Mainfreight Sustainability Report

2025Sustainability and Climate Report

3 2
Three Pillars of Mainfreight
2
Message from Don
3
Sustainability at a Glance
3
Sustainability Framework
4
Double Materiality Assessment
4
ENVIRONMENTAL5
Climate Change
6
Waste Management
11
Water Security
12
SOCIAL13
Community
14
Team
16
People in the Value Chain
20
GOVERNANCE21
Reporting & Disclosure
21
Corporate Governance Resources
21
CLIMATE-RELATED DISCLOSURE REPORT22
Verification Statement
44
CRD Content Index
47
TCFD Content Index
48
GRI Index
49
Glossary
50
Table of
Contents
CULTUREFAMILYPHILOSOPHY
CULTURE, FAMILY, PHILOSOPHY - THE MAINFREIGHT WAY
THREE PILLARS OF MAINFREIGHT
• Eat together – use mealtimes as a
discussion time
• Listen to each other
• Share the profits and the successes
• Openly discuss problems and
openly solve them
• Don’t beat up your brothers and
sisters
• Have respect – see it from others
and show it by actions
• One-hundred year company
• Profit comes from hard work, not
talk
• We are driven by margin, not
revenue
• Train successors, so that you may
advance
• An enduring company is built by
many good people, not a few
• We “care” for our customers,
environment and community
• Total quality management base
• Ready, Fire, Aim
Our company is built on our Three Pillars – Culture, Family, and Philosophy,
articulated over 20 years ago. These core values continue to shape our approach
to people, planet, and the way we do business. Our Three Pillars are as relevant now as
they have ever been, and provide the lens and guidance through which to address the
growing challenges of sustainability. It is inherent in our one-hundred-year philosophy.
• Under-promise, over deliver
• Keep reinventing with time and
growth
• Education is optional, learning is
compulsory
• Let the individuals decide
• Keep it simple
• Tear down the walls of bureaucracy,
hierarchy and superiority
• Avoid mediocrity – maintain
standards and beat them
• Look after our assets
• Immaculate image and presentation
• Promote from within
• Integrity – how it affects other people
• No job descriptions
Sustainability at a Glance
GOVERNANCE
11,130
Message From
Don
In 1978 Bruce Plested started this business with
a small amount of capital and a passionate
desire to be better for the transport customers
of New Zealand.

Alongside the aspiration to do better, Bruce
wanted the people of Mainfreight to be
proud of what they achieved every day, which
included the beginning of our discretionary
bonus system that shares the profits of the
business with those who earn them, providing
they improve year on year.
Included was his desire to recycle and to
be as sustainable as we possibly could be.
Wooden pallets were used for firewood; and
plastic, glass and metal were recycled. A large,
discarded, milk storage tank from the side of
the road during Bruce’s travels became our first
attempt at recycling rainwater from the roof at
our Auckland freight terminal – the beginning
of rainwater collection to clean our vehicles.
Typical of our attitude, we did not shout from
the roof tops about our recycling of waste or
water. It was just what we did around here.
Our sustainability approach has never been
more important than now.
Within this sustainability report, we document
the progress we are making towards improving
the environment where possible, and the
ongoing initiatives we are committed to finding
the solutions required to lower our own carbon
footprint and that of our customers. We are
also working closely with our suppliers of
service, airlines and shipping companies.
These companies are working hard to find
suitable and sustainable fuels for the future
of their planes and ships. Exploring the use
of Sustainable Aviation Fuel (SAF) with our
partner airline, Air New Zealand, is a new step
for us. We would prefer to see this fuel used
on all journeys that our customers’ freight will
travel on. However, in an effort to see more
SAF utilised today, we are trialing an initial SAF
emission reduction initiative. A similar project
for sea freight is currently under negotiation.
The use of biofuel (HVO) in Europe for road
vehicles has been underway for some time.
Also detailed in this report, we provide
commentary of our culture and efforts to
help improve the lives of our people and our
community.
We believe that our commitment to
sustainability, our communities, and our people,
are key reasons why customers trust us with
their supply chain solutions. This approach
will play a crucial role in the future of all supply
chain decisions.
Team Members
27
Countries
337
Branches
1,656,881
tCO2e, up 11% (intensity
factors continue to improve)
86%
of forklifts electric,
up 2%
54%
of small vehicle fleet
hybrid and electric,
up 8%
1%
of heavy fleet electric,
in line with 2024
9.4MW
in rooftop solar arrays,
up 11%
9.8MWh
in battery energy
storage systems, up 3%
400+
scholarships awarded to
family of team members
since 2007
$30.5
million to be paid in
team bonuses this year
3
years of Climate-
related Risk Reports
7
years of independently
verified GHG Emissions
Inventory Reports
29
years as an NZX listed
entity
SOCIAL
ENVIRONMENTAL
NETWORK
50,000+
books gifted to children with
Mainfreight's support via
Books in Homes

5 4
w
Our Sustainability
Framework
Our Sustainability Framework lays out our approach to the
sustainability topics deemed material to the business and its
major stakeholders. Under the pillars of Environmental, Social
and Governance we have crafted responses broken down into
operational elements to deliver on our sustainability goals.
We follow this structure throughout the report in documenting
the various projects and initiatives we have underway throughout
the Group.
Mainfreight Sustainability
EnvironmentalSocialGovernance
Climate Change
Waste
Management
Water
Security
Transportation
Reducing our
Impact
Water Resources
Infrastructure
Supporting
Circularity
Water Systems
Operations
Community
People in the
Value Chain
Partnerships
Involvement
Reporting
& Disclosure
Corporate
Governance
Voluntary
Reporting
Climate-related
Disclosures
Team
Health, Safety
& Wellness
Opportunity &
Development
Diversity &
Inclusivity
Double Materiality
Assessment
Double Materiality Assessments (DMA) support businesses in
identifying and understanding both the impact of their activities
on people and the environment (impact materiality), as well
as the financial effects that sustainability-related events and
developments may have on their business (financial materiality).
The core focus of the DMA lies in stakeholder input - specifically
their perspectives on risks, opportunities, and impacts - which
serves as the basis for prioritising material topics.
Our DMA involved over 200 stakeholders from a mixture of
internal and external groups and used both interviews and
surveys.
The feedback and findings help ensure we are focusing on the
sustainability topics that matter most to both our stakeholders
and the ongoing success of the business. The chart depicted
to the right, plots impact materiality on the Y axis and financial
materiality on the X axis, with those toward the top right quadrant
representing our most material topics. Bubble size is determined
by rated impact severity.
Diversity
Health and safety
Training and development
Work-life balance
Biodiversity and ecosystems
Climate mitigation
Water use
Pollution
Energy
Waste
Climate adaptation
Working conditions
Affected communities
Corporate culture
Corruption and bribery
Data security - Cybersecurity
Whiste-blowers
Secure employment
0.0
1.0
2.0
3.0
4.0
5.0
6.0
0.01.02.03.04.05.06.0
Impact materiality
Financial materiality
Diversity
Health and safety
Training and development
Work-life balance
Working conditions
Affected communities
Secure employment
Biodiversity and ecosystems
Climate mitigation
Pollution
Energy
Waste
Climate adaptation
Water use
Corporate culture
Whiste-blowers
Corruption and bribery
Data security - Cybersecurity
Environmental
Social
Governance
ENVIRONMENTAL
Climate Change
Waste Management
Water Security
TransportationInfrastructureOperations
Climate Change
The first quarter of 2025 continued the trend of persistently high average global
temperatures. 21 of the past 22 months through to April exceeded 1.5°C above
the pre-industrial average, a level which if sustained, would breach a key Paris
Agreement threshold.
At 1.5°C above pre-industrial levels, disruptive climate events will become more
common and more severe. These aren’t alarmist theoretical scenarios, the effects
are already being felt. Globally, insurance losses over each of the past five years
have exceeded US$100 billion, an amount rarely seen over the preceding 10
years.
These impacts also fail to account for the considerable disruption to global
supply chains, and the businesses and communities they serve. Ambitious
efforts to mitigate climate change are no longer adequate, we also need to build
resilience and adapt to an already warmer planet.
It is perhaps not surprising that climate change rated as our most material
sustainability topic. This reflects both the emissions intensive industry we
operate in, and the high expectations on us to play our part.
Despite the challenges, we see strong reasons for optimism, driven by advances
in scientific understanding, technology, and most satisfyingly, through
collaboration with our partners and customers.
Waste Management
The global supply chain plays a significant role in the generation of waste -
from packaging and consumables to surplus inventory and end-of-life materials.
As pressure grows on the planet’s finite resources, it’s increasingly clear that
linear, take-make-dispose models are not enduringly sustainable. Waste is not
just an environmental issue, it reflects inefficiencies, missed opportunities for
recovery, and avoidable costs. For businesses like ours, with complex operations
and global reach, addressing waste is both a responsibility and an opportunity
to build smarter, more sustainable supply chains.
Our approach to waste management begins with identifying the waste streams
we generate, and finding practical, often innovative, ways to reduce their impact.
This includes prioritising the elimination of unnecessary materials, replacing
single-use items with reusable alternatives, and ensuring that remaining waste is
recycled rather than sent to landfill. We focus our efforts under two key streams:
Reducing Our Impact and Supporting Circularity.
Water Security
Around the world, the emergent effects of climate change are already putting
pressure on water systems and resources. We are seeing more frequent droughts
and water stress, alongside extreme weather events leading to flooding, the
overburdening of wastewater systems and contamination of water supplies.
At the same time, rising populations, industry expansion and increasing
agricultural demand continue to drive up the need for clean, reliable water.
It’s not difficult to see how these opposing dynamics will make a resource we
all need, and largely take for granted in developed economies, increasingly
constrained.
While Mainfreight is not a major commercial water user, we have long championed
the responsible use of water, and recognise the important role that industry can
play in supporting its conservation.
Our approach is centred around our expansive roof spans acting as water
catchments, paired with storage, filtration, greywater recycling and a considered
approach to water use in all applications.
Water is first and foremost a public good, and we see it as our responsibility
to minimise our footprint so that we don’t impose on the needs of the local
communities we serve.
Reducing our ImpactSupporting Circularity
Water ResourcesWater Systems

Road Trains
Road trains are a type of long-haul truck configuration used in Australia.
They consist of a prime mover (tractor unit) towing multiple trailers
- often three, sometimes more. These setups can extend to over 50
metres in length, and carry more than 100 tonnes of freight in a single
trip.
We have over 20 road trains operating between major cities, across the
country.
These specialist setups allow roughly 30% more freight, which despite
increasing total fuel consumption, allows for much greater fuel efficiency
on a per tonne-kilometre basis.
Zero Emissions Zones
Since January 1, 2025, Zero Emissions Zones (ZEZ) have been
implemented across several Dutch municipalities, including major cities
like Amsterdam, Rotterdam and Utrecht. These zones restrict access
for vehicles that emit harmful pollutants, aiming to improve air quality
and enhance urban liveability. While the introduction of ZEZ has been
signalled for several years, these are now becoming more prevalent,
and we anticipate they will be adopted elsewhere in the coming years.
ZEZ provide a useful catalyst in efforts to transition fleets, with newly
registered vehicles required to be zero emissions, to operate in these
areas without penalty.
SAF Pilot Project
As of June 2025, we are pleased to announce our first SAF pilot
project in collaboration with a partner airline and a New Zealand based
customer. This will see a limited number of shipments applying a SAF
emissions reduction of 20%. Although this is just a start, in time, we
look forward to extending this offering to new customers, lanes and
fuel types (including low emissions sea freight).
HVO Diesel
Hydrotreated Vegetable Oil (HVO) is a second[1]generation low
emission fuel. It differs from traditional biofuels in being a direct ‘drop
in’ alternative to diesel, either completely (100%) or as a blend with
existing stocks. Non blended HVO offers an 80%-90% reduction in
emissions. Mainfreight has been using HVO at our own fuelling station
in s’Heerenberg, The Netherlands, with over 25,000L to date and more
on the way. We continue to explore the role of novel fuels for road
freight in locations with available supply.
Getting Closer to Customers
Transport networks, especially those serving Less than Container Load
(LCL) shipments, commonly use Hub and Spoke systems. This enables
efficient consolidation at hubs, before onward distribution via regional
spokes.
These regional spokes, sometimes referred to as ‘last mile’, use smaller
medium (or light) duty vehicles. The difference in payload and freight
task between medium and heavy-duty vehicles results in higher
emissions intensity per tonne-kilometre, in the range of two to three
times.
The challenge, particularly in less densely populated countries like New
Zealand, is that ‘last-mile’ vehicles might actually cover large geographic
areas. Mainfreight aims to operate branches as close to our customers
as possible. This drives our constant network intensification to offer a
better, more local service to our customers while also reducing last mile
transit in both time and emissions.
Sustainable Maritime and Aviation Fuels
Air and sea freight are vital parts of our service offering and are how
we connect our customers to all corners of the world. Sea and air also
make up a significant portion of our total emissions, with air freight
accounting for 57%, and sea freight a further 10%.
These emission sources are also notoriously difficult to abate, particularly
aviation. Both electrification and green hydrogen are poor alternatives
over the medium term. Electrification has prohibitively high energy
density demands, and green hydrogen has large volumetric storage
needs (or requires complex cryogenic storage). These demands are
consequential, not just to cost, but in reduced potential payloads. As a
result, alternate low emission fuels are likely the most viable technology
over the near term. In shipping, this includes methanol, ammonia and
methane often called Liquefied Natural Gas (LNG).
In aviation, Sustainable Aviation Fuel (SAF), a collective term for a
broad range of advanced fuels produced from different feedstocks, is
the consensus low emissions technology. SAF offers varying degrees
of emissions reductions - in the range of 80%. However, in practice
these are almost always injected as a blend with existing fuel supplies,
offering much lower reductions on an individual flight basis.
Industry is still working to scale up the production of these fuel types,
and until they reach greater economies of scale, prices will remain
elevated. Importantly, financial feasibility will need to be balanced with
prioritising feedstocks that do not contribute to further deforestation
or food insecurity.
Climate ChangeWaste ManagementWater Security
6
EnvironmentalSocialGovernance
Climate ChangeWaste ManagementWater Security
EnvironmentalSocialGovernance
7
Transportation
Electric Vehicles
Electrification is easily the most efficient energy
system for road transportation (as measured by
energy return on energy invested). Although niche
applications requiring alternative energies will exist,
electric vehicles (EVs) will be the foundational
technology in decarbonising road freight over the
long term.
As it stands, high prices, insurance costs, resale
values and access to charging infrastructure remain
barriers to greater adoption of EVs, however these
are rapidly approaching a tipping point. The rate
of innovation in battery chemistry and technology
is quickly overcoming both practical limitations as
well as financial ones.
We are optimistic about the outlook for electric
vehicles in our fleet and although this transition
will take time, we are already investing in the
renewable energy, battery storage and charging
infrastructure to support EVs.
The EVs we have in our fleet fall into the following
three classes:
Light Duty Trucks and Vans
Our light duty fleet includes the Mercedes eSprinter
in the USA, Fuso E-Canters in New Zealand, and
Foton iBlue/T5s and SEA 300-85s in Australia.
Payloads range between 1,000kg to 4,500kg and
up to six pallets.
These vehicles perform a diverse range of roles in
our fleet - from specialist services for individual
customers, through to inner city deliveries with
difficult access.
Medium Duty Trucks
Medium duty vehicles form the largest proportion
of our fleet. These are our pickup and delivery
(PUD) vehicles, connecting our customers to
our wider intercity and international transport
networks. Unfortunately, electrification still has
some way to go in this class, with only two SEA
conversions (12 and 14 pallet) based on the Isuzu
F-Series being operated in New Zealand.
Over the medium to longer term this segment will
represent our biggest opportunity for EVs, with
more routine distances and working hours pairing
effectively with overnight charging.
Our Fleet
Mainfreight’s road fleet policy, agreed with our owner drivers, limits vehicles to a maximum age
of 10 years, with an overall fleet average closer to six years. This stands in contrast to national
averages for heavy vehicles in New Zealand, Australia, Europe, and the United States, which
range from 12 to 18 years. As a result, most of our fleet meets the Euro VI emissions standard.
Modern vehicles don’t just look better - they perform better. Fuel efficiency improves by roughly
1% with each model year. This may seem small, but these gains compound significantly across a
large fleet, year after year. Importantly, Euro VI vehicles also meet stringent emissions standards
for harmful pollutants like nitrogen oxides (NOx) and particulate matter (PM), helping reduce air
pollution in the communities where we operate.
Intermodal Connectivity
New innovations will play a critical role in road transport decarbonisation. However, it is easy to
forget that there are many traditional modes of transport like rail, coastal shipping and inland
waterways that offer immediate and significant emissions reductions , often in the range of 70%
(when compared to road freight).
Mainfreight has long invested in the interconnectivity between different modes to facilitate
a variety of supply chain demands, and provide flexibility and accessibility to our customers.
Some examples include inbuilt rail sidings at many of our larger transport sites in New Zealand
and inland waterway connections along major rivers in Europe.
Heavy Duty Trucks
At the larger end of the spectrum, our heavy-duty
trucks perform our long-haul work, connecting our
branches in different cities, as well as extra heavy
local transport, like container collections from
ports.
At this scale, EVs require especially large batteries
(the sort which would power a home for a month).
These come with their own challenges, including
weight and payload trade-offs and long charging
times.
Despite these challenges, we have deployed a
number of heavy duty EVs to date. These include:
• XCMG E700 with battery swap, operating on
intercity short haul between Hamilton and
Auckland.
• Two BYD 8TT tractor units supporting drayage/
wharf operations out of Long Beach Port, Los
Angeles.
• Two MAN eTGXs onboarded in advance of Zero
Emission Zones in key European locations.
• Two new Volvo FMs for domestic and port
operations in Europe.

