Mainfreight Limited Full Year Results to 31 March 2026

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

Financial result for the twelve months ended 31 March 2026 (Unaudited)

Commentary
Mainfreight is pleased to confirm our full-year financial result to 31 March 2026. Profit
performance improved during the second half of the year – although not enough to
better the prior year’s profit.

Result Summary
Revenue NZ$5.38 billion up 2.8%
Profit Before Tax NZ$350.9 million Down 8.5%
Net Profit NZ$251.0 million Down 8.5%

• Adjusted for foreign exchange impact, Group Revenue is down 0.2% and Profit
Before Tax is down 10.7%.
• Operating cashflows improved from NZ$584 million to NZ$589 million.
• A final dividend of 87.0 cents per share has been authorised by the Board of
Directors, payable on 17 July 2026.
• Land and building capex totalled NZ$112 million.

While we are disappointed to not have improved our profitability from last year, we
remain satisfied with the level of improvement during the second six months of trading.

Pleasingly, these improvements have continued into the new financial year. Trading in
April and May has been encouraging, despite disruption and uncertainty caused by the
Middle East conflict and elevated fuel pricing.

- 2 -
Land and building investments during the year totalled NZ$112 million. New facilities
were completed in Auckland, Whanganui, Hastings, New Plymouth, Brisbane,
Melbourne and Townsville. While the additional overhead cost increases as a
consequence of these investments impacted our profitability, these network investments
will provide capacity and efficiency for improved profitability long term. Customer inquiry
and commitment is providing confidence to continue our network expansion and
investments. Property projects are already underway in Perth, Nelson, Blenheim,
Palmerston North and Auckland.

Group Operating Cash Flows
Operating cash flows were NZ$589 million, up from NZ$584 million in the prior year.

Current debt facilities total NZ$510 million, of which NZ$99.9 million was drawn, a
decrease from $124.5 million in the prior year.

Net funds as at 31 March 2026 was NZ$26.6 million compared to NZ$14.4 million last
year. Gearing ratios remain satisfactory. Net capital expenditure in FY26 totalled
NZ$189 million, with expenditure on property accounting for NZ$112 million;
warehousing racking and fit out costs of NZ$39.9 million and plant, equipment and
software of NZ$36.9 million.

Total planned capital expenditure through to the end of FY2027 will be NZ$234 million,
of which NZ$174 million relates to property and fit-out.

Network growth remains a cornerstone of our long-term strategy; however branch
numbers reduced from 337 to 331 this year, addressing unprofitable performance in our
Asian Warehousing, CaroTrans in Americas, and Italian Transport business. It is our
expectation that we will increase our branch and country locations in the near term.

- 3 -
Dividend
The Directors have approved a final dividend of 87.0 cents per share fully imputed at
the 28% company tax rate. With the record date on 9 July 2026, payment will be made
on 17 July 2026. This brings the full year dividend to 172.0 cents per share.

Discretionary Bonus
The payment of discretionary bonuses is based on satisfactory profit performance. A
total of NZ$46.3 million will be shared with team members in branches who have
contributed satisfactory profits in New Zealand, Australia, Asia and Europe.

Divisional Performance (figures in local currencies)

New Zealand (NZ$)
Revenue NZ$1.20 billion Up 3.8%
Profit Before Tax NZ$120.8 million Down 10.2%

Despite the profit result being behind our expectations and the results of the prior year,
improvements during our second half, pre bonus, have been encouraging.

In Transport we have increased our market share with a number of new customers.
We expect this increased trading to continue during the year ahead. The use of rail
increased; however we remain concerned at the fragility of ferry capacity and schedules
across the Cook Strait through until 2029. Refrigerated transport capability has
increased and is assisting growth across the perishable food sector.

Complementing our Transport growth is additional customer commitments for
Warehousing services. New warehousing facilities now incorporate chilled capacity to
support the refrigeration transport capability. Our new leased facility in Christchurch is
due to become available mid-year and provides an increased capacity to 34,000 pallets.

Consolidation of smaller warehouses exiting existing leases has provided the impetus to
commit to a new 55,000 pallet facility in South Auckland. Delivery of this site is expected
in mid-2028.

