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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.
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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