Wiseway Group Limited Overview
Wiseway Group is a Sydney-headquartered, founder-controlled, cross-border logistics provider. Over two decades it has evolved from an Australia-to-China export air-freight specialist into an eCommerce-led, import-oriented logistics platform.
Since the FY26 reorganisation, it goes to market through two pillars:
Wiseway eCommerce Solutions (WES): import eCommerce customs clearance, direct injection, last-mile carrier management, returns and 3PL fulfilment. WES is now the largest pillar at 43% of Group revenue.
Wiseway Global Forwarding (WGF): air, sea, perishables, import forwarding and road.
These are supported by overseas operations in New Zealand, the United States (Compton, California) and Singapore, plus China support hubs.
Revenue crossed A$200M for the first time in FY26 (A$205.6M). EBITDA was A$14.7M at a thin 7.1% margin, reflecting an asset-light model with heavy pass-through costs.
The investment case rests on capturing cross-border eCommerce flows from Asia into ANZ and the US. The principal risk is acute customer concentration: two eCommerce customers generated 31% of FY26 revenue.
Company's own description
The FY26 Annual Report describes the Group's principal activities as the movement and logistics of goods by freight for interstate and overseas customers. It reports no significant change in the nature of these activities during the year.
The standard "About Wiseway" boilerplate in FY26 ASX releases adds:
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The Group operates a global network of offices, warehouses, operational facilities and transport assets.
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It was founded in 2005 to serve Australia–Asia Pacific trade.
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It now positions itself as an eCommerce logistics and freight forwarding provider.
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Services span air freight, sea freight, imports, domestic transport, warehousing and customs clearance.
Earlier releases (FY23–FY24) described Wiseway as one of the top three outbound air-freight logistics providers in Australia. That claim has been dropped from FY26 materials, consistent with the pivot away from export air freight.
Independent characterisation
What Wiseway is. In practice, Wiseway is a mid-sized, non-asset-heavy freight intermediary and eCommerce logistics processor. Its economic engine has shifted decisively since FY23.
Legacy engine (FY18–FY22): export air freight: Wiseway consolidated Australian exports (general cargo, dairy and infant formula, perishables such as seafood and fruit) onto airline capacity bound for China. Its edge was buying power with airlines as a large IATA agent. Revenue was rate-sensitive: in FY22, the COVID-era airfreight rate spike lifted general air cargo revenue to A$74.6M. Rates then normalised and loss-making clients were exited, and FY23 revenue fell 18.5%.
Current engine (FY24–FY26): inbound eCommerce imports: Wiseway acts as a high-volume customs clearance and parcel-processing partner for Chinese eCommerce platforms shipping into Australia and New Zealand, and increasingly the US. Its bonded warehouses in Sydney, Melbourne, Adelaide, Brisbane, Perth, Auckland and Los Angeles, and its in-house eParcel clearance system, process parcels and inject them into local last-mile carriers.
- Imports revenue rose from A$16.5M (FY23) to A$100.2M (FY26), comprising WES A$89.2M and import forwarding A$11.0M (FY26 Annual Report, Note 8).
Overlay: US platform: Built through the 2024 KWT transaction, the US business generated A$33.4M in FY26. It offers fulfilment, last-mile management, road brokerage and import clearance from Compton, California.
Business model and revenue model
| Dimension | Characterisation |
|---|---|
| Revenue model | Almost entirely service revenue (freight forwarding, clearance, fulfilment), recognised over time as services are rendered (AASB 15). No subscription or licensing revenue is disclosed; technology platforms (WiseCustoms, WisePortal, WiseTrack) are bundled enablers, not separately monetised. |
| Product vs service mix | ~99% service. "Other revenue" of A$1.9M in FY26 is interest, fuel tax credits and sublease rent. |
| Cost structure | Direct transport and logistics costs (airline, carrier, trucking, handling) were 73.0% of FY26 revenue (A$150.2M), up from 71.2% in FY25. Employee costs were 15.3% of revenue. |
| Gross margin | Revenue less direct transport costs: 31.6% (FY23), 33.3% (FY24), 28.8% (FY25), 27.0% (FY26). The decline reflects the mix shift to high-volume eCommerce. |
| Value-chain position | Mid-chain intermediary between shippers (eCommerce platforms, exporters, importers, brands) and capacity owners (airlines, shipping lines, last-mile carriers). Owns some trucks, one freehold property (Chipping Norton NSW) and leased warehouses; does not own aircraft or vessels. |
| Customer types | Chinese and other Asian eCommerce platforms (dominant); Australian exporters (perishables, general cargo); importers, retailers and manufacturers (import forwarding); ANZ and US brands (3PL fulfilment); airlines (trucking for airline cargo, historically). |
| End markets | Cross-border B2C eCommerce (Asia→ANZ, Asia→US, Australia→US); agricultural and perishable exports (Australia→Asia); general import supply chains (ANZ). |
| Customer concentration | Two eCommerce customers each exceeded 10% of revenue. Combined A$63.7M in FY26 (31.0% of revenue), up from A$53.1M in FY25 (28.4%) (FY26 Annual Report, Note 7). Top-10 customers were 69% of trade receivables in FY26 (79% in FY25). |
| Seasonality | Peak November–January (eCommerce sales events). January–June is historically quieter (Lunar New Year, perishables seasonality) (FY23 Results). |
Strategy
Stated strategy themes (paraphrased from FY26 Annual Report and Results Presentation)
Ambition. Management states an aim to be a leading logistics partner delivering excellent service and superior value to customers.
Enablers (FY26 presentation, slide 19):
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Cost and process efficiency (back office, automation, KPIs).
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Expanded digital capabilities (turnkey integrations, self-serve portal, end-to-end tracing).
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A world-class team focused on customer service.
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A compliance-and-safety mindset across operations.
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Opportunistic M&A.
WES priorities:
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Continue capturing the global eCommerce megatrend.
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Build capability along the eCommerce value chain.
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Expand beyond China-origin customers to Australian, NZ and US brands.
WGF priorities:
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Grow import forwarding as a strategic arena.
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Capture perishables and agriculture exports to Asia.
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Develop supply-chain visibility technology.
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Shift the client mix to higher-margin accounts using the expanded sales function.
USA priorities. Build momentum in inbound eCommerce from China and Australia under 100% ownership.