Climate ChangeWaste ManagementWater Security
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EnvironmentalSocialGovernance
Climate ChangeWaste ManagementWater Security
EnvironmentalSocialGovernance
9
Warehousing
Customer Emissions Reporting
Emissions reporting can be complex, especially across the supply chain. A single shipment may cross multiple
countries, stop at various transit points and use several different transport modes.
We’re here to help. Mainfreight’s suite of emissions reporting tools can dive deep into every leg of the journey,
calculating precise activity data and applying the most relevant emission factors. We offer dashboards for
land transport as well as international air and ocean, and have recently released new modules for wharf and
warehousing. In addition, customers can export their emissions data or schedule reports to automatically
generate each month.
Having a complete and detailed understanding of your emissions profile is the crucial starting point in any effort
to decarbonise. From there, Mainfreight can work with customers to explore opportunities for improvement,
pairing supply chain planning and design with our various low emission alternatives.
If you haven’t already, reach out to your local Mainfreight team today, and join over 1,000 customers using our
emissions tools to advance their climate strategies.
Carbon Emissions Calculator
This year, we are also excited to release our
Carbon Emissions Calculator, available to
all customers in our Mainchain portal. Here,
customers can build and test the emissions
intensity of numerous different scenarios.
International shipments can be connected to
domestic distribution, and transport modes can
be interchanged and compared. Customers can
explore the difference in freight characteristics
like dry vs refrigerated, and sub-mode details
like between passenger and freighter aircraft or
urban and intercity road transport.
Smart Freight Centre
Mainfreight are proud to be members of the
Smart Freight Centre, who are leading efforts
to decarbonise transport and logistics.
In particular we support the following
programmes:
• The Global Logistics Emissions Council
(GLEC) Framework
• Clean Cargo
• Clean Air Transport
For those that are interested, you can find
details about the work of the Smart Freight
Centre here: www.smartfreightcentre.org/en/
Customer Emissions Dashboard - WarehousingCustomer Emissions Calculator
Our New Builds
At Mainfreight, we take great pride in building state of the
art facilities that not only support world class service to our
customers, but also allow us to do so in a safe and sustainable
way. It’s not just us that think so. Recent buildings in Australia
have won Master Builders Awards for Best Industrial Building
and Excellence in Energy Efficiency.
Our branches include efficient lighting and appliances, double
glazing, battery charging for our electric forklift fleet, EV charging
for our team EVs and hybrids, and DC charging for electric
trucks. HVAC (Heating, Ventilation, and Air Conditioning) and
VRF (Variable Refrigerant Flow) with heat recovery and carbon
monoxide monitoring are also standard features. In addition, we
operate advanced Building and Energy Management Systems
(BMS and EMS) in order to constantly track and optimise the
performance of our facilities.
In the face of a growing incidence of climate-related hazards,
we are also shoring up the resilience and self-sufficiency of our
branches. Solar, with batteries as well as water capture and
storage allow us to maintain operations and supply chains if
faced with disruption to local infrastructure and utilities.
There’s also more to come, with over NZ$330 million in new
property development planned through until the end of 2027.
Battery Energy Storage System
Transport and logistics don’t run on a 9-5 schedule –
the sun isn’t always shining when our operations are
busy. Battery Energy Storage Systems (BESS) allow
us to get the most out of our solar assets, storing
excess energy produced during the day to run our
operations at night.
In addition to better utilisation of renewable energy,
BESS also buffers against high time of use pricing
and provides resilience against disruptions in the
grid, so we can keep our customers’ freight moving.
We currently have over 9.7MWh in BESS across our
network. As technology develops and costs reduce,
we expect BESS to become an increasingly common
feature throughout our facilities.
Infrastructure
EV Chargers
Charging infrastructure is now common
throughout our facilities. This includes small fleet
AC charging in our carparks, forklift charging on
dock, or in our warehouses, and DC truck charging
for our heavy EV fleet. EV chargers range from
7kW through to 180kW, with our latest heavy DC
charger in ‘s-Heerenberg, Netherlands able to
scale up to 400kW.
Extensive smart charging infrastructure,
backed by renewables and batteries, will be a
centrepiece of our shift towards electrification,
with integrated charging turning our branches
into ‘fuelling stations of the future’.
Solar
Renewable energy is a cornerstone in the transition
toward a low carbon economy. That’s because it
doesn’t just displace fossil fuels in powering the
grid, it also enables the electrification of many other
sectors and industries.
For Mainfreight, rooftop solar arrays are now a
standard feature on new owned buildings. We have
also engineered our facilities to support further
expansion of solar as energy demands increase,
particularly through fleet electrification.
This goes beyond just a source of cheap electricity.
As industries electrify, the demands on the grid will
become increasingly competitive. By generating our
own electricity, we can mitigate our load, and avoid
expensive connection upgrades. Internationally, our
solar arrays stand at over 9.3MW, enough to power
over 2,000 homes and capable of supplying almost
15% of our total electricity consumption.
New Energy Solutions
With a growing number of renewable energy assets,
we are constantly working to fine tune their use and
make the most out of the renewable energy we are
generating, while improving the rate of return.
Under a traditional retail electricity model, solar
power is consumed as it’s produced, and battery
power takes over when the sun isn’t shining. However,
when both batteries are fully charged and solar
panels continue to generate surplus electricity, that
excess is typically exported to the grid at a relatively
low feed-in tariff.
One alternative we are trialling is Virtual Energy
Networks (VENs). VENs allow surplus solar power
from one Mainfreight site to be credited against the
consumption of another. This internal energy sharing
model reduces our overall grid reliance and ensures
more of our operations are powered by renewables.
So far, five branches along the east coast of Australia
are participating in the network, but we expect this
number to grow.
We’re also taking part in Frequency Control Ancillary
Services (FCAS), supporting local electricity grids by
using our battery systems to respond to fluctuations
in supply and demand - helping stabilise the grid
while generating returns through spot pricing
markets.

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Operations
Electric Terminal Tractors
In Australia, we have introduced the Terberg
Electric Terminal Tractor (also called a ‘tug’)
as a further means to reduce emissions in our
operations. Having completed initial trials, we
now have four of these in operation, with two
further tugs on order for our Willawong site
once complete.
Like our MHE, tugs can operate in enclosed
environments, so electrification supports both
lower emissions and improved air quality for
our team.
Small Fleet Conversion
Mainfreight operates an extensive small vehicle
fleet that enables our sales and support teams
to stay closely connected with our customers
and partners. This year hybrid and electric
vehicles made up 54% of our fleet, up from
46% in 2024.
We continue to see opportunity for
improvement in this area, and have been
actively rolling out further EV charging to
support greater proportions of plug-in vehicles
within our small fleet.
Electric Material Handling
Equipment
Our most advanced fleet transition to date is in
our material handling equipment (MHE), now
at over 86% electric. Electric MHE offers more
than just emissions reductions - it simplifies
maintenance, reduces noise and improves air
quality, especially in enclosed environments
like warehouses.
Collectively, these reasons make electric
MHE popular with both fleet managers and
warehousing operators.
Energy Management Systems
As a large and growing power user, we recognise that an effective energy strategy requires more
than just the physical assets, it also needs the digital systems to ensure we can make the most
of them.
Energy Management Systems (EMS) connect into the nerve centre of a building, tracking and
translating real-time energy consumption data into meaningful information for users.
We have now installed EMS in a number of major branches across New Zealand, Australia and the
United States. Some of the key capabilities enabled by EMS include:
• Optimising energy use through online platforms and dashboards with real-time monitoring.
• Managing grid integrations, including demand response and load shifting.
• Understanding how diverse subsystems interact, so any demand contention can be managed.
• Issuing early fault alerts to prompt maintenance or intervention and prevent further escalation.
• Using trend analysis to identify opportunities for savings, then validate whether interventions
are successful.
• Evaluating the performance of energy assets so learnings can be applied to future installations.
• Benchmarking performance across sites to encourage shared learning and healthy competition.
EMS are much more than a reminder to turn the lights off. As our energy demands grow, we will
increasingly rely on them to drive efficiency, reduce costs, minimise the risk of faults and outages,
and ensure power is available where and when it’s needed most.
Reducing our Impact
Supporting Circularity
Soft Plastic Recycling
Stretch wrap plays a vital role in logistics, securing
palletised freight for safe transport and storage.
However, it is predominantly a single-use soft plastic
and has traditionally ended up in landfill after use.
Mainfreight has partnered with organisations across
multiple regions to recover used stretch wrap and
reintroduce it into the production cycle. While not
yet a fully circular solution, this is an important step
in reducing our reliance on virgin plastic.
Composting and Team Gardens
Wherever there are people, there is food and
organic waste. At Mainfreight, our in-branch
canteens serve healthy, nutritious meals to our
teams around the world. These in turn generate
a consistent stream of food waste that, when
combined with organic material from our
gardens, becomes a valuable resource for our
onsite worm farms.
The resulting castings and nutrient-rich ‘worm
tea’ are then used to fertilise our vegetable and
herb gardens, helping supply fresh produce
back to our canteens. It’s a cycle that reduces
landfill waste, supplies fresh food and helps
engage our team in the topic of waste and
sustainability.
Plastic and Cardboard Bailing
Machines
We’ve installed baling machines at a number
of larger sites to compact cardboard and
plastic waste, delivering both operational
and environmental benefits. By reducing the
space taken up by loose waste, we keep our
sites tidier and more efficient. In addition,
neatly compacted materials can often be
sold for reuse in manufacturing, reducing
demand for raw materials and allowing us to
earn a small return, rather than incur disposal
costs.
Polystyrene Compression
Our Mainfreight 2Home division provides
services for the transportation, delivery
and installation of homeware, furniture and
appliances. Part of our installation service
offering includes the removal of old appliances
and packaging waste, including bulky materials
like cardboard and polystyrene.
Polystyrene is a particularly light and
voluminous waste product that can be awkward
and expensive to dispose of. At our Mainfreight
2Home Auckland and Christchurch branches,
we operate our own polystyrene compacting
machines which compress material to around
40 times the density of general polystyrene.
The resulting product is not only easier to store
and transport, but can also be used as an input
material in the production of other goods,
reducing the need for virgin materials.
Reverse Logistics
Building efficient reverse logistics systems is
essential to enabling greater circularity in supply
chains. Facilitating the return, refurbishment and
repurposing of end-of-life goods, not only reduces
waste, but also conserves resources, lowers
energy consumption and avoids greater embodied
emissions.
This transition is not without its challenges. Most
supply chains have been designed for linear, one-
way flows, and logistics is only one part of a broader
transformation that includes product design,
regulation and customer behaviour. However, as
interest in circular solutions grows and raw materials
become increasingly scarce, we expect demand
for reverse logistics to become increasingly more
popular.
At Mainfreight, we have been supporting reverse
logistics solutions for years, and always welcome
the opportunity to explore new alternatives with our
customers and suppliers alike.
Our aim, ultimately, is giving ‘end of life’, a new life.

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Climate ChangeWaste ManagementWater Security
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Greywater
In most facilities, greywater, the used water
from sinks, showers and other similar sources,
is typically sent directly to wastewater systems.
These outflows can form a significant portion of
water utilities charges.
At Mainfreight, we see greywater differently.
Rather than treating it as waste, we give it
a second life. Where feasible, greywater is
captured, filtered, and repurposed for other uses
such as truck washing and irrigation through our
sprinkler systems.
This approach not only reduces our consumption
from mains supplies, but also eases the pressure
on local wastewater infrastructure.
Responsible Care
Mainfreight handles a variety of freight profiles
including dangerous goods (DGs), particularly
through our specialist chemical logistics division,
Chemcouriers. We are trusted to carry and care for
these goods while mitigating any risks they may pose
to people, ecosystems, and watercourses.
Our approach includes purpose-built facilities,
specialised equipment and comprehensive training
and certification for our operations teams and drivers.
Collectively these ensure we have the right tools
and processes in place to handle dangerous goods
safely, and respond effectively to potential spills or
emergencies.
Mainfreight is a member and supporter of Responsible
Care through our Chemcouriers brand in New
Zealand, and both Mainfreight and Chemcouriers
brands in Australia. Responsible Care works to
establish and share best practice in safety, health and
environmental (SH&E) protection, particularly safe
chemical management.
Water Resources
Rainwater
Rainwater is an underappreciated and
underutilised resource, too often lost to
evaporation or diverted straight into stormwater
drains.
At Mainfreight, we’ve taken a different approach.
Across our branches rainwater collected
from our roof spans is stored in onsite tanks
and repurposed for use in ablutions, garden
irrigation, and more recently, filtered for potable
use in select locations.
The capture and retention of rainwater has a
long, rich history at Mainfreight starting with a
second-hand farm tank back in our early days.
Now, rainwater storage is fitted as standard
across our branches from large to small, with
millions of litres in water storage supporting our
operations and reducing our reliance on mains
supply.
Water Systems
Spill Prevention Measures
Many of the Mainfreight Warehousing sites
hold substances with the potential to be
environmentally harmful - particularly if they
were to enter sensitive environmental receptors,
such as streams, mangroves, and wetlands. To
mitigate this, we utilise a series of engineered
controls including staggered secondary
and tertiary containment systems. Our new
specialised dangerous goods storage facility
in Auckland is a leading example of this, with
hazardous substance pooling capacity of over a
million litres, profiled floors with recessed bunds,
and separate holding tanks for incompatible
substances. In addition, the yard area is profiled
back to dry sumps, with a stormwater gate value
system acting as a final layer of protection.
SOCIAL
Community
Team
People in the Value Chain
PartnershipsInvolvement
Community
Mainfreight’s connection to local communities and community groups has been
an important part of our journey from the very beginning, anchored in the
values of our Three Pillars (see page 2). Communities provide the people who
power our operations, the customers who choose and trust our services, and
the investors who believe in our long-term vision.
Their contribution is not only critical to our success but also shapes who we
are and how we operate. In return, we are committed to making a meaningful
and lasting contribution to the communities we serve. As we grow and expand
into new regions, we do so with a strong sense of responsibility to support local
initiatives, create new opportunities, and develop the connections that make
our business possible.
Team
Our people are at the heart of everything we do. Our most enduring motto,
"Special People, Special Company," reflects our belief that everything we
accomplish begins with our team.
There is no more important investment for us than creating the conditions in
which our people can thrive. This begins with a strong commitment to health,
safety, and wellbeing, and attracting diverse talent and perspectives. We also
offer a broad range of development pathways designed to meet the varied
career aspirations of our team, ensuring that talent is supported at every level
of the organisation.
People in the Value Chain
Mainfreight has always taken pride in maintaining transparency and an honest
approach to communication, whether with our team, customers, or the wider
market. Where regulatory obligations apply, we have always sought to meet and
exceed any expectations of us.
We currently operate under modern slavery legislation in multiple jurisdictions,
and publish Modern Slavery Statements aligned with those requirements.
However, recent legislative developments and growing public interest have
advanced further and extend beyond the reaches of internal operations, to the
wider value chain.
As a service-based business, we are not significant procurers of upstream
materials, and our value chain is comparatively limited. Nevertheless, we
recognise that we can do more, and exercise greater due diligence to ensure
that no labour or human rights violations exist throughout our value chain.
Health, Safety &
Wellness
Opportunity &
Development
Diversity &
Inclusivity

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CommunityTeamPeople in the Value Chain
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Books in Homes
Mainfreight has been part of the “Duffy Books in
Homes” programme since its inception in 1994
and currently we support over 100 schools in New
Zealand, Australia and the USA. This means over
25,000 children every year are getting new books
to read with our support.
In New Zealand alone, Mainfreight’s support has
ensured that 47,456 books were delivered to 18,974
children throughout 2024.
The philosophy behind the programme is simple: to
break the cycle of ‘booklessness’. This is achieved
through choice, agency and ownership when the
students get their books, with the added aim of
ensuring that Books in Homes promotes the value
of reading for pleasure.
Books in Homes USA improves the trajectories of
under-resourced children, with involvement in over
175 partnerships and initiatives focused on helping
children in need.
In Australia, Books in Homes supports around
12,500 children each term, across 140 schools,
pre-schools, and other community-based
organisations throughout Australia. Mainfreight
has been a major sponsor of Books in Homes
Australia since its foundation in 2001 and is
proud of the organisation’s distribution of over 3.1
million books in that time. As one of the largest
supporters, Mainfreight continues to demonstrate
its commitment to Books in Homes and the support
of early years education in Australia.
Even with this support, Duffy Books in Homes has
an ongoing recruitment of schools every term.
With many more schools seeking a funding partner
to share in the cost of delivering and gifting books
to children. We would urge more New Zealand
companies to take our lead in supporting this very
worthy educational initiative.
You can learn more about how you can help by
visiting their websites:
www.booksinhomes.org.nz
www.booksinhomes.com.au
www.booksinhomesusa.org
Life Education Trust
Life Education Trust and Harold the Giraffe have
been part of New Zealand schools for 36 years,
and Mainfreight has been a partner for the last 17
years.
Life Education’s vision is that all tamariki (children)
and rangatahi (youth) have the life education they
deserve. Growing up and navigating the complexity
of life sees increasing wellbeing challenges for
young people. Each year, more than 280,000
school students across New Zealand participate in
the Trust’s education programmes.
Recently, their work has grown further to include
professional development programmes for
teachers - a ‘coach the coaches’ approach. These
provide an opportunity for teachers to upskill in
areas like neurodiversity and digital wellbeing.
More than 1,000 teachers each year upskill their
professional teaching strategies with the support
of the Life Education Trust.
www.lifeeducation.org.nz
Partnerships
Bairds Mainfreight Primary
Mainfreight has had a close association with Bairds Mainfreight Primary School in Otara, Auckland for
over 35 years.
During this time, we have invested in IT and computer equipment. We have also assisted the school with many
smaller projects, and our team regularly attend weekly assemblies and year-end award presentations. The Chair
of our Board, Bruce Plested, annually hosts the school at his property on Waiheke Island, where the children get
to experience farm and island life. For many, it is their first adventure out of Auckland, including a ferry ride.
Our relationship with the school is very special. It is maintained and promoted by the school and their enthusiastic
and passionate team of teachers. This relationship started in 1993, when sporting equipment was given to the
school from the company’s social club. New school and sporting apparel were donated, and computers and IT
support quickly followed. More recently, a lockable container for storage of school bikes has been donated.
Educational scholarships for high school, and onwards to tertiary education, are also available for deserving
students from the school. These are awarded annually for a period of three years, providing standards and criteria
are met.
We are proud of our small contribution toward helping to educate and grow Kiwi kids to a higher level of learning
in this marvelous “Anything is Possible” school in South Auckland.
Involvement
Bee and Insect Hotels
Several of our European branches are home to
bee hotels, including Utrecht, which is home to
the largest permanent insect hotel in Europe. Bees
play a vital role in ecosystems through pollination -
supporting everything from the wildflowers around
our depots and local gardens, to the agricultural
crops in surrounding farmland.
In addition to supporting biodiversity, our bee
hotels and hives also produce honey, which is sold
in our branch canteens. Proceeds from these sales
are donated to KiKa, the Children Cancer Free
Foundation.
Mainfreight IDEA Days
Mainfreight’s IDEA Days (Intellectual Disability Empowerment in
Action) are a favourite annual event at several of our New Zealand
branches. These days are dedicated to welcoming our special
guests, along with their caregivers, to enjoy a day of fun, connection,
and celebration with our team. This includes truck and muscle car
rides along with regular participation from New Zealand Police and
Fire Service and, of course, the traditional Mainfreight BBQ. Many of
our branches have long standing relationships with their local IHCs,
spanning back as far as 20 years. Readers can find out more about
the wonderful work done by the IHC here:
Rolling up our Sleeves
We’re proud to operate in some of the most beautiful parts of the
world, a fact not lost on our team. Given the opportunity, our team
are out with their gumboots on, and their sleeves rolled up ready to
keep our local environments looking their best.
Over the past year our team have been cleaning beaches and
coastlines in Auckland and Singapore, planting native trees in
Christchurch, tidying our local area in Dallas, or the wider area
across Europe, resetting pest traps in Raglan and clearing trails in
California’s Moreno Valley.
These efforts may be small in isolation, but together they reflect our
culture of care and responsibility when it comes to our communities.
We may be an international company, but we’re made up of locals.
Sweating for a Cause
Our Mainfreight team are an active and competitive bunch. Pair that with a number of great causes and you have
a recipe to turn sweat into support. Some of the activities our team have got behind over the last year include:
• Herald Sun Run For The Kids – Melbourne. Supporting the Royal Children’s Hospital
• Poland Business Run – Warsaw. Supporting people with mobility challenges
• Revo Fitness 24hr Swim for Ocean Heroes – Perth. Supporting the neurodiverse community
• 24-hour Spin Bike Challenge – Sydney. Supporting the Police Legacy Charity
• Relay For Life – Albury. Supporting the Cancer Council
• Children’s Welfare Market - Shanghai. Supporting the Shanghai Children’s Foundation
www.ihc.org.nz
Makutkiriwan School for the Blind
In September, 2024, our Mainfreight Thailand
team visited Makutkiriwan School for the Blind
and donated essential supplies including daily
necessities and educational materials. We spent
the afternoon engaging in quality time with the
students making the day meaningful for both
them and our team.

