SDG 9
Industry, innovation
and infrastructure
Areas of focus
• We aim to have a customer churn of less
than 2% of revenue.
• We are committed to continued growth
over three horizons.
SDG 13
Climate
action
Areas of focus
• GHG Emissions. We are committed to reduce
our emissions over time for Scope 1, 2 and 3.
• The average age of linehaul vehicles
within our direct control is four years or less.
• Committed to assist in the development of the
circular use of waste.
Our material
impacts for FY24
SDG 3
Good health
and wellbeing
Areas of focus
• Health and safety in employment.
• Injury reduction.
SDG 8
Decent work
and economic growth
Areas of focus
• Our commitment is to improve contractor
return year on year.
• Learning and development. We will continue to
invest in training our people so 80% or more of our
promotions come from within.
OUR ESG ACTIVITIES
Assessing our
material issues
We undertook an initial assessment of our
material issues for stakeholders more than
four years ago.
Last year, we signalled that we would review our materiality
this year to check the relevance of our ESG activities.
We have now completed that assessment and as a result,
we have identified the issues that continue to impact and
are most important to our business success and that
internal and external stakeholders most engage with.
MATERIALITY ASSESSMENT
A double approach
The assessment involved an external
party engaging with internal and external
stakeholders, including board members,
staff, executives, contractors, suppliers,
and investors to obtain their opinions.
The double materiality assessment approach was chosen
for its comprehensive nature, providing significant insights
and directly recognising that organisations like ours have
substantial financial and non-financial impacts that must
coexist. As the name suggests, double materiality adopts
different perspectives to gain a more holistic view:
• “Inside out” impacts – which look at the company’s
impacts on society and the environment by assessing
scale (impact on health, the environment and culture),
scope (how many people are affected)
and irremediability (the ability to fix issues or not).
• "Outside in” financial materiality impacts – which
examines size (the amount of economic impact)
and likelihood (the chances of an impact happening).
As we communicated last year, the assessment
made an essential adjustment to our reporting strategy.
We reduced the number of SDGs we consider from
five to four, removing SDG 16 (Peace justice and strong
institutions). This decision was made because, as a
NZX and ASX-listed business, stakeholders considered
other SDGs more critical in the Australasian context,
allowing us to focus more on impactful activities.
REVISED SDG FRAMEWORK
Our SDG priorities
This year, we will report on our revised
SDG framework as part of our non-financial
decision-making and reporting in FY24.
The SDGs will remain constant, but we will update each
‘Area of focus’ to reflect where we believe attention will
improve overall impact.
Minimal
Minimal
Informative
Important
Significant
Critical
ImportantSignificantCriticalInformative
Waste
renewal and
management
SDG13
Innovation
SDG9
Contractor
engagement
SDG8
GHG
emissions
SDG13
Customer
satisfaction
SDG8
Good
health and
wellbeing
SDG3
Employee
engagement
SDG8
Business
resilience
SDG9
44Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz45

SDG 3:
Good health

and wellbeing
HEALTH AND SAFETY INITIATIVES
We have several initiatives underway to help reduce harm
including a significant focus on the risks posed by forklifts
used through almost all of our businesses, as well as
training that targets functional safety and management
health and safety culture.
COMPREHENSIVE WORKPLACE
SAFETY AND SKILLS TRAINING
Across the Group, our essential health and safety training
programmes run to keep our people safe and our
workplaces efficient.
Training includes Dangerous Goods Awareness and
Handling, Manual Handling, Workplace Health and Safety,
Fire Safety, First Aid Training, Forklift Operation and
specialist equipment training.
In Australia, our Shred-X and Med-X businesses offer
more programmes to leaders and staff, including Modern
Slavery Refreshers, Mental Health First Aid, Cyber Security
Training, Bullying and Sexual Harassment and Financial
Management. Both businesses have an average target of
thirty minutes of training per employee per month.
FORKLIFT SAFETY
We offer comprehensive forklift safety programmes
across those parts of the Group that operate forklifts.
Our forklift simulator allows us to carry out the majority
of our training in-house. Through Worksafe, we are now
working towards full self-certification licencing. In addition,
businesses like TIMG and Stocka undertake hi-reach truck
training to train those operating high-access equipment.
In our depots, we’ve introduced AI tech that analyses our
video footage to find near-miss forklift incidents.
These enable us to address potential issues and hazards
well before they occur. This is proving very effective,
with no serious harm events involving forklifts in the
last 12 months.
Areas of focus
• Health and safety in
employment.
• Injury reduction.
1488
Employees
completed some form
of Workplace Safety
and Skills Training
DRIVING SAFETY CULTURE
An awareness programme that was
delivered to 32 of our operational
managers and supervisors in the last
12 months.
We received positive feedback from
recipients about building a proactive safety
culture at work. Managers who attended are
now recommending their team members
and colleagues to attend.
HANDBRAKE ALARMS AND IN-CAB CAMERAS
We’ve also installed handbrake alarms in our metro and
linehaul trucks that sound if the driver’s door is open, and
the handbrake hasn’t been applied.
In-cab cameras in our linehaul vehicles record road
activity and also face the interior to record driver
behaviour and check for drowsiness.
PSYCHOLOGICAL HEALTH AND SAFETY TRAINING
We began offering this training this year. The goal is to
encourage frank dialogue and to get people to speak up
with questions, thoughts, issues and ideas. We want to
become a safe workplace for expression.
EAP
We offer access to confidential external counselling
for those suffering from physical and mental issues.
The service, provided at no cost to our people,
also covers financial and partner counselling.
46Freightways Group Limited and its subsidiariesfreightways.co.nz47Freightways Annual Report | Financial Year ended 30 June 2024

