Mainfreight Full Year Results to 31 March 2025

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

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


Supporters of
MAINFREIGHT – GLOBAL LOGISTICS

MAINFREIGHT LIMITED

Financial result for the twelve months ended 31 March 2025 (Unaudited)

Commentary

Mainfreight is pleased to confirm our full-year financial result to 31 March 2025. This
result is in line with our expectations and as signalled during our market update issued
on 2 May 2025.

Result Summary
Revenue $5.24 billion Up 11%
Profit Before Tax $383.6 million Down 3%
Net Profit $274.3 million Up 31%

• Adjusted for foreign exchange impact, Group Revenue is up 9% and Profit Before
Tax is down 4%.
• Operating cashflows improved from $505 million to $584 million.
• A final dividend of 87.0 cents per share has been authorised by the Board of
Directors, payable on 18 July 2025.
• Net profit in the prior year was impacted by a non-cash abnormal tax accounting
adjustment on buildings.

This is a satisfactory result, assisted by a pleasing performance from our Australian
operations, which has become our largest revenue and profit contributor.

Sales revenue increases were achieved in all five regions and across our three divisions:
Transport, Warehousing and Air & Ocean. Asia, the Americas and New Zealand saw
profits decline.

- 2 -

Freight Volume Analysis – FY25 v FY24
Total Air freight kilos up 8%
Total Sea freight TEUS up 6%
Total domestic Transport tonnes up 3%
Total Warehouse orders picked up 2%

Whilst freight activity has increased across all sectors of the business, margin
performance was poorer than expected, impacted by an intensely competitive
environment and significantly higher property overheads as we migrate to new facilities.

There has been a variety of supply chain responses from our customers as tariff
negotiations triggered by the United States administration continue. Many are taking a
“wait and see” approach, while others begin to adjust their manufacturing hubs and
explore different trade lanes. Ongoing uncertainty is likely to result in fluctuating freight
volumes, and inconsistent trade lane pricing in the immediate future.

Mainfreight is well positioned to assist our customers as they manage through the
disruption.

Group Operating Cash Flows

Operating cash flows were $584 million, up from $505 million in the prior year, reflecting
improved cash collection and working capital movements.

Current debt facilities total $504 million, of which $125 million was drawn. Net funds at
31 March 2025 was $14.4 million compared to $22 million last year. Gearing ratios
remain satisfactory.

Net capital expenditure in FY25 totalled $234.5 million, with expenditure on property
accounting for $111.2 million; warehousing racking and fit out costs of $75 million; and
plant, equipment and software of $48 million.

- 3 -
We will continue to invest in our network and the infrastructure associated with it.
However, the likelihood of slower economic growth, coupled with the considerable
investments made in the past year, particularly in New Zealand, will result in a more
cautionary approach to property development and capital expenditure.

Total planned capital expenditure through to the end of 2027 will be NZ$450 million, of
which NZ$330 million relates to property, racking and fit out. This will be allocated across
our regions as:
New Zealand NZ$ 73.4 million
Australia AU$141.3 million
Americas US$ 28.8 million
Europe EU$ 25.6 million
Asia US$ 1 million

Our branch network has remained steady with 337 branches across 27 countries.
Network expansion is expected to continue as freight growth, profitability and customer
expectations allow.

Dividend

The Directors have approved a final dividend of 87.0 cents per share fully imputed at the
28% company tax rate. With the record date on 11 July 2025, payment will be made on
18 July 2025. This brings the full year dividend to 172.0 cents per share, in line with the
prior year.

Discretionary Bonus

The payment of discretionary bonuses is based on satisfactory profit results, and remain
a key part of who we are – sharing profits with those who created them. Unfortunately,
this year’s performance will result in our people in New Zealand and the Americas regions
foregoing bonuses as a consequence of contributing less profit than the year prior. A
total of $30.5 million will be shared with team members in branches who have contributed
satisfactory profits in our Australia, Asia and Europe regions.

- 4 -

Divisional Performance (figures in local currencies)

New Zealand (NZ$)

Revenue NZ$1.16 billion Up 3.1%
Profit Before Tax NZ$134.5 million Down 9.5%

This is a disappointing result from our New Zealand business this year. Whilst we have
been able to continue to increase market share, increased property costs and lower
Transport and Air & Ocean margins saw profit decline.

An improved performance from our Warehousing business was pleasing. Additional
capacity has been added, and is yet to be fully utilised, providing capacity for future
expansion. The opening of our new hazardous goods facility in Auckland has occurred
post year end, and new warehousing capacity for Christchurch will become available by
mid 2026.