- 4 -

Air & Ocean revenues have remained consistent, and despite ocean freight rate
reductions, volumes have improved with import market share increasing. Post result,
air freight rates have increased, and capacity has decreased, as a consequence of the
Middle East conflict.

Trading across all three divisions in New Zealand through April and into May has been
satisfactory, and an improvement on the year prior.

Australia (AU$)
Revenue AU$1.51 billion Up 0.2%
Profit Before Tax AU$152.6 million Up 11.1%

Our sales growth and profitability improvements, excluding Projects, has been pleasing
in Australia. Transport is our strongest performer, where market share in the LTL
express delivery market continues to grow. Stronger than expected performance in the
FTL category has complemented this growth. The use of rail linehaul has assisted.
Delivery of our new Brisbane cross-dock is imminent providing enhanced capacity. Size
constraints in Perth, Western Australia, have required commitment to a larger cross-
dock, with expected completion late 2027.

Warehousing has produced pleasing profitability improvements alongside improved
utilisation and revenue, with better efficiency across a number of warehousing sites
contributing to this result. Increased warehousing capacity in the Brisbane region has
been required due to new customer contracts.

Closure of the Projects division in Perth has allowed a stronger focus on our core
competencies in the LCL and FCL export and import sector for Air & Ocean. A one-off
bad debt of A$5 million associated with the Projects division is included in this result.

Trading post year end has continued the growth we have seen during the financial year.

- 5 -
Asia (US$)
Revenue US$117.5 million Down 6.9%
Profit Before Tax US$12.9 million Up 31.4%

Asia continues to be our smallest revenue contributor. Margins and cost overheads have
improved in the region which has resulted in profitability improvement.

Poor performing warehouses were closed during the year. It is our intention over the
medium term to remain focussed on developing our Air & Ocean capability. We expect
better contributions from our Southeast Asian locations.

Irrespective of tariff implications, Asia continues to be a major contributor to
international trade. Our customers across the international network are utilising us to
move raw materials and finished product from the region across our freight networks
and into our warehouses around the world.


Europe (Euro €)
Revenue €624.0 million Up 3.5%
Profit Before Tax €25.2 million Down 18.6%

Disappointing Transport performance across our European network has contributed to
our profit decline. Increased labour costs and an inefficiency in our cross-docks
contributed to this result. The Netherlands and Belgium remain our strongest
performing countries.

Warehousing returns were satisfactory during the year, and sales activities are focussed
on improving current warehouse utilisation.

While our Transport and Warehousing networks are comprehensive, there is much to
do to find greater levels of efficiency and improved profit returns, particularly from our
branches in France, Romania, Poland, the United Kingdom and Germany.

- 6 -
Our Air & Ocean performance continues to improve across Europe and is attracting
greater levels of customer enquiry and volume.

Rate reviews and closer management of overhead costs saw a better second half
performance across all European activities, and this has continued into April and May
trading.

The Americas (US$)
Revenue US$616.3 million Down 7.4%
Profit Before Tax US$(7.9 million) Down 151.7%

We had a disappointing result for our business across the Americas. Included in this
result is a one-off labour settlement cost of US$1.6 million.

Transport suffered poor margin return, whilst sales revenues increased. Second half
margins and service delivery did improve, and it is our expectation this will help results
over the medium term. Strong sales activities are helping our Mid West and East Coast
locations to improve profitability. Road freight utilisation improvements have increased
post year end.

Despite acceptable Warehousing utilisation rates in Dallas and Chicago, we have had
poor returns from our warehouses in New Jersey and California. New customers under
contract are expected to improve utilisation in our new financial year. A larger
warehouse with 30,000 pallet capacity was opened in Toronto, Canada, as a result of
new customer commitments.

Air & Ocean profitability declined during the year as a result of decreased volumes and
ocean freight rates, particularly on the Trans Pacific lane from China due to the trade
tariff fiasco. Diversifying our trade lane sales activities assisted profitability during the
second half, and we are seeing increasing profit performance and volume post year
end, including volume increases from China.

- 7 -
Despite the poor profitability, we are improving our quality and capability and, while we
remain a small player relative to the size of the market, the Americas offer significant
potential and has an important role to play in our long term international aspirations.

