Historical setup
What FY25 said to watch
From EBITDA up 433% but MOV stays loss-making on a 2.6% revenue decline
No formal targets were disclosed for FY26, and there is no forward-work backlog figure to anchor expectations. Management commentary characterised the result as delivering on financial targets and expressed confidence about positioning when demand returns, but no specific forward earnings or revenue guidance was provided.
The second-half EBITDA exit rate of roughly $24m in 2H25 versus $18m in 1H25 provides a positive directional signal. Whether that trajectory continues depends on whether the gross margin gains are sticky and on the trajectory of Warehousing, where the current loss rate is material relative to a group that has not yet returned to profitability.