Transport margins were compromised due to additional road transport capacity for inter-
island freight movements being required to offset poor KiwiRail services. Less than
desired rail ferry capacity will continue to provide challenges for the next four years for
freight movements between the North and South Islands until new ferries are delivered.
Three new cross-dock facilities were delivered in Auckland, providing much improved
capacity. New transport facilities are currently under construction in Hastings and
Auckland, with expected completion in late 2025. Our Whanganui site will open in July.

The volumes and market share gains continue to improve in our Air & Ocean business,
however lower ocean freight rates and intense competition has seen margins reduce.

While second half improvements have assisted performance, we expect to see ongoing
challenging conditions in the New Zealand market for the short term.

- 5 -
Australia (AU$)

Revenue AU$1.51 billion Up 16.5%
Profit Before Tax AU$137.4 million Up 7.0%

This has been a record breaking result from our Australian region and it is now the largest
revenue and profit performer in the Group. Leading this growth is our Transport
business, where strong market share gains in the LTL sector have provided improved
utilisation and profit performance. New Transport facilities are currently under
construction in Brisbane and Townsville, with expected completion late 2026.

Warehousing profitability has improved as we increase utilisation and find efficiencies
across our new sites. The exit of three overflow warehouses by mid November 2025, will
generate further margin improvements.

Our Air & Ocean returns have been pleasing, aided by a number of large project
shipments. Satisfactory performances from our Sydney and perishable airfreight
operations have contributed to this result.

We expect the growth achieved in FY25 across all of our Australian divisions to continue.



The Americas (US$)

Revenue US$665.8 million Up 4.2%
Profit Before Tax US$15.2 million Down 30.0%

The Americas continues to be our worst performing region due to a poorer than expected
Transport result. There was a satisfying performance from our Air & Ocean division,
albeit with a less than satisfactory contribution from our wholesale sea freight division,
CaroTrans. Our Air & Ocean business has some exposure to the TransPacific trade lanes
which will result in fluctuating tonnage as US tariff negotiations continue.

- 6 -
Our Warehousing operations are fully utilised, other than our newly extended New
Jersey site. This facility has a significant focus on beverage storage, and this is expected
to see further growth in the year ahead. Interest in our Canadian operations is expanding
due to the impact of US tariffs, and we expect to increase our warehousing footprint in
Toronto.

The profit and revenue results for the Transport business were unsatisfactory as we
continue to work to develop our network and LTL distribution capability. New cross-docks
in Dallas and Chicago are now operational, and provide the opportunity for improved
efficiencies. Further cross-dock investments are on hold until profitability improves. Our
network capability now covers 79 branches across the Americas.

We expect to see ongoing profit improvements in our Air & Ocean and Warehousing
divisions in the short term, no matter the tariff effects. Our Transport business will take
time to meet expectations.


Asia (US$)

Revenue US$126.2 million Up 30.8%
Profit Before Tax US$9.8 million Down 29.4%

It was a disappointing result from our Asian businesses where, despite pleasing revenue
growth, our margins were impacted by falling sea freight rates. While we have some
ongoing exposure to the TransPacific trade lanes, we are focussing on developing
capability to and from Europe and Australasia. Our branch network across Southeast
Asia continues to find relevance and is likely to benefit further once tariff negotiations are
completed, and manufacturing diversification away from China stabilises. Our
experiment with establishing warehousing capability in the region has yet to reach
profitability and is under review.

- 7 -
Europe (Euro €)

Revenue €602.8 million Up 8.2%
Profit Before Tax €31.0 million Up 11.0%

There was a satisfactory performance from our European operations, driven by improving
Transport and Air & Ocean profitability.

Warehousing utilisation and profitability remain disappointing as customers re-adjust
their warehousing requirements. A new warehouse established in Utrecht, the
Netherlands, remains under-utilised as we await a number of new customers tender
outcomes. The establishment of two warehouses in the United Kingdom has been
successful and has provided a platform for the development of a United Kingdom
Transport division.

Our Air & Ocean capability and network continues to improve with satisfactory progress
being made in all European countries.

Transport performance continues to be satisfactory across the Netherlands and Belgium,
however improvement is required in our transport hubs in France, Romania and Poland.
We expect to establish Warehousing capabilities in these regions, as well as in Germany
to meet growing customer inquiry. As a consequence, growing a stronger European
centric business.

Outlook

We are reasonably satisfied with our year end result, particularly our ability to grow sales
revenues in what has been a difficult trading environment.

We continue to be positive with the opportunities available to us in every region we
operate in. We are continuing to invest to improve our facilities to accommodate future
growth as conditions dictate, and are comfortable with the network we have established
in our most difficult market, the Americas.

- 8 -

Current trade tariff negotiations initiated by the United States has generated supply chain
uncertainty for the immediate future. We expect a short term increase in freight volumes
from China to the USA during the tariff pause period, with the likelihood of increased
freight rates, however this may also result in capacity on container vessels becoming
limited and container equipment shortages.

