Qube Holdings Ltd. · ASX:QUB
Qube — Investor Presentation (February 2026)
35 slides from Qube's investor presentation, Feb 20, 2026
Slide 1: ASX Announcement: Investor Presentation – FY26 Half Year Results
Qube Holdings Limited | ABN 14 149 723 053 Level 27, 45 Clarence Street Sydney NSW 2000 Ph: +61 2 9080 1900 qube.com.au 20 February 2026 ASX Announcement Investor Presentation – FY26 Half Year Results Attached is Qube's Investor Presentation for the half year ended 31 December 2025. Authorised for r
Slide 2: H1 FY26 Half Year Results Investor Presentation
Qube Holdings Limited H1 FY26 HALF YEAR RESULTS Investor Presentation
Slide 3: Acknowledgment of Country
Acknowledgment of Country In the spirit of reconciliation, Qube acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past, present and emerging. 2
Slide 4: Disclaimer – Important Notice
Disclaimer – Important Notice The information contained in this Presentation or subsequently provided to the The delivery of this Presentation does not under any circumstances imply that the recipient whether orally or in writing by, or on behalf of Qube Holdings Limited (Qube) affairs or prospects
Slide 5: Agenda
Agenda 1. H1 FY26 Highlights Presenters 2. H1 FY26 Divisional Performance Paul Digney Managing Director 3. Key Financial Information 4. Summary and FY26 Outlook Mark Wratten Chief Financial Officer 5. Additional Information: Appendices 4
Slide 6: H1 FY26 Highlights
H1 FY26 Highlights 5
Slide 7: H1 FY26 Results Overview
H1 FY26 Results Overview DELIVERED ANOTHER SOUND OPERATIONAL PERFORMANCE UN DE R LY I NG RE V E N UE UN DE R LY I NG E BI TD A Period in Review $2,359.4m $319.2m • Continued growth in underlying earnings with most parts of the business delivering higher revenue and earnings. Up 12.9% on H1 FY25 Up 7
Slide 8: Update on Scheme of Arrangement
Update on Scheme of Arrangement • On 16 February 2026, Qube announced it had entered into a Scheme Implementation Deed (SID) with a consortium led by Macquarie Asset Management to acquire 100% of the issued shares in Qube. • Subject to shareholder approval and implementation of the Scheme: o Qube sh
Slide 9: Safety Performance
Safety Performance ONGOING SAFETY FOCUS AND INITIATIVES IMPLEMENTED TO DRIVE CONTINUED IMPROVEMENT Safety Performance Tot al Recordable Injury Freque ncy Rate (TRIFR)1 (21.8%) 9.00 7.41 8.80 7.82 6.71 ✓ Implementation of the QUBESAFE program, focusing on building and enhancing Qube’s safety culture
Slide 10: Qube's Key Markets – H1 FY26
Qube’s Key Markets – H1 FY26 DIVERSITY OF QUBE’S MARKETS ENABLES CONTINUED EARNINGS GROWTH DESPITE HEADWINDS IN SOME MARKETS FY26 Outlook H1 FY2 6 Key Markets H1 FY26 Financial Performance (at FY25 Performance Result s) Solid contribution in line with expectatio ns reflecting steady volumes for Qube
Slide 11: H1 FY26 Divisional Performance
H1 FY26 Divisional Performance 10
Slide 12: Operating Division
Operating Division STRONG REVENUE AND EARNINGS GROWTH DRIVEN BY LOGISTICS AND INFRASTRUCTURE Underlying Revenue ($m) +12.9% • Strong revenue growth in the period was generated entirely from the Logistics & Infrastructure business unit. Grain trading revenue 266.5 3.0 (0.1) 2,359.2 2,089.8 represente
Slide 13: Logistics and Infrastructure
