MOVE Logistics Group - 1H25 Results

Company Announcement
28 February 2025


MOVE 1H25 RESULTS FOR SIX MONTHS ENDED 31 DECEMBER 2024
Significantly improved result as momentum of transformation plan becomes evident
• Income $150.7m, good momentum despite weak economic conditions
• Majority of business units delivering improved earnings. Normalised earnings before tax loss
halved, 2Q25 earnings the strongest in 18 months (since 4Q23). Normalised EBT $(6.1)m and
EBT $(8.1)m
• Gross margin improvement progressing well, GM% the highest since 1H23
• Lift in market activity and winning in market, combined with improvements from
transformation plan, will enable earnings growth

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.
Chair of MOVE, Julia Raue, said: “The Board and management team have been laser focused on the
execution of the Accelerate transformation programme. As a result, our financial performance is
improving, renewed funding arrangements are in place, we have strengthened MOVE’s leadership
team and we continue to win business as a result of our team’s commitment to customer service
excellence. There is still much work to do, and we have a clear plan of action in place as we build a
platform to deliver long term, sustainable value for our shareholders.”
Significant milestones achieved, good momentum being delivered
CEO of MOVE, Paul Millward, commented: “Our priority focus has been on cost reduction, gross
margin improvements, and cashflow generation driven by sales-led recovery. We have achieved
significant milestones in the transformation plan over the last six months as we have rightsized our
network, fleet and assets, significantly reduced our cost base, and appointed experienced new
leaders to key GM business roles in Freight and Warehousing.
“Good momentum is being made, despite the weak economic conditions which have seen customer
demand soften. All of our business units are showing improvement apart from Warehousing which
remains challenged with current weak demand and excess capacity across the sector. A clear plan is
in place for the business.
“Highlights include continuing improvement from the Freight business which, in 2Q25, delivered the
best quarterly normalised earnings in two years; and our Specialist business which continues to go
from strength to strength. MOVE plays an essential role in New Zealand’s fuel supply network and

our Fuel business performed strongly. MOVE Oceans’ trans-Tasman shipping service is building
momentum, with the freight forwarding and other services providing a consistent return.
“Our team is focused on winning in the market, through sales execution, operational excellence and
delighting our customers. We are continuing to focus on productivity improvements and positioning
MOVE for when market activity and demand returns.”
1H25 Financial performance
Total income of $150.7m was down 5% compared to the prior comparative period (1H24) but ahead
of 2H24.
Normalised earnings before tax (NEBT)
1
of $(6.1)m was a material improvement on 1H24, with the
loss halved year on year. The 2Q25 was the strongest quarterly earnings in 18 months and was up
48% on 1Q25. EBT including non-trading adjustments and non-controlling interest of $(8.1)m was
also an improvement on the prior year. The results include $1.1m costs related to the exit of the
Atlas Wind vessel.
Operating expenses reduced by $16.8m, primarily driven by a reduction in people and transport
costs. An incremental annualised $3 to $4m is being targeted for 2H25. Gross margin expanded to
29%, an improvement of 5.2bp from 1H24, largely as a result of the cost reduction programme.
Net loss after tax (NLAT) improved by $1.8m to $(8.9)m for the six months.
The new funding arrangements put in place in August 2024 are operating successfully, providing a
combined loan facility of $35m. The ANZ facility was renewed in February 2025, with extended
tenure to August 2026, as well as adjustments to covenants and other provisions to give the Group
more headroom for expected performance this year. Operating cashflow was $8.9m for 1H25,
compared to $10.3m in 1H24 which included the benefit of a positive interest rate swap.
$Millions 1H25 1H24 % change
Total Income 150.7 159.4 -5%
Normalised EBITDA
1
20.1 13.2 +52%
Normalised EBT
1
(6.1) (13.3) +54%
Gross margin $
2
43.0 37.6 +14%
Gross margin % 29.0% 23.8% +5.2bp
NLAT
2
(8.9) (10.7) +16%
EPS (cents) (6.98) (8.36) +16%
Operating cashflow 8.9 10.3 -13%
Net Debt 19.0 16.9 +12%



1
Normalised EBT excludes non-controlling interest and non-trading adjustments of $2.0m pre-tax related to asset
impairment, settlement & restructuring cost (1H24: $0.9m). Including these, EBT was $(8.1)m. See Appendix slide in 1H25
Results presentation for more detail
2
Gross margin $ excludes the $1.1m Atlas Wind vessel exit costs

2H25 Outlook
The focus remains on productivity improvements and positioning MOVE for stronger market activity
and demand. 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.
The team remains focused on extracting the full value of the broad, ambitious Accelerate
transformation plan and winning in the market. Long term drivers are positive and MOVE has the
expertise, solutions and team to deliver.
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

Investor webcast and call details
Date and time: Friday 28 February at 1.00pm NZT
Webcast: https://ccmediaframe.com/?id=vgLxtXOM
To register for the conference call: https://s1.c-conf.com/diamondpass/10043890-jh7y6t.html

A full replay of the presentation will be available at the same link shortly after the conclusion of the
live presentation.
ENDS
For investor/media assistance, please contact: Jackie Ellis t: + 64 27 246 2505 e: jackie@ellisandco.co.nz

For further information, please contact:

Paul Millward
Chief Executive Officer
Phone: +64 27 448 6458
Email: paul.millward@movelogistics.com
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com


About MOVE Logistics Group Limited (MOV)
MOVE is one of the largest domestic freight and logistics businesses in New Zealand, with a
nationwide network of branches, depots and warehouses.

