MOVE LOGISTICS GROUP LIMITED — AGM Information 2024

Oct 23, 2024

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MOVE 2024 ANNUAL MEETING OF SHAREHOLDERS

CHAIR, JULIA RAUE

Tena koutou katoa. Good afternoon everyone and a warm welcome to the MOVE Logistics 2024 Annual Shareholder Meeting. I’m Julia Raue, the Chair of your Board of Directors.

Board of Directors

With me here today are our Directors - Greg Whitham, Lachie Johnstone, Mark Newman and Grant Devonport.

We have been continuing the Board refresh started last year, and in line with this, Grant and Mark will be stepping down at the end of this Meeting. Greg Kern also joined our Board for seven months to assist with the organisational reset, and stood down last month. We also recently farewelled Lorraine Witten who joined the Board when it first listed and was chair from 2020 until June this year, at which time, I was elected Chair.

On behalf of the Board, management and shareholders, I’d like to acknowledge the contributions that all directors have made and thank them for their service.

We were pleased to welcome Greg Whitham and Lachie Johnstone at the start of this year. They are standing for election today and you will have an opportunity to hear from them later.

We are currently seeking up to two new directors to join our Board and a recruitment process is underway.

Strengthened Leadership Team

I’d like to recognise the effort that our leaders have put into our business over the last year – with a particular thank you to Lee Banks, MOVE’s CFO, who has worked tirelessly to get things across the line. Several of our leaders are here today – could you please stand when I call your name – Lee Banks; Ricky Clark – GM Sales; and Anthony Brown, GM of our Oceans business. Please feel free to approach them after the Meeting for a chat.

We were also pleased to welcome Paul Millward in September this year. Paul has taken on the role of interim CEO as we move at pace to recalibrate and strengthen our business under our Accelerate programme. Both Paul and I will talk to this in more detail today.

Paul has a proven ability to successfully lead businesses through periods of change and an impressive track record of delivering results. He will provide strong leadership for MOVE as we accelerate our turnaround plans. Recruitment of a permanent CEO has been paused while this is underway.

I would like to take this opportunity to acknowledge Craig Evans, who was CEO from early 2023 and led MOVE through a tough economic period.

We believe every single person in the MOVE team is a key driver of our success. By looking after our customers and our business, they will, in turn, help deliver an improved financial performance. On behalf of the Board, we would like to acknowledge and thank everyone in the MOVE team for their continued commitment to our customers through more challenging times and acknowledge all they have done for our business over the past year.

Responding to Market and Business Challenges

The FY24 year delivered some of most challenging trading conditions seen in the industry in recent times. Cost inflation continued to rise, margins were under pressure, and customer demand reduced significantly as businesses cut costs, public spending was put on hold, and large projects were paused. We acknowledge the tough conditions that our customers were operating in and thank them for their loyalty and support.

The freight industry is a bellwether for the economy, and this was even more evident over the year, with MOVE’s performance reflecting the wider economic downturn. However, as a company, our own actions exacerbated the issue. We invested and grew to meet demand that did not materialise due to the recession, and then moved too slowly to adjust to the conditions, pause our growth investments, cut spending and right size our company. This, along with non-cash impairments, had a significant impact on our performance and results.

We are now moving urgently to make change and right-size the organisation, with a priority focus on cashflow generation and profitable operating earnings. We appointed independent advisors from a top 4 accounting firm to validate assumptions and support development of our accelerated change plan.

FY24 Results Snapshot

Our FY24 results were disappointing and well below what our shareholders expect. As a Board, we are owning the mistakes we have made and are 100% focused on improvement.

Sales were down due to the soft market conditions and reduced demand, as well as the loss of some customers as a result of insourcing, increased competition and pricing pressure. Our cost base was higher, partly due to inflation, but also as we invested into our business in anticipation of an economic recovery and predicted customer volume which has not yet occurred. Together this impacted our earnings and our profit.

This year’s result also included non-cash impairments of $17.3m. These included a write down on the carrying value of the Atlas Wind vessel, which was plagued by mechanical issues and has now been sold for US$1.1m, and a write down of the goodwill in our Warehousing business which had a very difficult year.

We have good relationships with our banking partner and recently renewed our funding arrangements, extending the tenure of our bank facility by a further 12 months, and signing a new agreement with Pacific Invoice Finance for up to $25 million. We are currently able to access $21 million of that and, with shareholder approval which we are seeking today, we will be able to access up to the full amount. This will provide us with additional flexibility to execute our Accelerate programme and drive business change.

