Freightways Climate Statement

FINANCIAL YEAR ENDED 30 JUNE 2025
Climate Statement
2025

This Climate Statement is structured around
the four mandatory sections of the Aotearoa
New Zealand Climate Standard 1 – Climate-
related Disclosures (‘NZ CS 1’), which are
based on the recommendations of the Task
Force on Climate-Related Financial Disclosures
(‘TCFD’) that Freightways has reported against
in previous years. The order of the disclosures
in some sections differs from the order in
NZ CS 1 for the purpose of readability.
Contents
About this Climate Statement ......................1
Governance ...................................................7
Strategy .......................................................11
Risk Management .......................................25
Metrics and Targets ....................................27
Assurance Report .......................................33
Appendices .................................................35

About this Climate Statement
Reporting entity
This Climate Statement is for the parent
company Freightways Group Limited
(the 'Parent') and its subsidiaries
(together referred to as 'Freightways'
or 'the Group'). The Parent is a
Climate-Reporting Entity under the
Financial Markets Conduct Act 2013.
This Climate Statement has been
prepared for the year ended 30 June
2025 (the 'Reporting Period'). The
scope of the reporting entity aligns
with that used for the Group’s 2025
Consolidated Financial Statements.
Compliance statement
and use of adoption
provisions
This is the Parent’s second reporting
period under the Aotearoa New Zealand
Climate Standards ('NZ CS'). In preparing
this Climate Statement, Freightways has
elected to use the following adoption
provisions:
ADOPTION PROVISION 2:
Anticipated Financial Impacts
This adoption provision exempts
Freightways from disclosing anticipated
financial impacts of climate-related risks
and opportunities reasonably expected
by Freightways. This provision also
exempts Freightways from disclosing
a description of the time horizons over
which the anticipated financial impacts
of climate-related risks and opportunities
could potentially occur.
ADOPTION PROVISION 4:
Scope 3 GHG emissions
This adoption provision exempts
Freightways from disclosing all Scope 3
greenhouse gas emissions sources, or a
selected subset of its Scope 3 sources.
Freightways has elected to rely on this
provision for a subset of its Scope 3
For and on behalf of the Board of Directors.
Abigail Foote
Mark Cairns
emissions, relating to categories 9, 10,
11 and 12.
ADOPTION PROVISION 5:
Comparatives for Scope 3
GHG emissions
This adoption provision exempts
Freightways from disclosing comparative
Scope 3 emissions information for the
prior two reporting periods.
ADOPTION PROVISION 6:
Comparatives for Metrics
This adoption provision permits
Freightways to only disclose one year of
comparative information for disclosed
metrics.
ADOPTION PROVISION 7:
Analysis of Trends
This adoption provision exempts
Freightways from disclosing analysis
on the main trends in disclosed metrics
between previous reporting periods.
With those adoption provisions applied,
this Climate Statement complies with
the NZ CS.
This Climate Statement was
approved by the Board of Directors of
Freightways on 22 September 2025.
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1Freightways Climate Statement 2025

Materiality
Freightways has followed the guidance
set out in Aotearoa New Zealand Climate
Standard 3 – General Requirements
for Climate-related Disclosures (‘NZ
CS 3’) in relation to the application of
materiality. Information is considered
material where omitting, misstating
or obscuring it could reasonably be
expected to influence decisions that
primary users make on the basis of an
entity’s climate-related disclosures.
The primary users of this report are
expected to be existing and potential
investors, lenders, and other creditors.
Defined terms
Capitalised terms used but not otherwise
defined in this Climate Statement
have the meaning given to them in
NZ CS. To help with terminology used
throughout this Climate Statement,
a glossary of key terms is included
as Appendix 1 on page 35.
All financial values in this report
are presented in NZD, unless
otherwise stated.
Important information for readers
Climate-related risk management
remains an emerging area, and often
uses data and methodologies that are
developing and uncertain. Freightways
started its public TCFD reporting a few
years ago. With the introduction of
mandatory reporting and Freightways
becoming a Climate Reporting Entity
(‘CRE’), considerable effort has been
made to uplift the assessment of
climate risk. As a lean organisation,
this has involved engaging expert
external consultants to support with
analysis and processes. As part of that
engagement, Freightways has received
advice from external consultants
and used third-party sources of
information to inform internal
processes and contribute to parts of
the content of this Climate Statement.
This Climate Statement contains
forward-looking statements,
including climate-related metrics,
climate scenarios, estimated climate
projections, assumptions, forecasts
and statements of Freightways’ future
intentions and anticipated climate-
related impacts. These statements
necessarily involve assumptions,
forecasts and projections about
Freightways’ present and future
strategies and the environment in
which Freightways will operate in
the future, which are inherently
uncertain and subject to limitations,
particularly as to inputs, available
data and information which is likely
to change. Freightways has used
best efforts in the preparation of this
Climate Statement to provide accurate
information as at 30 June 2025,
but cautions against reliance being
placed on representations that are
necessarily subject to significant risks,
uncertainties or assumptions. Climate-
related forward-looking statements
may therefore be less reliable than
other statements Freightways may
make in its annual reporting.
Descriptions of the qualitative impacts
of climate change draw on and/
or represent estimated impacts. In
particular, the risks and opportunities
described in this Climate Statement
may not eventuate or may be more or
less significant than anticipated and
comments about potential reactions
to those risks and opportunities
should be read in that light.
There are many factors that could cause
Freightways’ actual results and outlook
for the future to differ materially from
that described, including climatic,
government, consumer, technology and
market factors outside of Freightways’
control. Freightways also expects that
some forward-looking statements made
in this document may be amended,
updated, recalculated, and restated
in future documents as the quality
and completeness of its data and
methodologies continue to evolve and
improve. Freightways does not intend
to revise or update those statements
and opinions in this Climate Statement
after publishing this Climate Statement.
This disclaimer notice should be
read together with the limitations
identified elsewhere in this report
and, in particular, the limitations and
assumptions applied to methodologies
used by Freightways in the preparation
of quantitative information included
in this Climate Statement.
This Climate Statement is not an offer
document and nothing in this Climate
Statement should be interpreted as
capital growth, earnings or any other
legal, financial, tax or other advice or
guidance. To the extent permitted by
law, Freightways does not accept any
liability whatsoever for any loss arising
directly or indirectly from any use
of, or reliance upon, the information
contained in this Climate Statement. For
detailed information on Freightways’
financial performance, please refer
to the 2025 Annual Report.
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2Freightways Climate Statement 2025

FY25 overview
Scope 3 GHG emissions
(selected*)
148,048 tCO
2
e
Scope 1 GHG emissions
35,127 tCO
2
e
▲

2.8% from FY24
(compared with FY24)
Scope 2 GHG emissions
6,058 tCO
2
e
▲

20% from FY24
(location-based)
* In the Reporting Period, Freightways relied on NZ CS 2 adoption relief for Scope 3 categories 9, 10, 11 and 12. Remaining Scope 3 emissions were reported. ** The Scope 1, Scope 2 and selected Scope 3 figures do not add to the stated total due to rounding.
Total reported GHG emissions
*

189,234 tCO2e
Emissions intensity
31.9 tCO
2
e
▼

2.3% from FY24
per million dollars of revenue
(Scope 1 and Scope 2)
**
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3Freightways Climate Statement 2025

Freightways’
family of brands
Freightways Group Limited and its
subsidiaries across New Zealand and
Australia offer services in express
package and business mail, waste
renewal, information management, and
temperature controlled services.
The members of the Group that are
subsidiaries, are referred to as the
‘Controlled Businesses’ and this term is
used throughout this Climate Statement.
Through the Controlled Businesses,
Freightways has an equity share in
Upcycled Building Materials Limited
(38.51 percent), Sweetspot Group Limited
(33.3 percent) and Parcelair Limited (50
percent). Freightways does not have
operational control of these entities,
so they are referred to as ‘Equity Share
Entities’ in this Climate Statement.
Freightways has grown organically and
through acquisitions and now, through
one or more of its Controlled Businesses,
operates in every major town in New
Zealand and every state in Australia.
Freightways operates trusted brands
in the communities it serves – the key
brands are displayed in Figure 1. These
brands (except those identified as brands
operated by Equity Share Entities) are the
key brands operated by the Controlled
Businesses during the Reporting Period.
EXPRESS PACKAGE
AND BUSINESS MAIL
TEMPERATURE
CONTROLLED
INFORMATION
MANAGEMENT
WASTE RENEWAL
NZAUSNZAUSNZAUSNZAUS
**
Parcelair
save
BOARD
save
BOARD
KEY BRANDS OPERATED BY CONTROLLED BUSINESSES
BRANDS
OPERATED
BY EQUITY
SHARE
ENTITIES
FIGURE 1: FREIGHTWAYS BRANDS
*
Figure 1 is illustrative in nature and is provided to support understanding of the key brands operated across the Group. It does not present a complete or exact representation of
all brands used across the Group.
*Freightways through its wholly owned subsidiaries holds a 75% equity share.
** Freightways Information Services is an internal shared services provider of information technology and advisory services to the Freightways Controlled Businesses.
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4Freightways Climate Statement 2025

Scope 1Scope 2Scope 3 (relevant category)
The Group provides aviation engineering and maintenance services. NZ CS 2 relief has been used in relation to
potential Scope 3, category 9, 10, 11 and 12 emissions associated with this activity.
This image is illustrative in nature and is provided to support understanding of the Group’s activities and related
emissions. It does not present a complete or exact representation of all activities, businesses, brands, emissions
sources, or impacts. Please refer to pages 27 – 30 for information on reported and assured GHG emissions.
Across the Group, emissions from the use of vehicles make up a large portion of overall emissions. Some Controlled Businesses own or control the vehicles they use – emissions
from the fuel used in these vehicles are Scope 1 emissions. Other Controlled Businesses use independent contractors to provide pick up and delivery services. Emissions generated
from fuel used by contractor drivers are reported as Scope 3, category 4.
Aircraft
Engineering
and Maintenance
PICK UP
FROM CUSTOMER
PROCESSING
EXPRESS PACKAGE &
BUSINESS MAIL
TEMPERATURE
CONTROLLED
DELIVER
TO CUSTOMER
Depots
Sorting Freight
Motorbikes
C3
C2
Courier Vans
C4
Linehaul Trucks
C4
Trucks
C4
Courier Vans
C4
Trucks
C4
Linehaul Trucks
C4
Airfreight
C4
Airfreight
C4
Temperature
Controlled
Facilities
Forklifts
Third Party
Transport
C4
Third Party
Transport
C4
Third Party
Transport
C4
Third Party
Transport
C4
Trucks
(transport fuel
and refrigerants)
Trucks
(transport fuel
and refrigerants)
Linehaul Trucks
(transport fuel
and refrigerants)
Vehicles
ForkliftsRefrigerants
Produce Pronto
Vans
Linehaul Trucks
(transport fuel
and refrigerants)
Purchased Goods
and Services
C1
C2
Mail Sorting
and Data Printing
C3
C3
C3C3C3
C3C3
Packaging
Materials
C1
Group activities and emissions impact at a glance
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5Freightways Climate Statement 2025

This image is illustrative in nature and is provided to support understanding of the Group’s activities and related
emissions. It does not present a complete or exact representation of all activities, businesses, brands, emissions
sources, or impacts. Please refer to pages 27 – 30 for information on reported and assured GHG emissions.
The Group sells shredded paper and broken down electronic waste for re-purposing. NZ CS 2 relief has been
used in relation to potential Scope 3, category 9, 10, 11 and 12 emissions associated with this activity.
PROCESSING
INFORMATION
MANAGEMENT
WASTE
RENEWAL
CORPORATE
DELIVER
TO CUSTOMER
Trucks
Courier Vans
Trucks
Courier Vans
ElectricityData centres
Electricity
Electricity
Office Waste
C5
Employee Commute
C7
Maintenance ServicesEmployee Commute
C7
Company Cars
C3
Forklifts
PICK UP
FROM CUSTOMER
Forklifts
Stationary Fuel
Waste sent for
further processing
C5
Warehouse
Racking
C2
Document
Boxes
C1
Waste sent for
further processing
C5
Compactor
Trucks
Trucks
MEDICAL
WASTE
Electricity
Company Cars
C3
Compactor
Trucks
C3
Compactor
Trucks
C3
C3
C3
C3C3
C3C3
C3C3
C3
Business Travel
C6
Business Travel
C6
Business Travel
C6
Equipment
C2
C1
Group activities and emissions impact at a glance (continued)
Scope 1Scope 2Scope 3 (relevant category)
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6Freightways Climate Statement 2025

