Freightways Climate Statement

Climate
Statement
Financial Year Ended 30 June 2024
Climate Statement 2024

OUR CLIMATE RISK AND
REPORTING JOURNEY
GOVERNANCE
03
14
05
27
09
32
CEO AND BOARD PREAMBLE
RISK MANAGEMENTSTRATEGYMETRICS AND TARGETS
Contents
CLIMATE-RELATED DISCLOSURES
03 Our climate risk and reporting journey
05 CEO and board preample
09 Governance
14 Strategy
27 Risk management
32 Metrics and targets
37 Appendices
43 Independent Assurance Report
47 Directory
48 Company particulars
01Freightways Group Limited and its subsidiariesfreightways.co.nz02Climate Statement | Financial Year ended 30 June 2024

Stakeholder
sustainability
materiality
assessment
2017 – 2018
First scenario
analysis
First voluntary
TCFD disclosure
2020 – 2021
Second voluntary
TCFD disclosure
2021 – 2022
Third voluntary
TCFD disclosure
2022 – 2023
FEB 2023
Stakeholder sustainability
materiality assessment
FEB 2024
Full revisit of
scenario analysis
FEB 2024
Board charter updated to
clarify climate-related
responsibilities
FEB 2024
Routes & premises
exposure assessments
JUN 2024
Controlled
business
climate risk
assessments
2023 – 2024
Freightways'
climate reporting
journey
3Freightways Group Limited and its subsidiariesfreightways.co.nz4Climate Statement | Financial Year ended 30 June 2024

1
IPCC, Sixth Assessment Report, 2023. https://www.ipcc.ch/report/ar6/wg1/downloads/factsheets/IPCC_AR6_WGI_Regional_Fact_Sheet_Australasia.pdf
2
New Zealand Government, Ministry for the Environment, New Zealand’s Green House Gas Inventory 1990-2022. https://environment.govt.nz/assets/publications/GhG-Inventory/GHG-
inventory-2024/GHG-Inventory-2024-Vol-1.pdf
3
Australian Government, Department of Climate Change, Energy, Environment and Water, Quarterly Update of Australia’s National Greenhouse Gas Inventory, 2023. https://www.
dcceew.gov.au/sites/default/files/documents/nggi-quarterly-update-sept-2023.pdf
FREIGHTWAYS FY24 CLIMATE-RELATED DISCLOSURE
1. CEO and
Board preamble
In a world marked by increasing flux and uncertainty, climate
change has emerged as a defining challenge of our time. The
past few years have seen the impacts of the climate crisis felt
across New Zealand, Australia, and the globe. The frequency
and intensity of weather events are increasing, causing
variations in rainfall, more frequent flooding, sea level rise, and
drought
1
.

The forces associated with climate change are and
will continue to have profound impacts across the economy,
on ecosystems, communities, industry, and government alike,
presenting numerous potential risks and opportunities. In the
face of these challenges and evolving regulations Freightways
sees it as essential to be proactive in adapting and mitigating
these risks, whilst contributing to the creation of a more
sustainable future.
Our experience of Cyclone Gabrielle, the Auckland Anniversary
Floods in early 2023, and other localised events this past
year are clear evidence of the ability of the changing climate
to cause disruption across our operations. These events
have allowed us to begin to better understand the risks and
impacts of extreme weather events across our value chain,
and how we can adapt and respond to future events. To
address climate change and reduce emissions, organisations
alongside government are taking action by enacting legislation
and defining pathways to reach net-zero economies. Working
collaboratively through industry-led initiatives like the Climate
Leader’s Coalition, which Freightways joined in 2019, will also
play a crucial role in the transition.
The transport sector is a large source of emissions, accounting
for 17.5% of total gross greenhouse gas (GHG) emissions
in New Zealand
2
and 21.2% in Australia
3
. New Zealand and
Australia have a long geography and widely distributed
population resulting in roading networks being a central
element of the transport system. As a major transport service
provider, we move thousands of items each day through our
core business of picking up, processing, and delivering goods.
We understand that providing these services is currently
emission-intensive and recognise the role we play as a part
of the transition to a low-carbon, climate-resilient future.
Freightways has endeavoured to measure the Group’s
operational GHG emissions for ten years. Since 2014,
we have been a certified Toitū carbonreduce organisation,
and have measured and put in place strategies to manage
our emissions. Since FY21, Freightways has had emission
reduction targets based on its most significant Scope 1,
2 and 3 emissions. However, during the preparation for
reporting under Aotearoa New Zealand Climate Standards,
it became apparent that the range of data relating to scope
3 emissions, which are the vast majority of Freightways’
emissions, required more work to be complete and
exhaustive. For this reason, Freightways decided to only
release Scope 1 and 2 emissions this year and to wait until
Scope 3 emissions are fully measured to set new targets.
We have advanced with electrification of our company
owned vehicles, with a plan to have 100% of company
cars be either plug-in hybrid or electric by 2031. From
FY26 we plan to implement charging ports and upgrade
the transformer at our Penrose location. Specific funding
is currently being sought under the EECA Low Emission
Transport Funding scheme to increase the charging
infrastructure to meet the demands of the electric
vehicle transition.
As a climate reporting entity under the Aotearoa
New Zealand Climate Standards, we view reporting as
an opportunity to build resilience into our organisation
and share how we are analysing and responding to our
climate-related risks and opportunities. This FY24 Climate
Statement builds on three years of voluntary disclosures
by Freightways. Reporting will continue to develop as our
understanding of climate-related risk and impact expands
and as we improve our strategies and the sustainability of
our organisation whilst collaborating with others to help to
achieve our collective goals.
MARK CAIRNS
Chairman
MARK TROUGHEAR
Chief Executive Officer
5Climate Statement | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiaries6freightways.co.nz

ABOUT THIS CLIMATE STATEMENT
Statement of compliance
Freightways Group Limited and its subsidiaries (together
‘Freightways’ or ‘the Group’) is a climate-reporting entity
(‘CRE’) under the Financial Markets Conduct Act 2013.
This Climate Statement includes Freightways’ climate-
related disclosures to comply with Aotearoa New Zealand
Climate Standards (‘NZ CS’) issued by the External
Reporting Board in respect of the reporting period from
01 July 2023 to 30 June 2024 (the ‘Reporting Period’
and also referred to as ‘FY24’).
In preparing this Climate Statement under NZ
CS Freightways has elected to use the following
adoption provisions:
ADOPTION PROVISION 2:
ANTICIPATED FINANCIAL IMPACTS
This adoption provision exempts Freightways from
disclosing anticipated financial impacts of climate-
related risks and opportunities reasonably expected by
Freightways for our first reporting period. This provision
also exempts Freightways from disclosing a description
of the time horizons over which the anticipated financial
impacts of climate-related risks and opportunities could
potentially occur.
ADOPTION PROVISION 3:
TRANSITION PLANNING
This adoption provision exempts Freightways from
disclosing the transition plan aspects of our strategy,
including how our business model and strategy might
change to address climate-related risks and opportunities;
and the extent to which transition plan aspects of our
strategy are aligned with internal capital deployment
and funding decision-making processes for our first
reporting period.
ADOPTION PROVISION 4:
SCOPE 3 GHG EMISSIONS
This adoption provision exempts Freightways from
disclosing Scope 3 GHG emissions information during
the first reporting period.
ADOPTION PROVISION 5:
COMPARATIVES FOR SCOPE 3 GHG EMISSIONS
This adoption provision exempts Freightways from
disclosing comparative Scope 3 emissions information
of the prior two reporting periods.
ADOPTION PROVISION 6:
COMPARATIVES FOR METRICS
This adoption provision exempts Freightways
from disclosing comparative information of the prior
two reporting periods for our disclosed metrics.
Freightways has selected FY24 as its base year
for this Climate Statement.
ADOPTION PROVISION 7:
ANALYSIS OF TRENDS
This adoption provision exempts Freightways from
disclosing analysis on the main trends in our disclosed
metrics between previous reporting periods. Freightways
is currently not disclosing comparative information for
some metrics, utilising adoption provision 6, therefore
we have no prior year data to provide trend analysis
and commentary.
Date published:
This Climate Statement was published on
21
st
October 2024.
Important information
for readers
Climate-related risk management is an emerging area,
and often uses data and methodologies that are
developing and uncertain. Freightways started climate
reporting a few years ago. With the introduction of
mandatory reporting and Freightways becoming a
CRE, considerable effort has been made to uplift our
assessment of climate risk. As a lean organisation, this has
involved engaging expert external consultants to support
with analysis and processes. As part of that engagement,
we have received advice from external consultants and
used third-party sources of information in conducting our
internal processes and also for parts of the content of this
Climate Statement.
This Climate Statement contains forward-looking
statements, including climate-related metrics, climate
scenarios, estimated climate projections, assumptions,
forecasts and statements of Freightways’ future intentions.
These statements necessarily involve assumptions,
forecasts and projections about Freightways’ present and
future strategies and the environment in which Freightways
will operate in the future, which are inherently uncertain
and subject to limitations, particularly as to inputs,
available data and information which is likely to change.
Freightways has used best efforts in the preparation of
this Climate Statement to provide accurate information as
at 30th June 2024, but cautions reliance being placed on
representations that are necessarily subject to significant
risks, uncertainties or assumptions. Climate-related
forward-looking statements may therefore be less reliable
than other statements Freightways may make in its
annual reporting.
Descriptions of the qualitative impacts of climate
change draw on and/or represent estimated impacts.
In particular, the risks and opportunities described in this
Climate Statement may not eventuate or may be more
or less significant than anticipated and comments about
potential reactions to those risks and opportunities should
be read in that light.
There are many factors that could cause Freightways’
actual results and outlook for the future to differ materially
from that described, including climatic, government,
consumer, technology and market factors outside of
Freightways’ control. Freightways also expects that some
forward-looking statements made in this document may
be amended, updated, recalculated, and restated in future
documents as the quality and completeness of its data
and methodologies continue to evolve and improve.
Nothing in this Climate Statement should be interpreted as
capital growth, earnings or any other legal, financial, tax or
other advice or guidance. For detailed information on our
financial performance, please refer to our Annual Report,
available at https://www.freightways.co.nz/investor-
relations/annual-reports/.
ABBY FOOTE
21
st
October 2024
MARK CAIRNS
21
st
October 2024
7Freightways Group Limited and its subsidiariesfreightways.co.nz8Climate Statement | Financial Year ended 30 June 2024

2. Governance
Governance body oversight
Freightways Group Limited and its wholly-owned subsidiaries across New Zealand and Australia (together ‘Freightways’ or
the ‘Group’) offer services in express package and business mail, waste renewal, information management, and refrigerated
transport. The members of the Group comprise the ‘Controlled Businesses’ and this term is used throughout this Climate
Statement. Freightways has grown organically and through acquisitions, and now has representation in every major town in
New Zealand and every state in Australia. It operates trusted brands in the communities Freightways serves, the key brands
of which are displayed in the organisational structure in Figure 1. The brands shown in Figure 1 (except those identified as
Equity Share Entities) are the key brands operated by the Controlled Businesses during the Reporting Period.
BOARD OF DIRECTORS
Freightways’ Board of Directors is responsible for the
long-term resilience and stewardship of the Group to
ensure the proper direction and control of Freightways’
activities. The Board’s climate-related responsibilities
were updated in the Board Charter in February 2024
4
.
The Board has the responsibility for establishing corporate
objectives and strategies, which includes managing risks
and opportunities associated with climate change. Since
February 2024, climate-related risks and opportunities
have been formalised as a standard Board agenda item.
Prior to February 2024, climate was regularly discussed
by the Board at meetings, including as part of considering
the monthly Health, Safety and Environment (HSE) update
from the General Manager of Safety and Sustainability
(GM S&S). The HSE update includes updates on topics
relevant to Freightways’ climate-related risks and
opportunities, such as availability and progress in
low-emissions vehicle technology.
The Board was updated on Freightways’ contractors’
emissions reduction plan in July 2023 and August 2024
and has had access to significant climate risk assessment
work that was shared with the Audit and Risk Committee
(ARC) and is described in the Risk Management section.
The Board is also responsible for approving a set of
metrics and targets for managing Freightways’ climate
related risks and opportunities, as well as monitoring
progress against those and approving reporting.
The Board decided in August 2024 that targets initially
set in 2021 are no longer appropriate and will approve
future targets during FY25, with the benefit of further data.
The Board will consider recommendations received from
ARC, the CEO and GM S&S in relation to targets and will
establish a cadence for monitoring targets after these
are reset in FY25.
FIGURE 1: FREIGHTWAYS GROUP KEY BRANDS
The brands of the Equity Share Entities are included in this
Figure 1 for completeness. Freightways is a shareholder
of 50% or less in the entities that operate these brands,
so those entities are not Controlled Businesses, and they
do not form part of the Group for the purposes of this
Climate Statement.
AUDIT AND RISK COMMITTEE
Freightways’ ARC is responsible for the management,
monitoring, and reporting of risks, including those that
are climate-related. The Charter of the ARC requires that
the ARC conduct an annual review of management’s
prioritisation of Freightways’ business risks and
mitigating actions as consolidated across the Group,
and recommend to the Board for approval key risks
for which risk management plans will be developed
and implemented. Freightways’ risk register is updated
annually and taken to the ARC for the purposes of this
review. During the Reporting Period, a climate risk register
was created and shared with the ARC.
The ARC’s climate-related responsibilities were updated
in February 2024. Prior to February 2024, the ARC was
responsible for climate-related risks as part of its general
responsibilities regarding Freightways’ risks. The ARC
has further climate-related responsibilities that include
the definition of scenarios and the measurement of
financial impact
5
.
The ARC has responsibility for recommending the
inclusion of climate-related risks and opportunities in
Freightways’ long-term strategy; metrics and targets
for managing those risks; and also for undertaking a
detailed review of Freightways’ climate reporting. During
this Reporting Period, the ARC was updated in relation to
scenarios and scenario analysis, the Controlled Business
Risk Assessments as well as the overall Freightways
Climate-related Risk Assessment. The ARC will oversee
significant work areas to come to meet NZCS requirements
in FY25 and a regular cadence of climate-related reporting
to ARC will be established, that includes progress in both
measurement and reduction of GHG emissions.
4
Freightways’ Board Charter can be found at: https://www.freightways.co.nz/about/
corporate-governance
5
See Board Charter referred to in the footnote above for further details of ARC
climate-related responsibilities.
FIGURE 1:
FREIGHTWAYS GROUP
KEY BRANDS
EXPRESS PACKAGE AND BUSINESS MAIL
NEW ZEALANDAUSTRALIANEW ZEALAND
NETWORK COURIERP O I NT-TO - P O I NTREFRIDGERATEDBUSINESS MAILSUPPORT
The fresh way to buy.
™
INFORMATION
MANAGEMENT
NEW ZEALANDAUSTRALIA
E Q U I T Y S H A R E

