MOVE Logistics Group (MOV) H1 2026 earnings summary

Executive summary

• Achieved profitability in 2Q26 and delivered the strongest quarterly result since FY 2022, with Normalized Earnings up 98% year-on-year, despite a 5% revenue decline due to weak demand in key sectors.

• Transformation and cost management initiatives have improved gross margin, operating leverage, and reduced operating expenses.

• The business is transitioning from the RESET phase to the STEP UP phase of its four-year New Horizons roadmap, focusing on operational excellence and growth.

• Net loss after tax was $(0.9)m, a significant improvement from $(8.9)m in the prior period.

• The group remains a going concern, supported by new funding arrangements and covenant amendments.

Financial highlights

• Revenue for 1H26 was $143.7m, down 5% year-over-year, mainly due to soft demand in transport, logistics, and warehousing.

• Normalized Earnings Before Tax improved 98% year-over-year to $(0.1)m, with three of four business units profitable.

• Operating cashflow increased to $17.0m, up $8.1m from the prior year.

• Net debt reduced by $6.2m year-over-year to $12.8m.

• Gross margin percentage reached its highest level since 1H23, driven by efficiency and cost improvements.

Outlook and guidance

• On track to deliver positive full-year Normalized Earnings, with gradual economic recovery expected during 2026.

• Focus remains on cost control, working capital management, sales growth, and expanding the customer base.

• Warehousing turnaround and execution of the New Horizons roadmap are key priorities.

• Directors expect compliance with covenants for at least 12 months from signing, supporting ongoing operations.