Mainfreight Half Year Financial Results 30 September 2026

MAINFREIGHT LIMITED

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 LIMITED
12 November 2026

Financial result for the six months ended September 2026 (unaudited)

Commentary

Mainfreight is pleased to confirm our half-year financial result ending September 2026.

Revenue and profit performance has been satisfactory when compared with our
disappointing performance in the year prior.

Group Result Summary HY27 v HY26
Revenue NZ$3.12 billion up 19.8%
Profit Before Tax (PBT) NZ$219.21 million up 66.4%
Net Profit NZ$155.39 million up 66.4%

• Adjusted for foreign exchange impact, Group Revenue is up 14.9%, and PBT
is up 58.6%.
• Operating cashflow improved from NZ$209.6 million to NZ$327.8 million.
• An interim dividend of 85 cents per share has been approved by the Board of
Directors, payable on 18 December 2026.
• Capital expenditure for the six month period totalled NZ$97 million.

Freight volumes increased across all regions, including both domestic and
international movements.

2

Revenue growth resulted from a combination of increased customer activity and
market share gains. New Zealand and Australia continue to perform well, with
reasonably strong gains in market share across both countries.

Improved profit and revenue performance from our operations across the Americas
and Europe have also assisted this result.

Product Performance

Transport
Our domestic transport businesses operate in New Zealand, Australia, the Americas
and Europe.
HY27 v HY26
Revenue NZ$1.474 billion up 24.2%
Profit Before Tax (PBT) NZ$116.36 million up 99.2%

Freight volumes increased in the six month period, with tonnes moved up 7%, cubic
metres up 9% and total shipments up 4%. Road linehaul utilisation strengthened
across all regions, with an increase in the use of rail in New Zealand and, to a lesser
extent, Australia.

Fuel adjustments accounted for NZ$143 million of the revenue increase across our
transport divisions.

Warehousing
Our warehousing footprint is located across New Zealand, Australia, Europe and the
Americas, with a small footprint remaining in Asia.
HY27 v HY26
Revenue NZ$479.54 million up 9.4%
Profit Before Tax (PBT) NZ$35.03 million up 69.4%

Warehousing utilisation was satisfactory, with higher freight volumes through our
warehouses contributing to better performance. This reflects stronger business-to-

3

business trading activity, with a reduction in smaller labour-intensive business-to-
consumer courier consignments.

Air & Ocean
Our Air & Ocean activities operate across all regions in which Mainfreight is located.

HY27 v HY26
Revenue NZ$1.167 billion up 19.1%
Profit Before Tax (PBT) NZ$67.82 million up 28.9%

International freight volumes have increased across our network and new business
customer gains have also contributed to an improved result.

Seafreight TEUs increased 6% to 234,395 container movements, while airfreight was
up 15% to 80.2 million kgs.

Divisional Performance (figures in local currencies)

New Zealand (NZ$) HY27 v HY26
Revenue NZ$693.11 million up 20.4%
Profit Before Tax (PBT) NZ$66.90 million up 51.9%

Freight tonnage across our domestic Transport network increased as we continued
to grow market share through new customer gains, and stronger trading activity from
our existing customers. Our customer verticals across the food, beverage and DIY
sectors have provided consistent trading in a reasonably weak economy. Improved
access to rail services, combined with better management and utilisation of our road
linehaul network, contributed to profitability improvements.

Warehousing activity remains acceptable, and utilisation of properties has been
pleasing. Our new 34,000 pallet Christchurch facility is operational and profitable, and
construction of our new 55,000 pallet facility in Auckland has commenced.

4

Air & Ocean performance has been favourable, as we have increased our market
share across all trades. Import seafreight and perishable airfreight volumes are stand-
out features in this result.

This positive trading momentum has continued into October and early November
across all three New Zealand divisions.

Australia (AU$) HY27 v HY26
Revenue AU$810.82 million up 10.1%
Profit Before Tax (PBT) AU$74.03 million up 26.2%

Market share gains continue to benefit our Australian business.

Transport activities provided the strongest sales growth as our network development
and service levels continue to attract new customers. Growth in the utilisation of rail
and FTL (Full Truck Load) continued alongside our LTL (Less than Truck Load)
express freight services.

