Annual Shareholders Meeting – including trading update

Annual Shareholders Meeting
30 October 2025
Presented by Mark Cairns [Chairman] and Mark Troughear [Chief Executive Officer]
FRW: NZX | ASX

Mark Cairns
Chairman’s Address
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

Agenda
1.Procedural Matters
2.Chairman’s Review
3.CEO’s Strategy and Trading Update
4.Questions
5.Resolutions
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

Shareholder & Proxy Holders
Q&A Participation
Click Q&A and type your
question here
Help
The Q&A tab can also be used for
immediate help. If you need assistance,
please submit your query in the same
manner as typing a question and a
Computershare representative will
respond directly to you.
Online Questions
If you have a question to submit during
the live meeting, please select the Q&A
tab on the right half of your screen at
anytime. Type your question into the
field and press submit. Your question
will be immediately submitted to the
moderator.
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

Shareholder & Proxy Holders
Voting
Select Vote and choose your
voting direction
Shareholder & Proxy Voting
•Once the voting has been opened,
the resolutions and voting options
will allow voting.
•To vote, simply click on the Vote
tab, and select your voting
direction from the options
shown on the screen.
•Your vote has been cast when the
tick appears.
•To change your vote, select
‘Change Your Vote’.
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

•For yet another year, the economic environment has
been difficult in NZ, with a number of negative GDP
quarters, but better in Australia, where same
customers’ orders have remained resilient
•Despite this, we delivered an almost 7% revenue
increase and 13% profit increase
•Australia contributed significantly to this outcome,
but our NZ operations also continue to leverage their
superior service delivery
•Our balance sheet continues to be strong, and our
gearing is reducing, supporting an 8% increase of
our dividend
FY25 Performance
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FY25 Group Highlights
Revenue Growth
6.6%
to $1.3b
NPAT Growth
12.9%
to $80.1m
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
FY20FY21FY22FY23FY24FY25
Number of times
NZD’000
Capex & Net Debt to EBITDA
Capex (including software)Net debt to EBITDA
(LHS)(RHS)
Leverage Below the Mid-Point of our Target Range
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2025
2.4x
2024
2.7x
post IFRS16
* cps = Cents Per Share - Final dividend of 21cps, fully imputed in NZ, 46% franked in Australia
0
10
20
30
40
50
200520062007200820092010201120122013201420152016201720182019202020212022202320242025
Dividend (cps)
FY24 Dividend
37cps
FY25 Dividend
40cps
FY25 Dividend on the Rise
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Our revenue has increased 8.9% per annum since listing
Freightways Group Revenue Increased More than 5x from FY05 to FY25
0
200
400
600
800
1,000
1,200
1,400
FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
$M
Revenue
Revenue (FY2005 - FY2025)
CAGR: +15.4%
CAGR: +7.0%
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Strategy & Trading
Update
Mark Troughear
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Highlights Q1 FY26
•Thank you to the team across NZ and Australia, we
acknowledge the hard work that delivered the FY25
result
•Pleasing increase in Q1 revenue and NPAT driven by:
–Continued improvement in service which has
enabled further new customer wins
–Focus on efficiency through improving run density
–Pricing generally more than offsetting cost inflation
•The NZ economy is no longer a headwind, although has
yet to spark any material growth; some signs the
Australian economy is slowing although our business
remains buoyant
•Release of Climate Statement, including the Group’s
Transition Plan focus areas
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Our Blueprint:
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Express Package
•Drive profitable market
share gains in both B2B
and B2C
•Expansion of two key
regional hubs (CHC and
PMR)
•Scale Oversize revenue
in NZ and AU
Our Transition Plan Focus Areas
Reducing our emissions
Responding to our
climate-related risks and
opportunities
Contributing to an
economy-wide transition
Temperature Controlled
•Target opportunities that
provide density to
expand the transport
network
•Assess 3PL expansion
opportunities
Information Management
•Improve utilisation of the
network of records
management sites
across NZ and AU
•Target high value
digitisation activity
Waste Renewal
•Optimisation of the
network to improve
margins
•Continue to drive
medical waste growth
and source circular loop
solutions for hard to
recycle waste
Three Horizons of Growth
Key Strategic Initiatives
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Q1 Trading Update
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Q1
Consolidated Performance - Unaudited
Notes
Q1 FY26
$m
Q1 FY25
$m
Change
%
Operating Revenue
347.1319.68.6
EBITDA (non-GAAP)1
67.261.59.3
E B I TA ( n o n-GAAP)2
44.339.611.9
N PAT3
23.419.122.5
Notes:
•Results in this table are after adjustments for NZ IFRS16 (Leases).
•Refer to appendices for reconciliation to results before NZ IFRS16.
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
3.Net profit after tax
•Revenue and earnings growth led by a
strong EP&BM performance
•Revenue growth achieved through market-
share, some modest same-customer
growth and price
•Stronger growth in economy services
through the quarter, premium express and
chilled transport still relatively flat
•Effective cost control with price increases
generally offsetting inflation
•Corporate costs higher as we prepare for
possible air fleet transition and FX
movement on translation of AUD debt
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Notes
Q1 FY26
$m
Q1 FY25
$m
Change
%
Operating Revenue
288.0262.49.8
EBITDA (non-GAAP)1
43.037.813.8
E B I TA ( n o n-GAAP)2
38.333.414.7
EBITA Margin
13.3%12.7%
Notes:
•Results in this table are before adjustments for NZ IFRS16 (Leases).
•Refer to appendices for reconciliation to results after NZ IFRS16.
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
•Strong revenue and earnings growth
•Allied, Post Haste and DX Mail brands with
strong performance – reflecting leading
positions in their respective niches
•Same-customer growth in NZ of 1.8% primarily
in our economy niches
•Effective pricing to recover costs of labour and
operation
•Increase in EP&BM EBITA margins from 12.7%
to 13.3%
•Evolve costs is $1.5m higher compared to prior
comparative period (would have delivered
margin of 13.9% in Q1 FY26 compared to
12.8% in Q1 FY25 without this cost)
Q1
Express Package & Business Mail - Unaudited
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Q1 NZ Network Courier Item Growth
Daily Average
Volume
New Business
Volume
Lost Business
Volume
Same Customer
Volume
% Change Prev. Year to
Curr. Year
As a portion of the Daily
Avg. Volume
As a portion of the Daily
Avg. Volume
As a portion of the Daily
Avg. Volume
4.5%3.1%
(0.4)%
1.8%
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Notes
Q1 FY26
$m
Q1 FY25
$m
Change
%
Operating Revenue
60.558.53.4
EBITDA (non-GAAP)1
10.310.03.0
E B I TA ( n o n-GAAP)2
8.07.82.6
EBITA Margin
13.2%13.3%
Notes:
•Results in this table are before adjustments for NZ IFRS16 (Leases).
•Refer to appendices for reconciliation to results after NZ IFRS16.
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
•Revenue influenced by:
–Medical waste growth of 9%
–Document storage revenues up 4%,
combination of pricing improvement
and listing work.
–Lower digitisation in Q1 for AU, down
4% due to completion of a key project.
Still a large pipeline of opportunities
•Impact of Shred-X optimisation initiatives
expected to be recognised from Q2
•Improved performance for LitSupport
bureau business with revenue up 5%
Q1
Information Management - Unaudited
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•The slow improvement in NZ volume from H2 FY25 has continued
but remains at modest levels
•Any positive economic momentum, along with our efficiency and
pricing initiatives, would assist to expand margins in the year ahead
•Our focus is on demonstrating and continuing to improve our
service quality to attract, and retain, new customers for each of our
niche-facing brands
•There are a range of organic and inorganic opportunities that we will
continue to pursue in FY26
Focus on
restoring
margins
Focus on restoring
margins continues in
FY26.
Disciplined M&A
approach, with
opportunities being
explored.
FY26 Outlook
NZ volumes expected
to benefit as the
economy begins to
grow.
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

If you wish to ask a question, please simply raise your hand.
For those joining online, select the “Q&A” tab on the right half of your
screen at any time.
Type your question into the field and press “Send”.
Your question will be immediately submitted.
Questions
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

1.That David Gibson be re-elected as a director of Freightways.
2.That Grant Devonport be elected as a director of Freightways.
3.That the total quantum of the annual Directors’ fee pool be increased by
$85,000, from an aggregate of $965,000 to an aggregate of $1,050,000,
such aggregate amount to be divided amongst the Directors as they
deem appropriate.
4.That the directors are authorised to fix the Auditors’ remuneration.
Resolutions
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

1. David Gibson
Be re-elected as a Director of Freightways
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2. Grant Devonport
Be elected as a Director of Freightways
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3. Directors’ Fee Pool
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4. Auditors’ Remuneration
That the directors are authorised to fix the Auditors’ remuneration
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Questions?
(or other business)

Ngā mihi nui (thank you)
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Read this presentation with the financial statements: The financial results in this presentation should be read in conjunction with the
financial statements for the full year ended 30 June 2025, which can be found in the Freightways full year results announcement available
on the NZX and ASX platforms.
No offer or investment advice: This presentation is for information purposes only. It is not a product disclosure statement, prospectus or
investment statement. Nothing in it constitutes an invitation to subscribe for shares, securities or financial products in Freightways, or
financial product, legal, financial, investment, tax or any other advice or a recommendation. Any investor should consult their own
professional advisors and conduct their own independent investigation of Freightways and the information contained in this presentation,
including any statements relating to the future performance of Freightways. The information in this presentation is given in good faith and
has been obtained from sources believed to be reliable and accurate at the date of this presentation.
Our non-GAAP information: Certain items of financial information included in this presentation are "non-GAAP" financial measures. These
non-GAAP financial measures do not have a standardised meaning prescribed by New Zealand Accounting Standards and so may not be
comparable to similarly named measures presented by other entities. Freightways believes that these measures provide useful
information in measuring the financial position and performance of the Freightways business. However, undue reliance should not be
placed on non-GAAP financial measures included in this presentation.
Forward looking statements: This presentation may include forward‐looking statements regarding future events and the future financial
performance of Freightways. Such forward‐looking statements are based on current expectations and involve risks and uncertainties.
Freightways cautions investors not to place undue reliance on these forward-looking statements, which reflect Freightways’ views only as
of the date of this presentation. Actual results may be materially different from those stated in any forward‐looking
statements. Freightways gives no warranty or representation as to its future financial performance or any future matter. The information in
this presentation is current at the date of this presentation, unless otherwise stated. Freightways is not under any obligation to update this
presentation after its release, whether as a result of new information, future events or otherwise.
Disclaimer: None of Freightways, its affiliates, or their respective advisers or representatives, give any warranty or representation as to the
accuracy or completeness of the information contained in this presentation, and exclude their liability to the maximum extent permitted by
law.
Disclaimer
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

Appendices
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Group Financial Summary – For the Financial Year Ended 30 June 2025
Notes
FY25
$m
FY24
$m
Change
%
Operating Revenue
1,289.61,209.26.6
EBITA (non-GAAP)1
158.4149.06.3
EBITA margin
12.3%12.3%
NPAT2
80.170.912.9
NPAT margin
6.2%5.9%
Basic Earnings Per Share (cents)
44.739.812.3
Notes:
•Results in this table after adjustments for NZ IFRS16 (Leases)
1.Operating profit before interest, tax and amortisation
2.Net profit after tax
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

Express Package & Business Mail – For the Financial Year Ended 30 June 2025
Notes:
•Results in this table are after NZ IFRS16 (Leases).
FY25
$m
FY24
$m
Change
%
Operating Revenue
1,061.0999.16.2
EBITA (non-GAAP)
143.3128.411.6
EBITA margin
13.5%12.9%
NPAT
86.776.613.2
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Information Management – For the Financial Year Ended 30 June 2025
Notes:
•Results in this table are after NZ IFRS16 (Leases).
FY25
$m
FY24
$m
Change
%
Operating Revenue
233.6214.49.0
EBITA (non-GAAP)
31.332.3(3.1)
EBITA margin
13.4%15.1%
NPAT
17.317.7(2.3)
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

Reconciliation of Post-NZ IFRS16 to Pre-NZ IFRS16 (Unaudited)
Freightways Group
Freightways Group
Q1 FY26
$M
Q1 FY26
$M
Q1 FY26
$M
Q1 FY25
$M
Q1 FY25
$M
Q1 FY25
$M
POST NZ
IFRS16
NZ IFRS16
ADJUSTMENT
PRE NZ IFRS16
(NON-GAAP)
POST NZ
IFRS16
NZ IFRS16
ADJUSTMENT
PRE NZ IFRS16
(NON-GAAP)
Operating Revenue347.1-347.1319.6-319.6
EBITDA (non-GAAP)67.2 (19.1)48.1 61.5 (17.9)43.6
E B I TA ( n o n-GAAP)44.3(3.5)40.839.6 (3.0)36.6
NPATA (non-GAAP)26.40.627.022.20.8 23.0
NPAT (GAAP)
23.4 0.624.019.10.8 19.9
Notes:
•EBITDA, EBITA and NPATA are non-GAAP measures
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

Express Package & Business Mail
Q1 FY26
$m
Q1 FY25
$m
Change
%
Operating Revenue288.0262.49.8
EBITDA (before NZ IFRS16)43.037.813.8
Add: NZ IFRS16 adjustment13.312.56.4
EBITDA (after NZ IFRS16)56.350.311.9
EBITA (before NZ IFRS16)38.333.414.7
Add: NZ IFRS16 adjustment2.41.833.3
EBITA (after NZ IFRS16)40.735.215.6
Notes:
•EBITDA and EBITA are non-GAAP measures
Reconciliation of Pre-NZ IFRS16 to Post-NZ IFRS16 (Unaudited)
Express Package & Business Mail
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Information Management
Q1 FY26
$m
Q1 FY25
$m
Change
%
Operating Revenue60.558.53.4
EBITDA (before NZ IFRS16)10.310.03.0
Add: NZ IFRS16 adjustment5.85.39.4
EBITDA (after NZ IFRS16)16.115.35.2
EBITA (before NZ IFRS16)8.07.82.6
Add: NZ IFRS16 adjustment1.11.1-
EBITA (after NZ IFRS16)9.18.92.2
Notes:
•EBITDA and EBITA are non-GAAP measures
Reconciliation of Pre-NZ IFRS16 to Post-NZ IFRS16 (Unaudited)
Information Management
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ANNUAL SHAREHOLDERS MEETING 2025 | FREIGHTWAYS

---

ANNUAL SHAREHOLDERS MEETING


A. CHAIRMAN’S INTRODUCTION

Slide 1. Freightways - 30 October 2025, Annual Shareholders Meeting

Slide 2. Mark Cairns, Chairman

Nau mai, haere mai. Tena tatou katoa.
Good morning Ladies and Gentlemen. I’m Mark Cairns, Freightways Chair
and it’s my pleasure to welcome you to our 2025 Annual Shareholders
Meeting. It’s great to see you again and welcome also to those people
joining us online this morning.

On the stage, are my fellow directors; Peter Kean, Abby Foote, David Gibson,
Fiona Oliver and Grant Devonport. David is standing for re-election and
Grant is standing for election, following his appointment by the Board in
November last year. They will both address the meeting later today prior to
the vote.

We will shortly hear from our Chief Executive, Mark Troughear. Also on the
stage, we have our Chief Financial Officer, Stephan Deschamps and our
General Counsel and Company Secretary, Nicola Silke. Other members of
our Executive are also present in the room today and happy to chat with you
over morning tea, after the conclusion of the formal business.

Also here today are the Company’s Auditors, PricewaterhouseCoopers and
the Company’s external legal advisors, Mayne Wetherell.

We have a quorum of shareholders, so I declare the meeting open.

Firstly a few housekeeping matters:
The bathrooms are located on the first-floor atrium. In the event of an
emergency, please evacuate immediately through the fire exit doors and
gather at the assembly point in the carpark behind this building. Could I
request that you switch your mobile phones off, or onto silent please?
Lastly, we will be making an audio recording of the meeting which will be
made available on the Freightways website.

Slide 3. Agenda

I will now run through the structure of the meeting:
I will begin with procedural matters and then summarise some of the
Company’s highlights over the last Financial Year. I will then ask our Chief
Executive Mark Troughear, to give an overview of the Company, update on
strategy and current trading performance, and provide commentary on our
outlook for the remainder of the financial year.

Following Mark’s presentation and any questions relating to the
management of the company, I will then introduce the formal resolutions
as outlined in the Notice of Meeting.

The Financial Statements for the year ended 30 June 2025 are set out in the
Company’s Annual Report, released to shareholders in August. The
Company also released its Climate-Related Disclosures last month.

Slide 4. How to ask questions

Today’s meeting is being held both in-person and online through
Computershare’s online meeting platform.

For those of you attending the meeting virtually, if you would like to submit
a question, the Q&A is always open so please feel free to submit questions
throughout the meeting, these will be addressed at the relevant time.

Questions will be moderated by Nicola Silke, our Company Secretary. If we
receive multiple questions on one topic, these will be amalgamated
together. Any questions not answered in time will receive an email response
after the meeting.

Voting today will be conducted by way of a poll on all items of business. I
now declare the voting open for all resolutions.

If you do not have a voting paper, please indicate now by raising your hand
and a member of Computershare’s team will assist you. Voting papers will
be collected at the end of the resolution and voting section of the meeting
by the Computershare team who will act as scrutineers and the results will
be posted to the NZX and ASX later this afternoon. When asking a question
in the room, please use the microphone and introduce yourself by name and
confirm whether you are a shareholder or proxy.

Slide 5. How to Vote

For those online, if you are eligible to vote at this meeting, you will be able
to cast your vote under the Vote tab. As voting is now open, the resolutions
will allow votes to be submitted. You can change your vote, up until the time
I declare voting closed.

Before I turn to the Group’s financial and strategic performance, I want to
pause and acknowledge the tragic loss of one of our Shred-X team members
in Victoria, Australia, in December 2024. On behalf of the Board, I extend
our deepest sympathies to their family, friends, and colleagues. Any loss of
life in the workplace is deeply distressing, and it reminds us that safety must
remain at the heart of everything we do. We are determined to learn from
this tragedy and to strengthen our commitment to ensuring that every
person who comes to work within the Freightways Group returns home
safely to their loved ones at the end of each day.

I will now speak briefly to some of the highlights of our 2025 financial year.

Slide 6.
FY25 Performance

The macro-economic environment has remained difficult for a third
consecutive year. Despite these headwinds, the Company achieved another
year of Revenue and Earnings growth.

Allied Express in Australia again performed strongly, where the economy
has proved more resilient than in New Zealand. Our New Zealand businesses

also continued to increase market share from competitors, backed by a
superior service proposition. Cost pressures on our businesses abated
somewhat, allowing us to recover margins across most of our Express
Package businesses.

Slide 7. General highlights – Financials FY2025
Despite the economic headwinds in New Zealand, we achieved a 7% growth
in revenue to $1.3 billion and an impressive 13% growth in Net Profit to
$80.1 million.

Slides 8. Gearing FY25
With our interest expense reducing, strong cash flow generation has
allowed us to pay down debt, bringing gearing to the bottom half of our
target range.

Slides 9. Dividend FY25
With a stronger balance sheet, and perhaps some positive thinking that
the New Zealand economy was starting to turn the corner, the Board
resolved to increase the dividend by 3 cents or 8%, to 40 cents per share,
remaining within our normal dividend policy settings.

This slide shows the dividend trajectory over the last 20 years. With
exceptions during the Global Financial Crisis and Covid, Freightways has
endeavoured to maintain or increase the dividend every year, as we know
how important this is to many of our shareholders.

Slides 10. Revenue history
To conclude, I thought it would be useful to illustrate Freightways’
impressive growth story over the last 20 years, with revenue increasing
five-fold, and growth accelerating since 2021, reflecting the successful
integration of business acquisitions in both New Zealand and Australia.

Over the past several years, Freightways has delivered an Upper Quartile
Total Shareholder Return, supported by a reliable dividend stream and
steady share price appreciation. This reflects the consistent earnings
growth and disciplined capital management, outperforming many peers in
the transport and logistics sector.

In the 2025 Financial Year, Freightways’ Total Shareholder Return was an
impressive 49.7% (assuming that Dividends were reinvested). This ranks
Freightways in the Upper Decile of the NZX50 Index constituents,
demonstrating the Company’s sustained ability to create shareholder
value, whilst navigating challenging periods of economic volatility.

In closing, I would like to thank; my fellow Directors, our Chief Executive
Mark Troughear and his Management Team, who have continued to lead
our team of 6100 employees and contractors, with an unwavering focus on
“Moving you to a Better Place”.

But particularly, I would like to thank you, our shareholders for your belief
and support of our Company.

I will now hand over to our Chief Executive, Mark Troughear.

Nga mihi nui.

Slide 11. Freightways – Mark Troughear, Chief Executive Officer

B. CHIEF EXECUTIVE OFFICER’S REVIEW AND TRADING UPDATE

Thank you Mark.