ENTITIES
CONTROLLED
BUSINESSES
9Freightways Group Limited and its subsidiariesfreightways.co.nz10Climate Statement | Financial Year ended 30 June 2024

Board skills
and competencies
Freightways’ Directors have governance expertise related
to sustainability and climate change. The Board skills matrix
on page 58 of the Annual Report outlines the skills of each
Director, including relevant areas of expertise such as:
Governance; Audit and Risk; and Environmental and Social
matters. All our Board members are supporters of Chapter
Zero
6
. To keep the Board informed of the latest climate data
and aware of regulatory and sector updates, the Board’s
experience is supplemented by external support and
training when required. Over the past year, this included
the delivery of two climate-focused workshops by Tadpole
to help upskill the Board and ensure they have sufficient
knowledge to understand and make decisions informed by
climate-related risks and opportunities. External support
has been relied on to assist where internal resource is
insufficient, in particular in relation to the risk assessments
described in the Risk Management section (page 27),
and to support content within this Climate Statement.
Integration of climate
change into strategy
Freightways has yet to formally integrate climate-related
risk and opportunities into its overall business strategy.
Given the exposure and dependencies along Freightways’
value chain, the Board has acknowledged the importance
of integrating climate-related risks into the strategic
direction of the Group, including allocation of responsibility
to the ARC as noted above.
Remuneration
Freightways’ Board is responsible for approving
executive remuneration. Freightways has incorporated
climate-related performance metrics in the remuneration
as part of the short-term incentives of the CEO for FY24,
FY23 and FY22 (with FY24 having a weighting of 5% and
measured against the achievement of certain climate
related strategic goals)
7
. In each of these years 100%
of the incentive was paid, reflecting achievement
against strategy.
The CFO and GM S&S have performance metrics that
relate to integrating climate-change related considerations
into Freightways’ practices which, in FY24, had individual
weightings of between 5% and 10%.
The Board will be exploring ways to further make climate-
related risks and opportunities a tangible and meaningful
component of wider management’s core responsibilities
and performance evaluation criteria in the future.
Management’s role
Freightways’ Chief Executive Officer (CEO) and Chief
Financial Officer (CFO) have delegated authority from
the Board to take responsibility for assessing and
managing consolidated risks and opportunities related
to all subsidiaries. As part of this role in the Freightways
Executive Leadership Team (E LT), the CEO and CFO are
engaged in structuring Freightways’ strategic and risk
management approach to potential climate-related risks
and opportunities.
The CEO is responsible for the integration of sustainability
considerations in the overall business strategy and will
be responsible for recommending proposals for climate-
related targets to the Board, alongside GM S&S. The CFO
is responsible for the management of all business risks,
including climate-related risks.
To assess and manage risks, Freightways’ CEO and CFO
work with General Managers to update the Group risk
profile drawing on each of Group Controlled Business’s
documentation and report this to the ARC annually.
During the Reporting Period, GM S&S worked with the
general managers of the Controlled Businesses
(General Managers), supported by Tadpole, to conduct
Controlled Business Climate Risk Assessments (see Risk
Management section page 27). Having undertaken this
significant project, the General Managers and executive
teams of each of Freightways’ Controlled Businesses
will continue to be involved in identifying, assessing,
and managing climate-related risks and opportunities,
and developing future strategies at an operational level
(Controlled Business level) to provide those to Freightways’
CEO and CFO at least annually.
Over the Reporting Period, risks were reviewed, and new
climate-related risks were considered and then analysed
by Freightways’ ELT and the ARC and reported to the Board.
At the Group level, the management of Freightways’
sustainability metrics and strategy (including climate)
is delegated to the GM S&S. The GM S&S prepares the
monthly HSE reports which include relevant climate-
related risks and opportunities. This monthly HSE report
is shared with the ELT and the Board. The GM S&S also
reports climate metrics to the Board and will also make
proposals, alongside the CEO, in relation to climate-related
targets for approval from FY25.
The People & Safety Committee reviews performance and
terms and conditions of employment of the CEO and his or
her direct reports, as well as making recommendations to
the Board in relation to short-term incentives.
Organisational
structure
6
The mission of Chapter Zero New Zealand is to mobilise, connect, educate and
equip directors and boards to make climate-smart governance decisions, thereby
creating long term value for both shareholders and stakeholders. See https://www.
chapterzero.nz/about
7
Page 61 of the Freightways Annual Report 2024 has further information about
CEO remuneration.
An overview of Freightways’ governance structure in relation to climate-related
risks and opportunities and relationship between the Board and management is
displayed in Figure 2. Please see the Board Charter for further detail.
FIGURE 2: OVERVIEW OF GOVERNANCE STRUCTURE FOR CLIMATE-RELATED RISKS AND OPPORTUNITIES
Significant
climate-related
projects,
discussions and
approval requests
Monthly
HSE reports
and other
information
on request
Climate-related risks opportunities, metrics & targets
FREIGHTWAYS
BOARD
Responsible for the oversight of
business strategies, management,
remuneration, managing climate-
related risks and opportunities,
establishing the ambitions for
emissions reduction and
approving and monitoring
metrics and targets.
BOARD AUDIT &
RISK COMMITTEE
Responsible for recommending
the inclusion of climate-related
risks and opportunities in long-term
strategy, as well as detailed review
and recommendations in relation
to climate-risk management
and reporting.
FREIGHTWAYS CFO
Responsible for the management
of all business risks, including
climate-related risks.
G M
SUSTAINABILITY
& SAFETY
Responsible for management
of climate-related risks and
opportunities from a corporate level
and ensuring these are provided
to the ELT and integrated into
Freightways’ strategy.
FREIGHTWAYS CEO
Responsible for the integration of
review of the sustainability strategy
considerations in the overall
business strategy.
Climate related risks
CONTROLLED BUSINESSES’ EXECUTIVE LEADERSHIP / GM'S
Responsible for day-to-day identification, monitoring, management, and reporting on climate-related risks and opportunities.
11Freightways Group Limited and its subsidiariesfreightways.co.nz12Climate Statement | Financial Year ended 30 June 2024

The changing climate has the potential to significantly
impact Freightways’ operations in Australia and
New Zealand, and Freightways is committed to taking
steps to further understand how climate change is
currently impacting the business and how it could
reasonably affect us in the future.
OUR BUSINESS MODEL AND STRATEGY
Freightways is a leading provider of express package,
business mail delivery, and logistics services in New
Zealand and across Australia, serving customers since
1964. Freightways caters to a range of consumers and
businesses, offering services such as courier delivery,
information management, and supply chain solutions.
Our purpose is to always be on the move and everything
we do is about moving you to a better place. Across the
Group, we pick-up, process, and deliver physical and
digital items providing a reliable and efficient service for
our customers. In 2020, Freightways started investing in
temperature-controlled transport, through the acquisition
of Big Chill and later Produce Pronto. These businesses
transport and store both chilled and frozen food.
Our business model relies on the use of contractors to
deliver goods under our courier brands and involves
utilising leased vehicles, trucks, and properties.
Freightways’ most material emissions come from the fuel
we use across our vehicles and aircraft. The transition
of our large trucks away from diesel is not progressing
as quickly as expected due to the limited availability
and viability of trucks to do the job required and lack of
planned infrastructure to support alternative fuels. Our
light vehicle model and associated assumptions away
from internal combustion engines (ICE) is also likely to
occur at a later date than initially planned. The proposed
replacement of aircraft with more fuel-efficient models is
on track, although the introduction of Sustainable Aviation
Fuel (SAF) does not appear to be as soon as initially
anticipated. These challenges have led Freightways to
believe the transition to a low carbon model in the near
future to be more difficult than previously anticipated.
Freightways' growth strategy revolves around delivering
reliable and efficient express package and business
services. We have adopted a customer-centric approach,
striving to provide quality services that meet the evolving
needs of our extensive customer base. Freightways'
strategy places a heavy emphasis on operational
efficiency. Freightways invests in diversified business
activities not only to boost revenue streams but also
to minimise risk. Our team and partners are united by
three deeply held beliefs: everyone takes ownership,
3. Strategy
we think commercially, and we work as a family. We
also invest in businesses such as SaveBOARD (which
allows us to recycle and repurpose plastic containers)
and our electronic destruction businesses in Australia.
We believe our strategy of operational efficiency and
diversified business activities positions Freightways well
to transition to a low-emissions climate-resilient future;
however, we acknowledge the various challenges related
to new technologies and infrastructure that underpin our
transition pathway.
Current Climate Impacts
No material physical or transitional climate impacts were
experienced in the Reporting Period, which commenced
on 1 July 2023.
Shortly before the Reporting Period in February 2023,
Cyclone Gabrielle was a significant weather event that
produced widespread damage and destruction due to its
heavy rains, strong winds, and extreme weather conditions.
Cyclone Gabrielle caused significant disruptions to
Freightways’ transportation network affecting roads,
bridges, and airports, making it harder to reach the Hawkes
Bay, Gisborne, and surrounding areas. Our commitment
to delivering for our customers and communities in these
areas was resolute during this time, but for Freightways
this severe weather event caused significant flooding and
damage to some of our key transport routes, requiring us
to implement lengthy detours or expensive alternatives to
deliver to several regions.
As communicated to the New Zealand Stock Exchange
(NZX)
8
in March 2023, the impact of Cyclone Gabrielle on
Freightways’ businesses has been in the region of $2m
in earnings before interest, tax, and amortisation as a
result of lost revenue and additional operating costs to
circumnavigate impacted roads.
On reflection after the cyclone and storms subsided,
we were able to understand how we can better respond
to significant weather events in the future, including
establishing a prioritisation hierarchy for freight deliveries
during disruptive periods, and therefore ensuring that
regions receive the most critical items as a matter of
urgency. In the Risk Management section page 27, we
describe a Route and Premises Exposure Assessment
which considered a range of risks such as flood plain risk,
wind exposure, and other physical risks such as tsunami
vulnerability and earthquake risk.
8
NZX, One-off Costs and Trading Update, 2023,
https://www.nzx.com/announcements/409114
Freightways Group Limited and its subsidiariesfreightways.co.nz1413Climate Statement | Financial Year ended 30 June 2024