Capital management. Pay sustainable, fully franked dividends while reinvesting (FY26 payout ~43% of basic EPS). The on-market buy-back is ongoing.
Initiatives announced in the last 24 months (Oct 2024 – Oct 2026)
| Initiative | Date | Description | Status |
|---|---|---|---|
| NAB facility upsizing | Nov 2024 | Drawn facility raised from A$8M to A$11.13M, term to Oct 2028, lower rate | Complete |
| Sales function build-out | FY24–FY26 | Expanded sales team to re-mix WGF clients toward higher-margin accounts | Ongoing |
| Leadership transition | 1 Jul 2025 | Founder-to-next-generation CEO succession | Complete |
| Borderless360 partnership | 22 Oct 2025 | Mutual equity investment and commercial collaboration; Wiseway call option | Active |
| Two-pillar reorganisation (WGF / WES) | FY26 (formalised Feb 2026) | Go-to-market restructure | "Largely complete" (Aug 2026) |
| Regain 100% of Wiseway USA | Dec 2025 – Jan 2026 | Unwind of the 2024 KWT structure; full profit capture | Complete 13 Jan 2026 |
| Compton, CA warehouse | FY26 | New US anchor facility | Operational |
| Wiseway Tracking Portal and integrated command centre | FY26 | Key-account visibility tools | Rolled out |
| WiseCustoms | Q4 FY26 | AI-driven eCommerce clearance platform | Launched; scaling 1H FY27 |
| WisePortal | 1H FY27 | Forwarding command centre plus client portal with AI | Launching |
| WiseTrack | 1H FY27 | WES customer visibility portal | Launching |
| On-market buy-back | 2 Apr 2026 | Up to 16,735,319 shares; capital management | ~147,729 shares bought back to 9 Sep 2026 |
| Borderless360 follow-on investment | 6 Oct 2026 | US$600k (US$200k cash + 1,801,412 shares at A$0.32); amended call option tied to revenue milestones; joint digital freight-forwarding product | Completion expected end-Oct 2026; product early 2027 |
| Cost programme | FY24–FY26 | Right-sizing support functions, outsourcing, NZ/ANZ merger, China downsizing. FY26 opex grew only 1.2%. | Embedded. No numeric savings target disclosed. |
Guidance and medium-term targets
Wiseway provides no quantitative FY27 guidance and no medium-term financial targets.
FY27 qualitative outlook (FY26 Results Presentation, slide 21):
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Continued growth in import eCommerce from market growth and share gains.
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Potential upside from 3PL and fulfilment.
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A US business positioned for growth on a clean comparative base.
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Continued dividends alongside reinvestment.
Export forwarding is expected to see moderated growth given soft Australia–China demand.
The last numeric guidance was the 26 May 2025 trading update: FY25 revenue growth of 53–63% on FY24. The outcome (+66%) exceeded the top of the range.
Products & Services
Pricing models are not disclosed for any service. Freight forwarding is typically priced per kg or per chargeable weight, or per container, plus surcharges. Clearance is priced per parcel. Fulfilment is priced per pick, per unit stored and per order. These are industry conventions, not company disclosures.
Wiseway eCommerce Solutions (WES)
| Offering | Description and capabilities | Target customer | Status / timing |
|---|---|---|---|
| Import eCommerce Clearance | High-volume customs clearance of low-value eCommerce parcels. Uses the in-house eParcel clearance system integrated with clients. Bonded facilities in Sydney, Melbourne, Adelaide, Brisbane, Perth, Auckland and Los Angeles, plus partners in the UK and Canada. | Cross-border eCommerce platforms, mainly China-based | Established in ANZ; core of WES |
| Direct Injection Solutions | Full international chain: origin pick-up, consolidation, air freight, destination clearance, injection into local last mile. Gives retailers local last-mile rates without a middleman. | Overseas retailers and platforms selling into ANZ and the US | Scaling in ANZ and the US |
| Last Mile Carrier Management | Wiseway negotiates carrier rates and resells them inside a bundled WES solution. Technology routes to the least-cost carrier. Partner carriers: Australia Post, Aramex, Team Global Express, USPS, UPS, DHL. | Platforms and brands | Established in ANZ and the US |
| Returns Management | Returns via first-mile carriers to fulfilment hubs. Quality check, re-fulfilment, destruction or bundling for return to the client. Enables earlier customer refunds. | Platforms and brands | Scaling in ANZ and the US |
| eCommerce Fulfilment and 3PL | Brands store inventory in Wiseway centres; Wiseway picks, packs and dispatches online orders. Fulfilment hubs: Sydney, Melbourne, Auckland, Los Angeles, plus EU and UK partners. | ANZ, US and Asian brands | Designated as a dedicated growth pillar since FY25 |
| WiseCustoms (platform) | AI-driven eCommerce parcel clearance technology supporting clearance across ANZ and the US. | Internal and client-facing | Launched Q4 FY26; scaling 1H FY27 |
| WiseTrack (platform) | Customer portal giving visibility across fulfilment, last mile and returns. | WES clients | Launching 1H FY27 |
| Fortio (partner product) | Borderless360's branded direct-injection carrier service, launched with support from Wiseway infrastructure. | Borderless360 clients | Launched FY26 (partner-owned) |
Source: FY26 Results Presentation (slides 14–17, 20); 6 October 2026 Borderless360 announcement.