Regional development and profitability have been encouraging. The successful
completion of our new Brisbane cross-dock has enhanced operational efficiency and
contributed positively to performance.

Warehousing profitability increases continued as utilisation and warehouse
efficiencies improved. The elimination of overflow warehouse lease commitments has
also assisted profit improvement.

Increased demand for specialist hazardous goods transport services is driving ongoing
growth in Chemcouriers. Increased enquiry for hazardous goods warehousing will
require investment in land and buildings over the medium term, likely located in
Melbourne.

Our Australian Air & Ocean business has traded satisfactorily in the first six months,
with airfreight growth a key feature of our export development.

5

Trading across our Australian businesses in October and into November has
continued to build on this positive result.

Americas (US$) HY27 v HY26
Revenue US$360.85 million up 15.2%
Profit Before Tax (PBT) US$6.87 million up 393.3%

Better performance from our USA business has delivered an improved result.

While our Transport operations have yet to reach profitability, sales revenue
increased as improvements in our service delivery quality attracted new customers.
This new business has contributed to better road linehaul utilisation and, as a
consequence, improving weekly financial performance.

Improved results across all Warehousing sites was encouraging. Our new warehouse
in Toronto has seen utilisation increase as we attract new customers, and we expect
to add additional capacity to this site as customer demand grows.

Air & Ocean activity has been pleasing, with airfreight volume increases the highest
across our network. Trans-Atlantic seafreight volume improvements are encouraging,
as is the increasing trade with Canada. We expect to open a new branch in Montreal
before year end.

While profitability across our USA operations remains below our expectations, these
first half year trading improvements provide growing confidence for improved future
performance. These results have continued into the second half of the financial year.

Asia (US$) HY27 v HY26
Revenue US$66.42 million up 9.8%
Profit Before Tax (PBT) US$5.98 million up 6.0%

Our Asian business had modest gains in profitability compared to our Group result.

6

Seafreight and airfreight volumes increased in line with the rest of our network,
however profitability was impacted as Asian customer gains and higher seafreight
rates affected gross margin returns.

Whilst China continues to dominate our earnings profile, we have seen pleasing
improvements from our South-East Asia and India branches as we continue to develop
these two important regions.

Trading through October and November is consistent with first half revenue and profit
results.

Europe (€) HY27 v HY26
Revenue €358.53 million up 16.7%
Profit Before Tax (PBT) €20.37 million up 118.2%

We delivered a much improved result across our European operations, with increased
freight volumes and improved margins from our Transport business driving this result.
Further intensification across our Netherlands transport network is underway, and we
continue to investigate opportunities for domestic freight into and out of Germany.
Better transport cross-dock efficiency has also been a highlight of these first six
months.

Higher Warehouse utilisation has contributed to profitability. We expect to increase
our warehousing footprint in Belgium, and will open our first warehouse in Poland in
early 2027.

Air & Ocean development has been acceptable, with increases in both airfreight and
seafreight volumes generating a better profit performance. Trading margins remain
under pressure as ocean freight rate increases continue.

Profitability and revenue performance across our European operations remain heavily
reliant on our Netherlands and Belgium businesses. We have a strong focus on sales
growth in France, Germany, Romania, Poland and the United Kingdom to diversify our
earnings base in Europe.

7


Trading in October and November has continued to produce satisfactory results in our
European business.

Group Operating Cash Flows

Operating cash flows were NZ$327.8 million, an increase of $118.2 million on the 2026
half year.

Current debt facilities total NZ$510 million, of which NZ$135 million was drawn.

Net funds (cash in bank) were NZ$54 million.

Net capital expenditure for the six month period totalled NZ$97 million. Expenditure
on property was NZ$65 million.

Total planned capital expenditure through to the end of FY2027 is NZ$164 million.

Dividend

The Directors have approved an interim dividend of 85 cents per share, fully imputed
at the 28% company tax rate. With the record date on 11 December 2026, payment
will be made on 18 December 2026.

Fuel Supply and Cost Increases

We remain confident of ongoing fuel supply across all our operating regions, however
cost increases, particularly for diesel, have been significant. Fuel adjustment factors
are applied to customers’ freight rates as a means to recover fuel cost increases.
These adjustments are passed through to our owner drivers, contractors and service
providers.

