Westshore Terminals Investment (WTE) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $93.6 million, down 1.8% year-over-year, with profit for the period at $25.1 million, slightly below Q2 2025 due to lower tonnage shipped and reduced other revenue.

• Year-to-date profit rose to $44.4 million, up 19.5% from the prior year, driven by higher coal loading revenue and lower operating and administrative expenses.

• The company is progressing on a major potash infrastructure project for BHP, with $155.1 million invoiced in H1 2026 and total long-term deferred revenue from BHP at $839.9 million.

• A new 10-year terminal services agreement with EVR will commence in 2028, increasing committed tonnage and providing revenue stability.

Financial highlights

• Q2 2026 tonnage shipped was 6.6 million tonnes, down from 6.9 million tonnes in Q2 2025; year-to-date tonnage increased 3.6% to 13.3 million tonnes.

• Average loading rate in Q2 2026 rose to $13.51/tonne from $13.03/tonne in Q2 2025; year-to-date average was $13.27/tonne.

• Operating and administrative expenses for Q2 2026 decreased 1.1% to $56.3 million; year-to-date expenses fell 3.8% to $115.4 million.

• Net finance costs increased to $5.0 million in Q2 2026 and $10.4 million year-to-date, mainly due to lower interest income.

• Dividends declared were $0.375 per share for Q2 2026, unchanged from the prior year.

Outlook and guidance

• 2026 throughput volumes are expected to be approximately 26.0 million tonnes at an average loading charge of $13.50/tonne.

• Planned outage at Berth 2 for shiploader installation may impact throughput if extended.

• Potash project completion is on track for Q2 2027, with meaningful revenue expected about six months after initial potash receipt.

• New EVR agreement secures 10 million tonnes annual commitment starting 2028, with escalation tied to CPI.