Scenario analysis
Freightways engaged Tadpole, specialist sustainability
consultants, to assist with analysis of climate-related risks
and opportunities, as well as the supporting data and
workshops for the scenario analysis process. Freightways
undertook scenario analysis with the assistance of Tadpole
to enable it to understand the resilience of its business
and value chain under possible future temperature, policy,
technology, and societal changes. This process also
allowed Freightways to better understand the extent of our
climate-related risks and opportunities and to aid in the
beginning phase of developing a transition plan.
SCENARIO ANALYSIS PROCESS UNDERTAKEN
Freightways has been working collaboratively with other
transport sector organisations to undertake transport
sector-level scenario analysis with the assistance of The
Aotearoa Circle (the output of that work is the Transport
Sector Scenarios
9
). While this sector work was underway,
we have undertaken a refresh of our own scenario analysis
process in 2024 in collaboration with Tadpole to meet
the requirements of the Aotearoa New Zealand Climate
Standards. Where possible, we have closely linked our
scenario analysis to the Transport Sector Scenarios to
make the scenarios appropriate and relevant to assess
resilience to climate-related risks and opportunities,
with alterations to make them relevant for our business
and its operations.
The scenario analysis undertaken this year is a standalone
process and is not currently integrated within Freightways’
overall strategy processes.
The steps undertaken in our scenario
development process involved:
9
The Transport Sector Scenarios are available at https://www.theaotearoacircle.nz/
reports-resources/transport-sector-climate-change-scenarios.
TABLE 1: OVERVIEW OF OUR CLIMATE SCENARIOS
OVERVIEW OF OUR CLIMATE SCENARIOS
10
STEP 1:
Key personnel and stakeholders in management positions
including members of our ELT, sustainability and finance
teams were brought together by Tadpole to be involved
in the assessment of defining key outputs, roles, and
responsibilities of the analysis process.
STEP 2:
Validated scenario analysis boundaries, including
time horizons, geography, value chain, and framework
architecture and to set the focus question “how could
climate change plausibly affect our business, what should
we do and when?”
STEP 3:
Relevant driving forces were assessed using the STEEP
framework (Social, Technological, Economic, Environment,
Political) to determine if any modified drivers are plausibly
impacted by climate change.
STEP 4:
Three scenarios were developed by collating relevant
sector-level pathways and data to determine how each
scenario may affect the organisation’s value chain. The
three scenarios selected include a 1.4°c Net Zero 2050,
a 1.6°c delayed transition, and a 3+°c current policies.
STEP 5:
Scenario narratives were crafted which are compelling,
plausible, and internally consistent, including supporting
data that had been developed or collated in the
analysis process.
STEP 6:
The scenarios were systematically assessed for
implications on our strategy and business model
and options were explored for approaches to
scenario reiteration for future changes in strategy
and transition planning.
STEP 7:
The scenarios were reviewed by Freightways’ management
team and ARC and ultimately approved by the Board as
part of the approval of this Climate Statement.
10
Data to support the scenarios was sourced from the IEA and CCC in relation to transport and energy variables. Physical and socio-economic variables were sourced predominantly
from NGFS, supplemented by data from IPCC, NIWA, NASA Sea Level Change Portal, the SSP database and NZ Treasury.
11
Temperature outcomes at 2050 are in alignment with climate scenario pathways and models (architectures) that have been used for the scenario analysis. The transport sector work
modelled temperature outcomes at 2100. Note: there is a small degree of variance between the two models.
12
This is used to represent the 1.5 degree scenario required in NZCS, as the rapid decarbonisation pathway considered in the Orderly scenario provides a scenario narrative consistent
with the socio-economic, technological and climate drivers and outcomes of a 1.5 degree aligned scenario.
*The NGFS (Network for Greening the Financial System) archetypes identified in bold, were used in the scenario analysis, with broadly corresponding RCP, SSP, CCC and IEA alignment
noted for reference. Please see Glossary for explanation of these terms.
ORDERLY /
NET ZERO 2050 (1.5°C)
DISORDERLY /
DELAYED TRANSITION (1.5°C)
HOT HOUSE WORLD /
CURRENT POLICIES (3+°C)
TEMP. OUTCOMES (2050
11
)1.4°C
12
1.6°C3+°C
SCENARIO ARCHETYPES*
NGFS – Orderly theme
RCP1.9
SSP1: Sustainability
CCC: Tailwinds
IEA: NZE
NGFS – Disorderly theme
RCP2.6
SSP3: Regional Rivalry
CCC: Headwinds
IEA: SDS
NGFS – Hot House World theme
RCP8.5
SSP5: Fossil Fuel Development
CCC: Current Policy Reference
IEA: STEPS
POLICY REACTION
Immediate and smooth.
Pre-emptive.
Reactive in real-time.Retroactive reactions.
REGIONAL POLICY
VA R I AT I O N
Collaborative.
Broad agreement on policies.
Significant. Singular focus.
Less collaboration. Focus on
domestic priorities.
Low collaboration, limited
variation. Minimal policy
changes up to 2050.
SPEED OF TECHNOLOGY
CHANGE
Rapid. High investment levels.
Delayed until 2030,
rapid thereafter.
Slow
CONSUMER SENTIMENT/
BEHAVIOUR CHANGE
Broad re-orientation
towards sustainable living
and resource use.
Delayed until 2030,
followed by significant shift to
sustainable living.
Gradual shift, driven by
future generations.
PHYSICAL RISK SEVERITYLowMediumHigh
TRANSITION RISK SEVERITYMedium (higher short-term)HighLow
HEALTH IMPACTS OF
PHYSICAL RISKS
Low. Preventative action in an
equitable manner.
MediumHigh
GLOBAL TRANSPORT
EMISSIONS
Rapid, sustained and
substantial decrease. Levels by
2050 are less than 10% current
levels.
Steady decrease across all
decades that does not kick in
until the 2030s. Reductions
significant but
not substantial.
Increase in the 2030s followed
by a small decrease in 2040s
that is not sustained. Overall
levels increase.
FREIGHT MODE SHARING
A strong shift to more rail and
coastal shipping, most prevalent
in the 2030s.
A minor shift away from road.
No modal shift. Road freight
predominates across all
decades.
15
Freightways Group Limited and its subsidiariesfreightways.co.nz16Climate Statement | Financial Year ended 30 June 2024

ORDERLY SCENARIO
The world embarks on a swift and smooth transition
towards a low carbon economy, driven by rapid
advancements in low emissions technologies such
as electrification, bioenergy, and hydrogen. Global
cooperation fosters the development of a low emissions
economy, marked by a moderately high carbon price and
a strong international market for low emissions vehicles
and fuels. In New Zealand and Australia, bipartisan political
ambition sends clear signals to the market: immediate
and rapid decarbonisation is imperative, as evidenced
by the rising prevalence of climate litigation against non-
compliant organisations.
Social expectations and policy initiatives drive the supply
and demand for low emissions technology, shaping the
financing landscape. Throughout the 2020s, heightened
social expectations prompt a surge in consumer pressure
for low emissions freight, compelling governments to
develop freight strategies in consultation with industry
stakeholders. Public-private partnerships emerge
to encourage investment in low-emission fuels and
technologies, yet competition for supplies intensifies,
driving increased investment in local solutions.
However, despite efforts, insufficient domestic capacity
for alternative fuels persists in the short term, causing the
price of low emissions technology to continue rising.
Early adopters recognising societal expectations and
evolving regulations, commit additional capital to
decarbonise their fleet.
The intensifying physical impacts of climate change
amplify political ambition, prompting decisive action on
emissions reductions. Governments prioritise bipartisan
climate leadership, enacting critical policies and funding
initiatives to secure a low carbon economy. Targeted
policies are introduced to tackle high-emitting sectors,
with a focus on fostering the adoption of low emissions
technology through subsidies, rebates, and co-financing.
Access to finance undergoes a paradigm shift, with
sustainability linked loans experiencing significant growth
and lenders adopting greater scrutiny of environmental
criteria. Funding prioritisation favours future-fit companies
with robust transition plans, while the insurance sector
reassesses asset vulnerability in the face of climate risks.
The convergence of social will and regulation accelerates
innovation in the freight industry. Demand for low
emissions freight and evolving regulations propel
rapid development of solutions, leveraging artificial
intelligence and data sharing to optimise freight systems.
Collaborations between rail, coastal, and land-based
freight providers drive the development of climate-
resilient infrastructure, while value chain collaboration
fosters the development of commercially viable
infrastructure. Funding models like “book and claim” gain
traction as freight companies collaborate to decarbonise
the freight network. Freight providers are required at the
very least to provide their customers with accurately
determined, third party verified carbon data.
Further afield, the urgency to combat climate change
reshapes global geopolitical and economic dynamics.
Tariffs on high-emitting sectors and products become
commonplace, influencing international freight dynamics.
Carbon pricing agreements gain traction, while shifts in
consumer demand and primary industries redefine freight
routes and volumes.
As the impacts of climate change become more visible,
workforce preferences and climate activism drive
significant pressure on freight companies to rapidly
decarbonise operations. Legislative responses align with
public sentiment, imposing penalties on non-compliant
organisations and creating risks for those failing to
transition quickly enough.
In the 2030s, the prioritisation of climate action
accelerates, bolstered by demographic shifts and tech-
enabled transparency. Compliance becomes paramount,
with directors and officers actively driving transition
activities to mitigate legal and reputational risks. Ongoing
weather events and consumer preferences for low-carbon
solutions drive increased deployment of low emissions
vehicles and fuels, while investments in infrastructure yield
operational efficiencies and resilience.
The freight industry responds by focusing on adaptation
as climate impacts escalate, ensuring critical routes
remain operational. In terms of mitigation efforts, high
levels of low emissions fuels in domestic supply chains,
coupled with mode shifting and tech-enabled data
sharing, drive efficiency and resilience. Green purchasing
becomes the norm, as consumers prioritise locally
sourced products, leading to the transition to a high value,
low volume economy.
DISORDERLY SCENARIO
Climate action in the 2020s is characterised by conflicting
governmental priorities and limited progress. The topic
is highly politicised, see-sawing in response to political
cycles and often overshadowed by other challenges. As
climate change gradually slips lower down the priority list,
the window of opportunity to make meaningful changes in
the short term continually contracts. Large infrastructure
projects that would be required to achieve significant
transport emissions reductions are put on the backburner
while small efficiency gains are made through data sharing
and collaboration. Trends in consumer behaviour remain
relatively unchanged, with export markets reflecting a
similar state. The status quo is upheld. While most of the
next six years sees minimal climate action taking place, in
the background there are some companies going against
the grain and choosing to transition ahead of the curve.
Being an exception to the rule, however, means that this
transition is often undertaken at their own cost.
As the 2030s begin to roll in, it becomes clear that
the previous decade was the calm before the storm.
The impacts of climate change are becoming more acutely
felt across Australia and New Zealand, with land transport
routes experiencing frequent disruptions and low lying and
coastal infrastructure bearing the brunt of storm surges
and tropical cyclones. These impacts, compounded by a
lack of government action, sees societal unrest peak.
Due to growing public demand, the government introduces
a series of policies aimed at rapidly transitioning to a
lower-carbon economy. While well-intentioned, the
coordination of domestic policies goes about as well as
one could hope when they were developed with minimal
consultation and deployed as a matter of urgency. The
consequences of this are apparent in the relatively stable
carbon price increasing substantially by 2040
13
.
Globally, there is a similar scramble to transition,
with significant variation in policy speed and direction.
As markets introduce tariffs and taxes to safeguard
domestic interests, a rise in nationalism is observed.
Increasing market access requirements create additional
complexity and cost for importers and exporters, while
freight volumes drop due to sourcing constraints, affecting
distribution volumes. The influx of nations suddenly
transitioning at the same time also leads to a significant
imbalance in supply and demand for low emissions
technologies and fuels. Australia and New Zealand are
left with no choice but to compete on the global stage
for these technologies and larger players regularly
outcompete both countries. Like the carbon price, the cost
of these technologies skyrockets and are not a feasible
option for many businesses. The increase in the speed of
technology change and adoption creates a shock to the
domestic economy causing GDP to contract and inflation
to spiral out of control.
Meanwhile, the damaged infrastructure and disrupted
transportation routes from extreme weather events
begin to leach capital from affected businesses, with
costs of repairing or servicing some routes becoming
too expensive due to their frequent closures. Port
infrastructure becomes less reliable, impacting imports
and exports. Access to finance and insurance is
predicated upon comprehensive transition planning and
disclosure. Financing for high carbon activities or at-risk
locations becomes increasingly expensive or unavailable
as insurance companies retreat.
By 2040, national debt has increased to record levels as
major infrastructure investments are made. Consumers
are still mostly unwilling to pay, leading to many businesses
and private finance shouldering the costs of the hasty
transition to a lower-carbon economy. Those who
transitioned earlier now begin to reap the benefits of their
efforts in previous decades.
The effects of climate change on coastal infrastructure
and roading networks continue to be felt through the
2040s. While land freight has largely managed to transition
to a low emissions network, it has come with high costs.
New Zealand and Australia are predominantly dependent
on imported, high-cost fuels with only a modest domestic
capacity for alternative options. Shipping and aviation
gradually follow suit with decarbonisation, but due to
the complexity, lengthy distances and significant capital
lifetimes, progress is intermittent. Businesses continue to
carry the costs that compound in this final decade.
13
Reference: International Institute for Applied Systems Analysis (IIASA)
Integrated Assessment Modelling (IAM) Scenarios: Carbon Price – SSP2-19
17Freightways Group Limited and its subsidiariesfreightways.co.nz18Climate Statement | Financial Year ended 30 June 2024

SHORT TERM:

2024–2030
MEDIUM TERM:

2031–2040
LONG TERM:

2041–2050
HOT HOUSE WORLD SCENARIO
A lack of additional climate policies beyond the current
policies of today has allowed global warming to spiral out
of control, leading to a global focus on food and energy
security. Highly cyclical governments hinder long-term
planning, directing funding towards climate adaptation
rather than mitigation. Slow and directionless technology
development exacerbates the pressure on critical
infrastructure, with society placing little value on low
emissions technology.
In the early years, economics shapes policy decisions,
with support for climate mitigation efforts dwindling
amidst rising cost-of-living pressures. Government
policies prioritise short-term GDP-focused growth,
with unclear signals on decarbonisation. The Australian
and New Zealand economies prioritise commodity growth,
with subsidies common in agriculture, fossil fuels, and
minerals. Government strategies focus on optimising
existing freight systems and adapting to extreme
weather events, rather than prioritising collaboration and
decarbonisation. Investments aim at protecting critical
infrastructure and assets. The lack of mitigation efforts
and disagreement on climate action exacerbate social
tensions, leading to increasing inequality, particularly
for vulnerable communities.
As the 2030s unfold, consumption remains highly
material and carbon intensive, driving demand for
imported products despite growing urban populations.
Growing congestion challenges last-mile deliveries, while
the political focus on adaptation rather than mitigation
sees unprotected infrastructure abandoned and delivery
costs escalate. Climate impacts worsen, disrupting critical
infrastructure and necessitating increased reliance on
artificial intelligence and IoT devices. Adaptation efforts
focus on preventative maintenance and fast repair,
requiring a skilled workforce and selective access
to finance.
During the 2040s, the physical impacts of climate
change begin to disrupt all areas of the freight network.
Road and bridge closures are no longer perceived as an
‘if’ but a ‘when’. Legacy infrastructure becomes unreliable,
leading to unusable routes and constant disruptions in
international shipping and aviation. In this period, costs
of maintaining freight networks reach critical levels, and
customers are increasingly unable or unwilling to accept
them. Access to finance presents significant challenges,
with restrictions exacerbated by the difficulty in accurately
forecasting climate impacts. Capital allocation leans
heavily towards climate adaptation measures, akin to
applying band-aids to plug holes. Heightened disruptions
and cost pressures result in retreat from certain locations
and industries, leaving some communities stranded.
Freight companies are making substantial investments in
predictive technologies to streamline capital deployment
and operational efficiency amidst these challenges.
Political instability, brewing over the previous two decades,
adds another layer of complexity.
This instability exposes freight operators to increasing
fluctuations in resource and fuel prices, exacerbating
the challenges.
Broadly, economies turn inward to secure domestic needs
first, fostering low levels of cooperation and high regional
rivalry. Individualistic perspectives on climate change
become more prevalent, contributing to inconsistent
international demand for New Zealand and Australian
products, leading to challenges in freight planning and
increased costs of servicing the domestic market.
WHY OUR THREE SCENARIOS?
Our three climate scenarios were chosen to meet the
temperature outcomes required by the Aotearoa
New Zealand Climate Standards and will allow us to
test our current business strategy and identify possible
impacts through different futures with varying levels of
transition and physical risk. Freightways also considered
our scenarios against the wider Transport Sector
Scenarios developed by The Aotearoa Circle. Freightways
has not applied any additional rationale e.g. capital
deployment and/or fleet considerations, apart from
alignment with NZ CS and the transport sector.
Time horizons used in
our Scenario Analysis
The scenarios and scenario analysis process considered
short-, medium- and long-term time horizons which
were chosen to align with the Transport Sector Scenario
time horizons.
These time horizons are longer than we use in our
existing general business risk assessment process,
given the long-term nature of many climate-related risks.
We have endeavoured to align the assessment of climate
risks identified through scenario analysis with our existing
risk assessment process as much as made sense, even
if both the time horizons considered and the nature
of some of the impacts are different. As noted above,
scenario analysis has been a standalone process rather
than integrated with Freightways’ overall strategy and the
time horizons used in scenario analysis have not been
integrated into our strategic planning horizons or capital
deployment plans.
19Freightways Group Limited and its subsidiariesfreightways.co.nz20Climate Statement | Financial Year ended 30 June 2024

Significant climate-related
risks and opportunities
Freightways identified and assessed climate-related risks
and opportunities through our scenario analysis process
with assistance from Tadpole and considered the physical,
policy, technology, market, and stakeholder impacts on
the business. The process of undertaking the identification
and assessment is discussed in the Risk Management
section on page 27 of this Climate Statement. The
anticipated financial impacts of our climate-related risks
and opportunities will be disclosed in FY25 as we develop a
robust process to do so.
Information about Freightways’ climate-related risks and
opportunities, their potential impacts on the business,
and the likely time period they are reasonably expected
to occur are outlined within the following pages 22 to 25
of this Climate Statement.
Climate-related risks are identified as:
• Physical climate impacts: Physical climate impacts arise
from extreme weather events (e.g., storm, flood, drought)
or from the longer-term shifts in climate patterns (e.g.,
increasing temperatures). These changes may result
in financial risks due to the direct and indirect impacts
they can have on business operations, assets, markets,
or to supply chains.
• Transition climate impacts: Transition climate impacts
refer to risks resulting from the policy, legal, value chain,
reputation, technology, and market changes occurring in
the transition to a low carbon economy. Depending on
the nature, speed, and focus of these changes, transition
impacts may pose varying levels of potential financial
impacts to Freightways.
The table below gives a high level overview of climate-
related risks and opportunities identified by reference to
the climate-related scenarios used. Further description of
these risks and opportunities and potential impacts follows
after the table.
ORDERLYDISORDERLYHOT HOUSE WORLD
CategoryRiskShortMediumLongShortMediumLongShortMediumLong
PHYSICAL
– 01
Extreme
weather
events causing
sustained
disruptions to
the transport
network
PHYSICAL
– 02
Higher
temperature
and extreme
weather events
damage assets
and disrupt
utility services
TRANSITION
– 01
Increasing fuel
costs resulting
from higher
cost of carbon
TRANSITION
– 02
Climate
compliance
requirements
raise barriers
for new drivers,
hindering
business
growth
Risk Rating
Low
Medium
High
Very High
Physical climate risks
PHYSICAL RISK 01 – EXTREME WEATHER EVENTS
DISRUPT THE TRANSPORT NETWORK
Extreme weather events such as storms, bushfires, and
flooding cause temporary, or even sustained disruption to
the transport network or infrastructure.
Potential Impact:
Freightways’ business model relies on a network of
transportation assets and logistics infrastructure to move
goods for our customers. The impacts of climate change,
including more prevalent extreme weather events, threaten
to damage and disrupt the roads, airports, and shipping
ports that keep our customers’ goods moving around the
country and the world. This could lead to delays in delivery
times for customers and higher transport costs as freight is
diverted to alternative routes.
Sea level rise and rising temperatures could amplify the
impacts of extreme weather events and potentially lead
to long-term or permanent damage to transport routes,
such as the Cook Strait ferry or certain roading networks
in New Zealand and Australia, and/or damage other assets
and infrastructure including airports, further amplifying
the impacts of extreme weather events. This could result
in increases to our transportation costs and impact on the
resilience of our operations.
Time horizon(s) with impact to Freightways:
LO N G -TE R MMEDIUM-TERMS H O RT-TE R M
LO N G -TE R MMEDIUM-TERMS H O RT-TE R M
Strategy Response:
Freightways have conducted a Route and Premises
Exposure Assessment (see Risk Management page 27) to
investigate the exposure of our assets and the transport
routes we use to possible future changing weather
conditions to help us understand where the risk is most
significant along our network. The experience from events
such as the 2023 flooding in Auckland and Cyclone
Gabrielle in Hawkes Bay, has provided us with learnings
in how to manage disruption for future extreme weather
events. Freightways reviewed established processes, staff
capabilities, and prepared alternate operational plans in
preparation for future events. Our planning of alternate
routes, runways, and an increase of communication
through daily reporting during any event will also help to
address this risk.
PHYSICAL RISK 02 – HIGHER TEMPERATURE AND
EXTREME WEATHER EVENTS DAMAGE ASSETS AND
DISRUPT UTILITY SERVICES
Due to the expansive nature of our network, our fixed
assets and the utility services (e.g., fuel, electricity) that
support these are likely to experience different physical
climate impacts that threaten to damage and disrupt
our operations. This may limit our ability to process and
deliver goods for our customers on time or render assets
uninsurable or no longer usable.
Potential Impact:
A core part of our business is the processing of items we
deliver for our customers. To achieve this, we rely on a
wide range of fixed assets and utilities services across our
network. Physical climate change impacts such as more
prevalent extreme weather, sea level rise, and heat stress
threaten to damage and disrupt operations at our facilities
and the utilities that support these buildings. It could also
pose a health and safety risk for our staff located at
these sites.
For operational assets in low lying and coastal areas,
damage from continued flooding caused by sea level rise
and storm events may eventually render the buildings
unusable or uninsurable from mid-century. For buildings
in Australia and the north of New Zealand, building failure
due to heat may become an issue, making it difficult for
buildings’ electrical systems to operate and, in some areas,
uncomfortable and unproductive for our staff during high
temperature days.
Disruptions to our facilities and assets could have a longer-
term impact on our network while a suitable replacement
building is found. Increased costs to replace or repair assets
and increased insurance costs could occur.
At a country wide level, extreme weather events may lead
to damage of electricity infrastructure that could impact
several of our sites simultaneously.
Time horizon(s) with impact to Freightways:
Strategy Response:
As with the risk of damage and disruption to the
transportation network, we are currently still in the
early stages of understanding the risk to our business.
The Route and Premises Exposure Assessment has
provided an assessment of the exposure of our assets
to several weather events. For new facilities, Freightways
will consider including features to increase resistance to
weather-related events. Freightways will review established
processes and staff capabilities in preparation for future
events, including building flexibility and operational
redundancies through our network.
21Freightways Group Limited and its subsidiariesfreightways.co.nz22Climate Statement | Financial Year ended 30 June 2024

Transition climate risks
TRANSITION RISK 01 – INCREASING FUEL COSTS
RESULTING FROM HIGHER COST OF CARBON
As stricter regulations and taxes are introduced
on carbon emissions to combat climate change,
organisations that use fossil fuels, such as Freightways,
may experience rising operational costs. Moreover, this
will force companies to make more substantial investment
in cleaner and more energy-efficient technologies to
transition to a low-carbon economy.
Potential Impact:
Our business model and strategy are reliant on efficient
utilisation of various vehicles and assets to process
and transport our customers’ items at each step in our
logistics network. Fuel costs at Freightways are largely
paid by our independent contractor drivers as a cost of
operating their vehicles. Regardless of how our fuel costs
are paid, we understand that our business has significant
financial exposure to changes in transport fuel prices.
With the cost of carbon to potentially rise in New Zealand,
increases in the carbon price will impact Freightways’ fuel
costs and could make other forms of freight transport,
such as electric vehicles more cost competitive.
A higher carbon price may also provide an increased
incentive to source goods locally, decreasing the demand
for intercity freight. This, together with offering an
adequate return to our contractor drivers, is influencing
our approach towards adopting low-emission alternatives
to reduce carbon costs from fossil fuel consumption.
Time horizon(s) with impact to Freightways:
Climate-related
opportunities
OPPORTUNITY 01 – NEW MARKETS AND EFFICIENCIES
New markets and efficiencies spring up as part of the
economic transition to net zero.
Potential Benefit:
As the world continues to invest in sustainability
activities that reduce carbon emissions, the shift to a
low carbon economy will open new markets that create
opportunities for Freightways to offer low-carbon
options for the increased need for transportation
services. Also, Freightways’ experience as an acquiror
of other businesses offers the opportunity to move into
adjacencies through acquisition, for example businesses
using waste byproducts within new products, such as
saveBOARD. The transition to net zero could develop
new business opportunities for Freightways, and in order
to achieve strong emissions reductions, improved fleet
utilisation and optimisation that reduce ‘empty kilometres’
vehicles travel will be required.
Time horizon(s) with impact to Freightways:
Strategy Response:
To help reduce this risk over time, we have several
initiatives underway. Firstly, we have annual measurement
of our GHG emissions, which is expanding in coverage
and allows us to understand the trajectory of our
carbon exposure year-on-year. Secondly, Freightways
is constantly exploring ways to improve the efficiency
and utilisation of our routes and service offerings. Finally,
we are developing an approach to progressively help to
replace our fleet of vans and trucks of our contractors with
cleaner energy models in a way to help us reduce our GHG
emissions and exposure to increasing carbon price.
LO N G -TE R MMEDIUM-TERMS H O RT-TE R MLO N G -TE R MMEDIUM-TERMS H O RT-TE R M
LO N G -TE R MMEDIUM-TERMS H O RT-TE R M
TRANSITION RISK 02 –
CLIMATE COMPLIANCE REQUIREMENTS
As climate compliance requirements tighten in
New Zealand, Australia, and across the globe, restrictions on
the import and use of ICE vehicles, increased fuel costs, and
higher upfront costs of low emission vehicles due to high
demand lead to higher operational and capital costs for the
business and our contractors.
Potential Impact:
A transition to a low carbon economy has the potential to
undermine the competitiveness of our existing business
model if we do not factor in costs that a transition could
bring. To help meet the Nationally Determined Contributions
for the Paris Agreement, regulations that emphasise
reduction in emissions-heavy activities could be enforced.
This may include stricter fuel efficiency standards, GHG
monitoring, restrictions on emissions-intensive activities,
climate reporting requirements, and investments for
adaptation and resilience. We understand that transitioning
to a low carbon economy will likely lead to higher upfront
costs for contractors as they transition to low emission
vehicles. These costs will have impacts for Freightways,
contractors, customers, and consumers. Additionally, the
projected carbon prices in New Zealand will increase fuel
costs for our contractors who use fossil fuel vehicles, which
may raise barriers to attracting new contractor drivers.
This would limit many of our core business activities,
causing delays in our services and reputational damage
amongst our customers.
Time horizon(s) with impact to Freightways:
Strategy Response:
Scaling up increased investment and expansion of
renewable, low emission, zero waste, and social equity
activities could potentially offer both economic and
sustainable growth. We will continue to monitor innovations
in technological advancements necessary for low emission
and zero waste products and also feasible technology
to promote a reduction in our reliance on fossil fuels and
decrease GHG emissions. It is essential to acknowledge the
role our contractors have in the transition to a low carbon
service, as mentioned.
Strategy Response:
Freightways recognises the essential role that contractor
drivers play in the success of our business model and
strategy. To ensure we attract and retain the best people
in the freight and logistics sector, we work to offer a
competitive remuneration for our contractors. To help
mitigate this risk of losing or failing to attract contractors
in the future, we have designed agreements with our
contractors to incentivise fuel-efficient driving, route
choice, and vehicle maintenance. This helps to reduce the
emission intensity of our operations and improves margins
for our contractors. Having established our contractor’s
emissions reduction plan (last updated August 2024),
we can signal when we will require any new replacement
vehicles to be low emissions to meet our emissions
reduction ambitions. We aim to develop a plan that allows
our current and future contractors to factor in the potential
additional up-front cost of this transition early on in their
financial planning.
OPPORTUNITY 02 – NEW OFFERINGS
ENHANCE CUSTOMER RELATIONSHIPS
The changing climatic conditions will see new kinds of
demands for transportation services including share and
reuse models, pooling services, and fleet optimisation
alongside innovative solutions to address the physical
impacts of climate change such as ambient, refrigerated, or
low-humidity logistics services. New offerings will enhance
customer relationships by demonstrating that Freightways
is committed to meeting customer needs and are adaptive
to climate change behaviour.
Potential Benefit:
Our customers are becoming increasingly aware of not
just their own direct carbon emissions but also of much
larger indirect emissions from their suppliers and business
partners. Leveraging our technology to provide customers
with accurate data on the emissions embedded in their
transported goods will provide benefits to customers.
Additionally, as we become able to transition our fleet
to low emissions, low cost-to-run vehicles could yield
cost savings to our drivers and our business and allow
our customers to report on the reduction in indirect
transportation emissions. Low emissions and low cost-
to-run vehicles align with our business strategy by
strengthening our capability of striving for efficiency.
Time horizon(s) with impact to Freightways:
LO N G -TE R MMEDIUM-TERMS H O RT-TE R M
Strategy Response:
By measuring and reflecting the environmental costs
of our services, we can guide our strategic decisions
and investments towards meeting changing customer
behaviours, building resilience to physical climate risks,
and establishing a more sustainable transport service
in the future. As technology continues to advance, it
assists in measuring our emissions using reporting tools,
supporting us to better manage our carbon footprint more
effectively and provide the information our customer’s
demand of us.
23Freightways Group Limited and its subsidiariesfreightways.co.nz24Climate Statement | Financial Year ended 30 June 2024

