Mainfreight (MFT) H1 2027 earnings summary

Executive summary

• H1 FY27 revenue was NZ$3,121.1m, up 19.8% YoY; PBT was NZ$219.2m and net profit NZ$155.4m, each up 66.4% against a weak prior-year comparison.

• Higher customer activity, market-share gains and freight volumes supported improvement across regions; October and early November trading maintained first-half momentum.

Financial highlights

• Revenue rose NZ$515m YoY; transport fuel adjustment factors contributed NZ$143m of revenue, with fuel costs passed through to owner drivers, contractors and service providers.

• Excluding FX, revenue increased 14.9% and PBT increased 58.6%; adjusted EBITDA was NZ$431.6m versus NZ$330.4m.

• Operating cash flow was NZ$327.8m versus NZ$209.6m; investing outflow was NZ$97.1m and financing outflow NZ$176.1m.

• Interim dividend approved at 85 cents per share, fully imputed; books close 11 December 2026 and payment is scheduled for 18 December 2026.

Outlook and guidance

• October and early November trading remained satisfactory across New Zealand, Australia and Europe; Americas improved, while Asia was in line with first-half revenue and profit.

• Cautiously optimistic on the months ahead; customer activity was ahead of the prior year, with food, beverage and DIY volumes supporting growth.

• Fuel adjustment factors are expected to continue through the balance of the year; customer gains and deeper relationships remain priorities.

• Planned capex is NZ$164m in FY27 and NZ$93m in FY28; more land and building activity is expected than previously forecast.

• Interest rate increases, regional economic performance and elections support a cautious stance; improving Air & Ocean margin management remains a priority.