Mainfreight (MFT) H1 2025 earnings summary

Executive summary

• Revenue increased 8.4% year-over-year to $2.552 billion (NZ$2.55 billion), with strong sales activity and new customer gains across regions.

• Net profit declined 8.0% to $114.6 million (NZ$114.6 million), and profit before tax (PBT) fell 7.8% to $161.2 million.

• Operating cash flows improved to $191.7 million (NZ$191.8 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

• Revenue up 8.4% year-over-year; PBT down 7.8%; net profit down 8.0%.

• EBITDA (adjusted) 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 rose to $191.7 million (NZ$191.8 million).

• Interim dividend of 85 cents per share declared; final dividend of 87 cents per share paid.

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.

• Interim dividend of 85 cents per share approved post-period, to be recognized in the full year to March 2025.

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