It remains difficult to predict if international freight volumes will remain elevated post the
tariff negotiations. Irrespective, we expect our customers to accelerate plans for
diversification of their supply chains to reduce volatility. Our network across 27 countries
positions us well to take advantage of these shifts and assist our customers with their
changing freight requirements.

Our sales activity is strong as market share opportunities continue to become available
across all regions. It is our expectation that our developing network in Europe, the
Americas and Asia will add to the success we have already gained in Australia and
New Zealand.

Mainfreight will release its financial results for the first half of the 2026 financial year to
the market on 12 November 2025.


For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email don@mainfreight.com.

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MAINFREIGHT LIMITED
FULL YEAR RESULTS
31.03.25

Revenue $5.24 billion up 11%
PBT $383.6 million down 3%
Net Profit $274.3 million up 31%
Prior year saw non-cash tax accounting adjustment of $69 million
People 11,130 up 486
Branches 337
Countries 27
Net Capital Expenditure $234.5 million
Discretionary bonus of $30.5 million payable in Australia, Asia and
Europe only
Result Summary

Full Year Overview
Satisfactory revenue growth
Record result from our Australian businesses – now largest revenue
and profit performer
Profit decline in New Zealand, Asia and Americas
Margin performance impacted by higher property overheads /
competitive market conditions
Eight new facilities completed
3 x Transport sites in Auckland
2 x Warehouses in Auckland
1 x Airfreight facility Brisbane
1 x new cross-dock in Chicago, Illinois
1 x new cross-dock in Dallas, Texas
“Expected a better profit performance”

Dividend
Directors have approved
a final dividend of 87.0 cents per share
Full dividend for year = 172.0 cents per share
Books close 11 July 2025
Payment on 18 July 2025
“Continue to be comfortable with current level of dividend”

Capital Management
Operating Cash Flows remain satisfactory $584 million v $505 million last year
Net Capex $234 million - $111 million on property
Increased on half year estimate - timing
Net Funds at $14 million
“cash at hand”
Bank debt of $125 million, from a total available facility of $504 million
Debt reduction of $23 million

Future Capital
Expenditure
Update:
F26 -27
NZ$ MILLIONF26
Planned Capital Expenditure$202.9
▪Property$ 98.2
▪Fit-out costs$ 44.7
▪Non-property capex$ 60.0
NZ$ MILLIONF27
Planned Capital Expenditure$247.2
▪Property$123.6
▪Fit-out costs$ 63.5
▪Non-property capex$ 60.0
Property and Fit-out costs F26-F27
New ZealandNZ$ 73.4 million
AustraliaAU$141.3 million
AmericasUS$ 28.8 million
Europe EU$ 25.6 million
Asia US$ 1.0 million
Total in NZ$NZ$330.0 million
“Cautionary approach to property capex for 2026 and 2027”

Beach Road (owned)
-22,000 sq metres
-24,000 pallet capacity – 50% utilised currently
-Dangerous Goods Warehouse
-Built to highest standard practicable for a major hazardous facility
-Networks alongside Chemcouriers for distribution

Our 3 Core Products (NZ$) FY 2025
TRANSPORT
Total tonnes increased 4%
Consignment counts increased in all regions other than New Zealand
Australia performance increased in volume and consignments – reflecting market share increases
Revenue $2,262.86 million 3.4% PBT $169.79 million 1.6%
WAREHOUSING
Total orders picked increased 2%
European activity decline in Belgium and lesser extent Netherlands
Poorer than expected performance from Europe and Asia
Asian Warehouse strategy under review
Revenue $865.36 million 10.3% PBT $63.59 million 6.6%
AIR & OCEAN
Airfreight kilos increased 8% Sea freight TEUs increased 6%
Continuing to increase our airfreight capability Sea freight volumes increased across all regions
Tariff impacts to year end negligible Reduction of booking and shipments April/May
Large increase in bookings/rates June onwards Customs clearances now exceed 250,000 per annum
Margin management a key focus
Revenue $2,108.21 million 20.9% PBT $150.20 million 8.0%

Full Year 2025 Analysis
*Inter-company revenue excluded
New Zealand – Margin impact and new Auckland property cost increases
Americas – Transport and CaroTrans poor performance
Asia – Volume growth versus poorer margin performances
NZ$000Revenue*Var %Profit before TaxVar %
New ZealandNZ$1,158,8603.1%134,5189.5%
AustraliaAU$1,507,34916.5%137,4477.0%
AmericasUS$665,7694.2%15,21930.0%
EuropeEU€602,7948.2%30,96911.0%
AsiaUS$126,24130.8%9,81329.4%
GroupNZ$5,236,43711.0%383,5783.0%

