MOVE FY25 Results for the year ended 30 June 2025

Company Announcement
29 August 2025

MOVE FY25 RESULTS FOR THE YEAR ENDED 30 JUNE 2025
Results reinforce positive momentum of transformation programme
• Retained revenue in a weak economy: $286.3m, -2.6%
• 61% improvement in normalised earnings (NEBT
1
) to $(10.0)m, up $15.7m on prior year
• Broad, structural reduction in operating expenses of ~$27m year on year
• Margin gains and earnings improvement across majority of businesses. Gross margin % the
highest in two years: 29.2%, +4.1 percentage points (pp). Gross margin dollars up 13.4%
• Net loss after tax
2
improved by $32.5m to $-15.6m, +67.6%
• Execution of transformation programme has MOVE on track to create value and deliver
positive normalised earnings in FY26.

Transport and logistics group, MOVE Logistics Group Limited (NZX/ASX: MOV), has today reported its
results for the year ended 30 June 2025 (FY25).
The company has delivered on its financial targets as it continues to make good progress on its
transformation plan. Normalised earnings before tax (NEBT) improved significantly and was up 61%
year on year (YOY), with 4Q25 being the strongest quarter in two years. MOVE also achieved positive
net adjusted operating cashflow, in line with its projections.
Chair of MOVE, Julia Raue, said: “The road to recovery is never easy, but we are executing at pace to
restore and build on the core strengths that have always defined MOVE, while laying the
groundwork for a new chapter. While there is still more to do, our work is making MOVE stronger
and we will be better positioned than many others in the market when demand returns.”
CEO, Paul Millward, commented: “Execution of our transformation programme has us on track to
create value and deliver positive normalised earnings in FY26. The Accelerate transformation plan
has been well executed by the team and we are now a far stronger organisation with most legacy
issues resolved. We have one year of the Accelerate programme remaining and are crystal clear on
what we need to do to realise the full value of MOVE for all stakeholders.
Transformation programme providing business resilience and momentum
As previously advised in MOVE’s preliminary results update:
Three of MOVE’s four businesses have delivered significantly improved normalised earnings. A
highlight has been the turnaround in MOVE’s Freight & Fuel business
3
, which delivered increased
revenue and improved gross margins. The division’s NEBT loss improved by 90% year on year,
moving to a positive Normalised EBT result in 4Q25.
The Specialist division remains a strong performer and the International business continues to
deliver steady results, with a continuation of the Oceans shipping pilot supported by recently
renewed contracts from foundational customers. Warehousing remains challenged with excess
market capacity and intensifying competitive and pricing pressure. A major reset of the business is

1
Normalised EBITDA (NEBT) and Normalised EBT exclude non-controlling interest and non-trading adjustments of $4.2m pre-tax related to
asset impairment, settlement & restructuring costs. FY25 EBITDA and EBT before adjustments was $38.8m and $(14.2)m respectively.
2
Attributable to owners of the company
3
Move’s Fuel business was transferred from Contract Logistics (now Warehousing) to the Freight segment in FY25. FY24 has been restated
accordingly.

taking place under new leadership. A strong commitment to customer partnerships and service
excellence has seen retention of key customers as well as new business wins which will commence
in 1H26.
A significant part of the transformation plan was to optimise MOVE’s network for the future. In line
with this, a new, modern Freight branch is being opened in Dunedin, and MOVE is exiting two under-
utilised warehouse sites with the majority of associated revenue consolidated into an existing site.
These changes will have a positive financial impact in FY26, primarily in H2 FY26.
Trading conditions
The trading environment remained challenging throughout FY25, as the economic recovery stalled,
with continued cost pressures, slowing volumes and increased competitive intensity.
Cost of living pressures, rising unemployment and high interest rates impacted on consumer spend,
with a flow on effect on freight and warehouse demand across the sector. Inflation moderated,
however cost pressures remain. Disruption to inter-island transport due to ageing ferries and
increasing out-of-service, as well as road, rail and ferry disruption from regional flooding and
extreme weather events also impacted during the year.
FY25 financial performance
Sales revenue of $286.3m was relatively flat YOY in a weak economy as MOVE continues to retain
and win customers on the back of customer service delivery and its national offer.
The broad cost out programme has delivered a sustainable ~$27m reduction in operating expenses,
comprising labour savings of ~$15m and a further $12m in cost out and efficiencies.
Gross margin improved strongly despite the relatively flat revenue result, highlighting the
effectiveness of the cost out and efficiency programme and creating stronger operating leverage for
when demand recovers. Gross margin percentage was up 4.1pp YOY, with gross margin dollars up
13.4%.
Normalised earnings growth was seen across all businesses except Warehousing, with a re-set
programme in place for this business. MOVE has now delivered four consecutive quarters of
improving Normalised Earnings Before Tax (NEBT) including its strongest NEBT quarterly result in the
past two years in 4Q25. This resulted in a YOY 61% earnings improvement (+$16m) to $(10)m.
Operating cashflow benefitted from improved operating results and disciplined working capital
management and was up 35% to $25.3m, with adjusted net operating cashflow of $0.3m.
MOVE’s net loss after tax
4
reduced by $32.5m to $(15.6)m with consistent improvement across the
year.
$Millions FY25 FY24
Sales Revenue 286.3 293.9
Total Income 288.7 301.7
Normalised EBITDA
1
42.1 27.6
Normalised EBT
1
-10.0 -25.7
NLAT
2
-15.6 -48.1
Operating cashflow 25.3 18.7
Net Debt 16.7 17.0

4
Attributable to owners of the company

Outlook
The focus on gross margin has created a strong foundation, with the full benefits of the cost out
programme to be realised in FY26. A lift in market activity and customer demand, combined with
improvements from transformation plan, will enable earnings growth and the company remains on
track to return to positive normalised EBT in FY26.
Paul said: “With one year of the Accelerate programme remaining, we are now moving from cost out
to value creation. We have a passionate and expert team who deliver for MOVE’s customers every
day and we are focused on winning in market to create revenue and margin growth.
“Our four year New Horizons roadmap sets out our pathway to FY28 as we focus on achieving our
goals and becoming the preferred logistics provider in New Zealand. While there is more work
ahead, we are confident that the changes underway are laying the groundwork for a stronger,
profitable and more resilient business.
“The New Zealand freight and warehousing industry is estimated to be worth more than $10 billion.
At MOVE, we are working hard to build our share of this market and ensure we are the preferred
provider for New Zealand businesses.“
While the timing and speed of an economic recovery remains uncertain, MOVE is positioned well
with a rightsized business providing broad and relevant propositions across the freight and logistics
sector - underpinned by a lower cost base, national network, a great team and strong customer
partnerships.
Investor webcast and call details
Friday 29 August 2025 at NZST 11am.
To register for and watch the live webcast: https://ccmediaframe.com/?id=vtEmgWDP
To register for the conference call: https://s1.c-conf.com/diamondpass/10048784-j8u7y6.html
More information on MOVE’s FY25 results and performance is provided in the Investor 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
FY25 RESULTS
29 August 2025
Paul Millward, Chief Executive Officer
Lee Banks, Chief Financial Officer

Disclaimer
FY25 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
•FY25 at a glance
•Accelerate transformation progress
•Business performance
•Financial results
•Looking forward
•Q&A
FY25 Results Presentation
3
3

4
MOVE is one of the largest domestic freight, warehousing
and logistics solutions providers in New Zealand
Our vision:
To be the preferred freight
and logistics company in
Aotearoa New Zealand
Our mission:
To keep our customers
moving
FY25 Results Presentation

FY25 Results Presentation5
Delivered on financial targets
Normalised Earnings Before Tax (NEBT)
significantly ahead of prior year
Achieved positive net adjusted operating cashflow
Good progress being made, more to do to realise
full value for shareholders, clear plan in place

FY25 Financial Highlights
Results reinforce momentum of transformation programme
FY25 Results Presentation
6
REVENUE
RETAINED REVENUE IN WEAK
ECONOMY
Focus on delivering for
customers in highly competitive
market
Revenue -2.6%
$286.3m
EARNINGS
1
SIGNIFICANT IMPROVEMENT IN
NORMALISED EBT (NEBT)
Step change in FY25; 4Q25 the
strongest quarter in two years
Normalised EBT
2
+61.1%
$(10.0)m
EBT +68.7%
$(14.2)m
GROSS MARGIN
2H GROSS MARGIN % THE
HIGHEST IN TWO YEARS
Positive gross margin expansion
in a tight revenue environment –
driven by broad cost out and
efficiency programme
GM$ +13.4%
$83.5m
GM% +4.1pp
3
29.2%
Percentage changes vs FY24
1.Includes $(1.1)m vessel disposal costs
2.Normalised EBT excludes non-controlling interest and non-trading adjustments. See Appendix slide for more detail
3.PP – percentage points

The Accelerate Transformation Programme
Two year programme launched June 2024 – significant progress being delivered
7
Costs Down
Productivity Up
RECALIBRATE THE BUSINESS
Increase Revenue
Improve Margins
PROFITABLE REVENUE
GROWTH
Stronger Balance Sheet
Improve Cashflow
BALANCE SHEET RESILIENCE
•Cost out and efficiency focus
with ongoing discipline
•Priority focus on excellent
customer service
•The right people, resources and
capacity to match customer
activity
•Route optimisation – reducing
costs and improving efficiency
•Network footprint matched to
demand
•Retained sales revenue in a
weak economy
•Grew customer base despite
adverse competitive
environment
•Renewed strategic customer
partnerships
•Delivering on Freight & Fuel
improvement plan – 90%
increase in NEBT yoy
•Gross Margin +4.1pp
•Divested surplus/aged assets
•Renewed banking
arrangement, strong
partnership with ANZ
•Funding arrangement with
Pacific Invoice Finance
supporting working capital
requirements
FY25 Results Presentation

Accelerate Progress: One year in
Positive momentum on transformation, clear forward action plan
Strengthened leadership team
-Paul Millward as CEO from August 2024
-Key business GM positions filled from early 2025
Clear transformation plan well embedded
-People, Oceans and Cost & Value workstreams completed
-Phase 2 underway – Value Creation & Efficiency
Strong gross margin expansion plan in place
-GM% increase of 4.1pp in FY25
-~$27m cost reduction in FY25
Rightsizing network, fleet and assets
-Divestment of surplus/aged assets
-Warehousing identified 2 sites for exit; new Dunedin freight
branch planned, further opportunities identified
Strengthened balance sheet-Renewed funding arrangements in place
Customer service excellence
-Retained key customers, building on existing customer
relationships, emerging new business growth
Freight & Fuel turnaround-Increasing revenue and margins, 90% improvement in NEBT
Reduced Board size-Focused on business delivery and outcomes
8

Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Total Sales Revenue
Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Gross Margin %
Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Gross Margin $
Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Normalised Earnings Before Tax (NEBT)
Positive momentum under transformation plan
4Q25 quarterly earnings (NEBT) the strongest in two years
FY25 Results Presentation9
+4.1pp yoy
+13.4% yoy
+61.1% yoy
-2.6% yoy

BUSINESS PERFORMANCE
10

Operating backdrop during FY25
Economic recovery stalled; headwinds persist
Economic environment
•Biggest recessionary environment since early
1990s
•Global uncertainty affecting exports and business
confidence
•High interest rates impacting business investment
•Cost of living pressures, rising unemployment and
interest rates all impacting consumer spend and
reducing freight and warehouse demand
FY25 Results Presentation11
Cost pressures
•Inflation moderating, however, cost pressures
remain, particularly for fuel and other operational
expenses
Infrastructure and weather events
•Disruption to inter-island transport due to
ageing ferries and increasing out-of-service
•Road, rail and ferry disruption from regional
flooding and extreme weather events
Sector
•Reduced demand putting pressure on volumes and
aggressive pricing strategies
The transformation programme is providing resilience and positioning MOVE strongly for economic upswing

Freight and Fuel
Significant NEBT improvement now being delivered.
Four consecutive quarters of earnings and GM% growth
•Jeff Vincent commenced as GM in January 2025
•YOY revenue growth despite low demand and a competitive
market
•Gross margin improvement - momentum over four consecutive HYs
•90% improvement in NEBT loss
•Positive NEBT in 4Q25 - first time in two years. Driven by gross
margin expansion (revenue growth + cost out and efficiencies)
•Stronger partnerships with key customers; winning new business
•Priority focus on utilisation and operational efficiency delivering
good improvements, particularly in 2H25
•Better use of data driving business insights and decisions
•Fuel service continues to perform well, with strong foundational
customer partnership
FY25 Results Presentation
12
177.7
188.8
FY24FY25
NZ$m
Revenue
-17.0
-1.7
FY24FY25
NZ$m
Normalised EBT
Revenue: $188.8m
Normalised EBT: $(1.7)m
Fuel business transferred from Contract Logistics
(now Warehousing) to Freight segment in FY25.
FY24 has been restated to include Fuel.

Warehousing
FY25 Results Presentation
13
Reset of business underway with new leadership. Well positioned to
deliver quality, cost effective solution with national network and
integrated freight offer
•Poor result in a challenging market - revenue, earnings and margin
squeeze driven by excess sector capacity, weak demand and
intensifying competitor and pricing pressure
•Marc Blackburn commenced as GM in February 2025
•Focus on customer partnerships, service excellence and productivity:
•Strong improvement in Picked In Full, Delivered on Time
•Retention of key customers and new business commencing 1H26
•Rightsizing teams and sites to match workflow demands
•Robust processes and controls alongside enhanced reporting
Revenue: $53.7m
Normalised EBT: $(5.8)m
80.0
53.7
FY24FY25
NZ$m
Revenue
-1.0
-5.8
FY24FY25
NZ$m
Normalised EBT
Fuel business transferred from Contract Logistics
(now Warehousing) to Freight segment in FY25.
FY24 has been restated to exclude Fuel.

Specialist
Consistently strong performance with healthy pipeline of work in
place.
•YOY increases in revenue, earnings and margin
•Soft market activity continuing, particularly affecting construction
and infrastructure projects. Some projects moved into FY26 year
•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
FY25 Results Presentation14
Revenue: $18.2m
Normalised EBT: $2.3m
17.0
18.2
FY24FY25
NZ$m
Revenue
0.5
2.3
FY24FY25
NZ$m
Normalised EBT

International
Oceans business (trans-Tasman shipping) building momentum
with strong customer partnerships; Freight forwarding and
other services down YOY
Oceans
•Moved to time charter model with faster, larger vessel -
commencing from September 2024. Delivering increased
reliability and capacity
•Foundational contracted customers, utilising the majority
of capacity with strong interest outside of the existing
customer base
•Includes $1.1m in costs relating to disposal of the Atlas
Wind. Excluding these costs, Normalised EBT would be
$1.4m
Other International services
•Lower market activity impacting demand, particularly in
Australia, which has softened revenues and impacted
margins
FY25 Results Presentation15
Revenue: $25.7m
Normalised EBT: $0.3m
FY25 includes $1.1m costs related to disposal of Atlas Wind vessel
19.1
25.7
FY24FY25
NZ$m
Revenue
-2.2
0.3
FY24FY25
NZ$m
Normalised EBT

16
FINANCIAL RESULTS
FY25 Results Presentation

FY25 Group Summary
FY25 Results Presentation17
Margin gains and earnings improvement
across majority of businesses
•YOY improvement in earnings, margins and
operating cashflow
•Delivered on FY25 financial targets
•Structural benefits and value from
transformation plan being realised
•Retained sales revenue in face of weak market
•61% improvement in Normalised EBT, up
$15.7m on prior year
•Net Loss After Tax improved by $32.5m
Results include $1.1m cost related to disposal of Atlas Wind vessel
$MillionsFY25FY24
Sales Revenue
286.3293.9
Total Income
288.7301.7
Normalised EBITDA
1
42.127.6
Normalised EBT
1
-10.0-25.7
NLAT
2
-15.6-48.1
EPS (cents)
-12.21-37.66
Operating Cashflow
25.318.7
Net Debt
16.717.0
1.Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments
of $4.2m pre-tax related to asset impairment, settlement & restructuring costs. FY25 EBITDA and EBT
before adjustments was $38.8m and $(14.2)m respectively
2.Attributable to owners of the company

Broad, structural reduction
in operating expenses
~$27m reduction in operating
expenses YOY
Structural cost out programme delivering
value:
•People cost savings of ~$15m
•Reduced transport costs as a percentage
of Freight revenue (down 5.1pp)
•Strong focus on overheads and
efficiencies generating approx. $12m in
saving
•Large proportion of property lease costs
are fixed
•Trading costs are primarily the shipping
operating costs
FY25 Results Presentation
18
274.0
-15.5
-14.9
-0.4
6.5
-3.1
246.7