Fatigue Protection Devices
Fatigue and distraction remain two of the leading
causes of accidents in the road transport industry.
At Mainfreight, we are committed to protecting
the safety of our team, our owner drivers, and
the public by adopting the best tools available,
including cutting-edge technology.
One such solution is Guardian by AutoSense - a
driver monitoring system that uses facial and gaze
tracking to detect signs of fatigue or distraction.
In-cab cameras monitor the driver’s head position
and eye movements, triggering an immediate
response, including an audio alarm and seat
vibration when safety thresholds are breached.
In addition to monitoring the driver, Guardian
includes a forward-facing camera that captures
critical footage of the road at the time of an event.
When a fatigue or distraction incident is detected,
the data and video are transmitted instantly to
the 24/7 Guardian Centre. The Centre then alerts
the relevant Mainfreight team, enabling real-time
intervention and follow-up.
This technology is currently deployed across our
operations in Australia and New Zealand, where it
allows branches to respond immediately to high-
risk events and monitor emerging trends within
their fleets. In our European operations, we use
a separate fatigue management solution tailored
to the region’s unique regulatory and operational
requirements.
Electronic Logbooks
Another tool in our driver safety and fatigue
management approach, is the use of electronic
logbooks. These provide a transparent, real-time
and unambiguous outline of driver work and rest
hours, so that rests can be planned for safely and
efficiently.
Canteens
Our in-branch canteens are a long-standing
Mainfreight tradition, reflecting the values of our
Three Pillars. We eat together every day, sharing
hot, healthy, and delicious meals prepared by our
in-house chefs and offered at heavily subsidised
rates.
Beyond good food and connection, some sites
have also introduced sustainability initiatives, like
vegetable gardens and worm farms, helping to
recycle food waste and create more circular food
systems.
Financial Literacy Workshops
Continuous learning is a core part of our culture,
but not all learning need be about freight. We’re
committed to helping our team grow, both
professionally and personally. One initiative
we’ve prepared with our partners at Westpac in
New Zealand and Australia is a Personal Finance
Learning Series focused on real-world life skills.
These free workshops cover essential financial
topics including budgeting, managing debt,
understanding the cost of borrowing, long-term
saving, and superannuation. Sessions are delivered
on-site and virtually throughout the year to ensure
accessibility. Over the past few years, hundreds of
our team and owner drivers have participated in
these workshops.
Team Wellbeing Programme
Our Team Wellbeing Programme offers free,
confidential counselling and problem-solving
services designed to support the emotional,
mental, and general health of our team members,
including owner drivers, and their families.
Delivered through a network of trusted local
providers across our regions, the programme
provides access to qualified professionals who can
help navigate a wide range of personal challenges,
including relationship and family issues, financial
stress, gambling concerns, mental health
difficulties, trauma, and substance or alcohol-
related problems.
By providing accessible, professional support, we
aim to ensure that everyone in the Mainfreight
family feels supported, valued and equipped to
manage challenges, both inside and outside the
workplace.
CommunityTeamPeople in the Value Chain
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The Health and Safety Lens
At Mainfreight, creating and maintaining a safe
working environment is a shared responsibility,
one that sits with every team member, at every
level. This commitment is reflected in the quality
of our facilities and equipment, in the calibre of
our people and processes, and in a culture that
encourages active ownership and input across
the business. In many cases, our safety standards
exceed local regulatory requirements.
Our approach to health, safety and wellbeing
focuses on education, risk awareness, and personal
responsibility. We empower our team to act safely
and responsibly, recognising that a strong safety
culture is built on proactive behaviour and shared
accountability.
All incidents and accidents are systematically
recorded and reported, supporting continuous
improvement and transparency. Our Positive
Action Team (PAT) meetings are held regularly
across our operations to address safety concerns,
identify hazards, and implement practical solutions
where possible.
We also encourage innovation and engagement
through initiatives such as Safety Week and team-
based safety challenges, which push our people
to think creatively and collaboratively about
improving workplace safety.
Our Health and Safety Initiatives
Initiatives to help
mitigate health
and safety risks at
our sites as well as
when we deal with
the community.
How we train our
teams to understand
and behave in
accordance with our
health and safety
standards.
How we engage
all people to
be a part of our
health and safety
initiatives.
What we do
to maintain
engagement and
standards for health
and safety.
How we support
our teams to
ensure they stay
healthy and get
back to work
quickly.
Safety Campaigns
In 2025 Mainfreight launched Forklift Safety
Awareness Month; a new initiative aimed at boosting
workplace safety and strengthening Health and
Safety conversations across the business. Spread
over four weeks, the campaign featured a safety
leaderboard, forklift driving competition with
regional and national finals, a “Forklift Roadcode”
quiz and a creative photo competition centered on
forklift safety.
The initiative saw strong engagement, particularly
with the driving competition and quiz, which was
completed by nearly 1,200 team members. Early
results are encouraging, with improved reporting
of forklift incidents and a noticeable shift from
accidents to near misses, reflecting growing safety
awareness.
Alongside the success of this campaign, earlier
efforts like “Stop the Drop,” which focused on
preventing falling freight, also helped drive
engagement and awareness. Later in 2025,
Australia will run Forklift Safety Awareness Month
in conjunction with New Zealand, and other
Mainfreight regions are also exploring ways to
launch their own safety campaigns. We’re excited
to continue building on this momentum with even
more targeted initiatives, including a new Manual
Handling Safety Week.
Health, Safety & Wellness
Forklift Monitoring and Safety Systems
Since the beginning of 2024, we have been rolling
out advanced forklift monitoring and safety
systems, to improve efficiency, utilisation, and
most importantly, the safety of our team.
These tools include a suite of safety and fleet
management features including:
• Mandatory Pre-Shift Inspections: Operators
must complete a safety checklist as part of
their login process at the beginning of each
shift, with a second prompt triggered at shift
changeover.
• Driver Behaviour Monitoring: The online
platforms track metrics such as speed, heavy
braking, and sharp turns by operator. These
insights allow us to identify trends, promote
accountability, and share learnings across the
team.
• Remote Configuration: Speed limits and other
equipment settings can be updated remotely,
enabling rapid implementation of new safety
features or operational policies.
• Fleet Performance Analytics: The online
platforms provide real-time data to support
smarter fleet management, including:
»Peak usage periods by time of day or week
»Utilisation insights to guide right-sizing of
the fleet
»Tracking of run-time and downtime by
equipment type to identify underused
assets or bottlenecks
Halo System
The Halo system projects blue light around the
operating aread of a forklift, simulating a safety
zone that is clear and easy for any team working
nearby.
Body Buzzer
The Body Buzzer is a tag held by team on foot that
gives an alert when operating forklifts are in close
proximity. A similar alert is also activated on the
forklift to alert the operator of a team member in
their vicinity.
MITIGATETRAININVOLVEMAINTAINSUPPORT

Training Programmes
Mainfreight is committed to investing in our team
through a combination of on-the-job learning and
formal training programmes. Our development focus
spans key areas including induction, operational
training, personal development, leadership and
systems capability. To highlight a few:
Mainfreight Development Programme
We offer a team development programme in every
region we operate. Each has the same underpinning
goal: to produce the leaders for Mainfreight’s future.
Candidates begin the programme on the floor in a
branch, earning their stripes, learning the operation,
and gaining experience that will be invaluable
throughout their career. To support their learning,
team members are provided with the personal
development tools, networking opportunities and
training to help grow them into the leaders of the
future.
Mainfreight Induction Programme
Mainfreight’s induction programme is a rite of
passage for all full-time team members. It covers
our history, our philosophies and the key principles
and processes that help new team members hit the
ground running.
Leadership Development Training
Mainfreight has a long history of helping develop
emerging and experienced leaders in our business
through leadership programmes based on self-
development, understanding leadership concepts,
and team dynamics. We utilise both internal and
external suppliers to support these programmes.
Outward Bound
Mainfreight worked with Outward Bound to
devise a tailored 9-day leadership and personal
development programme. Each year, up to four
groups of Mainfreighters from around the world are
selected for a challenging week in New Zealand’s
stunning Marlborough Sounds. Mainfreight has been
working with Outward Bound for over 20 years and
this experience is a (mostly) fond memory for many
of our senior leaders.
Wahine Toa
Launched in New Zealand in 2025, the Mainfreight
Wahine Toa programme is a new initiative
dedicated to supporting and empowering the
remarkable women across our business. Building
on the foundation of our traditional Main Divide
programme, this refreshed version focuses on
women who may not yet fully recognise their own
potential, but embody the qualities of true Wahine
Toa; strength, authenticity, resilience and the ability
to lead and inspire.
The programme is designed to help participants
discover their inner leadership and provide the tools
to grow both personally and professionally.
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Dedicated Training and Development
Team and Facilities
We are extremely fortunate to have our own
specialist Training and Development teams in each
region, as well as purpose-built facilities to support
our team's ongoing learning.
The teams provide a range of internal training
and support, from inductions through to technical
guidance on new systems, adapting to change and
internal audits to keep our operations constantly at
their best.
Our Training and Development teams are also the
guardians of our culture, supporting the onboarding
of new team members and maintaining and
reinforcing the values of our Three Pillars.
Promote from Within
Promotion from within is a cornerstone of the
Mainfreight philosophy. It places responsibility
on our leaders to develop their own successors,
and creates clear pathways for team members,
regardless of background, to progress through the
business, all the way to senior leadership.
Many of our current leaders are a testament to this,
with careers measured not in years, but in decades.
Share in the Profits
While a disciplined focus on maximising earnings is
expected of any for-profit organisation, how those
rewards are shared is a more discernible reflection
of a company’s culture.
In 2025, following a challenging year, Mainfreight
reported a profit before tax of $383.6 million. While
this result is below the level achieved in previous
years, our commitment to sharing success with the
team remains unchanged.
This year, we will distribute $30.5 million in bonuses
to team members in regions that achieved their
performance targets, consistent with our belief that
those who contribute to our results should share in
the rewards.
Maintrain
We are strong proponents of the notion that education is optional,
learning is compulsory, and our online Learning Management System
(LMS) helps bring that to life. Our LMS platform allows team members
to access training materials, enrol in new courses, and track their own
progress.
Beyond individual development, the LMS also supports the efficient
delivery of training programmes and helps ensure compliance with
local regulations, all while reinforcing the learning culture at the heart of
Mainfreight.
Parental Support Across Our Network
Mainfreight applies a consistent approach to parental support across
regions, adapting for local legislation where required.
Primary carers receive up to 26 weeks of paid parental leave at full salary,
followed by up to 26 weeks of childcare support once they return to work.
This structure provides support across a full 12-month period. There are
no repayment conditions if a team member chooses not to return.
Flexible working arrangements and involvement in development or
promotion discussions are considered case by case.
While regional entitlements vary, our intent remains the same: to support
team members in growing their families without stepping back from their
careers.
Opportunity & Development
Team Family Scholarships
The importance of education has always been a core value and our
commitment to the next generation goes well beyond the walls of our
warehouses and depots. A key part of that commitment is the Mainfreight
Scholarship Programme, a long-standing initiative supporting the
children of our team members and owner drivers across New Zealand
and Australia.
In 2024 we expanded the programme to include trade qualifications
alongside university and tertiary study. This is a reflection of our belief
that education comes in many forms, and that all career paths deserve
support and recognition.
Each scholarship provides $4,000 per year for up to three years, totalling
$12,000 per student. Whether it’s law, engineering, nursing, trades or
even commercial pilot training, this support helps turn ambition into
opportunity.

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Diversity & Inclusivity
Director and Officer Gender Count
Team Gender Percentage Split
Mainfreight is committed to diversity and inclusivity in all areas of its operations, and the Group’s Diversity Policy
is available on our website at the link below.
www.mainfreight.com/global/en-nz/investor/corporate-governance/diversity-policy
We recognise and value the differences in experience and perspective from all the groups that make up our team.
This includes, but is not limited to, different ethnicities, cultural backgrounds, age, abilities, family status, religious
beliefs, sexual orientation and gender identities. As a large company operating in 27 countries, we are proud of
the diverse individuals that make up our wonderful team. However, we also acknowledge that, at least in respect
to gender, there is more we can do in an industry that has been historically male dominated.
We currently have 67 female senior managers in roles with profit & loss responsibility (73 in 2024, 63 in 2023, 54
in 2022). The number of key management roles held by females still falls well below our expectations, and we
continue to look for improvement.
This YearLast Year
Male FemaleMaleFemale
Directors4353
Officers90100
This YearLast Year
Male FemaleMaleFemale
New Zealand78%22%77%23%
Australia72%28%71%29%
Europe75%25%74%26%
Americas59%41%65%35%
Asia39%61%37%63%
Total Group70%30%71%29%
People in the Value Chain
Sustainable Procurement
Sustainable procurement is an important and established component of how we engage with partners and
suppliers. By making informed and responsible purchasing decisions, we contribute to a healthier planet, a
fairer society, and a more resilient economy.
We prioritise purchasing products and services that have a reduced environmental impact. This includes
sourcing materials responsibly, prioritising the use of renewable energy, reducing carbon emissions, conserving
natural resources, minimising waste, and embracing eco-friendly solutions throughout our operations. We
assess and consider suppliers based on their environmental practices and ethics.
We expect that our partners adhere to appropriate labour practices, including fair wages, safe working
conditions and the prohibition of child labour. In addition, we value partners who actively seek feedback,
conduct regular self-assessments, and engage collaboratively with stakeholders to drive meaningful
improvements.
By building long-term relationships with suppliers who share our commitment to sustainability, we reduce
environmental and social risks across our value chain while fostering enduring, trusted partnerships. These
strong mutual relationships help to ensure we hold each other accountable to meeting the highest industry
standards and continuously adopting best practices.
CommunityTeamPeople in the Value Chain
Number of
Women in
Leadership
Roles
202020212022202320242025
0
70
60
50
40
30
20
10
80
GOVERNANCE
Reporting & Disclosure
Corporate Governance
Resources
Sustainability standards serve an important purpose in helping cut through
the greenwash, and ensuring a more consistent and comparable approach to
presenting sustainability information across companies and industries.
As the field continues to evolve, a wide array of standards, frameworks, and
protocols have emerged globally, each with different preferences depending on
region, stakeholder expectations, or industry focus.
Here, we have laid out details on two of our longstanding reporting and disclosure
frameworks. In addition to this, we also provide disclosures to a number of
voluntary and investor-led sustainability initiatives.
We also welcome the opportunity to provide our Aotearoa New Zealand Climate
Standards aligned report below.
GRI – Global Reporting Initiative
The Global Reporting Initiative (GRI) is one of the most widely recognised and
adopted sustainability reporting standards worldwide. Mainfreight has reported
with reference to GRI since 2020. This year, our GRI Disclosures and Context
Index can be found at the end of this report. To learn more about GRI, visit:
www.globalreporting.org
ISO 14064-1:2018 Organisation Greenhouse Gas Emissions
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information