New Zealand
•Pleasing performance across most sites
•Utilisation levels at 91%
•Available capacity post year end – specialised Hazardous site and Mainfreight 2 Home appliance
warehouse
•Construction underway on new leased site for Christchurch – Food/Beverage with chilled capacity
•Significant down trading of many customers
•Continue to improve market share offsetting some down trade
•Rail supply issues necessitated more road units North Island to South Island with resulting freight
imbalance impacting margins
•Three new cross-dock investments in Auckland to improve long term capability – Daily Freight
(Owens) / Mainfreight 2 Home / Container freight station (rail served)
•New sites late 2025 in Auckland for Daily Freight and Hastings/Napier, Whanganui opens July
•Continue to improve market share with import volumes improving. Export volumes less than prior
year
•Margins less than satisfactory as a consequence of competitive tensions/customer renewals and
lower ocean freight rates
•Tariff impacts minimal on freight volume expectations
TRANSPORT
WAREHOUSING
AIR & OCEAN
“Facility improvements providing long term capacity / short term pain”
•Expect a stronger second half performance FY26
•Cook Strait ferry constraints to be offset by alternative services
OUTLOOK

Australia
•Improving profit performance across most sites – ROR improvements pleasing
•Automation at Moorebank beginning to improve warehouse efficiencies
•Overflow warehouses exited by November 2025, property cost reduction of
$5.5 million per annum/$2.6 million April-Nov 2025 to be incurred
•Continuing to grow market share across express LTL distribution/wharf cartage and FTL
opportunities
•Regional branch profitability improving providing confidence to continue regional expansion
•Construction has commenced for Brisbane and Townsville cross-docks
•Specialist project business has contributed well to this result
•Pleasing improvements in sea freight volumes
•Improving perishable airfreight growth across Melbourne, Sydney and Brisbane
•New Brisbane airfreight facility now operational
TRANSPORT
WAREHOUSING
AIR & OCEAN
“Our Australian business proves what is possible”
•Expect a continuation of ongoing sales and profitability improvements across all divisions
OUTLOOK

Americas
•All sites excluding New Jersey well utilised
•New Jersey site beverage focused (extended site to 280,000 sqft)
•Toronto oversubscribed – new and larger site to replace current property
•Sales focus on increasing B2B volumes in all warehouses
•Gross margins impacted by poorer than expected linehaul utilisation and extended delivery areas
•Cross-docks in Chicago and Dallas fully operational – added property costs – additional sites on
hold until profitability improvements are found
•Continuing to find growth and improving profitability
•April/May ocean freight bookings below expectations due to tariff implications
•Strong bookings and ocean freight rate increases June onwards
•Canadian and Mexican development potential
•CaroTrans contributions disappointing
•Agency changes to improve profitability and growth – South America/UK
•Software change fully implemented
TRANSPORT
WAREHOUSING
AIR & OCEAN
“Transport growth and profit improvement our core focus”
•Acceptable Transport profitability to take time
•Air & Ocean growth and profitability contributions to further increase
OUTLOOK

•Less activity in Belgium and core Netherlands sites
•UK Warehousing development has assisted a small UK Transport division to start
•Development of warehousing capability in Germany/Poland being explored alongside increased
customer inquiry
•Increased Romanian warehouse capacity providing growth opportunities
•Volume improvement through second half of the year
•Performance across France, Poland and Romania continuing to disappoint
•Network intensification in Netherlands yet to fully realise benefits
•Pleasing improvement and growth across most country locations now totaling 18 branches in
11 countries
•Seeing increased demand for direct Canadian services from Europe
•Tariff impacts for Trans Atlantic tonnage yet to be defined
TRANSPORT
WAREHOUSING
AIR & OCEAN
“Expectations to transition from Netherlands to a broader and better European contribution”
Europe
•Expect Warehousing profit improvements with new customer gains
•Stronger Transport focus and development to continue for France, Poland and Romania
•Air & Ocean improvements expected to continue, Germany in particular
OUTLOOK

•Stronger freight volume growth particularly Asian controlled sales
•Poorer than expected margin and profitability performance
•Higher expectations and increased inquiry for Southeast Asia and India trade as a consequence
of tariff controversy
•Diversifying trade lane development to offset TransPacific reliance
•Warehousing profitability and performance is disappointing and under review
Asia
“Air & Ocean freight our core competency”
•Short term improvement expected as TransPacific volumes and rate increases assist
OUTLOOK

Outlook
•Trading April and May disappointing
•Short trading weeks
•US tariff implications
•Supply chain customer developments improving
•Top 500 utilising all three divisions increased from 37% to 39%
•Sales gains continue to be satisfactory
•Overhead and labour cost management focus
•Cautious capital expenditure program for next two years
•Network development across all regions relevant to growth and customer expectations
•Expectations of a stronger second half performance

