MOVE Logistics Group (MOV) H1 2026 earnings summary

Executive summary

• Achieved positive Normalized Earnings for Q2, the strongest quarterly result since FY 2022, despite a 5% year-on-year revenue decline due to weak demand in key sectors.

• Structural reset, 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 attributable to owners was $0.9 million, a significant improvement from a $8.9 million loss in the prior period.

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

Financial highlights

• Revenue for 1H26 was $141.4 million, down 5% year-on-year but up 3% sequentially from 2H25, mainly due to soft demand in transport, logistics, and warehousing.

• Normalized Earnings improved 98% year-on-year, with three out of four business units profitable and positive NEBT in 2Q26.

• Operating cash flows increased to $17.0 million, up $8.1 million from the prior year.

• Net debt reduced to $12.8 million from $19.0 million year-over-year.

• Gross margin percentage rose by 1 percentage point year-on-year to its highest level since 1H23.

Outlook and guidance

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

• New funding agreements with ANZ and BNZ extend facilities and provide covenant flexibility through August 2027.

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