Oversight by the
Board of Directors
GOVERNANCE BODY
Freightways’ Board of Directors (the
‘Board’) is responsible for the long-
term resilience and stewardship
of the Group to ensure the proper
direction and control of Freightways’
activities. This includes directing and
approving the strategic direction of the
Group (including in relation to climate
matters) and oversight of climate-
related risks and opportunities.
The Board’s climate-related
responsibilities were updated in
the Board Charter in February
2024, and again in July 2025.
Corresponding updates were made
to the Audit & Risk Committee (‘ARC’)
charter. These updates clarified
the allocation of responsibility and
oversight for climate-related matters
between the Board and the ARC.
The ARC is the delegated sub-
committee of the Board that oversees
and makes recommendations to the
Board in relation to financial reporting,
compliance, risk management practices,
and climate-related reporting. As part of
its role, the ARC oversees key risks for
the Group including climate-related risks.
The People & Safety Committee (‘PSC’)
is the delegated sub-committee of
the Board that oversees and makes
recommendations to the Board in
relation to resourcing, diversity and
inclusion, remuneration (including
short-term incentives) and health and
safety matters. As part of its role, the
PSC may consider the role of climate-
related matters in remuneration.
GOVERNANCE PROCESS
AND FREQUENCY
The Board receives information about
climate-related risks and opportunities
through regular board reporting which is
supplemented by standalone approval
requests and information updates from
Management or external consultants.
The Board received the following
climate-related updates during
the Reporting Period:
• Climate-related risks and
opportunities have been formalised
as a standard Board agenda item.
Under this standard agenda item,
the Board met or received written
updates on climate-matters 9 times
in the Reporting Period.
• In addition to the standard climate-
related update, the Chief Financial
Officer (‘CFO’) provides frequent
(typically monthly) updates to the
Board. In the Reporting Period,
10 CFO Reports including updates
on climate-related matters were
provided to the Board.
• An annual update on the Group’s top
risks, including climate-related risks.
• Annual review and approval of the
Group’s Climate Statement and
Greenhouse Gas Emissions Report.
In July 2025, the Board considered
and approved the strategic focus
areas of the Group’s Transition Plan. In
the Reporting Period, the Board also
considered climate-related elements
of other matters on an ad hoc basis.
In July 2025, the Board approved
updates to the Delegation of Authority
Policy, requiring information on climate-
related impacts and exposures to be
included in new business cases provided
to the Board for review and approval.
Following this change, the Board will be
presented with information that helps
them have regard to such climate-related
matters when making approval decisions.
The ARC has responsibility for climate-
related reporting and business risks,
including climate-related risks. In the
Reporting Period, the ARC met 6 times
to review Management’s progress
on climate-related reporting and
identifying and addressing climate-
related risks and opportunities.
BOARD SKILLS AND COMPETENCIES
The Board ensures that appropriate
skills and competencies are available
to provide oversight of climate-related
risks and opportunities through
training, engaging with internal and
external specialists, and taking
part in relevant external forums.
In October 2024, Mark Rushworth
retired from the Board of Directors.
In November 2024, Grant Devonport
was appointed to the Board.
All directors are supporters of Chapter
Zero New Zealand, the New Zealand
Chapter of the Climate Governance
Initiative. Most have attended events
hosted by Chapter Zero since joining.
Governance
7Freightways Climate Statement 2025
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The Chair of the ARC, Abby Foote,
has specific external governance and
facilitation roles that expose her on
an ongoing basis to the latest climate-
related developments in New Zealand.
She is a member of the Chapter Zero
New Zealand Steering Group and has
completed and been a facilitator for
the New Zealand Institute of Directors
Climate Governance Essentials course
and the Climate Change section of the
Advanced Directors Course. In the
Reporting Period she qualified for the
New Zealand Institute of Directors
issued Climate Governance Credential.
The Board’s experience and training is
supplemented by dedicated external
support when required. External support
has been relied on to assist where
needed, including in relation to the
climate risk assessments described in
the Risk Management section, scenario
analysis and financial quantification
of climate-related impacts.
Details of the Directors’ broader
skills and experience can be found in
the matrix on page 41 of the 2025
Annual Report.
INTEGRATION OF CLIMATE IN
COMPANY STRATEGY
Board and ARC charters allocate
oversight and responsibility for setting,
monitoring progress against, and
overseeing achievement of metrics and
targets for managing climate-related
risks and opportunities. The Board has
responsibility for approving climate-
related metrics and targets. The ARC
has responsibility for reviewing and
recommending metrics and targets
to the Board, and for monitoring
any metrics and targets set.
The strategic focus areas of the Group’s
Transition Plan were approved by the
Board in July 2025. In approving the
focus areas of the Transition Plan, the
Board updated the company strategy
to incorporate the Transition Plan into
Freightways’ Growth Strategy. The
Transition Plan outlines Freightways’
focus areas to enhance its resilience
to the changing climate and respond
to the risks and opportunities that
climate-change presents. The
Transition Plan is detailed in the
Strategy section, on pages 20 to 24.
Climate-related targets have not been
set in the Reporting Period. The Group
has focused on identifying and agreeing
focus areas within the Transition Plan,
before setting the pace of the transition
via targets. Establishing effective
governance processes for the oversight
and implementation of the Transition
Plan at the Board and Management
level and setting the pace and ambition
for the transition via targets are focus
areas for the next reporting period.
MANAGEMENT REMUNERATION
Freightways’ PSC provides
advice and assistance to the
Board in its responsibilities
relating to people and safety.
Climate-related matters were included
in the short-term incentive (‘STI’)
scheme for certain members of
senior management in the Reporting
Period. Climate-related performance
metrics formed part of the Chief
Executive Officer’s (‘CEO’) STI in the
Reporting Period, having a weighting
of 5 percent. In the Reporting Period,
these climate-related performance
metrics were achieved in full.
The CFO had climate-related
performance metrics, with a weighting
of 10 percent. In the Reporting Period,
these climate-related performance
metrics were achieved in full.
Until March 2025, the General Manager
of Safety and Sustainability had
responsibility for climate-related matters.
In March 2025 a Head of Sustainability
and Climate was appointed, taking
over responsibility for Sustainability
(including climate). Each of these roles
had climate-related performance
metrics, with a weighting of 10 percent
and 100 percent respectively.
The role of Management
MANAGEMENT-LEVEL
RESPONSIBILITIES
Freightways’ CEO and CFO have
delegated authority from the Board
to oversee the assessment and
management of consolidated risks
and opportunities across the Group.
As members of the Freightways’
Senior Leadership Team (‘SLT’), the
CEO and CFO play an important role
in shaping the strategic and risk
management approach to climate-
related risks and opportunities.
The CEO is responsible for the integration
of climate-related considerations in
the overall business strategy and its
implementation. In the Reporting
Period, the CEO had oversight of the
development of the Transition Plan,
its integration in the company strategy
and recommended it to the Board
for approval in July 2025. The SLT is
jointly responsible for implementing
and delivering the Transition Plan.
Establishing effective Management
level governance processes for
the Transition Plan is a focus area
for the next financial year.
Amongst the SLT, the CFO has primary
accountability for the identification
and management of all business risks
(including climate-related risks) and the
preparation of climate-related reporting.
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The CEO and CFO work with the SLT and
the general managers of the Controlled
Businesses (‘General Managers’) to
maintain and update the Group risk
profile, incorporating inputs from each
of the Group’s Controlled Businesses.
This consolidated risk profile is
reported to the ARC on an annual basis.
This process is described in the Risk
Management section on page 25.
General Managers and the financial
controllers of Controlled Businesses
are involved in identifying, assessing,
and managing climate-related
risks and opportunities through
this risk management process.
They are also responsible for
implementing operational-level
strategies relating to climate-
related matters and were involved
in developing the Transition Plan.
At the Group level, day-to-day
responsibility for managing climate-
related strategy and reporting is
held by the Head of Sustainability
and Climate. Prior to March 2025,
responsibility for managing climate-
related strategy was held by the General
Manager of Safety and Sustainability.
The frequency with which Management
engage with the Board and ARC is
described in the Governance process
and frequency section on page 7.
ANNUALLYOn an annual basis, the Controlled Businesses set business plans for the next year to give effect to the
Freightways’ strategy. Climate-related items are included. Relevant members of the SLT, including the
CEO and CFO have oversight of business plans.
MONTHLY From April 2025, the monthly financial and business operational commentary provided by Controlled
Businesses to the CFO include reporting on physical climate-related impacts experienced at an
operational level by that Controlled Business in the prior month.
REGULARLYFrom May 2025, a due diligence committee was established to oversee the preparation of mandatory
climate-related reporting requirements. This committee includes the CFO, General Counsel, Head of
Sustainability and Climate, external legal advisors and other members, including the CEO as required.
This committee met in May, June, August and September 2025.
A climate working group was established to support climate-related workstreams, including climate
scenario analysis, climate risk assessments, and financial quantification of climate-related impacts.
This group included the CFO, the New Zealand Group Financial Controller, the Australian Group
Financial Controller, and the General Manager Safety and Sustainability. From March 2025, the
Head of Sustainability and Climate joined Freightways, replacing the General Manager of Safety
and Sustainability in this group. This group (‘Climate Working Group’) worked closely with external
sustainability consultants, Oxygen Consulting.
AD HOCIn July 2025, changes were introduced to business case templates for investments or spend requiring
CFO and / or CEO approval. Business case templates have been formally updated to include details of
potential climate-related impacts, lower impact alternatives and any climate-related exposures of new
business cases. From July 2025, the CFO and / or CEO will be presented with information that helps
them have regard to climate-related matters when making approval decisions.
In June 2025, training and guidance materials were released to relevant SLT and senior leaders across
the Group on making environmental claims (including climate-related claims).
PROCESS AND FREQUENCY OF CLIMATE-RELATED UPDATES TO MANAGEMENT
Climate-related updates are communicated to SLT members and senior management in several ways:
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Organisational
structure
The organisational structure
showing climate-related
Management-level positions,
is illustrated in Figure 2.
1
In most cases, General Managers of
Controlled Businesses report to the General
Manager Freightways or the General
Manager Express Package Division (both are
part of the Senior Leadership Team). In the
case of one Controlled Business, its General
Manager reports directly to the CEO. In the
case of a few smaller Controlled Businesses,
the Controlled Business General Managers
may report directly to another Controlled
Business General Manager (who in turn
report to the Senior Leadership Team).
FREIGHTWAYS BOARD OF DIRECTORS
Responsible for directing and approving the strategic direction of the Group, for oversight of climate-related risks and
opportunities and for approving annual climate-related disclosures.
AUDIT & RISK COMMITTEE
Oversees and makes recommendations to the Board in relation
to financial reporting, compliance, risk management and
climate-related reporting. As part of its role, the ARC oversees
key risks for the Group including climate-related risks.
PEOPLE & SAFETY COMMITTEE
Oversees and makes recommendations to the Board in relation to
resourcing, diversity and inclusion, remuneration (including short-
term incentives) and health and safety matters. As part of its role,
the PSC may consider climate-related matters in remuneration.
MANAGEMENT
Responsible for identifying and managing climate-related risks and opportunities, and the implementation of the Transition Plan.
CONTROLLED BUSINESSES LEADERSHIP
General Managers and financial controllers
of the Controlled Businesses oversee
operations, financial management and risk
management of Controlled Businesses
including climate-related matters.
1
HEAD OF SUSTAINABILITY AND CLIMATE
Responsible for managing climate-
related strategy and reporting.
SENIOR LEADERSHIP TEAMCLIMATE REPORTING
COMMITTEE
CHIEF FINANCIAL OFFICER
Oversees financial management and risk
management for the Group, including climate-
related matters. Influences the allocation of
capital (including in relation to climate matters).
A due diligence
committee oversees the
preparation of climate-
related disclosures. This
includes the CFO, the
General Counsel, Head of
Sustainability and Climate,
external legal advisors
and the CEO as required.
OTHER EXECUTIVE LEADERS
Oversee climate-related risks and opportunities
relevant to Controlled Businesses, and
are jointly responsible for delivering
the Transition Plan.
CHIEF EXECUTIVE OFFICER
The CEO is responsible for the integration of climate-related considerations in the overall business strategy,
its implementation and for influencing the allocation of capital (including in relation to climate matters).
FIGURE 2: ORGANISATIONAL STRUCTURE
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Strategy
Current climate-related
impacts
No material physical or transitional
climate impacts were experienced
in the Reporting Period.
In the Reporting Period, acute weather
events were experienced in the
Freightways network in New Zealand
and Australia. This includes flooding in
Dunedin in October 2024, heatwaves
impacting multiple States in Australia
in December 2024, Cyclone Alfred
impacting Queensland in March 2025,
Cyclone Tam impacting Northland
and Auckland in April 2025, and
widespread flooding in Canterbury
in May 2025. While these events and
others potentially caused damage and
disruption to communities, customers
and teams in these locations, they did
not result in a material financial impact
to the Group in the Reporting Period.
In the Reporting Period, all fossil fuel
purchased for use in the New Zealand
road and air network, by both company-
controlled vehicles and the contracted
fleet (including aircraft), included an
amount passed through to address the
cost faced by the fuel provider to meet
its obligations under the New Zealand
Emissions Trading Scheme (‘ETS’). The
ETS pass through cost to the Group in
FY25 has been estimated at around $5m.
Scenario analysis
SCENARIO ANALYSIS PROCESS
In 2024, Freightways engaged
sustainability consultants, Tadpole,
to assist with the development of
climate scenarios for Freightways.
Alongside the scenario development,
Freightways participated in The
Aotearoa Circle Transport Sector Climate
Change Scenarios (‘Transport Sector
Scenarios’).
2
As these workstreams
occurred in parallel, the Freightways
scenarios are modelled on and
influenced by the Transport Sector
Scenarios but are tailored to the
Freightways business and its operation.
The process undertaken by Freightways
in 2024 in conducting scenario analysis
is as described in the 2024 Freightways
Climate Statement on page 15.
In the Reporting Period, Freightways
assessed the existing climate scenarios
and agreed they remained relevant and
appropriate for assessing the resilience
of Freightways’ business model and
strategy to climate-related risks and
opportunities. Oxygen Consulting
supported the Climate Working Group
with this assessment, which considered
specific stakeholder and general
regulator feedback, and consideration of
the Transport Sector Scenarios. It also
included a review of existing scenario
analysis methodologies and inputs,
including the climate narratives and the
Group Climate Risk Register. As part
2
The Aotearoa Circle. (June, 2024). Transport sector climate change scenarios. Available here.
3
The SSP was changed from SSP3 Regional Rivalry – A Rocky Road, to SSP1 Sustainability – Taking the Green Road.
In this updated SSP scenario, major policy, behavioural and technological changes are delayed until the 2030s,
realising a higher RCP than the Orderly scenario.
of this review, one change was made
to the Shared Socioeconomic Pathway
(‘SSP’) referred to in the Disorderly
scenario – specifically, the SSP was
updated from SSP3 to SSP1.
3
The use of
existing climate scenarios, with the one
SSP change, was approved by the ARC.
In the Reporting Period, Oxygen
Consulting supported Freightways to
utilise existing scenarios to assess
climate-related risks and opportunities.
11Freightways Climate Statement 2025
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This process involved the Climate
Working Group and included a re-
evaluation of risks and opportunities
previously identified and disclosed,
as well as the identification of new
climate-related risks and opportunities.
The outputs of this analysis were
reported to the ARC in May 2025.
The scenario analysis was conducted
as a standalone process but its outputs
were used in a number of ways,
including influencing the development
of Freightways’ Transition Plan and its
inclusion in the Freightways’ strategy,
providing the framework for ongoing
work to quantify anticipated financial
impacts of climate-related risks and as
an input to Freightways assessment of
material climate-related risks in its risk
management process, described in the
Risk Management section on page 25.
Freightways relied on published models
from the International Energy Agency
(‘IEA’), the Network for Greening the
Financial System (‘NGFS’), Hou Pou
a Rangi Climate Change Commission
(‘CCC’) and the Intergovernmental
Panel on Climate Change (‘IPCC’),
without undertaking any in-house
modelling. These scenarios were
applied to assess the resilience of
Freightways’ operations and strategy.
These were selected for their credibility,
transparency, and acceptance in climate
risk and disclosure frameworks. More
information on the emission reduction
pathways used in the scenario analysis
is available in Appendix 2 on page 36.
The analysis used short (FY26 –
FY30), medium (FY31 – FY40), and
long-term horizons (FY41 – FY50)
to evaluate evolving transition and
physical risks across Freightways
diverse business units.
DESCRIPTION OF SCENARIOS
Table 1 provides a summary of the
three emissions reduction pathways
used by Freightways’ climate-related
scenarios, the assumptions underlying
each pathway and sources of data. A
summary of each scenario narrative
is included on the following pages.
Climate-related scenarios are used
to provide a range of plausible
and challenging future pathways
based on assumptions about
external drivers, including those
that may give rise to physical and
transition risks. These scenarios
are not predictive or probabilistic,
nor do they represent the most
likely outcomes of climate change.
Rather, they provide reference
points to test the resilience of
Freightways’ strategy, support
the assessment of climate-
related risks and opportunities,
and build internal capability to
respond to an uncertain and
evolving climate future.
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4
Temperature outcomes at 2050 are in alignment with climate scenario pathways and models (architectures) that have been used for the scenario analysis.
5
This is used to represent the 1.5 degree scenario required in NZ CS, as the rapid decarbonisation pathway considered in the Orderly scenario provides a scenario narrative consistent with the socio-economic, technological and climate
drivers and outcomes of a 1.5 degree aligned scenario.
6
The Network for Greening the Financial System (‘NGFS’) archetypes identified in bold, were used in the scenario analysis, with broadly corresponding RCP, SSP, CCC and IEA alignment noted for reference.
7
In this SSP1 scenario, major policy, behavioural and technological changes are delayed until the 2030s, realising a higher RCP than the Orderly scenario.
OrderlyOrderlyDisorderlyDisorderlyHot House WorldHot House World
Temperature outcomes (2050)
4
1.4°C
5
1.6°C3+°C
Scenario archetype
6

