CTI Logistics (CLX) H2 2025 earnings summary

Executive summary

• Revenue grew 1.3% year-over-year to $325.4m, with EBITDA up 5.3% to $58.9m, reflecting strong operational performance and cash generation.

• Diversified business model and significant property backing provided resilience and a platform for future growth.

• Major property development at Hazelmere WA to be completed in September 2025, expected to drive increased returns and operational efficiencies.

• Labour costs rose temporarily during expansion, but price increases outpaced inflation, supporting margins.

Financial highlights

• EBITDA margin improved to 18.1% from 17.4% year-over-year.

• Net debt increased to $43.5m, with gearing at 25%.

• EPS declined 11% to 18.2cps, while fully franked dividends were maintained at 10.5cps.

• Capital investment reached $34.1m, mainly in property, vehicles, and equipment.

• Property value uplifted to $176m, supporting an NTA of $2.19/share.

Outlook and guidance

• Positioned for earnings growth in FY26, leveraging expanded capacity and property investments.

• Capital expenditure expected to normalize to ~$12m in FY26.

• Focus on organic growth in WA Regional Freight and GMK, with ongoing review of synergistic acquisitions.

• Forecasting remains challenging due to fuel price and labour cost uncertainties.