Annual Shareholders Meeting - including trading update

Freightways Annual
Shareholders Meeting
2026
NZX | ASX: FRW

David Gibson
Chairman’s Address
2
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

1.Procedural matters
2.Chairman’s address
3.CEO’s strategy & trading update
4.Questions
5.Resolutions
Agenda
3
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Q&A Participation & Voting
Shareholder & Proxy Holders
Help:
The Q&A tab can also be used for immediate help. If you
need assistance, please submit your query in the same
manner as typing a question and a Computershare
representative will respond directly to you.
Online Questions:
If you have a question to submit during the live meeting,
please select the Q&A tab on the right half of your screen at
anytime. Type your question into the field and press submit.
Your question will be immediately submitted to the
moderator.
Voting:
Once the voting has been opened, the resolutions and
voting options will allow voting. To vote, simply click on the
Vote tab, and select your voting direction from the options
shown on the screen.
Your vote has been cast when the tick appears.
To change your vote, select Change Your Vote.
4
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

FY26 Performance
Our businesses have remained resilient in a complex
economic environment. Activity levels lifted in Q2 and Q3
across most lines of business, but then quickly fell as higher
fuel prices impacted consumer demand. We promptly
adjusted our fuel recovery mechanisms
The focus on improving margins remains intact, and it is
pleasing to see progress across a range of our businesses.
We are also focused on improving those that are lagging
Economy services continued to enjoy higher demand than
higher priced premium services

The Australian EP businesses continued their impressive
contribution with Allied performing particularly well and
VTFE contributing 5 months of earnings
Balance sheet in the mid-range of policy post the VTFE
acquisition
5
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Note:
•*Non-GAAP (Generally Accepted Accounting Principles)
• cps – cents per share
Financial Highlights
Dividend (FY)
12.5%
to 45c ( 40c in FY25)
Revenue
13.5%
to $1,463.6m
* EBITA growth
14.6%
to $181.6m
NPAT growth
17.3%
to $94m
* EBITA margin
12.4%
from 12.3% FY25
Basic earnings
per share
17.2%
to 52.4cps
Net Debt/
EBITDA
2.4X
Cash Generated from
Operations
14.9%
to $279.4m
6
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

NZ
62%
AU
38%
EBITA FY26
NZ
66%
AU
34%
EBITA FY25
NZ
61%
AU
39%
Revenue FY26
NZ
64%
AU
36%
Revenue FY25
Australia Growing as a Contributor to Group Results
7
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

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.
0%
10%
20%
30%
40%
50%
60%
70%
FY20FY21FY22FY23FY24FY25FY26
Gearing (Net Debt / Equity)
Excluding lease liabilitiesIncluding lease liabilities
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
FY20FY21FY22FY23FY24FY25FY26
Times
Net Debt to EBITDA
Net debt to EBITDA (post IFRS16)Net debt to EBITDA (pre IFRS16)
8
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Leverage Reflects Acquisition Of VTFE From Feb 26

Notes:
•cps = Cents Per Share - Final
dividend of 24cps, fully imputed in
NZ, 49% franked in Australia
0
10
20
30
40
50
20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
Dividends: (cps)
FY26 Dividend
12.5%
Dividend FY26
9
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
post IFRS16
FY26 Final
Dividend
24 cps
(FY 45cps)
FY25 Final
Dividend
21cps
(FY 40cps)

Freightways has continued to deliver through the
cycle despite an extended challenging economic
period
We have continued to invest in the business to
position it for future growth;
–With network investment in Christchurch and
Palmerston North
–The acquisition of VTFE
Our strategy to provide the highest levels of service in
our respective niches to enable our business to win
share and recover costs is key to our success
Thank you to our teams across NZ and Australia
10
FREIGHTWAYS ANNUAL SHAREHOLDERS MEETING |
2026
Conclusion

