Mainfreight (MFT) H2 2026 earnings summary

Executive summary

• Revenue increased 2.8% year-over-year to $5.38 billion (NZ$5.38 billion), while net profit declined 8.5% to $251.0 million (NZ$251.0 million).

• Second half performance improved, with profit before tax rising to NZ$219.2 million from NZ$131.7 million in the first half, but not enough to surpass last year’s results.

• Discretionary bonuses totaling $46.3 million (NZ$46.3 million) were paid to qualifying branches and team members.

• Workforce and branch count decreased, reflecting operational streamlining and closure of unprofitable branches.

• Trading in April and May showed encouraging signs despite external disruptions.

Financial highlights

• Profit before tax was $350.9 million (NZ$350.9 million), down 8.5% year-over-year; adjusted for FX, down 10.7%.

• Net capital expenditure reached $189 million (NZ$189 million), with property accounting for NZ$112 million.

• Operating cash flows were NZ$589 million, slightly up from NZ$584 million last year.

• Net funds increased to NZ$26.6 million, up from NZ$14.4 million.

• Final dividend of 87.0 cents per share, total 172.0 cents for the year.

Outlook and guidance

• Improved second half momentum continued into April/May and into the new financial year, with market share gains and better trading conditions.

• Ongoing investment in network development, facility expansion, and supply chain solutions, with planned capex through FY2027 at NZ$234 million.

• Focus remains on high-quality freight services and business improvements amid fuel volatility and economic uncertainty.

• Cautious outlook due to expected inflationary pressures and elevated fuel prices.