MOVE Logistics Group - 1H26 Results

Company Announcement
27 February 2026

MOVE 1H26 INTERIM RESULTS FOR SIX MONTHS ENDED 31 DECEMBER 2025
Profitable 2Q26, on track for positive full-year normalised earnings
Transport and logistics group, MOVE Logistics Group Limited (NZX/ASX: MOV), has today reported its
interim results for the six months ended 31 December 2025 (1H26).
• Revenue and other income $143.7m, down 5% YOY as weak market conditions continued to
impact on customer activity and demand
• Normalised Earnings Before Tax (NEBT) $(0.1)m
1
, up 98% YOY – on track to achieve positive
NEBT for full year
• Net Loss After Tax $(0.9)m
2
, an $8.0m improvement YOY
• Net debt reduced by $6.2m YOY to $12.8m, with improved operating cashflow of $17.0m, up
$8.1m YOY

Commenting on the results, chair of MOVE Julia Raue, said: “The improving results demonstrate
focused execution of the transformation strategy and, while there is still more to do, the Board is
encouraged by the progress heading into the next phase of growth. We remain on track to achieve
our guidance of positive normalised earnings in FY26 and are committed to delivering sustainable,
long-term value for all our stakeholders.”
CEO, Paul Millward, said: “We are making good progress on our FY26 priorities and four-year
roadmap, with three of MOVE’s four business divisions now in profit. Warehousing is showing
gradual improvement as the turnaround plan is executed, although market challenges persist. Across
our group, we have a strong and capable team focused on excellent customer service, and long-
standing customer relationships. We are now nearing completion of the RESET phase of our
roadmap and moving to STEP UP, with a focus on ‘winning in market’ and value creation.”
1H26 Financial Results
Weak market conditions continued to impact on customer activity and demand, with income for the
period down 5% to $143.7m. Despite this, earnings and gross margin percentage both improved,
driven by disciplined cost management and efficiency initiatives.
Normalised earnings before tax (NEBT) returned to positive territory in 2Q26, with the six month
result up 98% YOY to $(0.1)m.
Gross Margin percentage was at its highest level since 1H23, driven primarily by efficiency and
productivity and cost improvements.
Net Loss After Tax of $(0.9)m was an $8.0m improvement on the prior comparative period as MOVE
progresses towards positive NEBT in FY26.
Operating cashflows were solid at $17.0m, up $8.1m YOY, while disciplined capital management saw
net debt reduce by $6.2m to $12.8m.

1
Normalised Earnings Before Tax is a non-GAAP metric and excludes non-controlling interest and non-trading adjustments
which were $(0.1)m in 1H26. See Appendix slide in the Investor Presentation for more information.
2
Attributable to owners of the company

MOVE has agreed terms for a new invoice finance facility of up to $22m with BNZ, to support its
working capital requirements. This will commence by 30 November 2026 and will replace the
current Pacific Invoice Finance facility, providing a meaningful reduction in the company’s financing
costs.
The Board continues to closely monitor capital requirements and balance sheet flexibility to support
the New Horizons roadmap.
Business performance
Three of MOVE’s four businesses are now delivering profitable earnings with structural changes from
the transformation plan embedded and benefits being realised.
• FREIGHT & FUEL (NEBT $1.5m): The business delivered positive normalised earnings for a
second consecutive HY period, alongside further improvements in gross margin dollars
driven by cost and efficiency initiatives. Revenue was retained at prior year levels despite
low demand for freight as economic headwinds persist. The Fuel service continues to
perform well.
• WAREHOUSING (NEBT $(2.5)m): The reset of the business continues, with early initiatives
helping to restructure and right-size the business for market conditions. The focus is now
moving to sales growth and a clear plan is in place, prioritising customer partnerships,
service excellence and productivity. While the sector remains challenging with excess
capacity and weak customer demand, MOVE Warehousing is well positioned to deliver a
quality, cost effective, nationwide solution with an integrated freight offer.
• INTERNATIONAL (NEBT $2.1m): The International business reported positive NEBT for a
second consecutive half-year period, as the Oceans trans-Tasman shipping service moves
into profit. Foundational contracted customers utilise the majority of vessel capacity, with a
new cornerstone customer onboarded in late 2Q26.
• SPECIALIST (NEBT $1.0m): The Specialist business is a consistent performer with continuing
demand for its expert services in a tighter market. Revenue is project based and 1H26 was
lighter year-on-year. Momentum is building into 2H26 with several large projects
commencing and a strong pipeline of work in place.