---

MOVE LOGISTICS GROUP LIMITED
1H25 RESULTS
28 February 2025
Paul Millward, Chief Executive Officer
Lee Banks, Chief Financial Officer

Disclaimer
1H25 Results Presentation2
This presentation has been prepared by MOVE Logistics Group Limited (“MOV”). The information in this presentation is of a general nature only. It is not a complete
description of MOV.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for such offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into account any
particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective
investor may require. Any person who is considering an investment in MOV securities should obtain independent professional advice prior to making an investment
decision, and should make any investment decision having regard to that person’s own objectives, financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon as (and is not) an indication of future performance. This presentation may
also contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy of MOV. Information about
the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothing in this presentation is a promise or representation as to the future or a
promise or representation that an transaction or outcome referred to in this presentation will proceed or occur on the basis described in this presentation.
Statements or assumptions in this presentation as to future matters may prove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in the
MOV Listing Profile.
MOV and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature (including as to
accuracy or completeness) in respect of this presentation and will have no liability (including for negligence) for any errors in or omissions from, or for any loss
(whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.

Agenda
•1H25 at a glance
•Accelerate Transformation programme
•Division performance
•Financial results
•Outlook
•Q&A
1H25 Results Presentation
3

1H25 Financial Highlights
Earnings loss halved, gross margin expansion plan progressing well
1H25 Results Presentation
4
INCOME
Income $150.7m
-5%
MOMENTUM DESPITE WEAK
ECONOMIC ACTIVITY
Down on 1H24 but a 6% increase
on 2H24
EARNINGS
1
Normalised EBT
2
$(6.1)m
+54%
EBT $(8.1)m
+43%
SOLID IMPROVEMENT IN
NORMALISED EARNINGS (NEBT)
2Q25 the strongest quarter and
December 2024 the best month
in 18 months (since 4Q23)
GROSS MARGIN
Gross Margin $43.0m
+14%
Gross Margin 29%
+5.2bp
GROSS MARGIN % THE HIGHEST
SINCE 1H23
Increase of 5.2bp from 1H24
Largely driven by reduction in
people and transport costs.
Accelerated cost out and focus
on pricing discipline underway in
2H25
Percentage changes vs 1H24
1.Includes $(1.1)m vessel exit costs
2.Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments.
See Appendix slide for more detail

The Accelerate Transformation Programme
Launched June 2024
5
Goals to improve financial performance, build positive cashflow and deliver value to
shareholders, while continuing to provide great service to MOVE customers
Costs Down
Productivity Up
RECALIBRATE THE BUSINESS
Increased Revenue
Better Margins
PROFITABLE REVENUE
GROWTH
Stronger Balance Sheet
Improved Cashflow
BALANCE SHEET RESILIENCE
•Control and reduce costs
•The right people, resources and
capacity to match customer
activity
•Excellent customer service
•Right routes for demand, and
the right driver/fleet to deliver
•Streamlined footprint
•Strengthen existing
partnerships and win new
customers
•Balanced customer mix
•Full-value pricing
•Creating a strong financial
platform so we can invest in
our business and our future
1H25 Results Presentation

Momentum of transformation plan evident
2Q25 quarterly earnings the strongest in 18 months
1H25 Results Presentation6
Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25
Total Income
Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25
Normalised EBT
Accelerate
Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25
Gross Margin $
Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25
Gross Margin %
Accelerate
+12%
+2.7bp
+13%
+48%
% change 1Q25 to 2Q25

7
1H25 Business Highlights
Momentum being made in a challenging market, clear forward action plan
•Paul Millward appointed interim CEO in August 24, to lead the transformation plan.
Appointed permanent CEO from 28 February 2025
•Clear transformation plan (Accelerate) well embedded
•Strong gross margin expansion plan in place
•Well progressed with cost reduction and cash improvement programme – ‘Every dollar
counts’ culture
•Rightsizing network, fleet and assets – further opportunities identified
•Continue to deliver customer service excellence
•Pleasing greenshoots in Freight business, in face of soft market conditions
•Strengthened leadership team - key business GM positions filled from early 2025
•Renewed funding arrangements in place
•Smaller Board laser focused on business delivery and outcomes
1H25 Results Presentation

