Slide 1: Investor Presentation – 2025 Full 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 21 August 2025 ASX Announcement Investor Presentation – 2025 Full Year Results Attached is Qube's Investor Presentation for the year ended 30 June 2025. Authorised for release by:
Slide 2: FY25 Full Year Results
Qube Holdings Limited FY25 FULL 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. FY25 Highlights Presenters 2. FY25 Divisional Performance Paul Digney Managing Director 3. Key Financial Information 4. Summary and FY26 Outlook Mark Wratten Additional Information: Operating Chief Financial Officer 5. Division 6. Additional Information: Appendices 4
Slide 6: FY25 Highlights
FY25 Highlights 5
Slide 7: FY25 Results Overview
FY25 Results Overview DIVERSIFIED, RESILIENT BUSINESS DELIVERS ANOTHER RECORD RESULT UN DE R LY I NG RE V E N UE UN DE R LY I NG E BI TD A Period in Review $4,461.4m $616.2m • Continued growth in underlying earnings with most parts of the business delivering higher revenue and earnings. Up 27.3% on
Slide 8: Safety Performance
Safety Performance ONGOING SAFETY FOCUS AND NEW INITIATIVES IMPLEMENTED TO DRIVE CONTINUED IMPROVEMENT Safety Performance Tot al Recordable Injury Freque ncy Rate (TRIFR)1 (14.2%) 8.25 9.00 7.41 8.80 7.82 ✓ Development of the QUBESAFE program, focusing on building and enhancing Qube’s safety culture
Slide 9: Qube’s Revenue Diversity
Qube’s Revenue Diversity OUR REVENUE AND CUSTOMERS ARE WELL-DIVERSIFIED Customer diversification Geographic Diversification ($m) (ex-grain trading) 1,628.3 FY25 FY24 Grain Trading 18.8% 996.5 936.1 795.7 700.8 725.6 Total Operating 376.4 363.5 Division Revenue 10.9% 296.4 250.0 239.1 224.3 52.5% (ex
Slide 10: Ongoing focus on ROACE
Ongoing focus on ROACE HIGHER ROACE ACROSS THE GROUP REFLECTS ONGOING FOCUS ON PRODUCTIVITY IMPROVEMENTS AND ASSET UTILISATION Return on Average Capital Employed (ROACE) 11.0% 10.7% 12.0 9.9% 6,000 12.0 6,000 12.0 10.7% 6,000 10.2% 10.5% 10.3% Average Capital Employed ($m) Average Capital Employed (
Slide 11: Segment Overview
Segment Overview SUSTAINED EARNINGS GROWTH Underlying EBITA ($m) H1 H2 Qube Group Logistics and Infrastructure Ports and Bulk Patrick 100% +19.8% FY 21 – 25 CA GR +15.5% FY21 – 25 CAGR +28.2% FY 21 – 25 CA GR 198.4 161.6 +9.0% 139.4 141.1 135.1 156.4 FY 21 – 25 CA GR 106.0 116.7 102.2 110.3 113.6 89
Slide 12: Qube’s Key Markets
Qube’s Key Markets DIVERSITY OF QUBE’S MARKETS ENABLES SUSTAINABLE EARNINGS GROWTH DESPITE CHALLENGES IN SOME MARKETS FY24 FY25 Key Markets FY25 Financial Performance Performance Performance Solid contribution in line with expectations reflecting steady volumes for Qube's key activities across trans
Slide 13: FY25 Divisional Performance
FY25 Divisional Performance 12
Slide 14: Operating Division
Operating Division STRONG REVENUE AND EARNINGS GROWTH WITH MOST MARKETS DELIVERING GROWTH Underlying Revenue ($m) • Strong revenue growth led by the Logistics & Infrastructure business unit of +27.4% which the majority was grain trading related. 4,461.2 68.6 0.0 • Qube’s Australian ports operations
Slide 15: Logistics and Infrastructure
Logistics and Infrastructure STRONG EARNINGS RESULT Financial Performance and Commentary Change Change • High revenue growth driven primarily by a full year’s contribution from Qube’s FY25 FY24 grain trading activities. ($m) (%) Revenue 2,438.0 1,548.5 889.5 57.4% • Container volumes remained solid