NGFS – Orderly theme
RCP 1.9
SSP1: Sustainability
CCC: Tailwinds
IEA: NZE
NGFS – Disorderly theme
RCP 2.6
SSP1: Sustainability (delayed)
7

CCC: Headwinds
IEA: SDS
NGFS – Hot House World theme
RCP 8.5
SSP5: Fossil Fuel Development
CCC: Current Policy Reference
IEA: STEPS
Policy reaction
Immediate and smooth. Pre-emptiveReactive in real-timeRetroactive reactions
Regional policy variation
Collaborative. Broad agreement on policiesSignificant. Singular focus. Less collaboration.
Focus on domestic priorities
Low collaboration, limited variation.
Minimal policy changes up to 2050
Speed of technology change
Rapid. High investment levelsDelayed until 2030, rapid thereafterSlow
Consumer sentiment / behaviour
change
Broad re-orientation towards
sustainable living and resource use
Delayed until 2030, followed by
significant shift to sustainable living
Gradual shift, driven by future generations
Physical risk severity
LowMediumHigh
Transition risk severity
Medium (higher short-term)HighLow
Health impacts of physical risks
Low. Preventative action in an equitable mannerMediumHigh
Global transport emissions
Rapid, sustained and substantial decreaseSteady decrease across all decades that
does not kick in until the 2030s. Reductions
significant but not substantial
Increase in the 2030s followed by a small
decrease in 2040s that is not sustained. Overall
levels increase
Freight mode sharing
A strong shift to more rail and coastal
shipping, most prevalent in the 2030s
A minor shift away from roadNo modal shift. Road freight predominates
across all decades
TABLE 1: OVERVIEW OF SCENARIOS
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In freight, rising demand and regulation
are accelerating innovation, with artificial
intelligence supported technology, data
sharing, and public-private collaboration
delivering smarter, low-emissions freight
systems. Verified carbon data, book-and-
claim models, and resilient infrastructure
are becoming industry standards.
Globally, climate urgency is reshaping
trade, with carbon pricing, tariffs,
and shifting demand patterns altering
freight flows. Public pressure, climate
activism, and workforce expectations are
escalating the need for freight operators
to decarbonise or face legal, financial,
and reputational consequences. Into the
2030s, climate action intensifies, with
directors and officers held to account for
transition performance. Infrastructure
investments and the uptake of low
emissions vehicles enhance efficiency
and resilience, while adaptation efforts
keep freight routes operational amid
worsening climate impacts. Green
purchasing becomes the norm, as
consumers prioritise locally sourced
products, leading to the transition to
a high-value, low-volume economy.
The world embarks on a swift and
smooth transition towards a low carbon
economy, driven by rapid advancements
in low emissions technologies such
as electrification, bioenergy, and
green hydrogen.
In New Zealand and Australia, bipartisan
political commitment sends strong
signals to the market, with climate
litigation reinforcing the urgency for
decarbonisation. Social expectations
and climate policy fuel demand for
low emissions technologies, reshaping
investment and financing landscapes.
Early movers are committing capital
to future-proof operations, despite
rising costs and constrained domestic
supply of alternative fuels.
Governments prioritise emissions
reductions through decisive policy,
funding, and regulation – particularly
targeting high-emitting sectors.
Financing is increasingly linked to
sustainability performance, rewarding
businesses with credible transition
plans. Insurance and investment
decisions now reflect climate risk, driving
further scrutiny and strategic change.
Climate action in the 2020s is
characterised by conflicting
governmental priorities and limited
progress. The topic is highly politicised,
oscillating in response to political
cycles and often overshadowed by
other challenges. Large-scale transport
decarbonisation efforts are deprioritised,
with only modest improvements
achieved through collaboration and
data sharing. Consumer and market
behaviours remain largely unchanged,
reinforcing the status quo. While a
few forward-thinking companies
begin to transition, they do so largely
unsupported and at their own expense.
By the early 2030s, the impacts of
climate change, particularly on transport
routes and coastal infrastructure,
become unavoidable across Australia
and New Zealand. Mounting public
pressure forces governments to
introduce climate policies with minimal
consultation or coordination. Carbon
prices rise rapidly by 2040, reflecting
the rushed nature of the transition.
Globally, similar reactive shifts in
policy and rising nationalism lead to
market fragmentation, with new trade
barriers and increased demand for
low emissions technologies. Australia
and New Zealand are required to
compete on the global stage for these
technologies and larger players are
likely to outcompete both countries.
Like the carbon price, the cost of these
technologies increases due to the
global demand.
Climate-related infrastructure damage
escalates throughout the 2030s and
2040s, impacting public and private
finances. Transition planning becomes
a prerequisite for accessing finance and
insurance, while emissions-intensive
businesses face higher borrowing costs
– or are excluded entirely. By 2040,
national debt has increased as major
infrastructure investments are made.
Consumers are still mostly unwilling
to pay, leading to the private sector
bearing the costs of the transition.
By 2040, those who transitioned
early begin to benefit, while others
navigate high costs and compounding
climate impacts. Land freight largely
completes its transition to low emissions
systems, though at a financial cost.
Aviation and shipping remain reliant
on costly imported fuels, and without
sufficient domestic supply, businesses
continue to face high operational
expenses into the final decade.
ORDERLY SCENARIODISORDERLY SCENARIO
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A lack of new climate policies beyond
those already in place has allowed global
warming to accelerate, shifting focus
toward food and energy security. Short-
term focused, GDP-driven decision-
making persists, with governments
prioritising adaptation over mitigation.
Support for low emissions technologies
remains weak, as cost-of-living pressures
and cyclical political leadership
deprioritise long-term planning. In
Australia and New Zealand, subsidies
flow to agriculture, fossil fuels, and
mining, while freight strategies focus on
protecting existing infrastructure rather
than reducing emissions. This continued
inaction deepens social inequality,
particularly for vulnerable communities.
Throughout the 2030s, high-
consumption lifestyles persist,
driving carbon-intensive imports and
worsening infrastructure congestion.
With governments focused on reactive
adaptation, key infrastructure is
abandoned rather than upgraded,
increasing delivery costs and service
unreliability. The freight sector is
required to navigate frequent disruptions
and must invest in skilled labour and
rapid-response systems to manage
worsening climate impacts. Finance
becomes harder to access as risk
forecasting grows more difficult,
directing capital towards short-term
adaptation efforts.
By the 2040s, climate change routinely
disrupts the freight network. Roads,
bridges, ports, and airports face frequent
closures and escalating maintenance
costs. Legacy infrastructure fails under
repeated stress, and international
freight becomes increasingly unreliable.
Heightened disruptions and cost
pressures result in retreat from certain
locations and industries, impacting some
remote communities. Freight companies
turn to predictive technologies to
manage risk and maintain efficiency.
Political instability, compounding
over the previous two decades, adds
further complexity. This instability
exposes freight operators to increasing
fluctuations in resource and fuel prices,
exacerbating the challenges. Broadly,
economies turn inward to secure
domestic needs first, fostering low
levels of cooperation and high regional
rivalry. A fragmented global market
and inconsistent demand for Australian
and New Zealand exports make freight
planning increasingly complex and
costly, with individualistic, short-term
approaches to climate action continuing
to undermine coordinated progress.
HOT HOUSE WORLD
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TABLE 2: CL IMATE- REL ATED RISKS
PHYSICAL
Risk descriptionOrderly DisorderlyHot house
Weather-related disruption to the transport
network and its value chain
SMLSMLSML
An increase in the frequency and / or severity of
extreme weather events may lead to temporary
or prolonged disruptions across Freightways’
operations. This includes weather-related
impacts experienced in Freightways’ value
chain, resulting in operational disruptions for
Freightways.

Anticipated impacts
Freightways operates an integrated freight and logistics network that involves the collection, processing, and delivery of goods
across multiple transport modes and geographic regions. The increasing frequency and / or severity of weather events – such as
storms, flooding, heatwaves, and cyclones – could impact the continuity and efficiency of these operations. Disruption may occur
through direct damage to or restricted access to critical infrastructure, including Group sites and depots, roads, ports, airports,
and the fuel supply. Adverse weather conditions can compromise the safety and operability of transport routes, resulting in
delayed or suspended operations, reduced capacity, and heightened risks for personnel operating in adverse conditions. In
some cases, roads or infrastructure may become impassable, and operations may need to be paused or altered at short notice,
affecting service reliability. In addition, severe weather can negatively impact network efficiency by increasing the incidence
of out-of-sequence routing, empty vehicle movements, or suboptimal freight consolidation. These disruptions may result in a
reduced ability to meet delivery schedules, spoilage of time or temperature-sensitive goods, and operational inefficiencies.
Weather-related disruption has the potential to impact financial performance. Operational inefficiencies and service
interruptions can lead to increased direct costs, including additional fuel and labour expenses, higher vehicle maintenance
due to adverse conditions, and costs associated with rerouting or rescheduling freight. In some cases, contingency measures
may require the use of other freight modes (including increased use of airfreight), which can increase costs per unit delivered.
Revenue impacts could arise from delayed or missed pick-ups and / or deliveries, or inability to operate a critical site. Financial
impacts could arise from one large event (such as the impact of Cyclone Gabrielle in New Zealand in February 2023) or on a
cumulative basis throughout the reporting period.
RISK-R AT ING: Very high

High

Medium

Low


TIME HORIZON: Short term (‘S’): FY26 – FY30 Medium term (‘M’): FY31 – FY40 Long-term (‘L’): FY41 – FY50
Climate-related risks
and opportunities
Freightways has identified 7 material climate-
related risks and 3 climate-related opportunities.
Tables 2 and 3 summarise the climate-related risks
and opportunities that Freightways identified under
the three selected climate scenarios. To determine
anticipated impact(s), these risks and opportunities
were assessed against the internal Group Risk
Rating Matrix for each scenario and time horizon.
This assessment was qualitative and judgement
was applied when assessing risks against the
Group Risk Rating Matrix under different scenarios
and time horizons. The process for assessing
and identifying these risks is further detailed
in the Risk Management section on page 25.
The identified climate-related risks and
opportunities are considered over short (FY26
– FY30), medium (FY31 – FY40), and long-
term (FY41 – FY50) time horizons. These time
horizon definitions are not linked to strategic
planning horizons or capital deployment plans
as Freightways does not adopt standardised
time horizons across its broader strategic
and capital deployment planning.
In July 2025, changes were introduced to business
case templates for investments or spend requiring
CFO, CEO, or Board approval. Business case
templates have been formally updated to include
details of climate-related impacts, lower impact
alternatives and any climate-related exposures
of new business cases. Beyond this, climate-
related risks and opportunities do not formally
serve as an input to internal capital deployment
and funding decision-making processes.
16Freightways Climate Statement 2025
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RISK-R AT ING: Very high

High

Medium

Low


TIME HORIZON: Short term (‘S’): FY26 – FY30 Medium term (‘M’): FY31 – FY40 Long-term (‘L’): FY41 – FY50
TRANSITION
Carbon pricing regimes increase operational costsSMLSMLSML
Carbon pricing regimes in New Zealand and Australia may lead to increased operational expenditure.
Anticipated impacts
In New Zealand, increases in the price of New Zealand Units (‘NZUs’) under the New Zealand Emissions Trading Scheme (‘ETS’) may lead to increased operational expenditure, including higher
fossil fuel costs for use in company-controlled vehicles, as well as ETS cost passed through to Freightways from ground transport contractors and aircraft fleet operations. Exposure to similar
carbon pricing regimes in Australia would be additional and further increase operating expenditure.
TRANSITION
Accelerated transition to low emission vehicles increases operational costs and capital expenditureSMLSMLSML
Stricter climate-related regulations in the short term could accelerate Freightways transition to a lower
emission operating model and lead to increased operational expenditure and / or capital expenditure.
Anticipated impacts
The introduction of new and stricter climate-related policies and regulations could require Freightways to accelerate its transition to lower emission vehicles or fuels, leading to increased
operational and / or capital costs for Freightways and its transport contractors. An accelerated transition to lower impact vehicles could also lead to early retirement or write-down of the
existing internal combustion engine fleet.
PHYSICAL
Risk descriptionOrderly DisorderlyHot house
Weather-related damage to assets and inventory SMLSMLSML
An increase in the frequency and / or severity of extreme weather events may lead to damage and / or
destruction of assets, inventory and property.
Anticipated impacts
An increase in the frequency and /or severity of extreme weather events, could result in physical damage to the Group’s assets, including depots, vehicles, equipment, and inventory. Such
events could lead to partial or tota l loss of property, interruption of site operations, and longer-term degradation of infrastructure resilience. Damage to inventory, particularly perishable or
high-value goods, may result in immediate financial loss and disruption to customer commitments.
The financial impacts of such events could include increased costs for repair, replacement, or clean-up; higher insurance premiums or uninsured losses; and potential impairment of
fixed assets. Prolonged recovery times may also reduce operational capacity, delay revenue generation, and require additional capital investment to restore affected facilities or improve
future resilience.
TABLE 2: CLIMATE-RELATED RISKS (CONTINUED)
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TRANSITION
Risk descriptionOrderlyDisorderlyHot house
Constrained supply of low emission vehicles, delays transition to low emissions vehicles leadings
to increased operating costs
SMLSMLSML
Global demand for low emissions vehicles could constrain Freightways ability to transition and could result in
increased operating costs.
Anticipated impacts
International and domestic demand for low emissions ground vehicles may constrain supply, limiting Freightways’ (and its contractor drivers’) ability to procure suitable low emission vehicles
within desired timeframes. This could extend Freightways’ reliance on an ageing fleet of internal combustion engine (‘ICE’) vehicles, potentially exposing it to greater climate-related regulation,
regulatory operating restrictions and diminished ability to meet customer expectations. This could result in sustained or escalating increases in operating costs due to its continued reliance on
less efficient ICE vehicles, exposure to fuel prices (and associated carbon pricing regimes), and potential climate-related compliance costs. Freightways may also incur increased maintenance
expenditure to prolong the operational life of its ageing fleet. Impacts may be amplified if competitors’ transition faster to low emission fleets and benefit from lower operating costs.
TRANSITION
Finance and insurance landscape defined by increasing climate-risk aversion SMLSMLSML
Freightways ability to respond and adapt to climate-related risks could affect its access to and cost of capital
and insurance.
Anticipated impacts
Increasing climate-related events may impact the availability and cost of finance and insurance for Freightways. Lenders and insurers may place greater emphasis on the climate strategies
of borrowers and policyholders, with a preference for businesses demonstrating credible transition plans and effective climate risk management. Freightways’ ability to access financing or
secure insurance coverage may be influenced by the strength and transparency of its climate-related disclosures and transition plan. Globally, increasing insurance claims from more frequent
and severe weather events may lead to higher insurance premiums for Freightways. These increased costs could reduce profitability and elevate operational risk if certain insurance products
become prohibitively expensive or unavailable. Freightways could reasonably expect insurance retreat by insurance providers for any sites, locations, or regions deemed by the providers to be
at a high risk of climate impacts. This could result in Freightways being required to self-insure high value or high-risk assets.
TRANSITION
Inability to meet changing customer expectations SMLSMLSML
An increase in customers requiring low emission or climate-related services may result in a loss of market share
if Freightways cannot meet this demand.
Anticipated impacts
Freightways could face increasing pressure from customers seeking low emissions freight and services, driven by their own transition planning, regulatory obligations or stakeholder
expectations. If Freightways is unable to meet this demand, it could lose business to competitors with more advanced or visible offerings potentially impacting market share. This could also
include customers choosing to use alternative, lower emission modes of transportation.
RISK-R AT ING: Very high