IntroductionGovernanceRisk ManagementStrategyMetrics & Targets
Climate-related Disclosures
23
2025Climate-related Disclosure Report
This Climate-related Disclosure Report is
Mainfreight’s second in accordance with the
Aotearoa New Zealand Climate Standards
(NZCS), and third with reference to the Taskforce
on Climate-related Financial Disclosures (TCFD).
The information enclosed represents the next
iteration of our Climate Reporting, further
developing our understanding of climate impacts
and preparing for the evolution of climate
reporting regulations across our other markets.
Progress towards planned improvements,
alongside feedback received from stakeholders
throughout the year, have contributed to the
following enhancements made in this report:
• Expanded financial analysis of physical
impacts
• A more detailed exploration of material
transition risks
• Updated scenario models
• Further development of our event case study
analysis
• Contextual information added to Sustainability
and Climate Goals to ensure fair presentation
All references to ‘dollars’ or ‘$’ throughout this
report are New Zealand dollars, unless otherwise
specified.
In support of the NZCS principles of
Understandability and Coherence (NZ CS3), we
have included an NZCS Content, Index on page
47 of this report. A TCFD Context Index is also
included for the benefit of other readers on page
48.
This Climate Statement was approved on behalf
of the board on 18 June, 2025.
Statement of Compliance and use of Adoption Provisions
Mainfreight Limited, together with its subsidiaries and controlled entities, collectively the ‘Mainfreight
Group’ (referred to throughout this report as ‘Mainfreight’, ‘we’ or ‘the Group’), is a Climate Reporting
Entity (CRE) under the Financial Markets Conduct Act 2013 (the Act).
The following report, which constitutes our Climate Statement in accordance with the Act, covers the
period 1 April 2024 – 31 March 2025. The statements and disclosures provided, are compliant with the
Aotearoa New Zealand Climate Standards issued by the External Reporting Board (XRB).
Of the adoption provisions provided within the standards (NZ CS2), the following have been applied for
this report on a limited basis:
• Adoption provision 5: Comparatives for Scope 3 GHG emissions
• Adoption provision 6: Comparatives for metrics
• Adoption provision 7: Analysis of trends
These adoption provisions are applied on the basis that only one of the two comparative periods is
directly comparable, although both cover 12-month periods. Comparative periods, metrics and any
interpretation of trends are only provided for the financial year ending March 2024 and calendar
year ending December 2022, due to historical reporting preceding the New Zealand Climate-related
Disclosures regime.
Compliance with other frameworks
The California Climate-Related Financial Risk Act (CRFRA) requires large corporate entities ‘doing
business’ in the state, to disclose climate-related financial risk and mitigation responses by 1 January
2026. This report represents Mainfreight’s disclosure with respect to the CRFRA.
Forward Looking Statements
This report contains forward looking statements in respect to metrics, scenarios, targets, projections
and the interpreted future impacts of climate-related risks, opportunities and potential mitigations.
Mainfreight have sought to use quality internal and independent data as inputs to our models. The
methodologies, assumptions and limitations have been outlined as they are best currently understood.
In our view, these remain relevant and representative at the time of publication. There are, however,
considerable uncertainties in making forward projections. Changes in data, improvements in methodology
and a variety of scientific, technological, economic, political and other unknown factors will influence
the validity of such projections.
As a result, users of these statements should note that they do not possess the same level of reliability
as other statements made in Mainfreight’s annual reporting or consolidated financial reporting. We are
nonetheless committed to accommodating future developments in understanding, through ongoing
improvements in our climate-related disclosure reporting.
Nothing in this report constitutes guidance or advice with respect to the Group’s financial, legal or
strategic performance or growth.
Contents
Introduction
23
Governance
24
Risk Management
25
Strategy
27
Metrics & Targets
39
Additional Information
43
Introduction
Don Braid,
Managing Director
Bruce Plested,
Chairman
22

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Board
The Mainfreight Group Board of Directors (the
Board) are responsible for the proper direction
and control of the Group’s activities. This includes
oversight of the identification and control of the
Group’s risks (including climate-related risks).
The Audit Committee, established by the Board, is
responsible for ensuring that the company has an
effective risk control framework in place for:
• Safeguarding company assets (including
appropriate insurance cover and other
mitigation).
• Maintenance of proper accounting and business
records.
• Compliance with legislation.
• Ensuring reliability of financial information.
• Maintaining an overview of business risk factors
and establishing the means of mitigating these.
The Board ensures directors have access to ongoing
training and education relating to the business,
along with changes in corporate conduct and legal
compliance. This extends to the development of
skills and competencies to provide oversight of
climate-related risks and opportunities.
Additional information in climate science and risk
modelling is provided by the Group Sustainability
and Group Finance teams to the Chief Financial
Officer (CFO) in support of the Audit Committee.
This analysis and assessment of climate-related
risks and opportunities is considered alongside
other business critical information when developing
and overseeing the implementation of corporate
strategy.
The Audit Committee meets annually to monitor
progress against climate-related metrics and
targets and to address material and unmitigated
risks, with findings and recommendations made to
the Board. Remuneration policies do not directly
consider performance against climate metrics and
targets.
The Board delegates the conduct of the day-to-
day affairs of the company to the Group Managing
Director and Executive Management.
Governance
Our Climate Governance Structure
Mainfreight’s Board meet eight times a year. And
discuss climate related topics as they arise.
Figure 1. Climate Governance Structure
Board of
Directors
The Board approves the Group Climate-related Risk Management
Process. It receives and reviews reports provided by the Audit
Committee, and ensures the ongoing skills and competencies of
governance across the Board and relevant committees.
Mainfreight’s Audit Committee meets annually to
discuss climate-related risks and opportunities.
The Audit Committee reviews all major risks including those
escalated by Management. The Committee ensures risks are
being managed in accordance with the Group’s Climate-related
Risk Management Process and may make recommendations to
the Board.
Audit
Committee
Mainfreight’s CFO, with support from the
Sustainability Team and Finance Team, report
annually into the Audit Committee.
Executive Management is responsible for ensuring that the
business is effectively following and delivering on the Group
Climate-related Risk Management Process to identify, measure,
manage, monitor and control risks.
Executive
Management
The Sustainability Team formally reviews climate-
related risks with the CFO annually, as well as
on discovery of any new material risk, or where
an existing risk is evaluated to have changed
significantly.
The Sustainability and Finance teams provide support with
the consideration and assessment of potential risks, as well as
functional support in the implementation of the Group Climate-
related Risk Management Process.
Sustainability and
Finance Teams
All Mainfreight team members contribute to, and maintain, a
workplace culture that considers climate and sustainability risks
and opportunities. This includes taking action to reduce waste,
use resources more efficiently, support our customers and
incorporate sustainable thinking into our everyday operations.
All other team
Management
Executive Management (Management) is responsible
for ensuring the business is identifying, managing
and controlling climate-related risks alongside other
risks. Risk mitigation strategies directed by the Board
are implemented and monitored by Management.
Performance towards these strategies, and new
assessments of climate risks and hazards, are reported
by Management back to the Board and Audit Committee.
The Group Finance and Group Sustainability teams,
reporting to the Chief Financial Officer, support
the practical implementation of climate-related risk
mitigation strategies and transition planning. The Group
Sustainability Team is also responsible for preparing
climate risk assessments and providing updated
information to Management and the Audit Committee.
Engagement
Our wider Mainfreight team participate in
monthly Positive Action Team (PAT) meetings to
discuss the state of our operations and identify
opportunities for improvement.
Risk Management
Introduction
Risk management is a fundamental component of effective governance, ensuring progress against strategic objectives
remains unabated, despite emergent challenges and uncertainties.
The risk models outlined and reported here, provide an assessment based on impact and probability, much like a traditional
risk matrix. This allows us to assess and prioritise climate-related risks alongside other risk categories.
Mainfreight’s Climate-related Risk Management Process, shown in Figure 2, outlines our steps to identify, measure, manage,
monitor and control, as they are applied to climate-related risks.
Figure 2. Climate-related Risk Management Process
1
Identify
2
Measure
3
Manage
4
Monitor
5
Control
Climate-related
Risk Management
Process

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Identify
1
We have used various sources to identify potentially relevant climate-related risks and opportunities,
including but not limited to:
• Academic publications and literature related to climate change
• Scientific assessments and data
• Policy guidance and public sector research
• Industry and regional specific reports and developments
• Regulation and formal standards
• Independent natural and climate hazard risk assessments
• Stakeholder engagement
• Organisational experience with transition planning and implementation of new projects and
technologies
• Organisational experience with natural hazards, responses and resilience
Assessments of materiality are made against possible impacts throughout the business and value chain
to warrant their disclosure in this report. The absence of a specified risk here, does not preclude that risk
from assessment, and may well be addressed at local levels. Instead, material risks are presented from a
Group perspective.
Measure
2
Once identified, climate-related risks are assessed for scope, size, probability and overall
impact. Our tools, models, and methodologies for calculating risks are detailed further in
our Strategy section, which covers:
• Current physical impacts
• Future physical impacts to assets
• Future physical impacts to operations
• Transition impacts
Our scenario analysis and risk modelling are reassessed annually.
Time Horizons
For each of the assessed risks and opportunities we have compared their likely consequence
across three time horizons between 2024 and 2050.
1. Short Term: 2024 – 2030
2. Medium Term: 2031 – 2040
3. Long Term: 2041 – 2050
Manage
3
After a climate-related risk is identified and assessed as material within the Group’s Climate-related Risk Management Process, an
appropriate management response is developed and implemented. The responses generally fall within the below classifications:
Watch and wait: A material risk is acknowledged, but uncertainty around its impact or the efficacy of more active responses requires
further information gathering. This differs from risk acceptance, here a risk is being actively monitored until such a time as a more informed
response can be enacted, or until a risk is assessed as immaterial.
Minimise or maximise: This response is associated with efforts to reduce or increase the likelihood of a given risk or opportunity occurring.
These are more commonly applied to transition risks, where there may be organisational influence to actively affect the likelihood of given
risks and opportunities. This is largely not true for physical risks as a result of global climate change.
Mitigate or instigate: This response includes efforts taken to reduce the overall impact of a risk, were it to occur. These responses are more
aligned to physical risks and opportunities (although opportunities are largely constrained to competitive performance in preparedness
for a negative event). The most common form of mitigation is insurance. We hold building and contents policies for all our major facilities,
in addition to business disruption policies to safeguard our operations. However, there are also practical, proactive examples like flood or
fire prevention, and water and energy independence which can be effective strategies to instigate.
Monitor
4
Our risk monitoring process involves the regular
evaluation and validation of the current state of
identified risks, as well as the level of collective risk.
This is considered alongside the effectiveness of
management responses and interventions.
The outcome of risk monitoring is explored in more
detail in the Strategy section, reflecting on the changes
in our modelled risks, and the efficacy of our transition
planning since our last report.
Control
5
The control element provides the resource and
capability to deliver all other core functions of the
Climate-related Risk Management Process, along with
determination of broader strategic responses.
Efforts to identify, standards to measure, projects to
manage and conditions against which to monitor risks
are all formulated within risk management control. Our
existing and well-practiced risk management processes
are critical to our resilience and adaptability to climate-
related and other business risks.
To prepare for the many possible futures, our
climate strategy and transition planning sets out
three areas of focus:
Responsiveness in cultivating agility and
decisiveness at all levels of the business, so that we
can respond swiftly to the diverse implications of a
global transition.
Embodied resilience in our infrastructure, our
systems, our network and our people to sustain the
flow of goods in the face of major events.
Innovation and collaboration in developing
the tools and solutions for Mainfreight and its
customers to succeed and thrive in a low carbon
economy.
Business Model & Strategy
Mainfreight is an international provider of logistics
and integrated supply chain solutions, spanning
managed warehousing, domestic and cross-border
transport, international freight forwarding and
everything in between.
Our network of 337 branches across 27 countries,
with 11,130 team members, helps to connect
businesses, markets and communities all around
the world.
At Mainfreight, we are proudly long-term thinkers.
Our ever stretching 100-year vision allows us to
look beyond short-term cycles to the business we
aim to be decades from now.
Strategy
Understanding Climate-related Risks & Opportunities
Transition Risks
Transition risks are those that emerge from efforts to transform global economies toward a low carbon future,
in order to avert the worst effects of global climate change. These risks fall under various categories, such as
policy, legal, technology, market and reputation.
The rate of change, and the drivers behind it, will have meaningful implications on where and how these risks
materialise. Many of these risks will have a financial component, although this can be difficult to assess.
Physical Risks
Physical risks are those that arise from both extreme weather events (acute risks) and gradual shifts in climate
conditions, such as, increasing temperature, rainfall and sea levels (chronic risks).
They pose operational, financial and supply chain risks to organisations, and threats to life and livelihoods for
individuals and communities (who are our team members and customers). These are risks arising from climate
change.
Opportunities
Climate-related opportunities can exist from both a transition and physical standpoint, however, given the
nature of these two classes, they fall most commonly under transition. This is because physical considerations,
especially acute risks like major storms or wildfires carry few upsides. It is possible an especially effective
response to major acute risks could predicate an improvement in market share. Alternatively, certain industries
may have opportunities in the emergence of chronic climate changes (i.e. increased precipitation for some
crops).
Climate Scenarios
Our Approach to Scenario Analysis
and Selection
In order to assess our resilience to plausible climate
futures, three scenarios have been chosen and
modelled here, as seen on page 28, Table 1. These
allow us to explore the range of impacts different
emission pathways could have on our material
risks and opportunities.
All three scenarios are based on the “Middle of the
Road” Shared Socioeconomic Pathway (SSP2). This
pathway does not markedly shift from historical
patterns, where both global and local institutions
make slow progress towards the Sustainable
Development Goals. Each scenario has been built
from this same starting point and explores how
varying levels of physical and transition risks could
lead to different climate futures.
The SSP framework is widely used in the climate
change research community to facilitate the
integrated analysis of future climate impacts,
vulnerabilities, adaptation and mitigation. External
data was sourced from the Network for Greening
the Financial System (NGFS) Phase 5 Scenario
Explorer, using the REMIND-MAgPIE 3.3-4.8 model.
Unlike many of the scenario explorer databases
available, the NGFS scenarios remain up to date
with data from the most recent climate models.
The REMIND-MAgPIE model has a broad range
of temperature outcomes, and is the only NGFS
model which integrates potential future damages
from physical risks.
These scenarios were selected in order to capture a
range of assumptions about uncertain futures. Two
of our scenarios meet the Paris Agreement goal of
<2°C by 2100, but compare the effects of a smooth
and delayed transition. Our third scenario leads to
a hot house world, where emissions continue to
rise into the long term above 3°C by 2100.

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Climate-related Disclosures
Scenario
Orderly
Transition
Disorderly
Transition
Business As Usual
Action to reduce emissionsImmediateDelayedNone
Policies to achieve
low-carbon economy
High coordinationRegional variationNo new policies enacted
Global Mean Temperature
increase by 2100
(67th Percentile)
1.5°C1.9°C3.3°C
Net Emissions
Smooth transition to
net zero by 2055
Delayed and more severe
transition to a low emissions
economy
Fluctuate before steadily
reducing from 2060
Transition Impacts ModerateModerateLow
Physical ImpactsLowModerateHigh
Short Term Temperature
Increase (2030)
1.64°C1.65°C1.65°C
Medium Term Temperature
Increase (2040)
1.77°C1.91°C1.95 °C
Long Term Temperature
Increase (2050)
1.74°C1.98°C2.21°C
Trends to 2050
Transportation EnergyStarts to decline from 2025Declines from 2035Continually increases
Transportation Energy Mix
Transitions towards electric
and lower carbon fuels
Less rapid transition to
electric and low carbon
fuels, remains reliant on oil
Remains reliant
on oil with a small
introduction of lower
carbon fuels and electricity
Investment in Energy
Supply
Investment in low carbon
sources and energy
efficiency, with significantly
reduced reliance on fossil
fuels by 2040
Investment in low carbon
sources and energy
efficiency, with significantly
reduced reliance on fossil
fuels by 2050
Low investment in low
carbon sources and energy
efficiency, remains reliant on
fossil fuels
Carbon PriceSteady increase from 2020
Steep increase from
2030
Consistently very low
Carbon Sequestration
Most emissions are
captured as well as using
land- based sinks
Most emissions are
captured as well as using
land- based sinks
Relies on land-based
sinks (e.g. afforestation,
soil carbon enhancement,
biochar)
Scenario Explorer DataNet Zero 2050Delayed TransitionCurrent Policies
All scenario data was accessed through: NGFS Phase 5 Scenario Explorer hosted by IIASA and uses REMIND-MAgPIE
3.3-4.8 inputs
Table 1. Mainfreight Climate Scenarios
The relationship between scenarios, risk type and
time horizon, loosely follows the dynamic outlined in
Figure 3.
In simplistic terms, transition and physical risks have
an inverse relationship. A Business As Usual (BAU)
scenario imposes little to no transition risk, but
extreme physical risk. Alternatively, in our Orderly
Transition scenario, the worst of the physical risks are
largely avoided through the immediate and sustained
efforts towards decarbonisation (transition impacts).
Interpretation & Link to Time
Horizons
20202030204020502060
Transition
Physical
High
Low
20202030204020502060
High
Low
Business As Usual
20202030204020502060
High
Low
Orderly Transition
Diorderly Transition
Figure 3. Interpretation
and link to time horizons
Our Climate Scenarios
Orderly Transition 1.5°C
Disorderly Transition 1.9°C Business as Usual (BAU) 3.3°C
The defining characteristic of the Orderly Transition scenario,
the most optimistic of the three, is an immediate, and largely
coordinated, global response towards climate action, resulting
in a 1.5°C temperature increase by 2100. Driven by nonpartisan
cooperation and resounding public consensus, ambitious policy
and fiscal intervention is made towards decarbonisation.
A clear pathway is defined for the phaseout of fossil fuels, creating
certainty and spurring investment in climate friendly technologies.
Industry, investor and community groups fill the remaining voids,
driving decarbonisation in international shipping, aviation and
wider transport, allocating capital to fast transitioning businesses
and divesting and litigating against laggards.
Coordinated national and international transport planning
facilitates intermodal connectivity, permitting short-term
mitigation, as harder to abate sectors continue to evolve. Low
carbon technologies perform better than expected and quickly
evolving iterations continue to improve their operational efficiency,
making legacy technologies increasingly unviable.
A systems approach is taken to the development of supporting
infrastructure, particularly towards electrification. Renewable
generation grows exponentially, and is supplemented by large
grid-scale batteries. Investment in transmission and distribution is
made early, in preparation for growing demands, and commercial
operators are incentivised toward self-generation and building
grid resilience.
Increasing transparency and growing concern quickly shifts
consumer preferences and behaviour toward more sustainable
alternatives, and the associated premium allows for further
reinvestment.
Climate-related events, spurred by already increasing temperatures,
incite greater interest and investment in the transition, rather than
distract from it.
Under this scenario, the worst of the catastrophic climate events
and climatic changes are largely avoided. However, even with
substantial support, organisations face significant upheaval in
near term transition risks, with those poorly prepared or heavily
entrenched in emission intensive industries especially exposed.
In the Disorderly Transition scenario, competing social and
geopolitical interests persist, resulting in little short-term
international coordination towards decarbonisation. The result is
a 1.9°C hotter world by 2100, missing the lower 1.5°C goal of the
Paris Agreement.
Fossil fuel use peaks by 2030, but demand remains sticky. Lower
emission fossil fuels, like natural gas, divert attention from greater
renewable and energy system investment.
Globally, organisations struggle to stay abreast of disparate
regional regulations and policy frameworks, adding to confusion
and delaying critical investments. A lack of transparency makes
organisation and industry performance toward climate aims
difficult to assess. Consumer and market responses, as a result,
are relatively constrained.
In the early 2030s, the world reaches an abrupt tipping point.
Social and consumer frustrations confront a slow moving political
and industrial response, and lead to a dramatic shift in policy and
accelerated international collaboration.
With a delayed starting point, the response required is now
steeper. Significant and highly disruptive policy interventions are
implemented, imposing massive strain on economic and social
systems.
Competition for low emission technologies is intense, further
pushing up prices and leaving out many smaller players and
markets.
Policy, coupled with a rapid escalation in emissions pricing, heavily
devalues emission intensive assets. Emissions intensive industries
with difficult abatement pathways incur, and pass on, major cost
increases. In particular, aviation becomes prohibitively expensive
for many consumers and cargo interests in the medium term.
The growing incidence of major climate events due to warming
temperatures further complicates global investment priorities
between mitigation, remediation and adaptation.
Our final scenario, Business As Usual, is the most broadly
impactful. Here, there is little to no effective coordination over
the short, medium and longer terms.
Competitive global politics detract from national efforts towards
the transition. Without any clear global leadership, there are few
incentives for nations to decarbonise, while others continue to
proliferate fossil fuels.
Economies and industry stay the current course, largely
unencumbered by regulation or forces for change. Low emission
technologies remain niche in most markets, and their inability
to reach scale prevents them from being cost competitive with
legacy technology until nearer mid-century.
The gains that are made toward decarbonisation and renewable
energy are largely offset by growth in population and consumption
over the medium term.
Widespread climate-related catastrophes become increasingly
common, and government expenditure is heavily directed towards
recurring recoveries and rebuilding national infrastructure.
Industry responds to growing uncertainty by becoming
increasingly cost sensitive, and coupled with pervasive insurance
unaffordability there are major headwinds towards productive
investments.
Extreme climate-related events constantly disrupt industry,
supply chains and the markets they seek to serve. The rolling crises
increase the costs of production and shipping. Communities,
struggling to adjust, see their disposable incomes shrink. The
outcome is deep economic retrenchment.
Despite the lack of investment and coordination, renewables
and low emission technologies slowly supplant existing energy
systems and technologies on a cost basis.
Climate, economic and social systems are permanently changed.