Wiseway Global Forwarding (WGF)
| Offering | Description and capabilities | Target customer | Status |
|---|---|---|---|
| Air Freight (export) | One of the top IATA agents in Australia. Specialist in Australia→China export air freight; significant buying power with airlines. Shipping to 100+ destinations. | Australian exporters (general cargo, dairy, consumer goods) | Mature. General export air freight declined in FY26 on a subdued Australia–China lane. |
| Perishables and cold chain | Chiller, freezer and reefer handling; export-registered facilities. | Seafood, meat, fruit and agricultural exporters | Perishables revenue +13% in FY26; management cites continued market-share gains |
| Sea Freight | FCL, LCL and consolidation. | Exporters and importers | Established |
| Import services and customs clearance | Clearance across all major Australian ports; end-to-end inbound purchase-order-to-delivery management. | Retailers, manufacturers, importers | Strategic priority. FY26 revenue −7.3% against an elevated, pre-tariff FY25 base. |
| Road transportation and brokerage | Interstate line-haul and local delivery; owned and financed truck fleet (motor vehicles at A$6.5M NBV in FY26). Historically a trucking partner to airlines. | Airlines, freight forwarders, shippers | Road freight grew significantly in FY26 (amount n/d) |
| General warehousing | 70,000+ sqm across 11 warehouses in three regions; customs-bonded warehouses in all major Australian and NZ cities. | All segments | Established |
| WisePortal (platform) | Integrated command centre for client shipments and purchase orders across the forwarding network, with a client-facing portal and AI functions. | WGF clients | Launching 1H FY27 |
| Wiseway Tracking Portal | Shipment tracking and visibility portal rolled out in FY26 to support key accounts. | Key accounts | Rolled out FY26 |
Overseas service matrix (FY26 Results Presentation, slide 17)
| Service | ANZ | USA | Singapore |
|---|---|---|---|
| Air freight export | Established | Scaling | Established |
| Sea freight export | Established | — | Established |
| Import air and sea | Scaling | Scaling | Established |
| Perishables | Established | — | — |
| Road transport and brokerage | Established | Scaling (brokerage) | — |
| Direct injection | Scaling | Scaling | — |
| Import eCommerce clearance | Established | Scaling (clearance at LAX) | — |
| Last-mile carrier management | Established | Established | — |
| Fulfilment and 3PL | Scaling | Scaling | — |
| Returns management | Scaling | Scaling | — |
Ancillary and dormant vehicles
| Entity / brand | Status |
|---|---|
| Wiseway Cargo Airlines (Aruba) N.V.; Wiseway Airlines Pty Ltd | 100%-owned subsidiaries created for the 2021–22 aircraft strategy. No aircraft operations are disclosed in FY24–FY26; the aircraft lease was terminated in 2021–22. Effectively dormant (analyst view). |
| DG Packaging Oceania Pty Ltd (60%) | Dangerous-goods packaging venture incorporated July 2023. Negligible revenue (FY26 loss A$8k). |
| Four Seasons Pty Ltd (51%) | Negligible activity (FY26 loss A$4k; net liabilities A$105k). |
| Airnex Pty Ltd / Airnex Limited (NZ); Airtruck Pty Ltd; Cargo Network Holding Pty Ltd | 100% subsidiaries supporting trucking and air-cargo network operations. Individual revenue n/d. |
| Next-generation product (joint with Borderless360) | Standalone digital freight forwarding platform for online quote, book and track across manufacturer collection, air/sea, clearance and delivery. Targeted for early 2027. |
Financial Narrative
All figures are A$ M, for fiscal years ending 30 June.
FY23–FY26: audited Annual Reports (FY24 and FY26) and Results Announcements.
FY22: FY23 Results Announcement, the FY24 Annual Report 5-year table and FY24 Annual Report comparatives (equity, cash and borrowings at 1 July 2022).
FY22 pre-tax income: TipRanks aggregator, flagged.
Income statement (chartable)
Supplementary notes:
FY25 normalised NPAT: A$3.00M, excluding the one-off A$2.047M deferred tax asset recognition.
FY25 underlying revenue: A$181.9M, excluding ~A$4.8M of non-recurring US (KWT) revenue from pre-tariff stockpiling and transloading.
FY25 underlying EBITDA: A$13.09M.
FY22 pre-tax income: TipRanks. The company's FY22 EBIT of −A$5.85M implies finance costs of about A$1.4M (derived).
Margins and growth (chartable)
CAGRs:
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Revenue FY22→FY26: 12.0% (derived).
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Revenue FY24→FY26: 35.3% (company).
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EBITDA FY24→FY26: 33.9% (company).
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Profit before tax FY24→FY26: 213.6% (company).
FY22 revenue growth uses FY21 revenue of A$126.77M (FY24 Annual Report).
Commentary — P&L. The five-year arc has three phases.
Phase 1 (FY22): freight-rate distortion and over-investment: FY22 revenue was inflated by pandemic-era airfreight rates; general air cargo alone was A$74.6M. Yet the Group lost A$8.1M. The 2H22 EBITDA collapse (−A$6.0M) coincided with:
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loss-making client contracts;
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overseas start-up losses in China and the US;
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the costs of an aborted aircraft strategy (B737 lease dispute and the SEAIR transaction).
Phase 2 (FY23–FY24): turnaround under a new chair and COO: Revenue fell 18.5% in FY23 as freight rates normalised and unprofitable clients were exited. EBITDA nonetheless swung to A$3.7M. In FY24, Imports more than doubled to A$37.4M on Chinese eCommerce platform volumes and EBITDA margin doubled to 7.3%. Drivers included:
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right-sizing of support functions;
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outsourcing in sub-scale areas;
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merging NZ into ANZ;
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shrinking China to a support office.
Phase 3 (FY25–FY26): scale-up: FY25 revenue rose 66%, powered by Imports (A$84.9M) and the newly consolidated US business (A$33.1M). EBITDA margin held at 7.2%. FY26 was a consolidation year:
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Reported growth slowed to 10.1% (13.0% underlying).
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Gross margin compressed 1.8pp to 27.0% as mix shifted to high-volume, lower-margin eCommerce.
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Opex was held almost flat (+A$0.5M, +1.2%) while revenue grew A$18.9M.
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EBITDA margin was therefore broadly preserved (7.1%), and PBT rose 21.9%.
Reported NPAT fell 5.0% because FY26 bore a full tax charge after carried-forward losses were exhausted. Normalised NPAT rose 59.9%.
Half-year momentum is decelerating.
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1H26: revenue +19.5%; EBITDA A$7.22M.
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2H26: revenue +2.5% reported, +7.5% underlying; EBITDA A$7.45M.
FY27 will test whether the eCommerce engine can re-accelerate on a clean comparative base.
Balance sheet (chartable)
Commentary — balance sheet. Wiseway carries no goodwill or intangibles. It has a single freehold property (Chipping Norton NSW, cost A$10.75M), with a bank valuation of A$18.6M against A$7.2M carrying value for land and buildings, implying ~A$11M of off-balance-sheet surplus (derived). Its main assets are receivables, financed vehicles and right-of-use assets.
Debt structure:
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Bank debt (~A$15.8M) is an NAB property facility of A$11.13M, maturing October 2028 at BBSY, plus fixed-rate chattel mortgages on vehicles.