Outlook
After a patchy economic recovery in CY 2025, conditions are expected to gradually recover during
2026, although risk remains around the rate and speed of recovery. MOVE is managing market
challenges with a focus on cost control, disciplined working capital management, sales growth and
expanding its customer base across a wider range of sectors to counter cyclical pressures. Rebuilding
the Warehousing business remains a priority.
A lift in market activity and customer demand, alongside continued structural improvements from
the transformation plan and a strong focus on the top-line, will position the business for earnings
growth.
The company remains on track to achieve FY26 guidance of a return to positive normalised EBT.

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
1H26 RESULTS
1
27 February 2026
Paul Millward, Chief Executive Officer
Lee Banks, Chief Financial Officer
1H26 Results Presentation

1H26 Results Presentation
2
Agenda
•1H26 at a glance
•New Horizons roadmap
•Business performance
•Financial results
•Outlook
•Q&A

1H26 Results Presentation3
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

Continued
momentum and
earnings growth
On track to
achieve
guidance of
FY26 positive
normalised
earnings
4
1H241H251H26
Total Income
-5% YOY
1H241H251H26
Gross Margin %
+1pp YOY
1H241H251H26
Gross Margin $
-1% YOY
1H241H251H26
+98% YOY
Normalised Earnings Before Tax (NEBT)
1
1H26 Results Presentation

1H26 Financial Highlights
Clear execution delivering continued earnings growth
1H26 Results Presentation
5
PP – percentage points
1.1H25 included $1.1m of costs for exit of Altas Wind
2.Normalised EBT excludes non-controlling interest and non-trading adjustments which were $(0.1)m in 1H26. See Appendix slide
3.Adjusted Gross Margin excluding asset sales
REVENUEEARNINGS
1
GROSS MARGIN
3
Revenue $141.4m
-5% YOY (+3% vs 2H25)
Normalised EBT $(0.1)m
+98% YOY (+96% vs 2H25)
EBT $(0.2)m
GM $42.4m
-1% YOY (+5% vs 2H25)
GM +1pp YOY
(+0.7pp vs 2H25)
WEAK MARKET CONDITIONS
CONTINUED TO IMPACT CUSTOMER
ACTIVITY AND DEMAND
98% YOY IMPROVEMENT IN
NORMALISED EBT (NEBT)
2
Positive NEBT in 2Q26; strongest
quarterly result since 4Q22
GM% THE HIGHEST SINCE 1H23
Driven by cost management and
efficiency initiatives

Operating backdrop
Navigating weak market as economic headwinds persist
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
6
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
MOVE has been rightsized and is positioned strongly for the cyclical upswing
1H26 Results Presentation

STRATEGY
BUSINESS PERFORMANCE
7
1H26 Results Presentation7

Our Goals
8
A STRONG TEAM
THAT DELIVERS
DELIGHT OUR
CUSTOMERS
EFFECTIVE USE
OF ASSETS
FINANCIAL
STRENGTH AND
VALUE CREATION
1H26 Results Presentation

New Horizons 4-year Roadmap: FY25 to FY28
RE-SET
FY25 - FY26
STEP UP
FY26 – FY27
STAND OUT
FY28
A strong foundational platformCustomer value and operational
excellence; smart business growth
Preferred logistics provider; scaling
up; a market leader
Complete the Accelerate
transformation programme
•Customer focused team and
offering
•Rightsized cost base
•Network optimisation
•Relentless focus on cashflow and
revenue
•Improved balance sheet strength
•Winning with customers,
existing and new
•Winning with customers,
existing and new
•Strategic partnerships
•Increased customer sector
diversity
•High performing network and
operational excellence
•Leveraging digital & data
•Robust financial performance
•Enduring customer partnerships
•Strong competitive position
•Market reputation & brand
strength
•Accelerate market share
•Material revenue and earnings
growth
•Maximise new opportunities
9
FOUNDATIONS
Passionate &
Capable People
Valuable Customer
Partnerships
Operational
Excellence
Strong Financial
Performance