Freight
Good momentum on turnaround, progressing to plan - steady
improvement now being delivered
2Q25 NEBT best in two years driven by gross margin expansion -
revenue growth and cost reduction
•Laser focus on cost control and efficiencies - right-sizing of
network, fleet and team
•Transfer of Auckland and Christchurch metro operations from
Warehousing division into Freight operations to enable efficiencies
•Stronger partnerships with key customers has enabled topline
growth
•Growing sales pipeline, supported by investment in sales team
•Key strength for MOVE is national network and end to end supply
chain
•2H25 focus on improvement in route optimisation and utilisation
•Jeff Vincent commenced as GM in January 2025
1H25 Results Presentation
8
80.9
61.8
69.5
1H231H241H25
NZ$m
Revenue
-4.6
-10.4
-3.9
1H231H241H25
NZ$m
Normalised EBT
Revenue: $69.5m
Normalised EBT: $(3.9)m

Contract Logistics
(Warehousing and Fuel)
1H25 Results Presentation
9
Disappointing result, driven by Warehousing which remains challenged,
and despite positive Fuel performance
Warehousing
•Current weak demand and excess capacity across the market
•Clear productivity plan in place
•Well positioned to deliver quality, cost effective solution with national
network and integrated freight offer
•Marc Blackburn commenced as GM in February 2025
Fuel
•Strong performance despite continuing reduced light traffic activity
(motorbikes, cars, vans)
•Strong foundational, long term customer partnership
•MOVE plays an essential role in New Zealand’s fuel supply network
Revenue: $56.7m
Normalised EBT: $(0.7)m
80.5
77.5
56.7
1H231H241H25
NZ$m
Revenue
4.4
1.8
-0.7
1H231H241H25
NZ$m
Normalised EBT

Specialist
Going from strength to strength, with a healthy pipeline
•Continuing demand for expert services in a tighter market
•Topline growth alongside good cost discipline
•Strong pipeline of work in place
•Considered experts to deliver for energy and infrastructure
projects
•Good opportunities to build on expertise and quality
reputation to build market share and expand into other
sectors and region
1H25 Results Presentation10
Revenue: $10.3m
Normalised EBT: $1.9m
10.3
9.5
10.3
1H231H241H25
NZ$m
Revenue
0.8
0.3
1.9
1H231H241H25
NZ$m
Normalised EBT

International
Freight forwarding and other services providing consistent
performance while the Oceans business (trans-Tasman
shipping) is building momentum
Oceans
•Moved to time charter model with new larger vessel
commencing from September 2024
•Foundational contracted customers, utilising the majority
of capacity with strong interest outside of the existing
customer base
•Exit of Atlas Wind incurred $1.1m in costs. Excluding these
costs, Normalised EBT would be $0.8m
Other International services
•Steady performance overall, in line with prior year
1H25 Results Presentation11
Revenue: $12.0m
Normalised EBT: $(0.3)m
1H25 includes $1.1m costs related to exit of Atlas Wind vessel
6.6
9.5
12.0
1H231H241H25
NZ$m
Revenue
0.9
-2.1
-0.3
1H231H241H25
NZ$m
Normalised EBT

12
FINANCIAL RESULTS
1H25 Results Presentation

1H25 Group Summary
1H25 Results Presentation13
Disciplined financial management as
transformation plan is executed
•Weak economy continues to impact on
customer demand and activity
•Early benefits from execution of Accelerate
transformation plan, majority of benefits to
be seen from 2H25
•Significant improvement in Normalised EBT -
loss halved year on year
•Priority focus on cost reduction, gross
margin expansion and cashflow generation
driven by sales-led recovery
•Results include $1.1m cost related to exit of
Atlas Wind vessel
$Millions1H251H24
Total Income
150.7159.4
Normalised EBITDA
1
20.113.2
Normalised EBT
1
(6.1)(13.3)
NLAT
2
(8.9)(10.7)
EPS (cents)
(6.98)(8.36)
Operating cashflow
8.910.3
Net Debt
19.016.9
1.Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments.
Including these, 1H25 EBITDA and EBT was $18.1m and $(8.1)m respectively. See Appendix slide for
more detail
2.Attributable to owners of the company

Improvement in earnings
Normalised EBT +54%, EBT +43%
1H25 Results Presentation14
Majority of businesses delivering improved
earnings; Warehousing the exception
•FREIGHT: Strong revenue improvement and
reduced cost base driving earnings
improvement
•CONTRACT LOGISTICS: Fuel volumes held
steady. Excess capacity in Warehousing driven
in part by lower customer activity and limited
new business growth as result of economic
conditions
•INTERNATIONAL: Includes $1.1m cost relating
to exit of Atlas Wind vessel. New charter ship
operational from October 2024
•SPECIALIST: Strong performance, particularly
with energy projects
Normalised EBT excludes non-controlling interest and non-trading adjustments of
$2.0m pre-tax related to asset impairment, settlement & restructuring cost
(1H24: $0.9m). Further details included in appendix to this presentation.
-14.2
0.9
-13.3
6.5
-2.5
1.8
1.6
-0.05
-6.1
-2-8.1
1H24 EBT
Non
-
trading adjust
1H24 Normalised EBT
Freight
Contract Logistics
International
Specialist
Corporate
1H25 Normalised EBT
Non
-
trading adjust
1H25 EBT
$M
0
-2
-4
-6
-8
-10
-12
-14
-16

