Highlights

  • FY26 Revenue increased 2.8% to NZ$5.38 billion.
  • Profit before tax declined 8.5% to NZ$350.9 million.
  • Net profit declined 8.5% to NZ$251.0 million.
  • Operating cash flow increased to NZ$589 million.
  • Second-half profit performance improved compared with the first half.
  • Mainfreight operates 331 branches across 27 countries.
  • The group had 10,839 team members at 31 March 2026.
  • The company continues to invest in its global network and supply-chain services.

Mainfreight Faces Profit Pressure Despite Revenue Growth

Mainfreight Limited (NZX:MFT) delivered revenue growth during FY26, although profitability remained under pressure. Revenue increased 2.8% to NZ$5.38 billion, while profit before tax declined 8.5% to NZ$350.9 million. Net profit also decreased 8.5% to NZ$251.0 million.

The result nevertheless showed improvement during the second half of the financial year. Management said profit performance improved in the second half, although the improvement was not sufficient to exceed the previous year's overall profit.

Foreign-exchange movements also affected the reported result. Adjusted for foreign exchange, group revenue declined 0.2%, while profit before tax declined 10.7%. This indicates that underlying operating conditions remained challenging across parts of the group's international network.

Global Network Provides Long-term Growth Opportunity

Mainfreight continues to operate an extensive international logistics network, with 331 branches across 27 countries and more than 10,800 team members. The company's broad geographic footprint provides exposure to global freight, Warehousing and supply-chain Demand while allowing it to serve multinational customers across multiple regions.

Despite weaker profitability, Operating Cash Flow improved from NZ$584 million to NZ$589 million. Strong cash generation provides funding for continued Investment in the company's network, facilities and supply-chain capabilities.

Mainfreight has also maintained its focus on long-term expansion rather than short-term cost reduction. Management said it remains focused on investing in the network and expanding supply-chain services, while noting that performance improved through the second half and into April and May.

The company authorised a final Dividend of 87 cents per share, payable in July 2026, providing continued Shareholder returns despite the decline in annual earnings.

Associated Risks

Mainfreight is highly exposed to global trade conditions, freight volumes and economic activity. Weak industrial production, softer consumer demand or disruption to International Trade routes can reduce freight and logistics volumes.

Foreign-exchange movements can also materially affect reported results because a large proportion of revenue and Earnings is generated outside New Zealand. Labour, fuel, property and operating costs may further pressure margins if revenue growth remains modest.