10
Good progress being made on FY26 priorities:
Re-set to Step Up
•Smarter delivery for
better outcomes
•Route utilisation and
performance
•Continuous improvement
•Team strength – One MOVE
•High performance culture
and behaviours
•Data driven business
decisions
•Prudent technology
investment
•Revenue uplift
•Strong customer
partnerships
•Productivity and
efficiency focus
•Commercial rigour
WAREHOUSING
STEP CHANGE
CAPABILITY
STRENGTHEN
FREIGHT
BUILD VALUE
•Excellent customer
service and value
•Smart revenue
growth
•Competitively
positioned
WINNING
WITH
CUSTOMERS
STRONG FOUNDATIONAL PLATFORM WINNING IN MARKET
1H26 Results Presentation

Freight & Fuel
Positive normalised earnings delivered for second consecutive HY
•Revenue retained at prior year level despite low demand as
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
•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
11
92.9
95.3
96.4
1H241H251H26
NZ$m
Revenue
-10.1
-2.5
1.5
1H241H251H26
NZ$m
Normalised EBT
Revenue: $96.4m
Normalised EBT: $1.5m

Warehousing
1H26 Results Presentation
12
Clear productivity plan in place; priority focus on winning in market to
deliver revenue growth
•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
•Well-positioned to deliver quality, cost effective solution with national
network and integrated freight offer
Revenue: $21.6m
Normalised EBT: $(2.5)m
46.3
30.8
21.6
1H241H251H26
NZ$m
Revenue
1.5
-2.2
-2.5
1H241H251H26
NZ$m
Normalised EBT

Specialist
1H26 lighter year-on-year; momentum into 2H26 with several
large projects commencing and a strong pipeline of work
•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
•Credible and highly regarded team, preferred provider for many
specialised and heavy haulage projects
1H26 Results Presentation13
Revenue: $8.7m
Normalised EBT: $1.0m
9.5
10.3
8.7
1H241H251H26
NZ$m
Revenue
0.3
1.9
1.0
1H241H251H26
NZ$m
Normalised EBT

International
Positive HY earnings result with Oceans now delivering
consistent profit
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
improved revenue and margins
1H26 Results Presentation14
Revenue: $14.7m
Normalised EBT: $2.1m
1H25 includes $1.1m costs related to exit of Atlas Wind vessel
9.5
12.0
14.7
1H241H251H26
NZ$m
Revenue
-2.1
-0.3
2.1
1H241H251H26
NZ$m
Normalised EBT

1H26 Results Presentation15
FINANCIAL RESULTS

1H26 Group Summary
1H26 Results Presentation16
On track to deliver positive
Normalised Earnings in 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
$Millions1H261H25
Total Income
143.7150.7
Normalised EBITDA
1
23.420.1
Normalised EBT
1
(0.1)(6.1)
NLAT
2
(0.9)(8.9)
EPS (cents)
(0.71)(6.98)
Operating cashflow
17.08.9
Net Debt
12.819.0
1.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
2.Attributable to owners of the company

Continued structural reduction
in operating expenses
$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
129.3
-3.6
-5.9
-0.1
1.4
-0.8
120.3
100.0
105.0
110.0
115.0
120.0
125.0
130.0
135.0
140.0

Gross Margin
Gross Margin %: +1pp YOY
Gross Margin $: -1% (up 5% on 2H25)
•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
1H26 Results Presentation
18
+3.1pp
+2.3pp
+0.3pp
+0.7pp
1H242H241H252H251H26
Gross Margin % HY improvement
+1pp YOY
37,393
36,248
43,081
40,395
42,441
1H242H241H252H251H26
Gross Margin $
-1% YOY

Improvement in earnings
1H26 Results Presentation19
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.
-8.1
2.0
-6.1
4.0
-0.3
2.4
-0.9
0.8
-0.1
-0.1-0.2
1H25 EBT
Non
-
trading adjust
1H25 NEBT
Freight/Fuel
Warehousing
International
Specialist
Corporate
1H26 NEBT
Non
-
trading adjust
1H26 EBT
$M
-9.0
-8.0
-7.0
-6.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0

