Slide 1: Freightways FY26 Results
FY26 Freightways FY26 Results Monday, 17 August 2026 FRW: NZX | ASX
Slide 2: Disclaimer
Disclaimer Read this presentation with the financial statements: The financial results in this presentation should be read in conjunction with the financial statements for the full year ended 30 June 2026, which can be found in the Freightways full year results announcement available on the NZX and
Slide 3: Presenters and Agenda
Presenters and Agenda Mark Troughear Overview, Divisional Performance, Chief Executive Officer and Outlook Stephan Deschamps Financial Summary Chief Financial Officer and Capital Management Aaron Stubbing General Manager, NZ Express Package Express Package Neil Wilson General Manager, AU Express Pac
Slide 4: Overview
Overview • Our businesses have remained resilient in a complex economic environment. Activity levels lifted in Q2 and Q3 across most lines of business, but then quickly fell as higher fuel prices impacted consumer demand. We promptly adjusted our fuel recovery mechanisms • The focus on improving mar
Slide 5: Financial Summary and Capital Management
Financial Summary and Capital Management Stephan Deschamps | Chief Financial Officer Freightways FY26 Results | Slide 5
Slide 6: Financial Highlights
Financial Highlights Revenue * EBITA growth NPAT growth * EBITA margin 13.5% 14.6% 17.3% 12.4% to $1,463.6m to $181.6m to $94m from 12.3% FY25 Cash Generated Basic earnings Net Debt/ Dividend From Operations per share EBITDA (FY) 14.9% 17.2% 2.4X 12.5% to $279.4m to 52.4cps to 45c ( 40c in FY25) Not
Slide 7: Australia Growing as a Contributor to Group Results
Australia Growing as a Contributor to Group Results Revenue FY26 Revenue FY25 AU AU 39% 36% NZ NZ 61% 64% EBITA FY26 EBITA FY25 AU AU 38% 34% NZ NZ 62% 66% Freightways FY26 Results | Slide 7
Slide 8: Things Were Going Better Until…
Things Were Going Better Until… FY26 FY25 Change FY26 Performance Overview: Notes $m $m % Operating Revenue 1,463.6 1,289.6 13.5 • Clear signs of recovery in Q2 and Q3, abruptly EBITA (non-GAAP) 1 181.6 158.4 14.6 halted by the war in the Middle East EBITA margin 12.4% 12.3% • Current demand has not
Slide 9: External Economic Drivers Brought Recovery to a Halt
External Economic Drivers Brought Recovery to a Halt NZ 1y Bond Yield 3.40 3.20 3.00 Diesel Prices NZ 2.80 (NZD c/l) 2.60 2.40 400 2.20 350 2.00 Mar-26 Jul-25 Jun-26 Jul-26 Aug-25 Oct-25 Jan-26 Feb-26 May-26 Sep-25 Apr-26 Dec-25 Nov-25 300 250 200 AU 2y Bond Yield 150 4.8 100 4.6 4.4 4.2 4.0 3.8 3.6
Slide 10: Further Margin Improvement Across The Group
Further Margin Improvement Across The Group Margin performance: Earning Before Interest, Tax & Amortisation 200,000 20.0% 150,000 15.0% • Focus on margin continues, with $000 100,000 10.0% many businesses showing 50,000 5.0% improvement - 0.0% *FY20 *FY21 *FY22 FY23 FY24 FY25 FY26 • Post Haste, DX a
Slide 11: Leverage Reflects Acquisition Of VTFE From Feb 26
Leverage Reflects Acquisition Of VTFE From Feb 26 Net Debt to EBITDA Gearing (Net Debt / Equity) 4.0 70% 3.5 60% 3.0 50% 2.5 40% Times 2.0 30% 1.5 20% 1.0 0.5 10% - 0% FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Net debt to EBITDA (post IFRS16) Net debt to EBITDA (pre IFRS1
Slide 12: FY26 Dividend Increases By 12.5%
FY26 Dividend Increases By 12.5% FY26 Final FY25 Final Dividend Dividend 24 cps 21 cps (FY 45cps) (FY 40cps) post IFRS16 Dividends (cps) 50 45 40 35 30 25 20 15 10 5 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Notes: • cps = Ce
Slide 13: Divisional Performance Express Package & Business Mail
Divisional Performance Express Package & Business Mail Mark Troughear | Chief Executive Officer Aaron Stubbing | General Manager, Express Package Neil Wilson | General Manager, Freightways Freightways FY26 Results | Slide 13
Slide 14: FY26 Express Package & Business Mail
FY26 Express Package & FY26 Performance Overview: Business Mail • Revenue growth driven by: > Same-customer growth FY26 FY25 Change > Net market share gains Notes $m $m % > Price increases executed at the start of the FY Operating Revenue 1,235.2 1,061.0 16.4 > 5 months of VTFE contribution c.NZ$40m
Slide 15: FY26 NZ Express Package Network Volume
FY26 NZ Express Package Network Volume New Zealand FY26 NZ Network Items v pcp • Item growth of 5.1% > 3.6% from net market share gains (wins – losses) 5.1% > Same customer volumes were positive for 3 quarters but fell to -1.2% in Q4. Express Package Item Growth YoY 7 • A cost-conscious market has 6
Slide 16: FY26 Temperature Controlled Volume
FY26 Temperature Controlled Volume • Item growth of 3% from net market share gains • Overall 3PL warehouse utilisation sitting at 87% (wins – losses) nationwide. Continuing to assess best location for expansion capacity • Same customer volumes increased by 1% for full year compared to prior year, bu
Slide 17: FY26 Allied Express Package Volume