Reduction in opex
$16.8m reduction in operating
expenses year on year
•Focus on cost reduction (both direct and
overheads)
•Headcount down by 16% since Jan 2024
as a result of efficiency drive
•Large proportion of lease costs are fixed
•Trading costs are primarily the shipping
operating costs
•Gross margin improvement largely
driven by reduction in people and
transport costs
•Targeting incremental annualised $3-4m
fixed cost reduction across the group in
2H25
1H25 Results Presentation
15
146.1
-6.6
-10.5
-0.8
2.3
-1.2
129.3
100
105
110
115
120
125
130
135
140
145
150

Funding and capital
•Successful new funding partnership established in August 2024 - combination of bank facility and
invoice finance funding – combined facility of up to $35m
•February 2025 - renewed ANZ facility with extended tenure to August 2026, as well as
adjustments to covenants and other provisions to give the Group more headroom for expected
performance this year
•Sufficient funding in place to execute Accelerate programme through to completion
•Board continues to closely monitor capital requirements and balance sheet flexibility to ensure
transformation opportunities can be maximised
•Prudent approach to capital expenditure with sale of surplus fleet being a focus
•In compliance with all banking covenants
•Continued strong working capital ratio
1H25 Results Presentation16

LOOKING
FORWARD

2H25 Outlook
1H25 Results Presentation
18
•Market outlook still soft, improvement not expected
until at least mid-2025
•Inflation has eased
•Lift in market activity and customer demand,
combined with improvements from transformation
plan, will enable earnings growth
•New Freight and Warehousing leadership in place
from early 2025
•Majority of Accelerate benefits will be seen from
2H25 and forward
•Energised sales team leading revenue recovery
•Passionate and expert team who deliver for MOVE’s
customers every day
•Long term macro drivers remain positive
Remain on track to achieve our goals:
FY25:
•Positive adjusted net operating
cashflow*
•Significant improvement in
normalised EBT
FY26:
•Return to positive normalised EBT
*Operating cashflow including fixed rent and lease payment, less loan interest and tax

1H25 Results Presentation19
•Gross margin expansion, delivery through various levers
•Win in the market, through sales execution, operational excellence and
delighting our customers
•Freight – continuing cost discipline alongside improved process efficiency
•Warehousing – revenue growth and productivity improvements
•Accelerate – extract full value of the broad ambitious plan
•Targeting incremental annualised $3-4m fixed cost reduction across the group
in 2H25
•Embedding step change to a high performance culture; priority focus on H&S
•Refresh strategic plan for FY26 onwards
•Platform to deliver long term, sustainable shareholder value
2H25 priorities

1H25 Results Presentation20
APPENDICES

Our Business
Move is one of the largest domestic freight, warehousing
and logistics solutions providers in New Zealand
21
FREIGHTWAREHOUSING
FUELSSPECIALIST
OCEANS
1H25 Results Presentation

1H25 Results Presentation22
Nationwide network and specialised expertise
Multi-modal, end to end supply chain solutions
Customer focused, culture of service excellence
Experienced and passionate team
Competitive, value for money, reliable and resilient
provider
SOUND BUSINESS FUNDAMENTALS

Weak economy impacting revenue
Approx. 70% of MOVE’s top 20 clients are in the Retail sector
1H25 Results Presentation23
30,000
35,000
40,000
45,000
50,000
55,000
202220232024
Residential building consents
12% decline year on year
70
75
80
85
90
95
100
Infrastructure pipeline
Est. $18.2b investment p.a.
1400
1450
1500
1550
1600
1650
1700
Sep-22Mar 23Sep 23Mar 24Sep 24
Retail Fuel
Seasonally adjusted volume
Sources: Statistics NZ, Infometrics
24,000
24,500
25,000
25,500
26,000
26,500
June 22Dec 22June 23Dec 23June 24
Retail Sales
Seasonally adjusted volume

Financial Measures
1H25 Results Presentation
24
$Millions1H251H24
Net profit/(loss) before income tax (GAAP measure)(8.1)(14.2)
Add back:
Restructuring and settlement costs2.00.4
Goodwill and asset impairment-0.5
Normalised EBT
(excluding non-trading items, non-GAAP measure)
(6.1)(13.3)
Finance costs (net)5.84.7
Depreciation & Amortisation20.421.8
Normalised EBITDA
(excluding non-trading items, non-GAAP measure)
20.113.2
MOVE Logistics Group uses several non-GAAP measures when discussing
financial performance, and believe these provide a better reflection of
the company’s underlying performance.
Glossary:
•Adjusted net operating cashflow: Operating cashflow including fixed
rent and lease payment, less loan interest and tax
•EBITDA: Earnings before interest, tax, depreciation and amortisation
•Gross Margin: Revenue less direct operating costs
•Gross Margin %: Gross margin/revenue
•Net debt: interest bearing liabilities less cash and cash equivalents
•Normalised EBITDA: EBITDA before non-trading costs
•Normalised EBT: Earnings before tax and non-trading adjustments