8


Outlook

This result reflects market share growth and improved trading from existing customers.
Our Australasian business performance is a highlight, with increased contributions
from our European and USA businesses also assisting with the delivery of a better
than expected first half result.

Deepening our customer relationships across their supply chain requirements
continues to be a focus for us, and is a key contributor to sales growth.

Our customer verticals of food, beverage and DIY have provided stability in uncertain
economic conditions, and freight volumes across these sectors have been a key
feature.

Investment in our facilities and network growth continues, and we expect this will
remain a core feature of our capital expenditure requirements in the future.

We remain cautiously optimistic that our trading performance will continue in the
months ahead.

Mainfreight will release its full year financial result for the 2027 year on 27 May 2027.


For further information, please contact:

Don Braid, Group Managing Director
T +64 9 259 5503, +64 27 496 1637 or email don@mainfreight.com

Graeme Illing, Group Chief Financial Officer
T +64 9 259 5522, +64 27 642 4473 or email graeme.illing@mainfreight.com

---

MAINFREIGHT LIMITED
HALF YEAR RESULT
September 2026

Revenue $3.12 billion up 19.8%
PBT $219.2 million up 66.4%
Net Profit $155.4 million up 66.4%
Result Summary

Half Year Overview
Improved first half result when compared to poor prior year
PBT NZ$219 million versus NZ$132 million
Revenue growth of NZ$515 million
•Fuel Adjustment Factor - NZ$143 million (transport activity only)
•New business and improved trading from existing customers
Better profit performance for Europe and USA assisting
Australasia performance very satisfactory
Trading through October and into November continues improvement
trends

Dividend
Directors have approved an interim dividend of 85
cents per share
Books close 11 December 2026
Payment on 18 December 2026

Capital Management
Operating Cash Flows remain satisfactory - NZ$327.8 million
versus NZ$209.6 million last year
Net Capex NZ$97.0 million - NZ$65.3 million on property
Net Funds at NZ$54.0 million versus NZ$26.6 million in prior
year “cash at hand”
Bank Debt of NZ$135.0 million, drawn from a total available
facility of NZ$510.0 million

Future Capital
Expenditure
Update: F27-F28
NZ$ MILLIONF27
Planned Capital Expenditure$164
•Property$66
•Fit-out costs$30
•Non-property capex$68
NZ$ MILLIONF28
Planned Capital Expenditure$93
•Property$7
•Fit-out costs$26
•Non-property capex$60
Property and Fit-out Costs F27-F28
New ZealandNZ$67 million
AustraliaAU$29 million
AmericasUS$11 million
EuropeEU$3 million
Total in NZ$NZ$129 million
“Expect an increase in land and building activity to what we have forecast previously”

Three Core Products - NZ$
TRANSPORT
Total tonnes increased 7% to 5.4 million tonnes
Total cubic metres increased 9% to 12 million cubic metres
Total consignments increased 4% to 4.8 million consignments
European and USA improvements have contributed to the result improvements
Revenue $1.474 billion 24.2% PBT $116.36 million 99.2%
WAREHOUSING
Total warehousing area now 1,110,000 square metres across 56 warehouses
Total facility utilisation is at 87% with 1,369,454 pallets in storage – 174,000 pallet spaces remain available
Orders processed decreased as freight consignments grew over smaller B to C activity
Revenue $479.54 million 9.4% PBT $35.03 million 69.4%
AIR & OCEAN
Airfreight kilos increased 15% to 80.2 million kilograms
Sea freight TEUs increased 6% to 234,395 units
CaroTrans performance continues to improve on prior year
Better margin management a key priority
Revenue $1.167 billion 19.1% PBT $67.82 million 28.9%

Half Year 2027 Analysis
$000RevenueVar %Profit Before TaxVar %
New ZealandNZ$693,10520.4%66,90351.9%
AustraliaAU$810,82210.1%74,03526.2%
AmericasUS$360,84615.2%6,871393.3%
EuropeEU€358,53416.7%20,369118.2%
AsiaUS$66,4249.8%5,9796.0%
GroupNZ$3,121,09019.8%219,20866.4%

