Agility Global said it posted stronger-than-expected results for the fourth quarter of 2025, helped materially by significant non-recurring items.
Quarterly headline figures
Revenue for the quarter was $1.42 billion, up 19.1% year-over-year and 8.6% quarter-over-quarter, and 3.1% above consensus. Reported EBITDA reached $332.4 million, a 71.8% increase from the same quarter a year earlier and 88.9% higher than consensus estimates. Net income for the period was $143 million, representing a 375.5% year-over-year rise and coming in 320.5% above analyst expectations.
Impact of one-off items
The company disclosed one-off contributions that materially affected profitability: $144 million of one-off items added to EBITDA and $104 million related to net income. These items were attributed to revaluation gains on industrial real estate, effects tied to the G2 acquisition, considerations connected to the closure of the Kuwait business in Menzies, and a gain on disposal of assets.
Adjusted performance
Excluding the one-off items, Agility’s EBITDA would have been $188.4 million. That adjusted EBITDA still beat consensus by 7% but fell short of Morgan Stanley’s estimate by 13.4%. Adjusted net income was $39 million, exceeding consensus by 14.6% yet missing Morgan Stanley’s forecast by 8.3%.
Margins
On a reported basis, the company recorded an EBITDA margin of 23.4% for the quarter, an improvement of 7.2 percentage points compared with the fourth quarter of 2024. Stripping out the one-off items, the EBITDA margin would have been 13.3% for the period.
Takeaway
Agility delivered top-line growth and significantly stronger statutory profitability in 4Q25, but a large portion of the quarter’s uplift derived from discrete items. Adjusted results provide a more tempered view and revealed shortfalls versus at least one major sell-side forecast.
Summary
Agility Global’s 4Q25 results beat consensus on revenue, EBITDA and net income, largely because of $144 million and $104 million in one-off items boosting EBITDA and net income respectively. Excluding those items, adjusted EBITDA was $188.4 million and adjusted net income was $39 million; these adjusted figures outpaced consensus modestly but missed Morgan Stanley’s estimates. Reported EBITDA margin widened to 23.4%, while the one-off-free margin would have been 13.3%.
Key points
- Revenue: $1.42 billion, +19.1% year-over-year, +8.6% quarter-over-quarter, and 3.1% above consensus.
- Statutory EBITDA and net income were materially higher due to one-off items - EBITDA $332.4 million and net income $143 million.
- Adjusted EBITDA of $188.4 million exceeded consensus by 7% but missed Morgan Stanley’s estimate by 13.4%; adjusted net income of $39 million beat consensus by 14.6% but was 8.3% below Morgan Stanley.
Sectors impacted
- Industrial real estate - referenced explicitly through revaluation gains.
- Logistics and related operational segments - reflected in Agility’s core revenue performance and items tied to acquisitions and business closures.
Risks and uncertainties
- Reliance on non-recurring items - a substantial portion of the quarter’s uplift came from one-off gains, which may not be repeatable and affect the sustainability of reported profitability. This risk is relevant to investors in the logistics and real estate sectors.
- Adjusted results versus sell-side forecasts - while adjusted metrics outperformed consensus, they missed Morgan Stanley’s estimates for both EBITDA and net income, introducing uncertainty around analyst expectations and near-term earnings guidance.
- Operational consequences of business closures and disposals - the closure of the Kuwait business in Menzies and asset disposals were cited as contributors to the one-off line items, which may introduce transitional operational or integration risks in affected markets.
Note on analysis
The figures and descriptions above reflect Agility Global’s reported 4Q25 results and the adjustments disclosed by the company. Where the company provided both statutory and one-off-adjusted metrics, both are presented to distinguish recurring operating performance from discrete events.