Slide 1: We Are Your International Supply Chain Partner – Half Year Reporting 2026
2026 WE ARE YOUR HALF YEAR REPORTING INTERNATIONAL SUPPLY CHAIN PARTNER 12 November 2025 Air & Ocean, Warehousing, Transport
Slide 2: Result Summary
RESULT SUMMARY Revenue $ 2.61 billion up 2.1 % PBT $ 131.7 million down 18.3 % Net Profit $ 93.4 million down 18.5 % Bonus accrual of $16 million at 11% of PBT Operating cash flows improved to $ 209.6 million
Slide 3: Dividend
DIVIDEND • Directors have approved an interim dividend of 85 cents per share • Books close 12 December 2025 • Payment on 19 December 2025
Slide 4: Capital Management
CAPITAL MANAGEMENT Net Capex $102.7 million - $67 million on property Full year Capex expected to be $215.4 million Cash flow improvement to $209.6 million, up from $191.7 million Net Funds (Debt) increased to ($68.7 million) drawn, an increase in net debt from $14 million Total Debt facilities of $
Slide 5: Future Capital Expenditure Update: F26-27
FUTURE CAPITAL EXPENDITURE UPDATE: F26-27 NZ$ million F26 NZ$ million F27 Planned Capital Expenditure $215 Planned Capital Expenditure $223 ▪ Property $104 ▪ Property $117 ▪ Fit-out costs $51 ▪ Fit-out costs $46 ▪ Non-property capex $60 ▪ Non-property capex $60 Property and Fit-out costs F26-F27 New
Slide 6: Our International Network
OUR INTERNATIONAL NETWORK The Americas Team 10,984 – down 146 75 branches, 4 countries, 1,756 team members Branches 333 – down 4 (CaroTrans & Asia Warehouses) Countries 27 – unchanged Europe 56 branches, 10 countries, 3,059 team members Asia 37 branches, 11 countries, 503 team members Australia 72 b
Slide 7: Trading Update – Revenue and PBT Results
TRADING UPDATE – Revenue and PBT Results NZ$000 REVENUE VAR % PROFIT VAR % BEFORE TAX New Zealand NZ$ 575,641 3.9% 44,050 7.4% Australia AU$ 736,775 2.9% 58,643 3.8% Americas US$ 313,223 9.7% -2,343 127.8% Europe EU€ 307,184 5.4% 9,333 31.9% Asia US$ 60,495 7.5% 5,641 5.0% Total
Slide 8: Project Revenue / PBT Impact
PROJECT REVENUE / PBT IMPACT One-off project activity – HY 25/26 YTD Sept 2025 YTD Sept 2024 Revenue NZ$22.73 million NZ$98.85 million PBT NZ$1.57 million NZ$12.41 million
Slide 9: Trading Update: Our Core Products
TRADING UPDATE: Our 3 Core Products (NZ$) TRANSPORT WAREHOUSING AIR & OCEAN Revenue $1.19 billion 7% Revenue $438.33 million 6.7% Revenue $980.12 million 5.0% PBT $58.41 million 20.6% PBT $20.68 million 1.8% PBT $52.63 million 20.9% Volume Tonnes 3.6% Orders processed 9% Sea Freight T
Slide 10: Property
PROPERTY New Zealand • Four Transport cross-docks completed (leased and owned): Whanganui / New Plymouth / Hastings / Daily Freight Auckland • Construction continues on 23,000sqm Christchurch Warehouse for completion May 2026 (food grade compatible) – leased • Planning for a larger Auckland Warehous
Slide 11: Hastings Branch
= i8) = © in a ” oy] . w ” i) =
Slide 12: New Zealand
NEW ZEALAND Transport • Reasonable volumes with increases from current customer trading • A number of larger market share gains effective October onwards • Perishable volumes a feature of these gains to complement refrigeration transport growth • Gross margin impacts a consequence of additional road
Slide 13: Australia
AUSTRALIA Transport • Continue to find market share gains with pleasing revenue improvements • Gross margins in line with prior period • Higher labour costs beginning to reduce via better efficiency • Brisbane cross-dock to bring much needed capacity improvement Warehousing • Pleasing revenue, utili
Slide 14: Europe
EUROPE Transport • Poorer than expected performance, with higher labour costs and increased road linehaul costs impacting profitability • ROR performance disappointing Warehousing • High casual labour costs incurred due to new, high activity customer implementations • Expect improved second half as
Slide 15: Asia
ASIA Air & Ocean • Lower Ocean freight rates impacting revenue and margins • Market share activity improving but needs more effort • Trade tariffs impacting volumes on Trans Pacific eastbound route • Surprisingly, space constraints Asia to Australia Warehousing • Three warehouses closed as a consequ
Slide 16: The Americas
THE AMERICAS Transport • Whilst sales activities are in line with prior year, gross margins have declined due to increased transport costs • New cross-docks in Texas and Illinois are providing valuable learning opportunities, albeit at additional cost Warehousing • Poor utilisation in two of the eig
Slide 17: Outlook
OUTLOOK • Expect New Zealand and Australia businesses to all trade better through our second half. • Asia likely to be similar to the first six months. • Small improvements in Europe. • The Americas will take time. We continue to see good long-term potential and the region contributes significantly
Slide 18: Trading Dates
Trading Dates FY26 – 12 months ended 31 Mar 2026 28 May 2026 WE ARE Annual MeetingYOUR of Shareholders 30 Jul 2026 INTERNATIONAL SUPPLY HY27 – 6 months ended 30 Sept 2026 12 Nov 2026 CHAIN PARTNER Air & Ocean, Warehousing, Transport