Slide 1: HY26 Results
HY26 Results Monday, 16 February 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 half year ended 31 December 2025, which can be found in the Freightways half year results announcement available on the NZX
Slide 3: Presenters and Agenda
Presenters and Agenda Mark Troughear Stephan Deschamps Aaron Stubbing Neil Wilson CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER GENERAL MANAGER GENERAL MANAGER EXPRESS PACKAGE FREIGHTWAYS Overview, Divisional Financial Summary Divisional Strategy, Divisional Strategy, Performance, and Capital Expr
Slide 4: Overview
Overview • Consistent performance over the HY across all businesses • Slight lift in Q2 volumes in NZ for Express and Temperature Controlled transport as economic conditions improve • Higher demand for economy over premium services • Acquisition of VTFE adds a complementary B2B express service in Au
Slide 5: Financial Highlights
Financial Highlights Revenue * EBITA growth NPAT growth * EBITA margin 8.5% 12.2% 17.2% 13.4% to $718.2m to $96.5m to $52.5m from 13.0% HY25 Cash generated Basic earnings per from operations share Net Debt Dividend (HY) 28.3% 17.2% (6.7%) 10.5% to $134.2m to 29.3cps to $587.1m to 21c ( 19c in HY25)
Slide 6: Financial Summary & Capital Management
Financial Summary & Capital Management Presenter: Stephan Deschamps Chief Financial Officer Slide 6
Slide 7: Positive Momentum In An Improving Environment
Positive Momentum In An Improving Environment HY26 HY25 Change HY26 Performance Overview: Notes $m $m % Operating Revenue 718.2 662.1 8.5 • Economic environment has slightly improved in NZ, EBITA (non-GAAP) 1 96.5 86.0 12.2 Australia is stable EBITA margin 13.4% 13.0% • NZ same-customer growth emerg
Slide 8: FRW EBITA Margins Improving
FRW EBITA Margins Improving Margin performance: Earning Before Interest, Tax & Amortisation 120,000 20.0% 100,000 18.0% • Focus on margin re-building is gaining traction, with 16.0% most businesses showing improvement 80,000 14.0% 12.0% $000 60,000 10.0% 8.0% • Post Haste, DX and Allied Express part
Slide 9: Strong Cash Flow generation supported debt reduction
Strong Cash Flow generation supported debt reduction Cash Movements 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 - Slide 9
Slide 10: BAU cash generation delivers gearing improvement
BAU cash generation delivers gearing improvement Net Debt to EBITDA Gearing 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 HY21 HY22 HY23 HY24 HY25 HY26 Net debt to EBITDA (post IFRS16) Net debt to EBITDA (pre IFRS16) Excluding lease liabilities
Slide 11: HY26 Dividend increases by 10.5%
HY26 Dividend increases by 10.5% Dividend (cps) 45 40 HY26 Dividend HY25 Dividend 35 21cps 19cps 30 Cents per share (cps) 25 20 post IFRS16 15 10 5 Notes: • cps = Cents Per Share - Interim dividend of 21cps, fully imputed in NZ, - 46% franked in Australia Half Year Full Year Slide 11
Slide 12: Divisional Performance Express Package & Business Mail
Divisional Performance Express Package & Business Mail Presenters: Mark Troughear Chief Executive Officer Aaron Stubbing General Manager, Express Package Slide 12
Slide 13: HY26 Express Package & Business Mail Result
HY26 Express Package & HY26 Performance Overview: Business Mail Result • Revenue growth driven by: > Same-customer growth > Net market share gains > Price increases executed at the start of the FY HY26 HY25 Change Notes $m $m % • Allied and Post Haste performed particularly well Operating Revenue 60
Slide 14: HY26 NZ Express Package Volume (excl BCD)
HY26 NZ Express Package Volume (excl BCD) HY26 Network Items v pcp New Zealand: • Item growth of 3% from net market share gains (wins – 5.5% losses) • Same customer volumes increased by 2.5% NZ Express Package - Items • Underpinned by cross boarder e-commerce work • NZ EP economy services have benef
Slide 15: Freightways Global
Freightways Global • Facilitates international freight and e-commerce into NZ EP brands • Provides ~5% of the NZ EP volume each week (albeit at lower margin) • From 1 April a new tariff commences, altering the cost structure for customs clearance • Items consigned as express commercial shipments wil
Slide 16: Air Network Update
Air Network Update • Airwork, our JV partner in Parcelair, was placed in receivership last July • The business is operating as a going concern and the receivers are currently undertaking a sale process which we expect to be finalised in the first quarter of 2026 • Both air network suppliers continue