Logistics and Infrastructure STRONG EARNINGS RESULT DRIVEN BY BOTH ORGANIC AND INORGANIC GROWTH Financial Performance and Commentary H1 FY26 H1 FY25 Change Change • High revenue growth driven primarily by an increased contribution from ($m) (%) Qube’s grain trading activities and a full period’s con
Slide 14: Ports and Bulk
Ports and Bulk PORTS RESULT LARGELY OFFSET WEAKER A BULK PERFORMANCE Financial Performance and Commentary Change Change • Increased earnings from higher volumes stevedored across most H1 FY26 H1 FY25 ($m) (%) commodities and the absence of the disruption from the industrial action that occurred in t
Slide 15: Associates - Patrick
Associates - Patrick STRONG RESULT ON HIGHER VOLUMES AND PRODUCTIVITY FOCUS Financial Performance and Commentary • Patrick’s market share was around 41% for the period. H1 FY26 H1 FY25 Change ($m) Change (%) • Extended key customer contracts in the period to provide Patrick (100%) additional certain
Slide 16: Key Financial Information
Key Financial Information 15
Slide 17: Qube Underlying Results
Qube Underlying Results PLEASING FINANCIAL AND OPERATIONAL PERFORMANCE Change Change • Prior slides speak to the strong contribution from the Operating Division H1 FY26 H1 FY25 ($m) (%) and Patrick to Qube’s H1 FY26 results. Revenue 2,359.4 2,090.0 269.4 12.9% EBITDA 319.2 298.2 20.8 7.0% • Amortisa
Slide 18: Capital Expenditure
Capital Expenditure CONTINUED INVESTMENT IN MAINTENANCE AND GROWTH ASSETS Gross Cash Capex by Business Unit Gross Cash Capex by Category MLP Total Gross Disposal Total Net MLP Terminals $m Acquisitions Growth Maintenance Terminals Capex Proceeds Capex Acquisitions 2.3% L&I 8.3 22.5 16.7 5.0 52.5 (15
Slide 19: Cash Flow
Cash Flow STRONG CASH GENERATION SUPPLEMENTED BY ASSET SALE PROCEEDS Change in Net Borrowings for Six Months to 31 December 2025 ($m) • Strong cashflow generation, distributions -51.2 from Patrick, and asset sales completed in the period enabled a reduction in net 1,618.3 1,567.1 debt despite contin
Slide 20: Balance Sheet & Funding
Balance Sheet & Funding HIGHLY CAPITALISED BALANCE SHEET WITH FLEXIBLE FUNDING Key Debt Metrics Debt Facilities Maturity Profile at 31 December 2025 ($m) Key metrics 31-Dec-25 30-Jun-25 37.9 Net assets attributable to Qube ($m) 3,122.3 3,002.3 Net debt ($m)1 1,567.1 1,618.4 Cash and undrawn debt fac
Slide 21: Summary and FY26 Outlook
Summary and ; | | FY26 Outlook i | | 20
Slide 22: Qube's Key Markets – FY26 Outlook
Qube’s Key Markets – FY26 Outlook Original Revised Key Markets Comments Outlook Outlook No change to H1 conditions with positive outlook for both Qube and Containers Patrick. Solid full year outcome expected although potential for strong H1 Agriculture performance to moderate, with downside risk to
Slide 23: FY26 Underlying Earnings Outlook
FY26 Underlying Earnings Outlook KEY MARKETS FY26 OUTLOOK KEY EXPECTATIONS • Strong earnings growth (EBITA) in the L&I business unit whilst earnings from the P&B business unit are expected Operating Solid EBITA to remain broadly flat (with the ports activities expected to deliver strong growth offse
Slide 24: Additional Information: Appendices
Additional Information: Appendices 23
Slide 25: Appendix 1: Segment Overview
Appendix 1: Segment Overview CONTINUES TO DELIVER SUSTAINABLE GROWTH Underlying EBITA ($m) H1 H2 Qube Group Logistics and Infrastructure Ports and Bulk Patrick 100% +9.8% +21.7% -5.1% +13.2% +12.1% +10.1% +19.5% +25.4% 87.6 139.4 141.1 198.4 156.4 88.1 161.6 116.7 106.0 102.2 135.1 66.8 68.9 113.6 1