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Climate-related Disclosures
Events and Claims
Mainfreight is a large international company with a
diverse and dispersed network of facilities around
the world. As such, minor disruptions due to natural
hazards are common, which our network is adept at
quickly responding to.
Over the past three years we have experienced two
significant climate-related events (with total pre-
insurance impacts in excess of NZ$100,000):
• Cyclone Gabrielle – Hawkes Bay, New Zealand,
February 2023
• New South Wales (NSW) Floods – New South
Wales, Australia, November 2023
In the past year, we have recorded several minor
climate and natural hazard related claims, these
include:
• Flooding in Dunedin, New Zealand, and
’s-Heerenberg, the Netherlands
• Windstorm damage in Hamilton and Wellington,
New Zealand and Houston, Texas, USA
• Operational disruption from the Rangitata Bridge
rail outage in the South Island, New Zealand
Mainfreight has extensive insurance coverage
that includes direct impacts as well as impacts
to operations. All events were covered under
existing policies, with net impact after insurance
of approximately NZ$85,000. This compares to
NZ$110,000 in our prior period.
Current Physical Impacts
Case Study Assessment
In our 2024 report we introduced a case study
assessment to examine the impacts of climate-
related events on the longer-term growth prospects
of affected areas.
For 2025, we have added the following events to
our assessment:
• LA Wildfires (Palisades and Eaton) – California,
USA, January 2025
• Hurricane Milton – Florida, USA, October 2024
• Dunedin Floods – Dunedin, New Zealand,
October 2024
• East Coast Floods – Hawkes Bay, New Zealand,
June 2024
• China Floods – Guangzhou and Shenzhen, China,
June 2024
Our analysis again mapped a 12-month period (or
six months for recent events) centred on the event,
as well as a comparison to the same period in the
prior year. The resulting performance in revenue
was compared to the wider regional performance
for both inbound and outbound freight.
The findings for the current period assessment were
consistent with our findings in 2024. Specifically,
that despite a short-term reduction in volumes
(typically one to two weeks), the impacted areas
performed neutral to above average when compared
to wider regional performance. The interpretation
and implications of this are explored further in the
Future Physical Impacts to Operations section. We
note there is a high degree of uncertainty, given the
small sample size and other dependent variables,
but repeating our 2024 result supports the validity
of these interpretations.
Climate Impact Accrual
The final component in our evaluation of current
physical impacts, and the foundation of our
calculations for future anticipated impacts, is our
modelled Climate Impact Accrual.
This tool is intended to assess the probability and
impact of different classes of physical risk for each of
our sites around the world. We then generate a single
year ‘accrual’ for each branch against each class of
risk (equivalent to the annualised cost exposure after
insurance/mitigation). Across our operating regions,
over 250 sites were assessed against seven physical
risks, generating more than 2,000 individual values.
The primary input to our modelling was a natural and
climate hazard assessment provided by Gallagher,
with licensed use of the Swiss RE CatNet software,
updated for 2025. This was compared to asset type,
value, ownership model, insurance coverage and
other mitigation measures to assess the relative
exposure in a given year.
The branch values have been summarised by region
and risk type in Table 2, with our anticipated yearly
physical impact to the Group assessed at NZ$282,016.
This represents a 36% increase over our initial growth
forecast accrual for 2025 of NZ$207,482. There are
two primary drivers of this change relating to a
single higher value and higher risk location:
NZ$ChronicAcute
Operating
Region
DroughtFluvial FloodPrecipitation
Sea Level
Rise
Storm SurgeWildfireWindstormTotal
Americas4192,2406452454901,6685,113
Asia25443134631234211,479
Australia98434,1761062722,37039,49112,14889,547
Europe3,21834,6854531942,92092115,36597, 473
New Zealand73018,677951,09826,2292,19539,38088,404
Grand Total5,37690,2212531,73772,22743,22068,982282,016
Table 2. Current Climate Impact Accrual (after insurance) by Hazard & Region
1. Our Larapinta site in Queensland, Australia had
been misclassified as a leased rather than owned
facility in our previous report. Therefore, the
relative exposure was initially underrepresented.
2. The latest independent climate hazard
assessment has upgraded the anticipated flood
risk at Larapinta from ‘Significant’ to ‘Very
High’. This subtle, yet important change, implies
a 400% increase in perceived flood risk and
therefore financial exposure to this risk class (see
Additional Information, Table 13).
We have corrected the ownership type and insured
value for Larapinta in this year’s modelling. However,
this highlights an interesting dynamic. Just four of
our locations account for over half of our modelled
physical risk to assets, implying that well targeted
mitigations could significantly reduce our Group
exposure.
The commentary above is subject to the assumptions
and limitations of the model, which will continue
to be updated and improved as new information
becomes available.
The actual experienced impact of climate and natural
events over the past two years (post-insurance)
averaged less than NZ$100,000. This provides some
confidence that the Climate Impact Accrual remains
a conservative gauge of potential impacts. In
addition, the annual accrual accounts for well below
0.01% of total assets.
NZ$Scenario 1. OrderlyScenario 2. DisorderlyScenario 3. BAU
RegionShortMediumLongShortMediumLongShortMediumLong
Americas
32,917 142,839 347,614 32,918 154,180 394,483 32,918 157,480 442,047
Asia
9,525 41,330 100,582 9,525 44,612 114,143 9,525 45,567 127,906
Australia
576,530 2,501,734 6,088,262 576,530 2,700,378 6,909,132 576,530 2,758,169 7,742,201
Europe
627,567 2,723,201 6,627,227 627,567 2,939,429 7,520,764 627,567 3,002,337 8,427,581
New Zealand
569,172 2,469,804 6,010,555 569,171 2,665,912 6,820,948 569,171 2,722,966 7,643,385
Total
1,815,711 7,878,908 19,174,240 1,815,711 8,504,511 21,759,470 1,815,711 8,686,519 24,383,120
NZ$Scenario 1. OrderlyScenario 2. DisorderlyScenario 3. BAU
EventShortMediumLongShortMediumLongShortMediumLong
Flood
580,872 2,520,576 6,134,114 580,872 2,720,715 6,961,166 580,872 2,778,942 7,800,509
Storm Surge
465,028 2,017,896 4,910,784 465,028 2,178,121 5,572,897 465,028 2,224,736 6,244,849
Wildfire
278,266 1,207,479 2,938,540 278,266 1,303,355 3,334,738 278,266 1,331,249 3,736,824
Windstorm
444,126 1,927,195 4,690,052 444,126 2,080,218 5,322,404 444,126 2,124,737 5,964,153
Drought
34,611 150,187 365,497 34,611 162,112 414,777 34,611 165,581 464,789
Precipitation
1,627 7,061 17,185 1,627 7,622 19,502 1,627 7,785 21,853
Sea Level Rise
11,181 48,516 118,068 11,181 52,368 133,988 11,181 53,489 150,143
Total
1,815,711 7,878,908 19,174,240 1,815,711 8,504,511 21,759,470 1,815,711 8,686,519 24,383,120
Future Physical Impacts to Assets
Our evaluation of the physical risks to our assets, has
generated a number of key findings to inform business
decision making.
In particular, where and what mitigation to deploy,
how we manage and prepare for possible events, and
where capital is best directed in supporting climate
resilient growth. The analysis is largely in line with last
year, with some upweighting to Australia and flood
risk. Observations include:
• Flooding rates as our highest international risk
category, with leading exposure in Europe and
Australia, followed to a lesser extent by New
Zealand.
• Storm surge and windstorm rate similarly as our
next highest risks, but with the former being highly
centralised around Europe and New Zealand,
whereas windstorm is more broadly impactful.
• Our wildfire risk is heavily centred around
Queensland, Australia, with Australia accounting
Table 3. Future Physical Impacts by Region, Scenario and Time Horizon
202420302050
Exposure over time (NZ$)
Figure 4. Anticipated Physical Acute Impacts by Scenario
for over 90% of our international wildfire risk.
• Europe remains our highest overall risk exposure.
This is especially pronounced (and perhaps partly
mitigated) by a lower asset ownership level
compared to New Zealand or Australia.
• The Americas, with low asset ownership, a higher
proportion of Air & Ocean branches and a lower
risk profile carry significantly less overall risk than
our other large trading regions.
• Our Air & Ocean business unit, with a smaller
physical footprint, is less exposed to acute physical
risks. However, it is highly dependent on critical
infrastructure, like ports and airports, which could
be disrupted and impact us operationally.
• Chronic physical risks are viewed here as not
especially material to Mainfreight facilities.
Tables 3 and 4 show the accumulation of Climate
Impact Accruals relative to time horizon and weighted
for each of our three scenarios.
Table 4. Future Physical Impacts by Event, Scenario and Time Horizon
Orderly TransitionDisorderly Transition
Business as Usual
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
20242030
2050

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Climate-related Disclosures
IntroductionGovernanceRisk ManagementStrategyMetrics & Targets
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Climate-related Disclosures
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Jan-25
Feb-22 Mar-22Apr-22 May-22Jun-22Jul-22Aug-22Sep-22 Oct-22Nov-22Dec-22Jan-23Feb-23 Mar-23Apr-23 May-23Jun-23Jul-23Aug-23Sep-23 Oct-23Nov-23Dec-23Jan-24Feb-24
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
Future Physical Impacts to Operations
Acute
We have expanded our case study assessment introduced last year. Events depicted in Table 5 have been
separated into new and previously reported events in order to assess whether longer time frames produce
different results. The more recent events reported in 2024, namely the NSW Floods and Cyclone Jasper, have had
their comparison periods extended to 12 months.
The table depicts revenue growth of the event impacted area, compared to wider regional growth. The findings
largely mirror 2024 - four areas outperformed, three were neutral (within 2%) and three underperformed relative
to their region.
We hypothesise three potential factors that may contribute to abating the negative impacts of natural events on
freight demand:
• Urgent essentials: In early disaster response, a significant supply of essential goods are required to get
communities back on their feet, with food, beverages and pharmaceuticals all in high demand. These are all
profiles of freight where Mainfreight is well represented.
• Stretching supply chains: Over the short to medium term, disruption to traditional supply chains and sources
of supply will prompt businesses to look further afield, increasing the broader freight task.
• Build back: Looking ahead, communities will need to rebuild, resulting in a likely increase in new building
and construction, and with it, the direct and indirect freight flows needed to facilitate this activity. We expect
this will be difficult to observe from the relatively short periods considered here and are likely to be more
applicable to especially destructive events.
The above comes with a significant caveat that there are likely to be increased operating costs, although these
may be partly offset with existing insurance policies. In addition, these events have serious negative effects on
local infrastructure and communities, including our teams, and we would be very reluctant to classify these as
opportunities, even if the effects were further substantiated.
Table 5. Case Study Assessment
In December 2023, New South Wales experienced
severe flooding triggered by extreme thunderstorms
and heavy rainfall, in particular, Sydney, the
Illawarra, and South Coast regions. The storms
brought hail, strong winds and flash flooding,
leading to hundreds of emergency service callouts
and numerous rescues. Some areas saw their most
significant flooding in decades.
Local communities were heavily impacted,
with key transport routes cut off, homes and
businesses damaged, and essential services
strained. Mainfreight also faced challenges,
initially with localised damage to some facilities,
and subsequently, with extended transit times,
rerouting deliveries and clearing backlogs.
Event
Range
Reported
Region
Impacted
Event Area
Performance
Regional
Performance
Operating
Difference
New reported events
LA Wildfires - Jan 2025Sep 24 – Apr 25Americas44.7%53%-8.3%
Hurricane Milton - Oct 2024Apr 24 – Mar 25Americas0.5%16.1%-15.6%
Dunedin Floods - Oct 2024Apr 24 – Mar 25New Zealand-15.2%-14.1%-1.2%
East Coast Floods - Jun 2024Dec 23 – Nov 24New Zealand-15.7%-9.8%-5.9%
China Floods - Jun 2024Dec 23 – Nov 24Asia29.0%18.5%10.5%
Previously reported on events
NSW Floods - Dec 2023Jun 23 – May 24Australia-2.2%-3.9%1.7%
Cyclone Jasper - Dec 2023Jun 23 – May 24Australia-6.2%-3.9%-2.2%
Cyclone Gabrielle - Feb 2023Aug 22 – Jul 23New Zealand10.2%1.5%8.7%
Auckland Floods - Jan 2023Jul 22 – Jun 23New Zealand4.3%5.4%-1.0%
Hurricane Ian - Sep 2022Mar 22 – Feb 23Americas28.2%20.6%7.5%
New South Wales Floods, Australia
Australian RevenueNSW Area Revenue
Figure 5 shows revenue tracking between the New
South Wales area (18 Mainfreight branches) and the
wider Australian region (71 Mainfreight branches).
Overall, we see similar performance between the
two series, with the flood event being felt broadly
across Australia. This is not surprising given the
size of NSW and its interdependency as both a
market and supply point for other parts of the
economy. Interestingly, in the period three to six
months following the flooding, NSW outperformed
the broader Australian performance before largely
normalising to match regional trading.
Regional Examples
This year, we have added an expanded look at two significant events (Cyclone Gabrielle and the NSW
Floods) that took place in 2023. Revenue has been mapped for the impacted area against the regional
performance (plotted with a secondary axis to provide a better comparison), with the event date depicted
by a vertical dashed line. Consistent with the findings above, there is no sustained detrimental impact to
operational performance from these major events.
Figure 5. New South Wales Floods Impact on Revenue
0
0
Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23Oct-23Dec-23Feb-24
Cyclone Gabrielle, New Zealand
Chronic
Chronic changes in climate, and the associated physical risks, have been viewed here as less impactful to
Mainfreight relative to acute physical events and transition impacts.
However, there are modelled chronic risks in the regions that we operate in, which could be material to the local
customers and industries we serve. The most notable of these is a drought - rated Extreme in Europe, and Very
High in all regions except New Zealand, where the risk is marginally lower at High.
Heavy precipitation risk is rated as Low and Very Low across all regions, while sea level rise rates as Moderate to
High across regions.
This year we have adjusted the methodology to include all branch locations as proxies for where our revenue
sources are located. The latest natural hazard and climate assessment also updated the perceived likelihood of
these risk categories in some regions. As a result, we have seen an overall upweighting across Chronic Risks.
In Table 7, we have grouped our customer verticals (industry segments), relative to the perceived exposure of
their value chains to chronic risks. As an example, agriculture would be considered directly impacted, whereas
industries that rely on agricultural raw materials would be indirectly impacted.
In total, we see less than 5% of Mainfreight’s revenue from industries directly exposed to potential chronic risks,
and less than 20% from direct and indirectly exposed industries. These figures are marginally down from 2024.
Revenue sources, including those exposed to chronic risks are also well balanced among regions, mitigating the
effects of localised changes in climate.
Overall, Mainfreight possesses a relatively diverse industry revenue base. This reflects the Group’s resilience, not
just to chronic risks, but to any number of business risks and disruptions.
Chronic RiskAmericasAsiaAustraliaEuropeNew Zealand
DroughtVery HighVery HighVery HighExtremeHigh
PrecipitationVery LowVery LowLowVery LowVery Low
Sea Level RiseHighModerateSignificantHighHigh
Revenue ExposureAmericasAsiaAustraliaEuropeNew ZealandGrand Total
Directly Exposed0.48%0.06%1.23%0.87%2.26%4.90%
Indirectly Exposed2.77%0.18%5.06%1.24%4.13%13.38%
Not Exposed17.72%6.45%25.34%18.03%14.19%81.72%
Grand Total20.97%6.69%31.63%20.14%20.57%100.00%
Table 6. Regional Chronic Risk Ratings
Table 7. Group Revenue Split by Chronic Risk Exposure & Region
New Zealand RevenueHawke's Bay Area Revenue
In February 2023 Cyclone Gabrielle generated
widespread devastation to the Hawke’s Bay and
Gisborne on the East Coast of New Zealand’s North
Island. Gabrielle produced torrential rain, gale-
force winds, and significant flooding, resulting in
landslips, infrastructure damage and widespread
power outages.
Key freight routes, especially into and out of the
East Coast, were severely impacted with some
communities becoming completely cut off.
Mainfreight faced major challenges navigating
road closures, disrupted rail networks, and limited
access to affected communities. Several of our
branches faced minor site damage and limited
operating capacity. Our teams focused on safely
rerouting freight, supporting essential deliveries
and working with local authorities and customers
to restore logistics services as quickly as possible.
Figure 6 shows the changes in revenue across New
Zealand (75 Mainfreight branches) compared to the
Hawke's Bay and Gisborne regions (3 Mainfreight
branches). As a smaller centre we see slightly more
variation in tracking to national trends. A deeper fall
in the months immediately following Gabrielle are
consistent with some demand displacement as well
as free freight services provided for the provision
of urgent essential goods. This is followed by an
extended period of overperformance.
Figure 6. Cyclone Gabrielle Impact on Revenue