Mark Troughear
Strategy & Trading Update
11
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Our Blueprint
12
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Implementing and delivering our Transition Plan objectives, including our commitment to transition light commercial vehicles to low
emission vehicles.
Drive profitable market
share gains in both B2B and
B2C
Expansion of two key
regional hubs (CHC and
PMR) and assess AKL
options
Scale Oversize revenue in
NZ and AU
Target opportunities that
provide density to expand
the transport network
Assess 3PL expansion
opportunities
Improve utilisation of the
network of records
management sites in
particular in AU
Target high value digitisation
activity
Explore a number of H3
opportunities
Optimisation of the network
to improve margins
Continue to drive medical
waste growth
Source circular loop
solutions for hard to recycle
waste
Three Horizons of Growth
Key Strategic Initiatives
Express Package
Temperature Controlled
Information Management
Waste Renewal
Our Transition Plan Focus Areas
13
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Q1 FY27
Trading Update
14
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Q1 FY27
•Fuel prices fluctuated but generally remained
elevated through Q1
•High fuel prices have the dual impact of;
–elevating revenue and costs (through fuel
adjustment factors that recover fuel costs)
–dampening consumer demand – particularly
for discretionary retail and hospitality
spending
•Additionally the AU economy has taken a turn with
higher interest rates and lower economic growth
•Despite these macro headwinds the business has
recorded a resilient Q1 trading result
15
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Consolidated Performance - Unaudited
Notes
Q1 FY27
$m
Q1 FY26
$m
Change
%
Operating Revenue
408.3347.117.6
EBITDA (non-GAAP)1
74.867.211.3
EBITA (non-GAAP)2
50.044.312.9
NPAT3
26.223.412.0
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, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
3.Net profit after tax
Revenue growth driven by higher fuel recovery
in EP&BM and the addition of VTFE
Continued to win market share and in most
cases have been able to recover cost increases
through pricing
Strong performance from the IM division with
consistent performance across all lines of
business
Premium services remain subject to lower
demand, particularly overnight airfreight and
temperature controlled delivery
This led to margin contraction for NZC and
BCD, which, together with the impact of higher
fuel on revenue, drove margins down over the
quarter
Q1
16
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Notes:
•Results in this table are unaudited and before adjustments for NZ IFRS16
(Leases).
•Refer to appendices for reconciliation to results after NZ IFRS16.
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
Strong revenue growth of 20% with key
contributors being;
VTFE 9%
Fuel 5%
Post Haste and DX Mail brands performed
strongly – reflecting leading positions in their
respective niches and higher demand for their
services
Effective pricing to recover cost of operating
Premium services remain impacted in NZ, and
margin neutral fuel levies lead to EP margin
contraction
Despite the environment 10% growth in EBITA is
a positive result
Express Package & Business Mail - Unaudited
Notes
Q1 FY27
$m
Q1 FY26
$m
Change
%
Operating Revenue
346.0
288.020.1
EBITDA (non-GAAP)1
47.1
43.09.5
EBITA (non-GAAP)2
42.1
38.39.9
EBITA Margin
12.2%
13.3%
Q1
17
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Q1 FY27 NZ Express Package Network Volume
Item growth of 2.9% for Q1
–+2.6% from net market share gains
(wins – losses)
–Same customer volumes were
marginally positive at +0.3%
Key Sector Trends (item change YoY)
–eCommerce sector: +24%
–Retail sector: (-1%)
–Manufacturing sector: +1.2%
–Health sector: -3%
eCommerce wins have continued to
bolster our market share gains
New Zealand
18
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Q1 FY27 Network
Items v pcp
2.9%
Q1 FY27
Revenue growth
8.3%
-3.0%
-1.0%
1.0%
3.0%
5.0%
7.0%
9.0%
11.0%
13.0%
-3
-1
1
3
5
7
9
11
13
Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
%
Express Package Item Growth YoY
Net Market Share GainsSame CustomerRevenue % Growth