High

Medium

Low


TIME HORIZON: Short term (‘S’): FY26 – FY30 Medium term (‘M’): FY31 – FY40 Long-term (‘L’): FY41 – FY50
TABLE 2: CLIMATE-RELATED RISKS (CONTINUED)
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TRANSITION
Opportunity descriptionOrderly DisorderlyHot house
Strategic positioning in a transitioning transport sectorSMLSMLSML
The transition to a low-emission economy presents an opportunity for Freightways to align its services
with emerging regulatory requirements and customer expectations, potentially strengthening competitive
positioning and unlocking new revenue potential.
Anticipated impacts
Freightways may benefit from increased demand for transport and logistics services with lower environmental impacts, driven by evolving emissions regulations, climate policies, and
customer procurement criteria. Proactively offering low-emission and climate-resilient solutions may strengthen customer retention, improve access to climate-focused markets, and
support premium pricing. Financially, this could result in expanded revenue streams, improved brand value, and a reduced risk of future revenue loss due to misalignment with stakeholder
expectations or market trends.
TRANSITION
Enhanced competitiveness through climate-resilient operations SMLSMLSML
Climate-resilient transport infrastructure and operations could strengthen service reliability, support continuity,
and improve Freightways’ market competitiveness.
Anticipated impacts
Maintaining climate-resilient infrastructure and operations could reduce the frequency and severity of service disruptions caused by severe weather events. This could support consistent
delivery performance, protect operational productivity, and reduce unplanned downtime or associated costs. Financially, improved resilience may result in lower maintenance and recovery
expenses, enhanced customer satisfaction and retention, and a stronger competitive position in markets where service reliability is critical.
TRANSITION
Operational efficiency through electrification and optimisation SMLSMLSML
Leveraging electrification and network optimisation presents an opportunity to reduce operating costs and
improve efficiency.
Anticipated impacts
Freightways could achieve cost savings and operational efficiencies by transitioning to electric vehicles and optimising network performance using further data-driven insights into fuel
consumption, routing, and vehicle utilisation. Electrification may reduce exposure to fossil fuel price volatility and lower maintenance requirements, while route optimisation may decrease
overall energy use and improve asset productivity. Financially, these improvements could result in sustained cost reductions, increased margin stability, and improved resilience to fuel
market fluctuations.
MOST RELEVANT SCENARIO AND TIME HORIZON FOR OPPORTUNITY
8



TIME HORIZON: Short term (‘S’): FY26 – FY30 Medium term (‘M’): FY31 – FY40 Long-term (‘L’): FY41 – FY50
8
Based on qualitative review and assessment. Time horizons highlighted were assessed as the most relevant time horizons for the opportunity.
TABLE 3: CLIMATE-RELATED OPPORTUNITIES
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Transition Plan
CURRENT BUSINESS MODEL AND STRATEGY
Freightways is a business that is always on the move. Across the Group, Freightways picks up, processes and delivers physical and digital items providing a reliable and efficient
service for customers. This business model covers four key areas of activity:
EXPRESS PACKAGE AND BUSINESS MAIL
Freightways operates a multi-brand strategy in the
Australasian courier and business mail markets, catering
to a range of customer needs and delivery timeframes.
The New Zealand Express Package operations share branch
networks, air and road linehaul, and IT systems. These
brands include New Zealand Couriers, Post Haste, Castle
Parcels, NOW Couriers, SUB60, Security Express, Kiwi
Express, STUCK, Kiwi Oversize, Freightways Global, and
Pass the Parcel. Airfreight capability for overnight Express
Package delivery services is provided through the joint venture
airline, Parcelair, and internal linehaul service provider,
Parceline via an agreement with aircraft operator Texel Air.
9
The national Australian network is operated by Allied Express
and includes a range of national and courier services.
DX Mail is a dedicated business mail specialist offering time-
sensitive physical postal services in New Zealand. It leverages
the Express Package network ensuring it can operate in a lean
manner. Dataprint offers mail house print
services and digital mail presentation
platforms across New Zealand.
TEMPERATURE
CONTROLLED
The New Zealand
Temperature Controlled
business is made up of
Big Chill Distribution
and ProducePronto.
These businesses combine
a national refrigerated
linehaul fleet with an urban
chilled van network, to
offer national delivery,
same day delivery, third-
party logistics (‘3PL’) and
Fourth Party Logistics
(‘4PL’) services utilising Big
Chill depots nationwide.
INFORMATION
MANAGEMENT
The Information
Management Group
(‘TIMG’) operates
in New Zealand and
Australia offering physical
storage and information
management services, as
well as digital information
processing services such
as digitalisation, business
process outsourcing, online
back-up and eDiscovery
services. In New Zealand
utilisation of storage
facilities is enhanced
through an eCommerce
3PL service, Stocka.
WASTE
RENEWAL
Shred-X offers document
destruction, eDestruction
and product destruction
services in Australia. It
also provides medical
waste collection and
processing services
under the Med-X brand.
In New Zealand,
TIMG provides secure
document destruction,
alongside Information
Management services.
9
Freightways has access to capacity on four aircraft in New Zealand via various Aircraft, Crew, Maintenance and Insurance agreements (‘ACMI’). Freightways does not have operational control of Parcelair Limited or these aircraft.
20Freightways Climate Statement 2025
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Freightways’ strategy pursues growth
over three horizons across key areas
of activity: Horizon One focuses on
core business, Horizon Two builds on
core capabilities to provide additional
growth prospects and Horizon Three
focuses on innovation and identifying
emerging niches with revenue potential.
TRANSITION PLAN ASPECTS
OF THE STRATEGY
In the Reporting Period, Freightways
developed the strategic focus
areas of its first Group-wide
Transition Plan, replacing the former
Environmental Statement.
The strategic focus areas of the
Transition Plan were approved by the
Board in July 2025, and form part
of the Freightways Growth Strategy.
The Transition Plan outlines the
actions Freightways expects to take
to transition towards a low-emissions,
climate resilient future across its
Group Controlled Businesses. It is
intended to guide decision-making,
in line with the Group’s broader
strategic and financial goals. In
implementing the Freightways’ strategy,
it will have regard to the strategic
objectives of the Transition Plan.
In developing its Transition Plan,
Freightways considered the IFRS
Foundation’s Transition Plan Taskforce
(‘TPT’) guidance.
10
The Transition Plan
is formed around the three channels
recommended by the TPT to develop
a strategic and rounded approach:
1. Reducing emissions
2. Responding to climate-related
risks and opportunities
3. Contributing to an economy-
wide transition
The Transition Plan sets out Freightways
direction of travel and strategic focus
areas but does not yet detail the pace
or ambition of the transition. In the
FY24 Climate Statement, Freightways
indicated it planned to set climate-
related carbon reduction targets to
guide its trajectory. Climate-related
targets have not been set in the
Reporting Period, instead Freightways
prioritised strengthening its foundations
by identifying and integrating climate
focus areas into its strategy; and
reporting and assuring a subset of its
Scope 3 emissions for the first time.
Formalising the governance structure
for the Transition Plan at the Board
and Management level and setting
carbon reduction targets to support
the execution of the Transition Plan are
focus areas for the next reporting period.
This includes clarifying internal roles,
responsibilities and incentives relating
to the execution of the Transition Plan.
Freightways has begun aligning elements
of the Transition Plan with internal
decision-making processes, particularly
through updates to business case
assessments (refer to the Governance
section on page 9 – the Process and
frequency of climate-related updates
to Management). Beyond this, the
Transition Plan is not integrated
into capital deployment and funding
decision-making processes. Freightways
acknowledges integration of climate-
related risks and opportunities into
capital deployment and funding decision-
making is an important step and will
10
Transition Plan Taskforce (October 2023). Disclosure
Framework. Available here.
continue to explore ways to align its
financial planning with its transition.
A well-executed transition will
support Freightways’ long-term
financial resilience, competitiveness
and stakeholder trust. A summary
of the Transition Plan’s focus
areas is provided in Figure 3.
21Freightways Climate Statement 2025
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Across the Group, we pick up, process and deliver physical and digital items providing a reliable
and efficient service for our customers. Our Transition Plan is part of our growth strategy.
It has three pillars with focus areas in each.
We move you to
a better place
FIGURE 3: FREIGHTWAYS’ TRANSITION PLAN FOCUS AREAS
Set Freightways’ Emissions Reduction Plan and related targets. Monitor through new governance channels and agreed metrics.
Emission Reduction Plan
Training and engagement will be available across the Group to increase awareness and engagement.
Education and awareness
1
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A
R
2
P
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L
A
R
3
P
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L
A
R
Reducing our
emissions
Responding to our
climate-related risks and
opportunities
Contributing to an
economy-wide
transition
Controlled ground fleet transition: convert a
portion of the company-controlled ground vehicle
fleet to lower-emission alternatives implementing
what is technically feasible and commercially
viable. Understand and implement on-site
infrastructure to enable a smooth transition.
Contractor ground fleet transition: support
contractor drivers to expedite the transition to
lower-emission vehicles through fair payment
terms, appropriate on-site infrastructure and wrap-
around support.
Aircraft modernisation: utilise a modern and fuel
efficient fleet.
Network efficiency: optimise network through
route, vehicle and load efficiency initiatives.
Risk Management Framework: mature the
business risk management framework to better
accommodate and address climate-related risks.
Network resilience: focus on operational network agility
through disaster preparedness plans and exposure
assessment for critical sites, routes and infrastructure.
Meeting the needs of customers: understand
and meet the needs of our customers for
climate-related offerings and services.
Connect communities and support companies:
implementation of the Freightways Transition Plan
will contribute to emissions reductions for users of
its services across communities and economies.
Advocate for maintenance of critical shared
infrastructure and the transport sector energy
transition: Freightways will advocate for
resilient and safe transport infrastructure
and policy settings.
Support the grid: understand opportunities to
increase renewable electricity supply and gain price
certainty through targeted investment.
22Freightways Climate Statement 2025
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Reducing our emissions
Freightways’ measured GHG emissions
are outlined in the Metrics and Targets
section on page 27. Only selected Scope
3 emissions were reported.
Scope 1 emissions represent around
19 percent and Scope 3 emissions
represent around 78 percent of
Freightways’ total measured greenhouse
gas emissions in the Reporting Period.
11

In the Transition Plan, Freightways
has identified the main areas it will
focus on to reduce its emissions.
CONTROLLED GROUND VEHICLES
Emissions from the combustion
of fossil fuel in vehicles owned
or controlled by Freightways.
These emissions primarily relate
to operational vehicles used in the
Temperature Controlled, Information
Management and Waste Renewal
businesses, including large truck and
trailer units, waste collection trucks,
metro trucks, vans, cars, motorbikes
and forklifts. These emissions form part
of Freightways’ Scope 1 and Scope 3,
category 3 emissions. In the Reporting
Period, emissions generated by fuel
used in Freightways’ controlled vehicles
represented around 22 percent of total
measured greenhouse gas emissions.
Freightways’ Transition Plan focuses
on minimising these emissions by
converting a portion of the fleet to lower
emission alternatives. At the end of the
Reporting Period 56 percent of forklifts
and hoists owned or controlled by the
Controlled Businesses were electric and
61 percent of company-controlled cars
and utes were hybrid, electric or plug-in
hybrid. In August 2025, the Temperature
Controlled business introduced a single
electric refrigerated trailer to its fleet.
While the emissions reductions delivered
by this trailer will be nominal, the
trailer will provide useful learnings on
network performance and integration.
CONTRACTOR DRIVERS
Emissions from the combustion of fossil
fuel in the contractor driver ground fleet.
Express Package businesses, including
New Zealand Couriers and Post Haste,
rely on a fleet of contractor drivers
to provide courier services. This also
includes contractor drivers providing
linehaul services to Parceline and
Allied Express. These emissions form
part of Freightways’ Scope 3, category
4 emissions. In the Reporting Period,
emissions generated by contractor drivers
represented around 24 percent of total
measured greenhouse gas emissions.
Freightways’ Transition Plan focuses on
minimising these emissions by enabling
contractor drivers to expedite their
transition to a lower emission vehicle.
Contractor drivers have autonomy to
purchase the vehicle that best suits
their needs. However, Freightways has
the ability to influence this decision
through closer engagement, leveraging
its scale to allow contractor drivers
access to cost-effective and lower
emission solutions, and by providing a
supportive environment for contractor
drivers wishing to use a lower emission
vehicle. In the Reporting Period, 3
contractor drivers in the Express
Package business were operating
electric vans and 4 contractor drivers
were operating hybrid vehicles.
AIRCRAFT
Emissions from the combustion of fossil
fuel in the aircraft fleet used to support
the Express Package businesses.
These emissions form part of
Freightways’ Scope 3, category 4
emissions. In the Reporting Period,
emissions generated from the aircraft
fleet represented around 7 percent
of total measured greenhouse gas
emissions.
12

