Westshore Terminals Investment (WTE) Q4 2025 earnings summary

Executive summary

• Shipped 23.6 million tonnes in 2025, down from 26.8 million tonnes in 2024, due to a fire at Berth 1 and ongoing potash project construction activity.

• Revenue fell to $323.0 million from $404.7 million year-over-year, with 2024 including a $21.3 million reservation fee.

• Profit before taxes was $124.3 million (2024: $158.0 million); after-tax profit per share decreased by 21%.

• Received $47.5 million in insurance proceeds related to the Berth 1 fire.

• Maintained quarterly dividend at $0.375/share ($1.50 annualized); no shares repurchased in 2025.

Financial highlights

• Coal loading revenue decreased 16.5% to $307.4 million; average loading rate was $13.05/tonne (2024: $13.76/tonne).

• Operating and administrative expenses were $225.8 million, up 0.4% year-over-year.

• Net finance costs increased to $19.7 million (2024: $17.3 million).

• Profit for the year was $90.7 million, down from $115.3 million in 2024.

• After-tax other comprehensive income rose to $15.1 million (2024: $13.6 million), mainly from pension plan asset performance.

Outlook and guidance

• 2026 throughput expected at 25.5 million tonnes, average loading rate ~$13.00/tonne.

• Potash project completion targeted for Q2 2027; meaningful potash revenue anticipated in early 2028.

• Projected capital contribution for potash project is ~$225 million, funded by cash reserves, operations, and credit facility.