SDG 8:
Decent work

and economic growth
LEADING CONTRACTOR EARNINGS MODEL
Many of our vehicle fleets run under a contractor model.
This means our contractors essentially run their own
businesses. The effort they put into their business has a
direct flow-on effect on the return they receive.
The model is a win/ win. For Freightways, there is a level
of variability and certainty as volumes rise or fall, keeping
with economic ups and downs. For our couriers they can
earn great incomes through their productivity and the
customer relationships they forge. Initiatives like Pricing for
Effort (PFE) ensures our customers' pricing directly reflects
the resources and efforts our contractors invest to make
each delivery. Our contractors lean heavily on the support
of our account management, sales, customer service,
and administration teams. Because our people work hard
to have commercial discussions with customers,
our contractors can focus on delivery.
Freightways and our contractors are assessing new
vehicle types to inform ourselves as to when we can
feasibly transition to alternative fuel cell technology for
our vehicles. It is important our couriers are remunerated
appropriately so that they can make a return on
investment when this time comes.
DEVELOPING OUR PEOPLE
We invest strongly in helping our people gain knowledge
and experience. Our learning programmes further develop
our people, which in turn enriches our internal capabilities.
Logistics lie at the heart of what we do, and much of
the knowledge around how our logistics work has grown
organically over time and is embedded with our senior
people. In fact, many of our executives, including our CEO,
are long-term employees. Our management ranks are
also filled with people who deeply understand the core
capabilities needed for success.
We offer comprehensive workplace training and
leadership courses across Freightways, which include a
wide range of programmes, from induction to business
fundamentals and people leadership.
Areas of focus
• Our commitment to
improving contractor
earnings year-on-year
• Learning and development.
We will continue to invest
in training our people so
that 80% or more of our
promotions come
from within.
BUSINESS-SPECIFIC PROGRAMMES
In addition each business will offer programmes specific
to their development needs, examples of these are;
• Post Haste Group offer a Grow Our People (30 attendees
in FY24) and an HR Management (22 ongoing attendees
in FY24) programme to promote rising stars into team
leader and people management roles.
• TIMG AU runs three programmes: HR101 (40 attendees
in FY24), the People Manager Training Programme,
and a Talent Development Programme to strengthen
leadership capabilities, promote a productive work
environment, and support career progression within
Freightways.
• New Zealand Couriers offer Driving Ahead, which is part
of the New Zealand Certificate in Business (Introduction
to Team Leadership) – Level 3. ( 59 attendees FY24.
68 graduates to date)
• Shred-X/ Med-X programmes include Customer
Engagement, Financial Software Training, Financial
Management run by Westpac, and MS Excel micro-
learning tutorials.
These investments not only build core skills, loyalty and a
strong culture, they also enable us to fill 80% of our vacant
positions internally. We also encourage mobility within
the business, with many of our people shifting between
various divisions and brands. This in turn broadens their
understanding of our wider business.
FREIGHTWAYS WIDE PROGRAMMES
Freightways Fundamentals starts our
people on their business leadership
journey, which includes leadership, financial
literacy, and sales acceleration.
• 170 attendees in FY24
Strengths Development leverages
CliftonStrengths to identify and cultivate
employees natural talents.
• 150 attendees in FY24
LEAD selects mid-career leaders for internal
and external leadership development.
• 12 attendees in FY24 and 60 in total
since 2018
The Cadet Programme selects university
and technical institute graduates to receive
comprehensive exposure to the Freightways
business over two years.
• The programme has been running for over 25
years with an average of 8 cadets each year
eLearning programmes include micro-modules
designed to nurture soft skills, teamwork building, and
advanced people leadership.
500
+
More than 500 people
received career
development training
from us in FY24
48Freightways Group Limited and its subsidiariesfreightways.co.nz49Freightways Annual Report | Financial Year ended 30 June 2024

