Qube (QUB) H1 2026 earnings summary

Executive summary

• Underlying revenue rose 12.9% year-over-year to $2.36 billion in H1 FY26, with underlying EBITA up 9.8% to $196.3 million and underlying NPATA up 10.1% to $157.5 million; most business segments delivered higher revenue and earnings, driven by organic growth and recent acquisitions.

• 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.

• Interim dividend increased 30.5% to 5.35 cents per share, fully franked, with a 60% payout ratio.

• Entered into a Scheme Implementation Deed with a Macquarie Asset Management-led consortium for a $5.20 per share offer, subject to shareholder and regulatory approval.

• Recent acquisitions, including AAT Webb Dock West, Coleman, Albany Bulk Handling, and Nexus Logistics, contributed positively.

Financial highlights

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

• Statutory EBITDA surged 48.5% to $522.4 million; statutory EBITA up 84.7% to $341.5 million, including non-recurring items.

• Operating cash flow (pre-tax, pre-interest, excl. grain trading): $226.4 million; net debt reduced to $1.57 billion.

• Gearing ratio improved to 31.6%, at the lower end of the Board's approved range.

• Interim dividend of 5.35 cents per share, fully franked, declared and payable in April.

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 forecasted to be $20 million higher, led by Patrick.

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

• Interest expense projected to rise $10–$15 million due to higher net debt and no Patrick loan interest income.