Mainfreight Half Year Financial Results 30 September 2024

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 2024
Previous Reporting Period6 months to 30 September 2023
CurrencyNZD
Amount (000s)Percentage Change
Revenue from Continuing Operations$2,552,1288.4%
Total Revenue$2,552,1288.4%
Net Profit/(Loss) from Continuing Operations$114,557-8.0%
Total Net Profit/(Loss)$114,557-8.0%
Interim/Final Dividend
Amount per Quoted Equity Security$0.85000000
Imputed Amount per Quoted Equity Security$0.15000000
Record Date13/12/2024
Dividend Payment Date20/12/2024
Current PeriodPrior Comparable Period
Net tangible assets per Quoted Equity Security
$15.7943$14.7422
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
13/11/2024
Unaudited financial statements accompany this announcement.
Authority for this Announcement
Graeme Illing, Chief Financial Officer
Graeme Illing
+64 9 259 5522
g r aem e.illin g @m ain f r eig h t .co m

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MAINFREIGHT LIMITED
Preliminary Half Year Announcement
For the Six Months ended 30 September 2024
Income Statement
For the Six Months ended 30 September 2024
Six Months EndedSix Months EndedYear ended
30 Sept 202430 Sept 202331 March 2024
Notesunauditedunauditedaudited
$NZ000$NZ000$NZ000
Total Revenue2,552,128 2,355,042 4,717,796
Transport Costs(1,491,958) (1,304,577) (2,623,077)
Labour Expenses(542,759) (538,549) (1,011,808)
Other Expenses(176,539) (191,595) (362,330)
Earnings before Finance Costs, Tax, Depreciation and Amortisation
340,872 320,321 720,581
Depreciation of Right to Use Assets(99,091) (85,204) (193,146)
Finance Costs Relating to Lease Liabilities(19,947) (9,719) (25,611)
Other Depreciation & Amortisation Expenses(55,247) (47,637) (99,822)
Other Finance Costs(5,396) (2,924) (6,619)
Profit before Taxation161,191 174,837 395,383
Income Tax Expense(46,634) (50,287) (186,712)
Net Profit for the Period114,557 124,550 208,671
Earnings per share
Basic and diluted earnings (cents per share)113.76123.69207.22
Net Profit for the Period114,557124,550208,671
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 Operations6,678 23,307 30,046
Income Tax Effect90 217 426
Net Other Comprehensive income to be reclassified to profit/(loss)
in subse
quent periods
6,768 23,524 30,472
Other comprehensive income not to be reclassified to profit/(loss) in
subsequent periods
Revaluation of Land including Foreign Exchange Movements138 632 84,405
Income Tax effect- - (22,469)
Defined Benefit Pension Provision(2) (3) (120)
Income Tax effect1 1 30
Net Other Comprehensive income not to be reclassified to
profit/(loss) in subsequent periods
137 630 61,846
Other Comprehensive Income for the Period, Net of Tax6,905 24,154 92,318
Total Comprehensive Income for the Period, Net of Tax121,462 148,704 300,989
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 2024
Statement of Comprehensive Income