Freightways accesses airfreight
services to support its Express Package
businesses in New Zealand through
the joint venture airline, Parcelair, and
aircraft operator Texel. Freightways’
Transition Plan focuses on lowering
airfreight emissions through contracting
for more modern, fuel-efficient aircraft
to replace older Boeing 737-400 models
currently used by the airfreight providers.
11
In the Reporting Period, Freightways relied on NZ CS 2 adoption relief for Scope 3 categories 9, 10, 11 and 12. Remaining Scope 3 emissions were reported.
12
Emissions related to the consumption of jet fuel are not included within Scope 1 emissions because Freightways does not have operational control of Parcelair Limited or the aircraft operated for the contracted airfreight services.
A fixed percent of airfreight capacity on scheduled flights is made available to Freightways (and another independent party) under various ACMI agreements. Under the ACMIs, Freightways does not have operational control over the
flight operations. Under the ACMIs, Freightways procures airfreight services and these emissions are accounted for in Scope 3, category 4.
23Freightways Climate Statement 2025
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Freightways has identified 7 material
climate-related risks and 3 climate-
related opportunities. These are
outlined in the Climate-related risks
and opportunities section on page 16.
Understanding and responding to these
climate-related risks and opportunities
is a core objective of the Transition Plan.
In the next reporting period, Freightways
aims to formalise its Emissions Reduction
Plan to translate decarbonisation focus
areas into an actionable plan. This
includes setting carbon-reduction
targets, implementing governance
structures to monitor delivery, and
further integrating climate risks into
risk management systems. This activity
supports all pillars of the Transition Plan.
The Risk Management section on
pages 25 and 26 outline existing
processes for identifying, integrating
and managing climate-related risks.
Maturing internal risk management
processes and engaging with Controlled
Businesses to better understand,
manage and disclose physical and
transition climate risks is a focus area
and forms part of the Transition Plan.
Related to this, better understanding
2
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Responding to climate-related risks
and opportunities
3
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Contributing to an
economy-wide transition
Freightways businesses connect
and serve communities across New
Zealand and Australia. Decarbonising
Freightways’ operations and increasing
its operational climate-related resilience
will have flow on benefits for users of
these services across these economies.
Freightways has identified focus
areas it can influence to decarbonise
its operations. It also relies upon
infrastructure and energy systems
that it cannot control or where it has
less direct influence. Transport sector
decarbonisation and operational
resilience will require coordinated
decision-making across the transport
and energy sectors supported by
governments. Freightways will continue
to advocate for coordinated and
appropriate policy settings. Freightways
is a signatory to the New Zealand Climate
Leaders’ Coalition and will continue to
leverage this coalition for knowledge
sharing, awareness building and
advocacy support.
the parts of the network most impacted
by and vulnerable to severe weather
remains a focus area in the Transition
Plan. This work will build on route and
premises assessments previously
conducted by Freightways in 2024.
Understanding the climate-related
needs of customers across the Group
forms part of this pillar. Understanding
customer demand for climate-related
products and services will help
Controlled Businesses to respond
to this demand in a manner that
aligns with the operational realities
of that Controlled Business.
Freightways’ decarbonisation relies on
an energy system that can be scaled
to meet growing electricity needs.
Freightways will continue to grow its
understanding of infrastructure required
to facilitate and manage this this
transition.
All areas of the Freightways’ Transition
Plan will be facilitated by increased
climate-related education and
awareness across the Group. Building
internal capability and understanding
of climate change and how it impacts
Controlled Business operations supports
all pillars of the Transition Plan.
24Freightways Climate Statement 2025
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25Freightways Climate Statement 2025
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Risk Management
Processes for
identifying, assessing
and managing climate-
related risks
In the Reporting Period, some steps were
taken to integrate climate-related risk
management processes into the Group’s
overall risk management process.
Freightways engaged sustainability
consultants, Oxygen Consulting, to
support climate risk identification,
and to advise upon assessing and
managing climate-related risks.
In the Reporting Period, the following
process was followed:
• On an annual basis, each Controlled
Business is responsible for
undertaking its own review process
to identify any relevant risks to its
operations. This process includes any
climate-related risks. In the Reporting
Period, Controlled Businesses
were required to integrate climate-
related risks into their general risk
registers. Controlled Business
risk registers include specific
mitigation responses to manage
risks. Most Controlled Businesses
have integrated climate-related
risks into business risk registers.
Some Controlled Businesses
continue to maintain a separate
climate specific risk register that
supplements the general risk register.
• On an annual basis, Controlled
Business risk registers (and any
climate specific risk registers) are
reviewed and synthesised by the CFO
at the Group level. Any Controlled
Business risks which individually or
together are considered material at a
Group level are elevated to the Group
Risk Register. The Group Risk Register
includes climate-related risks.
• The Group Risk Register is
supplemented with outputs from the
climate scenario analysis conducted
at the Group level, supported by
sustainability consultants, Oxygen
Consulting. Climate scenario analysis
conducted by the Group is described
in the Strategy section on pages 11
to 15. Outputs of the climate scenario
analysis are detailed in a standalone
Group Climate Risk Register which
uses the Group Risk Rating Matrix to
guide an assessment of likelihood
and impact across the three climate
scenarios under three time horizons.
• Members of the SLT, including the
CEO, review the draft Group Risk
Register ahead of it being presented
to the ARC annually. The ARC
reviewed the Group Risk Register and
updated the Board in July 2025.
While some integration of climate-
related risks into the overall risk
management process has occurred, the
process remains immature. Maturing
internal risk management processes
and further engagement with Controlled
Businesses to better understand,
manage and disclose physical and
transition climate risks is a focus area
for the next reporting period and
forms part of the Transition Plan.

CLIMATE SCENARIO ANALYSIS
In the Reporting Period, Oxygen Consulting facilitated climate scenario analysis at the Group level. This helped identify
climate-related risks and opportunities. This is described in the Strategy section on pages 11 to 15.
QUANTIFICATION OF ANTICIPATED IMPACTS
In the Reporting Period, climate scenarios were also used to analyse anticipated financial impacts of climate-related
risks and opportunities. Freightways’ broader process in relation to the quantification of such anticipated
financial impacts, supported by Oxygen Consulting, remains ongoing and is intended to be disclosed in
subsequent reporting periods.
ROUTE AND PREMISES EXPOSURE ASSESSMENT
Freightways undertook an exposure exercise in the 2024 reporting period, supported by Ernst & Young (‘EY’) to
understand the possible vulnerability of business assets and activities to identified climate-related physical and
transition risks under varying climate projections and time horizons. The focus of the assessment was the exposure
of Group premises in Australia and New Zealand as well as the exposure of major routes in Australia and New
Zealand. The Route and Premises Exposure Assessment is detailed in Appendix 3 on page 37. This assessment
is considered a baseline assessment. Freightways expects to build on this analysis in future reporting periods.
GROUP RISK RATING MATRIX
The Group Risk Rating Matrix was used to guide
an assessment of the likelihood and impact of
potential climate-related risks.
The likelihood ratings were applied to the time
horizons specified within the relevant climate
scenario.
Impact ratings considered a similar range of
impacts as other business risks such as financial or
reputational impact. However, climate-related risks
and opportunities were assessed on a qualitative
basis only and judgement from Management was
applied when assessing time frames and impacts of
climate-risks.
54321
Likelihood: probability of occurrence
Very LikelyMediumMediumHighVery HighVery HighA
LikelyLowMediumHighHighVery HighB
PossibleLowMediumMediumHighHighC
UnlikelyLowLowMediumMediumHighD
Very unlikelyLowLowLowMediumHighE
MinorModerateSignificantMajorCatastrophic
Impact when occurs
26Freightways Climate Statement 2025
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Tools and time frames
Several risk identification tools and methods have
been used to identify and assess the scope, size
and impact of identified climate-related risks.
These tools and methods are described to the
right. Time frames used for the dedicated climate
scenario and risk analysis were:
• Short term (FY26 – FY30)
• Medium term (FY31 – FY40); and
• Long term (FY41 – FY50).
These time frames differ from the likelihood
ratings in the Group Risk Rating Matrix, which does
not accommodate the temporal and chronic nature
of climate risk. The Group Risk Rating Matrix
therefore is not used on its own for climate-related
assessments. Judgement from Management
is required when comparing the time frames
over which climate risks might occur with other,
more conventional risks that the Group faces.
Value chain and prioritisation
Freightways has undertaken an initial
assessment of its value chain to identify
and assess climate-related risks, based on
currently available knowledge and data. No
material parts of the value chain have been
intentionally excluded from this assessment.
However, a comprehensive end-to-end value
chain mapping has not yet been completed.
Risk ratings determined through the risk
management process detailed above, are used
to prioritise risks in the Controlled Businesses
risk registers and the Group Risk Register.
Climate-related risks are given equal weighting
to other risks in this assessment process.

13
In FY24 Freightways’ emissions were measured using ISO14064-1:2018 and the GHG
Protocol. In FY25, Freightways elected to align with the GHG Protocol. As Scope 3 emissions
were not reported in FY24, this has no material impact.
14
In FY24, Freightways did not report any Scope 3 emissions, relying on NZ CS 2 adoption
relief. In the Reporting Period, Freightways has relied on NZ CS 2 adoption relief for Scope 3
categories 9, 10, 11 and 12. Remaining Scope 3 emissions were subject to limited assurance
provided by PwC.
15
The figures in the table may not add to the stated total due to rounding.
16
Category 8 was assessed as not applicable to the Group.
17
Category 14 was assessed as not applicable to the Group.
18
Total selected Scope 3 emissions do not include categories 9, 10, 11 and 12.
Remaining Scope 3 emissions were subject to limited assurance provided by PwC.
Metrics and Targets
Greenhouse gas emissions
Freightways’ Scope 1, Scope 2 (location-based) and selected Scope 3
greenhouse gas (‘GHG’) emissions for the Reporting Period are set out in
Table 4. Freightways has used adoption relief under NZ CS 2 for Scope 3
categories 9, 10, 11 and 12.
Freightways’ emissions reporting has been prepared in accordance with
the Greenhouse Gas Protocol: A Corporate Accounting and Reporting
Standard (2004) and the Greenhouse Gas Protocol: Corporate Value
Chain (Scope 3) Accounting and Reporting Standard (2011) (together
the ‘GHG Protocol’).
13
Any exclusions from reporting are disclosed and
justified. The measured GHG emissions metrics in this section cover the
Reporting Period.
PricewaterhouseCoopers (‘PwC’) provided an unqualified limited
assurance report on each of the FY25 total Scope 1, total Scope 2
(location-based) and total selected Scope 3 GHG emissions shown in
Table 4. The PwC assurance report is detailed on pages 33 and 34.
TABLE 4: FREIGHTWAYS’ FY24 – FY25 GREENHOUSE GAS EMISSIONS (tCO
2
e)
15
FY24FY25
Scope 1
Mobile combustion32,92633,327
Stationary combustion89820
Fugitive emissions1,173980
Total Scope 134,18735,127
Scope 2
Electricity (location-based)5,0516,058
Total Scope 25,0516,058
Total Scope 1 and 239,23841,186
Scope 3
14
Category 1 Purchased goods and services
-8,473
Category 2 Capital goods
-2,579
Category 3 Fuel- and energy-related activities
-9,917
Category 4 Upstream transportation and distribution
-100,325
Category 5 Waste generated in operations
-19,097
Category 6 Business travel
-1,814
Category 7 Employee commuting
-5,584
Category 8 Upstream leased assets
-Not applicable
16
Category 9 Downstream transportation and distribution
-Excluded – NZ CS 2
Category 10 Processing of sold products
-Excluded – NZ CS 2
Category 11 Use of sold products -
Excluded – NZ CS 2
Category 12 End-of-life treatment of sold products-
Excluded – NZ CS 2
Category 13 Downstream leased assets -203
Category 14 Franchises -Not applicable
17
Category 15 Investments -56
Total selected Scope 3 - 148,048
18
Total reported GHG emissions (location-based)-189,234
27Freightways Climate Statement 2025
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19%
3%
78%
SCOPE 1
35,127 tCO₂e
SCOPE 3*
148,048 tCO₂e
SCOPE 2 – Location based
6,058 tCO₂e
Emissions snapshot
BREAKING DOWN SCOPE 3, CATEGORY 4
◊
** Emissions related to the consumption of jet
fuel are not included within Scope 1 emissions
because Freightways does not have operational
control of Parcelair Limited or the aircraft
operated for the contracted airfreight services. A
fixed percent of airfreight capacity on scheduled
flights is made available to Freightways (and
another independent party) under various ACMI
agreements. Under the ACMIs, Freightways
does not have operational control over the flight
operations. Under the ACMIs, Freightways
procures airfreight services and these emissions
are accounted for in Scope 3, Category 4.
◊
The figures in this graph may not add to the
category total due to rounding.
FY25 EMISSIONS SNAPSHOT
54%
of reported emissions
relate to fossil fuel used in
controlled vehicles, contractor
driver vehicles and the
contracted air fleet**
Purchased goods and services
Capital goods
Fuel- and energy-related activities
Upstream transportation and distribution
Waste generated in operations
Business travel
Employee commuting
Downstream leased assets
Investments
56 tCO₂e
15
203 tCO₂e
13
5,584 tCO₂e
7
1,814 tCO₂e
6
2,579 tCO₂e
2
4
5
WASTE GENERATED IN OPERATIONS
13% of reported Scope 3
19,097 tCO₂e
3
FUEL- AND ENERGY-RELATED ACTIVITIES
7% of reported Scope 3
9,917 tCO₂e
UPSTREAM TRANSPORTATION
AND DISTRIBUTION
68% of reported Scope 3
100,325 tCO₂e
PURCHASED GOODS AND SERVICES
6% of reported Scope 3
8,473 tCO₂e
1
1
2
3
4
5
6
7
13
15
SCOPE 3 CATEGORY
0
10,000
20,000
30,000
40,000
50,000
Third party sea and
ferry freight
Third party
airfreight
Third party road
freight
RailContractor driversContracted air
freight**
14,766
2,316
23,532
14
45,691
14,007
Emissions tCO
₂
e
*In the Reporting Period, Freightways has relied on NZ CS 2 adoption relief for Scope 3
categories 9, 10, 11 and 12. Remaining Scope 3 emissions were reported.
SCOPE 3 EMISSIONS*
28Freightways Climate Statement 2025
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BASE YEAR
The base year for Scope 1 and Scope
2 emissions is FY24. In the Reporting
Period, Freightways measured and
reported selected Scope 3 emissions
for the first time. The base year for
selected Scope 3 emissions is FY25.
CONSOLIDATION APPROACH AND
ORGANISATIONAL BOUNDARIES
Freightways applies an operational
control consolidation approach
to determine the boundary of its
GHG emissions. This means that
100 percent of the emissions from
operations over which Freightways,
or one of its subsidiaries, has
control are accounted for.
None of Freightways’ subsidiaries
have been excluded from the GHG
emissions inventory. Many do not emit
any GHG emissions (as they do not have
substantive physical operations), and
those that do are reported within the
Group. All Australian and New Zealand
Controlled Businesses are within the
operational control of the Parent and
have been included. Freightways,
through its subsidiaries, has an equity
share in Upcycled Building Materials
Limited (38.51 percent), Sweetspot
Group Limited (33.3 percent) and
Parcelair Limited (50 percent). These
Equity Share Entities are excluded
from Scope 1 and 2 emissions and
accounted for within Scope 3 on the
basis that Freightways does not have
operational control of these entities.
19