New Zealand
•
Stronger freight profile and less overflow warehousing lease costs
•
Christchurch warehouse operational and profitable – 34,000 pallet capacity
•
Construction underway for new Auckland site – 55,000 pallet capacity
•
Increased road and rail linehaul utilisation
•
Freight volume increases have improved results from new facilities for Daily
Freight and Owens and Mainfreight’s regional investments
•
Food and beverage customer verticals assisting activity increases
•
Satisfactory customer gains
•
Import sea and airfreight volumes improve
•
Gross margins remain under pressure
TRANSPORT
WAREHOUSING
AIR & OCEAN
•
October and November trading has continued first half momentum
OUTLOOK
•
Palmerston North transport site extension completion December 2026
•
Nelson and Blenheim transport sites due for completion early 2027
•
Auckland warehouse for completion mid 2028
•
Land acquired in Cromwell for a new transport facility
•
Metro Auckland site completed
PROPERTY

Australia
•
Better site efficiencies assisting profitability growth
•
Elimination of overflow warehouse leases (AU$2.7 million) has
assisted
•
Hazardous goods warehouse planned in Melbourne to meet
demand alongside Chemcouriers transport success
•
Significant new business gains assisting revenue improvements
•
Regional branch profitability improving
•
Brisbane (Willawong) facility operational and increasing profitability post
September
•
Profitability marginally behind year prior as revenue replacement is
found for loss of project division
•
Export airfreight growth key feature in result
TRANSPORT
WAREHOUSING
AIR & OCEAN
•
Trading post result has continued to improve on first half performance
OUTLOOK
•
Perth transport facility completion November 2027
•
New hazardous goods warehouse in planning stages for Melbourne
PROPERTY

Americas
•
Improving performance from most warehouses
•
More freight consignments generated, replacing B to C activity and high
cost to serve issues
•
Merger of 2 x Los Angeles warehouses to be completed January 2027 to
one site located in Carson
•
Delivery service quality is improving
•
Customer gains has assisted linehaul utilisation
•
Still yet to be profitable, trends are encouraging
•
Ongoing improvements as new customer gains benefit trading volumes
•
Airfreight development and activity a key feature of the result
•
Montreal branch to open early 2027
TRANSPORT
WAREHOUSING
AIR & OCEAN
•
Still trending below our expectations
•
Small improvements in weekly results post half year
OUTLOOK
•
Increasing Toronto warehouse footprint in planning mode
PROPERTY

•
Better freight profile and improving utilisation helping profitability
•
Expect to increase Belgium warehouse capacity in 2027
•
Will open small site in Poland as entry to the market early 2027
•
Pleasing transport improvements, better cross-dock efficiencies, better
linehaul utilisation
•
New branch developments for the Netherlands and Belgium to develop
transport intensification
•
Germany network development under consideration
•
Stronger freight volumes across sea and airfreight
•
Trans-Atlantic and ex Asia volumes on the increase
•
Margins could be better
TRANSPORT
WAREHOUSING
AIR & OCEAN
Europe
•
Trading post result has continued current trends in growth and profitability
OUTLOOK
•
Warehousing facilities in Belgium and Poland
•
Transport branches for Netherlands / Belgium
PROPERTY

•
A satisfactory performance in a very competitive market
•
Do expect stronger growth over medium term
•
China still dominating earnings, India and South-East Asia improving,
albeit slowly
•
Margins require improvement
Asia
•
Trading post September has been satisfactory
OUTLOOK
PERFORMANCE

Outlook
Half year result satisfactory
•Momentum maintained throughout the first half
oPrior period performance was disappointing
Customer gains have been pleasing
Current customer activity ahead of year prior
Food, beverage, DIY volumes have been a feature
Volume improvement across all regions helping road and rail utilisation and linehaul
cross-dock efficiencies
Cautious optimism for second half
•Maintaining growth momentum – new business
•Fuel adjustment factors to continue to feature for balance of year
•Interest rate increases, regional economic performance and elections creating a
cautionary approach
Better management of Air & Ocean margin activity a priority
Growing deeper customer relationships across all products and regions a key feature of
sales efforts

Coming Up
FY27 – 12 months ended March 2027
- 27 May 2027
Annual Meeting of Shareholders
-29 July 2027
HY28 – 6 months ended September 2027
-11 November 2027