Fuel Supply Disruptions
As a consequence of the Middle Eastern conflict, the cost of fuel, in particular diesel,
has increased significantly. These cost increases had a marginal effect on trading this
financial year, with increases only beginning to impact at the end of March 2026.

Our domestic transport business worldwide is the most affected by fuel cost increases.
Diesel remains the preferred and necessary fuel for freight distribution, and sea and air
freight cost increases follow accordingly. Fuel adjustment factors are applied to our
customers' freight rates as a means to recover the fuel cost increases. These
adjustments are passed through to our owner drivers, contractors and service providers.
It is our expectation that fuel costs will remain elevated for some time to come.

At the time of writing, we are comfortable that supply constraints will not feature in the
medium term. In New Zealand, we are working closely with the Government to stay
abreast of supply strategies.

Outlook
Improved trading conditions that assisted our second half performance have continued
to further improve during April and May. Stronger than expected sales growth has
assisted.

Supply chain freight solutions continue to be a strong focus in our customer
relationships as we offer an increasing range of services. During the year we have
increased trading across all three divisions for our top 500 customers to 41% from 39%
the year prior. We remain focused on high quality freight services, particularly across
the food, beverage and retail customer verticals.

Maintaining an emphasis on underlying business improvements is a high priority as fuel
volatility adds to economic growth uncertainty and inflationary pressure.

- 8 -
Whilst we are disappointed that this year’s result was below our expectations, we
remain confident of ongoing improvement in the year ahead and will be continuing our
network and facility expansion as a consequence.

Mainfreight will release its financial results for the first half of the 2027 financial year to
the market on 12 November 2026 and expect to update current trading performance
during our Annual General Meeting on 30 July 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.

---

MAINFREIGHT LIMITED
FULL YEAR RESULTS
31.03.26

Revenue $5.38 billion up 2.8%
PBT $350.9 million down 8.5%
Net Profit $251.0 million down 8.5%
People 10,839 down 291
Branches 331 down 6
Countries 27
Net Capital Expenditure $189 million
Discretionary bonus of $46.3 million payable to qualifying branches in
New Zealand, Australia, Asia and Europe
Result Summary

Full Year Overview
Improved second half performance:
•Profit before Tax NZ$219.2 million versus Profit before Tax first half NZ$131.7 million
•Pleasing year end result from Australia even with closing of Projects
•Overhead cost management has assisted underlying business performance
Seven new facilities completed in Australia and New Zealand
•Committed to another five developments
Fuel volatility in full year result negligible
•All regions adjusting Fuel Adjustment Factors weekly where required
Trading in April/May improved on year prior
•Market share gains assisting
•USA has seen improving returns

Dividend
Directors have approved a final dividend of 87.0 cents per share
Full dividend for year = 172.0 cents per share
Books close 9 July 2026
Payment on 17 July 2026

Capital Management
Operating Cash Flows remain satisfactory NZ$589 million v NZ$584 million last year
Net Capex NZ$189 million - NZ$112 million on property

Net Funds at NZ$26.6 million versus NZ$14.4 million in prior year
“cash at hand”
Bank debt of NZ$99.9 million drawn from a total available facility of NZ$510 million
Debt reduction of NZ$24.5 million from prior year

Future Capital
Expenditure
Update:
F27 -28
NZ$ MILLIONF27
Planned Capital Expenditure$234
▪Property$138
▪Fit-out costs$36
▪Non-property capex$60
NZ$ MILLIONF28
Planned Capital Expenditure$162
▪Property$68
▪Fit-out costs$34
▪Non-property capex$60

Willawong Cross-Dock, Queensland, Australia
- Near completion
-Building 15,298 sqm
-8 Ha site
-600,000L of rainwater storage
-1MW solar system
-Truck charging infrastructure for up to 30 trucks
-34 x rear loading doors

