Mainfreight Annual Shareholders Meeting 2025

MAINFREIGHT LIMITED
ANNUAL MEETING OF SHAREHOLDERS
30 July 2025

The Numbers – Financial Year 2025
•Revenue Up 11% to $5.24 billion
•Profit Before Tax Down 3% to $383.6 million
•Net Profit Up 31% to $274.3 million (Non-cash tax adjustment last year)
•People 11,130
•Branches 337
•Countries 27
•Dividend Full year dividend $1.72 per share

Full Year Overview
Satisfactory revenue growth despite significant downtrading from customers as a consequence
of average economic performance
Record result from our Australian businesses – now our largest revenue and profit performer
Profit decline in New Zealand, Asia and Americas
Margin performance impacted by higher property overheads and competitive market conditions
Eight new facilities completed
3 x Transport sites in Auckland
2 x Warehouses in Auckland
1 x Airfreight facility Brisbane
2 x new cross-docks in Chicago and Dallas

Our Three Core Products (NZ$) FY 2025
TRANSPORT
Total tonnes increased 4%
Consignment counts increased in all regions other than New Zealand
Australian performance increased in volume and consignments – reflecting market share increases
Revenue $2,262.86 million 3.4% PBT $169.79 million 1.6%
WAREHOUSING
Total orders picked increased 2%
European activity declined in Belgium, and to a lesser extent in the Netherlands
Asian Warehouse strategy under review
Revenue $865.36 million 10.3% PBT $63.59 million 6.6%
AIR & OCEAN
Airfreight kilos increased 8% Sea freight TEUs increased 6%, with volumes up across all regions
Tariff impacts to year end negligible Customs clearances now exceed 250,000 per annum
Reduction of booking and shipments April/May
Revenue $2,108.21 million 20.9% PBT $150.20 million 8.0%

Capital Management
•Operating Cash Flows remain satisfactory $584 million v $505 million last year
•Net Capex $234 million - $111 million on property

•Net Funds of $14 million “cash at hand”
•Bank debt of $125 million. Debt reduction of $23 million
Total available bank facilities just renewed of $504 million

Discretionary Team Bonus Payments
General bonus payments are being made to our people in Australia,
Asia and Europe.
New Zealand and our USA businesses did not meet the performance
criteria for bonus payments.
RegionTeamBonus Payments
Europe1,824EU€2,489,046
Asia 215US$1,933,000
Australia 1,464AU$20,295,128
Total3,503NZ$30,464,054

Senior Executive Short-term Incentives
We mistakenly missed this disclosure from our Annual Report
At riskPBTRevenue
Growth
Return on
Revenue
QualityPeople
Development
Culture and
Supply Chain
Development
Weighting
20%20%15%15%15%15%
Short
Term
Incentive
33% of
Base
Salary
This years
PBT vs prior
year
This years
revenue
growth vs
prior year
Profit as %
of revenue
(ROR)
Weighted
average of key
quality
performance
stats for each
division
Team career
development
Network and
business
development
TargetIncrease
YOY
15% YOY7% - 15%
product
relevant
# customer
conversion
# network
increase

Our Network and quality supply chain logistics capabilities remain
a key strategic advantage. 39% of our top 500 customers are using
all three key products, up from 37%
“Expect further network intensification and development from 2026 to 2030”

As we develop our network – it assists our revenue and profitability
“Courtesy of an interested international investor”
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
20,000,000
200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025
Profit per Branch
Revenue per Branch
Revenue & Profit per Branch
Profit per BranchRev Per Branch

Future Capital Expenditure Update: F26-27
Property and Fit-out costs F26-F27
New ZealandNZ$73.4 million
AustraliaAU$141.3 million
AmericasUS$28.8 million
Europe EU€25.6 million
Asia US$1.0 million
Total NZ$$330.0 million
“Whilst we will have a
cautionary approach to property
capex in 2026 and 2027, we
continue to invest in our facilities
and network”

