Just caught WiseTech's H1 results and there's quite a bit happening here. Stock's up around 11% in Australia, trading at A$47.71, which tells you the market's reading this as more positive than negative despite some surface-level headwinds.

So here's what jumped out at me. Net profit dropped 36% to $68.1 million, which sounds rough on paper. But dig deeper and the underlying story's different. Underlying net profit actually ticked up to $114.5 million, and that's the number that matters for understanding the business health. EBITDA climbed 31% year-over-year to $252.1 million - that's solid growth in the core operational performance.

Revenue surged 76% to $672 million, which is genuinely impressive. CargoWise, their main product line, grew 12% to $372.4 million. The EBITDA margin sits at 38%, down 13 points from last year, but management's guiding for 40-41% EBITDA margin next year, which suggests they see the efficiency gains coming through.

Here's the big announcement: they're cutting around 2,000 roles across fiscal 2026 and 2027 - that's roughly 50% headcount reduction in product development and customer service. Initially hitting those teams, with other functions coming into scope from FY27. Management's framing this as part of their push toward higher-margin recurring revenue and building what they call a higher-performance culture.

For FY26 guidance, excluding the restructuring impacts, they're backing revenue of $1.39-1.44 billion (79-85% growth) and EBITDA of $550-585 million (44-53% growth). The board also approved a fully franked interim dividend of 6.8 cents, up 1% year-over-year.

Interesting dynamic here - strong revenue growth and EBITDA expansion, but they're clearly making a strategic bet that cutting headcount and focusing on profitability over scale is the right move. The market seems to agree given the stock reaction. Worth watching how the restructuring actually plays out in execution.