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Qube (QUB) investor relations material

Qube H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary19 Feb, 2026

Executive summary

  • Revenue grew 12.9% year-over-year to $2,359.4 million, with underlying EBITA up 9.8% and underlying NPATA up 10.1%, driven by organic growth and recent acquisitions.

  • Interim fully franked dividend of 5.35 cents per share declared, a 30.5% increase and 60% payout ratio.

  • Entered into a Scheme Implementation Deed with a Macquarie Asset Management-led consortium for a $5.20 per share offer, marking a significant milestone and platform for future growth.

  • Statutory NPAT surged 101.1% to $212.6 million, driven by a $101.5 million pre-tax gain from the Beveridge land sale and reversal of a $37.3 million onerous contract provision.

  • Material asset sales reduced net debt without impacting future operations or earnings.

Financial highlights

  • Underlying EBITDA increased 7.0% to $319.2 million; EBITA margin (excluding grain trading) improved to 10.6%.

  • Underlying NPATA reached $157.5 million, up 10.1% year-over-year.

  • Statutory results included a $101.5 million pre-tax profit from the Beveridge property divestment and a $37.3 million reversal of an onerous contract provision.

  • Net debt reduced to $1.57 billion at December 2025, down from $1,618.4 million at June 2025.

  • Group ROACE reached 10.1%, up from 9.9% at June 2025.

Outlook and guidance

  • FY26 underlying NPATA and EPSA expected to grow 6–10% over FY25.

  • Operating Division EBITA to see solid growth, mainly from Logistics & Infrastructure; Ports & Bulk earnings to remain flat.

  • Associates' NPATA contribution expected to be $20 million higher, led by Patrick.

  • Full-year gross capex forecast at $400–$450 million, net capex $250–$300 million.

  • Guidance assumes stable market and economic conditions, with no major adverse events.

MAM scheme conditions and timeline
Ports & Bulk earnings drivers
Reasons for revised FY26 capex guidance
Explain special dividend timing and franking credits
Discuss Ports & Bulk margin depression drivers
Detail FY26 CapEx guidance change drivers
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Frequently asked questions

Qube Holdings Limited is an Australian diversified logistics and infrastructure company. It offers a wide range of services, including logistics solutions for the import-export supply chain, strategic asset development, and management of intermodal terminals and grain terminals. The company's strategic assets include the Moorebank Intermodal Terminal, Minto Intermodal Terminal, Quattro Grain Terminal, TQ Bulk Liquids Terminal, AAT Facilities Management, and the Newcastle Agri Terminal. The company is headquartered in Sydney, New South Wales, and its shares are listed on the Australian Securities Exchange.

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