Channel Infrastructure Nz Limited · NZX:CHI
Channel Infrastructure Nz — FY2025 Earnings Presentation
29 slides from Channel Infrastructure Nz's earnings presentation, Feb 27, 2026
Slide 1: FY25 Investor Presentation
FY25 Investor Presentation For the year ended 31 December 2025 27 February 2026 1
Slide 2: Highlights and Operating Update
ROB BUCHANAN, CHIEF EXECUTIVE Highlights and Operating Update 2
Slide 3: 2025 Financial Highlights – Continuing Operations
2025 Financial Highlights – Continuing Operations Revenue EBITDA (Margin %) Growth Capex +4% growth in Revenue (excluding Wiri lease) +4% growth in EBITDA (excluding Wiri lease) $139.8m $140.2m $95.1m $93.4m (68%) (67%) $67.0m $70.0m $44.0m $44.9m $29.3m $27.1m $66.8m $69.2m $45.1m $47.5m FY24 FY25
Slide 4: FY25 Highlights: Another year of delivering shareholder value
FY25 Highlights: Another year of delivering shareholder value Consistent safety performance and a strong financial result delivered in line with guidance Marsden Point fuel throughput for Q4 2025 was the highest since import terminal operations began with jet throughput the highest since Q1 2019 Z E
Slide 5: Strong safety and operational performance
Strong safety and operational performance Process safety incidents 1 Marsden Point Throughput Number of ships Larger vessels due to more contracted 3.5 b litres 3.5 b litres storage and Marsden 3.4 b litres 70 Point supply chain 2.8 b litres benefits 61 56 51 0.5 1.0 13% 0.4 CONCAWE 2 FY22 FY23 FY24
Slide 6: Stable jet fuel throughput with signs of growth emerging
Stable jet fuel throughput with signs of growth emerging Jet throughput: Marsden Point Jet Throughput: Marsden Point Million Litres • Jet volume flat throughout FY25 in line with Channel’s expectations and reflecting Air New Zealand’s well-signalled aircraft availability 1,404 1,422 issues • Positiv
Slide 7: Resilient diesel and petrol throughput
Resilient diesel and petrol throughput Diesel Throughput Diesel Throughput Million Litres • Diesel remains stable and in line with the Envisory1 outlook 1,100 1,087 1,089 Petrol Throughput 544 540 551 • Petrol was 2% ahead of the Envisory1 outlook with demand stronger 13% than anticipated 556 547 53
Slide 8: Financial Update
ALEXA PRESTON, CHIEF FINANCIAL OFFICER Financial Update Continuing Operations 8
Slide 9: Continued strong and stable financial result in line with guidance
Continued strong and stable financial result in line with guidance Continuing Operations Reported Result Pro-forma EBITDA excluding legacy Wiri lease up 4% reflecting FY25 FY24 % 2H25 2H24 ($M) ($M) change ($M) ($M) contracted storage revenue uplift and the impact of PPI indexation Revenue 140.2 139
Slide 10: Revenue
Revenue FY25 FY24 % 2H25 2H24 • Contracted $5 million (pre-PPI indexation) step down in annualised Revenue ($M) ($M) change ($M) ($M) fixed terminal fee from 1 April 2025 Terminal fees – fixed 46.7 48.9 (5%) 22.7 24.5 • Variable terminal fees higher reflecting PPI indexation of 4.18% and a Terminal
Slide 11: Operating Costs
Operating Costs FY25 FY24 % 2H25 2H24 Channel’s underlying cost base is broadly flat Operating Costs ($M) ($M) change ($M) ($M) • Energy and utility costs reflect the previously signalled Energy and utility costs 8.2 9.3 (12%) 4.1 4.5 transmission charge reduction Materials and contractor payments 9
Slide 12: Investment for resilience and growth
Investment for resilience and growth FY25 FY24 ($M) ($M) Import Terminal System 4.9 4.3 Tank maintenance 7.4 8.0 Total maintenance capex 12.3 12.3 % of revenue 8.8% 8.8% Growth capex 27.1 29.3 Conversion capex 8.5 12.9 Total capex 1 47.8 54.5 • Maintenance capex spend reflects the ongoing investment
Slide 13: Continued headroom in operating cashflow for future dividend growth
Continued headroom in operating cashflow for future dividend growth 350 17 330 Free cash-flow from operations1 $66.9 million 28 296 300 8 48 250 12 15 200 (94) 150 100 50 - 2 3 Net Debt FY24 Op. cashflow Financing Maintenance capex Ordinary dividends Conversion costs Growth capex Acquistion Net Debt
Slide 14: Strong balance sheet
Strong balance sheet Covenant FY25 HY25 FY24 Debt Maturity Profile ($m) 180 Retail bonds (CHI030) Retail bonds (CHI020) Bank Net debt1 $330m $297m $296m 160 140 Liquidity headroom $108m $138m $138m 120 100 Leverage 3.6x 3.1x 3.1x 80 (Net debt/Rolling 12-month EBITDA) 60 Gearing 6.75% p.a. <55% 30% 2
Slide 15: FY26 Guidance and Outlook
