Westshore Terminals Investment (WTE) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $106.0M and profit was $29.0M, up from $75.7M and $13.2M YoY; higher coal volumes and loading rates drove the improvement.

• Nine-month revenue reached $291.4M and profit $73.4M, compared with $253.9M and $50.3M in 2025.

Financial highlights

• Q3 coal loading revenue rose 38.5% YoY to $100.6M; other revenue was $5.4M versus $3.1M.

• Q3 operating and administrative expenses increased 21.4% YoY to $60.8M, reflecting maintenance timing, logistics, higher throughput costs and inflation.

• Nine-month operating and administrative expenses rose 3.7% YoY to $176.2M; net finance costs increased to $15.3M from $14.5M.

• Nine-month profit before tax was $100.7M versus $68.9M; income tax expense increased to $27.3M from $18.7M.

Outlook and guidance

• FY 2026 throughput is expected at ~27.0M tonnes with an average loading charge of ~$13.85 per tonne, based on customer information, YTD performance, rail expectations and construction activity.

• Potash project construction is expected to be substantially complete in Q2 2027; meaningful handling revenue is expected ~six months after potash receipts begin.

• BHP anticipates Jansen Stage 1 first production in mid-2027, with first shipments to the terminal within a few months after production starts.

• A planned Berth 2 outage for new shiploader installation shifted from Q4 2026 to H1 2027 due to delivery logistics; no material impact to the overall project schedule is expected.