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of IssuerMainfreight Limited
Reporting Period6 months to 30 September 2026
Previous Reporting Period6 months to 30 September 2025
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$3,121,09019.8%
Total Revenue$3,121,09019.8%
Net Profit/(Loss) from Continuing Operations$155,39066.4%
Total Net Profit/(Loss)$155,39066.4%
Interim/Final Dividend
Amount per Quoted Equity Security$0.85000000
Imputed Amount per Quoted Equity Security$0.33055556
Record Date11/12/2026
Dividend Payment Date18/12/2026
Current PeriodPrior Comparable Period
Net tangible assets per Quoted Equity Security
$19.0896$17.2309
A brief explanation of any of the figures above
necessary to enable the figures to be
understood
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
12/11/2026
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 Half Year Announcement
For the Six Months ended 30 September 2026
Income Statement
For the Six Months ended 30 September 2026
Six Months EndedSix Months EndedYear ended
30 Sept 202630 Sept 202531 March 2026
Notesunauditedunauditedaudited
$NZ000$NZ000$NZ000
Total Revenue 3,121,090 2,605,703 5,383,520
Transport Costs(1,810,445) (1,479,625) (3,028,570)
Labour Expenses(645,656) (589,726) (1,173,270)
Other Expenses(233,398) (205,910) (421,854)
Earnings before Finance Costs, Tax, Depreciation and Amortisation
431,591 330,442 759,826
Depreciation of Right to Use Assets(122,710) (113,698) (235,700)
Finance Costs Relating to Lease Liabilities(27,446) (23,624) (50,187)
Other Depreciation & Amortisation Expenses(58,205) (56,951) (114,818)
Other Finance Costs(4,022) (4,447) (8,227)
Profit before Taxation219,208 131,722 350,894
Income Tax Expense(63,817) (38,339) (99,892)
Net Profit for the Period155,391 93,383 251,002
Earnings per share
Basic and diluted earnings (cents per share)154.3192.74249.26
Net Profit for the Period155,39193,383251,002
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 Operations22,740 29,028 57,368
Income Tax Effect- - -
Net Other Comprehensive income to be reclassified to profit/(loss)
in subsequent periods
22,740 29,028 57,368
Other comprehensive income not to be reclassified to profit/(loss) in
subsequent periods
Revaluation of Land including Foreign Exchange Movements5,066 5,711 13,790
Income Tax effect(1,418) (1,252) (3,861)
Defined Benefit Pension Provision137 (23) (89)
Income Tax effect(38) 5 23
Net Other Comprehensive income not to be reclassified to
profit/(loss) in subsequent periods
3,747 4,441 9,863
Other Comprehensive Income for the Period, Net of Tax26,487 33,469 67,231
Total Comprehensive Income for the Period, Net of Tax181,878 126,852 318,233
The accompanying notes form part of these interim financial statements
Preliminary half year report on consolidated results (including the results for the previous corresponding half year).
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
This report has been prepared in a manner which complies with generally accepted accounting practice and fairly
presents the matters to which the report relates and is based on unaudited financial statements.
For the Six Months ended 30 September 2026
Statement of Comprehensive Income