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There are no financial covenants.
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The weighted average interest rate fell to 5.18% in FY26 from 6.86% in FY25.
FY26 saw the cleanest balance sheet since listing:
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Cash rose 32% to A$19.1M.
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Net debt including leases fell 31% to A$14.5M.
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Excluding leases, the Group moved to net cash of A$3.3M.
The FY24 working-capital deficit was technical: the NAB facility was classified as current pending its extension.
Cash flow (chartable)
Commentary — cash flow. Cash conversion has been consistently high (89–94% of EBITDA) since FY24. This is notable given that FY25's 66% revenue surge absorbed A$15.0M of receivables build.
FY26 OCF was flat at A$9.7M despite higher EBITDA because cash tax rose by A$1.8M. Receivable days improved by ~12 days, from ~56 to ~45 days of revenue (derived).
Capex is light (1.2% of revenue in FY26). Vehicle fleet additions (A$2.0M in FY26) are largely financed through chattel mortgages and do not appear in investing cash flow. Analysts should therefore add financed vehicle purchases to capex for a true maintenance-capex view.
Dividends (A$2.06M paid in FY26) are covered ~2.4x by lease-adjusted FCF.
Ratios (chartable; derived by analyst)
Notes:
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FY22 net debt/EBITDA is not meaningful because EBITDA was negative.
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FY25 ROE is flattered by the A$2.05M DTA recognition; on normalised NPAT of A$3.0M, FY25 ROE was ~12.6%.
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DPO uses trade payables only. Other payables and accruals (A$13.1M in FY26) are material and would lengthen effective payables days.
Commentary — ratios. ROIC has climbed from deeply negative to ~13% on improving EBIT and a stable invested-capital base of ~A$41–45M. The FY26 ROE of ~18–19% is now "clean", with a full tax charge and no DTA benefit.
Leverage has de-risked markedly: net debt/EBITDA fell from 7.2x in FY23 to ~1.0x in FY26 including leases. Interest cover rose above 4x.
The deterioration in DSO in FY25 (56 days), driven by large eCommerce accounts, was the main working-capital risk. It was partly reversed in FY26.
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Pillar Details
| Pillar | Contents | FY26 revenue (AUD Mn) | % of Group | YoY growth |
|---|---|---|---|---|
Wiseway eCommerce Solutions (WES) — Australia | Import eCommerce clearance, direct injection, last-mile carrier management, returns management, eCommerce fulfilment and 3PL | 89.25 | 43.4% | +22.2% |
Wiseway Global Forwarding (WGF) — Australia | Export forwarding (air, sea, perishables), import forwarding, road transport and brokerage | 69.92 | 34.0% | +1.7% |
— of which Export Forwarding (incl. Perishables) | Air and sea exports, perishables, road | 58.92 | 28.7% | +3.6% |
— of which Import Forwarding | End-to-end inbound freight management, from purchase order to delivery | 11.00 | 5.4% | −7.3% |
Overseas divisions | USA, Singapore, China (support); NZ is managed with Australia but reported in the overseas narrative | 44.49 | 21.6% | +2.1% |
Other | Interest, fuel tax credits, sublease rent | 1.91 | 0.9% | +40.6% |
Total | — | 205.57 | 100% | +10.1% |
Revenue by Segment
| Segment (AUD Mn) | FY24 | FY25 | FY26 |
|---|---|---|---|
WES Australia revenue (AUD Mn) | 30.2 | 73.01 | 89.25 |
WGF Australia revenue (AUD Mn) | 66.7 | 68.73 | 69.92 |
WGF Export Forwarding revenue (AUD Mn) | 59.46 | 56.86 | 58.92 |
WGF Import Forwarding revenue (AUD Mn) | 7.2 | 11.87 | 11.00 |
Overseas divisions revenue (AUD Mn) | 14.19 | 43.57 | 44.49 |
Other revenue (AUD Mn) | 1.17 | 1.36 | 1.91 |
Total Group revenue (AUD Mn) | 112.26 | 186.66 | 205.57 |
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View Subscription PlansRevenue by Segment (%) and Segment Margins & Growth (%)
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
WES share of Group revenue (%) | 26.9 | 39.1 | 43.4 |
WGF share of Group revenue (%) | 59.4 | 36.8 | 34.0 |
Overseas share of Group revenue (%) | 12.6 | 23.3 | 21.6 |
WES YoY growth (%) | — | 142.0 | 22.2 |
WGF YoY growth (%) | — | 3.0 | 1.7 |
Overseas YoY growth (%) | 15.0 | 207.0 | 2.1 |
Revenue by Segment (FY22–FY23)
| Division (AUD Mn) | FY22 | FY23 |
|---|---|---|
Air freight – general cargo (AUD Mn) | 74.63 | 45.14 |
Perishables (AUD Mn) | 29.31 | 31.57 |
Sea freight (AUD Mn) | 6.14 | 7.81 |
Road freight (AUD Mn) | 6.29 | 4.43 |
Imports (AUD Mn) | 13.77 | 16.49 |
Other (AUD Mn) | 0.54 | 1.12 |
Total (AUD Mn) | 130.67 | 106.55 |
Revenue by Segment (FY23–FY24)
| Division (AUD Mn) | FY23 | FY24 |
|---|---|---|