Our 3 Core Products (NZ$) FY 2026
TRANSPORT
Total tonnes increased 0.6%
Total cubic metres increased 2.1%
Total consigments increased 2.0%
Gross Margin performance improved – facility costs impacted profits
Revenue $2,492.92 million 10.2% PBT $154.71 million (8.9)%
WAREHOUSING
Total orders picked decreased 5.3%
Total warehousing area 1.11million m
2
, down 3% - Asian closures
Total facility utilisation 87%
Consolidation of smaller leased warehouses in favour of larger leased or owned warehouses
Revenue $909.78 million 5.1% PBT $61.21 million (3.8)%
AIR & OCEAN
Airfreight kilos increased 2.2% Increasing Air freight rates due to Middle East conflict
Sea freight TUEs increased 14.1% Ocean freight base rates relatively stable – there is available capacity
Customs clearances increased 5.9% - likely earlier peak season on Trans Pacific
CaroTrans increasing market share post year end
Revenue $1,980.82 million (6.0%) PBT $134.98 million (10.1)%

Full Year 2026 Analysis
*Inter-company revenue excluded
#
Includes New Zealand Bonus allowance of $14.5m - FY25 was nil
$000Revenue*Var %Profit Before TaxVar %
New ZealandNZ$1,202,9633.8%
#
120,80110.2%
AustraliaAU$1,509,9040.2%152,64711.1%
AmericasUS$616,3457.4%(7,867)151.7%
EuropeEU€623,9803.5%25,19618.6%
AsiaUS$117,4866.9%12,89431.4%
GroupNZ$5,383,5202.8%350,8948.5%

Game of two halves
*Inter-company revenue excluded
$000RevenueProfit Before Tax
1
st
Half2
nd
Half1
st
Half2
nd
Half
New ZealandNZ$575,641627,32244,05076,751
AustraliaAU$736,775773,12958,643
#
94,004
AmericasUS$313,223303,122(2,343)*(5,524)
EuropeEU€307,184316,7969,33315,863
AsiaUS$60,49556,9915,6417,253
GroupNZ$2,605,7032,777,817131,722219,172
#
Includes bad debt allowance of A$5 million
* Includes legal settlement of US$1.6million

New Zealand
•Improved Revenue contributions
•Full Year result flat, improved second half
•New Christchurch warehouse (34,000 pallet capacity) due mid 2026
•Consolidation of three smaller leased sites in Auckland for 1 x larger site (55,000 pallet
capacity) due mid 2028
•Chiller capacity in new sites
•Improved margins and revenue in the 2
nd
half
•Significant new customers trading
•April/May domestic volumes improving further
•Better rail relationships – Cook Strait ferry services still of concern
•Refrigerated Transport growth
•Revenue reasonably in line (sea freight rate sensitive)
•Volumes up
•Imports continuing to increase, now forming bigger percentage of activity
•Margins improved on year prior
TRANSPORT
WAREHOUSING
AIR & OCEAN
•Domestic activity much improved on year prior post year end – some “just in case” tonnage
OUTLOOK

Australia
•Improvement in profitability, due to efficiency / unwanted lease exits
•Committed to an additional warehouse in Brisbane (24,000 pallet capacity)
– 4 warehouses across Brisbane city and 15 in total across Australia
•A continuation of increased market share
•FTL (some via rail) increases have surprised – likewise Chemcourier growth
•New Brisbane cross-dock available late May/June
•Committed to new, larger cross-dock in Perth
•Improving regional branch performance
•Closure of Projects business unit – reflected in A&O revenue decrease
•Bad debt of A$5M carried in P&L
•Revenue from Projects A$28.7M for year end (FY25 A$119.4M)
•Core A&O activity trading satisfactorily
•New Melbourne perishable facility now occupied
•Additional lease costs on old facility until July
TRANSPORT
WAREHOUSING
AIR & OCEAN
•Market share growth continuing
•Trading in April/May satisfactory
OUTLOOK

Americas
•Poor utilisation on East and West coast facilities – a priority to improve
•Our largest site (Dallas) well utilised but underperforming
•New warehouse in Toronto (30,000 pallet capacity) due to new customer commitments
•Customer retention and service quality improving
•Strong sales focus on improving larger loss-making branches
•Post year end trading has improved from year prior – linehaul utilisation improvements
•Tariffs slowed imports and lower freight rates impacted revenue – margins much improved
in second half trading
•CaroTrans has seen improvement in trading post year end
TRANSPORT
WAREHOUSING
AIR & OCEAN
•Quality and capability in the USA market is improving
OUTLOOK