MAINFREIGHT LIMITED
Balance Sheet
As at 30 September 2026
30 Sept 202630 Sept 202531 Mar 202630 Sept 202630 Sept 202531 Mar 2026
unauditedunauditedauditedunauditedunauditedaudited
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Current AssetsCurrent Liabilities
Bank219,029 139,384 162,189 Trade Creditors & Accruals707,367 542,551 589,655
Trade Debtors902,782 766,586 748,279 Employee Entitlements143,588 113,045 135,236
Income Tax Receivable6,344 9,026 7,637 Provision for Taxation13,925 4,042 32,508
Properties Held for Sale- Lease Liability for Right of Use Assets223,765 216,388 244,374
Other Debtors65,429 36,722 98,816 Asset Finance Loans4,820 6,929 11,619
1,193,584 951,718 1,016,921 1,093,465 882,955 1,013,392
Non-current Tangible Assets Non-current Liabilities
Property1,606,412 1,482,741 1,527,971 Bank Term Loan134,619 170,892 99,970
Plant & Equipment343,540 345,311 362,267 Employee Entitlements5,594 4,617 4,778
Right of Use Assets1,210,311 1,120,022 1,186,790 Lease Liability for Right of Use Assets1,103,862 995,557 1,049,692
Deferred Tax Liability68,735 80,351 68,492
Asset Finance Loans25,273 30,293 23,960
3,160,263 2,948,074 3,077,028 1,338,083 1,281,710 1,246,892
Total Liabilities2,431,548 2,164,665 2,260,284
Non-current Intangible AssetsShareholders' Equity
Software59,132 56,457 55,517 Share Capital85,820 85,820 85,821
Goodwill244,497 240,884 242,550 Retained Earnings1,690,218 1,550,401 1,622,433
Other Intangible Assets1,287 1,299 1,296 Revaluation Reserve285,248 276,140 281,601
Deferred Tax Asset7,308 699 7,225 Foreign Currency Translation Reserve173,500 122,420 150,760
Defined Benefit Pension Reserve(263) (315) (362)
312,224 299,339 306,588 Total Equity2,234,523 2,034,466 2,140,253
Total Assets4,666,071 4,199,131 4,400,537 Total Liabilities & Equity4,666,071 4,199,131 4,400,537
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Statement of Changes in Equity
For the Six Months Ended 30 September 2026
ForeignDefined
AssetCurrencyBenefit
OrdinaryRevaluationTranslationPensionRetainedTotal
SharesReserveReserveReserveEarningsEquity
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2026 (unaudited)
Balance at 1 April 202685,821 281,601 150,760 (362) 1,622,433 2,140,253
Profit for the Period- - - - 155,391 155,391
Other Comprehensive Income- 3,648 22,740 99 - 26,487
Total Comprehensive Income for the Period- 3,648 22,740 99 155,391 181,878
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (3,232) (3,232)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,232 3,232
Balance at 30 September 202685,821 285,249 173,500 (263) 1,690,216 2,234,523
Six Months to 30 September 2025 (unaudited)
Balance at 1 April 202585,821 271,681 93,392 (296) 1,544,624 1,995,222
Profit for the Period- - - - 93,383 93,383
Other Comprehensive Income- 4,459 29,028 (18) - 33,469
Total Comprehensive Income for the Period- 4,459 29,028 (18) 93,383 126,852
Transactions with Owners in their Capacity
as Owners
Supplementary Dividends- - - - (3,233) (3,233)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,233 3,233
Balance at 30 September 202585,821 276,140 122,420 (314) 1,550,399 2,034,466
Twelve Months to 31 March 2026 (audited)
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
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Cash Flow Statement
For the Six Months ended 30 September 2026
Six Months EndedSix Months EndedYear ended
30 Sept 202630 Sept 202531 March 2026
unauditedunauditedaudited
$NZ000$NZ000$NZ000
Cash Flows from Operating Activities
Receipts from Customers3,499,970 2,971,473 5,347,885
Interest Received- - 3,307
Payments to Suppliers and Team Members(3,058,910) (2,666,597) (4,581,685)
Finance Charge on NZ IFRS 16 Leases(27,446) (23,624) (50,187)
Interest Paid(4,022) (4,447) (11,534)
Income Taxes Paid(81,767) (67,217) (118,368)
Net Cash Flows from Operating Activities327,825 209,588 589,418
Cash Flows from Investing Activities
Proceeds from Sale of Property, Plant & Equipment871 3,158 8,750
Proceeds from Sale of Software- - 24
Purchase of Property, Plant & Equipment(84,458) (95,974) (176,894)
Purchase of Software(13,502) (9,904) (20,434)
Purchase of Licences- - -
Purchase of Investments- - -
Net Cash Flows from Investing Activities(97,089) (102,720) (188,554)
Cash Flows from Financing Activities
Proceeds of Long Term Loans43,585 68,164 98,330
Dividend Paid to Shareholders(87,608) (87,608) (173,202)
Repayment of Loans(17,957) (31,299) (140,883)
Lease Payments NZ IFRS 16 (114,076) (99,308) (209,505)
Net Cash Flows from Financing Activities(176,056) (150,051) (425,260)
Net Increase / (Decrease) in Cash and Cash Equivalents54,680 (43,183) (24,396)
Net Foreign Exchange Differences2,160 3,176 7,194
Cash and Cash Equivalents at Beginning of Period162,189 179,391 179,391
Cash and Cash Equivalents at End of Period219,029 139,384 162,189
Comprised:
Bank and Short Term Deposits219,029 139,384 162,189
Bank Overdraft- - -
219,029 139,384 162,189
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months ended 30 September 2026
1Corporate Information
The preliminary half year report announcement of Mainfreight Limited ("the parent") and its subsidiaries ("the Group")
for the six months ended 30 September 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).
2Accounting Policies
Accounting policies remain consistent with the prior year ended 31 March 2026 financial statements.
3 Parent
Six Months EndedSix Months EndedYear ended
30 Sept 202630 Sept 202531 March 2026
unauditedunauditedaudited
SharesSharesShares
Movements in Ordinary Shares on Issue
Closing balance100,698,548 100,698,548 100,698,548
Average balance during the period100,698,548 100,698,548 100,698,548
$NZ000$NZ000$NZ000
Net Tangible Assets
Net Tangible Assets1,922,299 1,735,127 1,833,665
Net Tangible Assets per Security (cps)1,908.96 1,723.09 1,820.94
Dividends Paid and Proposed
Recognised Amounts
Declared and Paid during the Period to Parent Shareholders
Final Fully Imputed Dividend for 2026: 87.0 cents (2025: 87.0 cents)87,608 87,608
Unrecognised Amounts
Interim Fully Imputed Dividend for 2027: 85.0 cents (2026: 85.0 cents)85,594 85,594
After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 11 November 2026
These amounts have not been recognised as a liability as at 30 September 2026 but will be brought to account in the full
year to 31 March 2027.