To Close
Annual Meeting of Shareholders
- 30 July 2025
F26 – 6 months ended 30 September 2025
- 12 November 2025

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Distribution Notice
(for Equity Security issuer/Equity and Debt Security issuer)
Section 1: Issuer Information
Name of Issuer
Financial product name/description
NZX ticker code
ISIN
Full YearxQuarterly
Half YearSpecial
DRP Applies
Record date
Ex-Date (one business day before the Record
Date)
Payment date (and allotment date for DRP)
Total monies associated with the distribution
Source of distribution (for example, retained
earnings)
Currency
Section 2: Distribution Amounts per Financial Product
Gross Distribution
Gross Taxable Amount
Total Cash Distribution
Excluded Amount (applicable to listed PIEs)
Supplementary Distribution Amount
If fully or partially imputed, please state
imputation rate as % applied
Imputation tax credits per financial product
Resident Withholding Tax per financial product
N/A
Authority for this Announcement
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
graeme.illing@mainfreight.com
29/05/2025
Graeme Illing, Chief Financial Officer
Graeme Illing
+64 9 259 5522
$0.33833333
$0.06041667
Section 4: Distribution Re-investment Plan (not applicable)
28.0%
$1.20833333
$1.20833333
$0.87000000
$0.15352941
Section 3: Imputation Credits and Resident Withholding Tax
Is the Distribution imputed?
Fully imputed
Partial imputation
No imputation
Type of distribution
(Please mark with an X in the
relevant box/es)
NZD
Mainfreight Limited
Ordinary Shares
MFT
NZMFTE0001S9
11/07/2025
10/07/2025
18/07/2025
$87,607,737
Retained Earnings

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of IssuerMainfreight Limited
Reporting Period12 months to 31 March 2025
Previous Reporting Period12 months to 31 March 2024
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$5,236,43711.0%
Total Revenue$5,236,43711.0%
Net Profit/(Loss) from Continuing Operations$274,34131.5%
Total Net Profit/(Loss)$274,34131.5%
Interim/Final Dividend
Amount per Quoted Equity Security$0.87000000
Imputed Amount per Quoted Equity Security$0.15352941
Record Date11/07/2025
Dividend Payment Date18/07/2025
Current PeriodPrior Comparable Period
Net tangible assets per Quoted Equity Security
$16.8860$15.5798
A brief explanation of any of the figures above
necessary to enable the figures to be understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
29/05/2024
Unaudited financial statements accompany this announcement.
Authority for this Announcement
Graeme Illing, Chief Financial Officer
Graeme Illing
+64 9 259 5522
graeme.illing@mainfreight.com

MAINFREIGHT LIMITED
Preliminary Full Year Announcement
For the Full Year ended 31 March 2025
Income Statement
For the Full Year ended 31 March 2025
Year endedYear ended
31 March 202531 March 2024
Notesunauditedunaudited
$NZ000$NZ000
Total Revenue5,236,437 4,717,796
Transport Costs(3,029,072) (2,623,077)
Labour Expenses(1,079,574) (1,011,808)
Other Expenses(366,276) (362,330)
Earnings before Finance Costs, Tax, Depreciation and Amortisation
761,515 720,581
Depreciation of Right to Use Assets(221,223) (193,146)
Finance Costs Relating to Lease Liabilities(40,105) (25,611)
Other Depreciation & Amortisation Expenses(107,639) (99,822)
Other Finance Costs(8,970) (6,619)
Profit Before Abnormal Items and Taxation for the Year383,578 395,383
Income Tax on Profit Before Abnormal Items(109,237) (117,488)
Net Profit Before Abnormal Items for the Year274,341 277,895
Abnormal Tax Item - deferred tax liability on buildings arising from
legislative change
4- (69,224)
Profit before Taxation for the Year383,578 395,383
Income Tax Expense(109,237) (186,712)
Net Profit for the Year274,341 208,671
Earnings per share
Basic and diluted earnings (cents per share)272.44207.22
Net Profit for the Period274,341208,671
Other Comprehensive Income for the Period, Net of Tax
Other comprehensive income to be reclassified to profit/(loss) in
subsequent periods
Exchange Differences on Translation of Foreign Operations37,010 30,046
Income Tax Effect95 426
Net Other Comprehensive income to be reclassified to profit/(loss) in
subsequent periods
37,105 30,472
Other comprehensive income not to be reclassified to profit/(loss) in
subsequent periods
Revaluation of Land including Foreign Exchange Movements2,766 84,405
Income Tax effect(311) (22,469)
Defined Benefit Pension Provision(102) (120)
Income Tax effect29 30
Net Other Comprehensive income not to be reclassified to
profit/(loss) in subsequent periods
2,382 61,846
Other Comprehensive Income for the Period, Net of Tax39,487 92,318
Total Comprehensive Income for the Period, Net of Tax313,828 300,989
The accompanying notes form part of these financial statements
Preliminary full year report on consolidated results (including the results for the previous corresponding full year).
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
This report has been prepared in a manner which complies with generally accepted accounting practice and fairly
presents the matters to which the report relates and is based on unaudited financial statements.
For the Full Year ended 31 March 2025
Statement of Comprehensive Income