Air freight – general cargo (AUD Mn) | 32.80 | 25.87 |
Perishables (AUD Mn) | 31.57 | 23.96 |
Sea freight (AUD Mn) | 7.81 | 6.90 |
Road freight (AUD Mn) | 4.43 | 2.74 |
Imports (AUD Mn) | 16.49 | 37.44 |
Overseas divisions (AUD Mn) | 12.34 | 14.19 |
Other (AUD Mn) | 1.11 | 1.17 |
Total (AUD Mn) | 106.55 | 112.26 |
Revenue by Segment by Division
| Division (AUD Mn) | FY24 | FY25 | FY26 |
|---|---|---|---|
Exports incl. air, sea, perishables, road (AUD Mn) | 59.46 | 56.86 | 58.92 |
Imports incl. WES and import forwarding (AUD Mn) | 37.44 | 84.88 | 100.25 |
Overseas divisions (AUD Mn) | 14.19 | 43.57 | 44.49 |
Other (AUD Mn) | 1.17 | 1.36 | 1.91 |
EBITDA by location (AUD Mn)
| EBITDA by location (AUD Mn) | FY22 | FY23 | FY24 |
|---|---|---|---|
ANZ EBITDA (AUD Mn) | 0.97 | 5.47 | 8.64 |
China EBITDA (AUD Mn) | -1.17 | -1.51 | -0.12 |
Singapore EBITDA (AUD Mn) | 0.16 | 0.20 | 0.09 |
USA EBITDA (AUD Mn) | -0.14 | -0.47 | -0.43 |
Group EBITDA (AUD Mn) | -0.19 | 3.69 | 8.17 |
Income Statement and Per-Share Data
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Revenue (AUD Mn) | 130.67 | 106.55 | 112.26 | 186.66 | 205.57 |
Direct transport and logistics expenses (AUD Mn) | — | 72.87 | 74.86 | 132.99 | 150.16 |
Gross profit — revenue less direct costs (AUD Mn) | — | 33.68 | 37.40 | 53.67 | 55.40 |
Employee benefit expenses (AUD Mn) | — | 20.49 | 21.84 | 31.01 | 31.47 |
EBITDA (AUD Mn) | -0.19 | 3.69 | 8.17 | 13.44 | 14.67 |
Depreciation (AUD Mn) | 5.66 | 5.68 | 5.67 | 6.55 | 7.00 |
Operating income / EBIT (AUD Mn) | -5.85 | -1.98 | 2.50 | 6.89 | 7.67 |
Finance costs (AUD Mn) | — | 1.96 | 1.90 | 2.09 | 1.82 |
Pre-tax income (AUD Mn) | -7.27 | -3.94 | 0.60 | 4.80 | 5.86 |
Income tax benefit (+) / expense (−) (AUD Mn) | — | 0.78 | 0.00 | 0.24 | -1.06 |
Net income — group (AUD Mn) | -8.10 | -3.16 | 0.60 | 5.05 | 4.80 |
Net income attributable to owners (AUD Mn) | — | -3.15 | 0.61 | 4.37 | 4.69 |
Basic EPS (A$ cents) | -5.56 | -1.92 | 0.37 | 2.63 | 2.76 |
Diluted EPS (A$ cents) | — | -1.92 | 0.37 | 2.60 | 2.72 |
Dividends per share declared (A$ cents) | 0.00 | 0.00 | 0.20 | 1.00 | 1.20 |
Weighted avg basic shares (millions) | 145.44 | 164.53 | 165.09 | 166.37 | 170.23 |
Margin Analysis (%)
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Gross margin — revenue less direct costs (%) | — | 31.6 | 33.3 | 28.8 | 27.0 |
EBITDA margin (%) | -0.1 | 3.5 | 7.3 | 7.2 | 7.1 |
Operating (EBIT) margin (%) | -4.5 | -1.9 | 2.2 | 3.7 | 3.7 |
Pre-tax margin (%) | -5.6 | -3.7 | 0.5 | 2.6 | 2.8 |
Net margin — group NPAT (%) | -6.2 | -3.0 | 0.5 | 2.7 | 2.3 |
Revenue growth YoY (%) | 3.1 | -18.5 | 5.4 | 66.3 | 10.1 |
EBITDA growth YoY (%) | — | — | 121.3 | 64.5 | 9.2 |
Balance Sheet and Per-Share Data
| Metric (AUD Mn, at 30 June) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Total assets (AUD Mn) | — | 62.34 | 63.89 | 89.14 | 86.21 |
Cash and cash equivalents (AUD Mn) | 6.93 | 9.07 | 8.29 | 14.47 | 19.14 |
Trade and other receivables — current (AUD Mn) | — | 9.08 | 14.46 | 29.47 | 26.85 |
Property, plant and equipment incl. right-of-use assets (AUD Mn) | — | 38.60 | 33.81 | 35.86 | 31.25 |
Goodwill and intangibles (AUD Mn) | — | 0.00 | 0.00 | 0.00 | 0.00 |
Secured bank loans — current (AUD Mn) | — | 3.18 | 10.24 | 1.76 | 1.75 |
Secured bank loans — non-current (AUD Mn) | — | 12.13 | 3.95 | 14.06 | 14.06 |
Lease liabilities — current (AUD Mn) | — | 2.62 | 2.63 | 4.03 | 6.01 |
Lease liabilities — non-current (AUD Mn) | — | 17.72 | 13.21 | 15.61 | 11.83 |
Total bank debt (AUD Mn) | 13.42 | 15.30 | 14.20 | 15.82 | 15.81 |
Total lease liabilities (AUD Mn) | 16.32 | 20.34 | 15.84 | 19.64 | 17.83 |
Total debt incl. leases (AUD Mn) | 29.73 | 35.64 | 30.04 | 35.46 | 33.64 |
Net debt incl. leases (AUD Mn) | 22.80 | 26.57 | 21.75 | 20.99 | 14.50 |
Net debt excl. leases — negative is net cash (AUD Mn) | 6.48 | 6.23 | 5.91 | 1.35 | -3.34 |
Total equity (AUD Mn) | 21.48 | 18.62 | 19.00 | 23.80 | 26.40 |
Equity attributable to owners (AUD Mn) | 21.51 | 18.66 | 19.01 | 23.05 | 26.42 |
Current assets (AUD Mn) | — | 20.41 | 25.43 | 46.36 | 50.32 |
Current liabilities (AUD Mn) | — | 13.81 | 27.64 | 35.45 | 33.57 |
Working capital (AUD Mn) | — | 6.60 | -2.21 | 10.91 | 16.75 |
Net tangible assets per share (A$ cents) | 13 | 12 | 12 | 15 | 16.35 |
Cash Flow and Margin Analysis (%)
| Metric (AUD Mn) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Cash generated from operations, pre-interest and tax (AUD Mn) | — | 1.79 | 7.68 | 11.93 | 13.30 |
Net operating cash flow (AUD Mn) | — | 0.05 | 6.19 | 9.66 | 9.68 |
Capex — PP&E acquired for cash (AUD Mn) | — | 0.64 | 2.24 | 1.43 | 2.37 |
Free cash flow — OCF less capex (AUD Mn) | — | -0.59 | 3.95 | 8.22 | 7.31 |
Lease principal payments (AUD Mn) | — | 2.36 | 2.81 | 3.45 | 2.30 |
Free cash flow after leases (AUD Mn) | — | -2.95 | 1.14 | 4.77 | 5.01 |