MAINFREIGHT LIMITED
Balance Sheet
As at 30 September 2024
30 Sept 2024 30 Sept 2023 31 Mar 202430 Sept 2024 30 Sept 2023 31 Mar 2024
unauditedunauditedauditedunauditedunauditedaudited
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Current AssetsCurrent Liabilities
Bank147,947 234,548 213,563 Trade Creditors & Accruals515,295 500,207 495,660
Trade Debtors721,061 619,672 614,933 Employee Entitlements99,017 107,822 98,732
Income Tax Receivable10,237 28,265 13,827 Provision for Taxation5,092 17,267 17,553
Properties Held for Sale- - - Lease Liability for Right of Use Assets193,950 163,962 180,742
Other Debtors59,952 56,198 73,124 Asset Finance Loans7,382 9,456 12,319
939,197 938,683 915,447 820,736 798,714 805,006
Non-current Tangible AssetsNon-current Liabilities
Property1,317,557 1,138,012 1,272,324 Bank Term Loan196,678 181,013 147,402
Plant & Equipment352,411 301,456 331,973 Employee Entitlements9,194 4,127 4,804
Right of Use Assets1,066,490 812,876 975,726 Lease Liability for Right of Use Assets934,977 688,650 843,657
Deferred Tax Liability91,342 10,788 93,517
Asset Finance Loans32,268 23,212 32,222
2,736,458 2,252,344 2,580,023 1,264,459 907,790 1,121,602
Total Liabilities2,085,195 1,706,504 1,926,608
Non-current Intangible AssetsShareholders' Equity
Software58,208 57,834 57,905 Share Capital85,821 85,821 85,821
Goodwill224,456 224,396 226,165 Retained Earnings1,468,879 1,442,297 1,441,930
Other Intangible Assets1,447 1,048
1,594 Revaluation Reserve270,643 210,583 270,781
Deferred Tax Asset69 20,104 70 Foreign Currency Translation Reserve49,518 49,339 56,287
Defined Benefit Pension Reserve(221) (135) (223)
284,180 303,382 285,734 Total Equity1,874,640 1,787,905 1,854,596
Total Assets3,959,835 3,494,409 3,781,204 Total Liabilities & Equity3,959,835 3,494,409 3,781,204
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Statement of Changes in Equity
For the Six Months Ended 30 September 2024
ForeignDefined
AssetCurrencyBenefit
OrdinaryRevaluationTranslationPensionRetainedTotal
SharesReserveReserveReserveEarningsEquity
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2024 (unaudited)
Balance at 1 April 202485,821 270,781 56,287 (223) 1,441,930 1,854,596
Profit for the Period- - - - 114,557 114,557
Other Comprehensive Income- (138) (6,769) 2 - (6,905)
Total Comprehensive Income for the Period- (138) (6,769) 2 114,557 107,652
Transactions with Owners in their Capacity
as
Owners
Supplementary Dividends- - - - (3,580) (3,580)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,580 3,580
Balance at 30 September 202485,821 270,643 49,518 (221) 1,468,879 1,874,640
Six Months to 30 September 2023 (unaudited)
Balance at 1 April 202385,821 209,951 25,815 (133) 1,405,355 1,726,809
Profit for the Period- - - - 124,550 124,550
Other Comprehensive Income- 632 23,524 (2) - 24,154
Total Comprehensive Income for the Period- 632 23,524 (2) 124,550 148,704
Transactions with Owners in their Capacity
as
Owners
Supplementary Dividends- - - - (3,625) (3,625)
Dividends Paid- - - - (87,608) (87,608)
Foreign Investor Tax Credit- - - - 3,625 3,625
Balance at 30 September 202385,821 210,583 49,339 (135) 1,442,297 1,787,905
Twelve Months to 31 March 2023 (audited)
Balance at 1 April 202385,821 209,951 25,815 (133) 1,405,355 1,726,809
Profit for the Period- - - - 208,671 208,671
Transfer of Revaluation Reserve for Land Sold(1,106) 1,106 -
Other Comprehensive Income- 61,936 30,472 (90) - 92,318
Total Comprehensive Income for the Period- 60,830 30,472 (90) 209,777 300,989
Transactions with Owners in their Capacity
as
Owners
Dividends Paid- - - - (173,202) (173,202)
Balance at 31 March 202485,821 270,781 56,287 (223) 1,441,930 1,854,596
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Cash Flow Statement
For the Six Months ended 30 September 2024
Six Months EndedSix Months EndedYear ended
30 Sept 202430 Sept 202331 March 2024
unauditedunauditedaudited
$NZ000$NZ000$NZ000
Cash Flows from Operating Activities
Receipts from Customers2,860,284 2,738,057 4,740,396
Interest Received- - 4,362
Payments to Suppliers and Team Members(2,585,447) (2,439,349) (4,062,677)
Finance Charge on NZ IFRS 16 Leases(19,947) (9,719) (25,611)
Interest Paid(5,395) (2,924) (10,980)
Income Taxes Paid(57,721) (99,260) (140,691)
Net Cash Flows from Operating Activities191,774 186,805 504,799
Cash Flows from Investing Activities
Proceeds from Sale of Property, Plant & Equipment13,830 10,113 20,216
Proceeds from Sale of Software23 726 763
Purchase of Property, Plant & Equipment(123,721) (127,857) (249,995)
Purchase of Software(11,427) (10,112) (24,712)
Purchase of Licences- (676)
Repayments from Team Members- - -
Net Cash Flows from Investing Activities(121,295) (127,130) (254,404)
Cash Flows from Financing Activities
Proceeds of Long Term Loans101,873 25,000 88,921
Dividend Paid to Shareholders(87,608) (87,608) (173,202)
Repayment of Loans(56,752) (32,788) (122,059)
Lease Payments NZ IFRS 16 (91,446) (81,260) (182,850)
Net Cash Flows from Financing Activities(133,933) (176,656) (389,190)
Net Increase / (Decrease) in Cash and Cash Equivalents(63,454) (116,981) (138,795)
Net Foreign Exchange Differences(2,163) 9,539 10,367
Cash and Cash Equivalents at Beginning of Period213,563 341,991 341,991
Cash and Cash Equivalents at End of Period147,946 234,549
213,563
Comprised:
Bank and Short Term Deposits147,946 234,549 213,563
Bank Overdraft- - -
147,946 234,549 213,563
The accompanying notes form part of these interim financial statements