OPPORTUNITY 03 – CLIMATE RESILIENT
TRANSPORT NETWORK PROVIDES AN IMPROVED
COMPETITIVE ADVANTAGE
Climate resilient transport networks boost competitive
advantage by providing stability through uninterrupted
operations, in events such as extreme weather
conditions. Reliable and resilient infrastructure can
promote productivity, demonstrate a commitment to
the environment, and assist in mitigating the impacts of
climate change, creating a competitive advantage.
Potential Benefit:
As physical climate risks become more material, the
importance of a resilient transport network will grow.
If we continue to assess and are able to respond to our
network’s vulnerabilities to physical climate change
impacts with appropriate adjustments to fleet and routes,
we can maintain our network resilience and flexibility.
For example, future investment approval processes should
ensure that new buildings are not in high climate risk zones
and we could consider re-locating buildings if presented
with significant challenges. If we can outperform peers
on reliability in the face of increased physical climate
impacts, this may see new customers leverage our
network. This will work to support our business strategy
by strengthening our capability of delivering reliably.
Time horizon(s) with impact to Freightways:
LO N G -TE R MMEDIUM-TERMS H O RT-TE R M
Strategy Response:
Understanding the impact of physical climate risks on the
transport network will support Freightways in developing
strategic responses. Investing in infrastructure resilience
can reduce the impact of extreme weather events in the
long-term, providing a competitive advantage. Further
addressing customer needs for a reliable freight delivery
network by building a dependable transport provider
service leads to gaining a strong market share.
Capital deployment
and funding
As opportunity allows, Freightways continues to convert
our company cars to Hybrid Electric Vehicles (HEV) or
Plug-in Hybrid Electric Vehicles (PHEV) and purchase
electric forklifts. Capital expenditure in relation to this
conversion to date have been immaterial, noting that
most of these vehicles are leased. Outside of those
actions, Freightways has not been treating climate risks
and opportunities as an input to our internal capital
deployment and funding decision making processes
previously (bearing in mind that a capital light model is
used within our Express Package business).
Freightways is considering how to incorporate the
impact of climate-related risks and opportunities into
our capital deployment and funding processes. These
efforts are focused on managing the risks associated with
higher carbon prices in fuel by setting a plan to enhance
efficiency in the fleet and transition our fleet away from
fossil fuels. We will be developing a plan to encourage our
contractors to consider a shift to low emission models,
including upgrading to EV models as soon as is practical
and ensuring contractors receive fair remuneration rates
which will enable them to participate in the transition of
their fleet to low emissions vehicles.
Transition plan
Our business model and strategy is described at the
beginning of the Strategy section above.
TRANSITION PLAN
Freightways has taken steps this Reporting Period that will
provide foundations for formulating a transition plan in
the future. This includes the extensive climate-related risk
and opportunity assessment work described on page 27
in the Risk Management section and the regular updates
in relation to low emissions technology that are provided
by GM S&S in monthly HSE reports. In FY25 further
work will be undertaken in relation to quantification of
climate-related risks and opportunities, to further support
transition planning.
25Freightways Group Limited and its subsidiariesfreightways.co.nz26Climate Statement | Financial Year ended 30 June 2024

4. Risk management
Freightways’ operations inherently contain evolving risks
which is why understanding and actively managing these
is important. This also applies to the risks from climate
change. Our approach to climate risk is detailed in the
following pages.
Climate-related risk
identification and
assessment
Freightways has conducted significant climate-risk
assessment projects across the Group during the
Reporting Period. These assessment projects include:
Scenario analysis:
Freightways participated in an industry working group
and partnered with Tadpole to conduct scenario analysis
as a tool to identify, assess, and understand the impact
of climate-related risks using three scenarios over
three-time horizons (this is described further on page 20
of this Climate Statement). Scenario analysis had been
conducted in the past but with only two scenarios.
The scenario analysis outputs from this Reporting
Period will be revisited annually to confirm their
ongoing relevance.
Route and Premises Exposure Assessment:
Freightways undertook an exposure exercise between
November 2023 and June 2024 supported by Ernst
& Young (EY) to understand the possible vulnerability
of our business assets and activities to our identified
climate-related physical and transition risks under
varying climate projections and time horizons, as well
as our alignment to the climate opportunities. The focus
of the assessment was the exposure of our premises
in Australia and New Zealand as well as the exposure
of major routes in Australia and New Zealand. Further
detail of this assessment is included in Appendix 2. This
Route and Premises Exposure Assessment is considered
a baseline assessment. We have not decided on future
repetition of this exercise.
Controlled Business Climate Risk Assessment:
Freightways conducted an exercise between December
2023 and June 2024 to assess climate related risks
and opportunities of each Controlled Business.
The exercise was supported by Tadpole who, alongside
the GM S&S, worked with each General Manager of
each Controlled Business to develop understanding
of risks and report them into Group level. This work
supported creation of a climate risk register during
this Reporting Period.
This Controlled Business Climate Risk Assessment is
also considered a baseline assessment. We are unlikely
to repeat this entire exercise in the future but are
embedding the involvement of Controlled Businesses in
considering climate-related risks and opportunities in
their units, as described further below.
The three risk assessment projects described above were
all led by external experts, from whom we received advice
and support to augment our internal resources.
In addition to the significant risk assessment uplifts
described above, further risk assessment processes
that are relevant to climate are described below.
Stakeholder engagement:
Freightways also conducted stakeholder materiality
assessments to determine key areas of focus for
stakeholders in 2017 and 2023. The output of the
materiality assessment in 2023 was that climate-related
risk was a leading concern. In addition, ELT and GM S&S
regularly engage with other stakeholders to identify risks,
including through external subject matter experts and
through our involvement in the Climate Leaders Coalition
and other industry groups.
External resources:
Key individuals within the business including the GM
S&S refer to external resources to understand new or
emerging risks including through briefings and reports
produced by the transport sector and government
agencies, such as the Decarbonising Transport Action
Plan 2022-25, Emissions Reduction Plan, and the Climate
Change Commission’s Recommendations.
Controlled Business unit risk updates & register:
Each Controlled Business is responsible for undertaking
their own review process to identify any relevant climate-
related risks specific to their operations. Our subsidiaries
are also required to maintain their own risk register which
considers their specific mitigation responses. These
risks are consolidated at the Group level annually and
feed into our overall Group climate risk register. The ARC
reviews risks identified by General Managers following
ELT review. General Managers within the Group work to
identify risks across our business and value chain.
27Climate Statement | Financial Year ended 30 June 2024Freightways Group Limited and its subsidiariesfreightways.co.nz28

Assessment of climate-
related risks identified
during scenario analysis
FIGURE 3: RISK RATING MATRIX USED FOR CLIMATE-RELATED RISK
54321
Very likely
MediumMediumHighVery HighVery High
A
Likely
LowMediumHighHighVery High
B
Possible
LowMediumMediumHighHigh
C
Unlikely
LowLowMediumMediumHigh
D
Very unlikely
LowLowLowMediumHigh
E
MinorModerateSignificantMajorCatastrophic
Impact when occurs (EBITA reduction)
Likelihood: probability of occurrence
To assess the size, scope and potential impact of climate-
related risks identified during scenario analysis, we used a
risk rating matrix aligned with that used for general business
risk (Figure 3).
The assessment of risks identified during scenario analysis
are not currently fully integrated into our existing risk
assessment processes and used differing likelihood and
impact ratings due primarily to the following features:
• time horizons that we use for climate-related risk are
significantly longer than we have historically used for
business risks (see explanation of Time horizons Used in
Scenario Analysis on page 20 above)
• assessment of climate-related risks has so far been
entirely qualitative.
The approach that we took to assess climate-related risks
identified during the scenario analysis process assessment
in this Reporting Period considered two variables: likelihood
and impact. The likelihood ratings were applied to the time
horizon specified within the relevant climate scenario. The
impact rating considered a similar range of impacts as other
business risks such as financial or reputational impact,
noting however that climate-related risks and opportunities
were assessed on a qualitative basis only.
A climate risk register was created in this Reporting
Period based on this approach. At present there is no
process to prioritise climate-related risks relative to other
types of risks.
The scenario analysis process considering climate-related
risks and opportunities did not omit any material parts of
our value chain.
29Freightways Group Limited and its subsidiariesfreightways.co.nz30Climate Statement | Financial Year ended 30 June 2024

Background
Freightways has been focused on measuring and
reducing its emissions for more than a decade. Since 2014,
Freightways has been measuring its operational GHG
emissions with Toitū Envirocare to meet the requirements
of the Toitū carbonreduce certification, ISO 14064-1:2018
and Greenhouse Gas Protocol. In preparation for this first
Climate Statement under NZ CS, Freightways has undergone
a significant review of its emission measurement processes.
This review identified a number of gaps in the measurement
of Scope 3 emissions that are being addressed but led us
to the decision to only report Scope 1 and 2 emissions
this year.
The most significant Scope 1 emissions are diesel and
petrol for company vehicles. The only Scope 2 emissions
are from electricity consumption. Freightways operates a
contractor model where the majority of our courier drivers
own their vehicles. As such, the emissions from contractors
are considered Scope 3 emissions.

