Mainfreight (MFT) H2 2025 earnings summary

Executive summary

• Revenue reached $5.24 billion, up 11% year-over-year, with net profit rising 31% to $274.3 million and profit before tax at $383.6 million, despite a 3% decline in profit before tax due to prior year non-cash tax adjustment.

• Australian operations delivered record results and became the largest contributor to revenue and profit; profits declined in New Zealand, Asia, and Americas.

• Eight new facilities completed, including major sites in Auckland, Brisbane, Chicago, and Dallas.

• All five regions and three divisions saw revenue growth, but profits declined in Asia, the Americas, and New Zealand.

• Operating cash flows improved to $584 million from $505 million, reflecting better cash collection and working capital management.

Financial highlights

• Group revenue rose 11% to $5.24 billion; profit before tax was $383.6 million, net profit $274.3 million.

• Operating cash flows increased to $584 million from $505 million last year.

• Net capital expenditure totaled $234.5 million, with $111 million spent on property and $75 million on warehousing racking and fit out.

• Net funds stood at $14 million, with bank debt reduced by $23 million to $125 million.

• Final dividend of 87.0 cents per share authorized, bringing the full-year dividend to 172.0 cents per share.

Outlook and guidance

• Cautious approach to property development and capital expenditure expected due to slower economic growth and recent investments.

• Planned capital expenditure through 2027 is NZ$450 million, with NZ$330 million for property, racking, and fit out.

• Trading in April and May was disappointing due to short weeks and US tariff impacts, but supply chain customer developments are improving.

• Ongoing supply chain uncertainty from US tariff negotiations may cause fluctuating freight volumes and inconsistent pricing.

• Positive about growth opportunities in all regions, with continued investment in facilities and network expansion.