•A satisfactory performance
•Improvement required in utilisation and efficiency
•Stronger sales activities to assist
•Revenue improvement was satisfactory
•Poorer margins and a lack of cross-dock efficiency including new branch performances
impacted profitability
•Second half improvements included a rate review have assisted April/May results
•Volumes improved on prior year
•Volume and revenue improvements were satisfactory – despite Ocean freight rate decline
•Sales pipelines healthy and network benefits pleasing
TRANSPORT
WAREHOUSING
AIR & OCEAN
Europe
•Strong emphasis on improving UK, France, Germany, Romania and Poland profit
contributions/sales growth
OUTLOOK

•Improving margins assisted profitability, including closure of unprofitable warehouses
•Sea export volumes impacted on Trans Pacific as a consequence of tariffs
•South East Asian development and profit contribution of highest priority
•Customer contributions from the region assisting our international supply chain
network
Asia
•Trading post year end satisfactory
OUTLOOK

Outlook
Improved performance of second half has
continued into April/May
Market share increases providing confidence
Continuing to invest in
network development
New cross-docks where required
Additional leased warehouses – larger, more efficient & exit smaller leased sites
Supply chain solutions assisting
trade across all three divisions
Cautious as to what this does to consumer spending/freight volumes
“Just in Case” volumes influencing April/May trading
Sales pipelines – satisfactory
Expect economic inflationary
levels to rise as fuel costs are
incorporated into retail pricing
41% of Top 500 customers now trading across all 3 divisions up from
39% (26% 10 years ago)
Expect fuel pricing to remain elevated for some time to come
While April/May trading increases
are pleasing. However:-
- Revenues distorted via fuel adjustment pass throughs
- Strong focus on underlying business improvements
- Customer Retention
- New Customer gains
- Margin and overhead cost management

To Close
Annual Meeting of Shareholders
- 30 July 2026
F27 – 6 months ended 30 September 2026
- 12 November 2026

---

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 YearxQuarterly
Half YearSpecial
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
Type of distribution
(Please mark with an X in the
relevant box/es)
NZD
Mainfreight Limited
Ordinary Shares
MFT
NZMFTE0001S9
9/07/2026
8/07/2026
17/07/2026
$87,607,737
Retained Earnings
Section 3: Imputation Credits and Resident Withholding Tax
Is the Distribution imputed?
Fully imputed
Partial imputation
No imputation
$1.20833333
$1.20833333
$0.87000000
$0.15352941
$0.33833333
$0.06041667
Section 4: Distribution Re-investment Plan (not applicable)
28.0%
graeme.illing@mainfreight.com
29/05/2026
Graeme Illing, Chief Financial Officer
Graeme Illing
+64 9 259 5522

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of IssuerMainfreight Limited
Reporting Period12 months to 31 March 2026
Previous Reporting Period12 months to 31 March 2025
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$5,383,5202.8%
Total Revenue$5,383,5202.8%
Net Profit/(Loss) from Continuing Operations$251,002-8.5%
Total Net Profit/(Loss)$251,002-8.5%
Interim/Final Dividend
Amount per Quoted Equity Security$0.87000000
Imputed Amount per Quoted Equity Security$0.33833333
Record Date9/07/2026
Dividend Payment Date17/07/2026
Current Period
Prior Comparable Period
Net tangible assets per Quoted Equity Security
$18.2094$16.8860
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
28/05/2026
Unaudited financial statements accompany this announcement.
Authority for this Announcement
Graeme Illing, Chief Financial Officer
Graeme Illing
+64 9 259 5522
graeme.illing@mainfreight.com

