Goldman Sachs
May 28, 2026
Mainfreight First Take Solid Result Reflects Execution In Core Regions
Single Stock ReportEquitiesIndustrials
Mainfreight delivered a FY26 EBIT beat of 3% relative to consensus, driven by strong operational execution in New Zealand and Australia despite revenue softness in the Americas and Europe.
Key Takeaways
- 1.Mainfreight achieved a margin-led EBIT beat of 3% above consensus for FY26 despite revenue softness.
- 2.Performance was geographically bifurcated, with core ANZ regions showing strong execution and newer regions (Europe/Americas) facing cyclical headwinds.
- 3.Post-period trading (April and May) shows encouraging momentum and increased customer penetration.
Table of Contents
- Net/Net
- New Zealand
- Australia
- Americas
- Asia
- Europe
- Fuel Supply
- FY27 Guidance/Outlook
- Price Target Risks and Methodology - Mainfreight (MFT.NZ)
- Disclosure Appendix
- Target price history table(s) Mainfreight (MFT.NZ)
- Regulatory disclosures
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Authors
Niraj ShahSophie YuAlex Nosatti
Securities
MFT.NZ
Themes
Logistics Execution vs Macro CyclicalityFuel Cost Volatility Management
Regions
Asia PacificNorth AmericaEuropeNew ZealandAustraliaChina