MAINFREIGHT LIMITED
Balance Sheet
As at 31 March 2025
31 March 202531 March 202431 March 202531 March 2024
unauditedunauditedunauditedunaudited
$NZ000$NZ000$NZ000$NZ000
Current AssetsCurrent Liabilities
Bank179,391 213,562 Trade Creditors & Accruals513,452 495,659
Trade Debtors640,760 614,933 Employee Entitlements105,623 98,732
Income Tax Receivable4,525 13,827 Provision for Taxation27,305 17,553
Properties Held for Sale- - Lease Liability194,022 180,742
Other Debtors97,404 73,124 Asset Finance Loans11,198 12,319
922,080 915,446 851,600 805,005
Non-current Tangible AssetsNon-current Liabilities
Property1,363,275 1,272,324 Bank Term Loan124,538 147,402
Plant & Equipment388,661 331,973 Employee Entitlements4,860 4,804
Right of Use Assets1,104,608 975,726 Lease Liability987,989 843,657
Deferred Tax Liability80,000 93,517
Asset Finance Loans29,242 32,222
2,856,544 2,580,023 1,226,629 1,121,602
Total Liabilities2,078,229 1,926,607
Non-current Intangible & Deferred Tax AssetsShareholders' Equity
Software57,537 57,905 Share Capital85,821 85,821
Goodwill235,209 226,165 Retained Earnings1,544,624 1,441,930
Other Intangible Assets1,410 1,594 Revaluation Reserve271,681 270,781
Deferred Tax Asset671 70 Foreign Currency Translation Reserve93,392 56,287
Defined Benefit Pension Reserve(296) (223)
294,827 285,734 Total Equity1,995,222 1,854,596
Total Assets4,073,451 3,781,203 Total Liabilities & Equity4,073,451 3,781,203
The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED
Statement of Changes in Equity
For the Full Year ended 31 March 2025
ForeignDefined
AssetCurrencyBenefit
OrdinaryRevaluationTranslationPensionRetainedTotal
SharesReserveReserveReserveEarningsEquity
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Twelve Months to 31 March 2025 (unaudited)
Balance at 1 April 202485,821 270,781 56,287 (223) 1,441,930 1,854,596
Profit for the Period- - - - 274,341 274,341
Transfer of Revaluation Reserve for Land Sold- (1,555) - - 1,555
Other Comprehensive Income- 2,455 37,105 (73) - 39,487
Total Comprehensive Income for the Period- 900 37,105 (73) 275,896 313,828
Transactions with Owners in their Capacity
as Owners
Dividends Paid- - - - (173,202) (173,202)
Balance at 31 March 202585,821 271,681 93,392 (296) 1,544,624 1,995,222
Twelve Months to 31 March 2024 (unaudited)
Balance at 1 April 202385,821 209,951 25,815 (133) 1,405,355 1,726,809
Profit for the Period- - - - 208,671 208,671
Transfer of Revaluation Reserve for Land Sold- (1,106) - - 1,106
Other Comprehensive Income- 61,936 30,472 (90) - 92,318
Total Comprehensive Income for the Period- 60,830 30,472 (90) 209,777 300,989
Transactions with Owners in their Capacity
as Owners
Dividends Paid- - - - (173,202) (173,202)
Balance at 31 March 202485,821 270,781 56,287 (223) 1,441,930 1,854,596
The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED
Cash Flow Statement
For the Full Year ended 31 March 2025
Year endedYear ended
31 March 202531 March 2024
unauditedunaudited
$NZ000$NZ000
Cash Flows from Operating Activities
Receipts from Customers5,233,626 4,740,396
Interest Received5,459 4,362
Payments to Suppliers and Team Members(4,495,386) (4,062,677)
Finance Charge on NZ IFRS 16 Leases(40,105) (25,611)
Interest Paid(14,429) (10,980)
Income Taxes Paid(104,760) (140,691)
Net Cash Flows from Operating Activities584,405 504,799
Cash Flows from Investing Activities
Proceeds from Sale of Property, Plant & Equipment25,719 20,216
Proceeds from Sale of Software636 763
Purchase of Property, Plant & Equipment(231,869) (249,995)
Purchase of Software(21,797) (24,712)
Purchase of Licences- (676)
Purchase of Investment(158) -
Net Cash Flows from Investing Activities(227,469) (254,404)
Cash Flows from Financing Activities
Proceeds of Long Term Loans143,434 88,921
Dividend Paid to Shareholders(173,202) (173,202)
Repayment of Loans(176,374) (122,059)
Lease Payments NZ IFRS 16 (193,990) (182,850)
Net Cash Flows from Financing Activities(400,132) (389,190)
Net Increase / (Decrease) in Cash and Cash Equivalents(43,196) (138,795)
Net Foreign Exchange Differences9,024 10,367
Cash and Cash Equivalents at Beginning of Period213,563 341,991
Cash and Cash Equivalents at End of Period179,391 213,563
Comprised:
Bank179,391 213,563
Bank Overdraft- -
179,391 213,563
The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2025
1Corporate Information
The preliminary full year report announcement of Mainfreight Limited ("the parent") and its
subsidiaries ("the Group") for the full year ended 31 March 2025 was authorised for issue in
accordance with a resolution of the Directors.
Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares
are publicly traded on the NZX Main Board (New Zealand Stock Exchange).
2Changes in Accounting Policies
The accounting policies applied in the preparation of the consolidated financial statements are consistent with the prior year,
except for the adoption of amendment to FRS-44 - Disclosure of Fees for Audit Firms' Services effective 1 January 2024.
The introduction of this amendment did not have a material impact on the financial statements. The Group has not early
adopted any other standards, interpretation or amendment that have been issued but are not yet effective.
The Group has no new material standards that require adoption in future years
3Required NZX DisclosuresParent
Year endedYear ended
31 March 202531 March 2024
unauditedunaudited
SharesShares
Movements in Ordinary Shares on Issue
Closing balance100,698,548 100,698,548
Average balance during the period100,698,548 100,698,548
$NZ000$NZ000
Net Tangible Assets
Net Tangible Assets1,700,395 1,568,862
Net Tangible Assets per Security (cents per share)1,688.60 1,557.98
Dividends Paid and Proposed
Recognised Amounts
Declared and Paid during the Period to Parent Shareholders
Final Fully Imputed Dividend for 2024: 87.0 cents (2023: 87.0 cents)87,608 87,608
Interim Fully Imputed Dividend for 2025: 85.0 cents (2024: 85.0 cents)85,594 85,594
173,202 173,202
Unrecognised Amounts
Final Fully Imputed Dividend for 2025: 87.0 cents (2024: 87.0 cents)87,608 87,608
After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 28 May 2025
4Abnormal Items
Abnormal items are determined in accordance with the principles of consistency, relevance and clarity. Transactions considered for
classification as abnormal items include acquisition and disposal costs; impairment or reversal of impairment of assets; business
integration; and transactions or events outside of the Group’s ongoing operations that have a significant impact on reported after tax profit.
During the year the Group had no abnormal pre-tax expenses (2024 nil). The related after tax expense was nil (2024 $69,224,000).
2025
Pre-TaxTaxAfter Tax
$NZ000$NZ000$NZ000
Building Depreciation Taxation- - -
On 28 March 2024, the New Zealand Government enacted changes to the tax legislation to remove the ability to depreciate buildings with
a life over 50 years for tax deduction purposes. For the Group the application of this taxation change under NZIAS 12 Income Taxes creates
a tax carrying value of nil from 1 April 2024 onwards for these New Zealand buildings. This increases the deferred taxation liability by
$69,224,000 and creates a one-off non-cash accounting adjustment to the taxation expense for deferred tax on buildings for the year ended
31 March 2024 of $69,224,000. The application of NZIAS 12 which creates this large deferred taxation liability does not reflect taxation
payable if the assets were sold.
5Annual Report and Annual Meeting
The annual report is expected to be available on 30 June 2025.
The Annual Meeting is to be held at 4.00pm on Wednesday 30 July 2025; venue to be advised.