Q1 FY27 Allied Express Package Volume
Q1 FY27 Network
Items v pcp
Flat
Revenue for Q1 up 8% due to pricing,
fuel recovery and a larger item profile
This revenue growth was achieved off
flat Q1 volumes (a 6% organic decline
offset by a 6% gain from new business)
This new business momentum
continued in Q1 with a further A$11.2m
of annualised new customers secured
during the quarter
A number of eCommerce customers
down traded 8% due to less online
sales
A large customer has just re contracted
their work through Allied with
additional volumes expected as a
result
Australia
19
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
-10
-5
0
5
10
15
20
25
30
Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
%
Allied Express Item and Revenue Growth YoY
Net Market Share GainsSame CustomerRevenue Growth %
Q1 FY27
Revenue growth
1
8%
Note:
1
Represents revenue growth in AUD

Notes:
•Results in this table are unaudited and before adjustments for NZ IFRS16
(Leases).
•Refer to appendices for reconciliation to results after NZ IFRS16.
1.Operating profit before interest, tax, depreciation and amortisation
2.Operating profit before interest, tax and amortisation
Information Management - Unaudited
Notes
Q1 FY27
$m
Q1 FY26
$m
Change
%
Operating Revenue
63.960.55.6
EBITDA (non-GAAP)1
11.710.313.6
EBITA (non-GAAP)2
9.48.017.5
EBITA Margin3
14.7%13.2%
20
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Q1
Revenue growth of 6% driven by:
–Strong IT Equipment and Product Destruction
revenues at Shred-X (up 40% and 28% respectively
on pcp)
–Well executed pricing strategy to improve margins
Consistent performance across most lines of business
Impact of Shred-X reset apparent in Q1 profitability
Margin improvement of150bps across IM

Our businesses have proven to be resilient over the past 3 years of soft NZ
economic activity. In NZ same-customer activity was recovering and positive
before the war in the Middle East, some customer segments have struggled
since fuel prices have risen
In both markets, we expect that same-customer volumes will remain
subdued but we expect them to improve progressively if there is a sustained
fall in fuel prices in the future. This could be more pronounced in NZ than
Australia
The pace of Australian recovery may be dependent on broader economic
conditions
Additional capacity in Christchurch and Palmerston North and the
investment in Evolve (our new billing and rating systems) will support long
term growth in the NZ Express Package division
We will continue to grow our EP presence in both B2B and B2C in Australia
Margin improvement remains a focus, across all businesses and particularly
with the IM division in AU
We will continue to have a proactive focus on targeted M&A that is
complementary to growing our Australian express network
Volumes expected to
increase when fuel prices fall
Focus on improving margins
continues
Disciplined M&A approach,
with complementary
opportunities being explored
within the parameters of our
Capital Management Policy
21
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Outlook

Questions
If you wish to ask a question, please simply
raise your hand.
For those joining online, select the “Q&A” tab
on the right half of your screen at any
Type your question into the field and press
“Send”.
Your question will be immediately submitted.
22
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

1.That Peter Kean be re-elected as a director of Freightways.
2.That the Directors are authorised to fix the Auditors’ remuneration.
Resolutions
23
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

24
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Resolution 1
That Peter Kean be re-elected as a
Director of Freightways

25
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Resolution 2.
That the Directors are authorised to
fix the Auditors’ remuneration

26
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Questions?

27
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Ngā mihi nui (thank you)