New Zealand
•Market share and additional transportation opportunities to offset
increased property investments/overheads
•Warehousing and cross-dock investments provide long term growth
capacity
•Cook Strait ferry constraints offset by alternative services
•Import volume increases assisting Air & Ocean growth
Air & Ocean
Branches
16
Warehousing
Branches
20
Transport
Branches
56
Revenue
PBT
1.16b
134.5m
NZ

Australia
•Market share opportunities continue. Expect more
network intensification via new facilities and city
locations
•Expect ongoing long-term profitability as we find more
momentum in the Australian supply chain market
•Overflow warehouses discontinued by November 2025
Air & Ocean
Branches
16
Warehousing
Branches
16
Transport
Branches
40
Revenue
PBT
1.5b
137.5m
A

Asia
Air & Ocean
Branches
35
Warehousing
Branches
3
Revenue
PBT
126m
9.8m
US
•Strong focus on improving Air & Ocean growth
and margin performance
•Stronger focus on Europe and Australia trade
lanes
•Warehouse facility reduction to allow stronger
focus on core Air & Ocean activities

Americas
Air & Ocean
Branches
46
Warehousing
Branches
10
Transport
Branches
23
Revenue
PBT
666m
15.2m
US
•Best performing division is Air & Ocean.
Expect ongoing growth opportunities
•Expect acceptable profit performance from
Transport and Warehousing to take time
•Warehousing opportunities continue –
expansion into Toronto and New Jersey

Europe
Air & Ocean
Branches
18
Warehousing
Branches
12
Transport
Branches
26
€
Revenue
PBT
603m
31m
•Profit performance and sales growth dominated by
Netherlands and Belgium
•Expectation is to transition to a broader and better
European contribution
•Air & Ocean growth satisfactory

Auckland
(excluding Westney Rd airport sites,
Hobsonville and East Tamaki sites)
MFT 2Home Supersite
MFT Favona Rd WH
MFT Savill Dr WH
MFT Port Ops / Tankers / CFS
Alderman Place
MFT Beach Rd WH
MFT Manu St WH
MFT Railway Ln TPT / WH
Transport
Warehousing
South Auckland network intensification
“A mix of owned and leased properties”

Beach Road, Auckland
Specialist hazardous chemical warehousing
linked directly to Chemcouriers for distribution
“Currently 50% utilisation, customer gains to increase utilization to more than 77% this year”

Mainfreight 2Home, Auckland
Our specialist consumer goods division
“Large multi-national customer gains in effect late 2025”

Daily Freight, Auckland
Repurposed 50-year-old site
“Rail-served. Completion November 2025”

Chicago Cross-Dock
“Commitment to our USA aspirations”

Dallas Cross-Dock

Willawong, QLD, Australia
“New site for completion early 2026. Brisbane, our best performing Australian transport branch”

Sustainability
Lowering the impact of our operations
86% of handling equipment now electric
54% of car fleet now electric
Only 1% of truck fleet is electric
Investing in sustainable infrastructure
Further development of solar arrays and onsite rainwater collection points
9.4 MW in solar generation
9.8 MWh in battery storage
8.3 ML onsite water collection and usage
Bringing our partners along for the journey
Over 1,000 customers using our carbon tracking platform
Biofuels
Utilisation of SAF aircraft fuel ex New Zealand and HVO (Biofuel) in our
European truck fleet

Trading Update: Our Three Core Products
(17 weeks 1 April – 27 July 2025)
NZ$000REVENUE VAR %PROFIT BEFORE TAX VAR %
Transport
829,6434.0%

32,16227.2%

Warehousing283,0016.6%

9,85414.1%

Air & Ocean638,2723.5%

31,44223.6%

Total
1,750,9161.5%

73,45824.1%


Strong sales activities are providing a satisfactory level of new business
Customer trading gains from April 2025 - new customers
Trading Update: Sales Activity
Gains estimated
value per annum
Gains actual
spend YTD
AustraliaA$84 million9 million
USAUS$54 million10 million
EuropeE€44.5 million9 million
AsiaUS$2.6 million0.67 million
New ZealandNZ$52 million20 million
TOTALNZ$324 million65 million
Downtrading of existing customers April/July NZ$38 million

