Mainfreight: Strong AGM trading update

Research evidence excerpt

Mainfreight: Strong AGM trading update

Global Research

30 July 2026ab

Mainfreight Equities

New ZealandStrong AGM trading update

Transportation Services

12-month rating Buy

Retain Buy with double-digit EPS growth until FY29E driven by...

MFT is bouncing back strongly in 1H27 with improved trading conditions and stronger 12m price target NZ$80.00

utilisation levels following a period of significant capacity investment. Moreover, we Prior : NZ$76.00

believe MFT can maintain double-digit EPS growth from 2HFY27e to FY29e with

Price (30 Jul 2026) NZ$69.00

ongoing customer wins, a cyclical pick-up in less than truck load (LTL) volumes,

normalisation in global trade, and operating leverage with material spare capacity in RIC: MFT.NZ BBG: MFT NZ

both Transport and Warehousing. MFT's one-year forward P/E is also below key global

Trading data and key metrics

peers (24x) despite, in our view, offering stronger medium-term EPS growth.

52-wk range NZ$69.57-53.50

…new business wins and cyclical recovery in domestic volumes, plus... Market cap. NZ$6.95b/US$4.05b

Shares o/s 101m (ORD)

PBT increased +78% YoY to $121m in the first 4mths of FY27 on the back of revenue

Free float 100%

growth of 18% and margin expansion of 220bp. PBT was well ahead of UBSe at $85m

with outperformance across all products and most regions excluding Australia. Avg. daily volume ('000) 72.9

Transport PBT increased 125% YoY to $69m admittedly off a depressed base but still Avg. daily value (m) NZ$4.5

incorporated DD revenue growth ex Fuel Adjustment Factor (FAF) with strong new Common s/h equity (03/27E) NZ$2.25b

customers wins in NZ, Australia and Europe, up-trading from NZ customers and better P/BV (03/27E) 3.1x

US customer retention as services quality improve.