Slide 16: Qube Grain Trading Strategy Delivering Results
Logistics and Infrastructure QUBE GRAIN TRADING STRATEGY DELIVERING RESULTS Key Highlights During the Period FY25 FY24 • The grain trading business delivered gross revenue of $898.0 million in FY25. Qube Grain Trading ($m) ($m) • Grain throughput across Quattro and Newcastle Agri Export Terminals mo
Slide 17: MLP IMEX Terminal
Logistics and Infrastructure MLP IMEX TERMINAL 450,000 Volume Ramp Up is Continuing 280,435 • The MLP IMEX delivere d positive EB ITDA a nd cashflows in FY25 (inclusive of related te rminal activities such as the MLP Empty Container Park). It is forecast to b e E BIT positive by the end of FY26. 78,
Slide 18: Moorebank precinct layout
S9 (2 x 49,450m2) S1 (24,400m 2) S8 (2 x 43,800m2) N4 (48,690m2) N3 (38,960m2) Interstate Term inal IMEX E2A and E2B (54,318m2) Available 17 The warehousing precinct is owned and managed by ESR Source: Moorebank Intermodal Precinct website
Slide 19: Ports and Bulk
Ports and Bulk IMPROVEMENT IN MARGINS AND STRONG EARNINGS GROWTH DESPITE MODEST REVENUE GROWTH AND SOME CHALLENGES Financial Performance and Commentary Change Change • Qube’s Australian ports operations experienced a challenging period due to the FY25 FY24 industrial action that occurred at multiple
Slide 20: Associates - Patrick
Associates - Patrick STEADY RESULT ON A NORMALISED MARKET SHARE Financial Performance and Commentary Underlying Results • Patrick’s market share normalised to around 42% for the period compared to Change Change 47% in FY24 with the pcp benefitting from the industrial action which FY25 FY24 impacted
Slide 21: Associates
Associates EARNINGS DECLINE MAINLY ATTRIBUTABLE TO FULL PERIOD’S SHARE OF MITCO LOSSES Financial Performance and Commentary Change Change MITCo (Qube’s 65% interest in the MLP Interstate terminal) FY25 FY24 ($m) (%) • MITCo has not been able to secure any contracted customers since the IMG 2.8 (30.0
Slide 22: Key Financial Information
Key Financial Information 21
Slide 23: Qube Underlying Results
Qube Underlying Results A STRONG FINANCIAL AND OPERATING PERFORMANCE DESPITE NPATA GROWTH BEING IMPACTED BY MITCO LOSSES FY25 FY24 Change • Prior slides speak to the strong contribution from the Operating ($m) ($m) (%) Division to Qube’s FY25 results. Revenue 4,461.4 3,503.6 27.3% EBITDA 616.2 534.1
Slide 24: Capital Expenditure
Capital Expenditure CONTINUED INVESTMENT IN MAINTENANCE AND GROWTH ASSETS Gross Cash Capex by Business Unit Gross Cash Capex by Category MLP Terminals MLP Total Gross Disposal Total Net 3.3% Acquisitions Growth Maintenance Growth Terminals Capex Proceeds Capex 17.9% L&I 337.0 48.5 62.7 27.8 476.0 (2
Slide 25: Acquisitions completed in FY25
Acquisitions completed in FY25 QUBE CONTINUES TO PURSUE ACCRETIVE ACQUISITIONS AND OTHER GROWTH INVESTMENTS IN LINE WITH ITS STRATEGY FY25 Company Acquisitions Key FY25 Key Property / Asset Acquisitions Colemans - reported in Bulk business Karratha property – reported in Ports business (Energy busin
Slide 26: Cash Flow
Cash Flow STRONG CASH GENERATION SUPPLEMENTED BY ASSET SALE PROCEEDS Change in Net Borrowings for Twelve Months to 30 June 2025 ($m) • The growth of Qube’s grain trading activities have resulted in a significant +403.3 investment in working capital in FY25. 1,618.4 8.7 • Excluding the working capita
Slide 27: Balance Sheet & Funding
