MOVE LOGISTICS GROUP LIMITED 1H26 RESULTS
Paul Millward, Chief Executive Officer
Lee Banks, Chief Financial Officer
27 February 2026
1H26 Results Presentation 1
Agefid6
1H26 at a glance
New Horizons roadmap
Business performance
Financial results
Outlook
Q&A
1H26 Results Presentation 2
Momentum and earnings growth Structural benefits now being realised Clear four-year roadmap in place, delivering on FY26 priorities On track for positive full year normalised earnings
1H26 Results Presentation 3
Cofitifiued momefitum 6fid e6rfiifigs growth Ofi tr6ck to 6chieve guid6fice of FY26 positive fiorm6lised e6rfiifigs
Total Income
-5% YOY
1H24 1H25 1H26
Normalised Earnings Before Tax (NEBT)1
+98% YOY
1H24 1H25 1H26
Gross Margin $
-1% YOY
1H24 1H25 1H26
Gross Margin %
+1pp YOY
1H24 1H25 1H26
1H26 Results Presentation 4
1H26 Fifi6fici6l Highlights
REVENUE | EARNINGS1 | GROSS MARGIN3 |
Revenue $141.4m | Normalised EBT $(0.1)m | GM $42.4m |
-5% YOY (+3% vs 2H25) | +98% YOY (+96% vs 2H25) | -1% YOY (+5% vs 2H25) |
EBT $(0.2)m | GM +1pp YOY | |
(+0.7pp vs 2H25) | ||
WEAK MARKET CONDITIONS | 98% YOY IMPROVEMENT IN | GM% THE HIGHEST SINCE 1H23 |
CONTINUED TO IMPACT CUSTOMER | NORMALISED EBT (NEBT)2 | |
ACTIVITY AND DEMAND | ||
Positive NEBT in 2Q26; strongest | Driven by cost management and | |
quarterly result since 4Q22 | efficiency initiatives |
Cle6r executiofi deliverifig cofitifiued e6rfiifigs growth
PP - percentage points
1H25 included $1.1m of costs for exit of Altas Wind
Normalised EBT excludes non-controlling interest and non-trading adjustments which were $(0.1)m in 1H26. See Appendix slide
Adjusted Gross Margin excluding asset sales
1H26 Results Presentation 5
Oper6tifig b6ckdrop
N6vig6tifig we6k m6rket 6s ecofiomic he6dwifids persist
MOVE has been rightsized and is positioned strongly for the cyclical upswing
Economic environment
Economic headwinds persisted; some positive sentiment emerging in late Q2 but impact on demand yet to be seen
Global uncertainty continuing to impact trade and business confidence
Cost of living pressures, high unemployment and interest rates all impacted consumer spend -reducing freight and warehouse demand, which are more sensitive to economic cycles
Pressure on volumes with aggressive pricing
strategies being seen across the sector
Cost pressures
Inflation moderating, however cost pressures remain, particularly for fuel and other operational expenses
Infrastructure and weather events
Road, rail and ferry disruption from regional
flooding and extreme weather events
1H26 Results Presentation 6
STRATEGY BUSINESS PERFORMANCE
1H26 Results Presentation 7 7
Our Go6ls
A STRONG TEAM THAT DELIVERS DELIGHT OUR CUSTOMERS EFFECTIVE USE OF ASSETS FINANCIAL STRENGTH AND VALUE CREATION
1H26 Results Presentation 8
RE-SET FY25 - FY26 | STEP UP FY26 - FY27 | STAND OUT FY28 | ||
A strong foundational platform | Customer value and operational excellence; smart business growth | Preferred logistics provider; scaling up; a market leader | ||
Complete the Accelerate transformation programme
|
|
| ||
FOUNDATIONS | Passionate & Capable People | Valuable Customer Partnerships | Operational Excellence | Strong Financial Performance |
New Horizofis 4-ye6r Ro6dm6p: FY25 to FY28
9
Good progress beifig m6de ofi FY26 priorities: Re-set to Step UpSTRONG FOUNDATIONAL PLATFORM
WINNING IN MARKET
FREIGHT BUILD VALUE
WAREHOUSING STEP CHANGE
CAPABILITY STRENGTHEN
WINNING WITH CUSTOMERS
Smarter delivery for better outcomes
Route utilisation and performance
Continuous improvement
Revenue uplift
Strong customer partnerships
Productivity and efficiency focus
Commercial rigour
Team strength - One MOVE
High performance culture and behaviours
Data driven business decisions
Prudent technology investment
Excellent customer service and value
Smart revenue growth
Competitively positioned
1H26 Results Presentation 10
Freight & Fuel
Positive normalised earnings delivered for second consecutive HY
Revenue retained at prior year level despite low demand as
NZ$m
economic headwinds continue to bite
Gross margin improvement continuing - up 8.9pp in past two years
- margin rebuild continues
Focus on revenue growth, cost management, and ongoing productivity improvements while preserving capacity for growth
Stronger partnerships with key customers; winning new business
Better use of data driving business insights and decisions
NZ$m
MOVE plays an essential role in New Zealand's fuel supply network
Fuel service continues to perform well, with strong foundational customer partnership
1H26 Results Presentation
1H26
1H25
-10.1
1H24
-2.5
1.5
Normalised EBT
1H26
1H25
1H24
96.4
Revenue
95.3
92.9
11
Revenue: $96.4m Normalised EBT: $1.5m
W6rehousifig
Clear productivity plan in place; priority focus on winning in market to
deliver revenue growth
NZ$m
Warehouse sector challenges continue with excess capacity and weak customer demand