SDG 9:
I ndu st r y,

innovation and

infrastructure
ACHIEVING LOW CUSTOMER CHURN
Retaining our customers is essential for us financially,
but it also speaks to our commitment to building loyal
and enduring relationships.
Our goal is to keep customer turnover under 2% of
revenue, and we can do that successfully through our
focus on account management, the overall customer
experience, and daily performance.
Reliability is critical. Every year, we have an independent
party run pressure tests comparing New Zealand Couriers'
performance against our competitors. New Zealand
Couriers is consistently the most reliable network in
the country.
This year, we achieved a 15% increase in address
validation for our New Zealand hub-and-spoke
Express Package businesses, which has significantly
improved our delivery accuracy, sorting efficiency
and successful first attempt deliveries.
We are customer-focused in how we bring new products
to market. All product development is built using direct
customer insight. For example, we launched two new
businesses last year: Stocka and Kiwi Oversize. Both meet
an under-served vital customer need and have exceeded
performance projections.
COMMITTED TO GROWTH IN HORIZONS TWO & THREE
Our growth strategy features continuing and scaled
innovation. We use a ‘three horizons’ growth model,
where Horizon One is our core business and Horizon
Two businesses utilise our fixed cost base and provide
additional strong growth prospects. Our Horizon Three
are the innovators, focusing on delivering long-term
revenue streams by identifying emerging niches with
revenue potential.
OUR EXPRESS PACKAGE HORIZONS
Horizon Two for our courier network is our business-to-
consumer (B2C) delivery market.
Over the last few years, our efforts have centred around
building runs that can deliver efficiently and reliably for
our customers as well as growing our presence among
eCommerce retailers.
Areas of focus
• We aim to have a customer
churn rate of less than 2%
of revenue.
• We are committed to
continued growth over
three horizons.
Our Pricing for Effort (PFE) initiative is
pivotal in linking our courier remuneration
to the mileage and density these
deliveries represent.
Horizon Three is our focus on the niche
25kg+—50kg market. In 2022, we launched
Kiwi Oversize in Auckland, Wellington,
and Christchurch. Our ability to use existing
resources meant Kiwi Oversize had a strong
service proposition, but low start-up costs.
In Australia, Allied Express specialises in
more than 22kg in the five key states. Recent
automation investment into our operations sets
the business up to accommodate new levels
of growth.
OUR WASTE RENEWAL HORIZONS
Horizon Two Waste Renewal business involves
shifting our paper waste collection and processing
capability to medical waste.
Some years back, we purchased a small Sydney
medical waste business and rebranded it as Med-X,
which is now located in NSW, QLD, and VIC. Med-X
offers waste management for medical, biosecurity,
and hygiene products.
Horizon Three finds value in high-value recyclables.
An example is saveBOARD, which recycles composite
packaging waste to re-enter the local building
products supply chain. Shred-X's eWaste facility also
disassembles electronics, extracts precious metals,
resells valuable components, and recycles everything
else. This year, we have also started recycling textiles.
OUR INFORMATION MANAGEMENT HORIZONS
Horizon Two for TIMG revolves around providing solutions
for digital conversion.
Over the last few years, TIMG has developed its digital
information management capabilities, including document,
book, and microfiche scanning, digital mailrooms,
eDiscovery, and online form processing. Digital products
currently account for a growing portion of TIMG's
revenue annually.
Horizon Three for this business focuses on delivering
efficient and cost-effective 3PL fulfilment services for
eCommerce customers, utilising available space across
our significant secure building footprint and express
delivery through our Freightways courier brands. The TIMG
Stocka business continues to enjoy compounding annual
growth, with increasing demand for end-to-end logistics
from customers across Australia and New Zealand.
TEMPERATURE CONTROLLED HORIZONS
Horizon Two for the temperature-controlled sector is
Big Chill's 3PL. Specifically, our new facility in Ruakura has
been developed to grow this opportunity for fast-moving
consumer goods clients.
Horizon Three provides same-day logistics to convenience
stores, cafes, and fast food. We purchased ProducePronto
in 2021. Today, that brand runs a fleet of vans out of
Auckland, Wellington, and Christchurch, delivering daily
temperature-controlled food to clients. Recent expansions
include a new hub in Auckland and larger shared facilities
with Big Chill in Wellington and Christchurch.
15
%
Increase in address validation
in FY24, significantly improving
our delivery accuracy and
sorting efficiency
50Freightways Group Limited and its subsidiariesfreightways.co.nz51Freightways Annual Report | Financial Year ended 30 June 2024

SDG 13:
Climate

action
Areas of focus
• The average age of linehaul
vehicles within our direct
control is four years or less.
• Committed to assist in the
development of circular use
of waste.
CASE STUDY: USING AN EV FOR COURIER DELIVERIES
Albert Padilla is a contractor driver at our North Harbour
branch in Auckland. In July 2023, he bought a Ford E
Transit 2023 vehicle for his business.
He did so because of the fuel savings, and because his run
is closer to the depot, so range isn’t an issue. Albert likes
the fact that the vehicle is quiet, that he’s not causing any
air pollution and that he can save money.
However, while his EV works well for his loads and range,
it would be more of an issue for those with longer runs.
Albert says he is fortunate to be set up with a charger
at home, so he can charge his EV each evening, which is
enough to get him through the next day.
“My EV works well for me and my circumstances,”
says Albert. “It’s good to be using a cleaner vehicle on my
run, and my customers like to see their packages being
delivered with an EV.”
EVs are still not without their challenges, he says.
The eight year battery warranty is meaningless for a
courier because drivers change their vehicles more
regularly than this. EVs are also not well suited to rural
areas because the battery is not supposed to be shaken,
and they cannot be driven in flooded areas. They also
typically cost more than conventional courier vehicles.
While the challenges of owning a commercial EV are still
very real, we celebrate Albert for being one of the first
contractors in our Group to own one.
VEHICLE LIFE CYCLE
A pre-requisite of being part of the Freightways network
is that drivers ensure all vehicles are modern and in
good condition.
The rates we charge include an allowance for vehicle
expenditure and capital outlay for our contractors and
also our non-contractor operated businesses.
Modern vehicles are also more fuel efficient and cleaner
burning because of advances in engine technology and
the use of catalytic converters, which infuse oxygen into
the exhaust.
The average age for our linehaul vehicles is around four
years old. That’s because of the distances they cover and
the need to retain reliability and a strong brand presence.
Our light commercial fleets accumulate mileage through
lots of short, urban trips, so the vehicles are a little older on
average because they take longer to accumulate miles.
Increasingly, our new vehicles meet the Euro 6 standard
which sets out the latest, reduced acceptable limits of
harmful pollutants that can be emitted by commercial
vehicles in the EU.
SUPPORTING THE CIRCULAR ECONOMY
In Australia, our Shred-X and Med-X
brands are actively driving the
development of a circular economy,
a system that minimises waste and
maximises the value of resources.
Med-X is making significant strides in
sustainability, particularly in the launch of
it’s SharpCYCLE™ brand - a range of 100%
recyclable single-use sharps containers and
development of accompanying recycling
system. This innovative system, whereby
collected single-use containers are decanted,
separated from their contents, treated and
then granulated for remanufacture into other
plastic products, is estimated to reduce sharps
container landfill volumes by over 28%.
Shred-X's commitment to recycling is not just a
statement but a significant action. By diverting
a staggering 45,000 tonnes of paper, including
confidential documents and intellectual property,
from landfills across Australia, Shred-X is making a
substantial and tangible impact on waste reduction.
Euro 6 standard vehicle count July 2024
2
PARCELINE
30
PRODUCEPRONTO
15
BIG CHILL
1
ALLIED EXPRESS
Image:
North Harbour,
Auckland contractor,
Albert Padilla and
Freightways CEO,
Mark Troughear.
Processing eWaste is also a core service for Shred-X,
which has full GCC certification to collect, decommission,
destroy data, recover value, and recycle materials.
Shred-X holds the highest industry certifications for its
eWaste disposal services, including NAID AAA and SERI
R2v3 certification which is the most widely adopted
sustainability standard for the reuse and recycling of
used electronics worldwide. In FY24, Shred-X collected
and recycled in excess of 750,000 kgs of eWaste and
repurposed over 80,000 kgs of IT assets and components
during the same period.
Textile recycling is the new edge for the circular economy,
and Shred-X has been a front runner in finding value in
repurposing textile waste. In FY24, Shred-X expanded
its collection, consolidation, and sortation services
and successfully diverted at least one million kilograms
of textiles from landfills. They have developed strong
relationships with Australian recyclers and joined
Seamless, Australia's product stewardship scheme for
textiles, which launched in July this year. Shred-X's role is
to drive circularity by connecting waste producers with
high-value recycling outcomes in the coming months.
52Freightways Group Limited and its subsidiariesfreightways.co.nz53Freightways Annual Report | Financial Year ended 30 June 2024

