MOVE Logistics Group (MOV) H1 2025 earnings summary

Executive summary

• Earnings loss halved year-over-year, with gross margin reaching 29% despite weak economic conditions and lower revenue.

• Transformation plan ('Accelerate') is well embedded, driving cost reductions, productivity, and profitable revenue growth, supported by new leadership and strengthened teams.

• Interim CEO Paul Millward was appointed permanent CEO in February 2025, with board and leadership changes focused on performance.

• Rightsizing of network, fleet, and assets is underway, with further opportunities identified and ongoing cost discipline.

• 2Q25 delivered the strongest quarterly earnings in 18 months, up 48% on 1Q25.

Financial highlights

• Total income for 1H25 was $150.7m, down 5% year-over-year; gross margin $43.0m, up 14% year-over-year to 29%.

• Normalised EBT loss improved 54% to $(6.1)m year-over-year, including $1.1m in vessel exit costs.

• Adjusted/Normalised EBITDA rose to $20.1m from $13.2m year-over-year.

• Net loss after tax improved to $(8.9)m from $(10.7)m in 1H24; EPS improved to (6.98)c from (8.36)c.

• Operating cashflow was $8.9m, down from $10.3m in 1H24.

Outlook and guidance

• Majority of transformation benefits expected in 2H25 and beyond, with significant improvement in normalised EBT for FY25 and a return to positive normalised EBT targeted for FY26.

• Additional $3m-$4m in annualised fixed cost reductions targeted for the second half.

• Market improvement not expected until at least mid-2025; focus remains on productivity, margin growth, and cost discipline.

• Debt facilities extended to August 2026, supporting liquidity and ongoing operations.