MAINFREIGHT LIMITED
Preliminary Full Year Announcement
For the Full Year ended 31 March 2026
Income Statement
For the Full Year ended 31 March 2026
Year endedYear ended
31 March 202631 March 2025
Notesunauditedunaudited
$NZ000$NZ000
Total Revenue5,383,520 5,236,437
Transport Costs(3,028,570) (3,029,072)
Labour Expenses(1,173,270) (1,079,574)
Other Expenses(421,854) (366,276)
Earnings before Finance Costs, Tax, Depreciation and Amortisation
759,826 761,515
Depreciation of Right to Use Assets(235,700) (221,223)
Finance Costs Relating to Lease Liabilities(50,187) (40,105)
Other Depreciation & Amortisation Expenses(114,818) (107,639)
Net Other Finance Costs(8,227) (8,970)
Profit Before Abnormal Items and Taxation for the Year350,894 383,578
Income Tax on Profit Before Abnormal Items(99,892) (109,237)
Net Profit for the Year251,002 274,341
Earnings per share
Basic and diluted earnings (cents per share)249.26272.44
Net Profit for the Period251,002274,341
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 Operations57,368 37,010
Income Tax Effect- 95
Net Other Comprehensive income to be reclassified to profit/(loss) in
subsequent periods
57,368 37,105
Other comprehensive income not to be reclassified to profit/(loss) in
subsequent periods
Revaluation of Land including Foreign Exchange Movements13,790 2,766
Income Tax effect(3,861) (311)
Defined Benefit Pension Provision(89) (102)
Income Tax effect23 29
Net Other Comprehensive income not to be reclassified to
profit/(loss) in subsequent periods
9,863 2,382
Other Comprehensive Income for the Period, Net of Tax67,231 39,487
Total Comprehensive Income for the Period, Net of Tax318,233 313,828
The accompanying notes form part of these financial statements
Preliminary full year report on consolidated results (including the results for the previous corresponding full 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 Full Year ended 31 March 2026
Statement of Comprehensive Income

MAINFREIGHT LIMITED
Balance Sheet
As at 31 March 2026
31 March 202631 March 202531 March 202631 March 2025
unauditedunauditedunauditedunaudited
$NZ000$NZ000$NZ000$NZ000
Current AssetsCurrent Liabilities
Bank162,189 179,391 Trade Creditors & Accruals589,655 513,452
Trade Debtors748,279 640,760 Employee Entitlements135,236 105,623
Income Tax Receivable7,637 4,525 Provision for Taxation32,508 27,305
Other Debtors98,816 97,404 Lease Liability244,374 194,022
Asset Finance Loans11,619 11,198
1,016,921 922,080 1,013,392 851,600
Non-current Tangible AssetsNon-current Liabilities
Property1,527,971 1,363,275 Bank Term Loan99,970 124,538
Plant & Equipment362,267 388,661 Employee Entitlements4,778 4,860
Right of Use Assets1,186,790 1,104,608 Lease Liability1,049,692 987,989
Deferred Tax Liability68,492 80,000
Asset Finance Loans23,960 29,242
3,077,028 2,856,544 1,246,892 1,226,629
Total Liabilities2,260,284 2,078,229
Non-current Intangible & Deferred Tax AssetsShareholders' Equity
Software55,517 57,537 Share Capital85,821 85,821
Goodwill242,550 235,209 Retained Earnings1,622,433 1,544,624
Other Intangible Assets1,296 1,410 Revaluation Reserve281,601 271,681
Deferred Tax Asset7,225 671 Foreign Currency Translation Reserve150,760 93,392
Defined Benefit Pension Reserve(362) (296)
306,588 294,827 Total Equity2,140,253 1,995,222
Total Assets4,400,537 4,073,451 Total Liabilities & Equity4,400,537 4,073,451
The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED
Statement of Changes in Equity
For the Full Year ended 31 March 2026
ForeignDefined
AssetCurrencyBenefit
OrdinaryRevaluationTranslationPensionRetainedTotal
SharesReserveReserveReserveEarningsEquity
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Twelve Months to 31 March 2026 (unaudited)
Balance at 1 April 202585,821 271,681 93,392 (296) 1,544,624 1,995,222
Profit for the Period- - - - 251,002 251,002
Transfer of Revaluation Reserve for Land Sold- (9) - - 9
Other Comprehensive Income- 9,929 57,368 (66) - 67,231
Total Comprehensive Income for the Period- 9,920 57,368 (66) 251,011 318,233
Transactions with Owners in their Capacity
as Owners
Dividends Paid- - - - (173,202) (173,202)
Balance at 31 March 202685,821 281,601 150,760 (362) 1,622,433 2,140,253
Twelve Months to 31 March 2025 (unaudited)
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 financial statements