5. Metrics
& targets
FY24 (base year)
Scope 134,187 tCO2e
Scope 2 (location based)5,051 tCO2e
Tot a l39,238 tCO2e
FY24
Scope 1 and Scope 2 emissions
intensity (Scope 1 and Scope 2
tCO2e / $Millions operating revenue)
32.70
Greenhouse gas emissions
Table 4 outlines our Scope 1 and Scope 2 emissions
for our New Zealand and Australian businesses, subject to
the exclusions listed below Table 6.
TABLE 4: FREIGHTWAYS’ SCOPE 1 AND 2 EMISSIONS
Freightways has selected a base year of FY24 for this
disclosure because of the addition of newly acquired
businesses and the review of its emission measurement
process as described above. Although we are not
providing FY23 metrics for comparison, for completeness
we note that Freightways has reallocated some of Big Chill
Distribution’s emissions that had previously erroneously
been recorded in Scope 3 and are now in Scope 1
(FY23: 25,838 tCO2e; FY24: 23,519 tCO2e).
The measure of emission intensity used by Freightways
is tCO2 / $ million of operating revenue. With an FY24
revenue of $1.2 billion, this leads to the intensity measure
in Table 5.
TABLE 5: FREIGHTWAYS’ GHG INTENSITY METRICS
Freightways Group Limited and its subsidiariesfreightways.co.nz3231Climate Statement | Financial Year ended 30 June 2024

14
The uncertainties identified have been assessed on a qualitative basis
SCOPE 1
ISO 14604-1:
2018 category
GHG emissions source
Activity data
overview
Explanations, uncertainties
14

and assumptions
Emissions factor
source
Category 1:
Direct emission
and removals
Mobile combustion in
company owned and
leased vehicles
Diesel,

Regular petrol,
Premium petrol,
Adblue
Fuel consumption (litres) per fuel
type is sourced from fuel card data
and transaction reports.
Uncertainty: Low
MfE (2024) and
DCCEEW (2024)
Mobile combustion in
company owned or
leased forklifts
LPG, DieselAll LPG (kgs, litres) and diesel (litres).
Uncertainty: Low
MfE (2024) and
DCCEEW (2024)
Fugitive emissions
from refrigerant
leakages in owned
and leased air
conditioning units
and temperature
controlled depots
and vehicles
CO2, HFC-32,

R-404A, R-407F,
R-410A, R-448A,
R-449A, R-452A,
Fugitive emissions are calculated
using refrigerant top-up quantities
(kgs) per refrigerant type sourced
from maintenance contractors,
invoices and on-site stock.
Freightways relies on the refrigerant
quantities provided by maintenance
contractors to be complete and to
include top-ups performed by

sub-contractors, Freightways does
not monitor top-ups. In addition,
Freightways has limited visibility over
refrigerant quantities taken from on-
site stock. Refrigerant top-ups could
be understated. Fugitive emissions
contribute 3% of Scope 1 for FY24.
Uncertainty: Medium
MfE (2024),
DCCEEW (2023),
BEIS (2023)
Stationary
combustion in owned
and leased boilers

and generators
Natural Gas,

LPG, Diesel
Natural gas (kWh), LPG (litres, kWh),
and Diesel (litre) quantities are
sourced from invoices.
Uncertainty: Low
MfE (2024) and
DCCEEW (2024)
SCOPE 2
ISO 14604-1:
2018 category
GHG emissions source
Activity data
overview
Explanations, uncertainties
14

and assumptions
Emissions factor
source
Category 2:
Indirect emissions
from imported
energy
Purchased electricity
used in owned
and leased sites –
including offices,
distribution centres,
branches, depots
Electricity (NZ),

Electricity
(Australia)
Electricity consumption (kWh) is
sourced from electricity retailers, except
in relation to some unmanned premises
where electricity consumption is
estimated based on sites of similar size
and nature. Uncertainty: Low
MfE (2024) and
DCCEEW (2024)
TABLE 6: FREIGHTWAYS’ GHG EMISSIONS SOURCES, DATA UNCERTAINTIES AND ASSUMPTIONS
CRITERIA APPLIED – GHG EMISSIONS BOUNDARY, CALCULATION APPROACH, ASSUMPTIONS AND UNCERTAINTIES
Our GHG emissions are measured for the period from 01 July 2023 to 30 June 2024. Freightways applies an operational
control consolidation approach when preparing its GHG inventory. All Australian and New Zealand Controlled Businesses are in
our operational control, as defined by the Greenhouse Gas Protocol and ISO14064-1:2018, and therefore have been included
in our emissions.
Freightways acquired Allied Express in October 2022, First Global Logistics (renamed Freightways Global) in November 2023,
and OnSend in April 2024. Scope 1 and 2 emissions from these entities are included in the emissions disclosed above.
Quantifying GHG emissions is subject to inherent uncertainty because the scientific knowledge and methodologies to
determine the emissions factors and processes to calculate or estimate quantities of GHG sources are still evolving. Known
uncertainties and assumptions are explained in Table 6 below.
Emissions are calculated by multiplying activity data by an appropriate emission factor. Emission factors applied have been
sourced from the Toitū carbonreduce programme and are noted for each category of emissions listed in Table 6 below.
The sources for the emissions factors are New Zealand Ministry for the Environment (MfE (2024)), Australian Department of
Climate Change, Energy, the Environment and Water (DCCEEW (2023 and 2024)) and UK Department for Business, Energy and
Industrial Strategy (BEIS (2023)). These factors are based upon 100-year global warming potentials values from the International
Panel on Climate Change’s (IPCC) fourth Assessment Report (AR4) for DCCEW (2023) and fifth Assessment Report (AR5) for
all other sources.
EXCLUSIONS
These numbers do not include emissions from:
• Natural gas use in a boiler at the Med-X Dandenong South site in Victoria, Australia. The boiler started operating in
February 2024 and the emissions for FY24 are deemed immaterial. The emissions will be captured from FY25.
• Jet fuel related to our aviation services activities. These emissions from jet fuel are captured under Scope 3 and will be
reported from FY25. Emissions related to the consumption of jet fuel are not included within Scope 1 emissions because we
do not have full operational control of the aircraft, which are leased by us and also by others. Depending on the exact lease,
Freightways does not have operational control over the flight operations, fuel procurement, or maintenance of
leased aircraft.
• Equity Share Entities’ operations will be reported by share under Scope 3 Category 15 Investments from FY25
onwards (see Figure 1 page 9).
All Scope 3 emissions are excluded.
ASSURANCE
PwC provided an unqualified limited assurance opinion on our FY24 GHG emissions shown in Table 4 (see pages 43-46 of this
climate statement for PwC assurance opinion).
33Freightways Group Limited and its subsidiariesfreightways.co.nz34Climate Statement | Financial Year ended 30 June 2024

Potential Exposure to
Risks and Opportunities
Freightways has conducted risk assessments to consider
the exposure of its business activities and assets to
transition and physical risk. The Routes and Premises
Exposure Assessment in particular analysed Freightways’
risk exposure. See Risk Management section page 27 above
and Appendix 2 for further detail of that process, the results
and the significant assumptions and uncertainties involved.
By way of summary, the exposure of business activities and
assets to climate-related risks and opportunities that were
assessed are as follows:
+Level of exposure of routes and premises to:
– high daily temperatures
– extreme rainfall events and
– sea level rise
+Level of exposure to transition risk related to
dependency on fossil fuels
+Alignment with opportunity to improve fuel efficiency,
decarbonise and enhance customer relations.
KEY PERFORMANCE INDICATORS
Freightways does not use any other key performance
indicators to measure and manage climate related risks
and opportunities.
COST OF CARBON
Freightways does not utilise internal carbon emissions
pricing in its internal decision-making for FY22, FY23
and FY24.
REMUNERATION
Please see page 11 Governance section of this disclosure.
Climate-related
Targets
As work is underway to ensure we fully and accurately
capture all Scope 3 emissions, noting that the fuel used
by our contractor-drivers cause our most significant
emissions, Freightways has taken the decision that the
targets previously published need to be reassessed. We will
wait until we are satisfied with the measurement of Scope 3
emissions to formulate new targets which we will report on
next year.
Lower emissions will be achieved through a combination
of direct initiatives, such as the electrification of our fleet
of corporate cars, but also through the implementation of
new technologies in the aircraft we use and in the vans and
trucks used by our contractors. By ensuring our contractor-
drivers are well remunerated and monitoring the availability
and profitability of new technologies, Freightways will
support the transition of the contracted fleet over time to
electric/hybrid or hydrogen vehicles.
35Freightways Group Limited and its subsidiariesfreightways.co.nz36Climate Statement | Financial Year ended 30 June 2024

Appendix
Appendix 1: Glossary
GLOSSARY PART 1: TERMS USED IN THIS CLIMATE STATEMENT NOT RELATED TO GHG EMISSIONS
ARC
Freightways Audit and Risk Committee
CCCRefers to the Climate Change Commission.
Controlled BusinessMeans a wholly owned subsidiary of Freightways Group Limited
Controlled Business Climate
Risk Assessment
Refers to the exercise between December 2023 and June 2024 to assess climate related risks and opportunities of
each Controlled Business. The exercise was supported by Tadpole who, alongside GM S&S, worked with each General
Manager of each Controlled Business.
EYRefers to Ernst & Young.
E LTFreightways Executive Leadership Team, comprising the Freightways CEO and CFO,
other Freightways Executives and the General Managers.
FYFinancial year. Freightways’ financial year starts on 1 July and ends on 30 June.
GHG inventoryA quantification of an organisation’s greenhouse gas sources, sinks, emissions, and removals.
IEAInternational Energy Agency (IEA) - The International Energy Agency is an autonomous intergovernmental
organisation that provides policy recommendations, analysis and data on the entire global energy sector.
NGFSNetwork for Greening the Financial System is a group of central banks and supervisors, which on a voluntary basis
are willing to share best practices and contribute to the development of environment and climate risk management
in the financial sector, and to mobilize mainstream finance to support the transition toward a sustainable economy.
NGFS publishes climate scenarios on its portal https://www.ngfs.net/ngfs-scenarios-portal/ which aim to provide a
coherent set of transition pathways, climate impact projections, and economic indicators at country-level, over a
long time horizon and under varying assumptions.
NIWANational Institute of Water and Atmospheric Research.
NZ CSAotearoa New Zealand Climate Standards.
Physical risksRisks related to the physical impacts of climate change. Physical risks emanating from climate change can be event-
driven (acute) such as increased severity of extreme weather events. They can also relate to longer-term shifts
(chronic) in precipitation and temperature and increased variability in weather patterns, such as sea level risk.
RCPRefers to Representative Concentration Pathways that describe four different 21st century pathways of GHG
emissions and atmospheric concentrations, air pollutant emissions and land use. RCPs were developed under the
auspices of the IPCC in its Fifth Assessment Report.
Route and Premises Exposure
Assessment
Refers to the exposure exercise between November 2023 and May 2024 supported by EY to understand the possible
vulnerability of our business assets and activities to our identified climate-related physical and transition risks under
varying climate projections and time horizons, as well as our alignment to the climate opportunities. Further detail of
this Assessment is included in Appendix 2.
Scenario analysisA process for systematically exploring the effects of a range of plausible future events under conditions of
uncertainty. Engaging in this process helps an organization to identify its climate-related risks and opportunities and
develop a better understanding of the resilience of its business model and strategy.
SSPShared Socioeconomic Pathways (SSPs) are five different ways in which the world might evolve in the absence of
climate policy and how different levels of climate change mitigation could be achieved when the mitigation targets of
RCPs are combined with the SSPs. These pathways were used by IPCC to explore projected climate responses in its
Sixth Assessment Report.
tCO2eTonnes (t) of carbon dioxide (CO2) equivalent (e).
Transition planAn aspect of an organization’s overall strategy that describes an entity’s targets, including any interim targets, and
actions for its transition towards a low-emissions, climate-resilient future.
Transition risksRisk related to the transition to a low-emissions, climate-resilient global and domestic economy, such as policy, legal,
technology, market and reputation changes associated with the mitigation and adaptation requirements relating to
climate change.
Transport Sector ScenariosRefers to output of the collaborative transport sector work in relation to transport sector-level scenario analysis,
conducted with the assistance of The Aotearoa Circle.
GLOSSARY PART 2: TERMS USED IN THIS CLIMATE STATEMENT RELATING TO GHG EMISSIONS
15
Base yearA historic datum (a specific year or an average over multiple years) against which a company’s emission are tracked
over time.
BoundariesGHG accounting and reporting boundaries can have several dimensions, i.e. organizational, operational, geographic,
business unit, and target boundaries. The inventory boundary determines which emissions are accounted and
reported by the company
ControlThe ability of a company to direct the policies of another operation. More specifically, it is defined as either
operational control (the organization or one of its subsidiaries has the full authority to introduce and implement its
operating policies and the operation) or financial control (the organization has the ability to direct the financial and
operating policies of the operation with a view to gaining economic benefits from its activities).
CO2e Carbon dioxide equivalent. The universal unit of measurement to indicate the global warming potential (GWP) of
each of the six greenhouse gases, expressed in terms of the GWP of one unit of carbon dioxide. It is used to evaluate
releasing (or avoiding releasing) different greenhouse gases against a common basis.
Direct GHG emissionsEmissions from sources that are owned or controlled by the reporting company.
EmissionsThe release of GHG into the atmosphere.
Estimation uncertaintyUncertainty that arises whenever GHG emissions are quantified, due to uncertainty in data inputs and calculation
methodologies used to quantify GHG emissions.
GHG Greenhouse gases (GHG’s) are the six gases listed in the Kyoto Protocol: carbon dioxide (CO
2
); methane (CH
4
);
nitrous oxide (N
2
O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); and sulphur hexafluoride (SF
6
).
GWPGlobal Warming Potential; a factor describing the radiative forcing impact (degree of harm to the atmosphere)
of one unit of given GHG relative to one unit of CO2.
Indirect GHG emissionsEmissions that are a consequence of the operations of a reporting company, but occur at sources owned or
controlled by another company.
IPCCIntergovernmental Panel on Climate Change.
InventoryA quantified list of an organisation’s GHG emissions and sources.
Inventory boundaryAn imaginary line that encompasses the direct and indirect emissions that are included in the inventory. It results
from the chosen organisational and operational boundaries.
Operational boundariesThe boundaries that determine the direct and indirect emissions associated with operations owned or controlled by
the reporting company. This assessment allows a company to establish which operations and sources cause direct
and indirect emissions, and to decide which indirect emissions to include that are a consequence of its operations.
ScopeDefines the operational boundaries in relation to indirect and direct GHG emissions.
Scope 1 inventoryA reporting organisation’s direct GHG emissions.
Scope 2 inventoryA reporting organisation’s emissions associated with the generation of electricity, heating/cooling, or steam
purchased for own consumption.
Scope 3 inventoryA reporting organisation’s indirect emissions other than those covered in Scope 2.
Structural changeA change in the organisational or operational boundaries of a company that result in the transfer of ownership or
control of emissions from one company to another. Structural changes usually result from a transfer of ownership of
emissions, such as mergers, acquisitions, divestitures, but can also include outsourcing/insourcing.
Uncertainty (inventory)A general and imprecise term which refers to the lack of certainty in emissions-related data resulting from any
causal factor, such as the application of non-representative factors or methods, incomplete data sources and sinks,
lack of transparency etc. Reported uncertainty information typically specifies a quantitative estimate of the likely or
perceived difference between a reported value and a qualitative description of the likely causes of the difference.
Note that in this Climate Statement the uncertainties are qualitative only.
15
Source: The Greenhouse Gas Protocol – A Corporate Accounting and Reporting Standard.
37Freightways Group Limited and its subsidiariesfreightways.co.nz38Climate Statement | Financial Year ended 30 June 2024