Slide 26: Appendix 2: Continued improvement in ROACE
Appendix 2: Continued improvement in ROACE HIGHER ROACE ACROSS THE GROUP REFLECTS ONGOING FOCUS ON PRODUCTIVITY IMPROVEMENTS, ASSET UTILISATION AND CONTINUED RAMP UP OF MLP EARNINGS Return on Average Capital Employed (ROACE) Group ROACE Operating Division ROACE Patrick ROACE 11.1% 8,000 8,000 11.0%
Slide 27: Appendix 3: Qube Proportional Underlying Results
Appendix 3: Qube Proportional Underlying Results Qube Proportional Underlying Results Change Change Including Proportional Patrick H1 FY26 H1 FY25 ($m) (%) Revenue 2,608.7 2,324.8 283.9 12.2% EBITDA 427.6 397.8 29.8 7.4% Depreciation (142.0) (139.3) (2.7) 1.9% EBITA 285.6 258.5 27.1 10.5% EBITDA Mar
Slide 28: Appendix 4: Qube Statutory Results
Appendix 4: Qube Statutory Results H1 FY26 (ex H1 FY26 (inc H1 FY25 (inc • Statutory earnings are discontinued Discontinued discontinued discontinued Change shown exclusive and Half Year Ended 31 December 2025 inclusive of the discontinued operations) operations1 operations) operations) (%) ($m) ($m
Slide 29: Appendix 5: Reconciliation of H1 FY26 Statutory Earnings to Underlying Earnings
Appendix 5: Reconciliation of H1 FY26 Statutory Earnings to Underlying Earnings Operating Discontinued Corporate Commentary Patrick Consolidated Half Year Ended 31 December 2025 Division Operations and Other Statutory earnings include the following key ($m) ($m) ($m) ($m) ($m) items which have been
Slide 30: Appendix 6: Non-Underlying Adjustments
Appendix 6: Non-Underlying Adjustments EBITA $m Commentary H1 FY26 H1 FY25 • Reconciliation is at EBITA line only. ($m) ($m) Statutory Earnings 341.5 184.9 • Non-underlying adjustments in H1 FY26 and H1 FY25 included Underlying Adjustments from continuing operations items impacting both the continui
Slide 31: Appendix 7: Qube Underlying Results
Appendix 7: Qube Underlying Results Logistics and Divisional Ports and Bulk Patrick Corporate Total Qube Half Year Ended 31 December 2025 Infrastructure Corporate ($m) ($m) ($m) ($m) ($m) ($m) Revenue 1,360.3 998.9 (0.0) 0.2 2,359.4 EBITDA 203.7 167.1 (25.3) (26.3) 319.2 Depreciation (44.8) (76.5) (
Slide 32: Appendix 8: Operating Division Underlying Results by Business Unit
Appendix 8: Operating Division Underlying Results by Business Unit H1 FY26 H1 FY25 H1 FY26 H1 FY25 Change Change (%) ($m) ($m) Logistics & Infrastructure 1,360.3 1,093.8 24.4% Logistics & Infrastructure 15.0% 16.0% (1.1%) Ports & Bulk 998.9 995.9 0.3% Ports & Bulk 16.7% 16.9% (0.2%) Divisional Corpo
Slide 33: Appendix 9: Patrick Underlying Results
Appendix 9: Patrick Underlying Results H1 FY26 H1 FY25 Change ($m) ($m) (%) 100% Revenue 498.5 469.6 6.2% EBITDA 216.8 199.2 8.8% Depreciation (38.2) (39.9) (4.3%) EBITA 178.6 159.3 12.1% Amortisation (11.8) (11.6) 1.7% EBIT 166.8 147.7 12.9% Interest Expense (Net) - External (42.1) (37.8) 11.4% Int
Slide 34: Appendix 10: Other Associates
Appendix 10: Other Associates Change Change H1 FY26 H1 FY25 ($m) (%) IMG 1.9 2.0 (0.2) (7.9%) NSS 1.8 1.0 0.8 81.0% Prixcar 3.4 4.6 (1.2) (26.1%) MITCo (2.6) (3.7) 1.1 (28.7%) Total NPAT (ex Patrick) 4.5 3.9 0.5 13.6% Patrick 44.0 37.1 6.9 18.7% Total NPAT (inc Patrick) 48.5 41.0 7.5 18.2% 33
Slide 35: Q&A
Q&A 34
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