Qube (QUB) H2 2025 earnings summary

Executive summary

• Achieved record full-year results with underlying revenue of $4,461.4m, up 27.3% year-over-year, driven by organic growth, acquisitions, and diversified operations across markets and geographies.

• Underlying EBITA rose 18.5% to $377.2m, and underlying NPATA increased 6.2% to $288.0m, despite headwinds from industrial action, weather events, and MITCO JV losses.

• Fully franked dividend increased 7.1% to 9.8 cps, supported by strong underlying earnings growth.

• Group ROACE improved to 9.9%, reflecting productivity gains and asset utilization.

• Safety performance improved, with TRIFR down 14% and all internal safety KPIs exceeded.

Financial highlights

• Underlying EBITDA increased by 18.5% year-over-year to $616.2m, driven by strong operating division and Patrick contributions.

• EBITDA margin (excluding grain trading) rose to 10.5%, up one percentage point from the prior period.

• EPSA grew 6.0% to 16.25 cents; underlying NPATA reached AUD 288 million, up 6.2% from FY 2024.

• Net debt increased by $403.3m to $1,618.4m, mainly due to acquisitions and working capital for grain trading.

• Significant non-underlying adjustments included a profit on sale of Minto property (AUD 90 million) and a AUD 219 million impairment related to the MITCo joint venture.

Outlook and guidance

• FY26 outlook anticipates solid NPATA and EPSA growth, with strong earnings in logistics and infrastructure, modest growth in ports and bulk, and a return to growth from Patrick.

• Net interest cost projected to rise by AUD 15–20 million; CapEx guidance is AUD 600–650 million, partially offset by asset sales.

• Market outlook is generally favorable, with positive trends in containers, Agri, and energy, but mixed in automotive and resources.

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