Slide 17: HY26 AU Express Package Volume
HY26 AU Express Package Volume HY26 Network Items v pcp Australia 13.8% • Allied delivered strong volume growth in H1 FY26 AU Express Package Items • Improved share of wallet, same-customer organic growth and new business wins all contributed • Black Friday sales were particularly strong through Nov
Slide 18: Divisional Performance Information Management & Waste Renewal
Divisional Performance Information Management & Waste Renewal Presenters: Mark Troughear Chief Executive Officer Neil Wilson General Manager, Freightways Slide 18
Slide 19: HY26 Information Management & Waste Renewal Result
HY26 Information Management & Waste Renewal Result HY26 Performance Overview: HY26 HY25 Change • Positive revenue growth from pricing improvement Notes $m $m % and waste renewal > Secure Destruction grew 5% Operating Revenue 117.1 117.6 (0.4) > Medical waste grew 8% EBITA (non-GAAP) 1 15.7 15.5 1.3
Slide 20: Shred-X Profit Improvement Initiatives
Shred-X Profit Improvement Initiatives Initiatives: Medical Waste Revenue • Right size the network following the exiting of unprofitable revenue steams > Assess the regional operating model for efficiencies > Improve fleet efficiency • Reducing overhead costs FY21 FY22 FY23 FY24 FY25 FY26 H1 H2 Slid
Slide 21: Mergers & Acquisitions
Mergers & Acquisitions Presenter: Mark Troughear Chief Executive Officer Slide 21
Slide 22: Disciplined Approach to M&A | AU Opportunity
Disciplined Approach to M&A | AU Opportunity Acquisition Strategy and Investment Criteria: • Our primary focus will be proactively targeting acquisitions which either add to Allied Express or VTFE by either: > Expanding their geographic footprint, or > Providing an adjacent service • We would expect
Slide 23: VT Freight Express
VT Freight Express VTFE BY THE NUMBERS: About: • B2B services for a wide range of industries including the building, healthcare, • Services most states and retail and plumbing sectors territories in Australia • Strong presence in Victoria and a growing volume of interstate freight • Track record of
Slide 24: VT Freight Express
VT Freight Express Benefits for Freightways Next Steps • Leveraging Freightways' core capabilities in express pick up, processing and delivery which • Early alignment underway across safety, currently represents the majority of its earnings operational systems, reporting, and commercial disciplines
Slide 25: Allied Express Post-Investment Review
Allied Express Post-Investment Review Revenue * EBITA growth 10.8% 16.5% 3 Year CAGR 3 Year CAGR • Strong revenue growth since acquisition enabled by: > new sales teams > Increased share of wallet > market share gains Cashflow ROI 15.8% • Investment in automated sortation systems in the 16.6% Averag
Slide 26: Outlook
Outlook Presenter Mark Troughear Chief Executive Officer Slide 26
Slide 27: FY26 Outlook
FY26 Outlook • Volumes expected • We continue to expect a steady improvement in same- to increase as the customer volumes in H2 of FY26 in NZ - where economic NZ economy recovery has been gradual strengthens • We will continue our efforts to drive margin improvement in the second half of the year •
Slide 28: Questions
Questions FRW: NZX | ASX Slide 28
Slide 29: Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited)
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited) FREIGHTWAYS GROUP HY26 ($m) HY25 ($m) Post NZ IFRS16 NZ IFRS16 Pre NZ IFRS16 Post NZ IFRS16 NZ IFRS16 Pre NZ IFRS16 Notes adjustment (non-GAAP) adjustment (non-GAAP) Operating Revenue 718.2 - 718.2 662.1 - 662.1 EBITDA (non-GAAP) 1 1
Slide 30: Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited)
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited) EXPRESS PACKAGE & BUSINESS MAIL Notes HY26 ($m) HY25 ($m) Operating Revenue 604.0 547.2 EBITDA (after NZ IFRS16) 1 123.4 110.6 Less: NZ IFRS16 adjustment (27.3) (25.5) EBITDA (before NZ IFRS16) 1 96.1 85.1 EBITA (after NZ IFRS16) 2 9
Slide 31: Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited)
Appendix – Reconciliation of Post-IFRS16 to Pre-IFRS16 (unaudited) INFORMATION MANAGEMENT & Notes HY26 ($m) HY25 ($m) WASTE RENEWAL Operating Revenue 117.1 117.6 EBITDA (after NZ IFRS16) 1 29.6 28.6 Less: NZ IFRS16 adjustment (11.6) (10.8) EBITDA (before NZ IFRS16) 1 18.0 17.8 EBITA (after NZ IFRS16