20
LOOKING FORWARD
20
1H26 Results Presentation

On track to achieve FY26 target:
Return to positive normalised EBT
•Lift in market activity and customer demand, alongside
structural improvements from the transformation plan and a
strong focus on top-line growth, will position MOVE for
further earnings improvement
•Conditions expected to gradually recover during 2026,
although risk remains around the rate and speed of recovery
•Move is managing market challenges with a focus on cost
control, disciplined working capital management, sales
growth and expanding its customer base across a wider
range of sectors to counter cyclical pressures
•Rebuilding the Warehousing business remains a priority
2H26 OUTLOOK
New Horizons 4-year
roadmap:
Delivering on FY26 priorities
•RESET phase nearing
completion with benefits
of structural cost-out
initiatives now being
realised
•Moving to STEP UP with a
focus on “winning in
market” and value
creation
211H26 Results Presentation

DISCUSSION
22
22
1H26 Results Presentation

23
APPENDICES
23
1H26 Results Presentation

1H26 Results Presentation24
One of the largest providers in the NZ market
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
Strong long term market dynamics and growth drivers
Clear four year roadmap in place
Significant opportunity to build share of multi-billion dollar market
SOUND BUSINESS FUNDAMENTALS

Financial Measures
$Millions1H261H25
Net profit/(loss) before income tax (GAAP measure)(0.2)(8.1)
Add back:
Impairment, restructuring and settlement costs0.12.0
Normalised EBT
(excluding non-trading items, non-GAAP measure)
(0.1)(6.1)
Finance costs (net)4.95.8
Depreciation & Amortisation18.620.4
Normalised EBITDA
(excluding non-trading items, non-GAAP measure)
23.420.1
25
MOVE Logistics Group uses several non-GAAP measures when
discussing financial performance including EBITDA, Normalised
EBITDA and normalised EBT. The company believes these provide a
better reflection of the company’s underlying performance. These
measures may not be comparable to similar financial information
provided by other entities.
Glossary:
•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 (NEBT): Earnings before tax and non-trading
adjustments
1H26 Results Presentation

MOVE makes logistics easy for customers
3PL PROVIDER
MARKET LEADER IN
SPECIALISED SERVICES
FREIGHTWAREHOUSINGINTERNATIONALFUELSPECIALIST
One of the largest
domestic freight
providers in New
Zealand.
Our services include
general freight,
primary produce,
project cargo and
full truck loads.
Contracted solutions
for customer
including
Warehousing and
supply chain
capability.
Our warehouses are
central to main
routes and easy for
port access.
Global logistics
specialists, providing
international freight
forwarding and
shipping agency
services.
Our trans-Tasman
shipping service
adds another valued
service to our offer.
Our specialist road
tanker division is
one of the largest
operators in the
New Zealand fuel
delivery market.
We move
oversized and
large items that
require specialist
haulage. From
heavy haulage,
and machinery
transports to
oversized freight
movements.
26
OUR MISSION: To keep our customers moving
1H26 Results Presentation

Disclaimer
27
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 a 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.
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.
1H26 Results Presentation

---

Interim
financial
statements
.
For the six months ended 31 December 2025

1
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS &
OTHER COMPREHENSIVE INCOME
SIX MONTHS ENDED 31 DECEMBER 2025
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2025
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2024
$000
Revenue 141,400148,426
Gain on disposal of assets 1,269-
Lease income722455
Insurance income receivable-1,402
Other income 341368
Total Revenue and Other Income 143,732150,651
Transport costs(57,613)(61,023)
Employee costs(44,450)(50,316)
Rental / lease expenses(1,515)(1,280)
Trading and Warehousing costs(7,816)(6,753)
Other operating expenses(8,954)(9,910)
Depreciation of right of use assets(15,232)(16,463)
Net loss on disposal of assets-(1,231)
Other depreciation / amortisation expenses (3,414)(3,981)
Other non operating expenses3(96)(2,039)
Total Expenses (139,090)(152,996)
Finance costs relating to lease liabilities(3,791)(4,450)
Other finance costs - interest on borrowing(1,181)(1,464)
Interest income on short term deposit86155
Loss Before Income Tax (244)(8,104)
Income tax expense(273)(452)
LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS (517)(8,556)
(Loss)/Profit attributable to:
Owners of the company(907)(8,906)
Non-controlling interests390350
(517)(8,556)
Other comprehensive income:
Other comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX (517)(8,556)
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 excluding NCI
(0.71)(6.98)
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the accompanying notes.
Julia Raue - Chair
26 February 2026
Lachlan Johnstone - Director
26 February 2026