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months ended 30 September 2024
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 2024 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).
2
Accounting Policies
Accounting policies remain consistent with the prior year ended 31 March 2024 financial statements.
3
Required NZX DisclosuresParent
Six Months EndedSix Months EndedYear ended
30 Sept 202430 Sept 202331 March 2024
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 Assets1,590,460 1,484,523 1,568,862
Net Tangible Assets per Security (cps)1,579.43 1,474.22 1,557.98
Dividends Paid and Proposed
Recognised Amounts
Declared and Paid during the Period to Parent Shareholders
Final Fully Imputed Dividend for 2024: 87.0 cents (2023: 87.0 cents)87,608 87,608
Unrecognised Amounts
Interim Fully Imputed Dividend for 2025: 85.0 cents (2024: 85.0 cents)85,594 85,594
After the balance date, the above unrecognised dividends were approved by Directors' resolution dated 12 November 2024
These amounts have not been recognised as a liability as at 30 September 2024 but will be brought to account in the full
year to 31 March 2025.

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2024
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 2024 and 30 September 2023.
TheInter-
New ZealandAustraliaAmericasAsiaEuropeSegmentTotal
$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2024 (unaudited)
Operating Revenue
- Sales to Customers outside the Group554,060 829,271 549,446 103,672 515,679 - 2,552,128
- Intersegment Sales10,570 21,924 56,438 77,634 32,589 (199,155) -
Total Revenue564,630 851,195 605,884 181,306 548,268 (199,155) 2,552,128
PBT & Abnormal Items47,548 66,635 13,363 9,406 24,239 - 161,191
Net Interest Expense8,317 10,260 3,490 65 3,211 - 25,343
Depreciation & Amortisation40,393 42,399 30,922 3,422 37,202 - 154,338
Capital Expenditure64,089 40,096 17,236 210 (336) - 121,295
Trade Receivables125,895 240,851 174,528 47,248 188,305 (55,766) 721,061
Non-current Assets1,103,146 942,441 455,354 23,266 496,431 - 3,020,638
Total Assets1,216,062 1,227,196 686,386 138,214 747,743 (55,766) 3,959,835
Total Liabilities557,568 622,721 439,742 69,119 451,811 (55,766) 2,085,195
Six Months to 30 September 2023 (unaudited)
Operating Revenue
- Sales to Customers outside the Group556,912 684,473 531,285 79,977 502,395 - 2,355,042
- Intersegment Sales9,321 21,468 47,354 61,085 35,471 (174,699) -
Total Revenue566,233 705,941 578,639 141,062 537,866 (174,699) 2,355,042
PBT & Abnormal Items61,086 61,087 19,606 10,725 22,333 - 174,837
Net Interest Expense3,175 5,889 1,196 (82) 2,465 - 12,643
Depreciation & Amortisation35,197 32,524 26,429 3,430 35,261 - 132,841
Capital Expenditure50,103 21,232 23,445 1,907 30,443 - 127,130
Trade Receivables133,971 188,316 134,347 39,936 176,884 (53,782) 619,672
Non-current Assets944,636 700,930 399,566 25,139 485,455 - 2,555,726
Total Assets1,062,073 927,933 677,850 151,693 728,642 (53,782) 3,494,409
Total Liabilities417,258 431,823 387,482 82,088 441,635 (53,782) 1,706,504