Dividends paid (AUD Mn) | 0.00 | 0.00 | 0.33 | 0.67 | 2.06 |
Share buybacks (AUD Mn) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
Income taxes paid (−) / received (+) (AUD Mn) | — | 0.22 | 0.36 | -0.33 | -2.10 |
Cash conversion — cash from operations / EBITDA (%) | — | 48 | 94 | 89 | 91 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
ROE — group NPAT / closing total equity (%) | -37.7 | -17.0 | 3.2 | 21.2 | 18.2 |
ROE — attributable NPAT / average attributable equity (%) | — | -15.7 | 3.2 | 20.8 | 19.0 |
ROA — NPAT / closing total assets (%) | — | -5.1 | 0.9 | 5.7 | 5.6 |
ROIC — EBIT × (1−30%) / (equity + debt − cash) (%) | -9.2 | -3.1 | 4.3 | 10.8 | 13.1 |
Current ratio (x) | — | 1.48 | 0.92 | 1.31 | 1.50 |
Debt to equity incl. leases (x) | 1.38 | 1.91 | 1.58 | 1.49 | 1.27 |
Net debt to EBITDA incl. leases (x) | — | 7.20 | 2.66 | 1.56 | 0.99 |
Interest coverage — EBIT / finance costs (x) | — | -1.01 | 1.32 | 3.30 | 4.23 |
Asset turnover — revenue / closing total assets (x) | — | 1.71 | 1.76 | 2.09 | 2.38 |
Days sales outstanding — net trade receivables (days) | — | 28.9 | 43.9 | 56.3 | 44.7 |
Days payables outstanding — trade payables / direct costs (days) | — | 19.8 | 34.4 | 30.2 | 22.6 |
Cash conversion cycle — DSO less DPO (days) | — | 9.1 | 9.5 | 26.1 | 22.1 |
Revenue by Region
| Region (AUD Mn) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Australia and New Zealand revenue (AUD Mn) | 120.07 | 99.16 | 106.61 | 151.36 | 170.40 |
USA revenue (AUD Mn) | 1.87 | 1.69 | 2.18 | 33.05 | 33.41 |
Singapore revenue (AUD Mn) | 2.39 | 2.09 | 1.78 | 2.16 | 1.75 |
China revenue (AUD Mn) | 6.33 | 3.62 | 1.69 | 0.08 | 0.00 |
Total revenue (AUD Mn) | 130.67 | 106.55 | 112.26 | 186.66 | 205.57 |
Region growth YoY (%)
| Region growth YoY (%) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
ANZ revenue growth (%) | -17.4 | 7.5 | 42.0 | 12.6 |
USA revenue growth (%) | -9.8 | 29.0 | 1,416.8 | 1.1 |
Singapore revenue growth (%) | -12.8 | -14.7 | 21.7 | -19.2 |
ANZ share of Group revenue (%) | 93.1 | 95.0 | 81.1 | 82.9 |
USA share of Group revenue (%) | 1.6 | 1.9 | 17.7 | 16.3 |
Geographic Revenue
| ANZ | USA | Singapore | China | Total | |
|---|---|---|---|---|---|
WES (AUD Mn) | 89.25 (Australia only) | Within overseas | — | — | 89.25 |
WGF (AUD Mn) | 69.92 (Australia only) | Within overseas | — | — | 69.92 |
Overseas (AUD Mn) | NZ portion n/d | 33.41 | 1.75 | 0.00 | 44.49 |
Other (AUD Mn) | 1.91 | — | — | — | 1.91 |
Share Price and Per-Share Data
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
Share price at 30 June (AUD) | 0.10 | 0.05 | 0.11 | 0.185 | 0.34 |
Dividends per share declared (A$ cents) | 0.00 | 0.00 | 0.20 | 1.00 | 1.20 |
Basic EPS (A$ cents) | -5.56 | -1.92 | 0.37 | 2.63 | 2.76 |
Shares on issue at 30 June (millions) | 167.29 | 167.29 | 167.29 | 167.35 | 172.14 |
Share Price & Returns
| Horizon | Price move (approx.) | Basis |
|---|---|---|
FY26 (1 year to 30 Jun 2026) | +84% price; ~90% TSR per the company | A$0.185 → A$0.34; CEO commentary |
3 years (30 Jun 2023 → 30 Jun 2026) | ~+580% | A$0.05 → A$0.34 |
5 years (30 Jun 2021 → 30 Jun 2026) | ~+13% | A$0.30 → A$0.34 |
52-week to recent (Smallcaps snapshot) | ~+81% | 52-week range A$0.12–A$0.38 |
Since FY26 year-end to mid-Oct 2026 | ~−16% | A$0.34 → ~A$0.285 (indicative) |
Valuation Multiples
| Multiple | WWG | Basis |
|---|---|---|
Market capitalisation | ~A$49.8M | Derived |
Enterprise value incl. leases | ~A$64.3M | Market cap + A$33.6M debt − A$19.1M cash |
Enterprise value excl. leases | ~A$46.5M | Market cap − A$3.3M net cash |
P/E (FY26 basic EPS 2.76c) | ~10.3x | Derived |
EV/EBITDA (FY26, incl. leases) | ~4.4x | Derived |
EV/Sales (FY26) | ~0.31x | Derived |
P/B (attributable equity A$26.4M) | ~1.9x | Derived |
Dividend yield (1.2c, fully franked) | ~4.2% (~6.0% grossed-up) | Derived |
Payment Details
| Payment | DPS (cents, fully franked) | Paid |
|---|---|---|
FY24 interim (first ever) | 0.20 | 12 Apr 2024 |
FY25 interim | 0.40 | 11 Apr 2025 |
FY25 final | 0.60 | 10 Oct 2025 |
FY26 interim | 0.60 | 10 Apr 2026 |
FY26 final | 0.60 | 9 Oct 2026 (A$1.04M) |
Capital Instruments
| Instrument (AUD Mn) | < 1 year | 1–5 years | > 5 years | Total |
|---|---|---|---|---|
Secured bank loans | 1.75 | 14.06 | 0.00 | 15.81 |
Lease liabilities | 6.01 | 7.69 | 4.14 | 17.83 |
Total | 7.75 | 21.75 | 4.14 | 33.64 |
Analyst Conclusions
Management guidance
There is no numeric FY27 guidance. Qualitatively, management expects:
-
continued WES growth from market growth and share gains;
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potential 3PL and fulfilment upside;
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US growth on a clean base;
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moderated export forwarding growth;
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continued dividends.