Accelerate Programme

Our poor performance in recent times is not acceptable and we are moving at pace to turn it around. This is not a quick or simple task but we have a clear plan and are laser focussed on ensuring we drive change.

In recent months, we have developed the Accelerate programme, appointed a new CEO, established new funding arrangements and are divesting unprofitable or surplus assets. We are refreshing our Board and looking to recruit new directors with skills and experience that will help us drive our company forward. We are engaging with shareholders on a regular basis and are committed to

keeping you updated on our progress. We are instilling a culture and mindset that ensures we are fighting fit, with an appropriate operating model and cost base to support this.

The Accelerate programme is focused on three pathways, which Paul will talk to in more detail. We believe these will help us create a stronger, streamlined business, that is future fit. Our goals are to improve financial performance, build positive cashflow and deliver value to shareholders, while continuing to provide great service to MOVE’s customers.

FY25 is the turnaround year and we are targeting a return to positive adjusted net operating cashflow, and a significant improvement in normalised earnings before tax. In FY26, we expect normalised earnings to return to profit.

MOVE’s Inherent Value

I would like to take this opportunity to remind shareholders, that while recent performance has been disappointing, MOVE has inherent value, some of which uniquely sets us apart from our competitors.

We have an extensive nationwide network, with strength in both metro and regional areas.

We offer multi-modal, end to end supply chain solutions, across freight, warehousing and logistics, as well as specialised services.

We are customer focused, with a culture of service excellence. Our customers are at the core of all we do.

Our team are experienced and passionate. We believe everyone can make a difference and we have asked every member in our team to stand up and be counted.

We have a strong brand and a strong market position. The work we are doing now to right size and streamline our business will help drive operating leverage when demand and revenue return.

I will now pass over to Paul to talk more on the Accelerate programme and our progress.

CEO, PAUL MILLWARD

I am pleased to be here today at my first Annual Meeting for MOVE. It’s great to see so many shareholders joining us and I look forward to meeting and talking to those of you here today after the Meeting.

I’ve now been in the CEO seat for seven weeks. I’ve loved getting into the business to understand the operations, our people and our partnerships with our customers. It has reinforced to me the strength of the MOVE business and the potential – but there are some critical areas where we need to significantly step up to realise the commercial potential of our company.

Whilst the financial results have been poor, there are many individuals who have worked tirelessly, and I want to acknowledge them. It is their efforts and passion, alongside a disciplined plan of action and a strong culture of accountability, that will bring our company back to a healthy footing.

Our Business

One of MOVE’s biggest strengths is the size, scope and breadth of our company. We transport, warehouse and deliver goods across New Zealand, and also offer services such as Fuel transport,

specialised lifting and transport, and our trans-Tasman shipping service. This broad offering is fit for purpose and relevant to win.

Getting the fundamentals right

A lot of work has been done over the last two years to ensure MOVE has some strong fundamentals in place.

Our end to end supply chain offer has been strengthened, with enhanced metro delivery services and the trans-Tasman shipping service.

We’re increasingly multi-modal – using rail and coastal shipping to provide options for customers, often at competitive rates and with carbon reduction opportunities.

The MOVE brand positioning is strong and our customers love it! At the right time, we have an opportunity to create an even stronger connection to our brand by further leveraging it.

However, execution is everything and there are some areas where more acceleration is needed.

We are moving at pace to right-size our organisation for the market conditions, while retaining the ability to win commercially and be flexible for customers.

We are stepping up in how we use data to deliver insights and support decisions so that our model is efficient and that we utilise all our assets better. This is critical in ensuring we tighten our operating model.

For me, commercial assertiveness and a step change in culture go together. I’m focused on building a high-performance culture, where our people are connected, work together, hold each other to account and deliver every day. Part of this is instilling a real stand up and fight spirit to be assertive in the market.

We also need to instil a sense of ownership across the business, and encourage our team to make sure that every dollar spent counts.

We are now making progress, but as last year’s financial result shows, we’ve got a lot of work ahead of us to deliver on our potential.

The Accelerate Programme

The Accelerate programme provides the framework for our transformation over the next two years. As Julia has said, FY25 is our turnaround year; with a return to profitable earnings targeted for FY26.

The Accelerate programme kicked off several months ago, and work is well underway to turn things around.

I’d now like to talk through some of the things we’ve been doing under each of the pathways and our progress over the first quarter of FY25.

Recalibrate the business

To recalibrate the business, our focus is firmly on reducing costs, right sizing our business, and continuing to deliver excellent customer service, whilst retaining the ability to meet demand when the economy improves.

In some cases, we have had to unwind positions that were built up in anticipation of economic recovery and growth.

