NZX Governance Explorer

How Freightways Group Limited makes money

Where FRW’s revenue went in FY2025: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. FRW company profile

How Freightways Group Limited makes money — FY2025

Revenue $1.3b · EBITDA $248.6m (19.3% of revenue) · Net profit $80.1m (6.2% of revenue) · Financial year ending June (from the issuer record)

Freightways Group Limited (FRW) FY2025: where revenue of $1.3b wentExpress Package & Business Mail → Revenue: $1.1bRevenue → EBITDA: $248.6mRevenue → Operating costs (net of other income): $1.0bEBITDA → EBIT: $146.1mEBITDA → Depreciation & amortisation: $102.5mEBIT → Net profit: $80.1mEBIT → Interest: $34.1mEBIT → Income tax: $31.9mInformation Management → Revenue: $231.8mCorporate and Other → Revenue: $5.1mExpress Package & Business Mail: $1.1bExpress Package &Business Mail$1.1bInformation Management: $231.8mInformation Management$231.8mCorporate and Other: $5.1mCorporate and Other$5.1mRevenue: $1.3bRevenue$1.3bEBITDA: $248.6mEBITDA$248.6mOperating costs (net of other income): $1.0b (derived)Operating costs (net ofother income)$1.0b · derivedEBIT: $146.1mEBIT$146.1mDepreciation & amortisation: $102.5mDepreciation &amortisation$102.5mNet profit: $80.1mNet profit$80.1mInterest: $34.1mInterest$34.1mIncome tax: $31.9mIncome tax$31.9m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Freightways Group Limited FY2025 figures used in the chart
FY2025AmountStatusNote
Revenue$1.3bReported
Operating costs (net of other income)−$1.0bDerived *Reported operating expenses $506m do not reconcile; not used.
EBITDA$248.6mReported
Depreciation & amortisation−$102.5mReported
EBIT$146.1mReported
Interest (net finance costs)−$34.1mReported
Income tax−$31.9mReported
Other items (net gain)+$0Balancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$80.1mReported
  • * operating costs: $1.0b = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($1,289.6m) vs the summary table ($1,289.6m): agree within 2%.
  • Passed: EBITDA − D&A = $146.1m vs reported EBIT $146.1m: reconciles.
  • Not met: Reported operating expenses ($506m) leave $783.6m, not EBITDA of $248.6m (gap $535m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $0m is 0.0% of revenue (limit 25%).
  • Passed: Operating segments sum to $1,289.6m after $10.2m of eliminations, within 0.0% of revenue.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: Freightways Group Limited Annual Report (PDF, NZX)

Year-on-year EBITDA bridge (FY2024 → FY2025)

Bridge not available: FY2024 is not charted: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (8 of 9 years from FY2017). The shaded line is the median of 22 other listed Industrials operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
FRW ebitda margin by financial year, with peer median0%10%20%FY17FY18FY20FY22FY24FY25FY2017: FRW 17.1%; peer median 12.4% (5)FY2018: FRW 16.6%; peer median 10.9% (7)FY2019: FRW 16.1%; peer median 8.7% (7)FY2020: FRW 14.0%; peer median 15.0% (6)FY2021: FRW 13.4%; peer median 11.7% (8)FY2022: FRW 14.5%; peer median 13.6% (7)FY2023: FRW 13.0%; peer median 16.3% (11)FY2024: not charted — no EBITDA/EBIT splitFY2025: FRW 19.3%; peer median 14.6% (12)
EBIT margin
FRW ebit margin by financial year, with peer median0%10%20%FY17FY18FY20FY22FY24FY25FY2017: FRW 14.6%; peer median 7.8% (5)FY2018: FRW 15.4%; peer median 6.4% (7)FY2019: FRW 16.1%; peer median 4.9% (9)FY2020: FRW 6.0%; peer median 7.4% (7)FY2021: FRW 5.4%; peer median 6.3% (10)FY2022: FRW 6.9%; peer median 9.6% (9)FY2023: FRW 5.7%; peer median 8.6% (12)FY2024: not charted — no EBITDA/EBIT splitFY2025: FRW 11.3%; peer median 7.3% (12)
Net margin
FRW net margin by financial year, with peer median0%10%20%FY17FY18FY20FY22FY24FY25FY2017: FRW 11.2%; peer median 4.4% (5)FY2018: FRW 10.7%; peer median 4.6% (7)FY2019: FRW 10.3%; peer median 4.7% (9)FY2020: FRW 7.5%; peer median 5.1% (7)FY2021: FRW 6.2%; peer median 4.7% (10)FY2022: FRW 8.0%; peer median 6.1% (9)FY2023: FRW 6.7%; peer median 5.7% (12)FY2024: not charted — no EBITDA/EBIT splitFY2025: FRW 6.2%; peer median 4.8% (12)

FRW   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

FRW margins by year with peer medians
YearEBITDA margin: FRW · peer median (n)EBIT margin: FRW · peer median (n)Net margin: FRW · peer median (n)Note
FY201717.1%12.4% (5)14.6%7.8% (5)11.2%4.4% (5)
FY201816.6%10.9% (7)15.4%6.4% (7)10.7%4.6% (7)
FY201916.1%8.7% (7)16.1%4.9% (9)10.3%4.7% (9)
FY202014.0%15.0% (6)6.0%7.4% (7)7.5%5.1% (7)
FY202113.4%11.7% (8)5.4%6.3% (10)6.2%4.7% (10)
FY202214.5%13.6% (7)6.9%9.6% (9)8.0%6.1% (9)
FY202313.0%16.3% (11)5.7%8.6% (12)6.7%5.7% (12)
FY2024—14.5% (10)—5.9% (11)—2.8% (11)Not charted: no EBITDA/EBIT split
FY202519.3%14.6% (12)11.3%7.3% (12)6.2%4.8% (12)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2024: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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