Mainfreight Limited Analysis

Overview

The company's origins go back to 1978, with Mainfreight listing in June 1996 following the sale of 60% of the shares on issue by founder Bruce Plested and Neil Graham at 96c each.

Mainfreight is a specialist freight forwarding and distribution business. It also has interests in managed warehousing, hazardous substances transportation, air & ocean international freight, full truckload freight and global supply chain logistics. Based in Auckland, the Group has domestic transportation and managed warehousing in NZ, Australia, the Americas and Europe. It also offers air & ocean international transportation in NZ, Australia, the Americas, Europe and Asia, supported by agents in other worldwide locations, and wholesale air & ocean freight services in USA.

Mainfreight’s expansion in the late 1990’s included a series of acquisitions including a 75% stake in Lep International (NZ), Lep Air International in Australia and Australian express transport operator K & S Express plus Express Lines, an Australian air & ocean operator with interests in Asia. In July 2003 Mainfreight launched a takeover bid for Owens Group in New Zealand, ending up with a 79.6% share after Toll Holdings acquired a minority position. In May 2005, Mainfreight completed a full takeover of Owens Group when Toll sold its 11.8% stake. In April 2007 Mainfreight sold Pan Orient Project Logistics, and its 75% shareholding in LEP (New Zealand and Australia) for over AU $83m.

The 2008 year was significant for Mainfreight following a US$53.7m acquisition of US based Target Logistics, a freight forwarding and logistics company. Mainfreight also acquired the remaining interests in their Asian operations giving them 100% ownership.

In April 2011 Mainfreight made its largest acquisition with the €110.0m acquisition of Europe based (Netherlands) Wim Bosman Group. The European operations have now been rebranded as Mainfreight.

In the 2026 financial year Mainfreight's revenue was NZ$5.38 billion, with 331 branches in 27 countries, and 10,839 team members.

Performance

The following information was extracted from Mainfreight Limited's Full year results, released on 28 May 2026

Commentary

Mainfreight is pleased to confirm our full-year financial result to 31 March 2026. Profit performance improved during the second half of the year – although not enough to better the prior year’s profit.

Result Summary

Revenue NZ$5.38 billion up 2.8%

Profit Before Tax NZ$350.9 million Down 8.5%

Net Profit NZ$251.0 million Down 8.5%

• Adjusted for foreign exchange impact, Group Revenue is down 0.2% and Profit Before Tax is down 10.7%.

• Operating cashflows improved from NZ$584 million to NZ$589 million.

• A final dividend of 87.0 cents per share has been authorised by the Board of Directors, payable on 17 July 2026.

• Land and building capex totalled NZ$112 million.

While we are disappointed to not have improved our profitability from last year, we remain satisfied with the level of improvement during the second six months of trading.

Pleasingly, these improvements have continued into the new financial year. Trading in April and May has been encouraging, despite disruption and uncertainty caused by the Middle East conflict and elevated fuel pricing.

Land and building investments during the year totalled NZ$112 million. New facilities were completed in Auckland, Whanganui, Hastings, New Plymouth, Brisbane, Melbourne and Townsville. While the additional overhead cost increases as a consequence of these investments impacted our profitability, these network investments will provide capacity and efficiency for improved profitability long term. Customer inquiry and commitment is providing confidence to continue our network expansion and investments. Property projects are already underway in Perth, Nelson, Blenheim, Palmerston North and Auckland.