Warehousing business in very early-stage turnaround
Property footprint now rightsized, and associated savings flowing into FY26
Priority focus on 'winning in market' to deliver revenue growth
NZ$m
Well-positioned to deliver quality, cost effective solution with national
network and integrated freight offer
1H26 Results Presentation
Revenue
46.3
30.8
21.6
1H24
1H25
1H26
Normalised EBT
1.5
1H24
-2.2
1H25
-2.5
1H26
12
Revenue: $21.6m Normalised EBT: $(2.5)m
Speci6list
1H26 lighter year-on-year; momentum into 2H26 with several large projects commencing and a strong pipeline of work
NZ$m
Continuing demand for expert services in a tighter market
Strong pipeline of work in place with new projects commencing in 2H26
Energy generation projects picking up - considered experts in this sector
Increasing work undertaken on projects in the Pacific Islands with further potential
NZ$m
Credible and highly regarded team, preferred provider for many specialised and heavy haulage projects
1H26 Results Presentation
1H26
1H25
0.3
1H24
1.0
1.9
Normalised EBT
1H26
1H25
1H24
8.7
Revenue
10.3
9.5
13
Revenue: $8.7m Normalised EBT: $1.0m
Ifiterfi6tiofi6l
Positive HY earnings result with Oceans now delivering consistent profit
NZ$m
Oceans
Time charter model with larger vessel working well
Foundational contracted customers utilising the majority of capacity - new cornerstone customer onboarded in late 2Q26
Freight forwarding and other International services
Slight improvement in market conditions resulting in
NZ$m
improved revenue and margins
1H26 Results Presentation
1H26
1H25
-2.1
1H24
-0.3
2.1
Normalised EBT
1H26
1H25
1H24
9.5
14.7
Revenue
12.0
1H25 includes $1.1m costs related to exit of Atlas Wind vessel
14
Revenue: $14.7m Normalised EBT: $2.1m
FINANCIAL RESULTS
1H26 Results Presentation 15
1H26 Group Summ6ry$Millions | 1H26 | 1H25 |
Total Income | 143.7 | 150.7 |
Normalised EBITDA1 | 23.4 | 20.1 |
Normalised EBT1 | (0.1) | (6.1) |
NLAT2 | (0.9) | (8.9) |
EPS (cents) | (0.71) | (6.98) |
Operating cashflow | 17.0 | 8.9 |
Net Debt | 12.8 | 19.0 |
Normalised EBITDA and normalised EBT exclude non-controlling interest and non-trading adjustments which were $(0.1)m in 1H26 and $(2.0)m in 1H25. See Appendix slide for more detail
Attributable to owners of the company
Ofi tr6ck to deliver positive Norm6lised E6rfiifigs ifi FY26
Weak economy continued to impact on
customer demand and activity
Disciplined cost management and efficiency initiatives supporting earnings and margin performance
Improved operating cashflow of $17.0m, up
$8.1m
Net Loss After Tax close to breakeven, $8.0m uplift on prior comparative period
Board continues to closely monitor capital requirements and balance sheet flexibility to support New Horizons four-year roadmap
Term sheet agreed for new $22m invoice facility with BNZ to commence 30 November 2026, providing a meaningful reduction in financing costs
1H26 Results Presentation 16
Cofitifiued structur6l reductiofi ifi oper6tifig expefises129.3
-3.6
1.4
120.3
-5.9
-0.1
-0.8
140.0
135.0
130.0
125.0
120.0
115.0
110.0
105.0
100.0
$9.0m reduction in operating expenses year on year
Structural cost out delivering value
People cost savings of ~$6m
Reduced transport costs as a percentage of Freight revenue (down 3.5pp)
$2.9m reduction in opex in past six
months
Large proportion of property lease costs are fixed
Trading costs are primarily the shipping
operating costs
1H26 Results Presentation 17
Gross M6rgifi
Gross Margin % HY improvement
Gross Margin %: +1pp YOY
Gross Margin $: -1% (up 5% on 2H25)
+1pp YOY
+3.1pp
+2.3pp +0.3pp +0.7pp
Gross Margin % the highest since 1H23
Improvement driven by effective cost out and efficiency programme
Gross margin $ relatively flat, as economic
headwinds persist
Creating stronger operating leverage for when demand recovers
Increased activity will drive further gross
margin expansion
1H24 2H24 1H25 2H25 1H26
Gross Margin $
-1% YOY
43,081 40,395 42,441
37,393 36,248
1H24 2H24 1H25 2H25 1H26
1H26 Results Presentation 18
Improvemefit ifi e6rfiifigs
1.0
0.0
-1.0
-2.0
-3.0
$M
-4.0
-5.0
-6.0
-7.0
-8.0
-9.0
1H25 EBT
Non-trading adjust
1H25 NEBT
Freight/Fuel
Warehousing
International
Specialist
Corporate
1H26 NEBT
Non-trading adjust
1H26 EBT
-8.1
2.0
-6.1
4.0
-0.3
2.4
-0.9
0.8
-0.1 -0.1 -0.2
Normalised EBT +98%, EBT up $7.9m
Three of MOVE's four businesses delivering
profitable earnings
Warehousing improving as productivity and efficiency plan is executed - in early stage of turnaround
Structural changes from the transformation plan now embedded and benefits being realised
Continued focus on every dollar
Normalised EBT excludes non-controlling interest and non-trading adjustments which were -0.1m in 1H26.
1H26 Results Presentation 19
LOOKING FORWARD
1H26 Results Presentation 20
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1H26 Results Presentation