Mainfreight Limited — Annual Report 2025

Jul 30, 2025

MAINFREIGHT LIMITED ANNUAL MEETING OF SHAREHOLDERS

30 July 2025

The Numbers – Financial Year 2025

• Revenue Up 11% to $5.24 billion

• Profit Before Tax Down 3% to $383.6 million

• Net Profit

• People

Up 31% to $274.3 million (Non-cash tax adjustment last year) 11,130

• Branches 337 • Countries 27 • Dividend Full year dividend $1.72 per share

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 performance impacted by higher property overheads and competitive market conditions Eight new facilities completed

3 x Transport sites in Auckland 2 x Warehouses in Auckland

1 x Airfreight facility Brisbane

2 x new cross-docks in Chicago and Dallas

Our Three Core Products (NZ$) FY 2025

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TRANSPORT Revenue $2,262.86 million 3.4%

Total tonnes increased 4%

PBT $169.79 million 1.6%

Consignment counts increased in all regions other than New Zealand Australian performance increased in volume and consignments – reflecting market share increases

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WAREHOUSING Revenue $865.36 million 10.3% PBT $63.59 million 6.6%

Total orders picked increased 2% European activity declined in Belgium, and to a lesser extent in the Netherlands Asian Warehouse strategy under review

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AIR & OCEAN

Revenue $2,108.21 million 20.9% PBT $150.20 million 8.0%

Airfreight kilos increased 8% Sea freight TEUs increased 6%, with volumes up across all regions Tariff impacts to year end negligible Customs clearances now exceed 250,000 per annum Reduction of booking and shipments April/May

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 $504 million

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	1,464	AU$	20,295,128
Total	3,503	NZ$	30,464,054

Senior Executive Short-term Incentives

	At risk	PBT	Revenue Growth	Return on Revenue	Quality	People Development	Culture and Supply Chain Development
Weighting		20%	20%	15%	15%	15%	15%
Short Term Incentive	33% of Base Salary	This years PBT vs prior year	This years revenue growth vs prior year	Profit as % of revenue (ROR)	Weighted average of key quality performance stats for each division	Team career development	Network and business development
Target		Increase YOY	15% YOY	7% - 15% product relevant			# customer conversion # network increase
We mistakenly missed this disclosure from our Annual Report

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”

As we develop our network – it assists our revenue and profitability

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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
1,200,000
12,000,000
1,000,000
10,000,000
800,000
8,000,000
600,000
6,000,000
400,000
4,000,000
200,000
2,000,000
- -
Profit per Branch Rev Per Branch
Profit per Branch
Revenue per Branch
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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“Courtesy of an interested international investor”

Future Capital Expenditure Update: F26-27

Property and Fit-out costs F26-F27	Property and Fit-out costs F26-F27	Property and Fit-out costs F26-F27	“Whilst we will have a cautionary approach to property capex in 2026 and 2027, we continue to invest in our facilities and network”
New Zealand	NZ$	73.4 million
Australia	AU$	141.3 million
Americas	US$	28.8 million
Europe	EU€	25.6 million
Asia	US$	1.0 million
Total	NZ$	$330.0 million

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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 & Ocean growth

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1.16b
Revenue
NZ
134.5m PBT
Air & Ocean
16 Branches
Warehousing
20 Branches
Transport
56
Branches
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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

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1.5b
Revenue
A
137.5m PBT
Air & Ocean
16 Branches
Warehousing
16 Branches
Transport
40
Branches
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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

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126m Revenue
US
9.8m PBT
Air & Ocean
35 Branches
Warehousing
3 Branches
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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

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666m
Revenue
US
15.2m PBT
Air & Ocean
46 Branches
Warehousing
10 Branches
Transport
23
Branches
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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

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603m Revenue
€
31m PBT
Air & Ocean
18 Branches
Warehousing
12 Branches
Transport
26
Branches
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South Auckland network intensification

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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 mix of owned and leased properties”
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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”

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Mainfreight 2Home, Auckland
Our specialist consumer goods division
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“Large multi-national customer gains in effect late 2025”

Daily Freight, Auckland Repurposed 50-year-old site

“Rail-served. Completion November 2025”

Chicago Cross-Dock

“Commitment to our USA aspirations”

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Dallas Cross-Dock
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Willawong, QLD, Australia
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“New site for completion early 2026. Brisbane, our best performing Australian transport branch”

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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 9.8 MWh in battery storage 8.3 ML onsite water collection and usage

Bringing our partners along for the journey Over 1,000 customers using our carbon tracking platform Biofuels

Utilisation of SAF aircraft fuel ex New Zealand and HVO (Biofuel) in our European truck fleet

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%	

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 value per annum	Gains actual spend YTD
Australia	A$	84 million	9 million
USA	US$	54 million	10 million
Europe	E€	44.5 million	9 million
Asia	US$	2.6 million	0.67 million
New Zealand	NZ$	52 million	20 million
TOTAL	NZ$	324 million	65 million

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 overhead costs associated with new facilities having less of an impact

Australia

• Continuing to find growth and ongoing profitability across core products

• Air & Ocean will not have the benefit of project revenue and profitability for remainder of the year

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 Netherlands/Belgium centricity

Americas

• Ongoing improvement in our Air & Ocean business

• Transport results continue to disappoint

• Warehousing improvements with ongoing sales campaigns

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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