Gross Margin
Gross Margin %: +4.1pp
Gross Margin $: up 13.4%
•YOY improvement in gross margin % and $,
despite relatively flat revenue result
•Driven by effective cost out and efficiency
programme
•Creating stronger operating leverage for when
demand recovers
•Increased activity will drive further gross
margin expansion
17.9
19.5
18.8
17.4
20.3
22.8
20.1
20.3
Q1Q2Q3Q4
Gross Margin $
FY24FY25
FY25 Results Presentation
19
YOY Quarterly Gross Margin Improvement
22.9
24.4
27.0
26.5
28.7
29.3
29.2
29.4
Q1Q2Q3Q4
Gross Margin percentage
FY24FY25

Improvement in earnings
Normalised EBT +61%, EBT +69%
FY25 Results Presentation20
Strongest quarterly NEBT result in 2 years
•Four consecutive quarters of NEBT
improvement
•Focus on structural cost out, productivity and
efficiency driving gains
•Three of four businesses delivering improved
revenue and NEBT; Warehousing the
exception with re-set underway
FY25 Normalised EBT excludes non-controlling interest and non-trading adjustments
of $4.2m pre-tax related to asset impairment, settlement & restructuring cost (FY24:
$19.7m). Further details included in appendix to this presentation.
-45.3
19.7
-25.7
15.3
-4.8
2.5
1.8
0.8
-10.0
-4.2
-14.2
FY24 EBT
Non
-
trading adjust
FY24 Normalised EBT
Freight/Fuel
Warehousing
International
Specialist
Corporate
FY25 Normalised EBT
Non
-
trading adjust
FY25 EBT
$M

Funding and capital
•Successful new funding partnerships established in August 2024 - combination of bank
facility and invoice finance funding – combined facility of up to $33m
•February 2025 - extended our bank facility to August 2026, strong partnership with ANZ
•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/aged fleet being a focus
•Continued strong working capital ratio
FY25 Results Presentation21

LOOKING
FORWARD
22

Our Goals
FY25 Results Presentation23
MEASURES OF SUCCESS
•Safety-first culture
•High engagement
•Positive culture and
behaviours
•Retention of key talent
•Productivity
•Customer satisfaction
•DIFOT/PIFOT
•Cost to serve
•Continuous
improvement
•Retaining key customers
•New business growth
•Route profitability
•Network footprint
optimisation
•Strategic asset
allocation
•Collaboration
•Profitable revenue growth
•Gross margin
•EBT Margin
•Cost control
•Balance sheet strength
•Increased shareholder
value
A STRONG
TEAM THAT
DELIVERS
EFFECTIVE
USE OF OUR
ASSETS
FINANCIAL
STRENGTH
AND VALUE
CREATION
DELIGHT
OUR
CUSTOMERS

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
•Win in market
•Quality customer experience
and value leading to growth
•High performing network and
operational excellence
•Match-fit team
•Leveraging digital & data
•Strategic partnerships
•Robust financial performance
•Enduring customer partnerships
•Strong competitive position
•Market reputation & brand
strength
•Winning market share
•Maximise new opportunities
FY25 Results Presentation24
FOUNDATIONS
Passionate &
Capable People
Valuable Customer
Partnerships
Operational
Excellence
Strong Financial
Performance

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
FY25 Results Presentation
25
•Excellent customer
service and value
•Smart revenue
growth
•Competitively
positioned
WINNING
WITH
CUSTOMERS
STRONG FOUNDATIONAL PLATFORM WINNING IN MARKET

Market outlook
•Economy remains soft, timing and speed of economic recovery unclear, improvement expected in 2026
•Long term macro drivers remain positive
Moving from cost out to value creation focus in FY26
•Transition from Re-set to Step Up
•Progress underpinned by clear four-year roadmap, lower cost base and strong customer partnerships
•Full benefit of significant structural cost out to be realised
•Culture of commercial rigour and accountability embedded in business
•Assertive focus on winning in market to deliver revenue and margin growth
•Lift in market activity and customer demand, combined with improvements from transformation plan,
will enable earnings growth
•Passionate and expert team who deliver for MOVE’s customers every day
FY26 Outlook
On track to achieve FY26 target: Return to positive normalised EBT
FY25 Results Presentation26

FY25 Results Presentation27
APPENDICES

Financial Measures
$MillionsFY25FY24
Net profit/(loss) before income tax (GAAP measure)(14.2)(45.3)
Add back:
Restructuring and settlement costs3.32.4
Goodwill and asset impairment.917.2
Normalised EBT
(excluding non-trading items, non-GAAP measure)
(10.0)(25.7)
Finance costs (net)11.310.2
Depreciation & Amortisation40.843.1
Normalised EBITDA
(excluding non-trading items, non-GAAP measure)
42.127.6
FY25 Results Presentation28
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, tax and non-
trading costs
•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
$MillionsFY25FY24
Cash from operating activities
25.318.7
Lease principal payments
(31.0)(29.5)
Net cash from operating activities, less lease payments
(5.6)(10.8)
Adjustments: Tax/Loan Interest/Settlements/Restructuring
6.04.9
Adjusted net operating cashflow
0.3(5.9)

NZ Freight and Logistics Market Size
Est. $16 billion-plus by 2029
Freight
Warehousing
Specialist
Fuel
Other
FY25 Results Presentation
29
Estimated market size (revenue); Road freight, total Warehousing & Storage,
other markets; Estimates based on publicly available projected CAGR to 2029
Road freight 2025 estimated market size
$10.2 billion
Projected CAGR 5.7%
Warehousing & storage 2025 estimated market size
$1.2 billion
Projected CAGR 4.5%

Weak economy impacting revenue
Approx. 70% of MOVE’s top 20 clients are in the Retail sector
FY25 Results Presentation30
-5
-4
-3
-2
-1
0
1
2
3
4
5
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Quarterly GDP Growth %
20000
22000
24000
26000
28000
30000
Mar-21Mar-22Mar-23Mar-24Mar-25
Retail Sales
Actual volumesLinear (Actual volumes )
60
70
80
90
100
110
Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25
Consumer Confidence
Sources: Statistics NZ, Westpac McDermott Miller Consumer Confidence
0
1
2
3
4
5
6
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Apr-25
Jul-25
RBNZ Official Cash Rate

FUELSSPECIALIST
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 –
we can move anything.
MOVE makes logistics easy for customers
End to end supply chain and logistics management
FREIGHTWAREHOUSINGINTERNATIONAL
We are one of the
largest domestic
freight providers in
New Zealand. Our
services include
general freight,
primary produce,
project cargo
and full truck loads.
We offer contracted
solutions for customers
including warehousing
and supply chain
capability. Our
warehouses are central
to main routes and
easy for port access.
We are global logistics
Specialists and
provide international
freight forwarding
and shipping agency
services across a broad
range of industries.
Our trans-Tasman
shipping service adds
another valued service
to our offer.
31
3PL PROVIDERMARKET LEADER IN SPECIALISED SERVICES
FY25 Results Presentation

FY25 Results Presentation32
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

Our leadership team has broad and deep experience
33
Paul Millward
Interim CEO
Lee Banks
CFO
Anthony Browne
GM Oceans
Jeff Vincent
GM Freight
Marc Blackburn
GM Warehousing
Nick Ward
GM Technology
Steph Rigter
GM People & Culture
Warwick Bell
GM Specialist Lifting
Ricky Clark
GM Sales
FY25 Results Presentation

MOVE Oceans
Trans-Tasman shipping
FY25 Results Presentation
34
•MV Brio Faith completes a monthly
service trans-Tasman NZ/AU
•7 core port calls
•5,650 nautical miles covered each
schedule
•9,032 dead-weight-tonne vessel
•7,800 tonne of cargo capacity
•3 anchor customers recently renewed

---

Annual Report 2025

Contents
4 WHAT WE DO
6 PERFORMANCE
FY25 Snapshot
Letter from the Chair
CEO’s Report
New Horizons Four Year Roadmap
FY26 Priorities
16 BUSINESS PERFORMANCE
24 WHAT MATTERS
Our People
Environment
Customers and Community
Leadership and Board
Financial Measures
Governance Report
44 FINANCIALS AND DISCLOSURES
Financial Statements
Notes to the Financial Statements
Auditor’s Report
Remuneration Report
Statutory Information
Directory

Reconnecting with
what makes MOVE great
The road to recovery is never easy, but
we’re acting decisively to build on our
core strengths and lay the foundations
for a bold new chapter.
While there is still work to do, we’re
making steady progress as we reshape
and strengthen our business, with a
commitment to deliver value for our
shareholders. This report highlights
our progress - reflecting where we
are today and the momentum we’re
building for the future.
As we continue to execute our
turnaround, we remain deeply grateful
for our shareholders’ support and
commitment as we work towards
new horizons and a more resilient,
sustainable future.
Building on our core strengths:
A heritage of more than
150 years
A passionate team committed
to our customers
End to end
supply chain experts
Operational capability and the
scale to compete
National reach, local heart
1
ANNUAL REPORT 2025

Delivering
at scale
When people work together with respect
and shared purpose, great things happen.
We team up with our customers to deliver
reliable, safe, and smart solutions – creating
long-term impact through genuine
collaboration and operational excellence.
Creating an end-to-end
nationwide network solution
with Z Energy
Since 2009, MOVE and long-term customer Z Energy
(Z), one of Aotearoa New Zealand’s leading transport
energy providers, have worked to create an end-
to-end nationwide network solution – providing fully
managed delivery, stock oversight and skilled driver
resources across the country.
Through our strong relationship with Z, we are proud to
deliver fuel from Z’s terminals to its nationwide network
of over 500 retail sites (including Caltex and most
recently, U-GO branded sites) and truck stops. Last
year, 58 MOVE trucks moved over 2 billion litres of fuel
and made over 68,000 deliveries across the Z network
with a 99.7% delivery success rate.
At MOVE, we continue to invest in a modern and
fuel-efficient fleet to support the reduction of our
operational emissions. For our work across the Z
network, we are focusing on the use of high productivity
motor vehicles HPMVs and route optimisation.
MOVE is also continuing to explore the viability of
emerging technologies, such as alternative fuels and
electrification, that could support the reduction of our
operational emissions whilst still allowing us to deliver a
safe and reliable service for our customers.
2

ANNUAL REPORT 2025
3

What we do
3PL PROVIDER
MARKET LEADER IN
SPECIALISED SERVICES
FREIGHTWAREHOUSINGINTERNATIONALFUELSSPECIALIST
We are one of the
largest domestic
freight providers in
New Zealand. Our
services include
general freight,
primary produce,
project cargo and
full truck loads.
We offer
contracted
solutions for
customers
including
warehousing
and supply chain
capability. Our
warehouses are
central to main
routes and easy
for port access.
We are global
logistics
specialists
and provide
international
freight forwarding
and shipping
agency services
across a
broad range of
industries. 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 –
we can move
anything.
We make logistics easy for our customers
MOVE is one of New Zealand’s largest providers of domestic freight, warehousing
and logistics solutions, with a clear vision to be the preferred partner in the
industry. We are driven by our mission to keep our customers moving through a
reliable, competitive and scalable service.
Our strengths lie in our national network, regional reach, operational capability
and logistics expertise across the entire supply chain. We prioritise strong
customer partnerships and our team are focused on positive customer outcomes.
We are committed to delivering excellence across New Zealand, ensuring our
customers’ needs are met with care and precision.
4

TEAM
832 team members
22% female
78% male
56% based outside of Auckland
NETWORK
39 branches, warehouses, depots,
crossdocks and support offices
across New Zealand
500+ trucks
96K m² warehouse capacity
CORPORATE
NZX and ASX listed: MOV
1,824 shareholders
96.8% New Zealand holders
As at 30 June 2025
FREIGHT
Main Trunk Rail Line
Cook Strait Ferry
MOVE Trans-Tasman

Shipping Service
WAREHOUSING
OCEANS
FUEL
SPECIALISED LIFTING
& TRANSPORT
National reach, local heart
Our national network is founded
on the legacy of trusted regional
businesses, brought together to
provide a connected MOVE
network that continues to serve
local communities today. It’s this
heritage of care and reliability that
helps us build lasting partnerships
with our customers.
5
ANNUAL REPORT 2025
WHANGAREI
TAURANGA
AUCKLAND
HAMILTON
NEW PLYMOUTH
WHANGANUI
NELSON
WESTPORT
CROMWELL
INVERCARGILL
DUNEDIN
TIMARU
ASHBURTON
CHRISTCHURCH
BLENHEIM
WELLINGTON
MASTERTON
HASTINGS
PALMERSTON NORTH

FY25 performance snapshot
RECALIBRATE
THE BUSINESS
PROFITABLE REVENUE
GROWTH
BALANCE SHEET
RESILIENCE
• Broad cost out programme
delivering ~$27m reduction in
operating expenses
• Priority focus on excellent
customer service
• Rightsized the network,
maintaining national reach at
lower cost
• Ensured we have the right
assets and people in the right
place to match customer
activity
• Route optimisation – reducing
costs and improving efficiency
• Strengthened leadership team
and rightsized Board
• Retained sales revenue in a
weaker economy
• Grew customer base
despite adverse competitive
environment
• Renewed strategic customer
partnerships
• Four quarters of consecutive
improving Normalised
Earnings Before Tax (NEBT);
4Q25 delivered strongest
quarterly NEBT in two years
• Strong improvement in gross
margin despite flat revenue
result, highlighting the
effectiveness of the cost out
and efficiency programme
• Delivering on Freight & Fuel
business improvement plan
with increased revenue,
margins and earnings
• Operating cashflow benefiting
from improved operating
results and disciplined working
capital management
• Divested surplus/aged assets
• Disciplined management of
capital expenditure, while
continuing to renew the fleet
and equipment
• Successful new funding
arrangement established in
August 2024
• Extended term on ANZ facilities
in Feb 2025
This year our focus has been on transforming and
strengthening our business under our two year Accelerate
programme. We are seeing good momentum as we position
ourselves to move from ‘reset and cost out’ to value creation.
6

0.3
-5.9
Delivered on financial targets
• Significant improvement in normalised EBT
• Delivered positive adjusted net operating cashflow
SALES REVENUE
$286.3m
Down 2.6%
NLAT
2

$(15.6)m
Loss reduced by $32.5m
OPERATING CASHFLOW
$25.3m
Up 35%
NEBT
1
$(10.0)m
Improved 61%
NET DEBT
$16.7m
Flat year on year
ADJUSTED NET OPERATING CASHFLOW
3

$0.3m
Achieved target
286.3
293.9
-15.6
-48.1
25.3
18.7
-10.0
-25.7
16.7
17.0
FY25
FY24
FY25
FY24
FY25
FY24
FY25
FY24
FY25
FY24
FY25
FY24
0.3
1
Normalised Earnings Before Tax (NEBT) exclude non-controlling interest and non-trading adjustments of $4.2m pre-tax related to
asset impairment, settlement & restructuring costs. FY25 EBT before adjustments was $(14.2)m.
2
Attributable to owners of the company
3
Adjusted Net Operating Cashflow is operating cashflow including fixed rent and lease payment, less loan interest and tax and non-trading costs.
7
ANNUAL REPORT 2025

From the Chair
This year, the accolades must go to our
people. In a challenging environment,
they have stepped up and their energy,
adaptability and drive continue to be
our company’s greatest asset. As we
have progressed the turnaround of
our business, we’ve reconnected with
what makes this company great: a
strong, capable team with deep local
roots and a shared determination
to get the job done. The positive
momentum we are seeing today
is a reflection of their dedication,
effort, energy and care.
Julia Raue, Chair
8