MAINFREIGHT LIMITED
Notes to the Financial Statements
For the Six Months Ended 30 September 2024
4Segmental Reporting - continued
The
New ZealandAustraliaAmericasAsiaEuropeTotal
$NZ000$AU000$US000$US000€EU000$NZ000
Revenue Local Currency
Six Months to 30 September 2024554,059 758,866 346,700 65,417 291,462 2,552,128
Six Months to 30 September 2023556,912 632,932 324,828 48,898 282,195 2,355,042
Growth-0.5%19.9%6.7%33.8%3.3%8.4%
Excluding FX Impact9.0%
PBT Local Currency
Six Months to 30 September 202447,548 60,978 8,432 5,935 13,700 161,191
Six Months to 30 September 202361,086 56,487 11,987 6,557 12,544 174,837
Growth-22.2%8.0%-29.7%-9.5%9.2%-7.8%
Excluding FX Impact-7.7%
PBT to Revenue Margin
Six Months to 30 September 20248.6%8.0%2.4%9.1%4.7%6.3%
Six Months to 30 September 202311.0%8.9%3.7%13.4%4.4%7.4%
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 2024 and 30 September 2023.
Domestic
TransportWarehousingAir & OceanTotal
$NZ000$NZ000$NZ000$NZ000
Six Months to 30 September 2024 (unaudited)
Revenue 1,109,675 410,668 1,031,785 2,552,128
PBT & Abnormal Items73,588 21,062 66,541 161,191
Six Months to 30 September 2023 (unaudited)
Revenue 1,087,678 393,300 874,064 2,355,042
PBT & Abnormal Items73,439 27,155 74,243 174,837
30 Sep 202430 Sep 2023
unauditedunaudited
$NZ000$NZ000
Reconciliation between non-GAAP and the Income Statement
Profit before Taxation for the Year161,191 174,837
Finance Costs Relating to Lease Liabilities19,947 9,719
Other Finance Costs5,396 2,924
EBITA186,534 187,480
Depreciation of Right of Use Assets99,091 85,204
Other Depreciation and Amortisation Expenses55,247 47,637
EBITDA (Adjusted)340,872 320,321
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.

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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
earnin
gs)
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
13/11/2024
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
13/12/2024
12/12/2024
20/12/2024
$85,593,766
Retained Earnings

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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
13 November 2024

Financial result for the six months ended 30 September 2024 (Unaudited)

Commentary
Mainfreight is pleased to confirm our half-year financial results to 30 September 2024.
This result is marginally better than our estimated guidance released during our Texas
Investor Day on 7 October 2024.

Result Summary
Revenue NZ$2.55 billion up 8.4%
Profit before tax (PBT) NZ$161.2 million down 7.8%
Net profit NZ$114.56 million down 8.0%

• Adjusted for foreign exchange impact Group Revenue is up 9%, PBT is down
7.7% and Net profit is down 7.9%.
• Operating cash flows increased from $186.8 million to $191.7 million.
• An interim dividend of 85 cents per share has been set by the Directors.

This result has been well signalled during our Investor Day briefing. The small
improvements in PBT occurred across all regions. However, the majority came from the
New Zealand business units.

Freight volumes and warehousing utilisation have all increased on the prior period.