We’ve accelerated the sale of old and excess fleet to release cash, and have also entered sale and leaseback agreements for some of our fleet.

Our metro delivery operations used to operate as part of our Warehouse business. We’ve now transferred them into our Freight division, which allows us to maximise efficiencies and reduce costs.

The Warehouse business had a difficult year and customer losses resulted in excess capacity that exists today. We’ve been reviewing our network and are making changes where it makes sense. For example, in Christchurch, we’ve recently moved our Seymour St operations into our larger Rolleston warehouse, which firstly reduces costs and secondly, allows us to look at other options for Seymour St, such as subleasing that facility.

Unfortunately, some of our right-sizing is affecting our team. We are providing as much support as possible to our people through this process. These decisions are not taken easily, but we’re well aware we cannot just tinker around the edges.

Profitable revenue growth

Our second priority is to drive profitable revenue growth. This will primarily come from offering more of our services to existing customers, and bringing new customers on board.

MOVE is seen as a very credible alternative to other large providers in the market. Our team culture, partnership approach and focus on delivering end to end solutions is seen as valuable and is why we have some marque scale customers.

Our trans-Tasman shipping offer is opening up new revenue opportunities, both for shipping and landside. The new Brio Faith vessel is faster, more fuel efficient with less carbon emissions, and has 80% more capacity than the Atlas Wind.

We also need to make sure that we are pricing jobs fully, to generate appropriate margins and capture the value we offer customers.

Warehousing we do need to recover increasing property costs where relevant.

The sales team is reasonably new, but doing a great job under Ricky Clark, our GM of Sales. This is one area where we will invest, both in capability but also people, as we will not grow a healthy business by purely cutting costs.

Balance sheet resilience

Our third priority is to improve our financial performance. While cash conversion remained stable in FY24, our adjusted net operating cashflow was negative $5.1m.

This is an important metric for the Board and in FY25, our target is to return to positive adjusted net operating cashflow. This is operating cashflow less lease and rent payments, and excludes loan interest, tax, insurance claim and gain on asset sales.

We will do this through focussed financial management, reducing our costs and increasing our revenue.

New funding arrangements and a reset of covenants are now in place and provide the support to deliver on the Accelerate programme.

High performance culture

A clear simple plan is in place. It now comes down to culture and capability. People will drive our success and we have tasked them with a focus on four things to ensure we deliver:

Cost obsession, Customer First, Leadership and Quality Decisions.

We are seeing great engagement from our team. We recently launched a groupwide initiative, ‘Every$counts’, asking for their suggestions on cost and productivity initiatives and have been overwhelmed with responses. I’m pretty new still, but have been heartened by calls and chats with people who want to stand up and fight for this organisation, that’s the spirit we need.

FY25 OUTLOOK

FY25 Progress and Outlook

The economy remains challenging, particularly across the retail and FMCG sectors where we are strong. Building products, aquaculture and infrastructure have also retracted, although long term macro trends are positive.

With interest rates heading lower and monetary conditions starting to ease, we believe demand will recover over 2025, although this is expected to be gradual and more in H2. Demand for freight and logistics services will increase as end customers once again start spending and large projects come back online.

Sustainability and carbon emissions are becoming of increasing importance to customers, and our multi-modal solutions – using rail and shipping - open up new opportunities.

There is increasing investment in renewable energy solutions and our Specialist division is a leader in this sector.

This year, we are focused on making sure our business is as streamlined as possible and improving our financial performance.

So, how are we progressing in FY25?

Market conditions are still soft. Volumes and revenue remain challenging, however, we are starting to see some good traction in expanding gross margin. Gross margin $ for Q1 of the FY25 financial year were well up on any quarter last year; and gross margin % has grown 4 points compared to last quarter and is also ahead of last year. This is encouraging and shows that we are now executing on what is needed to create value.

I am confident we can return MOVE to a success story and am optimistic about our future. There will be challenges, particularly until the economy improves, but we can’t sit around and wait for this to happen. We know we have work to do at pace to restore MOVE to a strong, profitable company. I’m committed to improving financial performance, and growing shareholder value.

Thank you.