FY26 Guidance and Outlook • FY26 EBITDA will benefit from growth projects contracted during 2024: FY26 EBITDA Guidance Normalised Free Cash Flow Conversion • Early commencement of the Z Energy jet storage contract in Q3 2026 (originally Q1 2027) ($5.5 million annual revenue) • Higgins bitumen import
Slide 16: Strategy Update
ROB BUCHANAN, CHIEF EXECUTIVE Strategy Update 16
Slide 17: Progress towards World Class
Progress towards World Class Infrastructure and Systems and People and Performance Processes Capabilities Significant investment in assets and Focus on reporting and continuous +7 percentage point lift in engagement capabilities for long-term infrastructure improvement in 2025, +33 percentage point
Slide 18: Our Strategy
Our Strategy OUR VISION World-class energy infrastructure company OUR PURPOSE Delivering resilient infrastructure solutions to meet changing fuel and energy needs OUR STRATEGIC PRIORITIES World-Class High Performance Grow from Support Energy Disciplined Capital Good Neighbour, Operator Culture the C
Slide 19: Our growth priorities
Our growth priorities Selective and disciplined approach to growth, with Marsden Point and our current supply chain the main focus Growth Priority Focus Areas #1 Marsden Point Energy Precinct Nearer term opportunities identified for: • Additional product storage #2 Synergistic consolidation along •
Slide 20: Proven execution of growth with projects delivered safely, on budget, and on time
Proven execution of growth with projects delivered safely, on budget, and on time New projects Four growth projects signed over the past two years delivering an additional ~$170 million (before PPI Measured growth step-out indexation) in incremental revenue over 15 years First measured growth step-o
Slide 21: Marsden Point Energy Precinct Concept
SAF / Hydrogen Expansion Energy Security Opportunities Transpower, Northpower Future Fuels Manufacturing Opportunities Public Access (Mair Road) Services for SAF / Hydrogen Additional Storage Opportunities Current Facility Lease (to Long-term Tenant) Strategic Fuels Storage Leased to Third Parties T
Slide 22: Potential Energy Precinct Project updates
Potential Energy Precinct Project updates Marsden Point Biorefinery Diesel Peaking project • Air New Zealand has joined the Marsden Point Biorefinery consortium • Channel has completed FEED on a 72MW diesel-powered electricity alongside Qantas, Renova, Kent and ANZ Bank, which will support the peaki
Slide 23: Strategic position in Melbourne’s jet fuel supply chain
Strategic position in Melbourne’s jet fuel supply chain Strategic Asset • In November 2025 Channel invested A$14.11 million for a 25% share in the Somerton jet fuel pipeline to Melbourne Airport operated by ExxonMobil, a proven, safe and reliable operator of critical infrastructure Disciplined appro
Slide 24: 2025 measures of delivery
2025 measures of delivery STRATEGIC PILLAR MEASURE 2025 TARGET 2025 OUTCOME 2026 TARGET Infrastructure partner of Safely home, every day Lost Time Injuries Zero One Zero choice +7 percentage Diverse and engaged team Lift in employee engagement score Maintain Maintain points Reliable infrastructure P
Slide 25: Appendix
Appendix 25
Slide 26: Contracted Revenue and Marsden Point throughput outlook
Contracted Revenue and Marsden Point throughput outlook Contracted Revenue Outlook ($M)1 Marsden Point Throughput (Million Litres) Outlook2 4,000 160 3,500 140 3,000 120 2,500 100 2,000 51% 49% 49% 49% 49% Fixed revenue % 80 51% 51% of total revenue 52% 1,500 60 40 Contracted 1,000 Fixed Revenue 20
Slide 27: Key Drivers of Throughput
Key Drivers of Throughput Auckland Airport International Flight Movements New Zealand Light Vehicle Fleet 6,000 160 5,000k 35k 4,500k 140 30k 5,000 4,000k 120 13% 3,500k 25k 4,000 100 3,000k EV new registrations 18% 20k (RHS) 3,000 80 2,500k 65% 15k 2,000k 60 2,000 1,500k 40 28% 10k 1,000k 1,000 20
Slide 28: Contracted revenue agreements
Contracted revenue agreements DATE CONTRACT PROGRESS FINANCIAL IMPACT ANNOUNCED COST REVENUE TERM Terminal Services 22 Nov 2021 • Commenced April 2022 $220 million Fixed fee of $40 million per 10 years Agreement conversion budget annum (prior to PPI), 2x 5-year rights of renewal reducing to $35 mill
Slide 29: Important Information
Important Information • This presentation contains forward looking statements concerning the • In light of these risks, results could differ materially from those stated, financial condition, results and operations of Channel Infrastructure NZ implied or inferred from the forward-looking statements
Channel Infrastructure NZ — FY2025 Earnings Presentation on 6ix