Slide 1: Mainfreight Limited Annual Meeting of Shareholders
MAINFREIGHT LIMITED ANNUAL MEETING OF SHAREHOLDERS 30 July 2025
Slide 2: The Numbers – Financial Year 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 $1.72 per share
Slide 3: Full Year Overview
Full Year Overview Satisfactory revenue growth despite significant downtrading from customers as a consequence of average economic performance Record result from our Australian businesses – now our largest revenue and profit performer Profit decline in New Zealand, Asia and Americas Margin performan
Slide 4: Our Three Core Products (NZ$) FY 2025
Our Three Core Products (NZ$) FY 2025 TRANSPORT Revenue $2,262.86 million 3.4% PBT $169.79 million 1.6% 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 WAREHOU
Slide 5: Capital Management
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 $23 million Total available bank facilities just renewed of
Slide 6: Discretionary Team Bonus Payments
Discretionary Team Bonus Payments General bonus payments are being made to our people in Australia, Asia and Europe. New Zealand and our USA businesses did not meet the performance criteria for bonus payments. Region Team Bonus Payments Europe 1,824 EU€ 2,489,046 Asia 215 US$ 1,933,000 Australia 1,4
Slide 7: Senior Executive Short-term Incentives
Senior Executive Short-term Incentives At risk PBT Revenue Return on Quality People Culture and Growth Revenue Development Supply Chain Development Weighting 20% 20% 15% 15% 15% 15% Short 33% of This years This years Profit as % Weighted Team career Network and Term Base PBT vs prior revenue of reve
Slide 8: Expect further network intensification and development from 2026 to 2030
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”
Slide 9: Revenue per Branch
As we develop our network – it assists our revenue and profitability Revenue & Profit per Branch 20,000,000 1,800,000 18,000,000 1,600,000 16,000,000 1,400,000 14,000,000 Revenue per Branch 1,200,000 Profit per Branch 12,000,000 1,000,000 10,000,000 800,000 8,000,000 600,000 6,000,000 400,000 4,000,
Slide 10: Future Capital Expenditure Update: F26-27
Future Capital Expenditure Update: F26-27 Property and Fit-out costs F26-F27 New Zealand NZ$ 73.4 million “Whilst we will have a Australia AU$ 141.3 million cautionary approach to property Americas US$ 28.8 million capex in 2026 and 2027, we continue to invest in our facilities Europe EU€ 25.6 milli
Slide 11: New Zealand
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
Slide 12: Australia
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 1.5b Revenue A 137.5m
Slide 13: Asia
Asia • 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 US 126m Revenue 9.8m PBT 35 Air & Ocean Branches 3 Warehousing Branches
Slide 14: Americas
Americas • 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 666m Revenue US 15.2m PBT 46 Air & Ocean Branches 10
Slide 15: Europe
Europe • 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 € 603m Revenue 31m PBT 18 Air & Ocean Branches 12 Warehousing Branches 26 Transport Branches
Slide 16: A mix of owned and leased properties
South Auckland network intensification MFT Favona Rd WH MFT Railway Ln TPT / WH MFT Beach Rd WH MFT Manu St WH MFT Savill Dr WH MFT 2Home Supersite MFT Port Ops / Tankers / CFS Alderman Place Transport Warehousing Auckland (excluding Westney Rd airport sites, Hobsonville and East Tamaki sites) “A mi
Slide 17: Beach Road, Auckland
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”
Slide 18: Mainfreight 2Home, Auckland
Mainfreight 2Home, Auckland Our specialist consumer goods division “Large multi-national customer gains in effect late 2025”
Slide 19: Daily Freight, Auckland
Daily Freight, Auckland Repurposed 50-year-old site “Rail-served. Completion November 2025”
Slide 20: Chicago Cross-Dock
Chicago Cross-Dock “Commitment to our USA aspirations”
Slide 21: Dallas Cross-Dock
Dallas Cross-Dock
Slide 22: Willawong, QLD, Australia
Willawong, QLD, Australia “New site for completion early 2026. Brisbane, our best performing Australian transport branch”
Slide 23: Sustainability
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
Slide 24: Trading Update: Our Three Core Products
Trading Update: Our Three Core Products (17 weeks 1 April – 27 July 2025) NZ$000 REVENUE VAR % PROFIT BEFORE TAX VAR % Transport 829,643 4.0% 32,162 27.2% Warehousing 283,001 6.6% 9,854 14.1% Air & Ocean 638,272 3.5% 31,442 23.6% Total 1,750,916 1.5% 73,458 24.1%
Slide 25: Trading Update: Sales Activity
Trading Update: Sales Activity Strong sales activities are providing a satisfactory level of new business Customer trading gains from April 2025 - new customers Gains estimated Gains actual value per annum spend YTD Australia A$ 84 million 9 million USA US$ 54 million 10 million Europe E€ 44.5 milli
Slide 26: Trading Update
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 ove
Slide 27: Trading Update
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
Slide 28: Outlook
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