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2026
4Segmental Reporting
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses whose
operating results are regularly reviewed by the entity’s chief operating decision maker and for which discrete financial information is available.
The Group operates in the domestic supply chain (i.e. moving and storing freight within countries) and air and ocean freight industries
(i.e. moving freight between countries).
New Zealand, Australia, The Americas and Europe are each reported to management as one segment as the businesses there perform both
domestic and air and ocean services.
The segmental results from operations are disclosed below.
Geographical Segments
The following table represents revenue, margin and certain asset information regarding geographical segments for the six months ended
30 September 2026 and 30 September 2025.
TheInter-
New ZealandAustraliaAmericasAsiaEuropeSegmentTotal
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2026 (unaudited)
Operating Revenue
- Sales to Customers outside the Group693,105 984,246 618,628 113,876 711,235 - 3,121,090
- Intersegment Sales11,371 23,643 44,127 95,360 48,896 (223,397) -
Total Revenue704,476 1,007,889 662,755 209,236 760,131 (223,397) 3,121,090
PBT & Abnormal Items66,903 89,870 11,779 10,250 40,406 - 219,208
Net Interest Expense9,777 10,177 8,167 244 3,103 - 31,468
Depreciation & Amortisation46,916 47,430 41,615 3,125 41,829 - 180,915
Capital Expenditure55,953 25,580 7,347 941 7,268 - 97,089
Trade Receivables153,768 267,327 206,310 68,682 277,574 (70,879) 902,782
Non-current Assets1,311,423 1,061,933 553,018 26,614 519,499 - 3,472,487
Total Assets1,486,068 1,371,903 844,666 140,884 893,429 (70,879) 4,666,071
Total Liabilities690,223 631,630 572,856 74,667 533,051 (70,879) 2,431,548
Six Months to 30 September 2025 (unaudited)
Operating Revenue
- Sales to Customers outside the Group575,641 804,164 528,022 101,981 595,895 - 2,605,703
- Intersegment Sales12,072 23,375 37,338 72,068 38,170 (183,023) -
Total Revenue587,713 827,539 565,360 174,049 634,065 (183,023) 2,605,703
PBT & Abnormal Items44,050 64,007 (3,949) 9,509 18,105 - 131,722
Net Interest Expense9,239 9,203 6,412 221 2,996 - 28,071
Depreciation & Amortisation43,748 44,590 38,186 3,880 40,245 - 170,649
Capital Expenditure54,583 21,058 8,290 4,289 14,500 - 102,720
Trade Receivables122,802 267,884 163,515 44,098 228,572 (60,285) 766,586
Non-current Assets1,203,206 937,951 531,912 27,990 546,354 - 3,247,413
Total Assets1,317,156 1,223,083 762,381 125,446 831,350 (60,285) 4,199,131
Total Liabilities571,413 593,230 503,056 68,872 488,379 (60,285) 2,164,665