MAINFREIGHT LIMITED
Cash Flow Statement
For the Full Year ended 31 March 2026
Year endedYear ended
31 March 202631 March 2025
unauditedunaudited
$NZ000$NZ000
Cash Flows from Operating Activities
Receipts from Customers5,347,885 5,233,626
Interest Received3,307 5,459
Payments to Suppliers and Team Members(4,581,685) (4,495,386)
Interest on Lease Liabilities(50,187) (40,105)
Interest Paid(11,534) (14,429)
Income Taxes Paid(118,368) (104,760)
Net Cash Flows from Operating Activities589,418 584,405
Cash Flows from Investing Activities
Proceeds from Sale of Property, Plant & Equipment8,750 25,719
Proceeds from Sale of Software24 636
Purchase of Property, Plant & Equipment(176,894) (231,869)
Purchase of Software(20,434) (21,797)
Purchase of Investment- (158)
Net Cash Flows from Investing Activities(188,554) (227,469)
Cash Flows from Financing Activities
Proceeds of Long Term Loans98,330 143,434
Dividend Paid to Shareholders(173,202) (173,202)
Repayment of Loans(140,883) (176,374)
Principal Lease Payments(209,505) (193,990)
Net Cash Flows from Financing Activities(425,260) (400,132)
Net Increase / (Decrease) in Cash and Cash Equivalents(24,396) (43,196)
Net Foreign Exchange Differences7,194 9,024
Cash and Cash Equivalents at Beginning of Period179,391 213,563
Cash and Cash Equivalents at End of Period162,189 179,391
Comprised:
Bank162,189 179,391
Bank Overdraft- -
162,189 179,391
The accompanying notes form part of these financial statements

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2026
1Corporate Information
The preliminary full year report announcement of Mainfreight Limited ("the parent") and its
subsidiaries ("the Group") for the full year ended 31 March 2026 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).
2Changes in Accounting Policies
The accounting policies applied in the preparation of the consolidated financial statements are consistent with the prior year.
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of
the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and
interpretations, if applicable, when they become effective.
Amendments to NZ IFRS 9 and NZ IFRS 7 effective for financial periods starting on or after 1 January 2026
NZ IFRS 18 effective starting on or after 1 January 2027
The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the
financial statements.
The Group has not early adopted any standards, interpretation or amendment that have been issued but are not yet effective.
3Required NZX DisclosuresParent
Year endedYear ended
31 March 202631 March 2025
unauditedunaudited
SharesShares
Movements in Ordinary Shares on Issue
Closing balance100,698,548 100,698,548
Average balance during the period100,698,548 100,698,548
$NZ000$NZ000
Net Tangible Assets
Net Tangible Assets1,833,665 1,700,395
Net Tangible Assets per Security (cents per share)1,820.94 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
Interim Fully Imputed Dividend for 2026: 85.0 cents (2025: 85.0 cents)85,594 85,594
173,202 173,202
Unrecognised Amounts
Final Fully Imputed Dividend for 2026: 87.0 cents (2025: 87.0 cents)87,608 87,608
After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 27 May 2026
4Annual Report and Annual Meeting
The annual report is expected to be available on 30 June 2026.
The Annual Meeting is to be held at 4.00pm on Thursday 30 July 2026; venue to be advised.