---

Interim
financial
statements
.
For the six months ended 31 December 2024

1
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 DECEMBER 2024
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2024
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2023
$000
Revenue 148,426158,250
Gain on disposal of assets -175
Lease income455547
Insurance income receivable1,402-
Other income 368376
Total Income 150,651159,348
Transport costs(61,023)(67,632)
Employee costs(50,316)(60,836)
Rental / lease expenses(1,280)(2,129)
Trading and Warehousing costs(6,753)(4,418)
Other operating expenses(9,910)(11,115)
Depreciation of right of use assets(16,463)(15,485)
Net loss on disposal of assets(1,231)-
Other depreciation / amortisation expenses (3,981)(6,330)
Other non operating expenses(2,039)(883)
Total Operating Expenses (152,996)(168,828)
Finance costs relating to lease liabilities(4,450)(3,956)
Other finance costs - interest on borrowing(1,464)(882)
Interest income on short term deposit155126
Loss Before Income Tax (8,104)(14,192)
Income tax (expense)/credit(452)3,862
LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS (8,556)(10,330)
(Loss)/Profit attributable to:
Owners of the company(8,906)(10,669)
Non-controlling interests350339
(8,556)(10,330)
Other comprehensive income:
Other comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX (8,556)(10,330)
Earnings per share attributable to the ordinary equity holders of the Company CENTSCENTS
Basic & diluted earnings per share for loss attributable to the ordinary equity
holders of the company
(6.98)(8.36)
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the accompanying notes.
Julia Raue - Chair
27 February 2025
Lachlan Johnstone - Director
27 February 2025

2
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 DECEMBER 2024
NOTES
UNAUDITED
31 DECEMBER 2024
$000
AUDITED
30 JUNE 2024
$000
ASSETS
Current Assets
Cash and cash equivalents 7,2119,704
Inventories 573178
Trade and other receivables 44,83541,520
Tax receivable271179
Assets Held for Sale-1,929
Total Current Assets 52,89053,510
Non-Current Assets
Property, plant and equipment 47,64954,989
Right of use assets162,585171,552
Intangible assets 1,5401,705
Other receivables35270
Total Non-Current Assets 211,809228,516
TOTAL ASSETS 264,699282,026
EQUITY
Share capital84,26284,262
Other reserves(66)(505)
Accumulated losses(69,240)(60,334)
Equity attributable to owners of the parent 14,95623,423
Non-controlling interest in equity3,5703,740
TOTAL EQUITY 18,52627,163
LIABILITIES
Current Liabilities
Trade and other payables 31,71531,119
Deferred revenue60439
Borrowings 69,95526,665
Lease liability31,08130,263
Employee entitlements8,2618,765
Total Current Liabilities 81,07297,251
Non-Current Liabilities
Borrowings 616,204-
Lease liability145,447154,362
Provisions for other liabilities and charges 3,4503,250
Total Non-Current Liabilities165,101157,612
TOTAL LIABILITIES 246,173254,863
TOTAL EQUITY & LIABILITIES 264,699282,026
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.

3
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
NOTESSHARE CAPITALRETAINED EARNINGS/(ACCUM. LOSSES)OTHER RESERVESTOTAL NON-CONTROLLING INTERESTTOTAL EQUITY
$000$000$000$000$000$000
Balance as at 1 July 2023
84,262(12,271)(615)71,3763,52774,903
Comprehensive income
(Loss) / profit for the period
-(10,669)-(10,669)339(10,330)
Other comprehensive income
------
Total comprehensive income
-(10,669)-(10,669)339(10,330)
Cumulative translation adjustment
--(252)(252)-(252)
Transactions with owners:
Dividends
----(120)(120)
Balance as at 31 December 2023
84,262(22,940)(867)60,4553,74664,201
Balance as at 1 July 2024
84,262(60,334)(505)23,4233,74027,163
Comprehensive income
(Loss) / profit for the period
-(8,906)-(8,906)350(8,556)
Other comprehensive income
------
Total comprehensive income
-(8,906)-(8,906)350(8,556)
Cumulative translation adjustment
--439439-439
Transactions with owners:
Dividends
----(520)(520)
Balance as at 31 December 2024
84,262(69,240)(66)14,9563,57018,526
The above consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

4
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2024
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2023
$000
Cash flows from operating activities
Receipts from customers and others145,806168,403
Interest received 155126
Dividends received 34
Payments to suppliers and employees (130,582)(152,838)
Government subsidy received-5
Notional finance charge on NZ IFRS 16 leases(4,450)(3,956)
Interest paid (1,442)(861)
Income tax paid (544)(623)
Net cash generated from operating activities 8,94610,260
Cash flows used in investing activities
Purchase of property, plant and equipment(54)(1,424)
Proceeds from sale of property, plant and equipment5,1794,112
Purchase of intangible assets(2)(12)
Net cash used in investing activities 5,1232,676
Cash flows from financing activities
Repayment of borrowings(17,675)(938)
Proceeds from borrowings 17,1495,500
Repayment of lease liability (NZ IFRS 16)(15,516)(14,104)
Dividends paid to shareholders / non-controlling interests(520)(120)
Net cash flow used in financing activities(16,562)(9,662)
Net increase in cash and cash equivalents(2,493)3,274
Cash and cash equivalents at beginning of the period 9,7048,744
Cash and cash equivalents 31 December7,21112,018
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