MARK CAIRNS
Chairman
BE (Hons), BBS, MMGT, FIPENZ,
CF Inst D
PETER KEAN
Director
PMD – Harvard
ABBY FOOTE
Director
LLB (Hons), BCA, CF Inst D,
INFINZ (Cert)
FIONA OLIVER
Director
LLB, BA. CF Inst D
MATTHEW COCKER
Chief Information Officer
PHD – Georgetown University
NEIL WILSON
General Manager
Freightways
AARON STUBBING
General Manager
Express Package Division
MARK RUSHWORTH
Director
BE (Hons), MEM
DAVID GIBSON
Director
BCom, LLB (Hons)
LEADERSHIP
Our
Board
MARK TROUGHEAR
Chief Executive Officer
BMS – University of Waikato
STEPHAN DESCHAMPS
Chief Financial Officer
MBA, Master in Finance, B Poli Sci,
M Fin - Institut d'Etudes Politique, Paris
NICOLA SILKE
General Counsel
and Company Secretary
LLB (Hons), BA – University of Canterbury
AMI VAN GILS
Head of People & Culture
BA – University of Auckland
Our
Leadership
54Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz55

DIRECTORS
The names and profiles of the Directors of the Company in office at the date of this report are:
INDEPENDENCE OF THE BOARD
The Board has determined for the purposes of the NZX Listing Rules that, as at
30 June 2024, Mark Cairns, Abby Foote, David Gibson, Peter Kean, Fiona Oliver
and Mark Rushworth are independent Directors.
The Board assessed each Director's independence with regard to the
NZX Listing Rules, the interests and relationships of each Director and by
considering each of the factors set out in Table 2.4 of the NZX Corporate
Governance Code. The Board is satisfied that none of the factors set out in
Table 2.4 apply to any of the Directors.
The Directors of Freightways Group Limited (Freightways) resolved to submit the following report with respect to the financial position of the Group as at
30 June 2024 and its financial performance and cash flows for the year ended on that date.
Mark Cairns | BE (Hons), BBS, MMGT, FEngNZ, CF Inst D
Mark was appointed a Director in April 2021. He was Chief Executive of Port
of Tauranga, New Zealand’s largest and most successful port, from 2005 until
his retirement in June 2021 to pursue a full-time governance career. Mark was
previously Chief Executive of Toll Owens Limited and Owens Cargo Company
Limited. Mark has extensive experience in logistics, infrastructure, contracting
and significant exposure to capital markets. Mark is also a director of
Auckland International Airport Limited.
Abby Foote | LLB (Hons), BCA, CF Inst D, INFINZ (cert)
Abby was appointed a Director in June 2018. She is a professional director
with over 15 years governance experience, with qualifications in both law
and accounting. Abby has experience in a range of senior management,
finance and legal roles, with a focus on corporate finance and commercial
transactions. Abby is currently a director of KMD Brands Limited.
David Gibson | B.Com, LLB (Hons)
David was appointed to the Board in April 2022. David is a professional
director and has a strong background in strategy and finance with over 20
years investment banking experience, including as Co-Head of Investment
Banking in New Zealand for Deutsche Bank and Deutsche Craigs. During his
finance career David has advised on many of New Zealand’s largest capital
market transactions. David is also a director of Contact Energy Limited, NZME
Limited, Goodman NZ and Rangatira Limited.
Peter Kean | PMD Harvard
Peter was appointed a Director in July 2016. He brings to Freightways many
years of senior executive experience with the Lion group of companies in
both New Zealand and Australia. Peter's last executive roles were as Managing
Director of Lion Nathan New Zealand and Managing Director of Lion Dairy
and Drinks, based in Melbourne. Peter retired from Lion in 2014 and has since
developed his career in governance. Peter is involved in a number of private
companies both in New Zealand and in Australia.
Fiona Oliver | LLB, BA, CF Inst D
Fiona was appointed a Director in July 2021. She is a professional director,
holding governance roles across a range of business sectors including
infrastructure, retirement villages, technology, and financial services. She
is a director of Summerset Group Limited, Gentrack Group Limited, Clarus
(previously the First Gas Group), Listed Investment Vehicles Marlin Global,
Barramundi and Kingfish and Wynyard Group Limited (in liquidation). Fiona’s
executive career was in financial services in New Zealand and overseas. In New
Zealand, she managed BT Funds Management, Westpac’s investment arm, and
AMP’s Wealth Management division. In Sydney and London, Fiona managed
the Risk and Operations function of AMP’s global private capital division.
Fiona has also practised as a senior corporate solicitor in New Zealand and
overseas, specialising in mergers and acquisitions.
Mark Rushworth | BE (Hons), MEM
Mark was appointed a Director in September 2015. He has extensive
experience in the technology sector, with a decade’s governance experience,
predominantly in the high tech and innovation space. An electrical engineer
by training, with widespread operations and marketing experience, he spent 4
years on the senior executive team of Vodafone NZ, where among other things
he had executive accountability for the fixed line business and as Director of
Marketing. Mark previously served as chief executive of Pacific Fibre, ihug and
financial services company, Paymark Limited. Mark is currently Chief Executive
Officer of private equity owned UP Education and a director of a number of
private companies.
Directors’ Report
Freightways Group Limited and its subsidiariesfreightways.co.nz5756Freightways Annual Report | Financial Year ended 30 June 2024