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2026
4Segmental Reporting - continued
The
New ZealandAustraliaAmericasAsiaEuropeTotal
$NZ000$AU000$US000$US000€EU000$NZ000
Revenue Local Currency
Six Months to 30 September 2026693,105 810,822 360,846 66,424 358,534 3,121,090
Six Months to 30 September 2025575,641 736,775 313,223 60,495 307,184 2,605,703
Growth20.4%10.1%15.2%9.8%16.7%19.8%
Excluding FX Impact14.9%
PBT Local Currency
Six Months to 30 September 202666,903 74,035 6,871 5,979 20,369 219,208
Six Months to 30 September 202544,050 58,643 (2,343) 5,641 9,333 131,722
Growth51.9%26.2%393.3%6.0%118.2%66.4%
Excluding FX Impact58.6%
PBT to Revenue Margin
Six Months to 30 September 20269.7%9.1%1.9%9.0%5.7%7.0%
Six Months to 30 September 20257.7%8.0%-0.7%9.3%3.0%5.1%
Division Segments
The following table represents revenue and PBT in respect of the three main types of services for the six months ended
30 September 2026 and 30 September 2025.
Domestic
TransportWarehousingAir & OceanTotal
$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2026 (unaudited)
Revenue 1,474,211 479,535 1,167,344 3,121,090
PBT & Abnormal Items116,364 35,025 67,819 219,208
Six Months to 30 September 2025 (unaudited)
Revenue 1,187,252 438,333 980,118 2,605,703
PBT & Abnormal Items58,411 20,681 52,630 131,722
30 Sep 202630 Sep 2025
unauditedunaudited
$NZ000$NZ000
Reconciliation between non-GAAP and the Income Statement
Profit before Taxation for the Year219,208 131,722
Finance Costs Relating to Lease Liabilities27,446 23,624
Other Finance Costs4,022 4,447
EBITA250,676 159,793
Depreciation of Right of Use Assets122,710 113,698
Other Depreciation and Amortisation Expenses58,205 56,951
EBITDA (Adjusted)431,591 330,442
EBITDA (adjusted) is defined as earnings before net interest expense, tax, depreciation, amortisation, and royalties (segment only; not Group).
There are no customers in any segment that comprise more than 10% of that segment's revenue.
Bank term loan is allocated based on segment net assets excluding bank term loan.
The geographical segments are determined based on the location of the Group's assets.

---

Distribution Notice
(for Equity Security issuer/Equity and Debt Security issuer)
Section 1: Issuer Information
Name of Issuer
Financial product name/description
NZX ticker code
ISIN
Full YearQuarterly
Half YearxSpecial
DRP Applies
Record date
Ex-Date (one business day before the Record
Date)
Payment date (and allotment date for DRP)
Total monies associated with the distribution
Source of distribution (for example, retained
earnings)
Currency
Section 2: Distribution Amounts per Financial Product
Gross Distribution
Gross Taxable Amount
Total Cash Distribution
Excluded Amount (applicable to listed PIEs)
Supplementary Distribution Amount
If fully or partially imputed, please state
imputation rate as % applied
Imputation tax credits per financial product
Resident Withholding Tax per financial
product
N/A
Authority for this Announcement
Name of person authorised to make this
announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
graeme.illing@mainfreight.com
12/11/2026
Graeme Illing, Chief Financial Officer
Graeme Illing
+64 9 259 5522
$0.33055556
$0.05902778
Section 4: Distribution Re-investment Plan (not applicable)
28.0%
$1.18055556
$1.18055556
$0.85000000
$0.15000000
Section 3: Imputation Credits and Resident Withholding Tax
Is the Distribution imputed?
Fully imputed
Partial imputation
No imputation
Type of distribution
(Please mark with an X in the
relevant box/es)
NZD
Mainfreight Limited
Ordinary Shares
MFT
NZMFTE0001S9
11/12/2026
10/12/2026
18/12/2026
$85,593,766
Retained Earnings