This improvement in profitability during our second quarter is expected to continue into
the second six months of our financial reporting period.

- 2 -
Group Operating Cash Flows
Operating cash flows were $191.7 million up from $186.8 million in the prior
comparative period. Cash collection continues to be satisfactory.

Net funds (debt) increased to ($88.1 million) from $21.6 million.

Debt facilities total $499 million, of which $302 million remain undrawn.

Net capital expenditure totalled $121.3 million for the half year period to
September 2024. Expenditure on property was $70.9 million. Capital expenditure is
expected to decline further to $204 million to 31 March 2025 (from $233 million
signalled at our Investor Day in October). This reflects delayed property and
construction settlement dates.

Dividend
The Directors have approved a final dividend of 85 cents per share, fully imputed at the
28% company tax rate. With the record date on 13 December 2024, payment will be
made 20 December 2024.

Product Performance (NZ$)

Transport Revenue: $1.11 billion up 2.0%
PBT: $73.6 million in line
Volumes (Tonnage) up 6%

Warehousing Revenue: $411 million up 4.4%
PBT: $21.1 million down 22.4%
Total square metres in line with prior period

Air & Ocean Revenue: $1.03 billion up 18.0%
PBT: $66.5 million down 10.4%
Sea freight (TEU) up 6%, Airfreight (kgs) up 9%

- 3 -
Divisional Performance (figures in local currencies)

New Zealand
Revenue NZ$554 million in line
PBT NZ$47.5 million down 22%

A small 2% improvement from our Investor Day estimates in our PBT result across our
New Zealand businesses. Largely because of improvements in our Transport results.
Continuing weakness in the New Zealand economy has contributed to flat revenue
growth, despite ongoing market share gains. Increased overheads associated with new
building facilities in Auckland contributes to the lower profit result. Transport volumes,
while increased, continue to be imbalanced towards North to South transits, impacting
returns.

High utilisation has been maintained in our Warehouses – improving profitability.
Additional capacity for consumer goods and for the dangerous goods sector will be
available early 2025. This capacity is providing new business opportunities.

Air & Ocean margins continue to be impacted as shipping rates and schedules
continue to fluctuate. Focus remains on high yielding LCL freight consolidations.

Trading through October, and now into November, has provided small incremental
improvements in profitability.

Australia
Revenue AU$759 million up 20%
PBT AU$60.9 million up 8%

Increasing our market share, in what is still a challenging economy, has provided
healthy revenue growth and a satisfactory increase in profitability. New customer gains
across all three divisions have offset any customer downtrading.

Transport volumes continue to increase as we improve our service levels and increase
our network coverage into more regional areas of Australia.

- 4 -

Project revenue has added to a satisfactory result for our Air & Ocean network, albeit at
lower margins than we would like. Project and perishable air freight development
provides ongoing confidence, despite the reduction in import sea freight volumes.

Warehousing profitability is improving as utilisation and better efficiencies begin to
contribute to improving margins. New customer gains, particularly in our Moorebank
Sydney facility, have assisted.

Trading post this half year result has seen further ongoing improvement.

Europe
Revenue €291 million up 3%
PBT €13.7 million up 9%

A satisfactory performance from our European operations, particularly from our
Transport business, alongside an improving performance from our Air & Ocean
division.

A satisfactory Transport performance was limited to the Netherlands and Belgium, with
improvement still required in France and Poland.

Unfortunately, Warehousing performance has disappointed, with lower utilisation and
activity levels as customers down trade. This included the additional capacity added in
the Netherlands and Romania impacting our performance.

Air & Ocean activity continues to improve with ocean and air imports ahead of exports.

Trading during October and November remains satisfactory.

- 5 -
Asia
Revenue US$65 million up 34%
PBT US$5.9 million down 9%

Stronger than expected export volume growth has assisted this result. Unfortunately, it
has come at weaker margin levels. Development of air freight capability continues.
Southeast Asian development has again taken advantage of the movement of
manufacturing from China. Albeit, China remains our top profit performing country
within the region. Warehousing performance disappointed.