MATERIALITY THRESHOLD
Materiality is assessed by emission
Scope, with a materiality threshold set
at 5 percent of total emissions for the
relevant Scope. Scope 3 categories
9, 10, and 12 were screened as likely
to exceed a de minimis materiality
threshold. Scope 3, category 11 has
not been subject to a materiality
screening exercise. For the Reporting
Period, Freightways has used NZ CS 2
relief in relation to these categories.
OPERATIONAL BOUNDARIES
In accordance with the GHG Protocol,
Freightways’ GHG emissions inventory is
measured in three scopes:
Scope 1 includes all direct emissions
occurring from Freightways’
operations, most notably diesel,
petrol, and natural gas use across
owned or controlled fleet and
facilities. The inventory also
includes emissions from refrigerant
top-ups in chilled facilities and
fleet operated by the Group.
Scope 2 covers emissions from
the generation of purchased
electricity consumed within Group
operations. Scope 2 emissions have
been measured using location-
based emissions factors.
Scope 3 refers to all other
indirect emissions that occur as
a consequence of Freightways’
activities but occur from sources
not owned or controlled by the
Group, across its value chain (both
upstream and downstream). The GHG
Protocol divides Scope 3 emissions
into 15 different categories.
The following Scope 3 categories are
measured in the Group’s GHG
emissions inventory:
• Category 1: Purchased goods
and services
• Category 2: Capital goods
• Category 3: Fuel- and energy-related
activities
• Category 4: Upstream transportation
and distribution
• Category 5: Waste generated
in operations
• Category 6: Business travel
• Category 7: Employee commuting
• Category 13: Downstream leased
assets; and
• Category 15: Investments.
Categories 8 and 14 were considered
and assessed as not applicable to
Freightways in the Reporting Period.
Freightways aims to disclose all Scope
1 and Scope 2 emissions, due to its
influence over these emissions. However,
where the effort and difficulty obtaining
accurate data outweighs the benefits,
some immaterial exclusions apply. These
exclusions are detailed in Table 5. This
table also includes individual selected
Scope 3 emissions sources excluded.
19
Emissions related to the consumption of jet fuel are not included within Scope 1 emissions because Freightways does not have operational control of Parcelair Limited or the aircraft operated for the contracted airfreight services.
A fixed percent of airfreight capacity on scheduled flights is made available to Freightways (and another independent party) under various ACMI agreements. Under the ACMIs, Freightways does not have operational control over
the flight operations. Under the ACMIs, Freightways procures airfreight services and these emissions are accounted for in Scope 3, Category 4.
29Freightways Climate Statement 2025
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TABLE 5: INDIVIDUAL EMISSION SOURCES EXCLUDED FROM THE GROUP’S
GHG INVENTORY
Emissions
scope /
categoryExcluded emissions activity Reason for exclusion
Scope 1Mobile combustion – fuel purchases
on personal credit cards that have
not been reported.
Inability to source records
of these purchases from
personal credit cards.
Scope 3,
category 1
Goods acquired on behalf of Produce
Pronto customers.
Produce Pronto does not
have control over the goods
at any stage prior to delivery
to the customer. Produce
Pronto are merely holding
the goods in their distribution
warehouse unopened. They
are considered an agent of
the customer.
Scope 3,
category 4
Some contractor drivers opt not to use
the Freightways provided fuel card for all
fuel purchases. Where contractors are
identified as not using a fuel card at all,
an alternative methodology is applied.
In some cases, a fuel card user may not
consistently use the fuel card and some
contractor fuel purchases may be made
via other payment means. Freightways
are unable to identify when alternative
payment systems have been used, so this
fuel may not be accounted for.
Inability to identify when a
fuel card is not used, and
unable to identify when a
fuel card is used for personal
usage. Freightways is able to
identify when a fuel card is
never used by a contractor.
However, if a contractor uses
it periodically, Freightways
cannot identify when other
payment methods might
be used.
Scope 3,
category 6
Some staff travel may be paid for on
personal credit cards and not reported.
Inability to source records
of these purchases from
personal credit cards.
SOURCE OF EMISSION FACTORS AND GLOBAL WARMING POTENTIAL RATES
All emissions disclosed are expressed in total tonnes of carbon dioxide equivalent
(tCO
2
e). The time horizon in all cases is 100 years.
Emission factors from a range of sources were used to calculate the Group’s GHG
emissions inventory. Emissions factors and the Global Warming Potential (‘GWP’)
sources used for the main emission sources covered by Freightways’ GHG emissions
inventory, are outlined in Appendix 4 on page 40.
20
20
In September 2025, the Australian Department of
Climate Change, Energy, the Environment and Water
(‘DCCEEW’) released the National Greenhouse
Accounts Factors: 2025. On 31 July 2025 thinkstep-
anz published 2025 emission factors. Freightways
has an internal position to not use emissions factors
released 1 month or later than the end of the reporting
period but prior to publication. The 2025 DCCEEW
and thinkstep-anz factors have not been used by
Freightways in the preparation of the FY25 GHG
emissions inventory. The use of the 2025 DCCEEW
emission factors would not have a material impact on
the GHG emission disclosures. The impact of the 2025
thinkstep-anz factors has not been tested.
21
In FY24, Freightways did not report any Scope 3
emissions, relying on NZ CS 2 adoption relief.
22
Total selected Scope 3 emissions.
23
In FY24, Freightways did not report any Scope 3
emissions, relying on NZ CS 2 adoption relief.
TABLE 6: tCO
2
e PER MILLION
DOLLARS OF REVENUE
FY24FY25
Scope 128.52 7. 2
Scope 24.24.7
Scope 3-
21
114.8
22
Total (Scope 1 and 2)32 .731.9
Total (Scope 1, 2 and
selected Scope 3)
-
23
146.7
METHODS, ASSUMPTIONS AND
UNCERTAINTIES
GHG emissions accounting generally
relies on assumptions and estimates
that can lead to estimation uncertainty.
The effect of this uncertainty is
that measured emissions might
be over- or understated, so the
corresponding emissions data
should be interpreted accordingly.
Appendix 4 on page 40 provides an
overview of the main emission sources
covered by Freightways’ GHG emissions
inventory, including calculation methods,
assumptions made, and an assessment of
the uncertainty. In a few cases, where it is
available, supplier-specific emissions data
has been used to improve GHG emissions
accuracy. In all other cases, a calculation
methodology has been applied for
quantifying GHG emissions in accordance
with the Greenhouse Gas Protocol. This
approach multiplies activity data by an
appropriate emissions factor.
Other metrics
INDUSTRY-BASED METRICS AND
INTERNAL EMISSIONS PRICE
Freightways has not formally adopted
industry-based metrics to measure
and manage climate-related risks and
opportunities in the Reporting Period.
Freightways has not used an internal
emissions price in the Reporting Period.
EMISSIONS INTENSITY
In FY24, Freightways reported emissions
intensity based on its aggregated Scope
1 and Scope 2 tCO
2
e per million dollars
of revenue. Due to the expanded scope
of emissions measured and reported
in the Reporting Period, Freightways
has expanded this assessment across
measured GHG emission scopes. Table
6 outlines Freightways’ GHG emissions
intensity, measured in tCO
2
e per million
dollars of revenue.
30Freightways Climate Statement 2025
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24
Freightways has access to capacity on aircraft in New Zealand via various ACMI agreements. Freightways does not have operational control of Parcelair Limited or the aircraft used for the contracted airfreight services.
It can track exposure to jet fuel prices through contract terms with the aircraft operators.
EXPOSURE TO CLIMATE-RELATED
RISKS AND OPPORTUNITIES
Freightways’ assets and business
activities are located and operate
throughout New Zealand and Australia.
These assets and activities are exposed
to both physical and transition risk.
Vulnerability to physical risk
Freightways’ business model relies
on a transportation network and
infrastructure across New Zealand and
Australia to enable it to pick up, process
and deliver on behalf of its customers.
Freightways has conducted risk
assessments to consider the exposure
of its business activities and assets
to physical risk. In FY24, Freightways
engaged EY to conduct a Route and
Premises Exposure Assessment
to understand its risk exposure to
physical risk. While this analysis
involved significant assumptions and
uncertainties, it provided an overview of
business activities that could be exposed
to physical risk. The parameters and
findings of this assessment are detailed
in Appendix 3 on pages 37 to 39.
Freightways expects to build on this
analysis in future reporting periods.
Vulnerability to transition risk
A large part of Freightways’ current
business model relies on the use of
fossil fuel to generate revenue. As such,
Freightways considers that all of its
business activities are currently exposed
to climate-related transition risk.
Freightways is exposed to fossil fuel
costs directly for its company-controlled
vehicle fleet (largely Temperature
Controlled, Information Management
and Waste Renewal businesses) and
indirectly through its contractor drivers
(supporting the Express Package
businesses) and for jet fuel used in the
aircraft it has access to.
24

Table 7 outlines the percentage of
company-controlled vehicles by engine
type. In the Reporting Period, 3 electric
vans and 4 hybrid vehicles were used
in the New Zealand Express Package
contractor fleet. Beyond these vehicles,
there were no other low emission
vehicles known to have been used in the
Express Package contractor driver fleet
in New Zealand and Australia. Table 8
outlines the percentage of jet fuel used
in the contracted aircraft fleet that is
Sustainable Aviation Fuel (‘SAF’).
TABLE 7: PERCENTAGE OF COMPANY-CONTROLLED VEHICLES BY ENGINE TYPE
(AT 30 JUNE 2025)
Vehicle Type
Total vehicle
count
Internal
combustion
engine (%)
Hybrid /
PHEV (%)
Battery
electric (%)
Forklift / hoist38744%0%56%
Motorbike35599%0%1%
Car29938%62%0%
Ute1362%38%0%
Van175100%0%0%
Truck / tractor unit366100%0%0%
Refrigerated trailer / reefer*113100%0%0%
Total170876%11%13%
TABLE 8: PERCENTAGE OF JET FUEL USED IN FY25 BY TYPE
Aviation fuel type (%)
Jet fuel (fossil)100%
SAF0%
Other0%
*Non-refrigerated trailers are excluded from this table.
31Freightways Climate Statement 2025
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Climate-related opportunities
Freightways has identified climate-
related opportunities to develop new
services, increase its operational
resilience and increase its efficiency.
These opportunities have the
potential to impact all of Freightways
operations and activities. As such, all of
Freightways’ activities could be aligned
with climate-related opportunities.
CAPITAL DEPLOYMENT
Freightways generally operates a
capital light business model, relying on
contractor drivers across its Express
Package businesses and in many cases
leasing vehicles where these are within
the control of the Controlled Businesses.
In the Reporting Period, Freightways
made investments with climate-related
considerations, including upgrading
some vehicles to Euro 6 models in
the Temperature Controlled business.
However, these investments were
not a financially material amount.
REMUNERATION
Management remuneration linked to
climate-related risks and opportunities
in the Reporting Period is outlined in
the Governance section on page 8.
Targets
In the FY24 Climate Statement
Freightways indicated it planned to
set climate-related carbon reduction
targets in the Reporting Period. However,
climate-related targets have not yet
been set. Freightways has focused
on identifying and agreeing strategic
focus areas within the Transition Plan
and progressing the measurement of
Scope 3 emissions, before setting the
pace of the transition via targets.
Establishing effective governance
processes for the oversight and
implementation of the Transition Plan
at the Board and Management level
and setting the pace and ambition for
the transition via targets are focus
areas for the next reporting period.
32Freightways Climate Statement 2025
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PwC New Zealand, PwC Tower, PwC Centre, 10 Waterloo Quay,
PO Box 243, Wellington 6140, New Zealand
T: +64 4 462 7000
pwc.co.nz
Independent assurance report
To the Directors of Freightways Group Limited
Limited assurance report on Freightways Group Limited’s Greenhouse Gas
(GHG) disclosures
Our conclusion
We have undertaken a limited assurance engagement on the gross GHG emissions, additional required disclosures
of gross GHG emissions, and gross GHG emissions methods, assumptions and estimation uncertainty (the GHG
Disclosures), as outlined within the Scope of our limited assurance engagement section below, included in the
Climate Statement of Freightways Group Limited (the Company) and its subsidiaries (the Group) for the year
ended 30 June 2025.
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 GHG Disclosures are not fairly presented and are not prepared, in all material
respects, in accordance with the Aotearoa New Zealand Climate Standards (NZ CSs) issued by the External
Reporting Board (XRB), as explained on page 1 of the Climate Statement.
Scope of our limited assurance engagement
We have undertaken a limited assurance engagement over the following GHG Disclosures on pages 27, 29 to 30,
and 40 to 44 of the Climate Statement for the year ended 30 June 2025:
• gross GHG emissions:
– Total Scope 1 of 35,127 tCO2e on page 27;
– Total Scope 2 (location-based) of 6,058 tCO2e on page 27; and
– Total selected Scope 3 of 148,048 tCO2e on page 27;
• additional required disclosures of gross GHG emissions on pages 27, 29 and 30; and
• gross GHG emissions methods, assumptions and estimation uncertainty on pages 30 and 40 to 44.
Our assurance engagement does not extend to any other information included, or referred to, in the Climate
Statement on pages 1 to 26, 28 and 30 to 39. We have not performed any procedures with respect to the excluded
information and, therefore, no conclusion is expressed on it. The comparative information for the year ended 30
June 2024 disclosed in the Group’s Climate Statement is not covered by the assurance conclusion expressed in this
report.


2 PwC Independent assurance report
Key matters to the GHG assurance engagement
In this section we present those matters that, in our professional judgement, were most significant in undertaking
the assurance engagement over the GHG Disclosures. These matters were addressed in the context of our assurance
engagement, and in forming our conclusion. We did not reach a separate assurance conclusion on each individual
key matter.
Description of the key matter How our assurance engagement addressed the key
matter
Key judgements, estimates and assumptions
within Scope 3, Category 4: Upstream
transportation and distribution
Emissions from Scope 3, Category 4: Upstream
transportation and distribution account for
approximately 68% of the total selected Scope 3
emissions. The main sources are road freight and
airfreight, both of which involve key judgements,
estimates and assumptions.
Road freight transported by contract drivers and
third-party providers
As disclosed in Appendix 4 on page 42, where fuel
card data was available, road freight emissions were
based on recorded fuel consumption. Where fuel
card data was not available, the Group applied the
distance-based method, requiring assumptions about
the contractor or third party vehicle type, size, and
age in order to select appropriate emission factors.
Airfreight provided under Aircraft, Crew, Maintenance
and Insurance (ACMI) agreements
As described in footnote 19 on page 29, the Group
accounts for emissions from jet fuel in Scope 3,
Category 4 as it does not have operational control
over Parcelair Limited or the aircraft operated for the
contracted airfreight services. The classification of
these emissions within Scope 3, involved judgements
relating to contractual arrangements, joint venture
structures, and interpretation of GHG Protocol
guidance. These emissions are not significant to the
Total selected Scope 3 emissions, however, had
operational control been established, the emissions
would have been classified as Scope 1 and
significant to that Scope.
This is considered a key matter because estimation
of road freight emissions requires significant
management judgement and these estimated
emissions are significant to Scope 3. In addition, the
classification of airfreight emissions involved
significant judgement over interpretation of control.
To evaluate the key judgements, estimates and
assumptions in Scope 3, Category 4, we:
• Enquired of management to understand the
methodology used and the basis for the key
judgements made.
• Assessed alignment of the Group’s approach with
the GHG Protocol.
• Considered the appropriateness of related
disclosures for methods, assumptions and
estimation uncertainty relevant to these emissions
sources on pages 29, 42 and 43.
For emissions from road freight, we also:
• Tested, on a limited sample basis, the fuel type, the
kilometres travelled and the emission factors used
against underlying records.
• Independently developed our own emissions
estimate, where the distance-based method was
used, by exercising judgement over the appropriate
emission factor based on vehicle type, size and
age. We then compared this to management’s
estimate, which was calculated using a default
factor, to evaluate the accuracy of the Group’s
methodology.
For emissions from airfreight, we also:
• Inspected ACMI agreements and any other
relevant agreements.
• Enquired of management to understand their
assessment of the Group’s level of control over
Parcelair Limited and other operators.
• Reviewed the Group’s position paper on the
classification of jet fuel emissions.


33Freightways Climate Statement 2025
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3 PwC Independent assurance report
Directors’ responsibilities
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation
of the GHG Disclosures in accordance with NZ CSs. This responsibility includes the design, implementation and
maintenance of internal controls relevant to the preparation of GHG Disclosures that are free from material
misstatement whether due to fraud or error.
Inherent Uncertainty in preparing GHG Disclosures
As discussed on page 40 of the Climate Statement, the 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.
Our independence and quality management
This assurance engagement was undertaken in accordance with New Zealand Standard on Assurance Engagements
1 Assurance Engagements over Greenhouse Gas Emissions Disclosures, issued by the External Reporting Board
(XRB) (NZ SAE 1). 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:
• Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners (including
International Independence Standards) (New Zealand);
• Professional and Ethical Standard 3: Quality Management for Firms that Perform Audits or Reviews of
Financial Statements, or Other Assurance or Related Services Engagements; and
• Professional and Ethical Standard 4: Engagement Quality Reviews.
In our capacity as auditor and assurance practitioner, our firm also provides audit and review services. Subsequent
to the year ended 30 June 2025, our firm has also been engaged to carry out an assignment in the area of executive
long-term incentives market practice benchmarking. In addition, certain partners and employees of our firm may
deal with the Group on normal terms within the ordinary course of trading activities of the business. The firm has
no other relationship with, or interests in, the Group.
Assurance practitioner’s responsibilities
Our responsibility is to express a conclusion on the GHG Disclosures based on the procedures we have performed
and the evidence we have obtained. NZ SAE 1 requires us to plan and perform the engagement to obtain the
intended level of assurance about whether anything has come to our attention that causes us to believe that the
GHG Disclosures are not fairly presented and are not prepared, in all material respects, in accordance with NZ CSs,
whether due to fraud or error, and to report our conclusion to the Directors of the Company.
As we are engaged to form an independent conclusion on the GHG Disclosures prepared by management, we are
not permitted to be involved in the preparation of the GHG information as doing so may compromise our
independence.
Summary of work performed
Our limited assurance engagement was performed in accordance with NZ SAE 1, and ISAE (NZ) 3410 Assurance
Engagements on Greenhouse Gas Statements. This involves assessing the suitability in the circumstances of the
Group’s use of NZ CSs as the basis for the preparation of the GHG Disclosures, assessing the risks of material
misstatement of the GHG Disclosures whether due to fraud or error, responding to the assessed risks as necessary
in the circumstances, and evaluating the overall presentation of the GHG Disclosures.
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation
to both the risk assessment procedures, including an understanding of internal control, and the procedures
performed in response to the assessed risks.