FY25 was a year of significant transformation as we
moved with purpose to reset the business for long-
term success. The scope and scale of work delivered
under our transformation programme has been
considerable, touching every part of the organisation.
We are conscious of the impact this has had on our
people as we have rightsized our organisation and
reduced our cost base.
With one year of the Accelerate programme left to run,
we are now moving from cost out to value creation.
While we’re encouraged by the progress made and
the improving results, we acknowledge there is still
work to do. Performance is not yet where it needs
to be, but momentum is building as we continue to
execute our turnaround strategy.
We are positioning MOVE to be the provider of choice
for New Zealand businesses, with the people and the
capability to deliver for our customers. We believe the
work we have been doing is making MOVE stronger
and we will be better positioned than many others in
the market when demand returns. Alongside MOVE’s
new leadership, we have developed a four-year
roadmap, laying out a clear actionable plan as we
build a stronger, smarter business.
Strengthened leadership
The appointment of Paul Millward as interim CEO
from September 2024 was a key milestone and the
Board was delighted when he took up the permanent
role in February this year. Paul has brought fresh
energy to the business and a strong commitment to
delivering meaningful change. He has strengthened
the leadership team with new appointments in critical
business management roles and is leading with
purpose and commercial rigour as we shift our focus
from turnaround to value creation.
Financial performance
We continued to operate in a challenging trading
environment throughout FY25, with cost pressures,
slowing volumes and increased competitive
intensity. In particular, we have seen reduced
customer demand and volumes as their consumers,
in turn, buy less. We retained revenue in a weak
trading environment, delivered significant earnings
improvement and were pleased to see our margins
continue to lift as a result of the cost out and efficiency
programme, despite relatively flat revenue.
We achieved both our financial targets for the year,
with a significant 61% improvement in normalised
earnings, and delivery of positive adjusted net
operating cashflow.
The Board continues to closely monitor capital
requirements and balance sheet flexibility to ensure
transformation opportunities can be maximised. We
have a prudent approach to capital expenditure and
will invest in equipment as required, as we sell off older
or surplus assets. MOVE established a new funding
partnership in August last year and in February this
year, we extended our bank facility to August 2026.
Whilst our overall results are still not where we want
them to be, with a reported loss
4
of $(15.6)m for the
year (which was a $32.5m improvement on the prior
year), we are seeing positive momentum and traction
starting to be made.
Governance
As a Board, we remain committed to delivering long-
term value for shareholders while staying true to our
purpose. Over the past year, we have adapted our
Board composition and size as we progressed through
the first stage of the Accelerate programme. Long
standing Directors - Lorraine Witten, Mark Newman
and Grant Devonport - all stepped down in the last
year, alongside Gregory Kern who was appointed
for a short time following a request from substantial
shareholders. I was honoured to be asked to take on
the role of Chair in June 2024 and would like to express
my appreciation for the support of both past and
current Directors over the past 12 months.
While the Board believes that five Directors is
appropriate for a company the size and scale of
MOVE, the recruitment of additional Directors has been
paused while the business transformation is underway.
The Board is confident that the current Directors have
the skills to oversee the turnaround of MOVE and
that the reduced size and cost savings will benefit
shareholders during this period.
Looking ahead
The New Zealand freight and warehousing industry is
estimated to be worth more than $10 billion. At MOVE,
we are working hard to build our share of this market
and ensure we are the preferred provider for
New Zealand businesses.
Central to achieving our goal is our four-year New
Horizons roadmap. While there is more work ahead, we
are confident that the changes underway are laying
the groundwork for a stronger, profitable and more
resilient business.
As a Board, we remain focused on delivering value
for shareholders while ensuring the business is well
positioned to meet the future with confidence. We’ve
achieved sizeable and meaningful change and are
clear about the work that needs to be executed over
the coming year.
We appreciate your continued support and look
forward to building on this momentum in the
year ahead.

Julia Raue
Chair
4
Attributable to owners of the parent.
9
ANNUAL REPORT 2025

CEO’s Report
I am pleased to report to
shareholders following eleven
months as CEO. FY25 has been a
defining year for MOVE — a year of
hard work and meaningful progress.
Focusing on the goals and priorities
set in late FY24, we launched and
began delivering a wide-reaching
transformation programme
to recalibrate the business,
strengthening the foundations
and setting a clear path
for sustainable growth.
Paul Millward, Chief Executive Officer
10

The recessionary economy in FY25 did us no favours as
tough trading conditions continued to bite, with lower
volumes and intensifying competition putting
pressure on margins. Despite this, we’ve made good
progress – rightsizing our business, significantly
reducing costs and driving gross margin expansion.
I want to acknowledge and thank the team for being
open to change and for their dedication to achieve this
progress.
Financial performance
While our financial results are still not where they need
to be, the improvement and momentum seen in FY25
gives me confidence that we are on the right track with
our transformation programme.
We delivered on our targets with Normalised Earnings
Before Tax (NEBT) significantly ahead of prior year; and
positive net adjusted operating cashflow.
Sales revenue was retained in a weak economy and we
continue to retain and win customers on the back of
customer service delivery and our national offer.
The broad cost out programme has delivered a
sustainable ~$27m reduction in operating expenses,
comprising labour savings of ~$15m and a further $12m
in cost out and efficiencies.
Gross margin improved strongly despite the flat
revenue result, highlighting the effectiveness of the
cost out and efficiency programme. Gross margin
percentage was up 4.1 percentage points year on year,
with gross margin dollars up 13.4%.
Normalised earnings growth was seen across all
businesses except Warehousing, and we have a re-set
programme in place for this business. MOVE has now
delivered four consecutive quarters of improving NEBT
including our strongest quarterly result in the past
two years in 4Q25. This resulted in a year on year 61.1%
improvement (+$15.7m) to $(10)m.
Operating cashflow benefitted from improved
operating results and disciplined working capital
management and was up 35% to $25.3m, with adjusted
net operating cashflow of $0.3m.
MOVE’s net loss after tax reduced by $32.5m to
$(15.6)m with consistent improvement across the year.
Operational performance
A highlight for the year has been the turnaround
in MOVE’s Freight & Fuel business
5
, which delivered
increased revenue and improved gross margins. The
division’s NEBT loss improved by 90% year on year,
moving to a positive NEBT result in 4Q25.
The Specialist division remains a strong performer,
supported by a multi-year pipeline of activity. The
International business continues to deliver steady
results, with a continuation of the Oceans shipping
pilot supported by recently renewed contracts from
foundational customers.
Warehousing remains challenged with excess market
capacity and intensifying competitive and pricing
pressure. A major reset of the business is taking
place under new leadership. A strong commitment
to customer partnerships and service excellence
has seen retention of key customers as well as new
business wins which will commence in 1H26.
A significant part of the transformation plan was to
optimise MOVE’s network for the future. In line with this,
we are moving to a new, modern Freight branch in
Dunedin, and are exiting two under-utilised warehouse
sites with the majority of associated revenue
consolidated into an existing site. These changes will
have a positive financial impact in FY26.
You can read more on each of our businesses and
their performance on pages 16 - 23.
Our people
An important path in transforming our business
has been to ensure we have the right people in the
right places to deliver for our customers. Making the
decision to reduce roles is one of the hardest things
we face as a business, and we do not take it lightly. In
the face of ongoing economic pressure, we’ve had to
make difficult choices to ensure the long-term health
of the business — but we approached each decision
with care, compassion and responsibility. I want to
acknowledge and thank those who have left us for
their contributions.
Against this backdrop, our people have stepped up.
Their commitment, resilience, adaptability and drive
have been critical in keeping our business moving and
our customers well served.
5
MOVE’s Fuel business was transferred from Contract Logistics (now Warehousing) to the Freight segment in FY25. FY24 has been restated accordingly.
11
ANNUAL REPORT 2025

CEO’s Report
Our transformation is not just about systems and
structure — it’s also about mindset and culture. We’re
working hard to further embed positive behaviours
and build a high-performance culture, while ensuring
our people feel empowered and supported. Strong
culture drives strong results, and this will remain a
key priority.
A focus area has been leadership development to
help unlock the full potential of our people and our
business. I’m committed to ensuring this reaches all
levels of the organisation.
Opportunities amidst disruption
With around $30 billion in freight crossing the
Cook Strait each year, the retirement of the only
rail-enabled ferry in 2025 will significantly reduce
capacity until new vessels arrive in 2029. Our South
Island logistics hubs are well positioned to support
customers during this period, helping them anchor
their distribution locally and reducing cost, risk and
supply chain complexity. Our scalable infrastructure
and responsive team are ready to meet demand
— reinforcing our strategy to deliver certainty where
and when it’s needed most.
Outlook
We are very clear about the work we still need
to do to deliver the value and performance our
shareholders expect from us. Our four year New
Horizons roadmap sets out our pathway to FY28 as
we focus on achieving our goals and becoming the
preferred logistics provider in New Zealand.
With one year of the Accelerate programme
remaining, we are now moving from cost out to value
creation. The focus on gross margin has created a
strong foundation, with the full benefits of the cost
out programme to be realised in the current year.
The company remains on track to return to positive
normalised EBT in FY26.
While the timing and speed of an economic recovery
remains uncertain, MOVE is positioned well with a
rightsized business providing broad and relevant
propositions across the freight and logistics sector
- underpinned by a lower cost base, our national
network, a great team and strong customer
partnerships.
MOVE is a fantastic business, with a great heritage.
Across Freight, Warehousing, Specialist Haulage, Fuel
Delivery and International Shipping, we’ve got a lot to
be proud of. Our brand resonates and the ownership
by our team every day is what drives customers to
choose MOVE. Our team pride shows through in every
clean truck, tidy site and friendly face wearing the
MOVE brand.
I, along with my team, will be working hard to deliver
for our customers, our people and our shareholders
in FY26. Thank you for your support.
Paul Millward
Chief Executive Officer
12

MOVE’s Rolleston warehouse, with
capacity for 38,500 pallets, is strategically
positioned to serve the South Island
ANNUAL REPORT 2025
13

New Horizons
RESET
FY25 - FY26
STEP UP
FY26 – FY27
STAND OUT
FY28
A strong foundational
platform
Customer value and
operational excellence; smart
business growth
Preferred logistics provider;
scaling up; a market leader
Complete the Accelerate
transformation programme
• Customer focused team and
offering
• Rightsized cost base
• Network optimisation
• Relentless focus on cashflow
and revenue
• Improved balance sheet
strength
• Win in market
• Quality customer experience
and value leading to growth
• High performing network and
operational excellence
• Match-fit team
• Leveraging digital and data
• Strategic partnerships
• Robust financial performance
• Enduring customer partnerships
• Strong competitive position
• Market reputation and brand
strength
• Win market share
• Maximise new opportunities
VISION: TO BE THE PREFERRED FREIGHT AND LOGISTICS
COMPANY IN AOTEAROA NEW ZEALAND
GOALS:
FOUR YEAR ROADMAP:
FOUNDATIONS:
PASSIONATE AND
CAPABLE PEOPLE
VALUABLE
CUSTOMER
PARTNERSHIPS
OPERATIONAL
EXCELLENCE
STRONG
FINANCIAL
PERFORMANCE
A STRONG TEAM
THAT DELIVERS
DELIGHT OUR
CUSTOMERS
EFFECTIVE USE OF
OUR ASSETS
FINANCIAL
STRENGTH AND
VALUE CREATION
14

STRONG FOUNDATIONAL PLATFORM
WINNING IN
MARKET
FREIGHT
BUILD VALUE
WAREHOUSING
STEP CHANGE
CAPABILITY
STRENGTHEN
WINNING WITH
CUSTOMERS
FY26 priorities:
RESET TO STEP UP
• Smarter delivery
for better
outcomes
• Route utilisation
and performance
• Continuous
improvement
• Revenue uplift
• Strong
customer
partnerships
• Productivity and
efficiency focus
• Commercial
rigour
• Team strength
– One MOVE
• High
performance
culture and
behaviours
• Data driven
business
decisions
• Prudent
technology
investment
• Excellent
customer
service and
value
• Smart revenue
growth
• Competitively
positioned
ANNUAL REPORT 2025
15

Business performance
SALES
SALES
SALES
SALES
SALES
REVENUE  6%
REVENUE  33%
REVENUE  3%
REVENUE  34%
REVENUE  7%
NEBT  90%
NEBT  480%
NEBT  61%
NEBT  364%
NEBT  $2.5M
NEBT
NEBT
NEBT
NEBT
NEBT
FREIGHT & FUEL
WAREHOUSING
GROUP
INTERNATIONAL
SPECIALIST
177.7
80.0
293.9
-2.2
FY25
FY25
FY25
FY25
FY25
FY25
FY25
FY25
FY25
FY25
FY24
FY24
FY24
FY24
FY24
FY24
FY24
FY24
FY24
FY24
0.3
53.7
286.3
188.8
-17.0
-1.0
-25.7
-1.7
-5.8
-10.0
19.1
17.0
0.5
25.7
18.2
2.3
Normalised EBT (NEBT) excludes non-controlling interest and non-trading adjustments.
16

ANNUAL REPORT 2025
17

Freight & Fuel
Six months into my role as General
Manager of MOVE’s Freight & Fuel business,
I’m proud to say we’re making meaningful
progress. We’re in the midst of a genuine
turnaround — and while there’s still work to
do, the momentum is real.
Across the business, the team has put in significant
effort. Our initial focus has been on getting the
fundamentals right; improving operational efficiency,
increasing freight utilisation, and strengthening our
leadership capability. These efforts are now reflected
in our performance, with growth in revenue, earnings
and margins — despite ongoing market challenges.
This progress is no accident; it’s the result of a
collective commitment to revenue quality, margin
improvement and disciplined cost control.
We’ve also prioritised building resilience across the
organisation. That means recognising and investing
in internal talent, and fostering stronger connections
with our people throughout the network. This cultural
evolution is just as critical as our commercial gains.
At the core of everything we do is an unwavering
commitment to safety — it remains non-negotiable.
General Manager, Jeff Vincent
What we’ve delivered:
• We’ve stabilised the Freight business and are
deepening relationships with customers.
• Asset utilisation has improved, driven by better
planning, tighter execution, smarter deployment of
our fleet and asset rationalisation.
• We’re leveraging data more effectively, enabling
insight-led decision-making.
• We’ve streamlined our fleet, selling surplus and
aging vehicles, and are transitioning to a leased
model for greater agility and lower capital intensity.
• A full review of our network has been completed,
with a move to a new, modern Dunedin branch
scheduled for August 2025.
• Our Fuel business continues to perform strongly,
underpinned by a long-term foundational customer
partnership.
Looking ahead
With a stable cost base now in place, our focus is
shifting towards growth – particularly in revenue, gross
margin and market share. We’ve got a strong national
footprint and are committed to delivering enhanced
service and value for our customers.
Efficiency will continue to be a priority – driving
improvements in DIFOT, utilisation and cost discipline.
Optimising our network and reducing kilometres will be
key to lowering our carbon footprint and we continue
to monitor regulatory developments around emissions.
Market conditions remain tight and we expect to see
further sector consolidation. We remain focused on
running a safe, efficient and competitive operation
and have identified opportunities to leverage our
national scale and offering.
18

Warehousing
I stepped into the General Manager
role in February 2025 with a clear
understanding of the challenge ahead;
the business was underperforming, and
it was time to reset the foundations for
long-term success. The past few months
have involved significant work to stabilise
the operation and lay the groundwork for
a sustainable turnaround.
The operating environment remains tough. Excess
warehouse capacity across the market is putting
downward pressure on pricing, with customers
increasingly returning to ‘just in time’ models and
going to tender in search of lower rates. Storage
costs have dropped below pre-COVID levels, and
competition is intense.
Despite this, we’ve made progress in the second
half of the year which will deliver better financial
outcomes in FY26. A strong focus on customer
partnerships, service excellence, and productivity
has started to shift momentum in the right direction.
General Manager, Marc Blackburn
What we’ve delivered:
• Service performance has improved, with meaningful
gains in container management, and ‘Picked In Full,
Delivered on Time’ metrics.
• We retained key customers through an immediate
operational reset and a renewed commitment to
service, and have secured new business that will
commence in 1H26.
• The team and network have been rightsized to
better align with current workflow and volume levels,
including the planned exit of two sites which are
surplus to requirements, with the financial benefit to
be seen in FY26.
• We’ve embedded stronger processes and controls,
supported by improved reporting and better
operational visibility.
Looking ahead
We’re clear on our priority – making key sites work
harder and smarter. That means optimising capacity
and throughput by securing the right customer mix,
maintaining effective pricing and strengthening
our commercial discipline. It also means doubling
down on stronger customer partnerships, so we can
grow with the right customers and achieve mutually
beneficial commercial outcomes, not just
more volume.
We know the market remains competitive, but
we believe we can win on service – by delivering
consistently, making it easy for customers to do
business with us and standing out through reliability
and responsiveness. There’s still work to do, but we
have the plan and the team to deliver a step change
in results, which is clearly needed.
ANNUAL REPORT 2025
19