Read this presentation with the financial statements: The financial results in this presentation should be read in conjunction with the
financial statements for the full year ended 30 June 2026, which can be found in the Freightways full year results announcement available
on the NZX and ASX platforms.
No offer or investment advice: This presentation is for information purposes only. It is not a product disclosure statement, prospectus or
investment statement. Nothing in it constitutes an invitation to subscribe for shares, securities or financial products in Freightways, or
financial product, legal, financial, investment, tax or any other advice or a recommendation. Any investor should consult their own
professional advisors and conduct their own independent investigation of Freightways and the information contained in this presentation,
including any statements relating to the future performance of Freightways. The information in this presentation is given in good faith and
has been obtained from sources believed to be reliable and accurate at the date of this presentation.
Our non-GAAP information: Certain items of financial information included in this presentation are "non-GAAP" financial measures. These
non-GAAP financial measures do not have a standardised meaning prescribed by New Zealand Accounting Standards and so may not be
comparable to similarly named measures presented by other entities. Freightways believes that these measures provide useful
information in measuring the financial position and performance of the Freightways business. However, undue reliance should not be
placed on non-GAAP financial measures included in this presentation.
Forward looking statements: This presentation may include forward‐looking statements regarding future events and the future financial
performance of Freightways. Such forward‐looking statements are based on current expectations and involve risks and uncertainties.
Freightways cautions investors not to place undue reliance on these forward-looking statements, which reflect Freightways’ views only as
of the date of this presentation. Actual results may be materially different from those stated in any forward‐looking
statements. Freightways gives no warranty or representation as to its future financial performance or any future matter. The information in
this presentation is current at the date of this presentation, unless otherwise stated. Freightways is not under any obligation to update this
presentation after its release, whether as a result of new information, future events or otherwise.
Disclaimer: None of Freightways, its affiliates, or their respective advisers or representatives, give any warranty or representation as to the
accuracy or completeness of the information contained in this presentation, and exclude their liability to the maximum extent permitted by
law.
Disclaimer
28
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

29
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026
Appendices

Group Financial Summary – For the Financial Year Ended 30 June 2026
Notes:
•Results in this table after adjustments for NZ IFRS16 (Leases)
1.Operating profit before interest, tax and amortisation
2.Net profit after tax
Notes
FY26
$m
FY25
$m
Change
%
Operating Revenue
1,463.61,289.613.5
EBITA (non-GAAP)1
181.6158.414.6
EBITA margin
12.4%12.3%
NPAT2
94.080.117.3
NPAT margin
6.4%6.2%
Basic Earnings Per Share (cents)
52.444.717.2
30
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Express Package & Business Mail – For the Financial Year Ended 30 June 2026
Notes:
•Results in this table are after NZ IFRS16 (Leases).
FY26
$m
FY25
$m
Change
%
Operating Revenue
1,235.21,061.016.4
EBITA (non-GAAP)
168.1143.317.3
EBITA margin
13.6%13.5%
NPAT
102.186.717.8
31
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Information Management – For the Financial Year Ended 30 June 2026
Notes:
•Results in this table are after NZ IFRS16 (Leases).
FY26
$m
FY25
$m
Change
%
Operating Revenue
234.0233.60.2
EBITA (non-GAAP)
31.631.31.0
EBITA margin
13.5%13.4%
NPAT
16.917.3(2.3)
32
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Reconciliation of Post-NZ IFRS16 to Pre-NZ IFRS16 (Unaudited)
Freightways Group
Notes:
•EBITDA, EBITA and NPATA are non-GAAP measures
Freightways Group
Q1 FY27
$m
Q1 FY27
$m
Q1 FY27
$m
Q1 FY26
$m
Q1 FY26
$m
Q1 FY26
$m
POST NZ
IFRS16
NZ IFRS16
ADJUSTMENT
PRE NZ IFRS16
(NON-GAAP)
POST NZ
IFRS16
NZ IFRS16
ADJUSTMENT
PRE NZ IFRS16
(NON-GAAP)
Operating Revenue
408.3-408.3347.1-347.1
EBITDA (non-GAAP)
74.8(21.2)53.6 67.2 (19.1)48.1
EBITA (non-GAAP)
50.0(4.0)46.044.3(3.5)40.8
NPATA (non-GAAP)
30.30.230.526.40.627.0
NPAT (GAAP)
26.2 0.226.423.4 0.624.0
33
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Notes:
•EBITDA and EBITA are non-GAAP measures
Reconciliation of Pre-NZ IFRS16 to Post-NZ IFRS16 (Unaudited)
Express Package & Business Mail
Express Package & Business Mail
Q1 FY27
$m
Q1 FY26
$m
Change
%
Operating Revenue346.0288.020.1
EBITDA (before NZ IFRS16)47.143.09.5
Add: NZ IFRS16 adjustment14.813.311.3
EBITDA (after NZ IFRS16)61.956.39.9
EBITA (before NZ IFRS16)42.138.39.9
Add: NZ IFRS16 adjustment2.72.412.5
EBITA (after NZ IFRS16)44.840.710.1
34
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