Trading post the result has seen small profit improvements on the prior period.

The Americas
Revenue US$347 million up 7%
PBT US$8.4 million down 30%

A disappointing overall profit result as our performances in Transport and CaroTrans
continue to impact our result. While Transport volumes are showing improvement,
margins continue to be impacted by fixed road linehaul development to aid and improve
our service quality. Network expansion, including the opening of new transport cross-
docks in Texas and Illinois, will assist our sales development.

Warehousing is providing satisfactory results. However, we still require a stronger
approach to more customers utilising our Transport and Air & Ocean networks as part
of our supply chain offering.

Air & Ocean volumes are satisfactory with ongoing improvements providing confidence.
CaroTrans LCL consolidations and agent network improvements are developing, albeit
slowly.

Trading post the result continues the current level of profitability. As we have noted
previously, we expect our USA development to take time.

- 6 -
Outlook

Challenging trading conditions continue across all the regions where we are located.
Our profitability performance reflects those conditions. However, we remain very active
in our sales activities, attracting and retaining customers across our supply chain
service offering.

The associated revenue and tonnage increases provides confidence of further
improvement in our results for the next six months and beyond.

Careful management of our capital expenditure associated with our property and
network development has seen some expenditure delayed into the following two years.
Likewise, new property leasing commitments are aligned with customer growth
expectations.

We remain well positioned to continue to find market share opportunities and to take
advantage of improving economic conditions as they occur across our international
network.

Mainfreight will release its financial results for the full 2025 financial year on
29 May 2025.

For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email don@mainfreight.com
or
Graeme Illing, Chief Financial Officer, telephone +64 9 259 5522, +64 276 424473 or
email graeme.illing@mainfreight.com.

---

Half Year Result to
30 September 2024

Revenue $ 2.552 billion up 8.4 %
PBT $ 161.2 million down 7.8 %
Net Profit $ 114.6 million down 8.0 %
Bonus accrual of $ 19.5 million
Operating cash flows improved to $ 191.7 million
RESULT SUMMARY

DIVIDEND
•Directors have approved an interim
dividend of 85 cents per share
•Books close 13 December 2024
•Payment on 20 December 2024

Net Capex $121.3 million - $70.9 million on property
Full year Capex expected to be $204 million
Net Funds (Debt) increased to ($88.1 million) drawn
which is an increase in net debt from $21.6 million
Debt facilities $499 million, undrawn $302 million
CAPITAL MANAGEMENT

CAPITAL EXPENDITURE UPDATE: F25-26
2025
2026
NZ$ MILLIONF25
Planned Capital Expenditure$204
▪Property
▪Fit-out costs
▪Non-property capex
$113
$31
$60
NZ$ MILLIONF26
Planned Capital Expenditure$241
▪Property
▪Fit-out costs
▪Non-property capex
$161
$20
$60
Property and Fit-out costs F25-F26
New Zealand
Australia
Americas
Europe and Asia
$ 130 million
$ 90 million
$ 63 million
$ 42 million
$ 325 million
Spend to September 2024 = $121 million

CAPEX REDUCTION LOCATIONS
•$14.5 million
•Nelson (2025), Cromwell (2026),
Blenheim (2026),
•Hastings (started)
New
Zealand
•$31 million
•Willawong-Brisbane (2025)
Australia

TRADING UPDATE – Revenue and PBT Results
NZ$000REVENUEVAR %PROFIT
BEFORE TAX
VAR %
New ZealandNZ$554,0590.5%

47,54822.2%

AustraliaAU$
758,86619.9%

60,9787.9%

AmericasUS$
346,7006.7%

8,43229.7%

Europe
EU€
291,4623.3%

13,7009.2%

AsiaUS$
65,41833.8%

5,9359.5%

TotalNZ$2,552,1288.4%

161,1917.8%

Revenue excluding FX 9.0% increased
PBT excluding FX 7.7% decreased

Revenue
$1,109.67 million 2%
PBT
$73.59 million 0.2%
Volume
(Tonnes)
4.9 million 6%
Revenue
$410.67 million 4%
PBT
$21.06 million 22%
1.09 million sqm across
71 Warehouses
No change
Revenue
$1,031.79 million 18%
PBT
$66.54 million 10%
Sea
Freight
TEUs 154,785 6.3%
Air
Freight
kgs 51 million 9%
TRANSPORTWAREHOUSING
AIR & OCEAN
TRADING UPDATE: Our 3 Core Products (NZ$)