ENDS

MOVE LOGISTICS GROUP LIMITED 2024 ANNUAL MEETING

24 October 2024

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CHAIR JULIA RAUE

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VOTING AND ASKING QUESTIONS

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Voting Card Question box
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AGENDA

Welcome and Introductions Chair and CEO Presentations Shareholder Discussion Resolutions General Business Close of the Meeting

BOARD

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Julia Raue Independent Chair Last re-elected 2023 Appointed Chair June 2024

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Greg Whitham Non-independent Director Standing for election

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Mark Newman Independent Director Retiring end-ASM

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Lachie Johnstone Independent Director Standing for election

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Grant Devonport Independent Director Retiring end-ASM

LEADERSHIP TEAM

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Paul Millward Interim CEO

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Lee Banks CFO

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Rachel Hustler GM People & Culture

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Ricky Clark GM Sales

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Nick Ward GM Technology

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Craig Leishman GM Warehousing

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Anthony Browne GM Oceans

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Warwick Bell GM Specialist Lifting

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David King Freight – Consultant Recruitment underway

RESPONDING TO MARKET & BUSINESS CHALLENGES Accelerated change plan in place from 1 July 2024

Investment made Cost of doing business into growth too high; clear step strategy ahead of change needed to economic adjust to current economic conditions recovery

Priority to adjust Moving at pace. strategy, rightsize Priority - cashflow and improve generation and performance revenue recovery. Led by refreshed board and new CEO

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1H24
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4Q24
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1H25
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Remain confident in MOVE’s inherent value and proposition, experienced team and strong offer.

FY24 RESULTS SNAPSHOT

Results below aspirations; significant improvement targeted in FY25

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INCOME EBITDA EBT NLAT [2]
Normalised [1] Normalised [1]
$ 27.6m $(25.7)m $(48.1)m
$301.7m
FY23: $47.4m FY23: $(5.8)m FY23: $(7.2)m
FY23: $347.7m
LTIFR CAPEX GEARING FREE
CASHFLOW
15.82 $1.8m 38.4%
$2.0m
FY23: 14.72 FY23 $19.5m FY23: 17.2%
FY23: $0.7m
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• 2H24 Normalised EBITDA ahead of 1H24, in line with guidance

• • Disappointing result reflecting underperformance exacerbated by recessionary environment

• Higher cost base due to investment into business in anticipation of economic recovery, and inflation

• • Slow to react to market changes and reduce costs

1. Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments of $19.7m pre-tax related to asset impairment, settlement & restructuring cost (FY23: $1.7m). Including these, FY24 EBITDA and EBT was $7.9m and $(45.3)m respectively.

2. Attributable to owners of the company

ACCELERATE PROGRAMME Improve financial performance and build shareholder value

RECALIBRATE PROFITABLE BALANCE THE REVENUE SHEET BUSINESS GROWTH RESILIENCE

FY25 TARGETS : Positive adjusted net operating cashflow; Significant improvement in normalised EBT

FY26 TARGET : Return to normalised EBT profit

MOVE’S INHERENT VALUE & STRONG OFFER Nationwide network and specialised expertise Multi-modal, end to end supply chain solutions Customer focused, culture of service excellence Experienced and passionate team Competitive, reliable and value-adding partner

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CEO PAUL MILLWARD

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OUR BUSINESS

FREIGHT WAREHOUSING

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FUELS

SPECIALIST

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OCEANS

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GETTING THE FUNDAMENTALS RIGHT

IN PLACE

THE DIFFERENCE NEEDED

• End to end supply chain

• Right organisation structure

• Increasingly multi-modal

• Commercial decisions driven by data

• Strong brand

• Commercial assertiveness

• Nationwide network

• Step change in culture

• Customer-centric

• ‘Every dollar counts’ mentality

• Innovative thinking

• Experienced and passionate team

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THE ACCELERATE PROGRAMME

Goals to improve financial performance, build positive cashflow and deliver value to shareholders, while continuing to provide great service to MOVE customers

RECALIBRATE THE BUSINESS

PROFITABLE REVENUE GROWTH

BALANCE SHEET RESILIENCE

• Control and reduce costs

• The right people, resources and capacity to match customer activity

• Excellent customer service

• Strengthen existing partnerships and win new customers

• Balanced customer mix

• Creating a strong financial platform so we can invest in our business and our future

• Right routes for demand, and the right driver/fleet to deliver

• Full-value pricing

• Streamlined footprint

Costs Down Productivity Up

Increased Revenue Better Margins

Stronger Balance Sheet Improved Cashflow

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RECALIBRATE THE BUSINESS Progress Update

• Well underway on cost reduction and cash improvement programme

• Completed analysis of route demand and profitability

• Right-sizing of network, fleet and team, while retaining ability to flex with expected demand:

• Accelerated the planned sale of excess fleet

• Sale and leaseback of specialised fleet

• Transfer of Auckland and Christchurch metro operations from Warehousing division into Freight operations to maximise efficiencies

