Half Yearly Report and Accounts

• Income $150.7m, good momentum despite weak economic conditions
• Majority of business units delivering improved earnings, Normalised earnings before tax loss halved
• Gross margin improvement progressing well, GM% the highest since 1H23

Transport and logistics group MOVE Logistics Group Limited (NZX/ASX: MOV) has reported its results for the six months ended 31 December 2024, delivering an improved result as the momentum of the transformation plan becomes evident. For the six months ended 31 December 2024, MOVE reported a solid improvement in earnings and margins, despite weak market conditions which continue to impact on customer demand and activity. Early benefits of the Accelerate transformation plan are being seen with the majority to be realised from 2H25 and onwards. Gross margin % was materially higher, with an increase of 5.2bp from 1H24 as the cost reduction programme progresses. The Board and management team have been focused on the execution of the Accelerate transformation programme, resulting in improved financial performance, renewed funding arrangements, a strengthened leadership team, and continued business wins. All of MOVE's business units are showing improvement apart from Warehousing, which remains challenged with current weak demand and excess capacity across the sector. The team remains focused on extracting the full value of the Accelerate transformation plan and winning in the market, with long-term drivers remaining positive.

MOVE confirms that it remains on track to achieve its goals: FY25: Positive adjusted net operating cashflow and a significant improvement in normalised EBT; FY26: Return to positive normalised EBT.

While inflation has eased and there are some signs of improved business confidence, a material improvement in market conditions is not expected to be seen until at least mid-2025. A lift in market activity and customer demand, combined with improvements from the transformation plan, will enable earnings growth.