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 despite a 3% decline in profit before tax due to prior year non-cash tax adjustment.

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

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

Financial highlights

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

• Net capital expenditure was $234.5 million, with $111 million spent on property.

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

• Discretionary bonus of $30.5 million payable in Australia, Asia, and Europe.

Outlook and guidance

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

• Cautious capital expenditure planned for the next two years, with expectations of a stronger second half performance.

• Network development and cost management remain key focuses.