BOARD SKILLS MATRIX
The Board focuses on governance, strategy and the oversight of the performance of the different Freightways businesses and brands. The Directors bring both
proven experience in governance and a strong background in business to their decision making. Together, they provide the wide-ranging skills needed to ensure the
Board has the expertise to set and approve strategic direction, make senior management appointments, monitor performance, manage risk and oversee our many
stakeholder relationships. The Board Skills Matrix below sets out the skills of the Directors against the range of expertise Freightways requires to succeed.
PRINCIPAL ACTIVITIES
The principal activities of the Group during the year ended 30 June 2024 were the operation of express package & business mail services and information
management services.
Directors’ Report
Skills & Experience: AreaSkills & Experience: Description
H = High competency, knowledge and experience
P = Practised/direct experience
A = Awareness
GovernanceUnderstanding of legal and regulatory frameworks
underpinning corporate governance principles
6
New Zealand &
Australian Listed
Markets
Experience as a Non-Executive Director of a listed entity
(NZ or Australian)
51
Audit and RiskExperience in identifying, assessing and monitoring
systemic, existing and emerging financial and
non-financial risks
33
Business Operations
at Scale
Experience operating a large and/or complex company
or group of companies in multiple countries over a period
of time
312
International Transport,
Logistics, & Sector
Aligned Expertise
Experience and expertise in the international transport,
logistics, freight or associated sectors
123
Marketing, Brand, &
Sales
Experience in brand development, customer relationships
and supply chain
312
IT Platforms and Digital
Innovation
Experience in technology and innovation and the impact on
business operations and customer experience
132
Australian MarketExperience and understanding of the Australian market,
including the macro-political and economic environments
42
Health & SafetyExperience with the development and oversight of
frameworks focused on the identification, assessment and
assurance of operational workplace, health and safety risks
42
Environmental & Social Understanding the potential risks and opportunities from an
environmental and social perspective
24
EntrepreneurialExperience in starting, managing and scaling new
businesses and innovations
42
Group Fees (per annum)
Position
2024
$
2023
$
Board of DirectorsChair185,000180,000
Board of DirectorsMember100,000100,000
Audit & Risk CommitteeChair23,00020,000
Audit & Risk CommitteeMember14,000-
People & Safety CommitteeChair19,00015,000
People & Safety CommitteeMember10,000-
Committee work pool (if required)42,14542,145
Total annual fee pool limit965,0008 57, 1 4 5
DIRECTORS HOLDING OFFICE DURING THE YEAR WERE:
Parent:
Mark Cairns (Chairman)
Abby Foote
David Gibson
Peter Kean
Fiona Oliver
Mark Rushworth
Subsidiaries:
Mark Troughear
Stephan Deschamps
Stephen Micallef (Australian subsidiaries only)
2024
$000
2023
$000
Operating revenue1,209,1511,121,620
Operating profit before interest and income tax136,358133,962
Net interest and finance costs(35,062)(28,585)
Profit before income tax101,296105,377
Income tax(30,370)(30,080)
Profit for the year attributable to the shareholders70,92675,297
CONSOLIDATED RESULT FOR THE YEAR
Directors’ Report
APPROVED REMUNERATION OF DIRECTORS (EFFECTIVE 1 NOVEMBER 2023):
Director remuneration is paid from the total director fee pool that was last approved by shareholders at the Annual Shareholders Meeting on 26 October 2023.
58
Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz59