2
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
CONSOLIDATED INTERIM BALANCE SHEET
AS AT 31 DECEMBER 2025
NOTES
UNAUDITED
31 DECEMBER 2025
$000
AUDITED
30 JUNE 2025
$000
ASSETS
Current Assets
Cash and cash equivalents 8,646
6,482
Inventories 256
204
Trade and other receivables 39,715
34,747
Tax receivable-
78
Total Current Assets 48,617
41,511
Non-Current Assets
Property, plant and equipment 37,791
42,239
Right of use assets131,955
147,465
Intangible assets 1,233
1,376
Other receivables106
1,201
Total Non-Current Assets 171,085
192,281
TOTAL ASSETS 219,702
233,792
EQUITY
Share capital84,262
84,262
Other reserves(245)
(485)
Accumulated losses(76,817)
(75,910)
Equity attributable to owners of the parent 7,200
7,867
Non-controlling interest in equity3,380
3,535
TOTAL EQUITY 10,580
11,402
LIABILITIES
Current Liabilities
Trade and other payables 29,492
24,964
Deferred revenue785
532
Borrowings 521,418
5,307
Lease liability28,143
30,795
Employee entitlements7,944
7,820
Tax payable77
-
Total Current Liabilities 87,859
69,418
Non-Current Liabilities
Borrowings 5-
17,903
Lease liability118,833
132,284
Provisions for other liabilities and charges 2,430
2,785
Total Non-Current Liabilities121,263
152,972
TOTAL LIABILITIES 209,122
222,390
TOTAL EQUITY & LIABILITIES 219,702
233,792
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 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 (unaudited)
84,262(69,240)(66)14,9563,57018,526
Balance as at 1 July 2025
84,262(75,910)(485)7,8673,53511,402
Comprehensive income
(Loss) / profit for the period
-(907)-(907)390(517)
Other comprehensive income
------
Total comprehensive income
-(907)-(907)390(517)
Cumulative translation adjustment
--170170-170
Share based payment reserve
--7070-70
Transactions with owners:
Dividends
----(545)(545)
Balance as at 31 December 2025 (unaudited)
84,262(76,817)(245)7,2003,38010,580
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 2025
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2024
$000
Cash flows from operating activities
Receipts from customers and others137,808145,806
Interest received 86155
Dividends received 43
Payments to suppliers and employees (115,803)(130,582)
Notional finance charge on NZ IFRS 16 leases(3,792)(4,450)
Interest paid (1,159)(1,442)
Income tax paid (117)(544)
Net cash generated from operating activities 17,0278,946
Cash flows used in investing activities
Purchase of property, plant and equipment(687)(54)
Proceeds from sale of property, plant and equipment2,0655,179
Purchase of intangible assets-(2)
Net cash used in investing activities 1,3785,123
Cash flows from financing activities
Repayment of borrowings(762)(17,675)
Proceeds from borrowings -17,149
Repayment of lease liability (NZ IFRS 16)(14,918)(15,516)
Dividends paid to shareholders / non-controlling interests(545)(520)
Rental guarantee1,035-
Net cash flow used in financing activities(15,190)(16,562)
Net increase in cash and cash equivalents3,215(2,493)
Cash and cash equivalents at beginning of the period 4,9259,704
Cash and cash equivalents 31 December8,1407,211
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. The cash balance is shown
net of bank overdraft of $506K (2024: 596K) reported in borrowings on the applicable balance sheets.