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Climate-related Disclosures
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Climate-related Disclosures
Transition Impacts
Transport and logistics represent a major source of
GHG emissions contributing to climate change, and
one which continues to grow. Unsurprisingly, the
industry features heavily in both organisational and
national transition strategies.
The current impacts of the global transition have
varied widely relative to the pace and priority of
different national and industrial responses. These
are complicated further by other recent, but
unrelated, disruptions in the global supply chain,
ranging from a pandemic to regional conflicts and
potential trade wars.
Current climate-related transition impacts remain
difficult to clearly disassociate from other supply
chain interdependencies. As a result, we have
sought to provide a qualitative rather than
quantitative assessment of transition risks in this
report. Our intention is to build towards further
quantification of these classes of risks in our next
reporting period.
Figure 8 provides a representation of Mainfreight’s
current transition impacts. Notably, we take the
view that each of the listed impacts have both a risk
and opportunity profile, relative to organisational
responses. This is particularly true where proactive
responses support improved competitive
positioning.
Our current impact analysis indicates that
‘Enhanced reporting requirements’ has the highest
net risk impact. Where the upside in sharing our
growing expertise with customers is outweighed
by high complexity and an increasingly onerous
and costly global reporting landscape.
Alternatively, we find that ‘Customer preferences’
has the highest net opportunity impact, where
changing customer priorities align and support our
range of supply chain offerings, rather than distract
from them.
Table 8 outlines our potential future transition risks
and opportunities compared over the three time
horizons and against our three scenarios. Scenario
analysis indicates transition impacts will be
broadly similar in scale, but different in experience,
between scenarios, 1 and 2, with an immediate,
steady and sustained evolution of those impacts
contrasted to one of delay followed by a more
violent readjustment.
Many models, including the REMIND-MAgPIE 3.3-
4.8 inputs used to develop our scenarios, anticipate
little to no transition risks under BAU/+3.0°C
warming scenarios over all terms. This is largely
to be expected, given the weighting of modelled
inputs like carbon and energy price or investment
in the energy supply, as proxies for broader
transition impacts. Less immediately obvious, and
more difficult to model, are changes in public and
market sentiment and the subsequent spillover
impacts they are likely to drive.
Specifically, we anticipate that where political
means fail to enact the transition, public and market
responses via changing preferences/behaviour and
litigation will impose transition impacts of their
own. We expect this to be especially true over the
longer term, as the impacts of climate change and
improvements in attribution science paint a clearer
picture of those contributing to global harms.
Technology
adoption
Customer
preferences
Building and
resource
efficiency
GHG pricing
Enhanced
reporting
requirements
Risk ImpactRisk/OpportunityOpportunity Impact
We have invested significant time and
resources to meet evolving climate-related
reporting obligations in New Zealand and
internationally. This will continue with
preparations underway for the Australian and
European standards.
Emissions Trading Schemes (ETS) and
carbon taxes - typically passed through fuel
pricing mechanisms - will continue to impact
operational costs. However, these costs are
by default shared through contractual Fuel
Adjustment Factors.
Emerging technologies, such as electric
trucks, face initial performance and cost
barriers. Our current electric vehicle trials
show that they remain less competitive than
conventional legacy vehicles.
There is a strong emerging preference for
sustainability focused supply chain solutions.
We expect this to become gradually more
ambitious. For us, this likely means growing
pressure to reduce emissions, and offer low-
carbon logistics options.
Mainfreight’s investments in sustainable
facilities including solar energy, battery
storage, and water capture and storage
carry the risk of underperformance or capital
misallocation.
Our efforts to date have enabled us to
build a strong internal capability in climate
disclosure. We are now able to assist
customers at the outset of their own
journeys, positioning this as a value-added
service offering.
As operators of a fuel-efficient and modern
fleet, we are less impacted than those
competitors with older or less efficient assets.
This improves our competitive positioning
especially in cost-sensitive settings.
Early adoption allows us to learn
operational best practices ahead of broader
industry uptake. It has already facilitated
new customer conversations and modest
emissions reductions, laying the groundwork
for future competitive advantage as
technologies mature.
So far our performance has positioned us
well to acquire and retain business. We have
found a customer base more receptive to
rail and coastal transport modes, where we
have invested heavily.
To date, these investments have performed
adequately and have provided strategic
benefits, such as lower utility costs and
improved resilience. They also reduce our
exposure to energy market volatility.
Figure 7. Current Transition Impacts
High ImpactLow Impact
Current Transition ImpactsFuture Transition Impacts
ThemeAreaRisk / OpportunityImpactResponseTime HorizonOrderlyDisorderlyBAU
Risks
ResponsivenessPolicy & LegalGHG pricing volatility
Increasing cost of goods and raw materials, most notably
fuel.
Costs are largely passed on through Fuel Adjustment
Mechanisms, although our efficient modern fleet
minimises exposure. Over the medium to longer term fleet
electrification will also assist.
Short
Medium
Long
ResponsivenessPolicy & LegalEnhanced reporting requirementsFurther organisational compliance obligations.
We are well prepared for various standards globally, many
of which we will publish in advance of our obligations.
Short
Medium
Long
ResponsivenessPolicy & LegalPolicy uncertainty
Lack of direction, detail or delay in establishing
appropriate policy, impedes business decision making
and stifles early investment.
Our climate strategy is politically agnostic. We avoid
dependence on subsidies and focus on building viable
solutions from the ground up.
Short
Medium
Long
ResponsivenessPolicy & LegalExposure to litigation
Increasing stakeholder litigation against companies
demonstrating poor climate action.
Although we can’t fully mitigate this risk, our focus is
on being transparent and ambitious in the face of the
challenges ahead.
Short
Medium
Long
Innovation and
Collaboration
Technology
Cost and potential for failure in
new technology adoption
Early adopters at the ‘bleeding edge’ incur additional
operating costs, with the potential for stranded assets.
While we have borne additional costs in the adoption of
new technologies, we intend to persist and see this as a
necessary first step.
Short
Medium
Long
Innovation and
Collaboration
Market
Changing customer preferences/
loss of customers
Changing customer behaviour and preferences impacts
sales activity across certain industries and organisations.
We have developed a suite of sustainable supply chain
tools and alternatives to support our customers at all
stages of their journeys.
Short
Medium
Long
Opportunities
ResponsivenessPolicy & Legal
Early preparation and developed
capability in areas of legislative
attention
Strong readiness and adaptation in reporting and
regulatory compliance enables us to support customers’
growing ESG obligations and increase market share.
We have worked proactively to move past compliance
toward being a knowledgeable trusted partner to support
customers’ reporting needs.
Short
Medium
Long
ResponsivenessReputation
Early transition response and
positioning offers market share
gains
In the face of change and crises, those that respond
actively and early are likely to develop a more enduring
reputational boost.
Our response so far has been well received with
customers and investors. However, this is just the
beginning, and we are investing extensively to remain a
leading provider of sustainable solutions.
Short
Medium
Long
Embodied
Resilience
Energy Source
& Resilience
Building & resource efficiency
New sustainability aligned investments support lower
operating costs, with the potential to reduce exposure to
utilities price increases.
Developing sustainable future-proofed infrastructure is a
core strategy to reduce costs, build resilience and support
electrification.
Short
Medium
Long
Innovation and
Collaboration
MarketsCollaboration
Shared interests facilitate new partnerships and
collaboration to solve problems that would be otherwise
insurmountable.
These partnerships are already being formed with
customers and suppliers alike. We see this as a
cornerstone in achieving our climate goals.
Short
Medium
Long
Innovation and
Collaboration
Products &
Services
Offering new products and
services
Growing interest in sustainable supply chain allows for
the development of new products and services, and the
repositioning of old ones (e.g. rail).
We have developed sophisticated emissions tracking
tools to support new approaches to supply chain design.
These in turn will facilitate new service offerings to our
customers.
Short
Medium
Long
Risk Impact:
Low ImpactHigh Impact
Table 8. Future Transition Impacts

IntroductionGovernanceRisk ManagementStrategyMetrics & Targets
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Climate-related Disclosures
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Climate-related Disclosures
Models & Methodologies
Acute Physical Impacts to Assets
Our analysis of the potential physical impacts
to operations was built from our case study
assessment. We examined the revenue performance
of five new areas impacted by recent natural events,
along with the five areas considered in our last
analysis. We used the event as the centre point
and viewed performance for the 6 months leading
up to the event, and the 6 months following. More
recent events, with limited post event data, used
a 3-month period either side of the event (these
include the LA Wildfires, Hurricane Milton and the
Dunedin Floods). Events with limited data in our
prior reporting period have been updated to the full
12-month period in this report (New South Wales
Floods and Cyclone Jasper).
Revenue figures included freight, both originating
in, or destined for, the affected area, for both
the Transport and Air & Ocean business units
(Warehousing is considered indirectly as flowing
in or out of these activities). The performance was
then compared to that of the wider operating region,
with regional revenue growth subtracted from the
impacted area growth to produce our operating
difference percentage.
While we believe the findings were interesting
enough to warrant inclusion in this report, we caution
that the small sample size and high dependence
on other economic factors creates considerable
uncertainty.
The primary input to our modelling was a natural and
climate hazard assessment provided by Gallagher
with licensed use of the Swiss RE CatNet software
and updated for 2025. This provided an evaluation
of all major hazard classes for over 250 sites around
the world (some 2,000 individual ratings).
These values informed our ratings of probability. For
example, if a branch is deemed to be at risk of a 1-in-
100-year flood, the applied single year probability
for a flood at that branch is 1%. Other risks were
translated from different qualitative terms to
similar percentage scales as outlined in Additional
Information as outlined on page 43, Table 13.
For consideration of the impact of an event if it were
to occur, we have used a simplified classification of
branch values based on size, type and ownership
model (see page 43, Table 14). Each event was then
individually assessed as having a detrimental impact
as a proportion of the total asset value (see page
43, Table 15). For example, a storm surge event at
an owned, extra-large, transport facility would have
a pre-insurance and pre-mitigation calculation of
NZ$100m x 20%, totalling NZ$20m.
We then control for insurance and other mitigation
(if any), to generate a post-insurance and post-
mitigation value. This value, once multiplied by event
probability, gives us the Climate Impact Accrual for
that branch for a storm surge event.
Impact over Time Horizons
To calculate the risk at our three specified time
horizons, we accumulate the climate impact
accruals by the number of years, alongside an
average compounding growth rate of 7%.
Applying Scenarios
The final step is to apply separate weightings
relative to our three scenarios over the different
time horizons, using the changes in average global
surface temperature as a proxy for our weightings
in Additional Information weightings (see page 43,
Table 16). Updates to the inputs for our scenario
analysis, specifically changes in anticipated surface
temperature have seen these marginally increase
this year.
Acute Physical Impacts to Operations
Modelling of chronic physical risk was derived from
our natural and climate hazard assessment, using
the event probability by branch averaged across
each region. The average figure was then interpreted
using the probability mapping in Additional
Informationmapping, seen on page 43, Table 13.
With results ranging from Very Low (increased
precipitation) to Extreme (drought in Europe).
This was then compared to the proportion of
revenue derived from industries considered; directly,
indirectly or not exposed to chronic risks in each
region.
Chronic Physical Impacts to Operations
Almost all forms of prediction in complex systems
carry a high degree of uncertainty. Doing so over
decades, while accounting for climate science,
geopolitics, energy dynamics, technology and
market sentiments is especially ambitious.
Prediction is hard, however the prediction itself
isn’t the desired goal. The processes, tools and
models to be able to continuously ingest new
information, improve models and prepare for
different eventualities is our intended purpose.
We have made significant effort to source
independent data and reviews of our approach.
We have clearly outlined the assumptions and
workings behind our models, so that they can be
tested and improved, and we continue to validate
predicted impacts against lived experience. Of
our models, we perceive the physical impacts to
assets as more robust, having been independently
sourced and with a large volume of data. Conversely,
our physical impacts to operations, with a small,
internally sourced dataset, is more uncertain.
A further limitation relates to the likely diverse
regional experience of growth and climate impacts.
Our applied annual compounding growth rate (7%)
Assumptions, Limitations and Uncertainty
and transition risks are both assumed at the Group
level and applied proportionately. In reality, the
experience by region will likely vary significantly.
In future iterations of this report, we may explore
how these could be examined at a more granular
level, subject to accessible and reliable data.
We also assume existing insurance arrangements
and assumptions will continue, however, this may
not prove true in certain settings. In some locations
we operate, insurance may become relatively
unaffordable and in others, insurance may not
be available at all. This would impact the outputs
of our models, however we anticipate that other
forms of mitigation may be able to accommodate
some of the difference.
Transition risks have been assessed in this report
on a qualitative basis, albeit with interpreted scales
of relative impact. As we work toward financial
quantification of transition impacts, we expect
there to be a high degree of uncertainty.
Despite the limitations, we believe the information
contained within this report to be consistent with
the needs and purposes of primary users.
Transition Planning
A successful transition to a low carbon society
requires near universal adoption. To do that, it
must be just, equitable and leave no one group
behind. The same is true for our customers and the
broader supply chain. As the global and domestic
economies transition toward a low emission future,
we aim to provide solutions to customers at all levels
and ambitions on their decarbonisation journeys.
Accessibility, flexibility and ultimately, progress, is
our intent.
Mainfreight’s transition plan is centred around
the process of change rather than an envisioned
endpoint. We employ the same five-year planning
roadmap used for other business objectives, including
consideration of the related financial and capital
flows. The environmental and climate components
of this plan, along with performance to date, are
provided in Metrics and Targets are provided on
page 42, Figure 13.
Our transition responses are grouped into three
general themes: Responsiveness, Embodied
Resilience and Innovation and Collaboration.
Collectively these support our strategy to deliver:
• Reduced fleet emissions through efficiency,
optimisation and the transition to low emission
vehicles.
• Reduced operational emissions through
renewable energy generation, storage, efficiency
and electrification of our operations.
• Greater uptake of low emission alternate fuels for
aviation and shipping.
• Resilient and future-proofed facilities and an
adaptive transport network.
• Industry leading emissions visibility to support
customer decision making.
Our scenario analysis reflects the challenge and
uncertainty, but also opportunity posed by climate
change and climate responses. We believe our
approach remains consistent with managing for
each of our scenarios and time horizons based on
the current context and outlook. Where signals and
emerging understanding lend themselves toward one
scenario over others, pace, priority and associated
capital deployment will be adjusted accordingly.
We remain optimistic of our position in respect
to climate risks and opportunities, where our
preparation, resilience and adaptability serve to
improve our competitive offering, now and in the
future.
Responsiveness entails constant experimentation
with new technologies and ways of serving
our customers in order to remain relevant and
valuable partners. To cater to the wider needs of
our customer base, we are developing a broad
suite of tools and alternate supply chain channels.
Our focus isn’t on picking a winning technology,
but rather familiarising our business with a range
of solutions, and being prepared to bring to scale
those needed most, when they are most needed.
In answer to growing global mandates for
climate reporting, we have prepared early and
comprehensively, gaining assurance for all GHG
inventories since 2018, and publishing our first
Climate Risk report in 2023.
Our intention is not just to meet, but exceed our
obligations, to be open and transparent in the
way that information is shared. Ultimately we
aim to become a resource for our customers. Our
responsiveness strategy is about cultivating agility
and decisiveness at all levels of the business, so
that we can respond swiftly to the diverse impacts
and opportunities of a global transition.
Priorities:
• Meet all mandatory climate disclosure
requirements in the regions we operate.
• Leverage digitisation and analytics to optimise
energy use, fleet planning and ‘right-sizing’ of
renewable assets.
• Futureproof our facilities to accommodate
greater future energy needs and operational
demands.
• Improve intermodal connectivity.
Current Initiatives:
• Compliance with the Aotearoa New Zealand
Climate Standards.
• Compliance with the California Climate-
Related Financial Risk Act (CRFRA).
• Preparing for the Australian Sustainability
Reporting Standards for 2026.
• Preparing for the European Corporate
Sustainability Reporting Directive by 2028.
• New energy management platforms rolled out
in New Zealand and the Americas.
• Accommodations for additional solar and
battery storage being added to new facilities
• We continue to facilitate rail, coastal and inland
waterway connections.
Responsiveness
We recognise that the design decisions we make
today will determine the operational capabilities
and resilience we have tomorrow, and although
we can’t predict the future, we can prepare for
versions of it.
In recent years our operations have sought to serve
customers affected by major floods, bushfires,
global supply chain disruptions, earthquakes and
a pandemic. Our capacity to respond quickly and
re-establish critical supply chains, has seen our
business grow bigger, better and more resilient.
Priorities:
• Increase renewable energy generation and
storage.
• Build water resilience and conscientious
consumption.
• Develop a decentralised and highly adaptive
freight network.
• Mitigate climate risks to our assets and
customers’ freight.
• Facilitate operations and fleet electrification.
Current Initiatives:
• Solar generation - now at over 9,300kW (up
11% on 2024).
• Site batteries (BESS) – now at 9,750kWh (up
3% on 2024).
• Extensive car and truck charging infrastructure
– up to 400kW DC.
• Rainwater capture, storage and filtration.
• Greywater capture and storage for truck wash
and ablutions.
• Raised docks and racking – keeping our
customers’ freight further from flood risks.
• Climate and natural hazard risk assessment
undertaken before commissioning any new
builds.
• Further exploration of mitigation measures in
higher risk areas.
Embodied Resilience