Notes:
•EBITDA and EBITA are non-GAAP measures
Reconciliation of Pre-NZ IFRS16 to Post-NZ IFRS16 (Unaudited)
Information Management
Information Management
Q1 FY27
$m
Q1 FY26
$m
Change
%
Operating Revenue63.960.55.6
EBITDA (before NZ IFRS16)11.710.313.6
Add: NZ IFRS16 adjustment6.35.88.6
EBITDA (after NZ IFRS16)18.016.111.8
EBITA (before NZ IFRS16)9.48.017.5
Add: NZ IFRS16 adjustment1.31.118.2
EBITA (after NZ IFRS16)10.79.117.6
35
FREIGHTWAYS
ANNUAL SHAREHOLDERS MEETING |
2026

---

ANNUAL SHAREHOLDERS MEETING


A. CHAIR’S INTRODUCTION

Slide 1. Freightways - 29 October 2026, Annual Shareholders Meeting

Slide 2. David Gibson, Chair

Nau mai, haere mai. Tena tatou katoa.
Good morning Ladies and Gentlemen. I’m David Gibson, Freightways Chair
and it’s my pleasure to welcome you to our 2026 Annual Shareholders
Meeting. It’s great to see you again and welcome also to those people
joining us online this morning.

On the stage, are my fellow directors; Peter Kean, Abby Foote, Fiona Oliver
and Grant Devonport. Peter is standing for re-election. He will address the
meeting later today prior to the vote.

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

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

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

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

Parking:
If you’ve parked in a paid parking area at Akarana today, please record your
vehicle registration at Reception to receive complimentary parking.

Slide 3. Agenda

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

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

The Financial Statements for the year ended 30 June 2026 are set out in the
Company’s Annual Report, released to shareholders in August. The
Company also released its Climate-Related Disclosures last month.

Slide 4. How to ask questions and vote

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

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

Questions will be moderated by Nicola Silke, our Company Secretary. I f we
receive multiple questions on one topic, these will be amalgamated
together. Any questions not answered in time will receive an email response
after the meeting.
When asking a question in the room, please use the microphone and
introduce yourself by name and confirm whether you are a shareholder or
proxy.
To be fair to all shareholders we request questions are limited to two per
shareholder.

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

If you do not have a voting paper, please indicate now by raising your hand
and a member of Computershare’s team will assist you. Voting papers will
be collected at the end of the resolution and voting section of the meeting
by the Computershare team who will act as scrutineers and the results will
be posted to the NZX and ASX later this afternoon.

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

I will now speak briefly to some of the highlights of our 2026 financial year.

Slide 5.
FY26 Performance

FY26 has been a strong year, with double digit growth across all P&L lines.
Revenue is up 13.5%, helped by the acquisition of VTFE in Australia from
February 1
st
. Excluding VTFE, topline growth would still be 11%. The bottom
line has increased even more, with an NPAT close to $94m, a 17% growth.
Behind these strong numbers, the context remains complicated.

In New Zealand, we had experienced sustained volume recovery until the
War in Iran led to a sharp increase of fuel prices and impact consumers’
disposable income. The outcome for us was a sudden stop of that economic
recovery and a stagnant activity since then. There was also a preference for
economy over premium services with many demand stronger for our

relatively cheaper road express services rather than our more expensive
overnight airfreight mode.