FY26 Allied Express Package Volume Australia FY26 Allied Express Network Items v pcp • Item growth of 20% > 2% from net market share gains (wins 20% – losses) > Same customer volumes increased by 18% Allied Express Item Growth YoY 30 • Additional capacity in VIC assisted managing increased volume 25
Slide 18: Air Network Update
Air Network Update • Airwork, our JV partner in Parcelair, was placed in receivership in July 2025 • The business has continued to operate as a going concern while the receivers worked through a sale process • Both Airwork and Texel (our other air network supplier) performed well in terms of schedul
Slide 19: Divisional Performance Information Management & Waste Renewal
Divisional Performance Information Management & Waste Renewal Mark Troughear | Chief Executive Officer Neil Wilson | General Manager, Freightways Freightways FY26 Results | Slide 19
Slide 20: FY26 Information Management & Waste Renewal
FY26 Information Management & Waste Renewal FY26 Performance Overview: • Revenue stable with growth from pricing FY26 FY25 Change improvement and waste renewal Notes $m $m % > Document Destruction grew 4% > Medical waste grew 7% Operating Revenue 234.0 233.6 0.2 > E-waste grew by 10% EBITA (non-GAAP
Slide 21: Shred-X | Med-X Margin Improvement
Shred-X | Med-X Margin Improvement FY26 Performance Overview: Shred-X 6 Monthly Rolling Average EBITA Margin • Pick up network optimisation – 12% reduction in driver FTE 10.0 9.4 • Focus on productivity / efficiency – 8% 9.0 8.7 9.0 8.7 reduction in staff FTE 8.0 8.3 8.3 8.3 7.8 7.0 7.3 • Pricing im
Slide 22: Information Management Revenue
Information Management Revenue Horizon One Horizon Two Horizon Three Archive / Media Digitalisation • Invest in H3 opportunities – • Focus on running lean operations • Consultative selling to unlock new continue to scale Stocka in NZ and to maximise returns digitalisation opportunities e.g. launch i
Slide 23: Future Investment
Future Investment Mark Troughear | Chief Executive Officer Aaron Stubbing | General Manager, Express Package Freightways FY26 Results | Slide 23
Slide 24: NZ Capacity + Expansion (Christchurch)
NZ Capacity + Expansion CHRISTCHURCH Airport – Expansion: Objective – Scale for growth and bring all of our NZ EP Brands back under one roof • The expanded facility will increase operational capacity by around 50% Current site footprint 12,000m2 - Expanding to 28,000m2 • Warehouse from 9,000m2 to 20
Slide 25: NZ Capacity + Expansion (Palmerston North)
NZ Capacity + Expansion PALMERSTON NORTH Airport - New Build: Objective - Increase operational footprint and locate our NZ EP Brands and linehaul in a single Lower North Island hub • The expanded facility will increase operational capacity by 40% • Current Estate 2,300m2 - Expanding to 5,500m2 • War
Slide 26: Australia: What does the future look like for Freightways?
• We expect in the medium-term that AU has the potential to surpass NZ in terms of revenue and earnings for FRW • The AU express market is estimated at around A$13bn p.a. and, below the 3 tier-one players, is very fragmented with most operators targeting a particular niche AUSTRALIA: • Combination o
Slide 27: Mergers & Acquisition Australia Focus
There are a targeted number of M&A targets to consider in Australia. We continue to operate a disciplined approach to these opportunities focused on: • Adding to Allied Express or VTFE by either expanding their geographic footprint, or providing an adjacent MERGERS & service ACQUISITION • Considerin
Slide 28: Outlook
Outlook Mark Troughear | Chief Executive Officer Freightways FY26 Results | Slide 28
Slide 29: Outlook
Outlook • Our businesses have proven to be resilient over the past 3 years of soft Volumes expected to economic activity. Same-customer activity was recovering and positive before increase when fuel the war, but has turned negative since April prices fall • We expect that same-customer volumes in bo
Slide 30: Questions
FY26 Questions FRW: NZX | ASX
Slide 31: Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 FREIGHTWAYS GROUP FY26 ($m) FY25 ($m) Post NZ IFRS16 NZ IFRS16 Pre NZ IFRS16 Post NZ IFRS16 NZ IFRS16 Pre NZ IFRS16 Notes adjustment (non-GAAP) adjustment (non-GAAP) Operating Revenue 1,463.6 - 1,463.6 1,289.6 - 1,289.6 EBITDA (non-GAAP) 1 278.1
Slide 32: Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 EXPRESS PACKAGE & BUSINESS MAIL Notes FY26 ($m) FY25 ($m) Operating Revenue 1,235.2 1,061.0 EBITDA (after NZ IFRS16) 1 234.3 204.7 Less: NZ IFRS16 adjustment (56.0) (51.4) EBITDA (before NZ IFRS16) 1 178.3 153.3 EBITA (after NZ IFRS16) 2 168.1 1
Slide 33: Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 INFORMATION MANAGEMENT & Notes FY26 ($m) FY25 ($m) WASTE RENEWAL Operating Revenue 234.0 233.6 EBITDA (after NZ IFRS16) 1 60.2 58.5 Less: NZ IFRS16 adjustment (24.2) (22.5) EBITDA (before NZ IFRS16) 1 36.0 36.0 EBITA (after NZ IFRS16) 2 31.6 31.