Mainfreight (MFT) H1 2026 earnings summary

Executive summary

• Revenue increased 2.1% year-over-year to NZ$2.61 billion, but net profit fell 18.5% to NZ$93.4 million and profit before tax (PBT) dropped 18.3% to NZ$131.7 million.

• Operating cash flows improved to NZ$209.6 million, and an interim dividend of 85 cents per share, fully imputed, was declared for payment on 19 December 2025.

• Total comprehensive income rose to NZ$126.9 million, driven by positive foreign currency translation and asset revaluation.

• Prior period included significant one-off project activity, now discontinued, impacting year-over-year comparisons.

• Bonus accruals were NZ$16 million, representing 11% of PBT.

Financial highlights

• EBITDA for the period was NZ$330.4 million, down from NZ$340.9 million year-over-year.

• Earnings per share fell to 92.74 cents from 113.76 cents year-over-year.

• Net cash flows from operating activities increased to NZ$209.6 million from NZ$191.8 million.

• Net tangible assets per security rose to 1,723.09 cps from 1,579.43 cps year-over-year.

• Net funds (debt) increased to NZ$68.7 million drawn, up from NZ$14 million.

Outlook and guidance

• New Zealand and Australia expected to trade better in the second half; Asia to remain stable; small improvements in Europe; Americas recovery will take time.

• Ongoing network expansion planned both geographically and domestically, including new warehouses in Christchurch and Auckland.

• Interim fully imputed dividend of 85.0 cents per share declared for 2026, consistent with the prior year.