20

International
Specialist
The International business comprises the
Oceans trans-Tasman shipping service
as well as valuable freight forwarding and
shipping agency services through a number
of joint ventures and partnerships.
In 1Q25, we moved the Oceans service to a pilot of a time
charter model with a larger, faster vessel, the Brio Faith.
This has delivered increased schedule reliability and
capacity compared to the older vessel which we divested
during the year. Following a settling in period, Oceans has
delivered steady results, underpinned by foundational
customers which utilise the majority of capacity. Strong
interest has been registered outside of the existing
customer base, including a number of smaller customers
who are utilising excess capacity on sailings.
The Specialist haulage division has
continued to perform well through FY25,
underpinned by consistent delivery, deep
technical expertise and a strong team with
many years of experience in the field. As
General Manager, I’m proud of how the team
has maintained high standards of service
despite some major shifts in the market.
This year, we’ve faced a sharp contraction in the
construction sector, which has historically been a core
customer segment for us. Precast concrete volumes, in
particular, dropped to less than 20% of typical levels – a
clear signal of the broader market slowdown. In addition,
the lack of large-scale infrastructure projects has created
a gap in demand across much of the sector.
Despite these headwinds, our team has continued to
deliver complex, high-value work, particularly in the
energy sector. We’ve successfully moved transformers,
wind turbine components and other heavy assets onto
remote and difficult sites – work that few in the
industry can do, and an area where we remain
recognised experts.
General Manager, Anthony Browne
General Manager, Warwick Bell
Our wider International business is more sensitive to
the economic cycle and headwinds have put pressure
on demand, in addition to a softer Australia market.
Previously, we did quite a bit or work in the New Zealand
oil and gas sector and, while restrictions have eased,
we have yet to see a significant uptick in activity.
Looking forward
We anticipate smooth sailing for our Oceans business,
with three major customers on board and the Brio Faith
vessel operating well. Our priority is to run a reliable
shipping service that meets our customers’ needs. We
will continue to assess opportunities to build on this
offering.
Our international forwarding and agency businesses
are well positioned to take advantage of a recovering
economy and especially renewed investment in
infrastructure projects and the oil and gas sector.
While activity has been quiet for much of the year,
we’re now seeing it pick up again, with new projects
preparing to launch. Some project timelines were
pushed into the new financial year, but the overall
pipeline remains healthy and multi-year in scope.
We’ve also seen an encouraging increase in project
work out of the Pacific, which we expect to continue
building as regional demand for specialist transport
solutions grows.
Looking forward
Looking to FY26, the pipeline remains healthy. We
expect more activity in the infrastructure and energy
sectors, with several significant projects due to
commence – particularly in renewable energy and
power generation.
Roading projects, while still a key future opportunity,
are unlikely to ramp up until FY27. In the meantime,
we’ll continue to focus on high value work where our
capability creates a clear advantage – delivering
safely, reliably and in a way that builds long-term
customer trust.
21
ANNUAL REPORT 2025

Specialist and Machinery Movers
Our Specialist division is the muscle
behind MOVE’s ability to shift
New Zealand’s heaviest and most
complex freight. Whether it’s a wind
turbine blade, a concrete bridge beam,
or a plane, if it’s big – we can MOVE it.
The team operates through two expert arms;
Tranzcarr Heavy Haulage and Machinery Movers.
Machinery Movers is one of the largest carriers
of precast concrete panels in the country, and
both businesses are known for their project work
across the construction, infrastructure, and power
generation sectors. Some jobs are so large they
require two or three trucks working in sync!
Since joining MOVE in 2018, the Specialist division has
grown to become a leading provider in this space.
At the helm is Warwick Bell, who’s been with
Machinery Movers since 1996. He’s a past Chairman
and Life Member of the NZ Heavy Haulage Association
and a trusted voice in industry discussions with
government. Off the job, Warwick’s a lifelong surf
lifesaver, however, now spends a bit more time on the
golf course than in the inflatable boat.
Business spotlight
53 team members
200 other specialist items
Over 50 trucks
4 Heavy Lift Gantry systems
22

MOVE’s specialist division was the partner of
choice to transport the newly built EVM200 Metro
200 passenger electric fast ferry from fabrication
shed to slipway, as it started its journey to its
home port of Half Moon Bay in Auckland.
23
ANNUAL REPORT 2025

Taking
care of
what
matters
24

Our people
Developing leadership across our business
At MOVE, we believe that everyone can be a leader.
Leadership is one of our core behaviours — it’s about
stepping up, being a champion for others, and having
a positive impact, regardless of role. This year we’ve
taken significant steps to strengthen it across all
levels of the business. Following insights from our
annual culture survey conducted in February/March,
we developed a refreshed Culture Action Plan with
leadership as a central pillar. Our goal is to drive a
mindset where ‘Leaders have real conversations and
coach for better commercial outcomes’.
Further to this, we’ve introduced leadership principles
that help define how we ‘show up’ every day.
~832 team members
3,206 training session
participants
1,070 drug and alcohol
tests completed
2,682 good catches
(safety observations)
30 health and safety
audits completed
346 health and safety
meetings held
We are identifying talent across the business and
encouraging every team member to take ownership,
delight our customers, and pursue continuous learning
and growth. This, combined with our newly introduced
development plan, will support how we go from good
to great in this space.
Our commitment to recognising leadership in action is
reflected in our monthly Star MOVErs awards, where we
celebrate individuals who consistently go above and
beyond.
Committed to safety
With our trucks on the roads across Aotearoa
New Zealand and our people working in warehouses,
depots and delivering to customers’ sites every day,
safety isn’t just a priority – it’s part of the job.
We are refreshing our Critical Risks Framework,
identifying the most significant risks in our operations,
ensuring effective and appropriate controls are in
place to monitor and mitigate potential harm. The
framework ensures our teams understand what these
risks are and why managing them is essential. The role
of strengthening our safety systems and ensuring our
people are equipped to prevent serious incidents sits
with every individual in our workforce, and is core to
our purpose.
MOVE is part of the ACC accredited employer
programme (AEP) – this means we are approved to
manage workplace injury claims and rehabilitation
for our team, rather than relying solely on ACC.
This allows us to provide faster, tailored support for
injured team members, helping them return to work
safely and efficiently. It also demonstrates to our
team, customers, suppliers and contractors that
we have robust and externally audited health and
safety systems. We were pleased to have met all
assessment areas and the new standard in our
recent audit.
Wellbeing is woven into the fabric of our culture. Our
Wellbeing Calendar features monthly initiatives that
celebrate and acknowledge the diverse needs of our
team. From Cultural Day and Driver Appreciation Day
to observances like Mental Health Awareness and
Physical Health Days, we create space for connection,
reflection and support. These initiatives are more
than events, they’re part of our ongoing commitment
to building a workplace where people feel valued,
supported and empowered to thrive.
Our Team
Training sessions
Safety-first focus
25
ANNUAL REPORT 2025

Meet some
of our MOVE
team
Strength in systems and people
Originally from Tokoroa and now based in the Waikato
(with a stint in the Cook Islands along the way),
Julian’s journey spans over a decade in the service
industry. He’s moved from hands-on roles in courier
and warehousing to senior leadership positions
including Auckland Branch Manager for Fliway
Transport.
Since joining MOVE in March 2025, Julian has brought
a unique blend of operational insight, technical
expertise and people-focused leadership to the
Freight branch network. With a degree in software
development and a strong interest in systems and
process design, Julian brings both structure and
adaptability to his role. He oversees the national
branch network, ensuring capability, resourcing and
alignment across teams.
He’s driven not only by operational excellence, but
by a genuine commitment to building capability
— empowering others and creating value through
collaboration. He applies the same mindset to his
own growth, currently studying toward an MBA at the
University of Waikato, underpinned by the focus and
discipline gained from over 25 years in martial arts.
Julian describes MOVE as a ‘goldmine of knowledge,’
thanks to the diverse businesses that have come
together under its umbrella. The variety of experience
and personalities creates a rich environment for
learning and collaboration and, most importantly,
the teams are genuinely motivated to do a great job,
which makes MOVE a fantastic place to be.
JULIAN RARU
FREIGHT NATIONAL OPERATIONS MANAGER
26

Rekindling relationships, driving
regional growth
Andy’s story is one of return — to an industry, a region
and the kind of challenge he enjoys most.
Andy rejoined the logistics industry — and MOVE — in
April 2025, bringing with him a deep well of experience
and a passion for regional business. Based in New
Plymouth (his home since moving from Scotland 20
years ago), Andy holds dual responsibilities across the
Taranaki region; leading sales and managing branch
operations.
With a career that began in 2010 at Hooker Pacific
(now part of the MOVE group), Andy progressed
through several commercial roles, eventually
becoming GM Sales & Marketing for TIL Freight. After
five years on the customer side managing sales,
marketing and logistics for a timber re-manufacturing
company, Andy is now back where he thrives —
working in logistics, where no two days are the same.
In his current role, Andy is focused on rebuilding and
growing the local customer base, while also ensuring
the branch runs safely and efficiently. His commercial
acumen is paired with a strong belief in using
technology to streamline work and visualise data —
helping his tight-knit team stay agile and effective.
What Andy values most about MOVE is the deep
capability of the wider team: “There’s not much
the team hasn’t moved before so support for our
customers is only a call away.”
Leading with pride and purpose
Since joining MOVE in May 2023, Kerry has led one of
the company’s most complex and high-performing
operations — the 3PL warehouse at Lion Breweries’
Pride site in Auckland. With a team of 150 working
around the clock, she ensures the seamless flow of
some of New Zealand’s best-known beverages, from
receipt to delivery.
Her journey into logistics began in South Africa,
grounded in qualifications in Manufacturing
Management and Environmental Law. A standout
career moment came as Logistics Manager for
Coca-Cola Beverages South Africa, where she
achieved Gold Status in the CCBSA Logistics Awards
— recognition of her ability to drive excellence across
warehousing, transport and site operations.
Immigrating to New Zealand in 2019 meant starting
again. But with determination and a deep passion for
logistics, she quickly re-established herself — first with
Lion Breweries, then with MOVE. Today, she continues
to lift Pride’s performance, consistently exceeding KPIs
and delivering record service levels.
With over 30 years in FMCG logistics, she’s a results-
focused leader, skilled in people management,
continuous improvement and operational
transformation. She credits MOVE’s supportive culture
and strong leadership — particularly in 3PL — for
enabling her team’s success.
Outside of work, she’s a keen netball umpire and
proud supporter of the Silver Ferns.
ANDY WATT
BRANCH SALES MANAGER NEW PLYMOUTH
KERRY KRETZMANN
MOVE SITE MANAGER LION NEW ZEALAND
27
ANNUAL REPORT 2025

Environment
At MOVE, we are committed to creating a lower carbon
future and a better environment for everyone. We
recognise the significant role the transport and logistics
sector must play in reducing emissions, and we’re
working collaboratively — with our customers, supply
chain partners and industry peers — to identify and
implement meaningful change.
While many of the biggest opportunities for impact
require long-term investment and sector-wide
transformation — such as the development of alternative
fuels, low-emission heavy vehicles suited to New Zealand
conditions and more robust multi-modal infrastructure —
we are focused on the actions we can take now.
We continue to optimise our operations through
technology, reducing empty loads and improving route
efficiency. Our ongoing fleet upgrades prioritise newer,
more fuel-efficient vehicles, and we are working with
customers to implement multi-modal transport
solutions, such as rail, which offers a significantly
lower carbon footprint.
We’re also committed to minimising waste and
making smarter use of resources across our business.
By taking immediate steps in areas we can control,
while contributing to longer-term industry change,
we believe logistics can lead the way toward a more
sustainable future.
FY25 marks MOVE’s second year of reporting under
the Aotearoa New Zealand climate change regime.
The focus on efficiency has resulted in a reduction of
our emissions. MOVE’s FY26 climate disclosures will be
published as a separate document by 31 October 2025
and made available at:
www.movelogistics.com/who-we-are/sustainability.
28

Our customers
and communities
Exceptional customer service is at the heart of everything
we do at MOVE. We build trust and loyalty by listening
closely, understanding our customers’ unique needs and
delivering tailored solutions that go beyond expectations.
Our approach is practical and customer-focused — we
strip away unnecessary extras and costs to deliver what
truly adds value.
This year, we expanded our sales team to better
support large customers and grow new business. Our
experienced team — including senior managers —
engages early in the tender process, ensuring a deep
understanding of customer needs. This proactive
approach has led to stronger brand recognition, more
tender invitations and new customer wins, even in a
challenging market.
Safeguarding customer data is another critical focus.
We’ve built secure systems that protect customer
information and deliver peace of mind, while
continuing to use technology to streamline deliveries,
reduce emissions and enhance satisfaction.
MOVE’s roots are in regional communities, and we
remain committed to making a positive local impact.
Our people have supported a range of local causes,
including rubbish clean-ups and tree planting.
ANNUAL REPORT 2025
29

PAUL MILLWARD
CHIEF EXECUTIVE OFFICER
JOINED SEPTEMBER 2024
Paul has a proven ability to successfully lead businesses through periods of
change. Most recently, he was CEO of 2 Cheap Cars, where he transformed the
company into the leading NZX market performer in 2023. Prior to that, Paul had
an exemplary career in sales leadership, finance and executive roles across
several sectors, in New Zealand and offshore, with strength in building customer
partnerships and developing strong leaders and teams who deliver. Paul was
appointed interim CEO from August 2024, and appointed as permanent CEO in
February 2025.
STEPHANIE RIGTER
GM PEOPLE AND CULTURE
JOINED 2020
Steph brings a strong mix of business acumen and people leadership to MOVE, with
experience across sales, transformation, customer experience and organisational
development. She was appointed as GM People & Culture from early March 2025.
Before joining MOVE, she was National Sales Manager at Davis Trading, overseeing
the Australian branch. Recently completing her MBA, she’s well-placed to align
people strategy with business goals. As GM People & Culture, Steph is focused on
building a high-performing workforce to support MOVE’s growth and deliver great
outcomes for customers and teams.
LEE BANKS
CHIEF FINANCIAL OFFICER
JOINED 2013
Lee has been with MOVE since 2013 and was appointed CFO in January 2019. She
is an experienced, senior financial executive who has previously held international
roles in the USA and Australia, in both the service and manufacturing sectors. Lee
has been involved in all areas of MOVE’s financial management, from acquisitions
and mergers through to the reverse listing and listed company reporting.
JEFF VINCENT
GM FREIGHT & FUEL
JOINED JANUARY 2025
Jeff is a highly skilled leader with significant experience across the logistics sector.
Most recently, Jeff was Head of Transport for Fliway Group. He has also held
management roles with NZ Post and Avis Budget Group. He has a proven track
record developing high performing teams, and delivering operational excellence
and profitable outcomes. In this expanded role, Jeff has responsibility for MOVE’s
nationwide Freight business, as well as the Fuels business unit which is one of the
largest fuel delivery operators in the New Zealand market.
Leadership team
30

MARC BLACKBURN
GM WAREHOUSING
JOINED FEBRUARY 2025
Marc brings an impressive background in warehouse operations, logistics
management, sales and business transformation, having held key roles at
respected companies like Hall’s Group (most recently as GM Sales), Linfox,
Goodman Fielder and The Warehouse Group. As GM Warehousing, Marc leads
MOVE’s 300+ strong warehouse team, supporting more than 160 customers.
ANTHONY BROWNE
GM OCEANS
JOINED DECEMBER 2023
Anthony has held several senior roles within the New Zealand logistics sector
including CEO of Agility Logistics, and Group Sales Manager at Mainfreight. Anthony
returned to the freight industry after 10 years establishing and running his own
business. Since joining MOVE, Anthony has spearheaded the transformation of the
Oceans business.
NICK WARD
GM TECHNOLOGY
JOINED 2019
Nick joined MOVE as a contractor in 2019 before becoming a permanent member
of the team in 2020. He has a background in project management, software
development and infrastructure and before that was a teacher. This provides Nick
with a unique perspective on technology and allows him to engage with a forward-
facing customer focused mindset.
WARWICK BELL
GM SPECIALIST LIFTING AND TRANSPORT
JOINED 2018
Warwick has worked in leadership roles within the Specialist group of companies
(Tranzcarr Heavy Haulage and Machinery Movers) for more than two decades and
joined the MOVE team in 2018 when the Specialist group was acquired. He now
leads this division for MOVE, using his in-depth knowledge and expertise to deliver
for customers on large, oversize and custom jobs.
RICKY CLARK
NATIONAL GROUP SALES MANAGER
JOINED OCTOBER 2023
Ricky has over 10 years’ experience in the logistics and transport sector, having held
sales, operations and leadership roles across both large corporations and family
run businesses. He has extensive experience and a deep understanding of market
expectations, making him well-positioned to lead and promote MOVE’s services.
ANNUAL REPORT 2025
31