4 PwC Independent assurance report
The procedures we performed were based on our professional judgement and included enquiries, observation of
processes performed, inspection of documents, analytical procedures, evaluating the appropriateness of
quantification methods and reporting policies, and agreeing or reconciling with underlying records. In undertaking
our limited assurance engagement on the GHG Disclosures, we:
● Obtained, through enquiries, an understanding of the Group’s control environment, processes and
information systems relevant to the preparation of the GHG Disclosures. We did not evaluate the design of
particular control activities, or obtain evidence about their implementation;
● Evaluated the Group’s organisational and operational boundaries to assess completeness of GHG sources;
● Evaluated whether the Group’s methods for developing estimates are appropriate and had been consistently
applied. Where we considered it to be appropriate, we tested, on a limited sample basis, the data on which the
estimates are based. In some instances, we separately developed our own estimates against which to evaluate
the Group’s estimates;
● Tested a limited number of items to, or from, supporting records, as appropriate;
● Assessed a limited number of emission factor sources and reperformed a limited number of emissions
calculations for mathematical accuracy;
● Performed analytical procedures on particular emission categories by comparing the expected GHGs emitted
to actual GHGs emitted and made enquiries of management to obtain explanations for any significant
differences we identified; and
● Considered the presentation and disclosure of the GHG Disclosures.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited
assurance engagement is substantially lower than the assurance that would have been obtained had we performed a
reasonable assurance engagement and does not enable us to obtain assurance that we would become aware of all
significant matters that we otherwise might identify. Accordingly, we do not express a reasonable assurance
opinion on these GHG Disclosures.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal control structure, it
is possible that fraud, error or non-compliance may occur and not be detected.

Who we report to
This report is made solely to the Company’s Directors, as a body. Our work has been undertaken so that we might
state those matters which we are required to state to them in our assurance report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and
the Company’s Directors, as a body, for our procedures, for this report, or for the conclusions we have formed.
The engagement partner on the engagement resulting in this independent assurance report is Christopher Ussher.
For and on behalf of
PricewaterhouseCoopers Wellington
22 September 2025
34Freightways Climate Statement 2025
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Appendices
Appendix 1: Glossary of Terms
AACMIAircraft, Crew, Maintenance, and Insurance agreement
ARCAudit & Risk Committee
AR5IPCC's Assessment Report 5
CCEOChief Executive Officer
CCCHe Pou a Rangi, the New Zealand Climate Change Commission
CFOChief Financial Officer
Climate Working GroupInternal working group, made up of the CFO, the New Zealand
Group Financial Controller, the Australian Group Financial
Controller, and from March 2025, the Head of Sustainability and
Climate
Controlled BusinessesA subsidiary of Freightways
CREClimate Reporting Entity
DDCCEEWDepartment of Climate Change, Energy, the Environment and
Water (Australia)
DESNZDepartment for Energy Security and Net Zero (United Kingdom)
EETSNew Zealand Emissions Trading Scheme
EYErnst & Young
FFreightwaysFreightways Group Limited and its subsidiaries.
Also referred to as the Group
FYFinancial Year
GGeneral Managers General managers of the Controlled Businesses
GHG Greenhouse gas emissions
GHG Protocol The Greenhouse Gas Protocol: A Corporate Accounting and
Reporting Standard and Greenhouse Gas Protocol: Corporate
Value Chain (Scope 3) Accounting and Reporting Standard
GroupFreightways Group Limited and its subsidiaries. Also referred to
as Freightways
GWPGlobal Warming Potential
IICEInternal combustion engine
IEAInternational Energy Agency
IPCCIntergovernmental Panel on Climate Change
MMFEMinistry for the Environment (New Zealand)
NNGFSNetwork for Greening the Financial System
NIWANational Institute of Water and Atmospheric Research
(New Zealand)
NZ CSAotearoa New Zealand Climate Standards
NZ CS 1The Aotearoa New Zealand Climate Standard 1 – Climate-related
disclosures
NZ CS 2The Aotearoa New Zealand Climate Standard 2 – Adoption of
Aotearoa New Zealand Climate Standards
NZ CS 3The Aotearoa New Zealand Climate Standard 3 – General
Requirements for Climate-related Disclosures
NZDNew Zealand Dollar
NZUNew Zealand Unit (used in the ETS)
PParentFreightways Group Limited
PSC
PwC
People & Safety Committee
PricewaterhouseCoopers
RRCPRepresentative Concentration Pathway
Reporting PeriodThe period 1 July 2024 to 30 June 2025
SSAFSustainable Aviation Fuel
SLTSenior Leadership Team
SSPShared Socioeconomic Pathways
STIShort-term incentive
TTCFDTaskforce for Climate-related Financial Disclosures
tCO
2
eTonnes carbon dioxide equivalent
The Aotearoa CircleA public private partnership, whose purpose is to restore natural
capital in New Zealand
TIMGThe Information Management Group
Transport Sector ScenariosThe Aotearoa Circle Transport Sector Climate Change Scenarios
TPTTransition Plan Taskforce
3PLThird-party logistics
4PLFourth-party logistics
35Freightways Climate Statement 2025
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Appendix 2: Details of
scenario analysis
Freightways has considered the
emissions reduction pathways and
associated assumptions for each of
the three scenarios used in its scenario
analysis process described in the
Strategy section on pages 11 to 15.
These scenarios are based
on internationally recognised
modelling frameworks:
• Orderly: Net Zero 2050 (RCP 1.9,
NGFS Orderly, IEA Net Zero
Emissions)
• Disorderly: Delayed Transition
(RCP 2.6, NGFS Disorderly, IEA
Sustainable Development Scenario);
and
• Hot House World: Current Policies
(RCP 8.5, NGFS Hot House World,
IEA STEPS).
Each scenario reflects a distinct
emissions trajectory and set of
underlying drivers.
The Orderly scenario assumes
immediate and sustained global
emissions reductions, reaching net zero
by 2050 through strong international
policy action, high carbon pricing,
rapid electrification, deployment of
renewables, and early use of negative
emissions technologies such as
bioenergy with carbon capture and
storage (‘BECCS’) and direct air capture.
The Disorderly scenario assumes
limited early action, with emissions
peaking around 2030 followed
by steep reductions driven by
more disruptive policy responses,
accelerated technology deployment,
and land-based sequestration.
The Hot House World scenario reflects a
continuation of existing climate policies,
limited adoption of low-emissions
technologies, and rising or plateauing
emissions through mid-century.
In developing these scenarios,
Freightways has considered the
scope of its operations, including the
emissions it generates. Each scenario
incorporates varying policy and
socioeconomic assumptions, including
levels of international coordination,
regulatory ambition, carbon pricing,
population, and economic growth.
Assumptions relating to carbon
sequestration through afforestation
and nature-based solutions, as well
as the availability and scale-up of
negative emissions technologies, vary
across the scenarios in line with their
respective pathways.
36Freightways Climate Statement 2025
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25
NIWA, Climate Change scenarios for New Zealand, 2024, Climate change scenarios for New Zealand | NIWA
26
NIWA, Aotearoa-New Zealand 1% AEP extreme sea level flooding viewer, 2024, NZ NIWA Sea Level App (arcgis.com)
27
CSIRO and Bureau of Meteorology, Climate Change in Australia Information for Australia’s Natural Resource Management Regions: Technical Report, CSIRO and Bureau of Meteorology, Australia, 2015,
https://www.climatechangeinaustralia.gov.au/en/communication-resources/reports/
28
The World Bank Group, Climate Change Knowledge Portal, Australia, n.d., https://climateknowledgeportal.worldbank.org/country/australia/climate-data-projections
29
IPCC, IPCC Sixth Assessment Report, Chapter 11: Australasia, 2022, https://www.ipcc.ch/report/ar6/wg2/chapter/chapter-11/
30
RCPs are scientifically based projections of plausible future climates for a region based upon the IPCC AR5 assessment, while the SSPs are based upon the AR6, with the value referring to the total solar radiative forcing by 2100.
Freightways have used RCP/SSP2.6; RCP/SSP4.5; RCP6.0, SSP7.0; and RCP/SSP8.5 for a stretch test of possible exposure.
Appendix 3: Route and
premises assessment
This Appendix contains details of and
summarises the findings of the Route
and Premise Exposure Assessment,
referred to in the Risk Management
and Metrics and Targets sections.
The exposure assessment conducted
by EY in FY24 relies on significant
assumptions and uncertainties. It is
expected that this analysis will improve
in accuracy over time, as more granular
climate data becomes available, and
exposure methodologies are refined.
This screening included defining
business activities of Freightways
as the movement of goods in its
network while business assets
were deemed its physical premises
(either leased or owned).
This exercise has been conducted
on New Zealand and Australian
assets and activities at the time
of the assessment. It does not
account for any future growth in the
Freightways’ network or to its assets.
PHYSICAL RISKS EXPOSURE
– EXTREME WEATHER EVENTS
AND SEA LEVEL RISE
Extreme weather events pose a material
threat to Freightways’ current and
future operations, with climate change
increasing the frequency and severity
of these events across its network.
Freightways undertook a screening
to understand the possible number
of its premises and daily long-haul
truck and aircraft movements in New
Zealand and Australia that could be
exposed to significant weather events
(such as heat stress, bushfires, rainfall,
and storms) under different climate
projections and timeframes. The
screening was limited to the routes
travelled by long-haul freight trucks
and aircraft as Freightways see this as
a core component in its delivery chain
and it has flow on effects if disruptions
occur. The exposure screening did not
include Freightways’ city-based delivery
network in New Zealand and Australia.
The exposure screening presents the
inherent risk exposure and therefore
does not account for any mitigation
actions. The timeframes used in the
screening align with the timeframes used
in Freightways’ climate scenario analysis.
For New Zealand, the climate and sea
level rise projection data was sourced
from the National Institute of Water and
Atmospheric Research (‘NIWA’)
25
and the
NZ SeaRise Programme.
26
For Australia,
the climate and sea level rise projection
data was sourced from the CSIRO and
Bureau of Meteorology Australia,
27

World Bank Group,
28
and the IPCC.
29

The projected frequency and severity
of the extreme weather events for New
Zealand and Australia was assessed
as described in Table 9 under different
representative concentration pathways
(‘RCPs’), shared socio-economic
pathways (‘SSPs’) and timeframes.
30