Trading Update:
Current trading conditions have been difficult
•Short trading weeks in April and May
•Trade tariff uncertainty across international trade lanes
New Zealand
•Market share gains improving revenue growth despite customer downtrading
in an average economic environment
•Additional overhead costs associated with new facilities having less of an
impact
Australia
•Continuing to find growth and ongoing profitability across core products
•Air & Ocean will not have the benefit of project revenue and profitability for
remainder of the year

Trading Update:
Asia
•Trade on TransPacific (USA) slowly returning to normality
•European trade lane growth a feature of current trading
Europe
•Improving performance post June
•Strong focus on labour cost reductions and improving margins
•European development to broaden revenue base to reduce
Netherlands/Belgium centricity
Americas
•Ongoing improvement in our Air & Ocean business
•Transport results continue to disappoint
•Warehousing improvements with ongoing sales campaigns

Outlook
While a slow and disappointing start to our year, we
expect ongoing improvement in trading, particularly
through the second half:
✓Improving economic outlook
✓Significant customer gains alongside improved
customer trading
✓Tighter management of overhead costs

---

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



SCRIPTED ADDRESS
AND
PRESENTATION




30
th
Annual Meeting of Shareholders

4.00 pm, Wednesday 30
th
July 2025

- 2 -

CHAIRMAN’S ADDRESS


My thanks to Don Braid and the team for a stunning annual report, as always, a
professional and powerful presentation of our company and its progress and
vision for the future.

Last month I had the pleasure of travelling with the New Zealand Initiative to the
Netherlands, a country of 41,000 square kilometres against New Zealand’s
268,000 square kilometres, with a population of 18 million to New Zealand’s
5.3 million. The GDP of the Netherlands is US$1 trillion, 13th in the world – while
New Zealand’s GDP is US252 billion, 52nd in the world.

New Zealand Netherlands
Square kilometres 268,680 41,543
Population 5.3 million 18.3 million
GDP current year estimate USD 222 billion USD 1 trillion
GDP per person USD 48,000 USD 64,000
GDP Position in World 52
nd
13
th


While all numbers are from Mr Google, they have been averaged for this
comment.

These numbers show the difference in wealth creation between New Zealand and
the Netherlands.

- 3 -

Perhaps few activities would be more intriguing than cycle riding. There are
thousands of cyclists every day going to school, work, shopping, or the next town
– no matter the weather and without accidents or drama.

There is a wide range in the quality of the cycle lanes from being exclusively for
cyclists to lanes shared with other traffic. It seems very safe with no visible sign of
aggressive drivers.

The thing which is not noticeable is that virtually no-one, including children, are
expected or ordered to wear a crash helmet. How no helmets have evolved is
unknown, but I suggest that it was evident that drivers would be more careful
around bikers without helmets, and they are. If a car has an accident with a bike
prima-facie, it is the fault of the driver of the car.

Other thoughts promoting actions – there are virtually no orange traffic cones
anywhere. I noticed a couple of sites that used large trucks to signify a
construction site.

The stunning sites of automation on the enormous Rotterdam wharfs, all 42
kilometres of them, with driverless container lifters with no entry allowed into the
area, and the complete automation of packing and loading containers of beer was
very special.

The sights of a university with the slogan “Making dreams come true” in all sorts
of real skills in every imaginable engineering field seemingly without limits, made
us as visitors feel humble and inadequate.

- 4 -

New Zealand and Mainfreight must have much bigger ambitions for our business
and our country.

Let us all encourage more New Zealand businesses to look over the fence and
have a go at establishing themselves in the larger economies of the world.

It’s not easy. It comes with hard work, and so it should, and it will help them be
better back home in New Zealand.

As investors, let us not be too critical of them as they get underway. It takes time.
Just as Mainfreight has done, a long-term vision will always benefit good
companies.

Thank you for the opportunity to express our thoughts, feelings and ambition for
the future, and thank you shareholders and our teams throughout the world, for
your support and aroha for our wonderful company.

Fellow shareholders, I now ask Group Managing Director Don Braid to give his
presentation.


Group Managing Director’s Presentation

Please refer to separate PowerPoint slide presentation.

For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email don@mainfreight.com.