In Australia, volumes were not impacted to the same extent, as government
help meant that fuel prices did not reach the same levels, however, more
recently the economic environment has been showing signs of strain.

Slide 6. Financial Highlights
This is a numerical summary of what I covered in the previous slide. Double
digit growth of both top and bottom lines, dividend up by 12.5% from last
year... overall an excellent results given the ever complicated environment.

Slides 7. Australia Growing
This slide illustrates the steady growth of our Australian operations within
the Group. Australia was 36% of the revenue and 34% of the EBITA in FY25
and is now 39% and 38% of our group results in FY26. Our ambitious
growth strategy in Australia means that the share of the group operations
across the Tasman should continue to increase over the next five years.

Slide 8. Leverage
The Board approved a Capital Management Policy that aims at maintaining
our credit profile at a level comparable to an investment grade rating. One
of the metrics we track is the level of debt to the EBITDA generated by the
business. Debt includes lease liabilities but is net of cash. Our net debt to
EBITDA ratio was 2.4x at the close of FY26, after the acquisition of VTFE.

Freightways aims to maintain this ratio between 3 and 4x. This gives us
significant headroom to support potential acquisitions

Slide 9. Dividend
On the back of a strong result and a solid balance sheet, the Board decided
to increase the Full Year dividend to 45 cents, a 12.5% increase from last
year. We are conscious that the dividend yield is a significant part of the
value proposition of FRW to many of our shareholders. The Board sets the
dividend at a level that both reflects the performance of the year, but also
that we believe is sustainable over time. You can therefore see the steady
increase of our dividend over time, with only 2 exceptions: the GFC and
the first year of Covid.

Slide 10. Conclusion
Freightways has continued to deliver through the cycle despite an extended
challenging economic period.

We have continued to invest in the business to position it for future growth
with recent network investment in Christchurch and Palmerston North and
the acquisition of VTFE in Australia.

Our strategy to provide the highest levels of service in our respective niches
to enable our business to win share and recover costs is key to our success

In closing, I have several thank yous.

I would like to thank our team of over 6,000 employees and contractors who
operate with an unwavering focus on “Moving you to a Better Place”.

I would also like to thank my fellow Directors, and our Chief Executive Mark
Troughear, his Management Team, who have continued to lead our strategy
and execution across NZ and Australia.

I would also like to acknowledge and thank our previous Chair Mark Cairns
who finished at the end of July, after 5 ½ years of service, for his valuable
contribution to the company.

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

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

Nga mihi nui.

Slide 11. Freightways – Mark Troughear, Chief Executive Officer

B. CHIEF EXECUTIVE OFFICER’S REVIEW AND TRADING UPDATE

Thank you, David.

Welcome to those shareholders joining us for our 2026 ASM.
And welcome to those from the FRW team in the room. I would like to
express my thanks to you and your teams for the outstanding work you have
done over the past year.

I’ll provide a brief summary of our strategy, a trading update for Q1 FY27,
and some comments on the outlook for the year ahead.

Slide 12. Our Blueprint
- Vision: We move you to a better place
- Principles: Take ownership, think commercially, work as a family.
- Capabilities: Strive for efficiency, Deliver reliably, Love our
customers, Act like an entrepreneur.
Activities: Express Package and Business Mail, Temperature Controlled,
Information Management, and Waste Renewal.