Exposure ratings were based upon the
thresholds defined for New Zealand
in Table 10, and for Australia in Table
11 which were assigned to each
region and then to the routes which
travel through each region and to each
premises. These thresholds were
developed by Freightways and are
key assumptions in this methodology.
They contain significant uncertainty
due to the availability of detailed
research on the impact of these risks
and opportunities at a granular level.
37Freightways Climate Statement 2025
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TABLE 9: PHYSICAL RISK EXPOSURE DRIVERS AND METRICS
TABLE 10: NEW ZEALAND PHYSICAL RISK EXPOSURE RATINGS
AND THRESHOLDS FOR FREIGHTWAYS’ ROUTES
Physical risk driverNew Zealand Event measuredAustralia Event measured
Heat stress / Increased
temperature
Hot days (number of days
where the daily maximum
temperature is above 25°C)
Hot days (number of days
with Heat Index > 35C)
Hot days (number of
Severe Fire Danger days)
Extreme weatherWet days (number of days
with precipitation > 25mm)
Wet days (number of days
with precipitation > 20mm)
Increased frequency and
severity of storms (wind)
Extreme Wind
Intensity Change
Tropical Cyclone Intensity
Sea level riseProjected relative sea level riseProjected sea level rise
Exposure
ratingHot daysWet days
Increased
frequency
and severity
of storms
Projected
relative sea
level rise on
roading network
No /
Minimal
Between 0
and 50 hot
days per year
Between 0 and
15 days per year
where the total
rainfall is greater
than 25mm
Future changes
are likely to be
less than or
comparative
to 2023
Roading network
is either not
projected to be
affected by sea
level rise or only
at minimal parts
of the network
Low /
Moderate
Between 51
and 100 hot
days per year
Between 16 and
30 days per year
where the total
rainfall is greater
than 25mm
Future changes
expected to
increase but less
than 25 percent
Low or partially
localised
projected impact
to the roading
network from
sea level rise
High /
Extreme
Over 101 hot
days per year
31+ days per year
where the total
rainfall is greater
than 25mm
Future changes
expected to be
severe, increased
frequency over
25 percent
Wide-spread
projected impact
to the roading
network from
sea level rise
TABLE 11: AUSTRALIA PHYSICAL RISK EXPOSURE RATINGS AND THRESHOLDS
FOR FREIGHTWAYS’ ROUTES
TABLE 12: SEA LEVEL RISE EXPOSURE AND THRESHOLDS FOR FREIGHTWAYS’
PREMISES
Exposure
ratingHot days
Hot days
(severe
fire danger
days)Wet days
Increased
intensity of wind
and tropical
cyclones
Projected
relative sea
level rise on
roading network
No /
Minimal
Between
0 and 50
hot days
per year
Between
0 and 10
fire danger
days per
year
Between
0 and 15
days per
year where
the total
rainfall is
greater
than 20mm
Future changes
are likely to
decrease or
be minimal
Roading network
is either not
projected to be
affected by sea
level rise or only
at minimal parts
of the network
Low /
Moderate
Between
51 and
100 hot
days per
year
Between
11 and 20
fire danger
days per
year
Between
16 and 30
days per
year where
the total
rainfall is
greater
than 20mm
Future changes
expected to
increase
Low or partially
localised
projected impact
to the roading
network from
sea level rise
High /
Extreme
Over 101
hot days
per year
Over 21
fire danger
days per
year
31+ days
per year
where
the total
rainfall is
greater
than 20mm
Future changes
expected to
be severe
Wide-spread
projected impact
to the roading
network from
sea level rise
A binary exposure threshold described in Table 12 was applied to the sea level rise
exposure screening of Freightways’ premises in both New Zealand and Australia.
Exposure RatingExposure threshold description
No / Minimal ExposureNo area of the premises is exposed to sea level rise
ExposedThe premises is either partially or fully exposed to sea level rise
38Freightways Climate Statement 2025
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ROUTE EXPOSURE RESULTS
New Zealand
Under the worst-case climate scenario projections (RCP 8.5), the assessment
suggested that 2 percent of routes will have a low to moderate exposure to high
daily temperatures in the short-term, increasing to 27 percent in 2050. None
of Freightways’ routes are likely to be exposed to a high to extreme level of hot
days during these time periods. Areas of concern for heat stress in the New
Zealand network may include Whangarei, Auckland, Tauranga, and Napier.
The New Zealand network may also be exposed to low levels of extreme
rainfall events in the short- and medium-term with 5 percent of routes
exposed to moderate or high levels of daily rainfall under the most
extreme climate warming projections in 2050. This higher level of risk
exposure is predominantly occurring in the Westport network.
Relative sea-level rise does pose a risk on Freightways’ use of the extensive
roading network in New Zealand. The assessment suggested that in 2050, 18
percent of current routes could be exposed to a high to extreme level of disruption
caused by relative sea-level rise under all possible climate scenarios considered.
Severe storms may become more frequent across most of the network in the
medium-term under the worst-case climate projections, with 69 percent of
routes likely to expect a low to moderate increase in the severity of storms
and the remaining 31 percent of routes facing a high to extreme increase.
Australia
The Australian roading network results suggest that hot days and extreme
rainfall events pose a minimal risk to all Freightways’ routes. In 2030 and
under a worst-case projection, 6 percent could experience conditions that
pose a moderate exposure to wildfires, with all other routes having minimal
exposure. The assessment also suggested that 21 percent of the road
network could be exposed to a moderate level and 9 percent to a higher level
of impact due to rising sea levels under a RCP8.5 projection in 2050.
PREMISES EXPOSURE RESULTS
New Zealand
The exposure assessment suggested that in 2050 and under the worst-case
climate projections:
• none of Freightways’ New Zealand premises are likely to be exposed to a
high-extreme level of high daily temperatures.
• 1 percent of Freightways’ New Zealand premises could be exposed to a high-
extreme level of extreme daily rainfall events.
• 45 percent of Freightways’ New Zealand premises could be exposed to a high-
extreme level of increase in the severity of storm events.
The assessment suggested that 6 percent of Freightways’ New Zealand premises are
likely to be exposed to sea level rise over the short- and medium-term and under all
climate projections.
Australia
Freightways’ Australian premises will likely experience minimal exposure
to hot days and extreme daily rainfall events in 2050 under the worst-case
climate projection. All premises are situated in regions of Australia where fire
danger poses a minimal risk (in 2030, under a RCP8.5 projection). Sea-level
rise does not pose a significant risk to Freightways’ premises in Australia,
with the assessment noting that under the worst-case climate projections
for sea level rise, none of Freightways’ depots are exposed in 2050.
39Freightways Climate Statement 2025
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Appendix 4: GHG emissions, methodology, uncertainties and assumptions
GHG emissions accounting is inherently uncertain because of incomplete scientific knowledge used to determine emission factors and the values needed to combine
emissions of different gases.
MFE (2025): Ministry for the Environment (New Zealand).
2025. Measuring emissions: A guide for organisations:
2025 detailed guide. (GWP100, IPCC AR5)
DCCEEW (2024): Department of Climate Change, Energy, the
Environment and Water (Australia). 2024. Australian National
Greenhouse Accounts Factors. (GWP100, IPCC AR5)
DESNZ (2025): United Kingdom Department for Energy Security
and Net Zero 2025 Government Greenhouse Gas Conversion
Factors for Company Reporting (GWP 100, IPCC AR5)
DESNZ (2023): United Kingdom Department for Energy Security
and Net Zero 2023 Government Greenhouse Gas Conversion
Factors for Company Reporting (GWP 100, IPCC AR5)
DESNZ (2021): United Kingdom Department for Energy Security
and Net Zero 2021 Government Greenhouse Gas Conversion
Factors for Company Reporting (GWP100, IPCC AR4)
thinkstep-anz (2024): Emission Factors for New Zealand:
Greenhouse Gas Emission Intensities for Commodities
and Industries. v1.1. (GWP100, IPCC AR4)
Climalife (2024): R-452A & R-449a product information.
(GWP100, IPCC AR5)
AR5: Intergovernmental Panel on Climate Change (IPCC)
‘Climate Change 2013: The Physical Science Basis’
AR4: IPCC ‘Climate Change 2007: The Physical Science Basis’
SCOPE 1
CATEGORYEMISSIONS SOURCE / ACTIVITY DATA SOURCE
CALCULATION METHODOLOGY, ASSUMPTIONS,
UNCERTAINTY (QUALITATIVE) EMISSION FACTOR AND GWP
Mobile combustion Fossil fuel used in Group
owned and leased vehicles
Supplier data Fuel-based method. Fuel consumption (litres) per fuel type is sourced
from fuel card data and transaction reports. Low uncertainty.
MFE (2025). AR5.
DCCEEW (2024). AR5.
DESNZ (2023). Emission
factor: AdBlue. AR5.
Fossil fuel used in Group
owned and leased forklifts
Supplier dataFuel-based method. LPG (kgs) and diesel (litres)
consumption is sourced from invoices. Low uncertainty.
MFE (2025). AR5.
DCCEEW (2024). AR5.
Stationary combustion Fossil fuel used in Group
owned and leased boilers,
generators, autoclaves and
other stationary equipment
Supplier dataFuel-based method. Natural gas (kWh, GJ), LPG (litres, kWh, kg), and
Diesel (litre) quantities are sourced from invoices. Low uncertainty.
MFE (2025). AR5.
DCCEEW (2024). AR5.
Fugitive emissionsRefrigerant used in owned and
leased air conditioning units
and temperature-controlled
depots and vehicles
Supplier data
Maintenance
records
Top-up method. Fugitive emissions calculated using refrigerant
top-up quantities (kgs) per refrigerant type sourced from
maintenance contractors, and invoices. Freightways relies on
the refrigerant quantities provided by maintenance contractors
to be complete and to include top-ups performed by sub-
contractors. Refrigerant top-ups are completed on an ad hoc
basis. Freightways does not monitor top-ups. Freightways
has limited visibility over quantities used from on-site stock.
Refrigerant top-ups could be understated. Medium uncertainty.
MFE (2025). AR5.
Climalife (2024) R-452A
& R-449A product
information. AR5.
40Freightways Climate Statement 2025
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SCOPE 2
CATEGORYEMISSIONS SOURCE / ACTIVITY DATA SOURCE
CALCULATION METHODOLOGY, ASSUMPTIONS,
UNCERTAINTY (QUALITATIVE) EMISSION FACTOR AND GWP
Electricity Electricity used in owned and leased
sites – including offices, distribution
centres, branches, and depots
Supplier dataLocation-based method. Electricity consumption (kWh) is
sourced from electricity retailers. Low uncertainty.
MFE (2025). AR5.
DCCEEW (2024). AR5.
SCOPE 3
CATEGORYEMISSIONS SOURCE / ACTIVITY DATA SOURCE
CALCULATION METHODOLOGY, ASSUMPTIONS,
UNCERTAINTY (QUALITATIVE) EMISSION FACTOR AND GWP
Category 1
Purchased goods
and services
Purchased goods and servicesSupplier data
General ledger
Spend-based method. Purchased goods have been measured at
the supplier level. Emissions factors have been applied against
each supplier based on the main good provided. Purchased
services were measured against GL codes and emissions factors
were applied based on the GL code description. Spend-based
emissions factors have been used to measure >99% of the
category. Due to lack of Australian specific emission factors,
New Zealand specific emission factors were applied to goods
and services purchased in Australia. High uncertainty due to the
use of spend-based emissions factors and their allocation.
thinkstep-anz (2024). AR4.
Adjusted for inflation.
Category 2
Capital goods
Purchase of capital goodsFixed asset
registers
Spend-based method. Emission factors are applied to a general
category of spend based on the description in the fixed asset register.
Medium uncertainty due to the use of spend-based emissions factors.
thinkstep-anz (2024). AR4.
Adjusted for inflation.
Category 3
Fuel-and energy-
related activities
Electricity and natural
gas transmission and
distribution losses (T&D)
Supplier data Average-data method. Emissions from T&D losses are estimated
based on Scope 1 and Scope 2 data. Low uncertainty.
MFE (2025). AR5.
DCCEEW (2024). AR5.
Well-to-tank (WTT) lossesSupplier dataAverage-data method. Emissions from WTT (Scope 1) losses
are estimated based on Scope 1 data. Low uncertainty.
Average-data method. Emissions from WTT (Scope 2) losses
are estimated based on Scope 2 data. Medium uncertainty
due to the use of an older emissions factor (2021).
DCCEEW (2024). AR5.
DESNZ (2021): Emission
factor: Electricity supplied
from grid - WTT. AR4.
41Freightways Climate Statement 2025
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SCOPE 3
CATEGORYEMISSIONS SOURCE / ACTIVITY DATA SOURCE
CALCULATION METHODOLOGY, ASSUMPTIONS,
UNCERTAINTY (QUALITATIVE) EMISSION FACTOR AND GWP
Category 4
Upstream transportation
and distribution
Road freight transported
by contractor drivers and
third-party providers
Supplier data
General ledger
Contractor drivers
Contractor fuel emissions are measured using either the fuel-based
method or the distance-based method.
The fuel-based method is used where contractors use a company
provided fuel card. For contractors who do not use a fuel card, but fuel
consumption can be estimated based on the consumption patterns
of similar drivers using fuel cards, then the fuel-based method is also
used. Some fuel consumption reported on company fuel cards may
include personal use and some fuel spend may be unreported (i.e. fuel
purchased without using a company fuel card). Medium uncertainty
due to potential personal use, unreported use and estimation /
modelling applied where fuel card data is not available.
Where Freightways has been unable to track or estimate fuel usage, the
distance-based method has been used (km). Distances were estimated
assuming either direct routes between origin and destination location
or using scanner data for packages processed per run. In some cases,
vehicle type was unknown, and assumptions were applied based on
internal surveys of contractor fleets. Average fleet emissions factors
were applied where exact fleet composition was unknown. Medium
uncertainty due to the estimation and modelling of contractor mileage
(distance-based method) when fuel card data is unavailable.
Third party road freight
Third party road freight emissions are measured using a range
of methods.
The distance-based method is measured using tonne kilometres
(tkm). Where distance data is not provided by the supplier, this is
estimated based on typical routes. Where weight data is not provided,
the distance-based method is measured using kilometres (km), and
it is assumed the full vehicle load is attributable to Freightways. For
linehaul activities in Australia, specific vehicle data is not available,
so an emission factor has been selected based on Freightways’
understanding of the vehicle fleet’s size and age, and supported by a
2018 paper provided by the Truck Industry Council in Australia based
on the age of the Australian truck fleet. Medium uncertainty due to
assumption the entire load is attributable to Freightways (where
weight data is unavailable), and allocation of emissions factors based
on fleet composition assumption.
The spend-based method is used where tkm data is unavailable.
Medium uncertainty due to the use of spend-based emissions factors.
MFE (2025). AR5
DCCEEW (2024). AR5
MFE (2025). AR5.
DCCEEW (2024). AR5.
thinkstep-anz (2024). AR4.
Adjusted for inflation.
42Freightways Climate Statement 2025
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SCOPE 3
CATEGORYEMISSIONS SOURCE / ACTIVITY DATA SOURCE
CALCULATION METHODOLOGY, ASSUMPTIONS,
UNCERTAINTY (QUALITATIVE) EMISSION FACTOR AND GWP
Sea freight services provided
by third parties
Supplier dataEmissions from sea freight, including interisland freight, are
generally measured using the distance-based method. Where
the distance was not known or fixed, the distance was estimated,
assuming direct routes between origin and destination location
and using weight data supplied by sea freight providers. Medium
uncertainty due to the estimation of distance where unknown.
MFE (2025). AR5.
Air freight (under ACMI agreements)
and air freight provided by
third-party providers
Supplier dataAirfreight provided under ACMI agreements
The fuel-based method is used for airfreight provided to
Freightways under ACMI agreements it is party to. Under these
agreements, Freightways has access to 50% of capacity on
set flights. This is measured in litres of jet fuel consumed and
allocated based on the 50% contractual share. Low uncertainty.
Third-party airfreight
The distance-based method is used where supplier specific data
is not provided. The distance-based method is used measured
using tkm. Where the distance was not known or fixed, the distance
was estimated, assuming direct routes between origin and
destination location, then converted to tkm using supplier provided
weight data. Emissions factors include radiative forcing. Medium
uncertainty due to the estimation of distance where unknown.
MFE (2025). AR5.




MFE (2025). AR5.
Category 5
Waste generated
in operations
Landfill waste from New Zealand
and Australia operations
Supplier data In most cases, the average-data method used. Measured in kilograms
(kg), this estimate is based on reported or estimated weights of
waste (unknown composition) sent to landfill from New Zealand
and Australian operations. Where actual weights have not been
provided by the supplier, internal or supplier-based estimates of
average bin weights by size have been used, calculated from the
number of bin lifts completed. New Zealand landfill emissions
factors consider gas capture, while Australian landfill emissions
factors do not. Medium uncertainty due to the use of estimations
and assumptions where weight data has not been provided by the
supplier (calculated based on the number of bin lifts completed).
MFE (2025). AR5.
DCCEEW (2024). AR5.
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SCOPE 3
CATEGORYEMISSIONS SOURCE / ACTIVITY DATA SOURCE
CALCULATION METHODOLOGY, ASSUMPTIONS,
UNCERTAINTY (QUALITATIVE) EMISSION FACTOR AND GWP
Category 6
Business travel
Business travelSupplier dataAir travel
Distance-based method, measured in passenger
kilometres (pkm) and mode of flight. Low uncertainty.
Accommodation
Room nights-stayed method used for hotels
and accommodation. Low uncertainty.
Road travel
Spend-based method is used for taxis and rideshare. Low uncertainty.
The distance-based method is used for rental cars,
measured in kilometres (km). All vehicle classes are
included, with average emission factors applied unless
specific vehicle types were known. Low uncertainty.
The distance-based measure is used for reimbursement of
mileage based on direct reporting of distance travelled or
calculated by converting reimbursement amounts to km using
standard rates. Medium uncertainty due to the use of standard
rates to convert reimbursement value into kilometre data (km).
MFE (2025). AR5.

MFE (2025). AR5.

MFE (2025). AR5.
MFE (2025). AR5.


MFE (2025). AR5.
Category 7
Employee commuting
Employee commuteInternal surveyThe distance-based method is used for employee commute,
measured in km.
Kilometre estimates are derived from an annual employee
survey collating information about typical commuting patterns.
This includes information on frequency, distance, and mode
of transport. Responses are extrapolated to represent the full
employee base. High uncertainty due to the significant use of
modelling and assumptions to measure this emissions source.
MFE (2025). AR5.
Category 13
Downstream
leased assets
Leased ground power units Leased asset
records
Average-data method, based on ground power unit (GPU) product
specifications. Assumes all units operate in the same way and
consume electricity at the average rate. Medium uncertainty due to the
use of modelling and assumptions to measure this emissions source.
MFE (2025). AR5.
Category 15
Investments
InvestmentsSupplier data and
reporting provided
by investment entity
Investment-specific method, based on the Scope 1 and Scope 2
activities of the investment entities. Data collected from entities
through utility invoices and reporting. Medium uncertainty due to
emissions reporting processes amongst investment entities.
MFE (2025). AR5.
DCCEEW (2024). AR5.
44Freightways Climate Statement 2025
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