Mainfreight has reported a 66.4% increase in first-half net profit to $155.39 million, supported by higher freight volumes, market share gains and improved performances across Europe and the Americas.
The NZX-listed freight and logistics firm reported revenue of $3.12 billion for the six months ended September 2026, up 19.8% on the previous corresponding period. Profit before tax increased 66.4% to $219.21m.
After adjusting for foreign exchange movements, revenue was up 14.9% and profit before tax increased 58.6%.
“Revenue and profit performance has been satisfactory when compared with our disappointing performance in the year prior,” Mainfreight says.
Freight volumes increased across all regions and across domestic and international movements.
The transport division delivered the strongest growth, with revenue rising 24.2% to $1.47b and profit before tax almost doubling to $116.36m.
Tonnes moved increased 7% to 5.4 million, cubic metres rose 9% to 12 million and total consignments increased 4% to 4.8 million.
Road linehaul utilisation strengthened across the group, with increased use of rail in New Zealand and, to a lesser extent, Australia.
Fuel adjustments contributed $143m of the increase in transport revenue as Mainfreight passed higher fuel costs through to customers, owner-drivers, contractors and service providers.
The company says it remains confident about fuel availability across its operating regions, although diesel cost increases have been significant.
Warehousing revenue increased 9.4% to $479.54m, while profit before tax rose 69.4% to $35.03m.
Mainfreight’s 56 warehouses have a combined area of 1.11 million square metres and were 87% utilised, with more than 1.36 million pallets in storage.
Air and ocean revenue increased 19.1% to $1.17b, with profit before tax up 28.9% to $67.82m.
Seafreight volumes rose 6% to 234,395 TEU, while airfreight volumes increased 15% to 80.2 million kilograms.
New Zealand market share grows
New Zealand revenue increased 20.4% to $693.11m, with profit before tax rising 51.9% to $66.90m.
Mainfreight says its domestic transport network gained market share through new customers and stronger activity from existing clients, particularly in the food, beverage and DIY sectors.
Improved access to rail and better road linehaul utilisation also contributed to profitability.
The company’s new 34,000-pallet Christchurch warehouse is operational and profitable, while construction has started on a 55,000-pallet Auckland facility due for completion in mid-2028.
Transport site developments in Palmerston North, Nelson and Blenheim are also progressing, while land has been acquired in Cromwell for a new facility.
Australia and offshore earnings improve
Australian revenue rose 10.1% to A$810.82m, while profit before tax increased 26.2% to A$74.03m.
Growth was led by transport operations, including greater use of rail and full-truck-load services. Mainfreight’s new Brisbane cross-dock has also improved operational efficiency.
Demand for specialist hazardous-goods transport through Chemcouriers is supporting growth, with the company planning additional hazardous-goods warehousing in Melbourne.
European revenue increased 16.7% to €358.53m, with profit before tax up 118.2% to €20.37m.
Americas revenue rose 15.2% to US$360.85m, while profit before tax increased 393.3% to US$6.87m. However, Mainfreight says its US transport operations have yet to reach profitability.
Asian revenue increased 9.8% to US$66.42m, with profit before tax up 6% to US$5.98m.
Cash flow and dividend increase
Operating cash flow improved from $209.6m to $327.8m, while capital expenditure totalled $97m, including $65m invested in property.
Mainfreight had net cash of $54m at the end of the period and had drawn $135m from available debt facilities totalling $510m.
The board has approved a fully imputed interim dividend of 85 cents per share, payable on December 18.
Trading momentum continued through October and early November across the New Zealand and Australian divisions, while European and Asian trading remained consistent with first-half trends.
“This result reflects market share growth and improved trading from existing customers,” Mainfreight says.
“We remain cautiously optimistic that our trading performance will continue in the months ahead.”
Mainfreight will release its full-year result on May 27, 2027.