IntroductionGovernanceRisk ManagementStrategyMetrics & Targets
38
Climate-related Disclosures
IntroductionGovernanceRisk ManagementStrategyMetrics & Targets
Climate-related Disclosures
39
Transportation and logistics remain among the
most challenging sectors for emissions abatement.
Making real progress will require both gritty,
incremental improvements and radically new and
creative solutions.
Mainfreight’s Innovation and Collaboration
strategy is built around connection. Connecting
new technologies to practical, real-world
applications, and connecting previously unrelated
parties throughout the value chain to a common
cause and benefit.
Priorities:
•Improve fleet efficiency and support the
transition to low emission vehicles.
•Make sustainable aviation and sustainable
maritime fuels widely available to customers.
•Electrify our operational equipment and small
vehicle fleet.
•Drive customer uptake of emissions tracking
tools to support visibility and better decision
making.
•Establish new energy systems and opportunities
including virtual power plants, microgrids, and
bidirectional grid interoperability.
Current Initiatives:
•Maintaining a modern, efficient fleet.
•Electrifying the truck fleet (30+ heavy vehicles
so far, many more to come).
•Getting closer to customers through network
intensification.
•Electrification of our material handling
equipment/forklifts (over 80%).
•Transition of our small fleet to electric and
hybrid.
•Implementing route and planning optimisation
tools.
•Providing advanced emissions analytics to
customers (now more than 1000 active users).
•Pilot sustainable aviation and maritime fuel
option, to be offered this year.
Innovation and Collaboration
Example Customer Emissions Dashboard - Air & Ocean
Metrics & Targets
Introduction
The following summary of metrics relating to
Mainfreight’s GHG emissions have been prepared
in accordance with ISO 14064-1:2018, and verified
across all categories. The mapping between
ISO 14064-1:2018 and the commonly referenced
scopes of the GHG Protocol, is provided in Table
9. All figures refer to metric tonnes carbon dioxide
equivalents (CO2e) unless otherwise stated.
We have taken an operational control approach to
the inclusion of different material emission sources,
whereby sources not within our direct financial
control have been included, if they are
significant. The primary example of this is our
owner drivers.
We have sought to use the latest AR6 GWPs
(Assessment Report 6 Global Warming Potential)
provided by the Intergovernmental Panel on
GHG ProtocolISO 14064-1:2018
Scope 1 – Direct GHG emissions
Category 1 – Direct GHG emissions and
removals
Scope 2 – Indirect GHG emissions from purchased electricity, heat,
cooling or steam
Category 2 – Indirect GHG emissions from
imported energy
Scope 3 – Other indirect GHG emissions (Corporate Value Chain
emissions)
1.Purchased goods and services
2.Capital goods
3.Fuel and energy related activities not included in Scope 1 or Scope 2
4.Upstream transportation and distribution
5.Waste generated in operations
6.Business travel
7.Employee commuting
8.Upstream leased assets
9.Downstream transportation and distribution
10.Processing of sold products
11.Use of sold products
12.End-of-life treatment of sold products
13.Downstream leased assets
14.Franchises
15.Investments
Category 3 – Indirect GHG emissions from
transportation
Category 4 – Indirect GHG emissions from
products used by the organisation
Category 5 – Indirect GHG emissions
associated with the use of products from
the organisation
Category 6 – Indirect GHG emissions from
other sources
CategoryCategory Description
2025 FY2024 FY2022 CY
Category 1Direct GHG emissions and removals340,037303,309239,241
Category 2
Indirect GHG emissions from imported energy
(location based)
18,56116,79818,385
Category 3Indirect GHG emissions from transportation1,175,8701,082,0681,170,369
Category 4
Indirect GHG emissions from products used by the
organisation
122,41388,58168,501
Category 5
Indirect GHG emissions associated with the use of
products from the organisation
---
Category 6Indirect GHG emissions from other sources--131
Total1,656,8811,490,7561,496,627
Source
2025 FY2024 FY2022 CY
Road467,593 409,331461,391
Rail9,092 9,30510,233
Air942,542880,806818,980
Sea161,689144,099163,960
Total Customer Freight Emissions
(Total of Road, Rail, Air, Sea)
1,580,916 1,443,5411,454,564
Direct Operational Emissions75,965 47,21542,063
Total Emissions1,656,881 1,490,7561,496,627
Direct Operational Emissions % of Total4.58%3.17%2.81%
Intensity Factors
2025 FY2024 FY% Change
CO2e per tonne kilometre Domestic (Road/Rail) freight0.091 kg0.084 kg8.3%
CO2e per tonne kilometre of Air freight1.199 kg1.210 kg-0.9%
CO2e per TEU kilometre of Sea freight 0.058 kg 0.066 kg -12.1%
Table 9. GHG Protocol and ISO 14064-1:2018 Category Mapping
Table 10. GHG Category Split in tCO2e
Table 11. GHG Mode Split in tCO2e
Table 12. Intensity factors
The mapping provided here, can be applied to Table 10 for emissions grouping by Scope.
Climate Change (IPCC). Where sourced emission
factors have used previous GWPs, we have
applied appropriate conversions where possible.
Mainfreight has not employed an internal emissions
price over this reporting period, therefore for the
purposes of primary users this could be interpreted
as $0. Remuneration policies do not directly consider
performance against these metrics and targets.
For a complete breakdown of our emissions
factors, sources, exclusions, methods, assumptions,
uncertainties, reporting boundaries and trends, we
invite readers to view our 2025 Financial Year GHG
Inventory report. This is available at the link below,
along with previous reports dating back to 2018.
www.mainfreight.com/global/en-nz/investor/
reports-library/sustainability-information

IntroductionGovernanceRisk ManagementStrategyMetrics & Targets
Climate-related Disclosures
40
IntroductionGovernanceRisk ManagementStrategyMetrics & Targets
Climate-related Disclosures
41
Category 1
20.52%
Category 2
1.12%
Category 3
70.97%
Category 4
7.39%
Category 5
0.00%
Category 6
0.00%
Gross Emissions Trend Tracking
EU
106,354
AU
196,108
NZ
168,669
AS
11,406
AM
70,659
International Air: 942,519
International Ocean: 161,167
Freight Mode Split
Air
Sea
Rail
Road
880,806
9,305
100,000200,000300,000400,000500,000600,000700,000800,000900,0001,000,000
Emissions tCO2e
Carbon Dioxide
CO2
98.86%
Methane
CH4
0.08%
Nitrous Oxide
N2O
1.04%
Hydrofluorocarbon
HFC
0.02%
Emissions
Gas Split
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2018CY2019CY2020CY2022CY2024FY2025FY
2021CY
Figure 8. Gross Emissions Trend Tracking
Figure 9. Emissions Categories SplitFigure 10. Emissions Gas Split
Figure 11. Freight Mode Split
Figure 12. Emissions Regional Split in tCO2e
942,542
144,099
161,689
9,092
409,331
467,593
2024FY2025FY
Emissions
Categories
Split
Direct EmissionsIndirect EmissionsTotal Emissions
Emissions Regional Split
2024
2025
2025 numbers below
tCO2e
Targets
On page 42, Figure 13 we have outlined a number of
our sustainability and climate focused goals over the
coming five years. These include fleet electrification,
solar generation and battery storage among others.
With respect to direct emissions reduction targets,
we currently employ a continuous improvement
approach for our tracked intensity measures (see
page 39, Table 12). The interpretation that could be
applied to these targets is a base year of 2024 and a
time frame of one year, with the targets being reset
in each new reporting period.
For now, intensity-based targets remain our priority,
in order to maintain the growth in our business
without increasing our impact. However, we
continue to evaluate additional longer-term targets,
including absolute targets, and will publish any new
developments in future iterations of this report.
For the 2025 financial year, we have seen further
reductions in Air and Sea freight intensities (continuing
last year’s improvements across all measures) but an
increase in the intensity of domestic freight of 8.3%.
This increase relates to a change in the Australian
road freight emission factors to a different, more
conservative source (www.alcas.asn.au/auslci-
emissions-factors). Without this accounting change,
we estimate Group domestic freight intensity would
be 1-2% down on 2024.
The determination of whether an organisation’s
emissions target is consistent with the goal of
limiting global warming to 1.5°C is, in our view, highly
uncertain. Recent surface temperature tracking
indicates that for the 12 month period to January
2025, average global temperatures exceeded 1.6°C
above pre-industrial levels.
For now, our position is that we currently lack the
data to qualify whether or not our targets (or any
other targets under consideration) are consistent
with the goal of containing global warming to 1.5°C.
Offsets are not included or intended to form part of
our decarbonisation strategy and associated targets.
Next Steps
We are committed to improving the inputs, models and ultimately the insights provided in climate-related
risk reporting, for both internal decision makers and other interested stakeholders.
As well as meeting the disclosure requirements within the Aotearoa New Zealand Climate Standards, we
endeavour to publish information consistent with the stated reporting principles: relevance, accuracy,
verifiability, comparability, consistency, timeliness, balance, understandability, completeness and
coherence.
Below are a number of planned workstreams as we continue to develop our climate reporting capabilities:
• Incorporate developing scientific research and climate data into adaptations of our scenario analysis.
• Further consider climate-related targets.
• Quantify transition risks and opportunities for both current and anticipated impacts.
• Collect further case studies for our physical impacts assessment.
• Analyse emerging trends and reconcile with our transition planning.
• Align with the Australian Climate-related Financial Risk Disclosures.
• Align with the European Corporate Sustainability Reporting Directive.
• Review and align with other global, state and industrial reporting regimes where applicable.
Capital, Planning and
Climate-related Impacts
Mainfreight expects capital expenditure through
to March 2027 will total $330 million. This will be
used to further expand and modernise our network,
facilities, technology and infrastructure. Many of
these investments will directly support elements of
our mitigation plans, in addition to self-sufficiency,
resilience and adaptation.
However, much of this expenditure will assist other
business imperatives as well. For example, expanding
our network is a growth strategy that also mitigates
risk from acute physical events. Similarly, new solar
installations have a climate mitigation benefit, as well
as a financial return. For this reason, it is difficult to
specify an amount or proportion solely related to
climate risk mitigation.
The association between Mainfreight’s strategic
planning and capital deployment to our modelled
climate time horizons is outlined below.
1. Short Term (Present – 2030): aligned with our
current strategic planning roadmap, including
immediate capital deployment to enhance
resilience and progress emissions reduction
initiatives.
2. Medium Term (2031 – 2040): Corresponds to the
next two strategic planning cycles and reflects
anticipated advances and tipping points in low-
emissions transport and logistics technologies.
3. Long Term (2041 – 2050): Aligned with Aotearoa,
New Zealand’s national Net Zero target, guiding
our long-range capital allocation and investment
decisions toward a low-carbon, climate-resilient
future.
Vulnerability of Business Activities to
Climate-related Impacts
activities, are susceptible to climate-related risks,
as well as opportunities. Although individual impact
classifications will be felt differently across our
business, we believe that no part will be untouched.
From a physical standpoint, this is clear in our
approach to assessing impacts to assets, operations,
and revenue for all parts of the business. While,
in respect to transition impacts, the oncoming
disruption has been widely signalled across the
transport and logistics industry and its role in the
climate transition.
Our interpretation of the analysis provided, is that
all three of our business units, and their associated
Updates to previous Climate-related Disclosures Report
• Adoption provisions 1 and 2 are no longer applied.
• A statement of compliance has been added regarding California's CRFRA. A supporting TCFD Index
has been reintroduced in Additional Information to support the purposes of these disclosures.
• A new row has been added to our climate governance structure to account for the contribution of our
wider team.
• Our scenario analysis has been updated based on the latest changes to our underlying models.
• Our case study assessment has been updated with new events. Previous events with limited data have
also been extended.
• Additional charts and commentary were added for our two most significant physical events.
• All calculations related to our climate impact accrual and associated modelling have been updated to
account for new facilities and updates in risk profiles.
• Chronic risk evaluations by region have been updated to weight the anticipated risk to a given location
rather than the financial exposure of a given facility.
• Transition planning has been expanded, with additional sub sections differentiating between priorities
and initiatives.
• Our targets section has been expanded on and includes a clearer description of performance.
• Our sustainability and climate goals have been updated with progress over the course of this year.
New goals have been added for 2030 and additional context included to better reflect how these
goals contribute to wider performance.

IntroductionGovernanceRisk ManagementStrategyMetrics & Targets
Climate-related Disclosures
42
Additional Information
Climate-related Disclosures
43
Our Sustainability
& Climate Goals
Figure 13. Sustainability Goals
2027 FY2028 FY2029 FY2030 FY
2025 FY Actual
GoalsProgress
Increased use of electric delivery vehicles in all regions
Achieved, except Asia where our transport footprint remains
small
CO2e intensity factors continue to decline, with support of
greater supply of novel fuels, especially in sea and air
Achieved, novel sea and air fuels to be trialed this year
Further consideration and possible trials of hydrogen
powered / hybrid vehicles
In discussion for a hydrogen fuel cell vehicle, hybrid electric
vehicles already feature in our fleet
International solar arrays reach 12,000kW
Currently 9,370kW, but with roofs engineered to expand arrays
when needed
Operating over 10,000kWh in site battery capacityAlmost, 9,759kWh in installed battery capacity
Electric, hybrid and alternate energy fleet grows to over 50
vehicles
Currently 37, customer demand is still developing
2026 FY
GoalsProgress
Water collection on all owned sitesLikely
Solar power across as many sites as possibleLikely
CO2e intensity factors continue to declineLikely
Emissions Tracking Tools being used by more than 1,500
customers
Likely
All freight terminals feature fast charging and support EV
charging
Possible, but fast charging will need to be paired with greater
EV uptake
Primary (carrier and aircraft specific) emission factors applied
for international shipments
Likely
Renewable Assets - generation
and storage:
These now contribute
over 14% (up from 13%) of our total
electricity supply globally, with an
additional 34% (up from 7%) covered
by Renewable Energy Certificates and
the remaining 52% using local grids
(down from 80%). The small increase
in self-generation, understates the fact
that its proportion increased as our
total electricity use grew 10%.
Fleet - trucks, forklifts and small
fleet: Low emission vehicles represent
over 1.4% of our heavy fleet. 86.4% of
our material handling equipment is
electric. Hybrids and electric vehicles
make up 54.1% of our small fleet.
Context for
Sustainability &
Climate Goals
Goals
EVs in all Transport branches
Hydrogen vehicle options being trialled
Our international solar arrays reach
12,500kW
International site battery capacity
exceeds 15,000kWh
Goals
Static batteries join solar arrays and
water capture as standard design
features for new Mainfreight sites
We continue to develop more advanced
features for our Emissions Tracking
Tools, alongside machine learning and AI
adoption
Goals
Zero emission line-haul implemented
International solar arrays exceed
20,000kW
Our Zero Emissions fleet grows to over
100 vehicles
SAF and low emission maritime fuels
directly integrated into our offering to
customers
Our Emissions Tracking Tools formally
accredited
Goals
Over 10% of all metro transportation
served by Zero Emission Vehicles
International solar arrays exceed
25,000kW
SAF and low emissions maritime fuel
customer uptake on 2% of bookings
EventsTypeLeased ExposureOwned Exposure
Fluvial FloodAcute40%20%
WildfireAcute5%10%
WindstormAcute1%1%
Storm SurgeAcute40%20%
DroughtChronic0.01%0.01%
PrecipitationChronic0.01%0.01%
Sea Level RiseChronic0.01%0.01%
Additional Information
Models & Methodologies Source Tables
Table 13. Event Probability Translation
Probability
Fluvial
Flood
WildfireWindstorm
Storm
Surge
DroughtPrecipitation
Sea Level
Rise
0.01%Outside
No Data/
Negligible
Outside
Negligible/
Extremely
Low
No ChangeNo Change
0.10%Very LowVery LowVery Low
Very Low
Increase/
Decrease
Very Low
Decrease
0.20%ModerateLowLow500 yearsLow
Low
Increase/
Decrease
Low
Increase
0.33%Moderate
0.40%ModerateModerate250 yearsMedium
Moderate
Decrease
Moderate
Increase
0.50%SignificantSignificantSignificantSignificant
1.00%HighHighHigh100 yearsHigh
High
Decrease
High
Increase
2.00%Very HighVery High50 yearsVery High
Very High
Increase
10.00%Extreme
Table 14. Generalised Asset (Branch) Valuations
Leased
DivisionXSSMLXL
Air & Ocean10,00050,000 250,0001,000,000 2,000,000
CaroTrans10,00050,000 250,0001,000,0002,000,000
Transport500,0001,000,000 2,500,000 5,000,00010,000,000
Warehousing500,0001,000,0002,500,0005,000,00010,000,000
Wharf500,0001,000,0002,500,0005,000,00010,000,000
Owned
DivisionXSSMLXL
Air & Ocean1,000,0002,000,0005,000,00010,000,00020,000,000
CaroTrans1,000,0002,000,000 5,000,000 10,000,000 20,000,000
Transport5,000,000 10,000,000 25,000,000 50,000,000100,000,000
Warehousing5,000,000 10,000,000 25,000,000 50,000,000 100,000,000
Wharf5,000,00010,000,00025,000,00050,000,000100,000,000
Table 15. Event Impact Assumptions
Table 16. Scenario Global Surface Temperature Changes
Surface Temperature Increase (°C)
NGFS Phase V Scenarios with REMIND-MAgPIE 3.3-4.8 inputs
MAGICCv7.5.3|67.0th Percentile
Time HorizonYear
Orderly Transition
(Net Zero)
Disorderly Transition
(Delayed Transition)
Business as Usual
(Current Policies)
Short Term20301.641.651.65
Medium Term20401.771.91 1.95
Long Term20501.741.982.21
Scenario/Time Medium/Short Term1.081.171.19
MultipliersLong Term/Medium Term1.061.211.35
NZ$