5
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS

1. GENERAL INFORMATION

1.1. REPORTING ENTITY
The core operations of MOVe Logistics Group Limited (“MOVe Logistics” or the “Company”) and its subsidiaries (collectively
“the Group”) are in the New Zealand logistics sector. These include general transport, bulk liquids, heavy haulage,
shipping, warehousing and distribution, freight forwarding and storage.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and is a FMC
Reporting Entity under part 7 of the Financial Markets Conduct Act 2013. The Company is dual listed with its primary listing
of ordinary shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a foreign Exempt
Entity on the Australian securities exchange (ASX).
The registered office of the Company is at 24-30 Paraite Road, Bell Block, New Plymouth, New Zealand. The interim
financial statements were approved for issue by the MOVe Logistics Board of Directors on 27 February 2025February 2025.
1.2. BASIS OF PREPARATION
This consolidated interim financial report for the half-year reporting period ended 31 December 2024 has been prepared
in accordance with accounting standards IAS 34 Interim Financial Reporting and NZ IAS 34 Interim Financial Reporting.
The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly,
this report is to be read in conjunction with the annual report for the year ended 30 June 2024 and any public
announcements made by MOVe Logistics during the interim reporting period.
1.3. GOING CONCERN
As at 31 December 2024 the Group recorded an after tax loss attributable to owners of $8.6m, and had a working capital
deficit of $28.1m (of which $31m is current lease liability) with loans and borrowings due for refinancing within the next
twelve months.
In the annual accounts for the previous year ended 30 June 2024 the board concluded that there were material
uncertainties that may have arisen (refer financial statements for the year ended 30 June 2024). Directors’ analysis of all
relevant material uncertainties identified in June 2024 and how these are progressing or have been addressed includes
the following:
Trading Performance
While the economic environment is proving slower to recover the Group is well advanced on the range of Accelerate
initiatives noted at year end. The cost savings and optimisation plans identified have resulted in a material improvement
in the Groups results year on year. In addition to this, the Group performed to plan for the 6 months to December 2024.
In September 2024, we welcomed turnaround specialist Paul Millward to the team. Under strong leadership the Group
remains acutely focused on delivery of Accelerate initiatives for 2H25 including gross margin growth, further cost
disciplines and improved process efficiencies. New leaders for Freight and Warehousing joined in early 2025. Under the
current conditions, Management remains confident that the plan remains on track.
Financial Position
Renewal of Debt Facility
Working with existing banking partner ANZ, the Group has secured an extension of the ANZ facility term to August 2026,
with financing terms acceptable to the Group. Note 6 provides details on the updated facilities. With the above facilities,
and in conjunction with prudent working capital management, the Group is comfortable that sufficient headroom,
cash and debt facilities are available to meet its obligations going forward and to manage the Groups liquidity position
appropriately.

6
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
Working capital deficit
The Group notes the impact of the current lease liability of $31m on the current liability balance and considers that
there are assets available to meet the Group liabilities as they fall due. Given the liability profile, aspects of the balances
presented will be funded by ongoing future activities of the business.
Conclusion
Having made due enquiry, the Directors conclude that, to the best of their knowledge and belief, there are no material
uncertainties related to the Group being a going concern, and accordingly, these interim financial statements are
prepared on a going concern basis.

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES

The accounting policies used in the preparation of these financial statements, unless disclosed below are consistent
with those used in the previously published audited consolidated financial statements as at and for the year ended 30
June 2024. There were no new standards, interpretations and amendments effective from 1 July 2024 that would have a
material impact on the Group.
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The financial statements are presented
in New Zealand dollars (rounded to thousands), which is the functional and the presentation currency of all companies
in the Group except MOVe Oceans Singapore PTE Limited, MOVE Oceans Limited and TNL Australia Pty Limited, whose
functional currencies are United States dollars and Australian dollars respectively.


3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
a. Impairment of Goodwill
The Group tests intangible assets for impairment to ensure they are not carried at above their recoverable amounts
• At least annually for goodwill
• Where there is an indication that the assets may be impaired (which is assessed at least each reporting period)
The Group concluded that there are no indicators of impairment for any of the CGU’s at 31 December 2024, although they
will continue to monitor the position closely for any evidence that the goodwill has become impaired.