Balance Sheet & Funding QUBE DIVERSIFIED AND ENHANCED ITS FUNDING FACILITIES ACROSS FY25 Key Debt Metrics Debt Facilities Maturity Profile at 30 June 2025 ($m) 37.9 Key metrics Jun 25 Jun 24 Net assets attributable to Qube ($m) 3,002.3 3,115.4 Net debt ($m)1 1,618.4 1,215.1 Cash and undrawn debt fac
Slide 28: Summary and FY26 Outlook
Summary and FY26 Outlook 27
Slide 29: FY25 Summary
FY25 Summary CONTINUED DELIVERY AGAINST KEY PERFORMANCE TARGETS Key Financial Targets FY25 FY25 Results Commentary Outcome • Revenue growth in the period well above GDP primarily relating to full Revenue = GDP+ +27.3% (vs FY24) year impact of grain trading activities. Revenue growth ex grain trading
Slide 30: Qube’s Strategy
Qube’s Strategy CONSISTENTLY DRIVES SUSTAINABLE GROWTH AND SHAREHOLDER VALUE Underlying Reve nue – Operating Division Div idends Underlying E PSA 4,461.2 CAGR: +13.5% 9.80 CAGR: +17.7% 16.25 9.15 15.33 CAGR: +20.1% 8.10 13.60 3,503.1 7.00 8.18 2,989.7 2,371.4 5.70 7.35 0.70 5.15 10.60 6.00 6.10 2,57
Slide 31: Qube’s Key Markets
Qube’s Key Markets DIVERSITY OF QUBE’S MARKETS ENABLES SUSTAINABLE EARNINGS GROWTH DESPITE CHALLENGES IN SOME MARKETS FY23 FY24 FY25 FY26 Key Markets Comment Performance Performance Performance Outlook • Expect market growth in line with G DP, stable market sha re (Qube an d P atr ick) with continue
Slide 32: FY26 Underlying Earnings Outlook
FY26 Underlying Earnings Outlook KEY MARKETS FY26 OUTLOOK KEY EXPECTATIONS • Strong earnings growth (EBITA) in the L&I business unit and modest underlying earnings growth in the Operating Solid EBITA P&B business unit (with the ports activities expected to deliver strong growth and the bulk activiti
Slide 33: Additional Information: Operating Division
Additional Information: Operating Division 32
Slide 34: Logistics & Infrastructure – Revenue by Region
Logistics & Infrastructure REVENUE BY REGION Indicative Revenue (ex Grain Trading) Segmentation by Region 40.7% FY25 FY24 • Revenue growth (in dollar terms) 38.9% across the majority of regions in FY25 except QLD which was impacted by weaker volumes at Automotive Terminals (AAT). • NSW reported soli
Slide 35: Ports and Bulk – Revenue by Region
Ports and Bulk REVENUE BY REGION Indicative Revenue Segmentation by Region 42.4% 40.9% FY25 FY24 • P&B offers a diverse range of services across numerous geographies, commodities and markets to many different customers. • The largest increase (in dollar terms) was WA, benefiting by the acquisition 2
Slide 36: Logistics and Infrastructure – Revenue by Industry
Logistics and Infrastructure REVENUE BY INDUSTRY Indicative Revenue (ex Grain Trading) Segmentation by Industry 26.7% 26.0% FY25 FY24 20.8% 19.7% 17.9% 17.4% 16.6% 16.0% 7.7% 6.5% 6.9% 5.7% 3.3% 3. 1% 2.7% 2.9% Container Handling & Infrastructure and $m Manufacturing Food Processing Agriculture 1 Fr
Slide 37: Ports and Bulk – Revenue by Product
Ports and Bulk REVENUE BY PRODUCT Indicative Revenue Segmentation by Product 13.8% 13.5% FY25 FY24 12.2% 12.0% 11.4% 9.5% 9.5% 9.2% 8.1% 7.8% 7.8% 7.4% 7.2% 7.1% 7.0% 6.7% 5.9% 5.7% 5.2% 4.8% 4.7% 4.9% 4.4% 3.9% 3.2% 3.3% 3.1% 0.8% Forestry Bulk Scr ap Other Base Vehicles and Ancillary $m Energy Iro
Slide 38: Additional Information: Appendices
Additional Information: Appendices 37
Slide 39: Appendix 1: Decarbonisation