JULIA RAUE
INDEPENDENT CHAIR
APPOINTED 3 MAY 2023
Julia joined the MOVE Logistics Group Board as an independent director in May 2023
and was appointed Chair in June 2024. She has significant governance experience
in New Zealand and Australia across a variety of sectors, including current
directorships with NZ Rugby, Southern Cross Group, Asteron Life NZ and Global
Women. She has previously been a director of The Warehouse Group, Z Energy,
TVNZ and Jade Software. Julia has a strong background in business transformation,
digital change and customer excellence and, prior to her governance career, was
Chief Information Officer at Air New Zealand for nine years.
LACHLAN JOHNSTONE
INDEPENDENT DIRECTOR
APPOINTED 1 MARCH 2024
Lachlan is an experienced director, with current directorships including Chair
of CentrePort and Jenkins Group. Previously, he was Chair of Farmlands Co-
operative Society for sixteen years alongside a number of other governance roles.
He has extensive commercial and Chair/Director experience across the logistics,
port, agriculture, horticulture and education sectors including chairing People &
Remuneration, Audit & Risk and Health Safety & Wellbeing board sub-committees.
GREGORY WHITHAM
DIRECTOR
APPOINTED 8 MARCH 2024
Gregory Whitham was one of the original founding partners of the MOVE Group
and was Chief Financial Officer from 1996. He was part of the executive team who,
over many years, built enduring customer relationships and expanded the scale of
MOVE and the services it offers. He retired from the company in 2019, following its
successful transition to a listed company, and joined the Board in 2024 following a
request from substantial shareholders. The Board has determined that Gregory is a
non-executive, non-independent director, as he is a substantial shareholder.
Our Board
32

Financial measures
GLOSSARY
EBITDAEarnings before interest, tax, depreciation and amortisation excluding
income and impairment from associates
Normalised EBITDAEBITDA before non-trading costs
Normalised Earnings Before Tax (NEBT)Earnings before tax, share of associates and non-trading adjustments
Adjusted net operating cashflowOperating cashflow including fixed rent and lease payment, less loan
interest, tax and non-trading costs
Gross MarginRevenue less direct operating costs
Gross Margin %Gross margin/revenue
Net debtInterest bearing liabilities less cash and cash equivalents
$MILLIONSFY25FY24
Net profit/(loss) before income tax (GAAP measure)(14.2)(45.3)
Add back:
Restructuring and settlement costs3.32.4
Goodwill and asset impairment.917.2
Normalised EBT
(excluding non-trading items, non-GAAP measure)
(10.0)(25.7)
Finance costs (net)11.310.2
Depreciation & Amortisation40.843.1
Normalised EBITDA
(excluding non-trading items, non-GAAP measure)
42.127.6
$MILLIONSFY25FY24
Cash from operating activities25.318.7
Lease principal payments(31.0)(29.5)
Net cash from operating activities, less lease payments(5.6)(10.8)
Adjustments: Tax/Loan Interest/Settlements/Restructuring6.04.9
Adjusted net operating cashflow0.3(5.9)
MOVE Logistics Group uses several non-GAAP measures when discussing financial performance. The Board and
Management believes this provides a better reflection of the company’s underlying performance.
33
ANNUAL REPORT 2025

CORPORATE GOVERNANCE
At MOVE Logistics Group Limited (MOVE) (the Company), we believe good corporate governance is essential to
protect the interests of investors and create and enhance value over the short and long term. We are committed
to conducting business in the right way: ethically, sustainably and in line with our legal and regulatory obligations.
The Board has adopted corporate policies and procedures that reflect best practice and apply the principles and
recommendations of the NZX Corporate Governance Code (the Code). MOVE’s corporate governance practices
in FY25 materially align with the Code dated 31 January 2025. The following pages summarise our corporate
governance practices and progress in FY25.
The information contained in this corporate governance statement has been prepared in accordance with NZX
Listing Rule 3.8.1(a). This governance statement is current as at 30 June 2025 and was approved by the Board on
28 August 2025.
1. ETHICAL STANDARDS
1.1 Code of Ethics
MOVE expects its Directors and employees to act with integrity and professionalism and undertake their duties
in the best interests of the Company. The Company’s Code of Ethics is available on the Company website and is
available to all team members.
The Code of Ethics is included in the New Employee Induction pack and all employees are required to attest that
they have reviewed and understand the scope of governance policies relevant to their role as a MOVE team
member. An ongoing training programme is being developed and will be included as part of future group-wide
learning series.
MOVE encourages employees to speak out if they have concerns about any area of the Company. The avenues
for doing so are detailed in the Company’s Whistleblower Policy which is on the Company website.
1.2 Securities Trading Policy
MOVE’s Securities Trading Policy and the Financial Markets Conduct Act 2013, impose limitations and requirements
on Directors and employees dealing in the Company’s shares. These limitations prohibit dealing in shares while in
possession of inside information and impose requirements for seeking consent to trade on Directors and certain
team members. MOVE’s Securities Trading Policy is available in the Investor centre on MOVE’s website. Details of
directors’ share dealings are set out on page 91 of this report.
2. BOARD COMPOSITION AND PERFORMANCE
2.1 Board Charter
The roles and responsibilities of the Board are detailed in the Board Charter, which is reviewed at least every two
years and is available on the Company’s website. The Board’s primary objective is to enhance shareholder value
and protect the interests of other stakeholders by improving corporate performance and accountability.
The Board has delegated authority for day-to-day leadership and management of the business to the Group CEO,
who in turn has sub-delegated authority to the MOVE leadership team with specified financial and non-financial
limits. MOVE has a Delegations of Authority Policy, which is reviewed annually by the Board.
34

2.2 Nomination and Appointment of Directors
The number of elected Directors and the procedure for their retirement, nomination and election is set out in the
Company Constitution and NZX Listing Rules. Directors must retire and may stand for re-election by shareholders
at least every three years. A Director appointed by the Board since the previous annual meeting may hold office
only until the next annual meeting (but is then eligible for re-election at that meeting). Key information is provided
to shareholders when a director stands for election or re-election in the notice of meeting to assist their decision
whether or not to elect or re-elect a candidate.
All Directors are involved in decisions relating to Board composition including succession planning, considering
Shareholder nominees, making appointment recommendations to shareholders and, outside of shareholders
meetings, resolving to appoint directors. In making these decisions, the Board assesses candidates against a
number of factors including qualifications, capability, experience, judgement and skills, and the ability to work with
other Directors. Reference checks are carried out on all candidates.
Board decision making is supported by the Governance and Remuneration Committee. The Committee considers
the collective capability of the current Board and assesses that against the Company’s operational and strategic
requirements. This analysis then drives a focus on finding candidates who will best complement the current mix of
capabilities on the board.
Shareholders may also nominate candidates for election to the Board, in accordance with the constitution of the
Company and the NZX Listing Rules.
The Board uses a skills matrix and considers several factors including qualifications, experience and skills of
Directors when appointing new Directors or considering Board composition. The Board is confident that the current
Directors offer valuable and complementary skills, experience and expertise that are of value to the Company.
Skill/ExperienceHighModerate
Board/Corporate Governance● ●
●
Business Transformation
● ● ●
Corporate Social Responsibility
● ● ●
Customer Insight / International Market Knowledge● ●
●
Diversity (gender/culture/balance)
● ● ●
Financial & Commercial Expertise
● ● ●
Human Resources & Talent Management
● ● ●
Industry Experience
● ● ●
Legal / Regulatory
● ● ●
Listed Company Experience
● ● ●
Marketing
● ● ●
Risk Management & Audit
● ● ●
Strategic Growth / Value / Business Development
● ● ●
Technology - Information / Digital / Social Media
●● ●
2.3 Written agreements
The Company has written agreements with each Director, establishing the terms of their appointment. The
Company also maintains a Directors’ and Officers’ liability insurance policy. This policy covers the Directors and
Officers so that any monetary loss suffered by them as a result of actions undertaken by them as Directors or
Officers is insured to specified limits (subject to legal requirements and/or restrictions).
The Company has also entered a Deed of Indemnity and Access with each Director. The terms of the indemnities
granted to Directors (as permitted by the MOVE constitution) are included in these Deeds together with
information access rights and agreed procedures for the conduct of legal claims.
35
ANNUAL REPORT 2025

2.4 Director Information
There has been a refresh of the Board over the past year. As at the date of this Annual Report, the MOVE Board
comprises two independent Directors and one non-executive Director.
DirectorCurrent RoleTerm
Julia RaueIndependent ChairAppointed May 2023
Lachlan JohnstoneIndependent DirectorAppointed March 2024
Gregory WhithamNon-independent DirectorAppointed March 2024
Lorraine WittenCeasedStepped down October 2024
Gregory KernCeasedStepped down September 2024
Grant DevonportCeasedStepped down October 2024
Mark NewmanCeasedStepped down October 2024
Profiles of Directors are available on the Company’s website and on page 32 of this Report.
While the Board believes that five Directors is appropriate for a company the size and scale of MOVE,
the recruitment of additional Directors has been paused to maintain a complete focus on the business
transformation. The Board is confident that the current Directors have the skills to oversee the transformation of
MOVE and that the reduced size and cost savings will benefit shareholders during this period.
In order for a Director to be independent, they must not be an executive of MOVE and must have no
disqualifying relationships. Independence is determined by the Board, having regard to the factors described
in Recommendation 2.4 of the Code. The Board has determined that both Julia Raue and Lachlan Johnstone
are independent and have no disqualifying relationships. Gregory Whitham was appointed in March 2024. He
is also a substantial shareholder in MOVE, holding approx. 7% of issued capital. The Board considers this to be a
disqualifying relationship and has determined that he is a non-independent Director.
Directors are required to notify MOVE of any interests they have that could impact an assessment of their
independence or their ability to act in the best interests of MOVE.
MOVE has processes in place to manage any conflicts of interest with Directors who are interested in a matter.
Directors’ interests are disclosed on page 90 to 91 of the Annual Report.
2.5 Diversity
Diversity at MOVE refers to characteristics of individuals and includes factors such as gender, marital status,
religious beliefs, colour, race, ethnic or national origin, disability, age, political views, employment status, family
status or sexual orientation. Diversity encompasses the way MOVE’s people differ in terms of their education, life
experience, job function, work experience, personality, location and career responsibilities. The key aspects being
sought at MOVE are diversity of thought and skills, as these attributes are most likely to assist MOVE in delivering
better outcomes for its stakeholders.
MOVE is committed to equal employment opportunities and treating all individuals fairly and with respect. MOVE
recognises that everyone has individual differences which can be leveraged to create stronger teams that will
ultimately drive stronger business performance.
MOVE’s approach to diversity is outlined in the Diversity Policy, which is available on the Company’s website.
Key areas of focus are:
• Recruitment and retention of a diverse workforce;
• Supportive working environment;
• People development; and
• Recognition and reward based on merit.
As at 30 June 2025, females represent 25% (FY24: 27%) of Directors and Officers of the Company (an officer is a
person who is concerned or takes part in the management of the company business and reports directly to the
Board or CEO). Females represent 22% (FY24: 21%) of all employees of the Company.
36

As at 30 JuneFY25FY24
FemaleMale
Gender
DiverseFemaleMale
Gender
Diverse
Directors12-25-
Officers 27-26-
All Employees187645-203752-
The Board is satisfied with the Company’s performance with respect to the Diversity Policy. The Board has not set
measurable objectives under the Policy for achieving diversity, as the Board considers diversity outcomes can be
achieved without measurable objectives.
2.6 Director Training and Education
Directors are encouraged to undertake appropriate training and education to ensure they remain current on how
to best perform their duties. In addition, management provide regular updates on relevant industry and Company
issues, including briefings from senior executives.
All Directors have access to executives to discuss issues or obtain information on specific areas in relation to
matters to be discussed at Board meetings, or other areas as they consider appropriate. The Board Committees
and Directors, subject to the approval of the Board Chair, have the right to seek independent professional advice
at the Company’s expense, to enable them to carry out their responsibilities.
2.7 Board Performance and Review
The Board monitors its own performance and will, from time to time, commission an external review to assess
the performance of individual Directors and the Board’s effectiveness (including the effectiveness of Board
Committees). An external review was last conducted and presented to the Board in June 2022. This has assisted
the Board in identifying the skills and experience desired of new Directors and to plan longer term Board
succession in a manner that ensures the Board remains fresh but also provides MOVE with governance continuity.
2.8 Independent Board Majority
Two of MOVE’s three Directors are considered by the Board to be independent.
2.9 Independent Chair
MOVE’s Chair, Julia Raue, is an independent Director as recommended by the Code and was elected by the
Directors to become the Chair in 2024.
2.10 Separation of the role of Chair and CEO
The Board supports the separation of the roles of Chair and CEO. In addition to MOVE’s CEO not being the Chair, the
CEO is also not a Director of MOVE.
3. BOARD COMMITTEES
The Board delegates a number of its responsibilities to Committees to assist in the execution of the Board’s
responsibilities. Given the current, smaller size of the Board, all Directors are involved in Committee matters.
The Board, as a whole, retains ultimate responsibility for the functions of its Committees and determines their
responsibilities.
The Committees meet as required and have terms of reference (Charters), which are approved and reviewed by
the Board.
Committee meetings are scheduled to coordinate with the Board meeting cycle. Each Committee reports to the
Board at the subsequent Board meeting and makes recommendations for consideration as appropriate.
Minutes of each Committee meeting are available to all members of the Board, who are all entitled to attend
any Committee meeting. Each Committee is empowered to seek any information it requires from employees in
pursuing its duties and to obtain independent legal or other professional advice.
The membership and performance of each Committee is reviewed annually.
37
ANNUAL REPORT 2025

The Board has two standing committees, which as at 30 June 2025 were as follows:
CommitteeRoleMembers
Risk Assurance and Audit (RAAC)
Committee
Assist the Board in its oversight of
the integrity of financial reporting,
financial management and
controls, external audit quality
and independence, and the risk
management framework. The
Committee also assists the Board
in monitoring and reporting the
company’s strategies, activities
and performance regarding
sustainability, social responsibility
and the environment.
Lachlan Johnstone (Chair)
Gregory Whitham
Julia Raue
Governance and Remuneration
Committee
Assist the Board to establish and
maintain a strong governance
framework overseeing the
management of the company’s
people, remuneration and diversity
policies.
Julia Raue (Chair)
Lachlan Johnstone
Gregory Whitham
Attendance at Board and Committee Meetings for the year ended 30 June 2025 can be viewed on page 87.
3.1 Risk Assurance and Audit Committee
The Board has a Risk Assurance and Audit Committee (RAAC) which acts as a delegate of the Board. The purpose
of the RAAC is to assist the Board in:
• fulfilling its responsibilities for MOVE Logistics’ financial statements and external financial reporting;
• ensuring that the ability and independence of the external auditors to carry out their statutory audit role is
not impaired, or could reasonably be perceived to be impaired;
• ensuring appropriate accounting policies and internal controls are established and maintained;
• ensuring the effective and efficient management of all business risks.
The Committee comprises all three Board members, who are all non-executive Directors of MOVE, with two of
those being independent Directors. The Chair of the Committee, Lachlan Johnstone, is not the Chair of the Board,
and is independent. Two members have significant financial expertise.
The role and responsibilities of the Committee are detailed in the Risk Assurance and Audit Committee Charter
which is available on MOVE’s website.
3.2 Employee attendance at Audit Committee meetings
Employee (including management) attendance at all Committee meetings is by invitation only.
3.3 and 3.4 Governance and Remuneration Committee
The purpose of the Governance and Remuneration Committee is to:
• Identify and recommend individuals to the Board for nomination as members of the Board and its
committees; and
• Oversee and regulate compensation and organisation matters affecting MOVE, including:
- remuneration and benefits policies;
- performance and remuneration of MOVE’s Directors and senior executives;
- management development;
- succession planning for the Chief Executive Officer and direct reports to the Chief Executive Officer; and
- major organisational changes providing a more focused and streamlined process where Board
approval would otherwise be required.
38