2024
$
2023
$
Directors of Freightways (Parent company)
Mark Cairns199,333180,000
Abby Foote122,000120,000
David Gibson109,333100,000
Peter Kean117,6 67115,000
Fiona Oliver106,667100,000
Mark Rushworth106,667100,000
Total non-executive Directors761,667715,000
Directors of the Company’s subsidiaries do not receive any remuneration or other benefits in their capacity as a director of those companies, except
indemnity and insurance referred to in the Directors’ and Officers’ Liability Insurance section on page 16.
REMUNERATION RECEIVED BY DIRECTORS
2024
$
2023
$
CEO – Mark Troughear
Salary1,013,000945,000
Benefits41,00039,000
Subtotal1,054,000984,000
Pay for Performance
STI436,000511,000
LT I267,000298,000
Subtotal703,000809,000
Total remuneration1,757,0001,793,000
CHIEF EXECUTIVE'S REMUNERATION
Directors’ Report
Financial
Yea r
CEOTotal remuneration
($000)
% STI against
maximum
% vested LTI
against maximum
Span of LTI
performance period
2024Mark Troughear1,7577991FY21-FY23
2023Mark Troughear1,7939184FY20-FY22
2022Mark Troughear1,668100100N/A
2021Mark Troughear97088-N/A
2020Mark Troughear84372-N/A
The remuneration of the CEO in the remuneration tables above includes the STI and LTI incentive payments made during the year ended 30 June 2024 in
respect of the 2023 financial year performance. No amount is included above in respect of incentive payments for the 2024 financial year, as these were
paid in August 2024.
FIVE-YEAR SUMMARY – CHIEF EXECUTIVE’S REMUNERATION
DescriptionPerformance measuresAchieved (%)
STI55% of base salary. Based on a
combination of financial and non-financial
performance measures.
50% weighting on achievement of Board
approved earnings before interest, tax and
amortisation (EBITA).
75%
50% weighting on individual performance
comprising strategy development & delivery, health
& safety and carbon emissions reduction strategy.
100%
LT IConditional awards of shares under long-term
incentive scheme with a vesting period of 3 years
ending 30 June 2024.
Relative TSR (rTSR) - Based on Freightways’ TSR
compared to that of the constituents of the
NZX50 Index over the vesting period. 50% of the
rTSR Share Rights eligible for vesting will vest if
Freightways outperforms the NZX50 Index median,
pro-rated up to 100% for achieving the 75th
quartile of the Index constituents.
Not achieved
Absolute TSR (aTSR) - Up to 50% of Share Rights
will vest based on net operating profit after tax
(NOPAT) exceeding a cost of capital hurdle over
the vesting period.
75% achieved and will
be exercised in the first
half of FY25
BREAKDOWN OF CHIEF EXECUTIVE’S PAY FOR PERFORMANCE (RELATED TO FY24 OBJECTIVES)
Directors’ Report
60Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz61

01.07.202101.10.202101.01.202201.04.202201.07.202201.10.202201.01.202301.04.202301.07.202301.10.202301.01.202401.04.2024
75th PercentileFreightways Group Limited50th PercentileS&P NZX 50 Index
0%
80%
60%
40%
100%
120%
20%
140%
Fixed
-
400
600
200
800
1,000
1,200
1,400
1,600
1,800
2,000
Base Salary & BenefitsAnnual VariableLTI vested during the year
On-planMaximum
REMUNERATION OF OTHER OFFICERS
Fixed remuneration of other officers, not being Directors of the Company,
representing a range from 78.5% to 80.5% of their total remuneration, is
benchmarked to market and consists of base salary and matched KiwiSaver
contributions up to a maximum of 3%. The officers participate in an at-risk
short-term incentive (STI) scheme, representing a range from 19.5% to 21.5%
of their total remuneration, that reflects the achievement of predetermined
company profit levels and individual performance objectives aligned to
business strategy and goals. In addition, the officers receive a range from
1% to 2% of earnings before interest, tax and amortisation (EBITA) over a
Board approved EBITA target. The officers also participate in the Freightways
Senior Executive Performance Share Plan (the ‘Plan’) described in Note 22
of the Financial Statements by way of an annual allocation of Performance
Share Rights (PSRs). The PSRs have a 3-year vesting period and are subject
to the achievement of financial hurdles, as described in Note 22. Both the
STI scheme and Senior Executive Performance Share Plan are variable,
performance-based incentives and are only awarded if specific financial and
non-financial performance hurdles are met, and at the discretion of the Board.
REMUNERATION FRAMEWORK
The remuneration framework of the Company is detailed in the Company’s
Remuneration Policy (which can be found at https://www.freightways.co.nz/
about/corporate-governance/) and is overseen by the People & Safety
Committee. Further information on the Remuneration Policy and the People
& Safety Committee is set out within the Corporate Governance Statement
on page 68.
CHIEF EXECUTIVE’S REMUNERATION
PERFORMANCE PAY FOR FY24
$000
TSR %
THREE-YEAR SUMMARY: TSR PERFORMANCE
Directors’ Report
Group
2024202320242023
$100,000 – $109,99928136$340,000 – $349,99942
$110,000 – $119,99911296$350,000 – $359,999-4
$120,000 – $129,9999863$360,000 – $369,99921
$130,000 – $139,9996748$370,000 – $379,99922
$140,000 – $149,9992233$380,000 – $389,9992-
$150,000 – $159,9992724$390,000 – $399,9991-
$160,000 – $169,9993122$400,000 – $409,9992-
$170,000 – $179,9992324$410,000 – $419,99911
$190,000 – $199,9991913$440,000 – $449,999-1
$200,000 – $209,9991613$450,000 – $459,9991-
$210,000 – $219,999179$470,000 – $479,9991-
$220,000 – $229,999118$550,000 – $559,999-1
$230,000 – $239,99944$560,000 – $569,9991-
$240,000 – $249,99974$580,000 – $589,999-1
$250,000 – $259,99976$600,000 – $609,9991-
$260,000 – $269,99951$610,000 – $619,999-1
$270,000 – $279,99954$640,000 – $649,99911
$280,000 – $289,99921$650,000 – $659,999-1
$290,000 – $299,99924$840,000 – $849,99911
$300,000 – $309,99942$1,750,000 – $1,759,9991-
$310,000 – $319,99911$1,790,000 – $1,799,999-1
$320,000 – $329,99921Total Employees549550
$330,000 – $339,99931
REMUNERATION OF EMPLOYEES
The following table notes the number of employees or former employees, not being Directors of the Company, within the Group who, during the reporting period,
received remuneration and any other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum, in brackets of $10,000:
Directors’ Report
62Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz63