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2025
5Segmental Reporting
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose
operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available.
The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries
(i.e. moving freight between countries).
New Zealand, Australia, The Americas, Asia and Europe are each reported to management as separate segments as the businesses there perform both
domestic and air and ocean services.
The segmental results from operations are disclosed below.
Geographical Segments
The following table represents revenue, margin and certain asset information regarding geographical segments for the years ended
31 March 2025 and 31 March 2024.
TheInter-
New ZealandAustraliaAmericasAsiaEuropeSegmentTotal
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Year to 31 March 2025 (unaudited)
Operating Revenue
- Sales to Customers outside the Group1,158,861 1,655,699 1,119,880 212,349 1,089,648 - 5,236,437
- Intersegment Sales20,994 47,021 113,706 158,598 69,315 (409,634) -
Total Revenue1,179,855 1,702,720 1,233,586 370,947 1,158,963 (409,634) 5,236,437
Transport Costs(675,884) (1,033,131) (804,415) (289,922) (635,354) 409,634 (3,029,072)
Depreciation & Amortisation(83,159) (86,388) (76,414) (7,312) (75,589) - (328,862)
Finance Costs(16,225) (20,463) (6,193) (266) (5,928) - (49,075)
Labour Expenses(199,800) (297,165) (224,553) (39,953) (318,103) - (1,079,574)
Other Expenses(70,270) (114,599) (96,412) (16,988) (68,007) (366,276)
PBT134,518 150,974 25,599 16,506 55,981 - 383,578
Capital Expenditure129,976 43,988 55,541 1,491 22,669 - 253,665
Trade Debtors127,359 190,786 151,425 25,743 205,732 (60,285) 640,760
Non-current Assets1,172,982 918,836 528,242 26,559 504,752 - 3,151,371
Total Assets1,304,384 1,179,930 744,151 127,066 778,205 (60,285) 4,073,451
Total Liabilities569,319 573,023 468,049 70,910 457,213 (60,285) 2,078,229
Year to 31 March 2024 (unaudited)
Operating Revenue
- Sales to Customers outside the Group1,124,062 1,395,989 1,048,272 158,324 991,149 - 4,717,796
- Intersegment Sales17,657 42,051 96,510 118,571 69,022 (343,811) -
Total Revenue1,141,719 1,438,040 1,144,782 276,895 1,060,171 (343,811) 4,717,796
Transport Costs(635,184) (852,842) (730,321) (199,621) (548,920) 343,811 (2,623,077)
Depreciation & Amortisation(74,163) (74,299) (63,789) (7,159) (73,558) - (292,968)
Finance Costs(11,763) (11,692) (3,515) (7) (5,253) - (32,230)
Labour Expenses(205,350) (255,560) (205,762) (37,572) (307,564) - (1,011,808)
Other Expenses(66,546) (105,075) (105,713) (9,735) (75,261) (362,330)
PBT148,713 138,572 35,682 22,801 49,615 - 395,383
Capital Expenditure126,271 53,053 34,256 3,197 57,930 - 274,707
Trade Debtors125,511 186,509 142,806 37,272 178,601 (55,766) 614,933
Non-current Assets989,969 916,217 399,324 22,873 537,374 - 2,865,757
Total Assets1,131,098 1,157,890 643,809 125,184 778,988 (55,766) 3,781,203
Total Liabilities477,484 595,259 382,810 60,596 466,224 (55,766) 1,926,607