Additional Information
Climate-related Disclosures
44
Additional Information
Climate-related Disclosures
45
Year End
Annual
Accrual
Cumulative
Accrual
S1
Multiplier
Cumulative
S1
S2
Multiplier
Cumulative
S2
S3
Multiplier
Cumulative
S3
2024193,908193,9081.00193,9081.00193,9081.00193,908
2025282,016 475,924 1.00475,9241.00475,924 1.00 475,924
2026301,758 777,682 1.00777,682 1.00777,682 1.00 777,682
2027322,881 1,100,563 1.001,100,563 1.00 1,100,563 1.00 1,100,563
2028345,482 1,446,045 1.001,446,045 1.001,446,045 1.001,446,045
2029369,6661,815,711 1.001,815,711 1.001,815,711 1.001,815,711
2030395,543 2,211,253 1.082,392,936 1.172,582,941 1.192,638,219
2031423,231 2,634,4841.082,850,941 1.173,077,312 1.193,143,170
2032452,857 3,087,341 1.083,341,005 1.173,606,289 1.193,683,468
2033484,557 3,571,897 1.083,865,375 1.174,172,294 1.194,261,587
2034518,476 4,090,373 1.084,426,450 1.174,777,920 1.194,880,174
2035554,769 4,645,142 1.08 5,026,8001.175,425,939 1.195,542,062
2036593,603 5,238,745 1.085,669,175 1.176,119,320 1.196,250,282
2037635,155 5,873,900 1.086,356,516 1.176,861,238 1.197,008,078
2038679,616 6,553,515 1.087,091,971 1.177,655,089 1.197,818,919
2039727,189 7,280,704 1.087,878,908 1.178,504,511 1.198,686,519
2040778,0928,058,796 1.068,569,675 1.219,725,1101.3510,897,715
2041832,559 8,891,355 1.069,455,013 1.2110,729,8161.3512,023,564
2042890,8389,782,1931.0610,402,324 1.2111,804,852 1.3513,228,222
2043953,196 10,735,3891.0611,415,947 1.2112,955,1401.3514,517,207
20441,019,920 11,755,3091.0612,500,524 1.2114,185,948 1.3515,896,420
20451,091,314 12,846,624 1.0613,661,0211.2115,502,913 1.3517,372,178
20461,167,70614,014,3301.0614,902,753 1.2116,912,066 1.3518,951,239
20471,249,44615,263,776 1.0616,231,406 1.21 18,419,8591.3520,640,835
20481,336,90716,600,6831.0617,653,065 1.2120,033,1981.3522,448,702
20491,430,49118,031,174 1.0619,174,2401.2121,759,470 1.3524,383,120
Table 17. Physical Impacts to Assets Calculation
Conclusion
Basis of verification opinion
Scope of the assurance engagement
INDEPENDENT ASSURANCE REPORT
Toitū Verification
EMISSIONS - REASONABLE ASSURANCE
We have obtained all the information and explanations we have required. In our opinion, the gross GHG
emissions, additional required disclosures of gross GHG emissions, and gross GHG emissions methods,
assumptions and estimation uncertainty, defined in the climate statements and table below, in all material
respects:
+ comply with the audit criteria; and
+ provide a true and fair view of the emissions of Mainfreight Limited for the year ended 31 March 2025.
EMISSIONS - LIMITED ASSURANCE
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the gross GHG emissions, additional required disclosures of gross
GHG emissions, and gross GHG emissions methods, assumptions and estimation uncertainty, defined in the
climate statement and table below:
+ do not comply with the audit criteria; and
+ do not provide a true and fair view of the emissions of Mainfreight Limited for the year ended 31 March
2025.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
We have undertaken a verification engagement relating to gross GHG emissions, additional required
disclosures of gross GHG emissions, and gross GHG emissions methods, assumptions and estimation
uncertainty on the climate statements as indicated in the table below for the financial year ended 31 March
2025 . Additionally, our assurance engagement does not extend to targets, emissions reduction progress or
GHG liabilities, of which details may be referenced within within the table below. The scope of emissions and
level of assurance are disclosed below.
Mainfreight climate statements provides information about the greenhouse gas emissions of the
organisation for the defined measurement period and is based on historical information. This information is
stated in accordance with the requirements of International Standard ISO 14064-1 Greenhouse gases – Part
1: Specification with guidance at the organisation level for quantification and reporting of greenhouse gas
emissions and removals (ISO 14064-1:2018).
To The Shareholders of Mainfreight Limited
Toitū Envirocare
DOCUMENT
ASSURANCE SCOPE
INCLUDED (PAGES)
EXCLUDED - NO
ASSURANCE (PAGES )
Climate statements 391-38, 40-43, 47-50
Greenhouse Gas
Emmissions Inventory
Report
5-11, 12(4.2.3), 16
1-4, 12(4.2.2 & 4.2.4)-15, 17-
24
Emphasis of matter
Other matters
Responsible Party's Responsibilities
Without qualifying our opinion expressed above, we wish to draw the attention of the intended users the
following disclosures which, in our judgement, are of such importance that they are fundamental to user’s
understanding of the climate statements :
Other matters that have not been disclosed in the climate statements, that in our judgement are relevant to
the intended users:
COMPARATIVE INFORMATION
+ The comparative GHG disclosures (that is GHG disclosures for the periods ended 31 December 2022 and 31
March 2024) have not been the subject of an assurance engagement undertaken in accordance with New
Zealand Standard on Assurance Engagements 1: Assurance Engagements over Greenhouse Gas Emissions
Disclosures (‘NZ SAE 1’). These disclosures are not covered by our assurance conclusion.
+ The comparative periods 31 December 2022 and 31 March 2024 have been assured in prior periods in a
separate Toitū Envirocare assurance engagement in accordance with ISO 14064-3: 2019 issued by
International Organization for Standardization.
+ The hyperlink located on page 39 of the climate statements directs readers to the Mainfreight Greenhouse
Gas Emissions Inventory Report for the financial year ended 31 March 2025, which contains supplementary
disclosure requirements for the intended user.
Mainfreight Limited is responsible for the preparation of the GHG disclosure in accordance with Aotearoa
New Zealand Climate Standards (NZ CSs)- issued by External Reporting Board (XRB) and ISO 14064-1:2018.
This responsibility includes the design, implementation and maintenance of internal controls relevant to the
preparation and fair presentation of a GHG disclosure that is free from material misstatement, whether due
to fraud or error.
INHERENT UNCERTAINITY
As disclosed in note 3.4 - "Assessment of Uncertainty "on page 16 of the Mainfreight Greenhouse Gas
Emissions Inventory report for the financial year ended 31 March 2025, 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.
Toitū Envirocare
Responsibilities of verifiers
Existence of relationships
Independence and quality management standards applied
The International Standard ISO 14064-3:2019 requires that we comply with ethical requirements and plan
and perform the verification to obtain the agreed level of assurance that the GHG emissions are free from
material misstatements. We are not permitted to prepare the GHG statement as this would compromise our
independence.
This assurance engagement was undertaken in accordance with NZ SAE 1 Assurance Engagements over
Greenhouse Gas Emissions Disclosures issued by the External Reporting Board (XRB). NZ SAE 1 is founded on
the fundamental principles of independence, integrity, objectivity, professional competence and due care,
confidentiality and professional behaviour.
We have also complied with the following professional and ethical standards and accreditation body
requirements:
+ ISO 14065: 2020 – General principles and requirements for bodies validating and verifying environmental
information;
+ ISO 14066: 2023 – Greenhouse gases — Competence requirements for teams validating and verifying
environmental information;;
+ ISO 17029: 2019 – Conformity assessment — General principles and requirements for validation and
verification bodies;
+ IAF MD4:2023 - For the Use of Information and Communication Technology (ICT) for Auditing/Assessment
Purposes;
+ Joint Accreditation System of Australia and New Zealand Accreditation Requirements
Our responsibility as verifiers is to express a verification opinion to the agreed level of assurance on the
Climate statements, based on the evidence we have obtained and in accordance with the NZ SAE 1
Assurance Engagements over Greenhouse Gas Emissions Disclosures - issued by External Reporting Board
(XRB) and ISO 14064-3:2019. We conducted our verification engagement as agreed in the pre-audit
engagement letter, which defines the scope, objectives, criteria and level of assurance of the verification.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit carried out in
accordance with the ISO 14064-3:2019 Standards will always detect a material misstatement when it exists.
The procedures performed on a limited level of assurance vary in nature and timing from, and are less in
extent compared to reasonable assurance, which is a high level of assurance.
Misstatements are differences or omissions of amounts or disclosures, and can arise from fraud or error.
Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the decisions of readers, taken on the basis of the information we audited.
Other than in our capacity as assurance practitioners, and the provision of the assurance for this
engagement, we have no relationship with, or interests, in the responsible party.
Toitū Envirocare

Additional Information
Climate-related Disclosures
46
Additional Information
Climate-related Disclosures
47
Verification strategy
Verification level of assurance
GHG PROTOCOL CATEGORIES
GHG SCOPEtCO
2
e
LEVEL OF ASSURANCE
Scope 1 340,037
Reasonable
Scope 2 18,561
Reasonable
Scope 31,272,042
Reasonable
Scope 326,241
Limited
TOTAL INVENTORY1
1,,665566,,888811
ISO CATEGORY
LOCATION BASED tCO
2
e
LEVEL OF ASSURANCE
Category 1 340,037Reasonable
Category 2 18,561Reasonable
Category 3 1,175,870Reasonable
Category 4 96,172Reasonable
Category 4 26,241Limited
Category 5 0.00Limited
Category 6 0.00Limited
TOTAL INVENTORY1
1,,665566,,888811
Responsible party's greenhouse gas assertion (claim)
Mainfreight Limited has measured its greenhouse gas emissions in accordance with ISO 14064-1:2018 across
all its operating regions.
Our verification strategy used a combined data and controls testing approach. Evidence-gathering
procedures included but were not limited to:
+ activities to inspect the completeness of the climate statements;
+ interviews of site personnel to confirm operational behaviour and standard operating procedures;
+ sampling of fuel card reports, freight records, construction project invoices to confirm accuracy of source
data into calculations;
+ reconciling of freight reports to confirm correct formula and calculation;
+ walkthroughs of freight data and reporting systems;
+ recalculation of capital goods emissions;
+ reviewing emission factors for accuracy and appropriateness;
+ evaluating the overall presentation of the disclosures.
The data examined during the verification were historical in nature.
Toitū Envirocare
Other information
VERIFIED BYINDEPENDENT REVIEWERENGAGEMENT LEADER
Name:Ying ZhaoBilly ZiemannOsana Robertson
Position: Verifier, Toitū EnvirocareIndependent reviewerToitū Envirocare
Signature:
Date verification
audit:
15 to 16 April 2025
Date opinion expressed:
30 June 2025
Location:
Wellington
The responsible party has a duty for the provision of Other Information. The Other Information may include
climate statements around governance, strategy and risk management, emissions management, liabilities,
targets, emissions management, reduction plans and ESG (Environmental, Social, Governance) but does not
include the information we verified, and our auditor’s opinion thereon.
We have not performed any procedures with respect to the excluded information and, therefore, no
conclusion is expressed on it. Our responsibility is to read and review the Other Information, and consider
whether the Other Information is materially inconsistent with the information we verified, or our knowledge
obtained during the verification.
Toitū Envirocare
CRD Content Index
Sub-headingClauseDisclosure
Page
Number(s)
Governance: To enable primary users to understand both the role an entity’s governance body plays in overseeing climate-related
risks and climate-related opportunities, and the role management plays in assessing and managing those climate-related risks and
opportunities.
Disclosures
7a
the identity of the governance body responsible for oversight of climate-related risks and
opportunities;
24
7b
a description of the governance body’s oversight of climate-related risks and opportunities
(see paragraph 8);
24
7c
a description of management’s role in assessing and managing climate-related risks and
opportunities (see paragraph 9).
24
Governance
Body Oversight
8a
the processes and frequency by which the governance body is informed about climate-
related risks and opportunities;
24
8b
how the governance body ensures that the appropriate skills and competencies are available
to provide oversight of climate-related risks and opportunities;
24
8c
how the governance body considers climate-related risks and opportunities when
developing and overseeing implementation of the entity’s strategy;
24
8d
how the governance body sets, monitors progress against, and oversees achievement of
metrics and targets for managing climate-related risks and opportunities, including whether
and if so how, related performance metrics are incorporated into remuneration policies (see
also paragraph 22(h))
24
Management’s
Role
9a
how climate-related responsibilities are assigned to management-level positions or
committees, and the process and frequency by which management-level positions or
committees engage with the governance body;
24
9b
the related organisational structure(s) showing where these management-level positions and
committees lie;
24
9c
the processes and frequency by which management is informed about, makes decisions on,
and monitors, climate-related risks and opportunities.
24
Strategy: To enable primary users to understand how climate change is currently impacting an entity and how it may do so in the
future. This includes the scenario analysis an entity has undertaken, the climate-related risks and opportunities an entity has identified,
the anticipated impacts and financial impacts of these, and how an entity will position itself as the global and domestic economy
transitions towards a low-emissions, climate-resilient future.
Disclosures
11aa description of its current climate-related impacts (see paragraph 12);30, 34
11ba description of the scenario analysis it has undertaken (see paragraph 13);27-29
11c
a description of the climate-related risks and opportunities it has identified over the short,
medium, and long term (see paragraph 14);
26, 30-35,
41
11d
a description of the anticipated impacts of climate-related risks and opportunities (see
paragraph 15);
31-35
11e
a description of how it will position itself as the global and domestic economy transitions
towards a low-emissions, climate-resilient future state (see paragraph 16).
27, 37-38
Current
impacts and
financial
impacts
12aits current physical and transition impacts;30, 34
12b
the current financial impacts of its physical and transition impacts identified in paragraph
12(a);
30, 34
12c
if the entity is unable to disclose quantitative information for paragraph 12(b), an explanation
of why that is the case.
34
Scenario
analysis
undertaken
13
An entity must describe the scenario analysis it has undertaken to help identify its climate-
related risks and opportunities and better understand the resilience of its business model
and strategy. This must include a description of how an entity has analysed, at a minimum,
a 1.5 degrees Celsius climate-related scenario, a 3 degrees Celsius or greater climate-related
scenario, and a third climate-related scenario (see paragraph 11(b))
27-29
Sub-headingClauseDisclosure
Page
Number(s)
Climate-related
risks and
opportunities
14a
how it defines short, medium and long term and how the definitions are linked to its strategic
planning horizons and capital deployment plans;
25-26, 41
14b
whether the climate-related risks and opportunities identified are physical or transition risks
or opportunities, including, where relevant, their sector and geography;
30-35
14c
how climate-related risks and opportunities serve as an input to its internal capital
deployment and funding decision-making processes.
41
Anticipated
impacts and
financial
impacts
15a
the anticipated impacts of climate-related risks and opportunities reasonably expected by
the entity;
31-35
15b
the anticipated financial impacts of climate-related risks and opportunities reasonably
expected by an entity;
31-33
15c
a description of the time horizons over which the anticipated financial impacts of climate-
related risks and opportunities could reasonably be expected to occur;
31-33
15d
if an entity is unable to disclose quantitative information for paragraph 15(b), an explanation
of why that is the case.
34
Transition plan
aspects of its
strategy
16aa description of its current business model and strategy27
16b
the transition plan aspects of its strategy, including how its business model and strategy
might change to address its climate-related risks and opportunities
37-38
16c
the extent to which transition plan aspects of its strategy are aligned with its internal capital
deployment and funding decision-making processes
37-38, 41
Risk Management: To enable primary users to understand how an entity’s climate-related risks are identified, assessed, and managed
and how those processes are integrated into existing risk management processes.
Disclosures
18a
a description of its processes for identifying, assessing and managing climate-related risks
(see paragraph 19);
24-26
18b
a description of how its processes for identifying, assessing, and managing climate-related
risks are integrated into its overall risk management processes.
24
19a
the tools and methods used to identify, and to assess the scope, size, and impact of, its
identified climate-related risks
26
19b
the short-term, medium-term, and long-term time horizons considered, including specifying
the duration of each of these time horizons
26
19cwhether any parts of the value chain are excluded26
19dthe frequency of assessment24, 26
19eits processes for prioritising climate-related risks relative to other types of risks25-26
Metrics and Targets: To enable primary users to understand how an entity measures and manages its climate-related risks and
opportunities. Metrics and targets also provide a basis upon which primary users can compare entities within a sector or industry.
Disclosures
21a
the metrics that are relevant to all entities regardless of industry and business model (see
paragraph 22)
31-33, 39,
41
21b
industry-based metrics relevant to its industry or business model used to measure and
manage climate-related risks and opportunities
39
21c
any other key performance indicators used to measure and manage climate-related risks and
opportunities
39
21d
the targets used to manage climate-related risks and opportunities, and performance against
those targets (see paragraph 23)
36, 39