Welcome to those shareholders joining us for our 2025 ASM.
Also welcome those from the FRW team in the room, I would like to express
my thanks to you and your teams for the outstanding work you have done
over the past year.
I’ll talk to a brief summary of;
- FRW Strategy including our high level ESG goals,
- Provide a trading update for Q1, and
- Close with some comments on the outlook for the year ahead

Slide 12. Highlights Q1 FY26

- Thank you to the team across NZ and Australia, we acknowledge the
hard work that delivered the FY25 result

- Pleasing increase in Q1 revenue and NPAT driven by:
o Continued improvement in service which has enabled further
new customer wins
o Focus on efficiency through improving run density
o Pricing generally more than offsetting cost inflation

- The NZ economy is no longer a headwind, although has yet to spark
any material growth; some signs the Australian economy is slowing
although our business remains buoyant

- Release of Climate Statement, including the Group’s Transition Plan
focus areas


Slide 13. Our Blueprint
- Vision: We move you to a better place
- Principles: Take ownership, think commercially, work as a family.
- Capabilities: Strive for efficiency, Deliver reliably, Love our
customers, Act like an entrepreneur,
- Activities: Express Package and Business Mail, Temperature
Controlled, Information Management, and Waste Renewal.

Slide 14. Key Strategic Initiatives

Express Package
1. Drive profitable market share gains in both B2B and B2C
2. Expansion of 2 key regional hubs (CHC and PMR)
3. Scale Oversize revenue in NZ and AU

Temperature Controlled
1. Target opportunities that provide density to expand the transport
network
2. Assess 3PL expansion opportunities

Information Management
1. Improve utilisation of the network of records management sites
across NZ and AU
2. Target high value digitisation activity

Waste Renewal
1. Optimisation of the network to improve margins
2. Continue to drive medical waste growth and source circular loop
solutions for hard to recycle waste

Our Transition Plan Focus area:

- Pillar 1: Reducing our emissions
- Pillar 2: Responding to our climate – related risks and opportunities
- Pillar 3: Contributing to an economy-wide transition

Slide 15. Q1 Trading Update Cover

Slide 16. Consolidated Trading Performance - Q1 Unaudited and
includes lease accounting

- Revenue and earnings growth led by a strong EP&BM performance
- Revenue growth achieved through market-share, some modest same
customer growth and price
- Stronger growth in economy services through the quarter, premium
express and chilled transport still relatively flat
- Effective cost control with price increases generally offsetting inflation
- Corporate costs higher on accrual for air fleet transition and FX
movement on translation of AUD debt

Slide 17. Q1 Express Package & Business Mail Unaudited and excludes
lease accounting

- Strong revenue and earnings growth
- Allied, Post Haste and DX Mail brands with strong performance –
reflecting leading positions in their respective niches
- Same-customer growth in NZ of 1.8% primarily in our economy niches
- Effective pricing to recover costs of labour and operation
- Increase in EP&BM EBITA margins from 12.7% to 13.3%
- Evolve costs is $1.5m higher compared to prior comparative period
(would have delivered margin of 13.9% in Q1 FY26 compared to 12.8%
in Q1 FY25 without this cost)

Slide 18. Q1 NZ Network Courier Item Growth
- Daily Average Volume – (% change previous year to current year) – up
4.5%
- New Business Volume – (as a portion of the daily average volume) –
contributed 3.1%
- Lost Business Volume - (as a portion of the daily average volume) –
reduced growth by (0.4)%
- Same Customer Volume – (as a portion of the daily average volume) –
contributed 1.8%

Slide 19. Q1 Information Management – Unaudited and excludes lease
accounting
- Revenue influenced by:
o Medical waste growth of 9%
o Document storage revenue growth of 4%
o Lower digitisation in Q1 for AU, down 4% due to completion of a
key project. Still a large pipeline of opportunities
- Impact of Shred-X optimisation initiatives expected to be recognised
from Q2
- Improved performance for LitSupport bureau business with revenue
up 5%

Slide 20. FY26 Outlook

- The slow improvement in NZ volume from H2 FY25 has continued but
remains at modest levels
- Any positive economic momentum, along with our efficiency and
pricing initiatives, would assist to expand margins in the year ahead
- Our focus is on demonstrating and continuing to improve our service
quality to attract, and retain, new customers for each of our niche-
facing brands
- There are a range of organic and inorganic opportunities that we will
continue to pursue in FY26

(Back to Mark Cairns)

SLIDE 28. Ngā mihi nui (thank you)

Well, that brings an end to this year’s annual meeting.

I now declare the meeting closed and invite those present to share some
refreshments with the Executive and Board.

Nga mihi nui.

ENDS