Appendix 2:
Route and premises
exposure assessment
This Appendix contains details and summarises findings of
the Route and Premise Exposure Assessment conducted
with support of EY, as referred to above Risk Management,
p a g e 27.
The exposure exercise conducted relies on significant
assumptions and uncertainties. It is expected that this
analysis will improve in accuracy over time, as more
granular climate data becomes available, and our exposure
methodologies are refined.
This screening included defining business activities of
Freightways as the movement of goods in our network while
business assets were deemed our physical premises (either
leased or owned).
This exercise has been conducted on New Zealand
and Australian assets and activities at the time of the
assessment. It does not account for any future growth in
our network or to our assets.
Physical Risks Exposure
– Extreme Weather Events and Sea Level Rise
As described in our climate-related risks, extreme
weather events pose a material threat to Freightways’
current and future operations, with climate change
increasing the frequency and severity of these events
across our network. We undertook a screening to
understand the possible number of our premises and daily
long-haul truck and aircraft movements in New Zealand
and Australia that are exposed to significant weather events
(such as heat stress, bushfires, rainfall, and storms) under
different climate projections and timeframes. Our screening
is limited to the routes travelled by long-haul freight trucks
and aircraft as Freightways see this as core component
in our delivery chain and has flow on effects if disruptions
occur. The exposure screening does not currently include
our city-based delivery network such as NZ Couriers
or MSL (New Zealand), or Allied Express, Shred-X and
Med-X (Australian).
The exposure screening presents inherent risk exposure
and therefore does not account for any mitigation actions.
Our strategies to mitigate climate risks are described in our
Strategy section of this Climate Statement.
The timeframes used in this screening aligns with the
timeframes used in our scenario analysis.
For New Zealand, the climate and sea level rise projection
data was sourced from the National Institute of Water
and Atmospheric Research (NIWA)
16
and the NZ SeaRise
Programme
17
. For Australia, the climate and sea level rise
projection data was sourced from the CSIRO and Bureau of
Meteorology Australia
18
, World Bank Group
19
, and IPCC
20
.
We assessed the projected frequency and severity of the
extreme weather events for New Zealand and Australia
described in Table 7 under different representative
concentration pathways (RCPs), shared socio-economic
pathways (SSPs) and timeframes
21
.
Exposure ratings are based upon the thresholds defined for
New Zealand in Table 8, and for Australia in Table 9 which were
assigned to each region and then to the routes which travel
through each region and to each premises. These thresholds
have been developed by Freightways and are key assumptions
in this methodology. They contain significant uncertainty due to
the availability of detailed research on the impact of these risks
and opportunities at a granular level. We expect accuracy to
improve over time.
TABLE 7: PHYSICAL RISK EXPOSURE DRIVERS AND METRICS
PHYSICAL RISK
DRIVER
NEW ZEALAND
EVENT MEASURED
A U S T R A L I A
EVENT MEASURED
Heat Stress
/ Increased
Temperature
Hot Days (Number
of Days where the
daily maximum
temperature is
above 25C)
Hot days (Number
of Days with Heat
Index >35C)
Hot days (Number
of Severe Fire
Danger Days)
Extreme weatherWet Days (Number
of Days with
Precipitation
>25 m m)
Wet days (Number
of Days with
Precipitation
>2 0 m m)
Increased frequency
and severity of
storms (wind)
Extreme Wind
Intensity Change
Tropical Cyclone
Intensity
Sea level riseProjected relative
sea level rise
Projected sea
level rise
16
NIWA, Climate Change scenarios for New Zealand, 2024, Climate change scenarios for New Zealand | NIWA
17
NIWA, Aotearoa-New Zealand 1% AEP extreme sea level flooding viewer, 2024, NZ NIWA Sea Level App (arcgis.com)
18
CSIRO and Bureau of Meteorology, Climate Change in Australia Information for Australia’s Natural Resource Management Regions: Technical Report, CSIRO and Bureau of Meteorology, Australia,
2015, https://www.climatechangeinaustralia.gov.au/en/communication-resources/reports/
19
The World Bank Group, Climate Change Knowledge Portal, Australia, n.d., https://climateknowledgeportal.worldbank.org/country/australia/climate-data-projections
20
IPCC, IPCC Sixth Assessment Report, Chapter 11: Australasia, 2022, https://www.ipcc.ch/report/ar6/wg2/chapter/chapter-11/.
21
RCPs are scientifically based projections of plausible future climates for a region based upon the IPCC AR5 assessment, while the SSPs are based upon the AR6, with the value referring to the
total solar radiative forcing by 2100 (e.g., an RCP 2.6 refers to concentration of carbon that delivers global warming at an average of 2.6 watts per square meter across the globe). The higher the
RCP, the higher global warming, and a more pronounced impact of climate change. RCPs form a core part of our scenario development process, as noted in Table 1. We have used RCP/SSP2.6
and RCP/SSP4.5 to align with the projections used in our scenarios and RCP6.0, SSP7.0 and RCP/SSP8.5 for a stretch test of our possible exposure. More information on RCPs and SSPs and the
uncertainty in the projections is available on the NIWA website.
TABLE 8: NEW ZEALAND PHYSICAL RISK EXPOSURE RATINGS AND THRESHOLDS FOR FREIGHTWAYS’ ROUTES
E X P O S U R E
R AT I N G
H OT DAYSW E T DAYSINCREASED
F R E Q U E N C Y A N D
SEVERITY OF STORMS
PROJECTED RELATIVE
SEA LEVEL RISE ON
ROADING NETWORK
No / MinimalBetween 0 and 50 hot
days per year
Between 0 and 15 days
per year where the total
rainfall is greater than
25mm
Future changes are likely to
be less than or comparative
to 2023
Roading network is either
not projected to be
affected by sea level rise
or only at minimal parts of
the network
Low / ModerateBetween 51 and 100 hot
days per year
Between 16 and 30 days
per year where the total
rainfall is greater than
25mm
Future changes expected to
increase but less than 25%
Low or partially localised
projected impact to the
roading network from sea
level rise
High / ExtremeOver 101 hot days per year31+ days per year where
the total rainfall is greater
than 25mm
Future changes expected
to be severe, increased
frequency over 25%
Wide-spread projected
impact to the roading
network from sea level rise
TABLE 9: AUSTRALIA PHYSICAL RISK EXPOSURE RATINGS AND THRESHOLDS FOR FREIGHTWAYS’ ROUTES
E X P O S U R E
R AT I N G
H O T D AY S H O T D AY S
(SEVERE FIRE
DANGER DAYS)
W E T DAYSINCREASED
I N T E N S I T Y
OF WIND AND
T R O P I C A L
C Y C L O N E S
PROJECTED
RELATIVE SEA
LEVEL RISE
O N R O A D I N G
NETWORK
No / MinimalBetween 0 and 50
hot days per year
Between 0 and 10
fire danger days per
year
Between 0 and 15
days per year where
the total rainfall is
greater than 20mm
Future changes are
likely to decrease or
be minimal
Roading network is
either not projected
to be affected by
sea level rise or only
at minimal parts of
the network
Low / ModerateBetween 51 and 100
hot days per year
Between 11 and 20
fire danger days per
year
Between 16 and 30
days per year where
the total rainfall is
greater than 20mm
Future changes
expected to increase
Low or partially
localised projected
impact to the
roading network
from sea level rise
High / ExtremeOver 101 hot days
per year
Over 21 fire danger
days per year
31+ days per year
where the total
rainfall is greater
than 20mm
Future changes
expected to be
severe
Wide-spread
projected impact to
the roading network
from sea level rise
A binary exposure threshold described in Table 10 was applied to the sea level rise exposure screening of Freightways’
premises in both New Zealand and Australia.
TABLE 10: SEA LEVEL RISE EXPOSURE AND THRESHOLDS FOR FREIGHTWAYS’ PREMISES
E X P O S U R E
R AT I N G
EXPOSURE THRESHOLD DESCRIPTION
No/Minimal ExposureNo area of the premises is exposed to sea level rise
ExposedThe premises is either partially or fully exposed to sea level rise
39
Freightways Group Limited and its subsidiariesfreightways.co.nz40Climate Statement | Financial Year ended 30 June 2024

ROUTE EXPOSURE RESULTS
New Zealand
Under the worst-case climate scenario projections (RCP8.5),
our assessment shows that 2% of our routes will have a low
to moderate exposure to high daily temperatures in the
short-term, increasing to 27% in 2050. None of our routes
are likely to be exposed to a high to extreme level of hot
days during these time periods. Areas of concern for heat
stress in our New Zealand network will include Whangarei,
Auckland, Tauranga, and Napier.
Our New Zealand network is also exposed to low levels of
extreme rainfall events in the short- and medium-term
with 5% of our routes exposed to moderate or high levels
of daily rainfall under the most extreme climate warming
projections in 2050. This higher level of risk exposure is
predominantly occurring in our Westport network.
Relative sea-level rise does pose a risk on our extensive
roading network in New Zealand. Our assessment shows
that in 2050, 18% of our routes could be exposed to a high
to extreme level of disruption caused by relative sea-level
rise under all possible climate scenarios considered.
Severe storms will become more frequent across most of
our network in the medium-term under the worst-case
climate projections, with 69% of routes likely to expect a
low to moderate increase in the severity of storms and the
remaining 31% of routes facing a high to extreme increase.
Australia
Our roading network results shows that hot days and
extreme rainfall events pose a minimal risk to all our routes.
In 2030 and under a worst-case projection, 6% could
experience conditions that pose a moderate exposure to
wildfires, with all other routes having minimal exposure.

