Highlights

  • Mainfreight reports PBT of NZD 131.7M, down 18.3% for HY26.
  • Revenue rises 2.1% to NZD 2.61B, led by transport and warehousing growth.
  • Interim dividend of 85 cents per share declared, fully imputed at 28%.

Mainfreight Limited (NZX:MFT) announced its unaudited financial results for the six months ended 30 September 2025, reporting a 2.1% increase in revenue to NZD 2.61B compared with the prior period. Profit before tax (PBT) declined 18.3% to NZD 131.72M, while net profit fell 18.5% to NZD 93.38M.

After adjusting for minimal foreign exchange impacts, group revenue decreased by 1.4%, and both PBT and net profit declined by 19.4% and 19.7%, respectively. The prior half-year result had included NZD 98.8M in revenue and NZD 12.4M in PBT from discontinued project activities.

Cash Flow and Debt Position

Operating cash flows improved to NZD 209.6M from NZD 191.7M in the previous half year, reflecting improved debt collections. Net debt increased to NZD 68.7M from NZD 14M at the end of FY25.

Mainfreight reported total debt facilities of NZD 511M, of which NZD 339M remains undrawn. Net capital expenditure for the period reached NZD 102.7M, with NZD 67M directed toward property investments. Total capital expenditure for FY26 is expected to reach NZD 215.4M.

Property and Infrastructure Update

During the half year, property developments were completed across New Zealand, Australia, and Europe. Completed projects included cross-dock facilities in Whanganui, Hastings, and Townsville, along with an upgrade at Daily Freight Auckland. Construction continues in Christchurch, Brisbane, and Melbourne, with lease discussions underway for new facilities in Auckland, Blenheim, and Perth.

Divisional Performance Overview

The Transport division recorded revenue of NZD 1.19B, up 7%, while PBT decreased 20.6% to NZD 58.4M. The Warehousing segment achieved a 6.7% revenue increase to NZD 438.3M, with PBT down 1.8% to NZD 20.7M. Air & Ocean revenue declined 5% to NZD 980.1M, with PBT down 20.9% to NZD 52.6M.

Regionally, New Zealand revenue rose 3.9% to NZD 575.6M, while PBT dropped 7.4%. Australia reported a 2.9% revenue decline to AUD 736.8M and a 3.8% drop in PBT to AUD 58.6M. In Europe, revenue increased 5.4% to EUR 307.2M, with PBT down 31.9% to EUR 9.3M. Asia recorded revenue of USD 60.5M, down 7.5%, and PBT of USD 5.6M, down 5%. The Americas reported revenue of USD 313.2M, down 9.7%, and a PBT loss of USD 2.3M.

Dividend and Outlook

The Board declared an interim dividend of 85 cents per share, fully imputed at the 28% company tax rate, with payment scheduled for 19 December 2025.

Mainfreight expects continued improvement in trading performance across its New Zealand and Australian operations during the second half, while regional performances in Europe, Asia, and the Americas are anticipated to stabilise as efficiencies strengthen. The company will announce its full FY26 results on 28 May 2026.

Share Performance of MFT

MFT was trading at NZD 63.00 per share as of 12 November 2025 at the time of writing.