Westshore Terminals Investment (WTE) investor relations material

Executive summary

• Revenue for Q1 2026 rose 10.9% year-over-year to $91.9 million, driven by a 12.5% increase in shipped tonnage due to milder weather and improved rail performance.

• Net profit for Q1 2026 was $19.3 million, up from $11.5 million in Q1 2025, reflecting higher revenues and lower operating costs.

• The company is progressing on a major potash infrastructure project for BHP, with $84.8 million invoiced in Q1 2026 and total long-term deferred revenue from the project at $769.6 million.

• A cyber fraud incident resulted in a $2.6 million expense, partially offset by $1.4 million in insurance proceeds; the net impact is expected to be $1.2 million.

Financial highlights

• Q1 2026 revenue: $91.9 million (Q1 2025: $82.8 million); tonnage shipped: 6.6 million tonnes (Q1 2025: 5.9 million tonnes).

• Operating and administrative expenses decreased 6.2% to $59.0 million.

• Profit before income tax: $26.5 million (Q1 2025: $15.7 million); net profit: $19.3 million (Q1 2025: $11.5 million).

• Basic and diluted EPS: $0.31 (Q1 2025: $0.19).

• Dividends declared: $0.375 per share, unchanged year-over-year.

Outlook and guidance

• 2026 throughput volumes expected to be ~25.5 million tonnes at an average loading charge of ~$13.00/tonne.

• Potash project on schedule for completion in Q2 2027; meaningful potash revenue anticipated about six months after initial deliveries.

• Westshore expects to fund ~$225 million in potash project cost overruns, primarily from cash reserves, operations, and a new credit facility.