7
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
4. RECONCILIATION TO GAAP MEASURE

The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with International Financial Reporting Standards Accounting Standards (“IFRS Accounting Standards”) and the
New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”).
These interim financial statements include non-GAAP financial measures that are not prepared in accordance with IFRS.
The non-GAAP financial measures used in this presentation are as follows:
• Adjusted EBITDA (a non-GAAP measure) represents profit or loss before income taxes from continuing operations (a
GAAP measure), excluding interest income, interest expense, depreciation and amortisation, asset impairments and
restructuring & settlement costs (non operating expenses) as reported in the financial statements.
• Adjusted EBT (a non-GAAP measure) represents profit or loss before income taxes from continuing operations (a
GAAP measure), excluding asset impairments and restructuring & settlement costs (non operating expenses) as
reported in the financial statements.
The Group believes that these non-GAAP measures provide useful information to readers to assist in the understanding
of the financial performance and position of the Group as they are used internally to evaluate the performance of
business units and to establish operational goals. They should not be viewed in isolation, nor considered as a substitute
for measures reported in accordance with IFRS. Non-GAAP measures as reported by the Group may not be comparable
to similarly titled amounts reported by other companies.
The following is a reconciliation between these non-GAAP measures and net loss after tax from continuing operations:
Reconciliation to GAAP measure 6 months to
December 2024
$000
6 months to
December 2023
$000
Loss Before Income Tax from continuing operations (GAAP measure)(8,104)(14,192)
Add back:
Other non operating expenses:
- Asset impairment12487
- Restructuring & Settlement costs2,027396
Adjusted EBT (non-GAAP measure) (6,065)(13,309)
Finance costs (net)5,7594,712
Depreciation & amortisation 20,44421,815
Adjusted EBITDA (non-GAAP measure) 20,13813,218

8
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
5. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting to the Chief Operating Decision
Maker (CODM). The CODM is responsible for allocating resources and assessing performance of the operating segments.
The Group has made the decision that the eleven operating segments that form part of the reporting to the Group CEO
can be aggregated into five reporting segments. Reportable segments have been determined by having regard to the
nature of the services, the processes the various business units undertake to service customers, the allocation of capital,
the type of customers serviced, and the nature of the distribution channels.
In addition to GAAP measures, the Group CEO also uses non-GAAP measures (EBITDA and EBT) to assess the commercial
performance of the segments. The reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding, shipping and agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items.
FREIGHT
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types.
CONTRACT LOGISTICS
This segment specialises in contracted solutions providing services for customers including warehouse and supply chain
capability and delivery of bulk liquids.
CORPORATE
This segment includes our corporate services function.

9
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
5. SEGMENT INFORMATION (CONTINUED)
The segment information for the period ended 31 December 2024 is as follows:
InternationalSpecialistFreightContract
Logistics
CorporateTotal
$000$000$000$000$000$000
6 months to 31 December 2023
Total segment revenue 9,5359,51763,98879,432-162,472
Inter-segment revenue (13)(22)(2,241)(1,946)-(4,222)
Revenue from external customers
9,5229,49561,74777,486-158,250
Adjusted EBITDA(1,238)2,045(769)14,933(1,753)13,218
Depreciation - tangible assets7361,1442,0411,8251025,848
Amortisation - ROU assets1774855,8378,9077915,485
Amortisation - intangible assets1371302141482
Adjusted EBT(2,050)316(10,390)1,802(2,987)(13,309)
Assets28,34919,372111,274148,0309,475316,500
Liabilities11,2114,66289,523115,86531,038252,299
Capital expenditure including intangibles55621091,1151111,452
6 months to 31 December 2024
Total segment revenue 12,28310,46071,21357,883-151,839
Inter-segment revenue (312)(150)(1,753)(1,198)-(3,413)
Revenue from external customers
11,97110,31069,46056,685-148,426
Adjusted EBITDA(171)3,4325,76212,332(1,217)20,138
Depreciation - tangible assets718751,6181,156933,813
Amortisation - ROU assets1915536,2939,32510116,463
Amortisation - intangible assets23712126168
Adjusted EBT(298)1,892(3,907)(724)(3,028)(6,065)
Assets18,17719,848100,675123,3012,698264,699
Liabilities11,2975,88696,290120,32512,375246,173
Capital expenditure including intangibles56----56
Interest income and expense are not allocated to segments (excluding those related to lease liabilities), as this type of
activity is driven by the central treasury function, which manages the cash position of the Group.
Sales between segments are eliminated on consolidation. The amounts provided to the CODM with respect to segment
revenue are measured in a manner consistent with that of the financial statements.
The Group has a diverse range of customers from various industries, with only one customer contributing more than
10% of the Group’s revenue. These revenues are attributed to the Contract Logistics segment.

10
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
6. BORROWINGS

As at the reporting period the Group’s borrowings consisted of the below:
31 December
2024
$000
30 June
2024
$000
Non-Current
Secured Loan Pacific Invoice Finance NZ (PIFNZ) (Expiry March
2026)
16,204
-
16,204-
Current
Secured Loan ANZ (Expiry October 2025)9,95526,665
9,95526,665
Total secured borrowings26,15926,665