All members of the Board are members of the Committee. Management may only attend meetings at the
invitation of the Committee.
The Governance and Remuneration Committee Charter is available on MOVE’s website.
3.5 Other Board Committees
Special purpose Committees may be formed to review and monitor specific projects with senior management
or to investigate potential transactions or strategies that the Company may wish to pursue. These Committees
tend to be informal and temporary in nature and would be reported on in this Statement or under continuous
disclosure if their work leads to a complete proposal that is material to MOVE.
3.6 Control Transaction Protocols
In the case of a control transaction, MOVE would engage expert legal and financial advisors to provide advice
on procedure. An Independent Committee would be formed to oversee disclosure, the transaction response and
the commissioning of any required independent advisor reports to be provided to shareholders. Formal control
transaction protocols have been developed and formally adopted by the Board.
4. REPORTING AND DISCLOSURE
4.1 Disclosure Policy
MOVE is committed to keeping investors and the market informed of all material information about the Company and
its performance in a timely manner. In addition to all information required by law, the Company also seeks to provide
sufficient meaningful information to ensure stakeholders and investors are well informed. The Company’s Market
Disclosure Policy sets out the principles and requirements of this commitment to timely and balanced disclosures. The
policy is available on MOVE’s website.
4.2 Access to Key Governance Policies
MOVE takes a continuous improvement approach to corporate governance. Governance policies are reviewed and
approved by the Board on a regular basis in line with best practice.
Key governance policies and charters can be viewed on the MOVE website at www.movelogistics.com/investors/
governance.
4.3 Financial Reporting
The Board is responsible for ensuring that the financial statements give a true and fair view of the financial position of
the Company and have been prepared using appropriate accounting policies, consistently applied and supported by
reasonable judgements, estimates; and for ensuring all relevant financial reporting and accounting standards have been
followed.
The Risk Assurance and Audit Committee oversees the quality and integrity of external financial reporting, including the
accuracy, completeness, balance and timeliness of financial statements. It reviews MOVE’s full and half year financial
statements and makes recommendations to the Board concerning accounting policies, areas of judgement, compliance
with accounting standards, stock exchange and legal requirements, and the results of the external audit.
For the financial year ended 30 June 2025, the Directors believe that proper accounting records have been kept which
enable, with reasonable accuracy, the determination of the financial position of the Company and facilitate compliance
of the financial statements with the Financial Markets Conduct Act 2013 and other applicable law. All matters required to
be addressed, and for which the Committee has responsibility, were addressed during the reporting period.
Senior management has confirmed in writing that MOVE Group’s external financial reports present a true and fair view in
all material aspects.
4.4 Non-Financial Reporting
MOVE’s strategic pathways lay out the framework for a sustainable future for the Company. MOVE is actively seeking to
have a positive impact on its people, communities and the environment. The Company believes this will have a beneficial
impact on the business, thereby creating long term value for shareholders.
MOVE periodically updates shareholders and the market on its strategy, non-financial objectives and its progress against
these objectives, in shareholder reports and newsletters and at other investor events during the year including investor
presentations and the Annual Shareholders’ Meeting.
The Company has a Sustainability Policy which is available on the Company website. MOVE reports under the Aotearoa
39
ANNUAL REPORT 2025

New Zealand Climate Standards. MOVE’s Climate-related Disclosures will be published as a separate document by
31 October 2025 and will be available at https://www.movelogistics.com/who-we-are/sustainability.
MOVE is committed to using its resources responsibly and will look for opportunities to reduce any negative
environmental risk or impact from business operations, products and services. MOVE is committed to providing fair and
responsible products and services.
Health and safety and other non-financial metrics are reported in the Annual Report and other investor communications
annually.
5. REMUNERATION
Considering and recommending to the Board on matters relating to the remuneration of Directors and senior
executives is a key responsibility of the Governance and Remuneration Committee.
The Board promotes the alignment of the interests of the Directors, the CEO and management with the long-term
interests of shareholders. Remuneration policies and structures are reviewed regularly to ensure remuneration
of management and Directors is fair and reasonable in a competitive market for the skills, knowledge and
experience required by MOVE. External advice is also sought to ensure remuneration is benchmarked to the market
for senior management positions and Board positions.
Details of Director and executive remuneration and benefits in FY25 are provided on pages 87 to 89.
5.1 Directors’ Remuneration
MOVE is currently updating its remuneration policy to include directors. MOVE seeks to offer remuneration that
attracts quality directors, with the right skills and experience and appropriately compensates them for their input
and time.
MOVE’s Governance and Remuneration Committee is responsible for overseeing and regulating compensation
matters, including remuneration of Directors. The Committee Charter is available on MOVE’s website.
Shareholders fix the total remuneration available for Directors. Approval is sought for any increase in the pool
available to pay Directors’ fees, and any recommendations to shareholders regarding Director remuneration are
provided for approval in a transparent manner. If independent advice is sought by the Board, it will be disclosed to
shareholders as part of the approval process.
The last increase in the total pool fee for Director remuneration was approved by shareholders in 2017 at $750,000.
The Board Charter provides that no retirement allowance is payable to a Director.
There is no formal requirement for Directors to hold shares.
Directors’ share dealings and interests in the company are detailed on pages 90 to 91.
Remuneration per annum for each Board role is as follows:
Chair$140,000
Non-executive Director$75,000
Chair of Risk Assurance and Audit Committee$10,000
Chair Governance and Remuneration Committee$10,000
5.2 Executive Remuneration
MOVE’s executive remuneration is designed to attract, retain and motivate high calibre people and create a
performance-focused culture. Executive remuneration comprises a fixed component and may include short
and/or long-term incentives. The Board has reviewed executive remuneration with the assistance of external
independent advice. The Company has written agreements with the CEO and executive team members setting
out the terms of their employment.
5.3 CEO Remuneration
The remuneration of the Chief Executive Officer comprises a fixed component commensurate with experience and
industry benchmarks, a short term incentive payable in cash on achievement of key performance indicators and
40

an equity based long term incentive focussed on retention. Details of CEO remuneration in FY25 is provided on
page 88 to 89.
6. RISK MANAGEMENT
6.1 Risk Management Framework
MOVE has robust assurance, risk and compliance frameworks to ensure risk is identified, assessed, categorised and
ranked across the business. The board has overall responsibility for the establishment and oversight of the group’s risk
management framework, with more detailed oversight by the Risk Assurance and Audit Committee (RAAC).
The RAAC ensures MOVE has appropriate risk management policies in place and provides the Board with assurance that
key risks relevant to MOVE have been appropriately identified, managed and reported to the Board. The RAAC regularly
reports to the Board on the operation of MOVE’s risk management and internal control processes. It is also responsible
for overseeing and monitoring that MOVE’s management implements and operates adequate risk assurance, internal
controls and audit systems within MOVE. The Board as a whole is responsible for monitoring corporate risk assessment
processes and this is not delegated to a subcommittee.
The Board carries out a review of the effectiveness of the Group’s risk management and internal control systems at least
annually. MOVE’s risk management policy provides clarity on roles and responsibilities to minimise the impact of financial,
operational and sustainability risk on its business.
MOVE’s current governance and risk management structure is:
Foundational governance and risk documents are regularly reviewed and updated to ensure MOVE continues to
find the best ways of working to achieve its business goals while remaining within risk appetite and adhering to its
regulatory obligations.
MOVE’s risk management framework has been created to ensure there is clear ownership and delegation of
responsibility for the management and oversight of risks and to support the appropriate flow of information
throughout the Group.
MOVE assesses its risks by understanding the likelihood of occurrence and the potential consequences using the
following categories:
Current key risks are:
• Economy - Heightened economic or market uncertainty could impair long-term planning affecting revenue
optimisation and growth.
• Financial risk - The risk that MOVE will not be able to meet its debt repayment obligations when they fall due.
• Climate change and sustainability - Physical climate impacts and related policy and/or market changes may
disrupt our operations or impact demand for our services.
• Execution of strategy - Poor reputation; loss of revenue; loss of large customers; loss of business, lossmaking
contracts.
• Cyber-security - A cyber-attack could result in lost integrity or access to information, loss of control systems or a
significant data privacy breach.
• Health & Safety - Events that could adversely affect employee health and wellbeing.
BOARD OF DIRECTORS
DECISION MAKING
AUTHORITY &
ACCOUNTABILITY
OPERATIONAL
AUTHORITY &
ACCOUNTABILITY
EXECUTIVE
LINE MANAGEMENT
OPERATIONS
41
ANNUAL REPORT 2025

6.2 Health and Safety
Staying safe, keeping others safe, and being responsible are fundamental to what MOVE is as an organisation.
Operating the business in this way helps deliver on MOVE’s goal of “No Harm to People, the Environment or Assets”.
Paying close attention to safety, wellbeing, sustainability, ethics and integrity go hand in hand with that goal.
The Board is committed to ensuring a high quality, safe and healthy environment for all of MOVE’s people, visitors,
partners and those in the community.
People safety is a key priority, one of MOVE’s core values and an essential component across the business. MOVE is
committed to developing, improving and reinforcing its safety culture, including by improving leadership capacity,
simplifying tools and systems and requiring ‘good catch’ reporting.
Safety performance is tracked to identify patterns to help prevent incidents. “Health, Safety and Sustainability”
results and reported data from each Business Unit and at a Group level, are reviewed at each National Health
& Safety Committee meeting. The Committee is an executive group that meets every second month for the
purposes of health and safety management across the Group. In addition, the Board receives monthly reports on
the health and safety performance across the Group, including performance against plan, good catch reporting,
progress with safety related initiatives and reviewing lead and lag indicators of performance.
MOVE continues to be a part of the Accident Compensation Corporation’s Accredited Employer Program, recently
passing its annual audit. This signals that MOVE continues to achieve a clear history of established systems,
processes and procedures which function actively in MOVE’s workplace.
The Company’s injury frequency rates provide a lag indicator of performance, with increased transparency and
reporting introduced during the year.
20242025
Lost Time Injury Frequency Rate (LTIFR)21.57 *25.44
Total Recordable Injury Frequency Rate (TRIFR)38.6238.54
* 2024 has been restated to be consistent with the updated methodology used in 2025.
7. AUDITORS
7.1 External audit
For the year ended 30 June 2025, PricewaterhouseCoopers (PwC) was the external auditor of MOVE Group Limited.
PwC was first appointed as auditor in 2017. The most recent Audit Partner rotation occurred in 2021, with the next
rotation due no later than 2026.
The RAAC monitors the relationship and communications with the external auditors, and monitors ongoing
independence, quality and performance. The RAAC also monitors audit partner rotation.
The RAAC pre-approves any non-audit work undertaken by PwC. No fees were paid for non-audit services
provided by PwC in the FY25 year. If any non-audit services are undertaken, these would be in accordance with the
company’s External Auditor Independence Policy and assessed by the RAAC as not affecting PwC’s independence.
The fees paid for audit services in FY25 are identified on page 94 of the Annual Report.
PwC has provided the MOVE Board with written confirmation that, in their view, they were able to operate
independently during the year.
7.2 Attendance at Annual Meeting
The external auditors attend the Annual Shareholders Meeting and are available to answer questions from
shareholders relevant to the audit.
7.3 Internal Audit
The internal audit function is managed inhouse and provides assurance over the effectiveness of MOVE’s risk
management, control, and governance processes. MOVE has an Internal Audit Framework and Annual Plan which
is overseen by the RAAC. The reports from the Internal Audits are presented to the RAAC which then monitors
performance against the audit recommendations.
MOVE will continue to develop and further refine the options in the Internal Audit function to meet the future needs
of the business.
42

8. SHAREHOLDER RIGHTS AND RELATIONS
8.1 Investor website
Easy access to financial, operational and governance information is available through the Investor Centre on
company’s website at www.movelogistics.com/investors.
8.2 Engagement with shareholders
The Board is committed to open and regular dialogue and engagement with shareholders. MOVE has developed an
investor relations programme which includes regular dialogue with investors, analysts and investor meetings, and
earnings announcements. The programme is designed to provide shareholders and other market participants the
opportunity to obtain information, express views and ask questions.
Shareholders are actively encouraged to attend the Annual Meeting and may raise matters for discussion at this
event. Shareholders are also able to vote by proxy ahead of meetings without having to physically attend those
meetings. In 2024, MOVE held a hybrid meeting to allow shareholders to participate in person or online.
Shareholders are encouraged to communicate with the Company and its share registry electronically.
Approximately 67% of MOVE’s shareholders have opted in for email communications.
In addition to shareholders, MOVE has a wide range of stakeholders and maintains open channels of
communication for all audiences in New Zealand and Australia, including brokers, the investing community and the
New Zealand Shareholders’ Association, as well as its employees, suppliers and customers.
8.3 Voting on major decisions
In accordance with the NZX Listing Rules, MOVE refers major decisions which may change the essential nature of
MOVE’s business to shareholders for approval. All voting by shareholders is undertaken by poll, upholding the ‘one
share, one vote’ requirement of the NZX Listing Rules.
8.4 Equity offers
MOVE did not undertake any capital raising during FY25. Should MOVE consider raising additional capital, MOVE will
structure the offer having regard to likely levels of shareholder participation and optimising and enhancing the
ability to maximise the level of capital raised. Subject to these factors the Board will look to give all shareholders a
proportionate opportunity to participate in any capital raising.
8.5 Notice of meeting
MOVE aims to provide at least 20 working days of the notice of the Annual Shareholders Meeting, which is posted on
MOVE’s website, announced to the NZX and ASX markets and sent to shareholders prior to the meeting each year.
Twelve days’ notice was provided in 2024. This was due to a requirement for that notice of meeting to be reviewed
by NZ RegCo (and have a non-objection letter issued in respect of it) before it could be sent to shareholders.
Variance to NZX Corporate Governance Code
NZX Code
Principle
NZX Code
Recommendation
Key DifferenceStatusPeriod
Board
Composition
and
Performance
2.5 The Board should
set measurable
objectives for
achieving diversity
The Board
has not set
measurable
objectives
under the Policy
The Board considers that diversity outcomes
can be achieved without measurable
objectives
For the 12
months
ended
30 June
2025
Remuneration5.1 The Board
should have a
remuneration policy
for directors
MOVE did not
have a formal
remuneration
policy for
directors during
FY25
MOVE is currently updating its remuneration
policy to include directors. The Board seeks
to offer remuneration that attracts quality
directors, with the right skills and experience
and appropriately compensates them for
their input and time. Directors’ Fees are
disclosed in the Annual Report on page 87.
For the 12
months
ended
30 June
2025
Notice of
Meeting
8.5 Information
should be provided
at least 20 working
days in advance of
the meeting
12 days’ notice
was provided in
2024
The company endeavours to provide at least
20 days’ notice
October
2024
43
ANNUAL REPORT 2025

44

Consolidated
annual
financial
statements
For the year ended
30 June 2025
45
ANNUAL REPORT 2025

DIRECTORS’ STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
The Directors of MOVe Logistics Group Limited present the financial statements for MOVe Logistics Group Limited and its
subsidiaries (together the Group) for the year ended 30 June 2025 contained on pages 47-82.
Financial statements for each financial year fairly present the financial position of the Group and its financial
performance and cash flows for that period and have been prepared using appropriate accounting policies, consistently
applied and supported by reasonable judgements and estimates and all relevant financial reporting standards have
been followed.
Proper accounting records have been kept that enable, with reasonable accuracy, the determination of the financial
position of the Group and facilitate compliance of the financial statements with the Financial Markets Conduct Act 2013.
Adequate steps have been taken to safeguard the assets of the Group to prevent and detect fraud and other
irregularities.
The Directors hereby approve and authorise for issue the financial statements for the year ended 30 June 2025. They do
not have the power to amend these financial statements after issue.
For and on behalf of the Board
Lachlan Johnstone - Director
28 August 2025
DIRECTORS’ STATEMENT
Julia Raue - Chair
28 August 2025
46

CONSOLIDATED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
NOTES
30 JUNE 2025
$000
30 JUNE 2024
$000
Revenue 7286,256293,866
Gains on disposal of assets -768
Lease income8531,028
Other income 71,5945,996
Total Revenue and Other Income 288,703301,658
Transport costs(115,557)(131,101)
Employee costs(95,236)(110,122)
Rental / lease expenses(2,906)(3,325)
Trading costs(14,182)(7,650)
Other operating expenses(18,755)(21,829)
Depreciation of right of use assets(32,887)(32,144)
Other non-operating expenses5(4,236)(19,656)
Other depreciation / amortisation expenses (7,925)(10,902)
Total Expenses 8(291,684)(336,729)
Finance costs relating to lease liabilities(8,661)(8,551)
Other finance costs - interest on borrowing(2,863)(1,953)
Interest income on short term deposit269261
Loss Before Income Tax (14,236)(45,314)
Income tax expense9(711)(1,850)
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS (14,947)(47,164)
(Loss) / Profit attributable to:
Owners of the company(15,576)(48,063)
Non-controlling interests (NCI)629899
(14,947)(47,164)
Other comprehensive income:
Other comprehensive Income for the Period, Net of Tax --
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX (14,947)(47,164)
Earnings per share attributable to the ordinary equity
holders of the Company
CENTSCENTS
Basic and diluted earnings per share for profit attributable to
the ordinary equity holders of the company excluding NCI
11(12.21)(37.66)
The above consolidated Statement of Profit or Loss & Other Comprehensive Income should be read in conjunction with the
accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
47
ANNUAL REPORT 2025