Number Acquired/
(Disposed)
Cost / (Sale)
$000
Abby Foote
Ordinary shares acquired on 2 October 2023 under the Freightways Dividend
Reinvestment Plan (DRP) 3023
Fiona Oliver
Ordinary shares acquired on 2 October 2023 under the Freightways DRP 591
Fully-paid ordinary shares
Director
Mark Cairns50,000
Abby Foote14,665
David Gibson20,812
Peter Kean51,500
Fiona Oliver2,859
Mark Rushworth28,000
The following table shows transactions recorded in respect of securities acquired or disposed of by Directors of Freightways Group Limited during the year ended
30 June 2024:
FREIGHTWAYS GROUP LIMITED SHARES
At 30 June 2024 Directors of Freightways Group Limited held the following number of equity securities in the Company:
ENTRIES IN THE REGISTER OF DIRECTORS’ INTERESTS
The Register of Directors’ Interests records that the following Directors of Freightways Group Limited have an equity interest in the Company.
Directors’ Report
NameName of company / entityNature of interest
Abby Foote Christchurch City Holdings LimitedDirector**
KMD Brands LimitedDirector
Sanford LimitedDirector**
David Gibson
Goodman Property Services group companies
(including GMT Bond Issuer Limited)Director
NZME LimitedDirector
Rangatira Limited Director
Contact Energy LimitedDirector*
Fiona OliverBarramundi LimitedDirector
Gentrack Group LimitedDirector
Clarus (previously First Gas group companies)Director
Kingfish LimitedDirector
Marlin Global LimitedDirector
Guardians of New Zealand SuperannuationDirector
Summerset Group Holdings LimitedDirector
Mark CairnsAuckland International Airport LimitedDirector
Meridian Energy LimitedDirector**
Ministerial Advisory Group on the Kiwirail Interisland
Ferry serviceIndependent expert advisor*
Mark RushworthUP EducationGroup Chief Executive
Peter KeenTrojan Holdings LimitedDirector
* Entry added by notice given by the Director during the year.
** Entry removed by notice given by the Director during the year.
OTHER INTERESTS
Listed below are details of the entries made in the Interests Register of the Company during the year, together with the existing entries as at 30 June 2024.
Directors’ Report
64Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz65

Financial
statements
68 Independent Auditors Report
74 Income Statement
75 Statement of Comprehensive Income
76 Statement of Changes in Equity
77 Balance Sheet
78 Statement of Cash Flows
79 Notes to the Financial Statements
122 Shareholder Information
124 Corporate Governance Statement
128 Directory
129 Company Particulars
DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE
Deeds of indemnity have been granted by the Company in favour of the Directors of the Company and its subsidiaries, to the fullest extent permitted by
the Companies Act 1993. In accordance with the deeds of indemnity, the Company has insured all its Directors and the Directors of its subsidiaries against
liabilities to other parties (except the Company or a related party of the Company) that may arise from their positions as Directors. Freightways’ liability
insurance also covers Officers of the Group. The insurance does not cover liabilities arising from criminal actions.
For and on behalf of the Board this 19
th
day of August 2024.
Abigail Foote
Director
Mark Cairns
Chairman
Directors’ Report
Freightways Group Limited and its subsidiariesfreightways.co.nz6766Freightways Annual Report | Financial Year ended 30 June 2024

Independent auditor’s report
To the shareholders of Freightways Group Limited
Our opinion
In our opinion, the accompanying financial statements of Freightways Group Limited (the Company),
including its subsidiaries (the Group), present fairly, in all material respects, the financial position of the
Group as at 30 June 2024, its financial performance and its cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)
and International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group's financial statements comprise:
●the balance sheet as at 30 June 2024;
●the income statement for the year then ended;
●the statement of comprehensive income for the year then ended;
●the statement of changes in equity for the year then ended;
●the statement of cash flows for the year then ended; and
●the notes to the financial statements, comprising material accounting policy information and other
explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the financial statementssection of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand)(PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards)issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of a greenhouse gas emissions
preconditions assessment in relation to climate reporting. In addition, certain partners and employees
of our firm may deal with the Group on normal terms within the ordinary course of trading activities of
the Group. The provision of these other services and relationships has not impaired our independence
as auditor of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz



Description of the key audit matterHow our audit addressed the key audit matter
Revenue recognition
The Group’s revenue of $1,209 million for
the current year primarily consisted of
express package and business mail –
courier, express freight, refrigerated
transport and storage, and postal
services, and information management –
storage, destruction and digital services,
as disclosed in Note 3 of the financial
statements.
The Group has deferred revenue of $14.5
million included in contract liabilities for
service obligations not yet performed as
at 30 June 2024.
Revenue recognition under NZ IFRS 15 is
a key audit matter due to the number of
revenue streams and information systems
used to record revenue. Management
judgement is also required to estimate the
contract liability for deferred revenue
based upon historical usage patterns as
disclosed in Note 19.
We obtained an understanding and evaluated the
Group’s processes and controls relating to revenue
recognition for each material revenue stream and
recognition of a contract liability for deferred revenue.
Our audit procedures in relation to revenue recognition
for each material revenue stream included:
●challenging the material judgements made by
management in applying the standard, including
assessing a sample of individual contracts against
the requirements of NZ IFRS 15, particularly the
determination of performance obligations;
●performing a test of controls to ensure the
controls in place are effective to prevent and
detect material misstatement at a transactional
level;
●performing substantive analytical procedures to
ensure the accuracy of revenue for specific
revenue streams, including considering the
reliability of the data used in the analytics;
●testing a sample of revenue transactions to
assess the completion of performance obligations;
●testing a sample of revenue transactions to
assess the accuracy of pricing to supporting
documentation;
●for a sample of transactions within accounts
receivable at balance date we obtained either
confirmation of the amount owing from the
customer, or evidence of the amount owing from
alternative procedures including testing of
subsequent receipts or shipping documentation;
and
●assessing the disclosures made against the
requirements of the accounting standards.
●Our audit procedures in relation to the contract
liability for deferred revenue included:
●testing the system reports from which the data
used in the contract liability calculation is derived;
and
●understanding the models used by management
to determine the release to revenue for estimated
unredeemed tickets based upon historical usage
patterns and testing them by utilising substantive
analytical procedures.
PwC

Independent Auditor's Report
To the shareholders of Freightways Group Limited
Independent Auditor's Report
To the shareholders of Freightways Group Limited
68Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz69

Description of the key audit matterHow our audit addressed the key audit matter
Impairment assessment of goodwill
and indefinite lived brand names
As disclosed in Note 14, the Group has
goodwill and indefinite lived brands with
carrying values of $411.1 million and
$157.4 million respectively (30 June 2023:
$406.7 million and $157.3 million).
Goodwill and brand names are allocated
to cash-generating units (CGUs) for the
purpose of impairment testing.
Management performed an annual
impairment assessment using value in
use (VIU) models to determine whether
the carrying value of assets held by each
CGU is recoverable.
The carrying value of goodwill and
indefinite lived brands is an area of focus
for the audit and a key audit matter as it is
a significant amount on the balance sheet
and involves estimation and judgement
about future business performance which
includes certain key assumptions such as
revenue growth, earnings before Interest,
tax, depreciation and amortisation
(EBITDA) margin, terminal year growth
rate, the pre-tax discount rate and the
likely impact of climate change.
For each CGU, the recoverable amount
based on the value in use calculation was
higher than the carrying value of the CGU
and as a result, no impairment charge
was recognised.
Based on the level of headroom and the sensitivity to
impairment of each CGU, our audit procedures
relating to the estimates and judgments in the VIU
models include the following:
●gaining an understanding of the business process
and controls applied by management in preparing
the impairment assessments;
●considering the appropriateness of the
determination of each CGU and recalculating the
carrying amounts of the CGU net assets;
●evaluating whether corporate costs had been
allocated appropriately and included in the cash
flows for each CGU;
●testing the mathematical accuracy of the models
used to determine the VIU of each CGU;
●reviewing historical years actual revenue and
EBITDA against the original budgeted
performance to determine the reliability of the
budgeting process and considering the impact on
forecast performance;
●obtaining an understanding of the current and
forecast outlook for the business and
management’s basis for determining the key
assumptions in preparing the forecast cash flows.
This included management's assessment of the
likely impact of climate change;
●agreeing forecast future performance included in
the impairment assessments to the budgets
approved by the Board of Directors, based on the
three year forecasts with a growth rate applied for
the future periods;
●with the assistance of our auditor’s valuation
expert, assessing the appropriateness of the
terminal growth and discount rates and assessing
these against industry trends and external market
forecasts; and
●performing a sensitivity analysis over key
assumptions to determine whether reasonably
possible changes would result in impairment of
goodwill.
●We also reviewed the financial statements for
appropriate identification and disclosure of key
assumptions, including the impact of reasonably
possible changes which would result in an
impairment.

PwC



Our audit approach

Overview
Overall group materiality: $5 million, which represents approximately
5% of profit before tax.
We chose profit before tax as the benchmark because, in our view, it
is the benchmark against which the performance of the Group is
most commonly measured by users, and is a generally accepted
benchmark.
Following our assessment of the risk of material misstatement
●Full scope audits were performed for four components of the
Group based on their financial significance
●Specified audit procedures and analytical review procedures
were performed on the remaining 18 entities.
As reported above, we have two key audit matters, being:
●Revenue recognition
●Impairment assessment of goodwill and indefinite lived brand
names

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls, including among other
matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and in aggregate, on the financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the financial statements as a whole, taking into account the structure of the Group, the accounting
processes and controls, and the industry in which the Group operates.
PwC

Independent Auditor's Report
To the shareholders of Freightways Group Limited
Independent Auditor's Report
To the shareholders of Freightways Group Limited
70Freightways Annual Report | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz71