Half Year Results to 31 December 2025 and Interim Dividend

Results for announcement to the market
Name of issuer FREIGHTWAYS GROUP LIMITED
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$718,155 8.5%
Total Revenue $718,155 8.5%
Net profit/(loss) from
continuing operations
$52,459 17.2%
Total net profit/(loss) $52,459 17.2%
Interim Dividend
Amount per Quoted Equity
Security
$0.29166667
Imputed amount per Quoted
Equity Security
$0.08166667
Record Date 6 March 2026
Dividend Payment Date 1 April 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.68) $(0.84)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the section “Half Year Review” for commentary
Authority for this announcement
Name of person

authorised
to make this announcement
Stephan Deschamps
Contact person for this
announcement
Stephan Deschamps
Contact phone number +64 27 562 5666
Contact email address stephan.deschamps@freightways.co.nz
Date of release through MAP

16 February 2026

Unaudited financial statements accompany this announcement.

---

HY26 Results
Monday, 16 February 2026
FRW: NZX | ASX

Disclaimer
Read this presentation with the financial statements: The financial results in this presentation should be read in conjunction with the financial statements
for the half year ended 31 December 2025, which can be found in the Freightways half 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.

Presenters and Agenda
Slide 3
Neil Wilson
GENERAL MANAGER
FREIGHTWAYS
Overview, Divisional
Performance,
and Outlook
Financial Summary
and Capital
Management
Divisional Strategy,
Express Package
Divisional Strategy,
Information
Management
Mark Troughear
CHIEF EXECUTIVE OFFICER
Stephan Deschamps
CHIEF FINANCIAL OFFICER
Aaron Stubbing
GENERAL MANAGER
EXPRESS PACKAGE

Overview
Slide 4
•Consistent performance over the HY across all businesses
•Slight lift in Q2 volumes in NZ for Express and Temperature Controlled
transport as economic conditions improve
•Higher demand for economy over premium services
•Acquisition of VTFE adds a complementary B2B express service in
Australia
>Aim to grow organically and inorganically from this foothold
•Balance sheet forecast to be in the mid-range of policy by end of FY26

Note:
•*Non-GAAP (Generally Accepted Accounting Principles)
• cps – cents per share
Financial Highlights
Revenue
8.5%
to $718.2m
* EBITA growth
12.2%
to $96.5m
NPAT growth
17.2%
to $52.5m
* EBITA margin
13.4%
from 13.0% HY25
Basic earnings per
share
17.2%
to 29.3cps
Net Debt
(6.7%)
to $587.1m
Dividend (HY)
10.5%
to 21c ( 19c in HY25)
Cash generated
from operations
28.3%
to $134.2m
Slide 5

Presenter:
Stephan Deschamps
Chief Financial Officer
Financial Summary
& Capital Management
Slide 6

Notes
HY26
$m
HY25
$m
Change
%
Operating Revenue
718.2662.18.5
EBITA (non-GAAP)1
96.586.012.2
EBITA margin
13.4%13.0%
NPAT2
52.544.717.2
NPAT margin
7.3%6.8%
Basic Earnings Per Share (cents)
29.325.017.2
Notes:
>Results in this table are unaudited and after adjustments for NZ IFRS16 (Leases)
>Refer to appendices for reconciliation to results before NZ IFRS16
1. Operating profit before interest, tax and amortisation
2. Net profit after tax
Positive Momentum In An Improving Environment
Slide 7
HY26 Performance Overview:
•Economic environment has slightly improved in NZ,
Australia is stable
•NZ same-customer growth emerging – particularly in
economy services
•Cost base is stable – particularly with regard to labour
costs
•Net debt and interest spend reducing, allowing for
greater increase of NPAT

FRW EBITA Margins Improving
Note:

* For consistent comparison, EBITA and NPAT for HY21 on this page exclude change in fair value
of contingent consideration for Big Chill Distribution Limited of $19.5m.
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
-
20,000
40,000
60,000
80,000
100,000
120,000
HY21*HY22HY23HY24HY25HY26
$000
Earning Before Interest, Tax & Amortisation
EBITA (LHS)EBITA Margin (RHS)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-
10,000
20,000
30,000
40,000
50,000
60,000
HY21*HY22HY23HY24HY25HY26
$000
Net Profit After Tax
NPAT (LHS)NPAT Margin (RHS)
Slide 8
Margin performance:
•Focus on margin re-building is gaining traction, with
most businesses showing improvement
•Post Haste, DX and Allied Expressparticularly strong in
EP, and TIMG NZ also showing good increases in margin
•Shred-X rebuilding with a number of one-off and
restructuring costs temporarily impacting the margin
•Any significant improvement for BCD requires stronger
economic environment translating into more transport
activity
•Cost inflation remains moderate - focus continues on
margin improvement

Strong Cash Flow generation supported debt reduction
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
CashMovements
Slide 9

BAU cash generation delivers gearing improvement
Note:
The graph above excludes the impact of the recently completed acquisition of VT Freight
Express (VTFE). Including the acquisition, the gearing, both excluding and including lease
liabilities, is expected to be approximately 35% and 55%, respectively.
0%
10%
20%
30%
40%
50%
60%
70%
HY21HY22HY23HY24HY25HY26
Gearing
Excluding lease liabilitiesIncluding lease liabilities
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
FY20FY21FY22FY23FY24FY25
Times
Net Debt to EBITDA
Net debt to EBITDA (post IFRS16)Net debt to EBITDA (pre IFRS16)
Note:
For consistent comparison, EBITDA for FY20, FY21 and FY22 in the graph above exclude net
non-recurring expenses of approximately $9m, $23m and $4m, respectively. The non-
recurring expenses include items such as change in fair value of contingent considerations
(earn-out accruals), impairment of intangible assets and inventory write-down.
Slide 10

Notes:
•cps = Cents Per Share - Interim dividend of 21cps, fully imputed in NZ,
46% franked in Australia
HY26 Dividend increases by 10.5%
post IFRS16
HY26 Dividend
21cps
HY25 Dividend
19cps
-
5
10
15
20
25
30
35
40
45
Cents per share (cps)
Dividend (cps)
Half YearFull Year
Slide 11

Divisional Performance
Express Package & Business Mail
Slide 12
Presenters:
Mark Troughear
Chief Executive Officer
Aaron Stubbing
General Manager, Express Package

Notes
HY26
$m
HY25
$m
Change
%
Operating Revenue
604.0547.210.4
EBITA (non-GAAP)1
91.280.014.0
EBITA margin
15.1%14.6%
NPAT2
56.649.614.0
Notes:
•Results in this table are unaudited and after adjustments for NZ IFRS16 (Leases)
•Refer to appendices for reconciliation to results before NZ IFRS16

1.Operating profit before interest, tax and amortisation
2.Net profit after tax
HY26 Express Package &
Business Mail Result
Slide 13
HY26 Performance Overview:
•Revenue growth driven by:
>Same-customer growth
>Net market share gains
>Price increases executed at the start of the FY
•Allied and Post Haste performed particularly well
through the period with strong demand for their
oversize and economy services respectively
•Pleasing uplift in margin despite the Evolve costs in
the half year ($1.8m incremental cost vs the pcp)
•DX Mail continued their momentum in Q2
•Big Chill revenue and earnings both up even though
the recovery appears slower in the food / hospitality
sector

New Zealand:
•Item growth of 3% from net
market share gains (wins –
losses)
•Same customer volumes
increased by 2.5%
•Underpinned by cross boarder
e-commerce work
•NZ EP economy services have
benefited from a cost
conscious market
•Premium (overnight, same
day) services experiencing
more modest demand
HY26 Network Items v pcp
5.5%
202120222023202420252026
NZ Express Package - Items
H1H2
FY21FY22
FY23FY24
FY25FY26
HY26 NZ Express Package Volume (excl BCD)
Slide 14

Freightways Global
•Facilitates international freight and e-commerce into NZ EP brands
•Provides ~5% of the NZ EP volume each week (albeit at lower margin)
•From 1 April a new tariff commences, altering the cost structure for
customs clearance
•Items consigned as express commercial shipments will incur a $2.21/
item charge (400 grams)
•“Mail” items will incur a $1.28/kg charge
•Unknown at this stage as to whether some volume will migrate from
express to mail to avoid the higher fees
•Pursuing mitigation strategy that includes; clearance via a FRW
UPU/postal channel to access the mail levy
Slide 15

Air Network Update
•Airwork, our JV partner in Parcelair, was placed in receivership last July
•The business is operating as a going concern and the receivers are
currently undertaking a sale process which we expect to be finalised in
the first quarter of 2026
•Both air network suppliers continued to perform as expected during the
peak volume period in the last quarter of 2025
•It is anticipated that 2 of the remaining 737-400 aircraft will be retired
from our network in late 2026 and be replaced with 2x 737-800s to
provide a core 3x 737-800 network
•737-800s are more fuel efficient with additional payload capability
•We expect the change to be cost neutral for FRW other than incurring
$2.4m of provisioned one-off transition costs
Slide 16

FY21FY22FY23FY24FY25FY26
AU Express Package Items
H1H2
Australia
•Allied delivered strong volume
growth in H1 FY26
•Improved share of wallet,
same-customer organic
growth and new business wins
all contributed
•Black Friday sales were
particularly strong through
November and December
•Focus is on customer
experience and DIFOT
HY26 Network Items v pcp
13.8%
HY26 AU Express Package Volume
Slide 17

Divisional Performance
Information Management &
Waste Renewal
Slide 18
Presenters:
Mark Troughear
Chief Executive Officer
Neil Wilson
General Manager, Freightways

Notes
HY26
$m
HY25
$m
Change
%
Operating Revenue
117.1117.6(0.4)
EBITA (non-GAAP)1
15.715.51.3
EBITA margin
13.4%13.2%
NPAT2
8.88.53.6
Notes:
•Results in this table are unaudited and after adjustments for NZ IFRS16 (Leases)
•Refer to appendices for reconciliation to results before NZ IFRS16

1.Operating profit before interest, tax and amortisation
2.Net profit after tax
HY26 Information Management & Waste
Renewal Result
Slide 19
HY26 Performance Overview:
•Positive revenue growth from pricing improvement
and waste renewal
>Secure Destruction grew 5%
>Medical waste grew 8%
•Offset by TIMG digital revenue declining by 14%
due to the conclusion of a key government project
during the H1 period.
•LitSupport bureau revenues grew by 7%. Retaining a
state legislative print contract for a further 3 years
helped underpin this performance
•$1.6m of one-off and restructuring net costs for SRX
in the HY

Initiatives:
•Right size the network
following the exiting of
unprofitable revenue
steams
>Assess the regional
operating model for
efficiencies
>Improve fleet
efficiency
•Reducing overhead costs
FY21FY22FY23FY24FY25FY26
H1H2
Shred-X Profit Improvement Initiatives
Medical Waste Revenue
Slide 20

Presenter:
Mark Troughear
Chief Executive Officer
Mergers & Acquisitions
Slide 21

Disciplined Approach to M&A | AU Opportunity
Acquisition Strategy and Investment Criteria:
•Our primary focus will be proactively targeting acquisitions which either
add to Allied Express or VTFE by either:
>Expanding their geographic footprint, or
>Providing an adjacent service
•We would expect these targets to be closely complementary (e.g. add a
state or city to either network), or synergistic with existing operations
(bolt-on with an existing state operation)
•We will maintain a disciplined approach to acting on opportunities
•Balance sheet remains strong with additional debt headroom; we
remain committed to our Capital Management policy
Slide 22

•Services most states and
territories in Australia
VT Freight Express
•87 Contractors
About:
•B2B services for a wide range of industries including the building, healthcare,
retail and plumbing sectors
•Strong presence in Victoria and a growing volume of interstate freight
•Track record of revenue and profit growth
•Asset light model using a contractor fleet and leased facilities
•Very similar service and customer profile to Post Haste
Strategy:
The acquisition builds Freightways’ presence and capability in the express market in
Australia in a niche that is complementary to the existing Allied Express B2C niche
We expect to be able to build market share both organically and through further
M&A off the initial density that VTFE provides
The Acquisition:
•A$71m purchase price
•VTFE recorded A$77m revenue in the 12 months to October 2025
•The transaction is expected to be 6% EPS accretive to Freightways from the first
year
•49 Staff
•350+ clients (range SME
to large multi-national
corporates)
VTFE BY THE NUMBERS:
Slide 23

VT Freight Express
Slide 24
•Early alignment underway across safety,
operational systems, reporting, and commercial
disciplines
•Assess expansion of operations into NSW to help
build a truly national service offering
•Network optimisation and operational efficiency,
improving utilisation across linehaul and depot
operations
•Leveraging Freightways' core capabilities in
express pick up, processing and delivery which
currently represents the majority of its earnings
•Providing an entry point for the growth of B2B
services in Australia
•Complementary to Allied Express (which is
focused on B2C deliveries)
•Consistent with Freightways’ multi brand strategy:
>VTFE will maintain their own leadership and
remain focussed on their niche
>The businesses will share resources with
Allied where it makes sense to do so
Benefits for FreightwaysNext Steps

Allied Express Post-Investment Review
Revenue
10.8%
3 Year CAGR
* EBITA growth
16.5%
3 Year CAGR
ROI
15.8%
Average return on
invested capital over
the last 3 years
Cashflow

16.6%
Average cashflow
return over 3 years
Note:
•*Non-GAAP (Generally Accepted Accounting Principles)
•Strong revenue growth since acquisition enabled by:
>new sales teams
>Increased share of wallet
>market share gains
•Investment in automated sortation systems in the
larger depots (NSW and VIC) have enabled the handling
of peak period volume without caps on customer
volume
•Margins have improved as scale has built
•Firmly established in the Oversize market
Slide 25

Presenter
Mark Troughear
Chief Executive Officer
Outlook
Slide 26

•We continue to expect a steady improvement in same-
customer volumes in H2 of FY26 in NZ - where economic
recovery has been gradual
•We will continue our efforts to drive margin improvement in
the second half of the year
•Our focus is on leveraging our service quality to retain our
customers and attract new business for all of our brands. This
has yielded positive results across our network
•We will have a proactive focus on M&A that is directly
complementary to growing our Australian express network
FY26 Outlook
•Disciplined M&A
approach, with
complementary
opportunities being
explored
•Volumes expected
to increase as the
NZ economy
strengthens
•Focus on improving
margins continues
Slide 27

Questions
FRW: NZX | ASX
Slide 28

FREIGHTWAYS GROUPHY26 ($m)HY25 ($m)
Notes
Post NZ IFRS16NZ IFRS16
adjustment
Pre NZ IFRS16
(non-GAAP)
Post NZ IFRS16NZ IFRS16
adjustment
Pre NZ IFRS16
(non-GAAP)
Operating Revenue
718.2-718.2662.1-662.1
EBITDA (non-GAAP)1
143.4(39.0)104.4130.5(36.4)94.1
EBITA (non-GAAP)2
96.5(7.1)89.386.0(6.1)79.9
NPATA (non-GAAP)3
58.61.359.951.01.852.8
NPAT4
52.51.353.844.71.846.5
NOTES
•Results in this table are unaudited
1.Operating profit before interest, tax, depreciation and amortisation.
2.Operating profit before interest, tax and amortisation.
3.Net profit after tax before amortisation.
4.Net profit after tax.
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited)
Slide 29

EXPRESS PACKAGE & BUSINESS MAILNotesHY26 ($m)HY25 ($m)
Operating Revenue
604.0547.2
EBITDA (after NZ IFRS16)
1123.4110.6
Less: NZ IFRS16 adjustment
(27.3)(25.5)
EBITDA (before NZ IFRS16)
196.185.1
EBITA (after NZ IFRS16)
291.280.0
Less: NZ IFRS16 adjustment
(4.8)(4.0)
EBITA (before NZ IFRS16)
286.476.0
NOTES
•Results in this table are unaudited
1.Operating profit before interest, tax, depreciation and amortisation (non-GAAP).
2.Operating profit before interest, tax and amortisation (non-GAAP).
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited)
Slide 30

INFORMATION MANAGEMENT &
WASTE RENEWAL
NotesHY26 ($m)HY25 ($m)
Operating Revenue
117.1117.6
EBITDA (after NZ IFRS16)
129.628.6
Less: NZ IFRS16 adjustment
(11.6)(10.8)
EBITDA (before NZ IFRS16)
118.017.8
EBITA (after NZ IFRS16)
215.715.5
Less: NZ IFRS16 adjustment
(2.3)(2.2)
EBITA (before NZ IFRS16)
213.413.3
NOTES
•Results in this table are unaudited
1.Operating profit before interest, tax, depreciation and amortisation (non-GAAP).
2.Operating profit before interest, tax and amortisation (non-GAAP).
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited)
Slide 31

---

Section 1: Issuer information
Name of issuer Freightways Group Limited
Financial product name/description Fully Paid Ordinary Shares
NZX ticker code FRW
ISIN (If unknown, check on NZX
website)
NZFREE0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 6 March 2026
Ex-Date (one business day before the
Record Date)
5 March 2026
Payment date (and allotment date for
DRP)
1 April 2026
Total monies associated with the
distribution
1

$37,576,000
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.29166667
Gross taxable amount
3
$0.29166667
Total cash distribution
4
$0.21000000
Excluded amount (applicable to listed
PIEs)
$-
Supplementary distribution amount $0.03705882
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

28%

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Imputation tax credits per financial
product
$0.08166667
Resident Withholding Tax per
financial product
$0.01458333
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Stephan Deschamps
Contact person for this
announcement
Stephan Deschamps
Contact phone number +64 27 562 5666
Contact email address stephan.deschamps@freightways.co.nz
Date of release through MAP

16 February 2026

---

FREIGHTWAYS GROUP LIMITED














Half Year Report
December 2025

Note: EBITA is a non-GAAP (Generally Accepted Accounting Practice) measure. Refer to the Income Statement and Note
3 within the financial statements in the following pages for a reconciliation from EBITA to NPAT. NPAT is GAAP
compliant.

1

HALF YEAR REVIEW
From the Chairman and Chief Executive Officer

Building resilience and momentum
Freightways delivered a strong first half performance in FY26. Economic conditions in New Zealand
showed modest improvement through the period, while trading conditions in Australia remained stable.
The Group maintained its focus on service quality, pricing discipline and operational efficiency, supporting
continued margin recovery.
Business performance
Group revenue increased by 8.5% to $718.2 million for the half year. Earnings before interest, tax and
amortisation (EBITA) increased by 12.2% to $96.5 million, with EBITA margin improving to 13.4% from
13.0% in the prior corresponding period. Net profit after tax (NPAT) increased by 17.2% to $52.5 million,
and basic earnings per share increased to 29.3 cents per share.
Cash generation remained strong and supported further balance sheet strengthening. Net debt reduced
during the period, lowering interest costs and supporting the larger growth in NPAT.
Divisional performance
The Express Package and Business Mail division delivered revenue growth, EBITA growth and margin
improvement during the half year. Performance was supported by same-customer volume growth, net
market share gains and pricing actions implemented at the start of the financial year. Margin improvement
was achieved despite incremental IT costs on development of a new billing platform (Project Evolve)
incurred during the period.
In New Zealand, demand was focused more heavily on our economy services at the expense of overnight
express services. In Australia, Allied Express delivered strong volume growth and improved EBITA
performance, reflecting improved utilisation, share-of-wallet gains and new business wins.
The Information Management and Waste Renewal division delivered a mixed performance. Revenue was
broadly flat for the half year, while EBITA grew modestly, reflecting lower digitisation activity and the exit of
unprofitable Product Destruction revenue streams. There was A$1.6 million of net one-off costs in the half
year that are not expected to be repeated. Pricing initiatives and operational improvements contributed to
margin improvement across several parts of the division, with Secure Destruction and Medical Waste both
delivering volume growth.
Dividends and capital management
An interim dividend of 21 cents per share has been declared for the half year, representing an increase of
10.5% on the prior corresponding period. The dividend is fully imputed in New Zealand and c. 46% franked
in Australia.
The Group’s balance sheet remains well positioned, providing capacity to fund investment, pursue
disciplined and complementary acquisitions, and remain within capital management policy settings. This
is the case even after the acquisition of VTFE in the Australian state of Victoria, which was finalised after
half year.

2
Strategy, systems and outlook
Margin improvement remains a priority. Cost inflation remains moderate and the Group’s cost base has
stabilised, particularly with respect to labour. The implementation of a new billing platform for the New
Zealand Express Package businesses continues and is expected to support improved billing capability,
pricing discipline and longer-term margin outcomes.
We expect a steady improvement in same-customer volumes in the second half of FY26, particularly in
New Zealand, driven by a level of economic recovery. Excluding one-off air network transition costs, margin
improvement is expected to continue. The Group remains focused on retaining customers through service
quality, attracting new business and pursuing disciplined mergers and acquisitions that are directly
complementary to growing the Australian express network.
We would like to thank all of our teams, across both New Zealand and Australia, for their efforts
in moving our customers and shareholders to a better place.
Mark CairnsMark Troughear
ChairmanChief Executive Officer
16 February 2026

PwC New Zealand, 15 Customs Street West, Private Bag 92162,
Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001
pwc.co.nz
Independent auditor’s review report
To the shareholders of Freightways Group Limited
Report on the consolidated financial statements
Our conclusion
We have reviewed the consolidated financial statements of Freightways Group Limited (the Company) and its
subsidiaries (the Group), which comprise the consolidated balance sheet as at 31 December 2025, and the
consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the six-month period ended on that date and
selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
consolidated financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 31 December 2025, and its financial performance and cash flows for the six-month period then
ended, in accordance with International Accounting Standard 34 Interim Financial Reporting(IAS 34) and New
Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting(NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of the Entity(NZ SRE 2410 (Revised)).
Our responsibilities are further described in the Auditor’s responsibilities for the review of the consolidated
financial statementssection of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board (PES 1), as applicable to audits and reviews of public
interest entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1.
In our capacity as auditor and assurance practitioner, our firm also provides audit and other assurance services.
Our firm carried out an other 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.
LLLLLLLLLLLLL

PwC – Independent auditor’s review report
Responsibilities of Directors for the consolidated financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of
these consolidated financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as
the Directors determine is necessary to enable the preparation and fair presentation of the consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the consolidated financial
statements
Our responsibility is to express a conclusion on the consolidated financial statements based on our review. NZ SRE
2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that
the consolidated financial statements, taken as a whole, are not prepared in all material respects, in accordance with
IAS 34 and NZ IAS 34.
A review of consolidated financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. The procedures performed
in a review are substantially less than those performed in an audit conducted in accordance with International
Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these consolidated financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that
we might state those matters which we are required to state to them in our review 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 shareholders, as a body, for our review procedures, for this report or for the conclusion we have
formed.
The engagement partner on the review resulting in this independent auditor’s review report is Richard Day.
For and on behalf of:
PricewaterhouseCoopersAuckland
16 February 2026

6
FREIGHTWAYS GROUP LIMITED
CONSOLIDATED INCOME STATEMENT
for the half year ended 31 December 2025 (unaudited)
Note
6 mths
ended
31 Dec 2025
$000
6 mths
ended
31 Dec 2024
$000
Operating revenue
3& 4
718,155662,105
Transport and logistics expenses(304,116)(272,169)
Employee benefits expenses(195,640)(190,976)
Occupancy expenses(7,074)(6,768)
General and administrative expenses(67,877)(61,710)
Depreciation and software amortisation(46,972)(44,478)
Amortisation of intangibles(6,118)(6,221)
Operating profit before interest and income tax
3
90,35879,783
Net interest and finance costs(15,907)(17,122)
Profit before income tax74,45162,661
Income tax(21,992)(17,914)
Profit for the period52,45944,747
Profit for the period attributable to:
Owners of the parent52,34844,637
Non-controlling interests111110
52,45944,747
Earnings per share for the period:
Basic earnings per share (cents)29.325.0
Diluted earnings per share (cents)29.225.0
The above Income Statement should be read in conjunction with the accompanying notes.

7
FREIGHTWAYS GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half year ended 31 December 2025 (unaudited)
Note
6 mths ended
31 Dec 2025
$000
6 mths ended
31 Dec 2024
$000
Profit for the period52,45944,747
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
5
18,3401,449
Cash flow hedges taken directly to equity, net of tax
1,020(1,222)
Total other comprehensive income after income tax19,360227
Total comprehensive income for the period71,81944,974
Total comprehensive income for the period is attributable to:
Owners of the parent71,70844,864
Non-controlling interests111110
71,81944,974
The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

8
FREIGHTWAYS GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half year ended 31 December 2025 (unaudited)
Note
Contributed
equity
Retained
earnings
Cash flow
hedge
reserve
Foreign
currency
translation
reserve
Non-
controlling
interests
Total equity
$000
$000
$000
$000
$000
$000
Balance at 1 July 2025
310,431
202,463
(954)
(12,400)
427
499,967
Profit for the period
-
52,348
-
-
111
52,459
Exchange differences on translation of foreign operations
-
-
-
18,340
-
18,340
Cash flow hedges taken directly to equity, net of tax
-
-
1,020
-
-
1,020
Total Comprehensive Income
-
52,348
1,020
18,340
111
71,819
Dividend payments
-
(37,566)
-
-
-
(37,566)
Shares issued
5
1,480
-
-
-
-
1,480
Balance at 31 December 2025
311,911
217,245
66
5,940
538
535,700
Balance at 1 July 2024
308,386
190,476
1,024
(8,021)
404
492,269
Profit for the period
-
44,637
-
-
110
44,747
Exchange differences on translation of foreign operations
-
-
-
1,449
-
1,449
Cash flow hedges taken directly to equity, net of tax
-
-
(1,222)
-
-
(1,222)
Total Comprehensive Income
-
44,637
(1,222)
1,449
110
44,974
Dividend payments
-
(33,962)
-
-
-
(33,962)
Shares issued
1,210
-
-
-
-
1,210
Balance at 31 December 2024
309,596
201,151
(198)
(6,572)
514
504,491
The above Statement of Changes in
Equity should be read in conjun
ction with the accompanying notes.

9
FREIGHTWAYS GROUP LIMITED
CONSOLIDATED BALANCE SHEET
as at 31 December 2025 (unaudited)
Notes
As at
31 Dec 2025
$000
As at
31 Dec 2024
$000
(restated)*
As at
30 Jun 2025
$000
(audited)
Current assets
Cash and cash equivalents34,98633,99443,261
Trade and other receivables199,797186,634166,320
Inventories13,43012,00712,358
Contract assets3,2233,9503,057
Derivative financial instruments368317-
Total current assets251,804236,902224,996
Non-current assets
Other non-current assets4,1564,8234,212
Loans to related parties
Property, plant and equipment
180
168,057
180
163,642
180
160,722
Right-of-use assets324,343344,774325,199
Intangible assets6667,484665,813651,466
Investment in associates and joint venture14,72414,62614,024
Derivative financial instruments355--
Total non-current assets1,179,2991,193,8581,155,803
Total assets1,431,1031,430,7601,380,799
Current liabilities
Trade and other payables172,429150,791144,840
Borrowings721,57322,07721,538
Lease liabilities61,60856,61257,758
Income tax payable26,64229,68122,412
Provisions4,4653,2833,506
Contract liabilities14,74018,87420,500
Derivative financial instruments--71
Total current liabilities301,457281,318270,625
Non-current liabilities
Borrowings7224,442249,400236,943
Deferred tax liability40,36747,41243,586
Provisions14,09712,25612,476
Lease liabilities314,418335,290315,931
Derivative financial instruments6225931,271
Total non-current liabilities593,946644,951610,207
Total liabilities895,403926,269880,832
NET ASSETS535,700504,491499,967
EQUITY
Contributed equity5311,911309,596310,431
Retained earnings217,245201,151202,463
Cash flow hedge reserve66(198)(954)
Foreign currency translation reserve5,940(6,572)(12,400)
535,162503,977499,540
Non-controlling interests538514427
TOTAL EQUITY535,700504,491499,967
The above Balance Sheet should be read in conjunction with the accompanying notes.
* Refer to Note 1 for further details on the restated balances, which relates to the reclassification of contract liabilities.

10
FREIGHTWAYS GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
for the half year ended 31 December 2025 (unaudited)
Note
6 mths
ended
31 Dec 2025
$000
6 mths
ended
31 Dec 2024
$000
Inflows
(Outflows)
Inflows
(Outflows)
Cash flows from operating activities
Receipts from customers690,540640,489
Payments to suppliers and employees(556,327)(535,901)
Cash generated from operations134,213104,588
Interest received826496
Interest and other costs of finance paid(17,043)(18,647)
Income taxes paid(23,049)(10,116)
Net cash inflows from operating activities94,94776,321
Cash flows from investing activities
Payments for property, plant & equipment(15,106)(14,338)
Payments for software(2,172)(1,882)
Proceeds from disposal of property, plant & equipment169314
Payments for businesses acquired (net of cash acquired)-(4,298)
Dividends received from joint venture650400
Net cash outflows from investing activities(16,459)(19,804)
Cash flows from financing activities
Dividends paid(37,566)(33,962)
(Decrease) increase in bank borrowings(20,475)4,687
Principal elements of lease payments(30,600)(28,983)
Proceeds from issue of ordinary shares
645400
Net cash outflows from financing activities(87,996)(57,858)
Net decrease in cash and cash equivalents(9,508)(1,341)
Cash and cash equivalents at the beginning of the period
43,26135,653
Exchange rate adjustments
1,233(318)
Cash and cash equivalents at the end of the period34,98633,994
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
11
1.Basis of Preparation
The interim financial statements are those of Freightways Group Limited (the ‘Company’) and its subsidiary
companies (together with the Company, referred to as the ‘Group’). The Company is registered under the
Companies Act 1993 and is an FMC Reporting Entity under Part 7 of the Financial Markets Conduct Act
2013. The financial statements of the Group have been prepared in accordance with the requirements of the
Financial Markets Conduct Act 2013 and the NZX Main Board Listing Rules.
The financial statements are stated in New Zealand dollars and rounded to the nearest thousand, unless
otherwise indicated.
The consolidated financial statements of the Group have been prepared in accordance with Generally
Accepted Accounting Practice in New Zealand (NZ GAAP). They comply with New Zealand Equivalent to
the International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and International
Accounting Standard 34: Interim Financial Reporting (IAS 34) and consequently, do not include all the
information required for full financial statements. These condensed Group interim financial statements
should be read in conjunction with the annual report for the year ended 30 June 2025.
The Group is designated as a for-profit entity for the purposes of complying with NZ GAAP.
The Group has negative working capital of $49.7 million. This is mostly due to contract liability for deferred
revenue (prepaid ticket liability) of $14.7 million and borrowings repayable within 12-months of $21.6
million which are classified as current liabilities (June 2025: $45.6 million due partly to contract liability and
borrowings; December 2024: $44.6 million due to contract liability and borrowings). The Group has
undrawn bank loan facilities as at 31 December 2025 totalling $209.8 million to fund short term cash
requirements.
Reclassification of comparatives
The Group previously included revenue received in advance in Trade and other payables. It has now been
determined that revenue received in advance should be classified as Contract liabilities. The comparative
consolidated balance sheet as at 31 December 2024 has been restated by moving $5.5 million of revenue
received in advance from Trade and other payables to Contract liabilities. There was no change to total
current liabilities or total liabilities and no changes to any other reported balances as a result of this
reclassification.
2.Material Accounting Policy Information
The accounting policies and methods of computation are consistent with those used in the most recent annual
report.
3.Segment Reporting
(a) Description of segments
A segment is a component of the Group that can be distinguished from other components of the Group by
the products or services it sells, the primary market it operates in and the risks and returns applicable to it.
Operating segments are reported upon in a manner consistent with the internal reporting used by the Chief
Executive Officer, as the chief operating decision maker, and the Board for allocating resources, assessing
performance and strategic decision making.

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
12
The Group is organised into the following reportable operating segments:
Express package & business mail
Comprises network (hub & spoke) courier, express freight, refrigerated transport, point-to-point courier and
postal services.
Information management
Comprises secure paper-based and electronic business information management services. This segment also
comprises secure handling, treatment and disposal of clinical waste, waste renewal, and related services.
Corporate and other
Comprises corporate, financing and property management services.
The Group has no individual customer that represents more than 10% of external sales revenue.
(b) Segment analysis
Express
package &
business
mail
Information
management
CorporateInter-
segment
elimination
Consolidated
operations
$000$000$000$000$000
Half year ended
31 December 2025
Sales to external customers 601,352116,803--718,155
Inter-segment sales2,6462872,607(5,540)-
Total revenue603,998117,0902,607(5,540)718,155
Operating profit (loss) before
interest, income tax,
depreciation and software
amortisation and amortisation of
intangibles123,37429,629(9,555)-143,448
Depreciation and software
amortisation(32,167)(13,963)(842)-(46,972)
Operating profit (loss) before
interest, income tax and
amortisation of intangibles91,20715,666(10,397)-96,476
Amortisation of intangibles,
excluding software amortisation(5,401)(717)--(6,118)
Operating profit (loss) before
interest and income tax85,80614,949(10,397)-90,358
Net interest and finance costs(6,432)(2,526)(6,949)-(15,907)
Profit (loss) before income tax79,37412,423(17,346)-74,451
Income tax(22,796)(3,613)4,417-(21,992)
Profit (loss) for the period
56,5788,810(12,929)-52,459

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
13
Segment Reporting (continued)
Express
package &
business
mail
Information
management
CorporateInter-
segment
elimination
Consolidated
operations
$000$000$000$000$000
Half year ended
31 December 2024
Sales to external customers 544,758117,347--662,105
Inter-segment sales2,4752222,573(5,270)-
Total revenue547,233117,5692,573(5,270)662,105
Operating profit (loss) before
interest, income tax,
depreciation and software
amortisation and amortisation of
intangibles110,56928,610(8,697)-130,482
Depreciation and software
amortisation(30,556)(13,152)(770)-(44,478)
Operating profit (loss) before
interest, income tax and
amortisation of intangibles80,01315,458(9,467)-86,004
Amortisation of intangibles,
excluding software amortisation(5,336)(885)--(6,221)
Operating profit (loss) before
interest and income tax74,67714,573(9,467)-79,783
Net interest and finance costs(6,019)(2,509)(8,594)-(17,122)
Profit (loss) before income tax68,65812,064(18,061)-62,661
Income tax(19,051)(3,563)4,700-(17,914)
Profit (loss) for the period
49,6078,501(13,361)-44,747

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
14
4.Revenue from Contracts with Customers
The Group derives revenue from the transfer of goods and services over time and at a point in time in the
following major product lines:
Express
Package and
Refrigerated
Transport &
Storage
PostalStorage &
Handling
Destruction
Activities
Other
including
Digital
Services
Total
Half year ended
31 December 2025
$000$000$000$000$000$000
Revenue from external
customers
561,03940,31336,00358,87321,927718,155
Timing of revenue
recognition:
At a point in time-1,591-17,0372,34420,972
Over time561,03938,72236,00341,83619,583697,183
561,03940,31336,00358,87321,927718,155
Half year ended
31 December 2024
Revenue from external
customers
512,84231,91635,87856,32425,145662,105
Timing of revenue
recognition:
At a point in time-1,620-15,6103,52720,757
Over time512,84230,29635,87840,71421,618641,348
512,84231,91635,87856,32425,145662,105
5.Equity
Contributed equity
Fully paid ordinary shares
As at 31 December 2025, there were 178,935,673 fully paid ordinary shares on issue (2024: 178,789,356).
All fully paid ordinary shares have equal voting rights and share equally in dividends and surplus on winding
up.
Share rights
On 20 August 2025, 96,317 share rights vested upon achievement of certain financial hurdles set by the
Board and each of the share rights converted to one Freightways fully paid ordinary share (2024: 33,537).
The issue price per share was $10.17 (2024: $12.85).
On 20 August 2025, 55,843 share rights were redeemed and cancelled as the performance hurdles were not
met at the end of the 3-year vesting period (2024: 55,789).
No share rights were issued during the period to senior executives under the rules of the Freightways Long
Term Incentive Scheme (2024: 241,230).

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
15
As at 31 December 2025, there were 466,537 share rights on issue (2024: 618,697). Share rights do not
carry a dividend entitlement and are non-transferable.
Employee share plan
On 22 December 2025, the Company issued 50,000 fully paid ordinary shares at $12.95 each to Freightways
Trustee Company Limited, as Trustee for the Freightways Employee Share Plan (2024: 43,000 fully paid
ordinary shares at $9.18 each). In total, participating employees were provided with interest-free loans of
$0.6 million to fund their purchase of the shares in the Share Plan (2024: $0.4 million). The loans are
repayable over three years and repayment commenced in December 2025.
Exchange differences on translation of foreign operations
Exchange differences on translation of foreign operations comprise all foreign exchange differences
arising from the translation of the financial statement of foreign operations into New Zealand
dollars.
6.Intangible Assets
(i) Goodwill
Goodwill represents the excess of the consideration transferred in an acquisition over the fair value of
the Group’s share of the net identifiable assets of the acquired business at the date of acquisition.
Goodwill is not amortised but is tested for impairment annually or whenever events or changes in
circumstances indicate that it might be impaired and is carried at cost less accumulated impairment
losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing.
(ii) Brand names
Acquired brand names are recognised at cost, being their fair value at the date of acquisition if acquired
in a business combination. Brand names with indefinite useful lives are not subject to amortisation but
are tested for impairment annually or whenever events or changes in circumstances indicate that they
might be impaired and are carried at cost less amortisation and impairment losses. Brand names with
finite useful lives are amortised over their expected useful lives. The useful lives and amortisation
methods are reviewed and adjusted, if appropriate, at each balance sheet date.
Brand names are allocated to cash-generating units for the purpose of impairment testing. The allocation
is made to those cash-generating units or groups of cash-generating units that are expected to benefit
from the brand names.
Impairment tests for indefinite life intangible assets
On an annual basis or whenever events or changes in circumstances indicate potential impairment, the
recoverable amount of goodwill and brand names is determined based on the greater of value-in-use and fair
value less costs of disposal calculations specific to the cash-generating units (CGU) or group of CGUs
associated with both goodwill and brand names.
The financial performance of the Big Chill and Shred-X CGUs for the half-year ended 31 December 2025
was below budget. As a result of this and the limited headroom identified in the 30 June 2025 impairment
assessment, value-in-use calculations were prepared at 31 December 2025 to confirm that the recoverable
amounts of goodwill and brand names for these CGUs exceed their respective carrying amounts.

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
16
The value-in-use calculations have been prepared using pre-tax cash flow projections based on financial
forecasts prepared by management for the year ended 30 June 2026 and financial projections for the years
ended 30 June 2027 and 2028. Cash flows beyond June 2028 have been extrapolated using growth rates
which align with long-term inflation rates in New Zealand and Australia. In addition, the sensitivity of the
main financial variables was tested and considered in the final estimation. No adjustments were made to
forecast cash flows for the unknown impacts of future climate change.
Revenue growth rates and a consistent EBITDA margin, assuming costs increase in line with revenue and
reflecting both historical and expected growth rates, have been applied to the value-in-use calculations with
the same scenarios and sensitivities applied as described in Section (i) Significant estimate – sensitive to
changes in assumptions below. Pre-tax discount rates, reflecting the current environment in financial markets
and countries each CGU operates in, have been used.
The growth rates and pre-tax discount rates applied are:
20252024
Revenue
Growth Rate
FY26-FY28
Pre-tax
Discount
Rate
Revenue
Growth Rate
FY25-FY27
Pre-tax
Discount
Rate
Big Chill5.8% - 9.1%13.3%5.1% – 9.5%13.4%
Shred-X2.1% - 7.2%15.8%4.3% - 15.4%15.7%
(i)Significant estimate - Sensitivity to changes in assumptions
The financial performance of Big Chill for the half year ended 31 December 2025 is behind budget, as it
continues to be impacted by the economic downturn in New Zealand and the company’s exposure to higher
value food, indicating risk of a potential impairment. A value-in-use calculation has been prepared for Big
Chill at the half year to ensure that the recoverable amount of goodwill and brand name of Big Chill is greater
than the carrying value.
From the value-in-use assessment for Big Chill and Shred-X, the indefinite-life intangible assets are not
impaired.
The recoverable amount of Big Chill would equal its carrying amount if any of the key assumptions were to
change as follows:
20252024
FromToFromTo
Achievement of FY26-FY28 revenue
100%93%
100%94%
Terminal EBITDA growth rate
2.5%0.3%
2.5%0.7%
Pre-tax discount rate
13.3%15.6%
13.4%15.3%
Shred-X financial performance for the half year ended 31 December 2025 was impacted by net one-off
adjustments of A$1.6 million. Excluding the one-off adjustments, Shred-X financial performance for the
half year would have exceeded budget and last year.

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
17
The recoverable amount of Shred-X would equal its carrying amount if any of the key assumptions were to
change as follows:
20252024
FromToFromTo
Achievement of FY26-FY28 revenue
100%93%100%88%
Terminal EBITDA growth rate
3.0%1.6%3.0%0.4%
Pre-tax discount rate
15.8%17.3%15.7%18.4%
7.Borrowings
In December 2025, the Group negotiated an increase of A$50 million to its existing syndicated bank facilities
to fund the acquisition of VT Freight Express (refer Note 13). This increase became effective from 22
December 2025 and matures in June 2027.
As at 31 December 2025, the Group’s debt facilities with its banking syndicate comprised NZ$175 million
and A$130 million (2024: NZ$150 million and A$80 million), of which NZ$117 million and A$14.2 million
(2024: NZ$104 million and A$33.6 million) had been drawn, respectively.
The Group has a finance facility with a US-based lender on the same terms as the banking syndicate. Of this
facility, the US dollar equivalent of NZ$20 million and A$80 million were drawn as at 31 December 2025
(2024: NZ$20 million and A$100 million).
The Group had undrawn bank overdraft facilities of NZ$12 million and A$5 million available as at 31
December 2025 (2024: NZ$12 million).
The Group was in compliance with all its banking covenants throughout this financial period.
8.Transactions with Related Parties
Trading with related parties: The Group has not entered into any material external related party transactions
which require disclosure. The Group does trade, on normal commercial terms, with certain companies in
which there are common directorships.
Payments to associates: During the period, the following transactions occurred with Sweetspot Group
Limited (GSS), an entity incorporated in New Zealand and is 33.3% owned by the Group:
Payments to joint venture:During the period, the Group paid Parcelair Limited $6.5 million (2024: $7.9
million) for the provision of airfreight linehaul services to the express package businesses on normal
commercial terms. Parcelair Limited is incorporated in New Zealand and is jointly controlled by the Group.
Key management compensation: Compensation paid during the period (or payable as at 31 December 2025
in respect of the half year) to key management, which includes senior executives of the Group and non-
executive independent directors, is as follows:
2025
$000
2024
$000
Sale of courier services to GSS6,4246,362
Purchase of goods and services from GSS1,240841
Receivables from GSS at end of period2,8551,290

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
18
9.Financial Risk Management
The Group has a treasury policy which is used to assist in managing foreign exchange and interest rate risks.
The interim financial statements do not include all financial risk management information and disclosures
and should be read in conjunction with the Group’s annual financial statements as at 30 June 2025 contained
in its Annual Report, which can be obtained from the Company’s registered office or www.freightways.co.nz.
There have been no significant changes in the Group’s risk management objectives and policies since 30
June 2025.
In the period to 31 December 2025 there were no significant changes in the business or economic
circumstances that affect the fair value of the Group’s financial assets and financial liabilities.
Fair values and valuation techniques
The Group uses various methods in estimating the fair value of financial instruments. The methods comprise:
Level 1 -Quoted prices (adjusted) in active markets for identical assets or liabilities at the reporting date. A
market is regarded as active if quoted prices are readily and regularly available from an exchange,
dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent
actual and regularly occurring market transactions on an arm’s length basis.
Level 2 -Inputs that are observable for the asset or liability, either directly (i.e., as prices; other than quoted
prices referred to in Level 1 above) or indirectly (i.e., derived from prices). The fair value of
financial instruments that are not traded in an active market (for example, over-the-counter
derivatives and US Private Placement (USPP)) is determined by using valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as
little as possible on entity specific estimates. If all significant inputs required to fair value an
instrument are observable, the fair value of an instrument is included in Level 2.
Level 3 -Inputs for the asset or liability that are not based on observable market data (i.e., unobservable
inputs). In these cases, the fair value of an instrument would be included in Level 3.
Specific valuation techniques used to value financial instruments include:
xIn respect of interest rate swaps, the fair value is calculated as the present value of the estimated future
cash flows based on observable yield curves;
xIn respect of forward foreign exchange contracts, the fair value is calculated using forward exchange
rates at the balance sheet date, with the resulting value discounted back to present value;
xIn respect of USPP, the fair value is calculated on a discounted cash flow basis using the USD Bloomberg
curve and applying discount factors to the future USD interest payment and principal payment cash
flows; and
xdiscounted cash flow analysis for other financial instruments.
Specific valuation techniques used to value contingent consideration in a business combination and estimated
purchase price adjustments include:
xfair value is calculated as the present value of the estimated future cash flows based on management’s
assessment of future performance; and
xmanagement’s knowledge of the business and the industry it operates in.
2025
$000
2024
$000
Short-term employee benefits 7,2946,246
Share-based payments938275

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
19
The Group’s derivative financial instruments and USPP are all Level 2 financial instruments. Contingent
consideration in a business combination and estimated purchase price adjustments are all Level 3 financial
instruments. There have been no transfers between levels of the fair value hierarchy used in measuring the
fair value of financial instruments in the period to 31 December 2025.
There have been no reclassifications of financial assets and finance liabilities since 30 June 2025.
The carrying value of the following financial assets and liabilities approximate their fair value:
xcash and cash equivalents
xtrade and other receivables
xtrade and other payables
xbank borrowings
10. Climate Change
There is no material change to the Group’s climate change risk from the Group’s Climate Statement for the
year ended 30 June 2025 which was released on 22 September 2025.
11. Capital Commitments and Contingent Liabilities
As at 31 December 2025, the Group had capital commitments to purchase equipment of $10.4 million (2024:
$8.1 million).
As at 31 December 2025, the Group had outstanding letters of credit and bank guarantees issued by its lenders
totalling approximately $14.8 million (2024: $14.3 million). The letters of credit and bank guarantees
predominantly relate to security given to various landlords in respect of leased operating facilities.
There were no other contingent liabilities as at 31 December 2025 (2024: nil).
12.Net Tangible Assets per security
Net tangible assets (liabilities) per security at 31 December 2025 was ($0.68) (2024: ($0.84)).
13. Post Balance Date Events
Dividend declared
On 16 February 2026, the Directors declared a fully imputed interim dividend of 21 cents per share
(approximately $38 million) in respect of the half year ended 31 December 2025. The dividend will be paid
on 1 April 2026. The record date for determination of entitlements to the dividend is 6 March 2026. A
supplementary dividend of 3.71 cents per share will be paid to overseas shareholders when the interim
dividend is paid. The Freightways Dividend Reinvestment Plan will not operate for this dividend.
Acquisition of VT Freight Express
On 17 December 2025, Freightways announced that it has entered into an agreement to purchase the business
and assets of VT Freight Express Pty Ltd (VTFE), subject to customary conditions precedent. The purchase
price of VTFE is A$71 million. The acquisition was completed on 2 February 2026.
VTFE is an Australian company, based in Victoria, that provides express delivery of parcels and palletised
freight. VTFE recorded A$77m revenue in the 12 months to October 2025.

FREIGHTWAYS GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the half year ended 31 December 2025 (unaudited)
20
The acquisition builds Freightways’ presence and capability in the express market in Australia in a niche that
is complementary to the existing Allied Express business.
The acquisition accounting for this acquisition will be included in the Freightways annual report for the year
ended 30 June 2026.
At the date of this report, there have been no other significant events subsequent to the reporting date.