The Group is required to comply with a number of ANZ financial covenants. On 24 September 2024 the Group refinanced
with ANZ and PIFNZ formally resetting the ANZ financial covenants out to 30 September 2025 as below.
• EBITDA actual > 85% of EBITDA Forecast on a YTD basis
• Net capital expenditure restricted to $1 million in FY25
• Guarantor coverage Assets >85%
• Guarantor coverage EBITDA >90%
• Total ANZ exposure not greater than 50% of Property, Plant and Equipment value
• PIFNZ Drawn receivables funding value less than 80% of Approved Debtors
During the period to 31 December 2024 these were fully complied with. Post year end the Group has reached agreement
with the ANZ to extend its facilities through to August 2026 and to vary the quarterly covenants and terms as below:
• EBITDA actual > agreed percentage targets to forecast on a YTD basis
• Fixed Charge cover ratio > 1.0x at September 2025, 1.1x at December 2025 and 1.25x at March 2026 and thereafter
• Net capital expenditure restricted to $1 million in FY25
• Guarantor coverage Assets >82.5%
• Guarantor coverage EBITDA >90%
• Total ANZ exposure not greater than 50% of Property, Plant and Equipment value
• PIFNZ Drawn receivables funding value less than 85% of Approved Debtors to April 2025 returning to 80% post April
2025
• Quarterly repayments of $500K March 2025 and then $1.25m June 2025 and thereafter
Based on the forward looking forecast approved by the Board and the above financial covenants the Group is expected
to comply for at least 12 months from the date of signing the financial statements. Accordingly the consolidated interim
financial statements have been prepared on a going concern basis.

7. EVENTS AFTER THE REPORTING DATE

On 27 February 2025 the Group agreed an amendment with the ANZ Bank Ltd to extend its facilities and vary the financial
covenants (refer note 6).
On 27 February 2025, Paul Millward was appointed as the Chief Executive Officer of the Group. Paul was previously the
interim CEO having been appointed to that role in September 2024.
On 27 February 2025, the Board approved the issue of 1,856,000 restricted share units (RSU) to two senior managers which
will be effected no later than 7 March 2025. Each RSU can convert into one ordinary share in Move Logistics Group Limited
provided the senior manager remains employed by the Group on 30 June 2028.

11
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
Independent auditor’s review report
To the shareholders of Move Logistics Group Limited
Report on the interim financial statements
Our conclusion
We have reviewed the accompanying interim financial statements of Move Logistics Group Limited
(the Company) and its controlled entities (the Group) on pages 1 to 10 which comprise the
consolidated interim balance sheet as at 31 December 2024, and the consolidated interim statement
of pro
fit or loss and other comprehensive income, the consolidated interim statement of changes in
equity and the consolidated interim statement of cash flows for the period ended on that date, and
material accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statement
s of the Group do not present fairly, in all material respects,
the financial position of the Group as at 31 December 2024, and its financial performance and cash
flows for the period then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS
34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the interim financial statements section of our report
.
We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled our other
ethical responsibilities in accordance with these ethical requirements.Our firm provides access to
training material through an on-line platform. The provision of access to training materials has not
imp
aired our independence as auditor of the Group
Responsibilities of the Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the p
reparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come
to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsi
ble for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing and International Standards
on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audi
t. Accordingly, we do not express an audit opinion on these interim financial
statements.
PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000,, pwc.co.nz

12
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
Other matter
The comparative information for the consolidated interim balance sheet is based on the audited
financial statements as at 30 June 2024. The comparative information for the interim consolidated
statement of profit or loss and other comprehensive income, consolidated interim statement of
changes in equity and interim statement of cash flows, and related explanatory notes, for the period
ended 31 December 2023 has not been audited or reviewed.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s Shareholders, as a body, for our
review procedures, for this report or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Maxwell
John Dixon.
For and on behalf of:
PricewaterhouseCoopers Christchurch
27 February 2025
PwC 2

DIRECTORS
Julia Raue (Chair)
Lachlan Johnstone
Greg Whitham
RISK ASSURANCE & AUDIT COMMITTEE
Lachlan Johnstone (Chair)
Greg Whitham
Julia Raue
GOVERNANCE AND REMUNERATION COMMITTEE
Julia Raue (Chair)
Lachlan Johnstone
Greg Whitham
REGISTERED OFFICE AND ADDRESS FOR SERVICE
24-30 Paraite Road, Bell Block
New Plymouth
AUDITORS
PricewaterhouseCoopers
PwC Centre
Level 4, 60 Cashel Street
Christchurch
BANKERS
ANZ Bank New Zealand Limited
23-29 Albert Street
Auckland
SOLICITORS
Duncan Cotterill
Level 2, Chartered Accountants House
50 Custom House Quay
Wellington
SHARE REGISTRAR
Link Market Services Limited
Deloitte Centre
80 Queen St, Auckland
DIRECTORY

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer MOVE Logistics Group Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$148,426 (6.21%)
Total Revenue $148,426 (6.21%)
Net profit/(loss) from
continuing operations
($8,556) 17.17%
Total net profit/(loss) ($8,906) 16.52%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00
Imputed amount per Quoted
Equity Security
$0.00
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.11 $0.36
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer unaudited interim financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Lee Banks, CFO
Contact person for this
announcement
Lee Banks
Contact phone number 06 755 9405
Contact email address lee.banks@movelogistics.com
Date of release through MAP

28 February 2025

Unaudited financial statements accompany this announcement.