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2025
5Segmental Reporting - continued
The
New ZealandAustraliaAmericasAsiaEuropeTotal
$NZ000$AU000$US000$US000€EU000$NZ000
Revenue Local Currency
Year Ended March 20251,158,860 1,507,349 665,769 126,241 602,794 5,236,437
Year Ended March 20241,124,062 1,294,221 639,131 96,530 557,224 4,717,796
Growth3.1%16.5%4.2%30.8%8.2%11.0%
Excluding FX Impact9.3%
PBT Local Currency
Year Ended March 2025134,518 137,447 15,219 9,813 30,969 383,578
Year Ended March 2024148,713 128,470 21,755 13,902 27,894 395,383
Growth(9.5%)7.0%(30.0%)(29.4%)11.0%(3.0%)
Excluding FX Impact(4.2%)
PBT to Revenue Margin - ROR
Year Ended March 202511.6%9.1%2.3%7.8%5.1%7.3%
Year Ended March 202413.2%9.9%3.4%14.4%5.0%8.4%
Division Segments
The following table represents revenue and PBT in respect of the three main types of services for the years ended
31 March 2025 and 31 March 2024.
Domestic
TransportWarehousingAir & OceanTotal
$NZ000$NZ000$NZ000$NZ000
Year Ended 31 March 2025
Revenue 2,262,861 865,364 2,108,212 5,236,437
PBT169,788 63,592 150,198 383,578
Year Ended 31 March 2024
Revenue 2,188,882 784,790 1,744,124 4,717,796
PBT172,468 59,654 163,261 395,383
31 March 202531 March 2024
unauditedunaudited
$NZ000$NZ000
Reconciliation between non-GAAP and the Income Statement
Profit before Taxation for the Year383,578 395,383
Finance Costs Relating to Lease Liabilities40,105 25,611
Other Net Finance Costs8,970 6,619
EBITA432,653 427,613
Depreciation of Right of Use Assets221,223 193,146
Other Depreciation and Amortisation Expenses107,639 99,822
EBITDA (Adjusted)761,515 720,581
EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, and royalties (segment only; not Group).
There are no customers in any segment that comprise more than 10% of that segment's revenue.
Bank term loan is allocated based on segment net assets excluding bank term loan.
The geographical segments are determined based on the location of the Group's assets.