Mainfreight (MFT) H1 2025 earnings summary

Executive summary

• Revenue increased 8.4% year-over-year to NZ$2.552 billion for the six months ended 30 September 2024, driven by strong sales activity and new customer gains across regions.

• Net profit declined 8.0% to NZ$114.6 million, and profit before tax (PBT) fell 7.8% to NZ$161.2 million compared to the same period last year.

• Operating cash flows improved to NZ$191.7 million, and directors approved an interim dividend of 85 cents per share.

• Comprehensive income for the period was NZ$121.5 million, down from NZ$148.7 million in the prior year.

• Challenging trading conditions persisted globally, but the business remains confident in further revenue and profitability improvements.

Financial highlights

• Adjusted EBITDA rose to NZ$340.9 million from NZ$320.3 million year-over-year.

• Earnings per share were 113.76 cents, down from 123.69 cents year-over-year.

• Operating cash flows increased to NZ$191.7 million from NZ$186.8 million year-over-year.

• Interim dividend of 85 cents per share declared, fully imputed at 28% tax rate, payable 20 December 2024.

• Bonus accrual of $19.5 million included in results.

Outlook and guidance

• Capex and lease commitments aligned with customer growth; new sites and expansions underway.

• Full-year capex expected to reach $204 million in 2025 and $241 million in 2026.

• Some property and construction settlements delayed, aligning with customer growth.

• Confidence in further revenue and profitability improvements as economic conditions improve.