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2026
5Segmental 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, Asia and Europe are each reported to management as separate segments 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 years ended
31 March 2026 and 31 March 2025.
TheInter-
New ZealandAustraliaAmericasAsiaEuropeSegmentTotal
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Year to 31 March 2026 (unaudited)
Operating Revenue
- Sales to Customers outside the Group1,202,963 1,699,386 1,049,634 200,079 1,231,458 - 5,383,520
- Intersegment Sales23,421 47,023 79,744 139,767 80,603 (370,557) 0
Total Revenue1,226,384 1,746,409 1,129,378 339,846 1,312,061 (370,557) 5,383,520
Transport Costs(697,778) (1,017,922) (720,365) (254,373) (708,689) 370,557 (3,028,570)
Depreciation & Amortisation(88,727) (90,021) (80,495) (7,531) (83,744) - (350,518)
Finance Costs(18,676) (18,156) (14,957) (485) (6,140) - (58,414)
Labour Expenses(226,846) (312,989) (219,317) (39,216) (374,903) - (1,173,270)
Other Expenses(73,557) (135,519) (107,640) (16,281) (88,857) (421,854)
PBT120,801 171,803 (13,397) 21,960 49,727 - 350,894
Capital Expenditure87,779 52,709 25,963 4,822 26,055 - 197,328
Trade Debtors141,572 243,571 166,654 38,258 229,104 (70,880) 748,279
Non-current Assets1,211,129 1,030,224 581,832 25,857 534,574 - 3,383,616
Total Assets1,369,421 1,326,693 808,096 110,933 856,274 (70,880) 4,400,537
Total Liabilities586,021 647,847 546,257 53,206 497,833 (70,880) 2,260,284
Year to 31 March 2025 (unaudited)
Operating Revenue
- Sales to Customers outside the Group1,158,861 1,655,699 1,119,880 212,349 1,089,648 - 5,236,437
- Intersegment Sales20,994 47,021 113,706 158,598 69,315 (409,634) -
Total Revenue1,179,855 1,702,720 1,233,586 370,947 1,158,963 (409,634) 5,236,437
Transport Costs(675,884) (1,033,131) (804,415) (289,922) (635,354) 409,634 (3,029,072)
Depreciation & Amortisation(83,159) (86,388) (76,414) (7,312) (75,589) - (328,862)
Finance Costs(16,225) (20,463) (6,193) (266) (5,928) - (49,075)
Labour Expenses(199,800) (297,165) (224,553) (39,953) (318,103) - (1,079,574)
Other Expenses(70,270) (114,599) (96,412) (16,988) (68,007) (366,276)
PBT134,518 150,974 25,599 16,506 55,981 - 383,578
Capital Expenditure129,976 43,988 55,541 1,491 22,669 - 253,665
Trade Debtors127,359 190,786 151,425 25,743 205,732 (60,285) 640,760
Non-current Assets1,172,982 918,836 528,242 26,559 504,752 - 3,151,371
Total Assets1,304,384 1,179,930 744,151 127,066 778,205 (60,285) 4,073,451
Total Liabilities569,319 573,023 468,049 70,910 457,213 (60,285) 2,078,229

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Full Year ended 31 March 2026
5Segmental Reporting - continued
The
New ZealandAustraliaAmericasAsiaEuropeTotal
$NZ000$AU000$US000$US000€EU000$NZ000
Revenue Local Currency
Year Ended March 20261,202,963 1,509,904 616,345 117,486 623,980 5,383,520
Year Ended March 20251,158,861 1,507,349 665,769 126,241 602,794 5,236,437
Change3.8%0.2%(7.4%)(6.9%)3.5%2.8%
Excluding FX Impact(0.2%)
PBT Local Currency
Year Ended March 2026120,801 152,647 (7,867) 12,894 25,196 350,894
Year Ended March 2025134,518 137,447 15,219 9,813 30,969 383,578
Change(10.2%)11.1%(151.7%)31.4%(18.6%)(8.5%)
Excluding FX Impact(10.7%)
PBT to Revenue Margin - ROR
Year Ended March 202610.0%10.1%(1.3%)11.0%4.0%6.5%
Year Ended March 202511.6%9.1%2.3%7.8%5.1%7.3%
Division Segments
The following table represents revenue and PBT in respect of the three main types of services for the years ended
31 March 2026 and 31 March 2025.
Domestic
TransportWarehousingAir & OceanTotal
$NZ000$NZ000$NZ000$NZ000
Year Ended 31 March 2026
Revenue 2,492,919 909,777 1,980,824 5,383,520
PBT154,706 61,207 134,981 350,894
Year Ended 31 March 2025
Revenue 2,262,861 865,364 2,108,212 5,236,437
PBT169,788 63,592 150,198 383,578
31 March 202631 March 2025
unauditedunaudited
$NZ000$NZ000
Reconciliation between non-GAAP and the Income Statement
Profit before Taxation for the Year350,894 383,578
Finance Costs Relating to Lease Liabilities50,187 40,105
Other Net Finance Costs8,227 8,970
EBITA409,308 432,653
Depreciation of Right of Use Assets235,700 221,223
Other Depreciation and Amortisation Expenses114,818 107,639
EBITDA (Adjusted)759,826 761,515
EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, and royalties.
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.