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2025
NOTES
30 JUNE 2025
$000
30 JUNE 2024
$000
ASSETS
Current Assets
Cash and cash equivalents 12.16,4829,704
Inventories 204178
Trade and other receivables12.234,74741,520
Tax receivable78179
Assets held for sale -1,929
Total Current Assets 41,51153,510
Non-Current Assets
Property, plant and equipment 13.142,23954,989
Right of use assets13.2147,465171,552
Intangible assets 13.31,3761,705
Other receivables1,201270
Total Non-Current Assets 192,281228,516
TOTAL ASSETS 233,792282,026
EQUITY
Share capital1484,26284,262
Other reserves(485)(505)
Accumulated losses(75,910)(60,334)
Equity attributable to owners of the parent 7,86723,423
Non-controlling interest in equity3,5353,740
TOTAL EQUITY 11,40227,163
LIABILITIES
Current Liabilities
Trade and other payables 12.324,96431,119
Deferred revenue7532439
Borrowings 12.55,30726,665
Lease liability13.230,79530,263
Employee entitlements 12.47,8208,765
Total Current Liabilities 69,41897,251
Non-Current Liabilities
Borrowings 12.517,903-
Lease liability13.2132,284154,362
Provisions for other liabilities and charges 13.52,7853,250
Total Non-Current Liabilities152,972157,612
TOTAL LIABILITIES 222,390254,863
TOTAL EQUITY & LIABILITIES 233,792282,026
The above consolidated Balance Sheet should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
48

The above consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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 202384,262(12,271)(615)71,3763,52774,903
Comprehensive income
(Loss)/Profit for the year-(48,063)-(48,063)899(47,164)
Other comprehensive income------
Total comprehensive income- (48,063)- (48,063)899 (47,164)
Cumulative translation adjustment--110110-110
Transactions with owners:
Dividends----(686)(686)
Balance as at 30 June 20241484,262(60,334)(505)23,4233,74027,163
Balance as at 1 July 202484,262(60,334)(505)23,4233,74027,163
Comprehensive income
(Loss)/Profit for the year-(15,576)-(15,576)629(14,947)
Other comprehensive income------
Total comprehensive income- (15,576)- (15,576)629 (14,947)
Cumulative translation adjustment--2020-20
Transactions with owners:
Dividends----(834)(834)
Balance as at 30 June 20251484,262(75,910)(485)7,8673,53511,402
CONSOLIDATED FINANCIAL STATEMENTS
49
ANNUAL REPORT 2025

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
NOTES
30 JUNE 2025
$000
30 JUNE 2024
$000
Cash flows from operating activities
Receipts from customers and others296,899310,880
Interest received 269261
Dividends received 34
Payments to suppliers and employees (259,752)(281,028)
Government subsidy received-18
Notional finance charge on NZ IFRS 16 leases15.2(8,661)(8,551)
Interest paid (2,819)(1,911)
Income tax paid (611)(999)
Net cash generated from operating activities 15.125,32818,674
Cash flows from investing activities
Purchase of property, plant and equipment(186)(1,844)
Proceeds from sale of property, plant and equipment7,9709,336
Purchase of intangible assets(2)(12)
Insurance income received -2,713
Net cash generated in investing activities 7,78210,193
Cash flows used in financing activities
Repayment of borrowings15.2(19,470)(4,200)
Proceeds from borrowings15.214,4146,500
Repayment of lease liability (NZ IFRS 16)15.2(30,964)(29,521)
Dividends paid to non-controlling interests(834)(686)
Rental guarantee(1,035)-
Net cash flow used in financing activities(37,889)(27,907)
Net (decrease)/increase in cash and cash equivalents (4,779)960
Cash and cash equivalents at beginning of year 9,7048,744
Cash and cash equivalents as at 30 June12.14,9259,704
The above consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
CONSOLIDATED FINANCIAL STATEMENTS
50

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 consolidated
financial statements of the Company as at, and for the year ended 30 June 2025, comprise the Company and its
subsidiaries (refer note 16.1), together referred to as the “Group”.
1.2. Basis of Preparation
These financial statements have been prepared on a historical cost basis.
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting
estimates. It also requires Management to exercise its judgement in the process of applying the Group’s accounting
policies. The areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in note 4.
The consolidated financial statements have been prepared in accordance with the Financial Markets Conduct Act 2013
and the Companies Act 1993 and comply with New Zealand equivalents to International Financial Reporting Standards
(“NZ IFRS”).
The principal accounting policies adopted in the preparation of the financial statements are selected and applied in a
manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby
ensuring that the substance of the underlying transaction and other events is reported. These policies have been
consistently applied to all the periods presented, unless otherwise stated. To ensure consistency with the current period,
comparable figures have been restated where appropriate.
1.3. Going Concern
The Directors have prepared the financial statements on a going concern basis having formed a view that the Group will
be able to realise its assets and discharge its liabilities in the normal course of business.
As at 30 June 2025, the Group recorded an after tax loss attributable to owners of $15.6m and had a working capital deficit
of $27.9m.
In the financial statements for the year ended 30 June 2024, the Directors concluded that there were material
uncertainties related to going concern. These uncertainties related to the Group’s ability to achieve its turnaround plan
and forecasts going forward, to enable it to operate in compliance with its financing terms.
The Directors’ analysis of all relevant material uncertainties identified in June 2024 has been completed and it is
concluded that these matters no longer represent material uncertainties. This is based on the following factors:
• An improved economic environment with a gross margin increase of 4.1 percentage points year on year in FY25
driven by broad cost out and efficiency programme;
• Right sizing of the network, fleet and assets completed including two underutilised site exits;
• Completion of the turnaround plan resulting in an improvement in the financial performance following the
implementation of cost reduction initiatives in FY25;
• Turnaround specialist Paul Millward permanently appointed as CEO and a strengthened leadership team focused
on delivery of gross margin growth, further cost disciplines and improved process efficiency; An improved sales
pipeline for the year ahead reflecting ongoing focus of winning in market strategy;Continuation of the Oceans
shipping pilot supported by recently renewed contracts from foundational customers; and
• Renewal of debt facilities and sufficient headroom in funding agreements to enable growth.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
51
ANNUAL REPORT 2025

Working with the existing banking partner ANZ, the Group secured an extension of the ANZ facility term to August 2026,
with financing terms acceptable to the Group. Note 12 provides details on the updated facilities. With the updated
facilities and in conjunction with prudent working capital management, the Directors are comfortable that sufficient
headroom, cash and debt facilities are available to meet its obligations going forward and to manage the Groups
liquidity position appropriately.
In order to assist with the compliance with financing arrangements, the Group entered into a facility with Pacific Invoice
Finance New Zealand Limited on 25th September 2024 This facility has allowed the Group to reduce its borrowings from
the ANZ, while retaining some flexibility as to the level of funding from Pacific Invoice Financing New Zealand Limited. As
at 30 June 2025 the Group held a balance of $13m in this facility. The total limit of this facility is $25m and therefore the
Group has sufficient headroom to support its future growth.
The Group notes the impact the current lease liability of $30.8m on the working capital deficit and considers that there
are assets available to meet the Group’s Liabilities as they fall due. Given the liability profile, aspects of the balances
presented will be funded by ongoing future activities of the business.
Based on current FY26 revenue projections and the Group’s reduced cost base, it is expected that the Group will generate
positive cashflows for the foreseeable future with adequate headroom to mitigate potential downside risks.
Conclusion
Having made due enquiry, the Directors conclude that, to the best of their knowledge after making enquiries and having
regard to circumstances which are considered likely to affect the Group, there are no material uncertainties related to
the Group being a going concern, and are of the view that these financial statements are appropriately prepared on a
going concern basis.
1.4. Statement of Compliance
The Group is a for-profit entity. Its financial statements have been prepared in accordance with, and comply with, New
Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand Equivalents to International
Financial Reporting Standards and other applicable Financial Reporting Standards and Authoritive Notices, as appropriate
for for-profit entities. The financial statements comply with International Financial Reporting Accounting Standards (IFRS
Accounting standards).
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
2.1. Consolidation
a. Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting
from a contingent consideration arrangement and the elimination of any balances arising between the Group and the
acquiree.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gain or loss arising from
remeasurement is recognised in profit or loss.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition
by acquisition basis, the Group recognises any non-controlling interest in the acquisition either at fair value or at the non-
controlling interest’s proportionate share of the acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the
acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the
identifiable net assets acquired, is recorded as goodwill.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair value recognised in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
52

Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statement of
Profit or Loss & Other Comprehensive Income, Statement of Changes in Equity and Balance Sheet respectively.
b. Assets held for sale
Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount or fair
value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount is
expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present
condition and the sale of the asset (or disposal group) is expected to be completed within one year from the date of
classification. Impairment losses on initial classification as held for sale and subsequent gain or loss on remeasurement
is recognised in profit or loss. Once classified as held for sale, intangible assets and property, plant and equipment are no
longer amortised or depreciated.
2.2. Foreign Currency Translation
a. Functional and presentation currency
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, United States Dollars and Australian Dollars respectively.
b. Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in profit or loss.
2.3. New Accounting Standards & Interpretations
The accounting policies applied in the preparation of the consolidated financial statements are consistent with prior year.
The Group has adopted the following new accounting pronouncements that are applicable:
• Amendments to NZ IAS 1 Non current Liabilities with covenants - clarifies that only covenants with which an entity
must comply on or before reporting date will affect a liabilities classification as current or non current.
• Amendment to FRS44 Disclosure of Fees for Audit Firms Services - entities are required to disclose the fees
incurred for services received from their audit or review firm, and the description of each service using the
specified categories.
• IFRIC for IFRS 8 in relation to operating segment disclosures and the need to disclose any material revenue or
expenses by segment.
Other than those noted above there are no new accounting standards or interpretations during the year that have
impacted on the preparation of the financial statements.
2.4. Standards Issued But Not Yet Adopted
The new standards and interpretations that are issued but not yet effective as at the date of reporting are disclosed
below. The Group intends to adopt these new and amended standards and interpretations if applicable when they
become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
This standard becomes effective for reporting periods beginning on or after 1 January 2027. IFRS 18 introduces new
requirements on presentation within the Statement of Profit or Loss and Other Comprehensive Income, including specified
totals and subtotals. It also requires disclosure of management defined performance measures and includes new
requirements for aggregation and disaggregation of financial information on the basis of the identified ‘roles’ of the
primary financial statements and notes. The Group is yet to assess the impact of this standard.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
53
ANNUAL REPORT 2025

3. FINANCIAL RISK MANAGEMENT
The Group’s principal financial instruments comprise Invoice finance facilities, bank loans and overdrafts, cash, trade
creditors and accruals and trade debtors. The main purpose of these financial instruments is to raise and provide working
capital for the Group’s operations.
This note explains the Group’s exposure to financial risks and how these risks affect the Group’s future financial
performance.
RiskExposure arising fromMeasurement
Credit risk
Cash and cash equivalents and trade
receivables
Aging analysis & credit ratings
Market risk - interest rateLong term borrowing at variable ratesSensitivity analysis
Liquidity riskBorrowings and other liabilitiesRolling cash flow forecast

The Group’s risk management is carried out by a central treasury department (Group Treasury) under policies approved
by the Board of Directors. Group Treasury identifies, evaluates and manages financial risks in close co-operation with the
Group’s operating units. The Board provides written principles for overall risk management, as well as policies covering
specific areas, such as foreign exchange risk, funding risk, interest rate risk, credit risk and use of derivative financial
instruments and non-derivative financial instruments.
3.1. Credit Risk Management
In the normal course of business the Group incurs credit risk from trade debtors and transactions with financial
institutions. The Group has a credit policy that it uses to manage this risk. As part of this policy limits on exposures with
counter-parties have been set and approved by the Board of Directors and are monitored on a regular basis.
The Group has no significant concentrations of credit risk. The Group does not require any collateral or security to support
financial instruments due to the quality of the financial institutions and trade debtors dealt with. The Group normally gives
30 or 60 days credit on its trade receivables. At 30 June the Group’s credit risk exposure is equal to the carrying value of
its financial assets.
2025
$000
2024
$000
Trade and other receivables
Trade receivables32,56038,742
Credit loss provision(1,635)(1,530)
Total trade receivables30,92537,212
Accrued revenue1,8522,005
Sundry receivables866400
Cash and short term bank deposits
Bank with Standard & Poors AA- credit rating (including overdraft)4,9259,704
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
54

a. Impaired trade receivables
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount directly. The
other receivables are assessed collectively under the simplified approach to measuring expected credit losses. For these
receivables the estimated impairment losses are recognised in a separate provision for impairment. The Group considers
that there is evidence of impairment if any of the following indicators are present:
• significant financial difficulties of the debtor
• probability that the debtor will enter bankruptcy or financial reorganisation, and
• default or delinquency in payments.
Receivables for which an impairment provision was recognised are written off against the provision when there is no
expectation of recovering additional cash.
Impairment losses are recognised in profit or loss within other expenses. Subsequent recoveries of amounts previously
written off are credited against other expenses.
Movements in the provision for impairment of trade receivables that are assessed for impairment collectively are
as follows:
2025
$000
2024
$000
At 1 July1,5301,965
Underutilised provision (50)(395)
Provision for impairment recognised during the year1269
Provision for credit notes to revenue143-
Receivables written off during the year as uncollectible-(109)
At 30 June 1,6351,530
The table below sets out information about the credit quality of trade receivables net of the expected credit loss provision:
Current1 -29 days
overdue
30 - 59 days
overdue
60+ days
overdue
Total
$000$000$000$000$000
30 June 2024
Gross carrying amount33,0894,13265986238,742
Baseline2551612564651,137
Specific---393393
Total expected credit loss rate0.8%3.9%38.8%99.5%
Credit loss provision2551612568581,530
30 June 2025
Gross carrying amount30,3971,52521142732,560
Baseline728360148881,324
Specific---311311
Total expected credit loss rate2.4%23.6%70.1%93.4%
Credit loss provision7283601483991,635

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
55
ANNUAL REPORT 2025

Critical Estimates and Judgements
a. Credit loss provision
To measure expected credit losses, trade receivables have been grouped and reviewed on the basis of the number of
days past due. The credit loss provision has been calculated by considering the impact of the following characteristics:
• The baseline loss rate takes into account the average write-off history of the Group over a two-year period as a
predictor of future conditions and applies an increasing expected credit loss estimate by trade receivables aging
profile.
• Specific credit loss provisions are made based on any specific customer collection issues that are identified.
Collections and payments from our customers are continuously monitored and a credit loss provision is maintained
to cover any specific customer credit losses anticipated.
The Group has performed an assessment of credit risk on its customer base taking into consideration the factors below:
• profile of the customer, i.e. corporate or individual customers
• region the customer is based in
• industry the customer operates within
• size and nature of the customer
• and, the Group’s understanding of and experience with the customer
As a result of this assessment, the Group has assessed its baseline provision to $1,635,000 (2024: $1,530,000), to reflect the
estimated financial impact of its assessment of the credit risk.
3.2. Interest Rate Risk
The Group’s main interest rate risk arises from long term borrowing with variable rates which exposes the Group to cash
flow interest rate risk. The Group adopts a policy of ensuring that where appropriate its exposure to changes in interest
rates on borrowings is on a fixed rate basis by entering into interest rate swaps.
The Group currently has no interest rate swaps in place.
The Group does not hedge account so all market adjustments are recognised in the Statement of Profit or Loss & Other
Comprehensive Income.
Sensitivity analysis
The effect of a 1% (which is a reasonably possible shift) increase or decrease in the floating interest rates for the Group
would be a decrease/increase in profit and equity of $216,000 (2024: $267,000).
3.3. Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an
adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group
maintains flexibility in funding through having flexible funding lines available to them. Management monitors rolling
forecasts of the Group’s liquidity reserve, which comprises its undrawn borrowing facility and cash and cash equivalents
(note 12.1) on the basis of expected cash flows.
The Group had access to the following undrawn borrowing facilities at the end of the reporting period:
2025
$000
2024
$000
Expiring within one year (bank overdraft)
-3,500
Expiring beyond one year (bank overdraft)
1,443-
Total1,4433,500