All our routes in 2090 will see a moderate increase in
exposure to tropical cyclone intensity. Our assessment

also shows that 21% of our road network could be exposed
to a moderate level and 9% to higher level of impact due to
rising sea levels under a RCP8.5 projection in 2050.
PREMISES EXPOSURE RESULTS
New Zealand
Our exposure assessment showed that in the 2050 and under
the worst-case climate projections, none of our premises
are likely to be exposed to a high-extreme level of high daily
temperatures, 1% to a high-extreme level of extreme daily
rainfall events, and 45% to a high-extreme level of increase in
the severity of storm events. Our assessment noted that 6% of
Freightways’ New Zealand premises are likely to be exposed to
sea level rise over the short- and medium-term and under all
climate projections.
Australia
Our premises will likely experience minimal exposure to hot
days and extreme daily rainfall events in 2050 and under
the worst-case climate projection. 100% of our premises
are situated in regions of Australia where fire danger poses a
minimal risk (in 2030 and under a RCP8.5). Sea-level rise does
not pose a significant risk to Freightways’ premises in Australia,
with our assessment noting that under the worst-case climate
projections for sea level rise, none of our depots are exposed in
2050. In 2090, all our locations could see moderate increase in
tropical cyclones intensity.
TRANSITION RISKS EXPOSURE – CARBON COSTS IN FUEL
As described in our Strategy section of this climate-related
disclosure, Freightways currently has a dependency on fossil
fuels in our transport fleet, and this exposes the business to
possible increases in fuel prices with future governments raising
carbon costs in fuel.
While fuel costs at Freightways are largely paid by our
independent contractor drivers as a cost of operating their
vehicles, we undertook an exposure screening to track our
progress across our network to operate in a low-carbon
environment. We have ambitions over the long term to
decarbonise our fleet, with interim milestones that utilise hybrid
technology and alternative fuel sources, and therefore reduce
our dependency on fossil fuels. We are at the early stages of
this plan, and this is reflected in our percentage breakdown
across our fleet types that have shifted to hybrid or electric.
Table 11 presents our New Zealand and Australian fleet broken
down by their engine type. Our exposure to increased carbon
costs in fuels is represented as the percentage of our fleet that
either have an internal combustion engine or is hybrid (but the
exposure is reduced in this instance). We do not currently use
alternative fuels, such as hydrogen, across our fleet. Company
fleet are smaller vehicles operated across all our brands (largely
on a leased arrangement), long-haul trucks operate across our
network and between our delivery depots, and our contractor
fleet is a mix of cars, vans, and mid-sized trucks across
our brands.
TABLE 11: PERCENTAGE OF OUR COMPANY FLEET, LONG-HAUL
TRUCKS, AND CONTRACTOR FLEET BY ENGINE TYPE
NZ
Company
Fleet
AUS
Company
Fleet
NZ & AUS
Long-haul
Tr u c ks
NZ & AUS
Contractor
Van Fleet
Measured
F U L LY
ELECTRIC
1%0%0%0%
HYBRID OR
P L U G - I N
HYBRID
18%0%0%0%
INTERNAL
COMBUSTION
ENGINE
(FOSSIL FUEL)

81%100%100%100%
Freightways leases four aircraft in New Zealand, all of
which are currently fuelled by jet fuel, as shown in Table
12. We do not have full operational control of these aircraft
but can track our exposure to jet fuel prices through our
contract terms with the lessor.
TABLE 12: PERCENTAGE OF LEASED AIRCRAFT BY FUEL TYPE
LEASED AIRCRAFT
(NEW ZEALAND)
Other0
Sustainable Aviation Fuel (SAF)0
Jet Fuel 100%
OPPORTUNITY ALIGNMENT
– IMPROVING EFFICIENCIES AND ENHANCING
CUSTOMER RELATIONS
The fuel consumed across our network is the greatest
contributor to our GHG emissions each year. As the
transport sector sees increasing demands from their
customers to improve the efficiencies in the network and
to decarbonise, Freightways is committed to operate low
cost-to-run vehicles to yield cost savings to our drivers
and allow our customers to report on the reduction in
indirect transportation emissions.
The fleet break down figures presented in Table 11
and 12 allow us to track our alignment to these climate
opportunities. Our alignment to this opportunity is
currently low, but as previously outlined, our fleet renewal
model and associated assumptions have a proposed
pathway dependent on technological improvements
and the costs of accessing these new technologies.
41Freightways Group Limited and its subsidiariesfreightways.co.nz42Climate Statement | Financial Year ended 30 June 2024

Independent
Assurance
Report
Independent Assuran ce Report
To the Directorsof FreightwaysGroupLimited
LimitedAssuranceReporton FreightwaysGroupLimited’s Scope1 and
Scope2 GreenhouseGas Emissions
Ourconclusion
We haveundertakena limitedassuranceengagementof the accompanyingScope1 and Scope2
GreenhouseGas Emissions(the SubjectMatterInformation)of FreightwaysGroupLimited(the
Company)and its subsidiaries(the Group)for the year ended30 June2024,comprisingthe Scope
1 and 2 Emissionspresentedin Table 4 on page32 and the relatedexplanatorynotesinC
riteria
Applied– GHGEmissionsBoundary, CalculationApproach,AssumptionsandUncertaintieson
page33 andExclusionson page34, as disclosedin the FreightwaysClimateStatement2024(the
ClimateStatement).
Basedon the procedureswe haveperformedand the evidencewe haveobtained,nothinghas
cometo our attentionthat causesus to believethat the Group’ s Scope1 and Scope2
GreenhouseGas Emissionsfor the year ended30 June2024are not prepared,in all material
r
espects,in accordancewith the AotearoaNewZealandClimateStandards(the Criteria)applied
as explainedon pages33 and 34 of the ClimateStatement.
Our assuranceengagementdoesnot extendto any otherinformationincluded,or referredto, in the
ClimateStatement.We havenot performedany procedureswith respectto the excluded
informationand, therefore,no conclusionis expressedon it.
Basisforconclusion
We conductedour limitedassuranceengagementin acco
rdancewith InternationalStandardon
AssuranceEngagements(NewZealand)3410AssuranceEngagementsonGreenhouseGas
Statements(ISAE(NZ)3410),issuedby the NewZealandAuditingand AssuranceStandardsBoard.
Thatstandardrequiresthat we plan and performthis engagementto obtainlimitedassuranceabout
whetherthe SubjectMatterInformationis free frommaterialmisstatement.
Directors’responsibilities
The Directorsare responsibleon behalfof the Co
mpanyfor the preparationof the SubjectMatter
Informationin accordancewith the Criteria,appliedas explainedon pages33 and 34 of the Climate
Statement.This responsibilityincludesthe design,implementationand maintenanceof internalcontrol
relevantto the preparationof the SubjectMatterInformationthat is free frommaterialmisstatement,
whetherdue to fraudor error .
Ourindependenceandqualitymanagement
We havecompliedwith the independenceand ot
her ethicalrequirementsof Professionaland Ethical
Standard1InternationalCodeofEthicsforAssurancePractitioners(includingInternational
IndependenceStandards)(NewZealand)issuedby the NewZealandAuditingand Assurance
StandardsBoard,whichis foundedon the fundamentalprinciplesof integrity, objectivity, professional
competenceand due care,confidentialityand professionalbehaviour.
We applyProfessionaland EthicalStandard3Quality
ManagementforFirmsthatPerformAuditsor
ReviewsofFinancialStatements,orOtherAssuranceorRelatedServicesEngagements,which
requiresour firm to design,implementand operatea systemof qualitymanagementincludingpolicies
or proceduresregardingcompliancewith ethicalrequirements,professionalstandardsand applicable
legaland regulatoryrequirements.
We are independentof the Group.Other than in our capacityas statutoryfinancialstatement
auditors,
assurancepractitionersand providersof otherassurancerelatedservices,we provideno other
servicesto the Group.Certainpartnersand employeesof our firm may deal with the Groupon normal
termswithinthe ordinarycourseof tradingactivitiesof the Group
.Theserelationshipshavenot
impairedour independence.
PricewaterhouseCoopers,PwC Centre,10 WaterlooQuay, PO Box 243, Wellington6140, New Zealand
T: +64 4 462 7000, www.pwc.co.nz
Freightways Group Limited and its subsidiariesfreightways.co.nz4443Climate Statement | Financial Year ended 30 June 2024

Assurance practitioner’s responsibilities
Our responsibility is to express a limited assurance conclusion on the Subject Matter Information
based on the procedures we have performed and the evidence we have obtained. We conducted our
limited assurance engagement in accordance with ISAE (NZ) 3410, issued by the New Zealand
Auditing and Assurance Standards Board. That standard requires that we plan and perform this
engagement to obtain limited assurance about whether the Subject Matter Information is free from
material misstatement.
A limited assurance engagement undertaken in accordance with ISAE (NZ) 3410 involves assessing
the suitability in the circumstances of the Group’s use of the Criteria as the basis for the preparation of
the Subject Matter Information, assessing the risks of material misstatement of the Subject Matter
Information whether due to fraud or error, responding to the assessed risks as necessary in the
circumstances, and evaluating the overall presentation of the Subject Matter Information. A limited
assurance engagement is substantially less in scope than a reasonable assurance engagement in
relation to both the risk assessment procedures, including an understanding of internal control, and the
procedures performed in response to the assessed risks.
The procedures we performed were based on our professional judgement and included enquiries,
observation of processes performed, inspection of documents, analytical procedures, evaluating the
appropriateness of quantification methods and reporting policies, and agreeing or reconciling with
underlying records.
Our limited assurance procedures included the following:
●Enquiries of management to obtain an understanding of the overall governance and internal
control environment, risk management processes and procedures relevant to the Group’s Subject
Matter Information;
●Evaluation of the appropriateness of the Criteria, quantification methodology and reporting policies
used, and the reasonableness of estimates made by the Group;
●Analytical reviews and trend analysis of the Group’s Subject Matter Information;
●Recalculation of the Group’s Subject Matter Information on a sample basis;
●Sample testing the underlying source data to supportive evidence; and
●Evaluation of the overall presentation of the Group’s Subject Matter Information and its Criteria.
The procedures performed in a limited assurance engagement vary in nature and timing from,
and are less in extent than for, a reasonable assurance engagement. Consequently, the level of
assurance obtained in a limited assurance engagement is substantially lower than the assurance
that would have been obtained had we performed a reasonable assurance engagement.
Accordingly, we do not express a reasonable assurance opinion about whether the Group’s
Subject Matter Information has been prepared, in all material respects, in accordance with the
Criteria applied as explained on pages 33 and 34 of the Climate Statement.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal
control structure, it is possible that fraud, error or non-compliance may occur and not be detected.
As discussed on pages 33 and 34 of the Climate Statement, GHG quantification is subject to inherent
uncertainty because of incomplete scientific knowledge used to determine emissions factors and the
values needed to combine emissions of different gases.
Use of Report
This report, including our conclusions, has been prepared solely for the Directors of the Company.
PwC
Our report should not be used for any other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility for any reliance on this report to anyone other than the Directors of the
Company, as a body, or for any purpose other than that for which it was prepared.
PricewaterhouseCoopers
21 October 2024Wellington, New Zealand
PwC
45Freightways Group Limited and its subsidiariesfreightways.co.nz46Climate Statement | Financial Year ended 30 June 2024

ALLIED EXPRESS
TRANSPORT PTY LIMITED
3 Murray Jones Drive
Bankstown Aerodrome
New South Wales 2200
Australia
Telephone: +61 13 13 73
www.alliedexpress.com.au
BIG CHILL
DISTRIBUTION LIMITED
28 Pukekiwiriki Place
Highbrook
Auckland
Telephone: +64 9 272 7440
www.bigchill.co.nz
CASTLE PARCELS
LIMITED
163 Station Road
Penrose
DX CX10245
Auckland
Telephone: +64 9 525 5999
www.castleparcels.co.nz
FIELDAIR HOLDINGS
LIMITED
Palmerston North International Airport
Palmerston North
DX PX10029
Palmerston North
Telephone: +64 6 357 1149
www.fieldair.co.nz
FOR INQUIRIES IN RELATION TO FREIGHTWAYS’ SERVICES AND PRODUCTS
CONTACT THE OFFICES LISTED ABOVE OR REFER TO FREIGHTWAYS’ WEBSITE AT:
WWW.FREIGHTWAYS.CO.NZ
FREIGHTWAYS GROUP LIMITED AND ITS SUBSIDIARIES
Directory
MESSENGER SERVICES
LIMITED
32 Botha Road
Penrose
DX EX10911
Auckland
Telephone: +64 9 526 3680
www.sub60.co.nz
www.kiwiexpress.co.nz
www.stuck.co.nz
www.securityexpress.co.nz
NEW ZEALAND
COURIERS LIMITED
32 Botha Road
Penrose
DX CX10119
Auckland
Telephone: +64 9 571 9600
www.nzcouriers.co.nz


NEW ZEALAND DOCUMENT
EXCHANGE LIMITED
20 Fairfax Avenue
Penrose
DX CR59901
Auckland
Telephone: +64 9 526 3150
www.dxmail.co.nz
www.dataprint.co.nz
N O W C O U R I E R S
LIMITED
161 Station Road
Penrose
Auckland
Telephone: +64 9 526 9170
www.nowcouriers.co.nz
POST HASTE
LIMITED
32 Botha Road
Penrose
DX EX10978
Auckland
Telephone: +64 9 579 5650
www.posthaste.co.nz
www.passtheparcel.co.nz


SHRED-X PTY
LIMITED
PO Box 1184
Oxenford
Queensland 4210
Australia
Telephone: +61 1 300 747 339
www.shred-x.com.au
www.med-xsolutions.com.au
THE INFORMATION MANAGEMENT
GROUP (NZ) LIMITED
33 Botha Road
Penrose
DX EX10975
Auckland
Telephone: +64 9 580 4360
www.timg.co.nz
www.stocka.co.nz
THE INFORMATION MANAGEMENT
GROUP PTY LIMITED
PO Box 21
Enfield
New South Wales 2136
Australia
Telephone: +61 2 9882 0600
www.timg.com
www.filesaver.com.au
www.litsupport.com.au
BOARD OF DIRECTORS
Mark Cairns (Chairman)
Abby Foote
David Gibson
Peter Kean
Fiona Oliver
Mark Rushworth
REGISTERED OFFICE
32 Botha Road
Penrose
DX CX10120
Auckland
Telephone: (09) 571 9670
www.freightways.co.nz
AUDITORS
PricewaterhouseCoopers
15 Customs Street West
Auckland CBD
Auckland 1010
SHARE REGISTRAR
Computershare Investor
Services Limited
159 Hurstmere Road
Takapuna
North Shore City 0622
DX CX10247
STOCK EXCHANGE
The fully paid ordinary shares
of Freightways Group Limited are
listed on the New Zealand Stock
Exchange (NZX) and Australian
Securities Exchange (ASX).
Company
particulars
47Freightways Group Limited and its subsidiariesfreightways.co.nz48Climate Statement | Financial Year ended 30 June 2024