MOVE Logistics Group (MOV) H2 2025 earnings summary

Executive summary

• Normalised earnings before tax (NEBT) improved 61.1% year-over-year, with the strongest quarterly NEBT in two years and positive net adjusted operating cash flow.

• Transformation program drove cost reductions, margin expansion, operational efficiency, and business recalibration.

• Revenue held steady at $286.3m, down 2.6% year-over-year, despite weak demand and a highly competitive market.

• Most legacy issues resolved, with a refreshed leadership team and new CEO appointed in August 2024.

• Net loss after tax reduced by $32.5m to $(15.6)m, a 67.6% improvement year-over-year.

Financial highlights

• Gross margin percentage increased by 4.1pp to 29.2%, with gross margin dollars up 13.4% to $83.5m.

• Normalised EBITDA rose to $42.1m from $27.6m year-over-year.

• Operating cashflow increased 35% to $25.3m; adjusted net operating cash flow at $0.3m.

• Operating expenses reduced by ~$27m year-over-year, including ~$15m in labor savings.

• Net debt stable at $16.7m compared to $17.0m prior year.

Outlook and guidance

• Focus shifting from cost reduction to value creation and revenue growth in FY26.

• Full benefits of cost out program expected in FY26, with positive normalised EBT targeted.

• Four-year roadmap aims for preferred logistics provider status by FY28.

• Economic recovery timing remains uncertain, but business is positioned for resilience and growth.