REGION PERFORMANCE: New Zealand
Transport
•Volumes increasing as new customer gains assist
•Margin impacts with volume imbalance ex the South Island and less than
satisfactory rail usage
•New facility costs in Auckland – Daily Freight/Alderman Place and M2Home
Warehousing
•Utilisation of current sites satisfactory
•New customer gains assisting
•New capacity in Auckland due first quarter 2025 for dangerous goods and
consumer goods
Air & Ocean
•Challenging and competitive environment – margins under pressure
•LCL development continues to improve yields
•New customer activity satisfactory
Post result trading providing small incremental gains

REGION PERFORMANCE: Australia
Transport
•Increased tonnage and revenue via market share gains – offsetting any down trading
•Network development attracting customers
•Rear loading developments to assist cross-dock efficiencies
Warehousing
•New customer gains improving profitability – particularly Moorebank productivity
and efficiency via sortation technology
•Strong beverage and FMCG sector with interest developing in our capabilities
Air & Ocean
•FCL import volumes slowed post June
•Increasing Australian network presence alongside new transport branches
•Air freight growth – particularly perishable – new facilities Brisbane & Melbourne
•Significant amount of “project” cargo – likely three-year life span
•Competitive environment with margins under pressure
Post result trading satisfactory

REGION PERFORMANCE: America
Transport
•Small profit improvements occurring post result
•Volume improvements – more to do to better linehaul utilisation
•Sales activity very active – a number of proposals under consideration
Warehousing
•Acceptable utilisation levels assisting profitability
•Too few customers utilising transport network – work in progress
•Sales pipeline – beverage/food customers of interest
Air & Ocean
•Volume and revenue increased, particularly Transpacific – some of this in response to
pre-election activity
•Developing better depth of customers and more trade lane diversification
CaroTrans
•Country agency changes helping volumes to develop inbound
•Export LCL volumes improving - marginally
Post result trading continues at current levels
Potential upside short & long term with political change

REGION PERFORMANCE: Europe
Transport
•Improving customer gains assisting volume increases
•Particularly Netherlands and Belgium – network intensification helping
•France/Poland remain challenging
Warehousing
•Additional capacity added in Netherlands and Romania – yet to see full utilisation and
slow activity levels
•Four-day working weeks from some customers not assisting
•Stronger approach required to convince customers to utilise full supply chain offering
Air & Ocean
•Ongoing improvements in revenue and profitability – reflects increased ocean rates
and customer gains ex Asia
•Developing more LCL consolidation capability
•Improvement required in Italy, France and Spain
Post result trading satisfactory
A stronger “European” approach is our objective

REGION PERFORMANCE: Asia
Air & Ocean
•Improving export volume growth assists revenue improvement – Market very
competitive and has come at lower margin levels than we would prefer
•Intra Asia growth and capability continues
Warehousing
•Poor utilisation and activity levels – currently loss making
•Reviewing current capacity and capabilities
CaroTrans
•Pleasing development of CaroTrans from Asia – predominantly Transpacific focused
Post result trading providing marginal improvements

•Challenging trading conditions continue in all regions
•Strong sales activity levels continue with a number of
customer gains committed for second half
•Capex expenditure and lease commitments being
aligned with customer growth – a number of new
sites/expansions continue
•Confidence of further revenue and profitability
improvements
•Well-positioned for improving economic conditions
when it arises
HALF YEAR OVERVIEW

Trading Dates
F25 – 12 months ended 31 March 2025 29 May 2025
Annual Meeting of Shareholders 30 July 2025
F26 – 6 months ended 30 September 2025 12 November 2025