Consensus
No verifiable broker consensus exists; coverage is limited to at most one analyst.
Bull case
-
Clean-base acceleration. FY27 laps no non-recurring revenue. If WES sustains ~20% growth and the US resumes double-digit growth under 100% ownership, revenue could plausibly reach A$225–235M while opex stays near flat (analyst scenario, not company guidance).
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Every A$10M of incremental revenue at the FY26 gross margin (27%) with flat opex adds ~A$2.7M of EBITDA.
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That would push EBITDA margin above 8%.
-
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Balance-sheet optionality. Net cash excluding leases, a covenant-free NAB facility and ~A$11M of latent property surplus fund buy-backs, higher payouts or bolt-on M&A without dilution.
-
Platform re-rating. Successful 1H FY27 launches of WiseCustoms, WisePortal and WiseTrack, plus the early-2027 digital freight product with Borderless360, could reposition Wiseway from freight intermediary to tech-enabled logistics platform. At ~4.4x EV/EBITDA, the bar for re-rating is low.
Bear case
-
Concentration shock. The loss or repricing of either 10%+ eCommerce customer (together A$63.7M) could erase a large share of EBITDA, given thin margins.
-
Margin squeeze. Gross margin has fallen ~6pp since FY24. If eCommerce pricing tightens and the cost base must rise to support growth (technology, compliance, US warehouse), EBITDA margin could revert towards 5–6%.
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Policy and geopolitics. Changes to low-value import treatment in Australia or further US tariff and de minimis shifts could reroute platform flows. Combined with a weak Australia–China export lane, this would undermine both pillars at once. The 2H26 slowdown (+7.5% underlying) may already be an early sign.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| End Oct 2026 | Completion of the Borderless360 tranche 2 investment; issue of 1,801,412 shares |
| ~Late Nov 2026 | AGM (prior AGMs held 28 Nov 2024 and 24 Nov 2025); any trading commentary; peak season read |
| Nov 2026 – Jan 2027 | eCommerce peak season volumes |
| 1H FY27 | WisePortal client portal and AI launch; WiseTrack launch; WiseCustoms scaling |
| Early 2027 | Launch of the standalone digital freight-forwarding product with Borderless360 |
| ~Late Feb 2027 | 1H27 results. Key tests: WES growth rate, US growth versus the 18.3% underlying FY26 rate, gross margin trend, DSO, customer concentration, interim dividend |
| Ongoing | Buy-back execution pace; Aurora Global Investment's intentions; customs and tariff policy in Australia and the US; Australia–China trade |
| ~Aug 2027 | FY27 results; whether the board reinstates segment-level profit disclosure |
Concluding analyst verdict
Wiseway Group has completed one of the more striking small-cap turnarounds on the ASX. The business lost A$8.1M in FY22 on a collapsing export air-freight model. In FY26 it generated A$205.6M of revenue, A$14.7M of EBITDA and A$5.9M of pre-tax profit, alongside a net-cash position excluding leases, a covenant-free balance sheet and a rising, fully franked dividend.
The pivot to inbound eCommerce processing was strategically sound and well executed. It was supported by disciplined cost control, with opex essentially flat in FY26, and by sensible portfolio housekeeping:
-
exiting loss-making clients;
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shrinking China to a support hub;
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unwinding the KWT structure to own 100% of the US business.
The quality of these earnings, however, is narrow. Roughly a third of revenue comes from two eCommerce customers, and gross margin is eroding as that mix grows. The company discloses little about the profitability of its pillars or its US operation. Growth decelerated sharply in 2H26. Policy risk around low-value imports is real and largely outside management's control.
Governance is adequate but founder-centric. Half the board is executive, related-party leases are in place, executive STIs paid at 100%, and one LTI hurdle sits at only A$1M of PBT.
At ~A$0.285, the market values Wiseway at roughly 10x FY26 earnings and ~4.4x EV/EBITDA including leases, with a ~4% fully franked yield. That pricing already embeds meaningful concentration and policy risk. It leaves upside if the FY27 clean base reveals sustained double-digit underlying growth and the 1H FY27 technology launches gain traction.