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 26 February 2026February 2026.
1.2. BASIS OF PREPARATION
This consolidated interim financial report for the half-year reporting period ended 31 December 2025 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 2025 and any public
announcements made by MOVe Logistics during the interim reporting period.

1.3. GOING CONCERN
As at 31 December 2025 the Group recorded an after tax loss attributable to owners of $0.9 million and had a working
capital deficit of $39.2 million (of which $28.1 million is current lease liability) with loans and borrowings due for refinancing
within the next twelve months.
The Group notes the impact of the current lease liability of $28.1 million 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.
Subsequent to 31 December 2025 the Group has reached agreement with the ANZ to vary its covenants and quarterly
repayments. In addition, the Group has entered a committed terms agreement for a new invoice funding arrangement
with the BNZ to replace its current facility. This facility will be effective from November 2026 with an expiry date of 31
August 2027. Full details of these facilities are set out in note 5. Borrowings.
Based on the new agreed funding arrangements and forward looking forecast approved by the Board the Group is
expected to comply with the agreed covenants for at least 12 months from the date of signing the financial statements.
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.

6
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
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 2025. There were no new standards, interpretations and amendments effective from 1 July 2025 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 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, United States dollars and Australian dollars respectively.
3. 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 Accounting Standards. 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 2025
$000
6 months to
December 2024
$000
Loss Before Income Tax from continuing operations (GAAP measure)(244)(8,104)
Add back:
Other non operating expenses:
- Asset impairment9612
- Restructuring & Settlement costs-2,027
Adjusted EBT (non-GAAP measure) (148)(6,065)
Finance costs (net)4,8865,759
Depreciation & amortisation 18,64620,444
Adjusted EBITDA (non-GAAP measure) 23,38420,138

7
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
4. 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.
Following a change in the strategic direction and leadership structure of the Group in FY25 there was a change to the
reportable segments. The reporting segments have been revised to align with the direction and management of these
segments. Comparative information below has been restated to reflect the revised segments. Accounting policies of the
reportable segments are the same as the Group’s accounting policies as described in note 2.
The Group has made the decision that the twelve 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 (Adjusted EBITDA and EBT) to assess the
commercial performance of the segments. The revised reportable operating segments have been determined as:
INTERNATIONAL
This segment includes international freight forwarding and shipping agency services across a broad range of industries.
SPECIALIST
This segment provides transport and lifting solutions for oversized and large items.
FREIGHT & FUEL
This segment provides nationwide general freight transport services with regional strength. It is able to transport a wide
range of freight types including delivery of bulk liquid goods.
WAREHOUSING
This segment includes warehouse and supply chain capability.
CORPORATE
This is not an operating segment but is disclosed separately as part of the segment information. It includes our corporate
services function.

8
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
4. SEGMENT INFORMATION (CONTINUED)
The segment information for the period ended 31 December 2025 is as follows:
InternationalSpecialistFreight & FuelWarehousingCorporateTotal
$000$000$000$000$000$000
6 months to 31 December 2024 (restated)
Total segment revenue 12,28310,46098,08731,008-151,839
Inter-segment revenue (312)(150)(2,779)(172)-(3,413)
Revenue from external customers
11,97110,31095,30830,836-148,426
Transport costs3,2993,08550,4374,202-61,023
Employee costs3,0292,99226,95414,4052,93550,316
Trading & Warehousing costs5,20122804726-6,753
Adjusted EBITDA (non-GAAP measure)(171)3,43210,3147,781(1,217)20,138
Depreciation2631,46510,5257,87032020,444
Adjusted EBT (non-GAAP measure)(298)1,892(2,462)(2,169)(3,028)(6,065)
Assets18,17719,848130,19293,7832,698264,699
Liabilities11,2975,886122,25894,35712,375246,173
Capital expenditure including intangibles56----56
6 months to 31 December 2025
Total segment revenue 14,9448,81597,26221,771-142,792
Inter-segment revenue (221)(140)(891)(140)-(1,392)
Revenue from external customers
14,7238,67596,37121,631-141,400
Transport costs2,0272,70352,181702-57,613
Employee costs2,8922,75624,35611,8572,58944,450
Trading & Warehousing costs6,57127720498-7,816
Adjusted EBITDA (non-GAAP measure)2,2872,50213,2266,050(681)23,384
Depreciation2621,4419,8556,80528318,646
Adjusted EBT (non-GAAP measure)2,0869981,451(2,523)(2,160)(148)
Assets17,76517,423106,66675,8192,029219,702
Liabilities8,8185,771103,94876,33714,248209,122
Capital expenditure including intangibles77358567836605
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 Freight & Fuel segment.

