Mainfreight Half Year Financial Results 30 September 2025

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

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


Supporters of
MAINFREIGHT – GLOBAL LOGISTICS

MAINFREIGHT LIMITED
12 November 2025

Financial result for the six months ended 30 September 2025 (Unaudited)

Commentary

Mainfreight is pleased to confirm our half-year financial results to 30 September 2025.

Group Result Summary HY26 v HY25
Revenue NZ$2.61 billion up 2.1%
Profit before tax (PBT) NZ$131.72 million down 18.3%
Net profit NZ$93.38 million down 18.5%

• After minimal foreign exchange impacts, Group Revenue is down 1.4%, PBT is
down 19.4% and Net profit is down 19.7%.
• Operating cash flows increased from NZ$191.7 million to NZ$209.6 million.
• An interim dividend of 85 cents per share has been set by the Directors.
• The prior half-year result included NZ$98.8 million revenue and NZ$12.4 million
PBT from project activity now discontinued.

Group Operating Cash Flows

Operating cash flows were NZ$209.6 million, up from NZ$191.7 million in the prior
comparative period. These improvements are a consequence of improved debt
collections.

Net funds (debt) increased to (NZ$68.7 million) from NZ$14 million as at Year End
2025.

- 2 -

Debt facilities total NZ$511 million, of which NZ$339 million remains undrawn.

Net capital expenditure totalled NZ$102.7 million for the half year period to
September 2025. Expenditure on property was NZ$67 million. Capital expenditure is
expected to be $215.4 million in the year to 31 March 2026.

Property Update

Property activity that was completed in the past six months:
New Zealand
• Whanganui Transport cross-dock completed – leased
• Hastings (Hawkes Bay) Transport cross-dock completed – owned
• Daily Freight Auckland Transport cross-dock upgrade completed and opening
December 2025 – owned
• New Plymouth Transport cross-dock extension and office update – owned
Australia
• Townsville Transport cross-dock – leased
Europe
• Romanian Warehouse extension – owned

Property construction continues on the following sites:
New Zealand
• Christchurch Warehousing expected completion May 2026 – leased
Australia
• Brisbane Transport cross-dock expected completion April 2026 – owned
• Melbourne Airfreight Perishables expected completion January 2026 – leased

Lease and property negotiations underway:
New Zealand
• Auckland Warehouse
• Blenheim Transport cross-dock
Australia
• Perth Transport cross-dock

- 3 -
Dividend

The Directors have approved an interim dividend of 85 cents per share, fully imputed at
the 28% company tax rate. With the record date on 12 December 2025, payment will
be made 19 December 2025.

Product Performance (NZ$) HY26 v HY25

Transport Revenue: $1.19 billion up 7.0%
PBT: $58.4 million down 20.6%
Volumes (Tonnage) up 3.6%

Warehousing Revenue: $438.3 million up 6.7%
PBT: $20.7 million down 1.8%
Total square metres 1.116 million
Orders processed down 9%

Air & Ocean Revenue: $980.1 million down 5.0%
PBT: $52.6 million down 20.9%
Sea freight (TEU) up 7%, Airfreight (kgs) up 5%

Ocean Freight Projects

During the past 18 months there has been a significant amount of one-off project activity
– the majority being in Australia Air & Ocean. Revenue and PBT impacts are as
follows.
FY 2025 HY 2026
Revenue NZ$131.2 million NZ$22.7 million
PBT NZ$16.2 million NZ$1.6 million

The cyclical nature of this project business, and the lack of contribution to the balance of
our network activities, prompted a review to not pursue any further large project activity.

- 4 -
Divisional Performance (figures in local currencies)

New Zealand
Revenue NZ$575.6 million up 3.9%
PBT NZ$44.1 million down 7.4%

Trading performance across our New Zealand divisions has improved as the half year
has progressed. Property cost increases for our Transport and Warehousing divisions
contributed to the disappointing profit reduction.

Air & Ocean revenue and gross margin management were satisfactory in a difficult
trading environment, finishing in line with the prior year’s performance.

Trading through October, and now November, has seen further improvement which we
expect to continue into the new year.

Australia
Revenue AU$736.8 million down 2.9%
PBT AU$58.6 million down 3.8%

Excluding the Air & Ocean project contributions from the prior period, our Australian
business continues to perform satisfactorily. Higher than expected labour cost
overheads impacted net margins. Transport continues to improve sales revenue as a
consequence of market share gains. Gross margins remain in line with the year prior.
Warehousing improved both revenue and profitability during the period.

Air & Ocean, net of project influence, continues to improve market share and
profitability.

Trading through October, and into November, continues these current trends. Year-end
expectations remain for further improvements.

- 5 -
Europe
Revenue €307.2 million up 5.4%
PBT €9.3 million down 31.9%

Trading performance is marginally behind the year prior as a consequence of higher
casual labour costs due to new customer implementations across our Warehousing
and Transport divisions. Property disposal in the year prior magnifies the disappointing
PBT performance versus the prior year.

Air & Ocean activity continues to improve with increasing market share gains.

Trading post half year-end has seen small improvements. Poorer than expected
Warehousing utilisation enables additional sales opportunities without the need for any
additional new facilities in the near term.

Asia
Revenue US$60.5 million down 7.5%
PBT US$5.6 million down 5%

Freight revenue reductions come as a result of significantly lower Ocean freight rates,
particularly on the Trans-Pacific trade lanes as a result of USA tariff implementations.
As signalled at our Annual Shareholders Meeting market update, we have closed three
warehousing branches due to poor profitability performance.

Trading post the half year has seen similar results. We do not expect to see Ocean
freight rate improvements for the remainder of the financial year.

The Americas
Revenue US$313.2 million down 9.7%
PBT US($2.3 million) down 128%

A disappointing performance in our USA business, driven by PBT losses in our
Transport and CaroTrans divisions. Transport sales revenues are in line with the
prior year – however gross margin performance was poor as a consequence of higher

- 6 -
Transport costs. Warehousing trading, whilst profitable, was below expectations as
utilisation in two of our eight warehouses declined to unacceptable levels. Canadian
Warehousing sales performance has improved, requiring a threefold increase in square
metre footprint in Toronto.

Air & Ocean performance continued to be satisfactory, despite the tariff impositions.
Gross margins improved, albeit sales revenues declined on the back of low international
Ocean freight rates.

Trading post the half year has seen similar performance across all divisions. We
continue to reiterate the need for patient hard work to find acceptable growth and
profitability in this market.

Outlook

We expect our Australian and New Zealand businesses to continue to see improvement
as we trade into the second half of the financial year. Sales activities in both regions
are increasing market share, and we are seeing improving freight volume increases
from our customers.

Asia will continue to trade at current levels. Improvements will be dependent on the
Ocean freight rate and freight tonnage.

Our European operations have reduced labour costs as new customers are now settled
into our warehouses. This should improve efficiencies and increasing profitability.

In the Americas we have had a number of sales gains across all divisions, which will
improve our performance. As we have already mentioned, we do expect acceptable
returns to take time.

Our network development will continue as our customers encourage us to open more
warehouses – with Christchurch and the planned Auckland sites as examples of this
considered expansion.

- 7 -
Market share gains in Transport require additional cross-docks, and an expanding
geographical presence for our Air & Ocean divisions.

We continue to be well positioned to find improvement after a difficult period of trading.

Mainfreight will release its financial results for the full 2026 financial year on
28 May 2026.

For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email don@mainfreight.com
or
Graeme Illing, Chief Financial Officer, telephone +64 9 259 5522, +64 276 424 473 or
email graeme.illing@mainfreight.com.

---

WE ARE YOUR
INTERNATIONAL SUPPLY
CHAIN PARTNER
Air & Ocean, Warehousing, Transport
2026
HALF YEAR REPORTING
12 November 2025

RESULT SUMMARY
Revenue $ 2.61 billion up 2.1 %
PBT $ 131.7 million down 18.3 %
Net Profit $ 93.4 million down 18.5 %
Bonus accrual of $16 million at 11% of PBT
Operating cash flows improved to $ 209.6 million

DIVIDEND
•Directors have approved an interim dividend of 85 cents per share
•Books close 12 December 2025
•Payment on 19 December 2025

Net Capex $102.7 million - $67 million on property
Full year Capex expected to be $215.4 million
Cash flow improvement to $209.6 million, up from $191.7 million
Net Funds (Debt) increased to ($68.7 million) drawn, an increase
in net debt from $14 million
Total Debt facilities of $511 million, with $339 million undrawn
CAPITAL MANAGEMENT

FUTURE CAPITAL EXPENDITURE UPDATE:
F26-27
NZ$ millionF26
Planned Capital Expenditure$215
▪Property$104
▪Fit-out costs$51
▪Non-property capex$60
NZ$ millionF27
Planned Capital Expenditure$223
▪Property$117
▪Fit-out costs$46
▪Non-property capex$60
Property and Fit-out costs F26-F27
New ZealandNZ$83.2 million
AustraliaAU$152 million
AmericasUS$ 29 million
Europe EU$ 7 million
Asia US$ 2 million
Total in NZ$NZ$318 million
“Cautionary approach to property capex for 2026 and 2027”

OUR INTERNATIONAL NETWORK
Europe
56 branches, 10 countries, 3,059 team members
Asia
37 branches, 11 countries, 503 team members
Australia
72 branches, 2,752 team members
New Zealand
93 branches, 2,914 team members
The Americas
75 branches, 4 countries, 1,756 team members
Team 10,984 – down 146
Branches 333 – down 4 (CaroTrans & Asia Warehouses)
Countries 27 – unchanged
As trading prospects continue to improve, so too does customer
demand to encourage further network expansion
- Geographically
- Warehousing and Transport Facilities

TRADING UPDATE – Revenue and PBT Results
Note: Excluding Revenue and Proft from projects in the prior year would see “normalised” trading
increases of 5.3% in Revenue and -12.5% in PBT
NZ$000REVENUEVAR %PROFIT
BEFORE TAX
VAR %
New ZealandNZ$
575,6413.9%

44,0507.4%

AustraliaAU$736,7752.9%

58,6433.8%

AmericasUS$313,2239.7%

-2,343127.8%

Europe
EU€
307,1845.4%

9,33331.9%

AsiaUS$60,4957.5%

5,6415.0%

TotalNZ$2,605,7032.1%

131,72218.3%


PROJECT REVENUE / PBT IMPACT
One-off project activity – HY 25/26
YTD Sept 2025YTD Sept 2024
RevenueNZ$22.73 millionNZ$98.85 million
PBTNZ$1.57 millionNZ$12.41 million

Revenue
$1.19 billion 7%
PBT
$58.41 million 20.6%
Volume
Tonnes 3.6%
Revenue
$438.33 million 6.7%
PBT
$20.68 million 1.8%
Orders processed 9%
Revenue
$980.12 million 5.0%
PBT
$52.63 million 20.9%
Sea
Freight
TEUs 7%
Air
Freight
kgs 5%
TRANSPORTWAREHOUSING
AIR & OCEAN







TRADING UPDATE: Our 3 Core Products (NZ$)



The effect of poor trading in the USA,
additional property overheads and labour
costs in NZ and Australia
Poorer utilisation in the USA/Europe
versus improving performance in
Australia and NZ
Lower Ocean freight rates impacting
margin returns and the “Project” effect
1.12 million sqm across 60 Warehouses
– decreases in USA and Europe

PROPERTY
New Zealand
•Four Transport cross-docks completed (leased and owned): Whanganui /
New Plymouth / Hastings / Daily Freight Auckland
•Construction continues on 23,000sqm Christchurch Warehouse for
completion May 2026 (food grade compatible) – leased
•Planning for a larger Auckland Warehouse to offset outdated lease sites / new
business
•New cross-dock in Blenheim due to start construction (focus on wine /
beverage capability) – leased
Australia
•Townsville cross-dock completed – leased
•Brisbane cross-dock progressing well – completion April 2026 – owned
•Melbourne Airfreight and perishable site completion Jan 2026 – leased
•Newer and larger Perth Transport cross-dock under negotiation
Europe
•Romanian Warehouse extension completed – owned
Asia/USA
•No immediate projects planned

Hastings Branch

NEW ZEALAND
Transport
•Reasonable volumes with increases from current customer trading
•A number of larger market share gains effective October onwards
•Perishable volumes a feature of these gains to complement
refrigeration transport growth
•Gross margin impacts a consequence of additional road transport
requirements to offset poor rail and ferry services
Warehousing
•Improving performance as utilisation improves pre peak season
•New customer gains pleasing in Auckland and Christchurch
•Consolidation of outdated, high lease costs / small sites, under
negotiation
Air & Ocean
•Result in line with past prior period on similar gross margins
“Expect ongoing second half improvements”

Transport
•Continue to find market share gains with pleasing revenue improvements
•Gross margins in line with prior period
•Higher labour costs beginning to reduce via better efficiency
•Brisbane cross-dock to bring much needed capacity improvement
Warehousing
•Pleasing revenue, utilisation and efficiency improvements
•A number of large sales opportunities under negotiation
Air & Ocean
•Project activities halted
•Normal activity seeing market share gains and margin stability
•Perishable development continuing, with new facilities providing welcome
respite to current cramped capacity
“Expect strong ongoing improvements”
AUSTRALIA

EUROPE
Transport
•Poorer than expected performance, with higher labour costs and
increased road linehaul costs impacting profitability
•ROR performance disappointing
Warehousing
•High casual labour costs incurred due to new, high activity customer
implementations
•Expect improved second half as new customers begin to trade
•Sufficient space available for further increases in customer activity
Air & Ocean
•Pleasing ongoing revenue and margin improvements
•Strong focus on Asia and USA trade lane development
•Enough activity to encourage further network expansion
“Expect small improvements through second half”

ASIA
Air & Ocean
•Lower Ocean freight rates impacting revenue and margins
•Market share activity improving but needs more effort
•Trade tariffs impacting volumes on Trans Pacific eastbound route
•Surprisingly, space constraints Asia to Australia
Warehousing
•Three warehouses closed as a consequence of poor performance
“Expect similar second half performance”

THE AMERICAS
Transport
•Whilst sales activities are in line with prior year, gross margins have
declined due to increased transport costs
•New cross-docks in Texas and Illinois are providing valuable learning
opportunities, albeit at additional cost
Warehousing
•Poor utilisation in two of the eight warehouses have impacted profitability
•As a consequence of tariff issues/uncertainty, new customers in Toronto,
Canada have required warehousing investment
Air & Ocean
•Despite Ocean rate decline, gross margins are on the improve – sales
revenues impacted accordingly
•Result in line with prior year
•A number of new customer gains post half year
•CaroTrans performance disappointing
“Expect similar result trends into year end”

OUTLOOK
•Expect New Zealand and Australia businesses
to all trade better through our second half.
•Asia likely to be similar to the first six months.
•Small improvements in Europe.
•The Americas will take time. We continue to
see good long-term potential and the region
contributes significantly to our international
network.
•Network expansion, both geographically and
domestically, to continue.

WE ARE YOUR
INTERNATIONAL SUPPLY
CHAIN PARTNER
Air & Ocean, Warehousing, Transport
Trading Dates
FY26 – 12 months ended 31 Mar 2026 28 May 2026
Annual Meeting of Shareholders 30 Jul 2026
HY27 – 6 months ended 30 Sept 2026 12 Nov 2026

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of IssuerMainfreight Limited
Reporting Period6 months to 30 September 2025
Previous Reporting Period6 months to 30 September 2024
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$2,605,7032.1%
Total Revenue$2,605,7032.1%
Net Profit/(Loss) from Continuing Operations$93,383-18.5%
Total Net Profit/(Loss)$93,383-18.5%
Interim/Final Dividend
Amount per Quoted Equity Security$0.85000000
Imputed Amount per Quoted Equity Security$0.15000000
Record Date12/12/2025
Dividend Payment Date19/12/2025
Current PeriodPrior Comparable Period
Net tangible assets per Quoted Equity Security
$17.2309$15.7943
A brief explanation of any of the figures above
necessary to enable the figures to be
understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
12/11/2025
Unaudited financial statements accompany this announcement.
Authority for this Announcement
Graeme Illing, Chief Financial Officer
Graeme Illing
+64 9 259 5522
g r aem e.illin g @m ain f r eig h t .co m

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MAINFREIGHT LIMITED
Preliminary Half Year Announcement
For the Six Months ended 30 September 2025
Income Statement
For the Six Months ended 30 September 2025
Six Months EndedSix Months EndedYear ended
30 Sept 202530 Sept 202431 March 2025
Notesunauditedunauditedaudited
$NZ000$NZ000$NZ000
Total Revenue2,605,703 2,552,128 5,236,437
Transport Costs(1,479,625) (1,491,958) (3,029,072)
Labour Expenses(589,726) (542,759) (1,079,574)
Other Expenses(205,910) (176,539) (366,276)
Earnings before Finance Costs, Tax, Depreciation and Amortisation
330,442 340,872 761,515
Depreciation of Right to Use Assets(113,698) (99,091) (221,223)
Finance Costs Relating to Lease Liabilities(23,624) (19,947) (40,105)
Other Depreciation & Amortisation Expenses(56,951) (55,247) (107,639)
Other Finance Costs(4,447) (5,396) (8,970)
Profit before Taxation131,722 161,191 383,578
Income Tax Expense(38,339) (46,634) (109,237)
Net Profit for the Period93,383 114,557 274,341
Earnings per share
Basic and diluted earnings (cents per share)92.74113.76272.44
Net Profit for the Period93,383114,557274,341
Other Comprehensive Income for the Period, Net of Tax
Other comprehensive income to be reclassified to profit/(loss) in
subsequent periods
Exchange Differences on Translation of Foreign Operations29,028 (6,678) 37,010
Income Tax Effect- (90) 95
Net Other Comprehensive income to be reclassified to profit/(loss)
in subsequent periods
29,028 (6,768) 37,105
Other comprehensive income not to be reclassified to profit/(loss) in
subsequent periods
Revaluation of Land including Foreign Exchange Movements5,711 (138) 2,766
Income Tax effect(1,252) - (311)
Defined Benefit Pension Provision(23) 2 (102)
Income Tax effect5 (1) 29
Net Other Comprehensive income not to be reclassified to
profit/(loss) in subsequent periods
4,441 (137) 2,382
Other Comprehensive Income for the Period, Net of Tax33,469 (6,905) 39,487
Total Comprehensive Income for the Period, Net of Tax126,852 107,652 313,828
The accompanying notes form part of these interim financial statements
Preliminary half year report on consolidated results (including the results for the previous corresponding half year).
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
This report has been prepared in a manner which complies with generally accepted accounting practice and fairly
presents the matters to which the report relates and is based on unaudited financial statements.
For the Six Months ended 30 September 2025
Statement of Comprehensive Income

MAINFREIGHT LIMITED
Balance Sheet
As at 30 September 2025
30 Sept 202530 Sept 202431 Mar 202530 Sept 202530 Sept 202431 Mar 2025
unauditedunauditedauditedunauditedunauditedaudited
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Current AssetsCurrent Liabilities
Bank139,384 147,947 179,391 Trade Creditors & Accruals542,551 515,295 513,452
Trade Debtors766,586 721,061 640,760 Employee Entitlements113,045 99,017 105,623
Income Tax Receivable9,026 10,237 4,525 Provision for Taxation4,042 5,092 27,305
Properties Held for Sale- - Lease Liability for Right of Use Assets216,388 193,950 194,022
Other Debtors36,722 59,952 97,404 Asset Finance Loans6,929 7,382 11,198
951,718 939,197 922,080 882,955 820,736 851,600
Non-current Tangible AssetsNon-current Liabilities
Property1,482,741 1,317,557 1,363,275 Bank Term Loan170,892 196,678 124,538
Plant & Equipment345,311 352,411 388,661 Employee Entitlements4,617 9,194 4,860
Right of Use Assets1,120,022 1,066,490 1,104,608 Lease Liability for Right of Use Assets995,557 934,977 987,989
Deferred Tax Liability80,351 91,342 80,000
Asset Finance Loans30,293 32,268 29,242
2,948,074 2,736,458 2,856,544 1,281,710 1,264,459 1,226,629
Total Liabilities2,164,665 2,085,195 2,078,229
Non-current Intangible AssetsShareholders' Equity
Software56,457 58,208 57,537 Share Capital85,820 85,821 85,821
Goodwill240,884 224,456 235,209 Retained Earnings1,550,401 1,468,879 1,544,624
Other Intangible Assets1,299 1,447 1,410 Revaluation Reserve276,140 270,643 271,681
Deferred Tax Asset699 69 671 Foreign Currency Translation Reserve122,420 49,518 93,392
Defined Benefit Pension Reserve(315) (221) (296)
299,339 284,180 294,827 Total Equity2,034,466 1,874,640 1,995,222
Total Assets4,199,131 3,959,835 4,073,451 Total Liabilities & Equity4,199,131 3,959,835 4,073,451
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Statement of Changes in Equity
For the Six Months Ended 30 September 2025
ForeignDefined
AssetCurrencyBenefit
OrdinaryRevaluationTranslationPensionRetainedTotal
SharesReserveReserveReserveEarningsEquity
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2025 (unaudited)
Balance at 1 April 202585,821 271,681 93,392 (296) 1,544,624 1,995,222
Profit for the Period- - - - 93,383 93,383
Other Comprehensive Income- 4,459 29,028 (18) - 33,469
Total Comprehensive Income for the Period- 4,459 29,028 (18) 93,383 126,852
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (3,530) (3,530)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,530 3,530
Balance at 30 September 202585,821 276,140 122,420 (314) 1,550,399 2,034,466
Six Months to 30 September 2024 (unaudited)
Balance at 1 April 202485,821 270,781 56,287 (223) 1,441,930 1,854,596
Profit for the Period- - - - 114,557 114,557
Other Comprehensive Income- (138) (6,769) 2 - (6,905)
Total Comprehensive Income for the Period- (138) (6,769) 2 114,557 107,652
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (3,580) (3,580)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,580 3,580
Balance at 30 September 202485,821 270,643 49,518 (221) 1,468,879 1,874,640
Twelve Months to 31 March 2025 (audited)
Balance at 1 April 202485,821 270,781 56,287 (223) 1,441,930 1,854,596
Profit for the Period- - - - 274,341 274,341
Transfer of Revaluation Reserve for Land Sold(1,555) 1,555 -
Other Comprehensive Income- 2,455 37,105 (73) - 39,487
Total Comprehensive Income for the Period- 900 37,105 (73) 275,896 313,828
Transactions with Owners in their Capacity
as Owners
Dividends Paid- - - - (173,202) (173,202)
Balance at 31 March 202585,821 271,681 93,392 (296) 1,544,624 1,995,222
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Cash Flow Statement
For the Six Months ended 30 September 2025
Six Months EndedSix Months EndedYear ended
30 Sept 202530 Sept 202431 March 2025
unauditedunauditedaudited
$NZ000$NZ000$NZ000
Cash Flows from Operating Activities
Receipts from Customers2,971,473 2,860,284 5,233,626
Interest Received- - 5,459
Payments to Suppliers and Team Members(2,666,597) (2,585,447) (4,495,386)
Finance Charge on NZ IFRS 16 Leases(23,624) (19,947) (40,105)
Interest Paid(4,447) (5,395) (14,429)
Income Taxes Paid(67,217) (57,721) (104,760)
Net Cash Flows from Operating Activities209,588 191,774 584,405
Cash Flows from Investing Activities
Proceeds from Sale of Property, Plant & Equipment3,158 13,830 25,719
Proceeds from Sale of Software- 23 636
Purchase of Property, Plant & Equipment(95,974) (123,721) (231,869)
Purchase of Software(9,904) (11,427) (21,797)
Purchase of Licences- - -
Purchase of Investments- - (158)
Net Cash Flows from Investing Activities(102,720) (121,295) (227,469)
Cash Flows from Financing Activities
Proceeds of Long Term Loans68,164 101,873 143,434
Dividend Paid to Shareholders(87,608) (87,608) (173,202)
Repayment of Loans(31,299) (56,752) (176,374)
Lease Payments NZ IFRS 16 (99,308) (91,446) (193,990)
Net Cash Flows from Financing Activities(150,051) (133,933) (400,132)
Net Increase / (Decrease) in Cash and Cash Equivalents(43,183) (63,454) (43,196)
Net Foreign Exchange Differences3,176 (2,163) 9,024
Cash and Cash Equivalents at Beginning of Period179,391 213,563 213,563
Cash and Cash Equivalents at End of Period139,384 147,946 179,391
Comprised:
Bank and Short Term Deposits139,384 147,946 179,391
Bank Overdraft- - -
139,384 147,946 179,391
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months ended 30 September 2025
1Corporate Information
The preliminary half year report announcement of Mainfreight Limited ("the parent") and its subsidiaries ("the Group")
for the six months ended 30 September 2025 was authorised for issue in accordance with a resolution of the Directors.
Mainfreight Limited is a company limited by shares incorporated in New Zealand whose shares are publicly
traded on the NZX Main Board (New Zealand Stock Exchange).
2Accounting Policies
Accounting policies remain consistent with the prior year ended 31 March 2025 financial statements.
3Required NZX DisclosuresParent
Six Months EndedSix Months EndedYear ended
30 Sept 202530 Sept 202431 March 2025
unauditedunauditedaudited
SharesSharesShares
Movements in Ordinary Shares on Issue
Closing balance100,698,548 100,698,548 100,698,548
Average balance during the period100,698,548 100,698,548 100,698,548
$NZ000$NZ000$NZ000
Net Tangible Assets
Net Tangible Assets1,735,127 1,590,460 1,700,395
Net Tangible Assets per Security (cps)1,723.09 1,579.43 1,688.60
Dividends Paid and Proposed
Recognised Amounts
Declared and Paid during the Period to Parent Shareholders
Final Fully Imputed Dividend for 2025: 87.0 cents (2024: 87.0 cents)87,608 87,608
Unrecognised Amounts
Interim Fully Imputed Dividend for 2026: 85.0 cents (2025: 85.0 cents)85,594 85,594
After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 11 November 2025
These amounts have not been recognised as a liability as at 30 September 2025 but will be brought to account in the full
year to 31 March 2026.

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2025
4Segmental Reporting
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose
operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available.
The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries
(i.e. moving freight between countries).
New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform both
domestic and air and ocean services.
The segmental results from operations are disclosed below.
Geographical Segments
The following table represents revenue, margin and certain asset information regarding geographical segments for the six months ended
30 September 2025 and 30 September 2024.
TheInter-
New ZealandAustraliaAmericasAsiaEuropeSegmentTotal
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2025 (unaudited)
Operating Revenue
- Sales to Customers outside the Group575,641 804,164 528,022 101,981 595,895 - 2,605,703
- Intersegment Sales12,072 23,375 37,338 72,068 38,170 (183,023) -
Total Revenue587,713 827,539 565,360 174,049 634,065 (183,023) 2,605,703
PBT & Abnormal Items44,050 64,007 (3,949) 9,509 18,105 - 131,722
Net Interest Expense9,239 9,203 6,412 221 2,996 - 28,071
Depreciation & Amortisation43,748 44,590 38,186 3,880 40,245 - 170,649
Capital Expenditure54,583 21,058 8,290 4,289 14,500 - 102,720
Trade Receivables122,802 267,884 163,515 44,098 228,572 (60,285) 766,586
Non-current Assets1,203,206 937,951 531,912 27,990 546,354 - 3,247,413
Total Assets1,317,156 1,223,083 762,381 125,446 831,350 (60,285) 4,199,131
Total Liabilities571,413 593,230 503,056 68,872 488,379 (60,285) 2,164,665
Six Months to 30 September 2024 (unaudited)
Operating Revenue
- Sales to Customers outside the Group554,060 829,271 549,446 103,672 515,679 - 2,552,128
- Intersegment Sales10,570 21,924 56,438 77,634 32,589 (199,155) -
Total Revenue564,630 851,195 605,884 181,306 548,268 (199,155) 2,552,128
PBT & Abnormal Items47,548 66,635 13,363 9,406 24,239 - 161,191
Net Interest Expense8,317 10,260 3,490 65 3,211 - 25,343
Depreciation & Amortisation40,393 42,399 30,922 3,422 37,202 - 154,338
Capital Expenditure64,089 40,096 17,236 210 (336) - 121,295
Trade Receivables125,895 240,851 174,528 47,248 188,305 (55,766) 721,061
Non-current Assets1,103,146 942,441 455,354 23,266 496,431 - 3,020,638
Total Assets1,216,062 1,227,196 686,386 138,214 747,743 (55,766) 3,959,835
Total Liabilities557,568 622,721 439,742 69,119 451,811 (55,766) 2,085,195

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2025
4Segmental Reporting - continued
The
New ZealandAustraliaAmericasAsiaEuropeTotal
$NZ000$AU000$US000$US000€EU000$NZ000
Revenue Local Currency
Six Months to 30 September 2025575,641 736,775 313,223 60,495 307,184 2,605,703
Six Months to 30 September 2024554,059 758,866 346,700 65,417 291,462 2,552,128
Growth3.9%-2.9%-9.7%-7.5%5.4%2.1%
Excluding FX Impact-1.4%
PBT Local Currency
Six Months to 30 September 202544,050 58,643 (2,343) 5,641 9,333 131,722
Six Months to 30 September 202447,548 60,978 8,432 5,935 13,700 161,191
Growth-7.4%-3.8%-127.8%-5.0%-31.9%-18.3%
Excluding FX Impact-19.4%
PBT to Revenue Margin
Six Months to 30 September 20257.7%8.0%-0.7%9.3%3.0%5.1%
Six Months to 30 September 20248.6%8.0%2.4%9.1%4.7%6.3%
Division Segments
The following table represents revenue and PBT in respect of the three main types of services for the six months ended
30 September 2025 and 30 September 2024.
Domestic
TransportWarehousingAir & OceanTotal
$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2025 (unaudited)
Revenue 1,187,252 438,333 980,118 2,605,703
PBT & Abnormal Items58,411 20,681 52,630 131,722
Six Months to 30 September 2024 (unaudited)
Revenue 1,109,675 410,668 1,031,785 2,552,128
PBT & Abnormal Items73,588 21,062 66,541 161,191
30 Sep 202530 Sep 2024
unauditedunaudited
$NZ000$NZ000
Reconciliation between non-GAAP and the Income Statement
Profit before Taxation for the Year131,722 161,191
Finance Costs Relating to Lease Liabilities23,624 19,947
Other Finance Costs4,447 5,396
EBITA159,793 186,534
Depreciation of Right of Use Assets113,698 99,091
Other Depreciation and Amortisation Expenses56,951 55,247
EBITDA (Adjusted)330,442 340,872
EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, and royalties (segment only; not Group).
There are no customers in any segment that comprise more than 10% of that segment's revenue.
Bank term loan is allocated based on segment net assets excluding bank term loan.
The geographical segments are determined based on the location of the Group's assets.

---

Distribution Notice
(for Equity Security issuer/Equity and Debt Security issuer)
Section 1: Issuer Information
Name of Issuer
Financial product name/description
NZX ticker code
ISIN
Full YearQuarterly
Half YearxSpecial
DRP Applies
Record date
Ex-Date (one business day before the Record
Date)
Payment date (and allotment date for DRP)
Total monies associated with the distribution
Source of distribution (for example, retained
earnings)
Currency
Section 2: Distribution Amounts per Financial Product
Gross Distribution
Gross Taxable Amount
Total Cash Distribution
Excluded Amount (applicable to listed PIEs)
Supplementary Distribution Amount
If fully or partially imputed, please state
imputation rate as % applied
Imputation tax credits per financial product
Resident Withholding Tax per financial
product
N/A
Authority for this Announcement
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
g r aem e.illin g @m ain f r eig h t .co m
12/11/2025
Graeme Illing, Chief Financial Officer
Graeme Illing
+64 9 259 5522
$0.33055556
$0.05902778
Section 4: Distribution Re-investment Plan (not applicable)
28.0%
$1.18055556
$1.18055556
$0.85000000
$0.15000000
Section 3: Imputation Credits and Resident Withholding Tax
Is the Distribution imputed?
Fully imputed
Partial imputation
No imputation
Type of distribution
(Please mark with an X in the
relevant box/es)
NZD
Mainfreight Limited
Ordinary Shares
MFT
NZMFTE0001S9
12/12/2025
11/12/2025
19/12/2025
$85,593,766
Retained Earnings