Qube (QUB) H1 2026 earnings summary

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.