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Channel Infrastructure NZ (CHI) investor relations material

Channel Infrastructure NZ H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary25 Aug, 2025

Executive summary

  • EBITDA grew by nearly $5M, driven by new contracts, PPI escalation, and cost discipline, offsetting lower terminal fees and lease expiries.

  • Delivered strong and stable financial results for HY25, with EBITDA margin maintained at 69% year-over-year.

  • Net profit after income tax from continuing operations was $13.1 million, with discontinued operations posting a net loss of $1.5 million.

  • Four storage contracts signed in 18 months, adding $170M in revenue over their life, and a nine-year extension to a major storage contract expected to generate ~$50 million additional revenue from 2028.

  • Maintained a strong safety record and high asset availability, with all 2025 strategic delivery measures on track and zero Tier 1 or 2 process safety incidents in the last 18 months.

Financial highlights

  • HY25 revenue from continuing operations was $70.2M, up 1% year-over-year; pro-forma revenue (excluding Wiri lease) up 4%.

  • EBITDA for the period was $48.5M with a 69% margin; underlying EBITDA up 5% excluding lease expiry.

  • Net profit after tax was $13.1M, a 2% increase year-over-year; pro-forma NPAT up 5%.

  • Free cash flow from operations was $35.2M, with a 73% EBITDA to free cash flow conversion rate.

  • Maintenance CapEx at $6M; gross CapEx $11.5M, including major project investments.

Outlook and guidance

  • FY2025 guidance unchanged; normalised EBITDA expected at $89–94M, maintenance capex at 8–10% of revenue, and ordinary dividend between 12.0–12.5 cps.

  • Jet fuel demand outlook remains flat due to aircraft availability and tourism, but medium-term outlook positive with government tourism initiatives.

  • Diesel demand expected to rise with economic recovery and infrastructure projects.

  • Additional $8M per year in revenue anticipated from bitumen terminal and Z Energy jet storage project from 2026.

  • Nine-year storage contract extension to add ~$50M revenue from 2028, requiring $20–26M growth capex over 2026–2030.

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Frequently asked questions

Channel Infrastructure NZ Limited is a New Zealand-based company that operates essential infrastructure for fuel supply and storage. Previously known as the operator of the Marsden Point oil refinery, the company has transitioned to providing fuel import, handling, and storage services. Channel Infrastructure manages facilities that receive and store refined fuel products, supplying fuel to major New Zealand regions through pipelines and distribution networks. The company supports a range of sectors, including transport, aviation, and energy. The company is headquartered in Ruakākā, New Zealand, and its shares are listed on the NZX.

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