9
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT
5. BORROWINGS

As at the reporting period the Group’s borrowings consisted of the below:
31 December 2025
$000
30 June 2025
$000
Non-Current
Secured loan PIFNZ-13,476
Secured loan ANZ-4,427
-17,903
Current
Overdraft ANZ5061,557
Secured loan ANZ (Expiry 31 Aug 2027)5,8833,750
Secured loan PIFNZ (Expiry 30 Nov 2026)15,029-
21,4185,307
Total secured borrowings21,41823,210

During the period to 31 December 2025 the Group has reached agreement with the ANZ to extend its facilities through to
August 2027 and to vary the quarterly covenants and terms as below:
• Fixed Charge cover ratio > 1.0x at September 2025, 1.08x at December 2025, 1.15x at March 2026 and 1.25x at June
2026 and thereafter
• Net capital expenditure restricted to 110% of approved budget in FY26
• Guarantor coverage Assets >82.5%
• Guarantor coverage EBITDA >85%
• 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 Feb 2026 returning to 80% post Feb
2026
• Quarterly repayments of $1.25m in Dec 2025 and thereafter (December 2025 $1.25m transacted by ANZ on 2
Janruary 2026)
Subsequent to 31 December 2025 the Board signed an amendment with the ANZ to vary the financial covenants as below:
• Fixed Charge cover ratio > 1.15x from March 2026 to expiry of facility
• Net capital expenditure restricted to 110% of approved budget in FY26
• Guarantor coverage Assets >80%
• Guarantor coverage EBITDA >85%
• 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 Feb 2026 returning to 80% post Feb
2026
• Quarterly repayments of $750k in March 26 and thereafter
In addition to the amendment with ANZ the Board has also agreed a change in its Debtor funding partner from PIFNZ to
BNZ at the expiry of the current PIFNZ term (Nov 2026). The BNZ facility operates in the same way as the PIFNZ facility with
a facility limit of $22m and an expiry 31 August 2027.

10
MOVE LOGISTICS GROUP LIMITED INTERIM FINANCIAL REPORT

6. EVENTS AFTER THE REPORTING DATE

On 23 February 2026 the Group signed an amendment with the ANZ refer note 5.
On 26 February 2026 the Group signed a new contract with BNZ to replace the PIFNZ funding arrangement refer note 5.

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street,
PO Box 13-244, Christchurch 8141, New Zealand
T: +64 3 374 3000
pwc.co.nz
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 interim financial statements of Move Logistics Group Limited (the Company) and its
controlled entities (the Group), which comprise the consolidated interim balance sheet as at 31 December 2025, and
the consolidated interim statement of profit or loss & 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 selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim
financial statements of the Group do not present fairly, in all material respects, the financial position of the Group
as at 31 December 2025, 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 Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board (PES 1), as applicable to audits and reviews of public
interest entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1.
Other than in our capacity as auditor and assurance practitioner we have no relationship with, or interests in, 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 preparation and fair presentation of the interim financial statements
that are free from material misstatement, whether due to fraud or error.

2 PwC
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 responsible 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 (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.
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 Elizabeth Adriana
(Adri) Smit.

For and on behalf of:
PricewaterhouseCoopers Christchurch
26 February 2026

2 PwC
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 responsible 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 (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.
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 Elizabeth Adriana
(Adri) Smit.

For and on behalf of:
PricewaterhouseCoopers Christchurch
26 February 2026
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
MUFG Pension & Market Services (NZ) 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 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$141,400 (4.73%)
Total Revenue $141,400 (4.73%)
Net profit/(loss) from
continuing operations
($517) 93.96%
Total net profit/(loss) ($907) 89.82%
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
$0.05 $0.11
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

27 February 2026

Unaudited financial statements accompany this announcement.