Appendix 1: Decarbonisation QUBE REMAINS FOCUSSED ON DELIVERING OPERATIONAL DECARBONISATION THROUGH INCREASED UPTAKE OF RENEWABLE ENERGY AND INTEGRATION OF LOW CARBON TECHNOLOGY ACROSS THE BUSINESS’ OPERATIONAL FOOTPRINT FY25 Absolute Scope 1 and 2 GHG emissions Climate-related transition planning •
Slide 40: Appendix 2: Margin Performance
Appendix 2: Margin Performance UNDERLYING MARGIN IMPROVEMENT ACROSS THE GROUP, WITH HEADLINE MARGIN IMPACTED BY A FULL YEAR OF GRAIN TRADING ACTIVITIES Margins Operating Division Logistics and Infrast ructure EBITDA (%) EBITA (%) EBITDA - ex Grain Trading (%) EBITA - ex Grain Trading (%) EBITDA (%)
Slide 41: Appendix 3: Qube Proportional Underlying Results
Appendix 3: Qube Proportional Underlying Results Qube Proportional Underlying Results FY25 FY24 Change Including Proportional Patrick ($m) ($m) (%) Revenue 4,925.4 3,962.2 24.3% EBITDA 806.4 723.6 11.4% Depreciation (279.0) (254.4) (9.7%) EBITA 527.4 469.2 12.4% EBITDA Margin 16.4% 18.3% (1.9%) EBIT
Slide 42: Appendix 4: Qube Statutory Results
Appendix 4: Qube Statutory Results FY25 FY25 FY24 • Statutory earnings are (ex (inc (inc shown exclusive and Discontinued Change Year Ended 30 June 2025 discontinued discontinued discontinued inclusive of the discontinued operations1 (%) operations) operations) operations) Property Division. ($m) ($
Slide 43: Appendix 5: Reconciliation of FY25 Statutory to Underlying Earnings
Appendix 5: Reconciliation of FY25 Statutory Earnings to Underlying Earnings Operating Discontinued Corporate Commentary Patrick Consolidated Year Ended 30 June 2025 Division Operations and Other Statutory earnings include the following key ($m) ($m) ($m) ($m) ($m) items which have been excluded fro
Slide 44: Appendix 6: FY25 Non-Underlying Adjustments
Appendix 6: FY25 Non-Underlying Adjustments EBITA $m Commentary FY25 FY24 • Reconciliation is at EBITA line only ($m) ($m) Statutory Earnings 247.3 337.4 • Non-underlying adjustments in FY25 included items impacting Underlying Adjustments from continuing operations both the continuing operations and
Slide 45: Appendix 7: FY25 MITCo and MLP Interstate Terminal Matters
Appendix 7: FY25 MITCo and MLP Interstate Terminal Matters Non-cash Impairment of investment in Moorebank Interstate Terminal Pty Limited (MITCo) and other associated expenses – non-underlying items As part o f the prepar atio n o f Qu be’s ann ual fina ncia l state me nts an impairment assessme nt
Slide 46: Appendix 8: Qube Underlying Results
Appendix 8: Qube Underlying Results Logistics and Divisional Ports and Bulk Patrick Corporate Total Qube Year Ended 30 June 2025 Infrastructure Corporate ($m) ($m) ($m) ($m) ($m) ($m) Revenue 2,438.0 2,023.1 0.1 0.2 4,461.4 EBITDA 373.7 332.4 (48.3) (41.6) 616.2 Depreciation (86.7) (149.3) (2.3) (0.
Slide 47: Appendix 9: Operating Division Underlying Results by Business Unit
Appendix 9: Operating Division Underlying Results by Business Unit FY25 FY24 Change FY25 FY24 Change ($m) ($m) (%) (%) (%) (%) Logistics & Infrastructure 2,438.0 1,548.5 57.4% Logistics & Infrastructure 15.3% 20.0% (4.7%) Ports & Bulk 2,023.1 1,954.5 3.5% Ports & Bulk 16.4% 15.8% 0.6% Divisional Cor
Slide 48: Appendix 10: Patrick Underlying Results
Appendix 10: Patrick Underlying Results FY25 FY24 Change ($m) ($m) (%) 100% Revenue 927.9 917.1 1.2% EBITDA 380.3 378.9 0.4% Depreciation (79.9) (77.4) (3.2%) EBITA 300.4 301.5 (0.4%) Amortisation (23.3) (24.4) 4.5% EBIT 277.1 277.1 (0.0%) Interest Expense (Net) - External (75.7) (66.3) (14.2%) Inte
Slide 49: Q&A
Q&A 48