Slide 13. Key Strategic Initiatives
Express Package
- Drive profitable market share gains in both B2B and B2C
- Expand our two key regional hubs in Christchurch and Palmerston
North, and assess Auckland options
- Scale Oversize revenue in NZ and AU

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

Information Management
- Improve utilisation of our records management sites, particularly in
Australia
- Target high value digitisation activity and explore a number of Horizon
3 opportunities

Waste Renewal
- Optimise the network to improve margins
- Continue to drive medical waste growth and source circular loop
solutions for hard to recycle waste

Our Transition Plan Focus Areas
- Implement and deliver our Transition Plan objectives, including our
commitment to transition light commercial vehicles to low emission
vehicles

Slide 14. Q1 FY27 Trading Update Cover

Slide 15. Q1 FY27
- Fuel prices fluctuated but generally remained elevated through Q1
- Higher fuel prices increase both revenue and costs through fuel
adjustment factors, while dampening consumer demand, particularly
in discretionary retail and hospitality
- The Australian economy has also slowed, with higher interest rates
and lower economic growth
- Despite these headwinds, the business recorded a resilient Q1 trading
result

Slide 16. Consolidated Trading Performance – Q1 FY27, unaudited and
includes lease accounting
- Revenue increased 17.6% to $408.3m, EBITA increased 12.9% to
$50.0m, and NPAT increased 12.0% to $26.2m
- Revenue growth was driven by higher fuel recovery in Express Package
& Business Mail and the addition of VTFE
- We continued to win market share and, in most cases, recover cost
increases through pricing
- Information Management performed strongly across its lines of
business
- Lower demand for premium services, particularly overnight airfreight
and temperature controlled delivery, reduced margins at NZ Couriers
and Big Chill. Higher fuel recovery also lowered the reported margin
percentage

Slide 17. Express Package & Business Mail – Q1 FY27, unaudited and
excludes lease accounting
- Revenue increased 20.1% to $346.0m, with VTFE and higher fuel
recovery key contributors
- Post Haste and DX Mail performed strongly, reflecting their leading
positions and higher demand for their services
- Effective pricing helped recover operating cost increases
- EBITA increased 9.9% to $42.1m. The EBITA margin decreased from
13.3% to 12.2%, reflecting pressure on premium services and fuel
levies that recover costs without adding margin

Slide 18. Q1 FY27 NZ Express Package Network Volume
- Item growth was 2.9%, with net market share gains contributing 2.6
percentage points and same-customer volumes contributing 0.3
percentage points
- Revenue increased 8.3%
- eCommerce items increased 24% and manufacturing increased 1.2%,
while retail declined 1% and health declined 3%
- eCommerce wins continued to bolster our market share gains

Slide 19. Q1 FY27 Allied Express Package Volume
- Allied’s Q1 revenue increased approximately 8%, supported by pricing,
fuel recovery and a larger item profile
- Volumes were broadly flat, down 0.1%, with new business offsetting
lower activity from existing customers
- A further A$11.2m of annualised new customer business was secured
during the quarter
- A number of eCommerce customers down traded 8% due to less
online sales
- A large customer has just re contracted their work through Allied with
additional volumes expected as a result

Slide 20. Information Management – Q1 FY27, unaudited and excludes
lease accounting
- Revenue increased 5.6% to $63.9m and EBITA increased 17.5% to
$9.4m
- Shred-X ITAD and product destruction revenues increased 40% and
28% respectively on the prior corresponding period
- Well executed pricing and the Shred-X reset supported improved
profitability, with consistent performance across most lines of
business
- The EBITA margin improved from 13.2% to 14.7%, an increase of 150
basis points

Slide 21. FY27 Outlook
- Our businesses have remained resilient through three years of soft NZ
economic activity. Same-customer activity had been recovering before
fuel prices rose, but some customer segments have since struggled
- We expect same-customer volumes in both markets to remain
subdued, with progressive improvement when fuel prices fall
sustainably. The improvement could be more pronounced in NZ
- The pace of recovery in Australia may depend on broader economic
conditions
- Additional capacity in Christchurch and Palmerston North, and
investment in Evolve, our new billing and rating systems, will support
long term growth in NZ Express Package
- Margin improvement remains a focus across all businesses,
particularly Information Management in Australia
- We will continue to grow our Australian Express Package presence in
both B2B and B2C, with a disciplined focus on complementary
acquisitions within our Capital Management Policy