Verdict. Wiseway is a speculative, under-researched, cash-generative logistics small-cap with asymmetric upside, contingent on customer retention and diversification. Investors should treat customer concentration, gross-margin trajectory and US growth as the three decisive monitorables. They should size positions for illiquidity and binary contract risk.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed | Background and education | Committees | Independence |
|---|---|---|---|---|---|
Astrid Raetze | Non-Executive Chair | Director 11 Apr 2022; Chair 27 Feb 2023 | Founder of ABML Legal. 23+ years in law, banking and fintech. Former partner at KPMG and partner / Global Head of FinTech at Baker McKenzie. | Audit & Risk; Remuneration & Nomination | Independent |
Florence Tong | Managing Director and Co-Founder | 16 Mar 2018 | 18 years in logistics. Built airline and eCommerce-platform partnerships. Previously in Australian banking and advising Fortune 500 firms on China/Asia expansion. | Remuneration & Nomination | Executive (not independent) |
Roger Tong | Executive Director and Co-Founder (former CEO) | 1 Jul 2025 | 22+ years of logistics experience in Australia and China; co-founded Wiseway in 2005. Master of Management in Finance (Distinction), Waikato University; Master of Management, Huazhong University of Science and Technology; Bachelor of Mathematics, Xi'an Jiaotong University. | Audit & Risk | Executive (not independent) |
Brandon Teo | Non-Executive Director | 18 Aug 2021 | Founder of TAF E-Logistics (acquired by Wiseway in 2021). 41-year freight career including Qantas, Northern Airfreight and Air Express International. | Chair of Audit & Risk; Chair of Remuneration & Nomination | Classified independent by the company |
Executive Leadership Team
| Name | Title | Tenure | Prior roles and education |
|---|---|---|---|
Ken Tong | Chief Executive Officer | CEO since 1 Jul 2025. COO from 1 Mar 2023; MD ANZ from 1 Jul 2024. Director 1 Mar 2021 – 27 Feb 2023. | Earlier Wiseway roles including Chief of Staff (2012–2018, per MarketScreener). Undergraduate and graduate degrees, University of New South Wales. Potential beneficiary of the JKT Family Trust. |
Simon Yuen | Chief Financial Officer | Since 4 Oct 2022 | Prior employers n/d in reviewed sources. Site-visit presentation references a prior CFO and company-secretary role at Automic Group; attribution to Mr Yuen is not confirmed. |
Roger Tong | Executive Director (previously CEO 2018 – 30 Jun 2025) | See board table | — |
Florence Tong | Managing Director | See board table | — |
Directors' Remuneration
| Person | Salary / fees | STI cash | Super | Other long-term | Share-based | Total FY26 | Total FY25 |
|---|---|---|---|---|---|---|---|
Astrid Raetze (Chair) | 84,821 | 0 | 10,179 | 0 | 10,000 | 105,000 | 90,815 |
Brandon Teo (NED) | 74,107 | 0 | 8,893 | 0 | 0 | 83,000 | 81,091 |
Florence Tong (MD) | 310,000 | 93,000 | 30,000 | 25,833 | 0 | 458,833 | 444,932 |
Roger Tong (ED) | 300,000 | 90,000 | 30,000 | 25,000 | 0 | 445,000 | 430,741 |
Ken Tong (CEO) | 400,000 | 160,000 | 30,000 | 33,333 | 232,916 | 856,249 | 605,783 |
Simon Yuen (CFO) | 385,000 | 115,500 | 30,000 | 32,083 | 106,802 | 669,385 | 615,049 |
Total KMP | 1,553,928 | 458,500 | 139,072 | 116,249 | 349,718 | 2,617,467 | 2,319,002 |
Board & Management Changes
| Date | Change |
|---|---|
27 Feb 2023 | Raetze becomes Chair (succeeding Michael Hughes era leadership); Ken Tong leaves board to become COO; Jim Tong appointed NED |
1 Jul 2024 | Ken Tong becomes COO and MD ANZ |
FY25 (H1 CY2025) | "Senior Management and Board Changes" announcement. Ken Tong named CEO-designate; Jim Tong ceased as NED during FY25 (partial-year fees of A$50,591). |
1 Jul 2025 | Ken Tong CEO; Roger Tong moves from CEO to the board as Executive Director |
Major Shareholders
| Holder | Shares | % of 172.14M (30 Jun 2026) | Source / notes |
|---|---|---|---|
Roger Tong (relevant interest) | 34,428,752 | 20.0% | FY26 Annual Report. Plus 452,978 options exercised in Sep 2026. |
Florence Tong (relevant interest) | 34,112,197 | 19.8% | FY26 Annual Report |
Aurora Global Investment Pty Ltd | 27,707,786 | 16.09% (as notified) | Substantial holder notice of 4/11 June 2026 (MarketIndex). Relationship to director holdings n/d. A concurrent "ceasing to be a substantial holder" notice suggests a transfer between holders; possible overlap with the figures above cannot be excluded. |
Regnans Capital Pty Ltd (JKT Family Trust; Roger, Florence, Ken and Jim Tong potential beneficiaries) | 11,992,971 | 7.0% | FY26 Annual Report |
Ken Tong (CEO) | 4,112,506 | 2.4% | FY26 Annual Report |
Simon Yuen (CFO) | 1,675,280 | 1.0% | FY26 Annual Report |
Brandon Teo | 400,000 | 0.2% | FY26 Annual Report |
Astrid Raetze | 96,438 | 0.1% | FY26 Annual Report |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Positioning vs Wiseway |
|---|---|---|
Global forwarding (air and sea) | DHL Global Forwarding | Global integrator, far larger scale; also a Wiseway last-mile partner in the US |
Global forwarding | Kuehne+Nagel | Global sea and air leader; strong in ANZ imports |
Global forwarding | DSV (including DB Schenker, acquired 2025) | Largest global forwarder by volume after the Schenker deal |
Forwarding and contract logistics, ANZ | Toll Group (Japan Post) | Incumbent ANZ forwarder and 3PL |
Forwarding and logistics, ANZ / NZ | Mainfreight (NZX: MFT) | Strong ANZ network and sea-freight consolidation |
Forwarding | Expeditors, CEVA Logistics | Global import forwarders serving ANZ retailers |
Cross-border eCommerce logistics (China outbound) | Cainiao (Alibaba), YunExpress, 4PX | Origin-side China eCommerce logistics providers that can bypass local processors |
eCommerce last-mile and parcels, ANZ | Australia Post/StarTrack, Aramex, Team Global Express | Both partners (last mile) and potential competitors (clearance and injection) |
3PL fulfilment, ANZ | eStore Logistics; Silk Logistics (DP World); other mid-sized 3PLs | Fulfilment for brands; Wiseway is scaling into this |
ASX-listed transport and logistics peers | CTI Logistics (CLX), Lindsay Australia (LAU), K&S Corporation (KSC) | Domestic transport-led peers; closest listed comparables by size and listing |
Perishables road and cold chain, Australia | Lindsay Australia | Horticulture-focused refrigerated road; adjacent to Wiseway Perishables |
Peer Comparison FY2026
| Metric | Wiseway (WWG) | CTI Logistics (CLX) | Lindsay Australia (LAU) | K&S Corporation (KSC) |
|---|---|---|---|---|
Revenue (AUD Mn) | 205.6 | 357.1 | 1,072.7 | 729.2 |
Revenue growth YoY | +10.1% | +9.7% | +26.2% | −2.1% |
EBITDA (AUD Mn) | 14.7 | 76.4 | 127.8 (underlying) | n/d in sources reviewed |
EBITDA margin | 7.1% | ~21.4% | ~11.9% | — |
NPAT (AUD Mn) | 4.8 | 24.0 | 22.9 (reported) | 22.8 (statutory) |
Net margin | 2.3% | ~6.7% | ~2.1% | ~3.1% |
Model | Asset-light forwarding and eCommerce processing | Asset-backed transport, logistics and property (WA) | Asset-heavy refrigerated road and rural supplies | Asset-heavy road transport and fuel |
