Mainfreight Limited · NZX:MFT
Mainfreight — H1 FY2025 Earnings Presentation
15 slides from Mainfreight's earnings presentation, November 2024
Slide 1: Half Year Result to 30 September 2024
Half Year Result to 30 September 2024
Slide 2: Result Summary
RESULT SUMMARY 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
Slide 3: Dividend
DIVIDEND • Directors have approved an interim dividend of 85 cents per share • Books close 13 December 2024 • Payment on 20 December 2024
Slide 4: Capital Management
CAPITAL MANAGEMENT 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 $302 million
Slide 5: Capital Expenditure Update: F25-26
CAPITAL EXPENDITURE UPDATE: F25-26 2025 2026 NZ$ MILLION F25 NZ$ MILLION F26 Planned Capital Expenditure $204 Planned Capital Expenditure $241 ▪ Property $113 ▪ Property $161 ▪ Fit-out costs $31 ▪ Fit-out costs $20 ▪ Non-property capex $60 ▪ Non-property capex $60 Property and Fit-out costs F25-F26
Slide 6: Capex Reduction Locations
CAPEX REDUCTION LOCATIONS • $14.5 million New • Nelson (2025), Cromwell (2026), Zealand Blenheim (2026), • Hastings (started) • $31 million Australia • Willawong-Brisbane (2025)
Slide 7: Trading Update – Revenue and PBT Results
TRADING UPDATE – Revenue and PBT Results NZ$000 REVENUE VAR % PROFIT VAR % BEFORE TAX New Zealand NZ$ 554,059 0.5% 47,548 22.2% Australia AU$ 758,866 19.9% 60,978 7.9% Americas US$ 346,700 6.7% 8,432 29.7% Europe EU€ 291,462 3.3% 13,700 9.2% Asia US$ 65,418 33.8% 5,935 9.5% Total
Slide 8: Trading Update: Our Core Products
TRADING UPDATE: Our 3 Core Products (NZ$) TRANSPORT WAREHOUSING AIR & OCEAN Revenue $1,109.67 million 2% Revenue $410.67 million 4% Revenue $1,031.79 million 18% PBT $73.59 million 0.2% PBT $21.06 million 22% PBT $66.54 million 10% Volume (Tonnes) 4.9 million 6% 1.09 million sqm across
Slide 9: Region Performance: New Zealand
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
Slide 10: Region Performance: Australia
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 – particularl
Slide 11: Region Performance: America
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
Slide 12: Region Performance: Europe
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
Slide 13: Region Performance: Asia
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
Slide 14: Half Year Overview
HALF YEAR OVERVIEW • 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 • Con
Slide 15: Trading Dates
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