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
56

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying balances or the impact of discounting is not significant.
Less than 1
year
Between 1
and 2 years
Between 2
and 5 years
Beyond 5
years
Total
contractual
cash flows
Carrying
amount
(assets)/
liabilities
$000$000$000$000$000$000
2024
Borrowings28,435---28,43526,665
Lease liabilities38,71326,47894,89959,741219,831184,625
Trade and other payables31,119---31,11931,119
Employee entitlements8,765---8,7658,765
Total 107,03226,47894,89959,741288,150251,174
2025
Borrowings7,28018,763--26,04323,210
Lease liabilities38,22726,69080,13546,687191,739163,079
Trade and other payables24,964---24,96424,964
Employee entitlements
7,820---7,8207,820
Total 78,29145,45380,13546,687250,566219,073
The Group provides guarantees, these are detailed in note 17.
3.4. Capital Management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they
can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure
to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group monitors capital on the basis of the gearing ratio. The Group’s gearing ratio at 30 June is as follows:
2025
$000
2024
$000
Bank borrowings23,21026,665
Less: cash and cash equivalents(6,482)(9,704)
Net debt (excluding lease liabilities)16,72816,961
Equity11,40227,163
Gearing ratio59.5%38.4%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
57
ANNUAL REPORT 2025

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Other
critical accounting estimates will be disclosed in the relevant notes.
a. Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment. The recoverable amounts of cash-generating
units have been determined based on the higher of value-in-use and fair value less costs of disposal calculations. These
calculations require the use of estimates (refer note 13.3).
5. RECONCILIATION TO GAAP MEASURE
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“GAAP”) and
comply with both International Financial Reporting Standards (“IFRS”) and the New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”).
These 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, restructuring &
settlement costs and asset impairments (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 restructuring & settlement costs and asset impairments (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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
58

The following is a reconciliation between these non-GAAP measures and net profit after tax:
Reconciliation to GAAP measure 12 months to
June 2025
$000
12 months to
June 2024
$000
Loss Before Income Tax (GAAP Measure)(14,236)(45,314)
Add back:
Other non operating expenses
- Goodwill impairment-12,493
- Asset impairment9534,800
- Restructuring & Settlement Costs3,2832,363
Adjusted EBT (non-GAAP measure) (10,000)(25,658)
Finance costs (net)11,25510,243
Depreciation & Amortisation40,81243,046
Adjusted EBITDA (non-GAAP measure) 42,06727,631
6. 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 there has been a change to the
reportable segments during the reporting period. 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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
59
ANNUAL REPORT 2025

The segment information for the year ended 30 June is as follows:
InternationalSpecialistFreight & FuelWarehousingCorporateTotal
$000$000$000$000$000$000
Year ended 30 June 2024
Total segment revenue 19,15317,110185,36280,242-301,867
Inter-segment revenue (32)(62)(7,658)(249)-(8,001)
Revenue from external
customers
19,12117,048177,70479,993- 293,866
Transport costs9,9135,55199,36916,268-131,101
Employee costs5,6256,33856,30235,8576,000110,122
Trading costs4,985498491,767-7,650
Adjusted EBITDA(652)3,6339,04218,951(3,343)27,631
Depreciation 1,7313,00921,67015,98864843,046
Adjusted EBT(2,172)502(16,986)(1,002)(6,000)(25,658)
Assets23,76019,320133,492105,641(187)282,026
Liabilities12,0264,752111,59198,07228,422254,863
Capital expenditure
including intangibles
451741,3021561171,794
Year ended 30 June 2025
Total segment revenue 26,02018,423192,82053,977-291,240
Inter-segment revenue (369)(251)(4,056)(308)-(4,984)
Revenue from external
customers
25,65118,172188,76453,669- 286,256
Transport costs5,5115,57298,9145,560-115,557
Employee costs5,9285,80651,78426,1515,56795,236
Trading costs11,283401,5011,358-14,182
Adjusted EBITDA5815,37623,92813,798(1,616)42,067
Depreciation 4862,90721,25615,53462940,812
Adjusted EBT3262,331(1,687)(5,808)(5,162)(10,000)
Assets18,29216,413115,66488,613(5,190)233,792
Liabilities9,2074,453107,57989,24711,904222,390
Capital expenditure
including intangibles
112282818116302
Interest income and expense are not allocated to segments, 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.
Revenues of approximately $51,000,000 (2024: $52,000,000) are derived from a single external customer which exceeds
10% or more of the entity’s revenue. These revenues are attributed to the Freight and Fuel segment.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
60

7. REVENUE & OTHER SOURCES OF INCOME
Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary
course of the Group’s activities. Revenue is shown net of GST, rebates and after eliminating sales within the Group.
a. Sale of services
Freight Services
The Group performs transportation services. Revenue is recognised over the time of delivery, being from the time of
acceptance of the goods to delivery to the final destination.
Warehousing Services
The logistics function provides warehousing and storage services. Revenue from providing these services is recognised in
the accounting period in which the services are rendered. Some contracts include multiple deliverables. However, these
are seperately identifiable and are accounted for as separate performance obligations.
Trading Services
The Group performs freight forwarding, trans tasman shipping and agency services. Revenue is recognised over the
time of delivery, being from the time of acceptance of the job to completion of the shipment. Revenue is recognised for
agency and freight forwarding on a net basis after disbursements as the Group are acting as an agent for the customer.
For fixed priced contracts, revenue is recognised based on the actual service provided to the end of the reporting period
as a proportion of the total services to be provided. This is because the customer receives and uses the benefits of the
service simultaneously.
Customers are invoiced on a daily, weekly or monthly basis and consideration is payable when invoiced. There are no
significant financing arrangements for any of the Group’s revenue streams. The Group does not offer any refunds or
warranties.
The Group derives the following types of revenue:

2025
$000
2024
$000
Freight209,334217,245
Warehousing50,58356,841
Trading26,33919,780
Total Revenue286,256293,866
Timing of revenue recognition
June 2025
$000
June 2024
$000
Over time286,256293,866
At a point in time--
Total Revenue286,256293,866
b. Interest income
Interest income is recognised on a time-proportion basis using the effective interest method.
c. Dividend income
Dividend income is recognised when the right to receive payment is established.
d. Lease income
Lease income from operating leases where the Group is a lessor is recognised as rental income on a straight-line basis
over the lease term.
e. Financing component
The Group does not expect to have any contracts where the period between the transfer of the promised service to the
customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the
transaction prices for the time value of money.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
61
ANNUAL REPORT 2025

f. Contract liability
The Group recognises a contract liability (deferred revenue) when the Group has recognised consideration for
performance obligations yet to be fulfilled. The opening balance has been recognised in revenue in the current year. In
the current year, there was $439,000 (2024: $341,000) of revenue recognised relating to contract liabilities at the prior
year end. The average timing of satisfaction of performance obligation in relation to the payment of the contract liability
is between 1 and 5 days. Management expects that 100% of the revenue (transaction price) allocated to unsatisfied
performance obligations as of 30 June 2025 will be recognised as revenue during the next reporting period ($532,000).
g. Other income
Included within other income is insurance recovery income of $927,000 (2024: $2,700,000) which was received in relation
to a cargo claim on the Brio Faith during the year.
8. EXPENSES BY NATURE

2025
$000
2024
$000
Transport costs
1
115,557131,101
Employee costs (note 8.1)95,236110,122
Property lease expenses324754
Operating lease expenses2,5822,571
Trading and warehousing expenses14,1827,650
Communications/Technology 5,4836,289
Occupancy costs7,0717,156
Travel and accommodation1,8222,748
Bad debts1(28)
Foreign exchange gain(339)(264)
Remuneration paid to auditors
Assurance services:
Audit and review of financial statements, including associated
disbursements - (PwC NZ)
351345
Audit of financial statements MOVE Oceans Singapore - (PwC Singapore)3026
Non Assurance Services:
Training Material -1
Donations2215
Directors fees 432515
Depreciation and amortisation40,81243,046
Share based payments47-
Other expenses3,8355,026
Other non-operating expenses (refer note 5)4,23619,656
Total expenses291,684336,729

1
Includes costs relating to transportation including road user charges (RUC), fuel, tyres, repairs and maintenance, owner driver and subcontractor costs.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
62

8.1. Employee Costs
a. Superannuation benefits
The Group operates a defined contribution superannuation scheme. The scheme is funded through employee and Group
contributions to a trustee-administered fund. The Group has no further payment obligations once contributions have
been paid. Contributions are recognised as an employee benefits expense when they are due.
MOV
e Freight Limited has a historic defined contribution company superannuation scheme that has been operating for a
number of years. The Company has contribution rates from 4% - 6%.
Members contribute a minimum of 4% of their salary/wage and can go as high as 15%. The Company contributions are
vested to the member at the rate of 20% per year of service with the Company i.e. 100% after five years of service.
b. Other employee benefits
Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave are expected to be
settled within 12 months. They are measured at the amounts expected to be paid when the liabilities are settled.
c. Long service leave
The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the
end of the period in which the employees render the related service. They are therefore measured at the present value
of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods
of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality
corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-
measurement as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or
loss.
d. Profit-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing based on a formula that takes into
consideration the profit attributable to the Company’s shareholders after certain adjustments. The Group recognises a
provision where contractually obliged or where there is a past practice that has created a constructive obligation.
2025
$000
2024
$000
Wages, salaries & leave costs80,07693,004
Superannuation fund contributions2,1562,502
Other employee related costs13,00414,616
Total95,236110,122
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
63
ANNUAL REPORT 2025

9. INCOME TAX EXPENSE
The tax expense for the year comprised current and deferred tax. Tax is recognised in the profit or loss component of the
Statement of Profit or Loss & Other Comprehensive Income except to the extent that it relates to items recognised directly
in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or equity respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance
sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.

2025
$000
2024
$000
Current tax on loss for the year(426)(470)
Adjustments in respect to prior years(285)(5)
Deferred tax current year-
Deferred tax reversal from prior year-(1,375)
(711)(1,850)

The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense
in the financial statements as follows:

2025
$000
2024
$000
Loss from operations before tax(14,236)(45,314)
(14,236)(45,314)
Prima facie tax receivable at 28%3,98612,688
Tax effects of:
Expenses not deductible(167)(3,608)
Effect of tax rates in foreign jurisdictions(76)(119)
Deferred Tax not recognised(4,169)(10,806)
Prior year adjustment(285)(5)
Income tax (expense)/credit(711)(1,850)
Imputation credits
2025
$000
2024
$000
Imputation credits available for use in subsequent periods4,0804,044
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
64

10. DIVIDENDS PAID AND PROPOSED
Dividends to the company shareholders are recognised in the Group’s financial statements in the period in which the
dividends are declared. Intercompany dividends are eliminated on consolidation.
No dividends have been declared by the company or recognised in the current year (2024: nil).
11. EARNINGS PER SHARE
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is computed based
on the weighted average number of ordinary shares outstanding during the period. Diluted EPS is computed based on
the weighted average number of ordinary shares plus the effect of dilutive potential ordinary shares outstanding during
the period. At balance date, the effects of the potential ordinary shares were antidilutive. The potential ordinary shares
include the share options.

12 months to
30 June 2025
12 months to
30 June 2024
$000$000
Loss attributable to the owners for the year(15,576)(48,063)
Weighted average number of shares127,614,019127,614,019
CentsCents
Basic & diluted earnings per share(12.21)(37.66)

12. FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The Group classifies its financial assets at amortised cost. The classification depends on the purpose for which the
financial assets are held. Management determines the classification of its financial assets at initial recognition.
Financial assets are included in current assets, except for those with maturities greater than 12 months after the reporting
date which are classified as non-current assets. The Group’s financial assets comprise ‘Trade and other receivables’
and ‘Cash and cash equivalents’ in the Balance Sheet. Financial assets that are stated at amortised cost are reviewed
individually at balance date to determine whether there is objective evidence of impairment. Any impairment losses are
recognised in the consolidated Statement of Profit or Loss and Other Comprehensive Income.
This note provides information about the Group’s financial instruments, including:
• An overview of all financial instruments held by the Group
• Specific information about each type of financial instrument
• Information about determining the fair value of the instruments, including judgements and estimations of
uncertainty involved.

The Group holds the following financial instruments:
AMORTISED COST
Financial AssetsNotes
2025
$000
2024
$000
Cash and cash equivalents12.16,4829,704
Trade and other receivables
1
12.233,64339,617
Total40,12549,321
1
excluding non financial assets

FINANCIAL LIABILITIES AT AMORTISED COST
Financial LiabilitiesNotes
2025
$000
2024
$000
Trade Payables
1
12.324,04229,235
Employee entitlements12.47,8208,765
Borrowings12.523,21026,665
Total55,07264,665
1
excluding non-financial liabilities
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
65
ANNUAL REPORT 2025

The Group’s exposure to various risks associated with the financial instruments is discussed in note 3. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned above, other than for trade and other receivables where the maximum credit risk is the balance before
impairment, being $34,747,000 (2024: $41,520,000).
12.1. Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, deposits held on call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities on the Balance Sheet (refer note 12.5).
Cash and cash equivalents include the following for the purpose of the cash flow statement:
2025
$000
2024
$000
Cash6,4829,704
Total6,4829,704
The above figures reconcile to the cash shown in the consolidated statement of cash flows at the end of the financial
year as follows:
2025
$000
2024
$000
Balances as above6,4829,704
Bank overdrafts (1,557)-
Balance as per consolidated statement of cash flows4,9259,704
12.2. Trade and Other Receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method less provision for expected credit loss.
The Group assesses on a forward looking basis the expected credit losses associated with trade receivables carried at
amortised cost. The Group applies the simplified approach permitted by NZ IFRS 9, which requires expected lifetime losses
to be recognised from initial recognition of the receivables. Impairment of trade receivables is recognised in profit or loss.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation,
and default or delinquency in payments are considered indicators that the trade receivable has been impaired. The
amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated
future cash flows, discounted at the original effective interest rate.

2025
$000
2024
$000
Trade receivables32,56038,742
Trade receivables with related parties --
Less expected credit loss (refer note 3.1(a))(1,635)(1,530)
Net trade receivables30,92537,212
Accrued revenue1,8522,005
Sundry receivables866400
Financial assets at amortised cost33,64339,617
Prepayments1,1041,903
Total trade and other receivables34,74741,520
Trade receivables are generally due for settlement within 30 to 60 days.
Trade receivables of $16.5m are subject to the borrowings arrangements in note 12.5.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
66

12.3. Trade and Other Payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.

2025
$000
2024
$000
Trade payables16,50520,024
Trade payables related parties--
GST payable9221,884
Lease incentive3359
Accrued expenses7,5049,152
Total24,96431,119

Trade payables are unsecured and are usually paid within 30 to 60 days of recognition.

12.4. Employee Entitlements
2025
$000
2024
$000
Leave provision4,8645,910
Salary and wage accruals2,9562,855
Total7,8208,765
12.5. Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost using the effective interest method. Any borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Borrowing costs are expensed as incurred, unless they relate to the acquisition, construction or production of a qualifying
asset in which case the borrowing costs are capitalised.

The ANZ Bank Limited (ANZ) facilities include an overdraft facility of $3m ($2.5m from Oct 2025), a term loan of $8.2m
and bank guarantee’s totalling $9.9m (refer note 17). The ANZ has a General Security agreement over the assets of the
100% owned subsidaries within the Group excluding the trade receivables balance held by the debtor invoice finance
arrangement below.
The Pacific Invoice Finance New Zealand (PIFNZ) debtor invoice finance facility has a limit of $25m. This is secured against
the Trade Receivables of the relevant entities within the arrangement via a Deed of Priority with ANZ. All risk and rewards
remain with MOVE in relation to these receivables.
2025
$000
2024
$000
Non-Current
Secured loan PIFNZ (Expiry 30 Nov 2026)13,476-
Secured loan ANZ (Expiry 31 Aug 2026)4,427-
17,903-
Current
Overdraft ANZ1,557-
Secured loan ANZ3,75026,665
5,30726,665
Total secured borrowings23,21026,665
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
67
ANNUAL REPORT 2025