Comparable chilled contracts

Tallowmere Dairy is the direct precedent — chilled metro delivery in VIC, won June 2025 at a 9.5% model margin, now running 7.8% on fuel recovery lag. Nordhaven Pharma (cold chain metro) was lost on GDP accreditation timing rather than price, so its costing assumptions were never tested in operation. For chilled running cost per km, Tallowmere actuals ($0.36 vs $0.34 modelled) are the only operational evidence in memory.