• Optimisation of warehousing footprint

• Workforce reduction to right size the organisation

• Collaboration with partners/customers to remove inefficient resource and costs

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PROFITABLE REVENUE GROWTH Progress Update

• Trading conditions remain challenging, with reduced levels of customer activity across the sector

• Focus on customer retention alongside strong sales pipeline, supported by stronger sales structure

• Full value pricing

• Warehousing – focus on value recovery

• Freight business will be an important driver of revenue growth – balance between margin and scale

• Oceans margin opportunity - new larger charter vessel, the MV Brio Faith, commenced in September 2024 servicing the trans-Tasman route

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BALANCE SHEET RESILIENCE Progress Update

• New funding arrangements in place; provides commercial firepower to deliver the Accelerate programme

• Release of $2.9m cash YTD from asset sales and sale and lease back arrangements; sale of Atlas Wind vessel for US$1.1m

• Ongoing consolidation and optimisation of network, reducing costs and improving cashflow

• Continued positive working capital management

Cashflow $m	FY24	FY23
Cash from operating activities	18.7	38.4
Lease principal payments	(29.5)	(27.3)
Net cash generated from operating activities, less lease payments	(10.8)	11.1
Adjustments: loan interest/tax/insurance claim/gain on asset sales	5.8	3.1
Adjusted net operating cashflow	(5.1)	14.2

FY25 target: Generate positive adjusted net operating cashflow

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HIGH PERFORMANCE CULTURE

Team behaviours that will drive our success:

• Cost Obsession

• Customers are Everything

• • Be a Leader

• Quality Decisions

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FY25 OUTLOOK

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FY25 PROGRESS AND OUTLOOK

Change plan will create a stronger, streamlined business.

FY25 turnaround year; FY26 return to profitable earnings

• Continuation of a challenging economic environment

• Freight - competitive but seeing positivity in Auckland in terms of tonnage with margins improving slowly

• Increasing investment into renewable energy projects and infrastructure will benefit our Specialist division late-2025

• Supply chain sustainability is increasingly of importance, MOVE is positioned well

• Sales team energised on connecting up new opportunities, with a healthy pipeline

Q1 Update:

• Market conditions soft; volumes and revenue remain challenging

• Good traction in expanding gross margin $ and %

DISCUSSION

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RESOLUTIONS

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RESOLUTIONS

RESOLUTION 1: To record the re-appointment of PricewaterhouseCoopers as the Company’s auditor and to authorise the Directors to fix the auditor’s remuneration for the ensuring year. RESOLUTION 2: Under NZX Listing Rule 5.1.1(b), to approve an increase in the facility limit of the Invoice Financing Facility (as defined in the Explanatory Notes of this Notice) between MOVE and Pacific Invoice Finance to $25 million.

RESOLUTION 3: That Lachie Johnstone, who was appointed as a Director by the Board during the year, be elected as a Director of the Company.

RESOLUTION 4: That Greg Whitham, who was appointed as a Director by the Board during the year, be elected as a Director of the Company.

OTHER BUSINESS

CLOSE OF THE MEETING

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APPENDICES

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Financial Measures

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 :

• EBITDA: Earnings before interest, tax, depreciation, amortisation excluding income and impairment from associates

• Normalised EBITDA: EBITDA before non trading costs

• Normalised EBT: Earnings before tax, share of associates and nontrading adjustments

• Free cash flow: Pre-IFRS16 EBITDA excluding non-cash items plus movements in working capital, less net capital expenditure and lease & rent payments

• Adjusted net operating cashflow: Operating cashflow including fixed rent and lease payment

$Millions	FY24	FY23
Net profit/(loss) before income tax (GAAP measure)	(45.3)	(7.6)
Add back:
Share of loss of associates	-	.1
Restructuringand settlement costs	2.3	0.6
Share acquisition costs	-	0.1
Goodwill and asset impairment	17.3	1.0
EBT excluding non-trading items (non-GAAP measure)	(25.7)	(5.8)
Finance costs(net)	10.2	9.7
EBIT excluding non-trading items (non-GAAP measure)	(15.4)	3.9
Depreciation & Amortisation	43.0	43.5
EBITDA excluding non-trading items (non-GAAP measure)	27.6	47.4

• Gearing: Net debt/(Net debt + Equity)

• Net debt: interest bearing liabilities less cash and cash equivalents

• Operating cash conversion: cash generated from operations as a %age of EBITDA less non-cash items

• Working Capital Ratio: Current Assets excluding held for sale / Current Liabilities excluding borrowings, lease liabilities and held for sale

• LTIFR: Lost time injury frequency rate

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Disclaimer

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.