CHI presentation to Rapid Insights Conference

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Rapid Insights
Conference
25 June 2025

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Strong safety track record
Ownership of critical infrastructure
Long-term customer contracts
Stable inflation-linked earnings and cash flows with strong balance sheet
Stable and growing dividend with FY25 dividend yield of ~6%
1
Infrastructure resilient through transition to liquid renewable fuels
Significant adjacent growth opportunities including the Marsden Point Energy Precinct and acquisitions
Investment Proposition
1.Based on FY25 dividend guidance of 12.0-12.5 cps and Volume Weighted Average share price of $2.11 over the period from 23 May to 23 June 2025

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3
Geographic Location
Marsden Point has direct
access to the Auckland
market via Channel’s 170km
pipeline. The next nearest
alternate Auckland fuel
supply import terminal is
located at Port of Tauranga,
195km from Auckland by
road.
The fuels pipeline from Marsden
Point is the lowest-emission
supply route for transport to
Auckland, and does not
contribute to traffic congestion.
There is no pipeline between Port
of Tauranga and Auckland.

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Providing resilient infrastructure needed to support the energy transition
>290

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0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
202520262027202820292030203120322033203420352036203720382039204020412042204320442045204620472048204920502060
JetDieselPetrol
Long-term business underpinned by jet fuel demand
1.Source: Envisory base case released October 2024
Marsden Point Throughput Outlook (Million Litres)
1

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-
5k
10k
15k
20k
25k
30k
35k
-
1,000k
2,000k
3,000k
4,000k
Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24
DieselPetrolHybridEV
EV new registrations
(RHS)
-
20
40
60
80
100
120
140
160
-
1,000
2,000
3,000
4,000
5,000
6,000
Aug-19
Nov-19
Feb-20
May-20
Aug-20
Nov-20
Feb-21
May-21
Aug-21
Nov-21
Feb-22
May-22
Aug-22
Nov-22
Feb-23
May-23
Aug-23
Nov-23
Feb-24
May-24
Aug-24
Nov-24
Feb-25
May-25
AIA FlightsCHI Jet Throughput (ML)
Drivers of demand
1.Source: Auckland Airport Monthly Traffic Update
2.Source: EV Market Stats 2024 (evdb.nz)
Auckland Airport International Flight Movements
1
New Zealand Light Vehicle Fleet
2

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~50% of Channel’s current revenue is fixed and independent of fuel volume throughput. All contracted revenue is indexed to PPI.
Contracted Revenue Outlook $M
1

1.Outlook uses Envisory base case (released October 2024) assumptions and is subject to change based on actual fuel throughput volume. Contracted Revenue from 2025 onwards incudes 4.18% PPI inflation for FY25
Contracted
Fixed
Revenue
Fixed revenue %
of total revenue
52%
51%
49%
52%
48%
47%47%47%
47%
0
20
40
60
80
100
120
140
160
202420252026202720282029203020312032
Contracted storageTerminal revenue - fixedTerminal revenue - variableRental from WiriInflation of 0% to 2.5%Take or pay threshold

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Financial Highlights – Continuing Operations
$1.29
$1.98
FY23FY24
Total Revenue
Normalised Free Cash Flow
(FCF Conversion %)
EBITDA
(Margin %)
Capital Expenditure
Net Tangible Assets per share
Dividends
$130.7m
$139.8m
FY23FY24
+7%
+5%
$87.2m
$95.1m
FY23FY24FY25
(67%)
(68%)
+9%
FY25 EBITDA
expected to be
$89-$94 million
10.5cps
11.0cps
1.5cps
FY23FY24FY25
OrdinarySpecial
$61.8m
$63.4m
FY23FY24FY25
+3%
FY25 Dividend
expected to be
12.0-12.5 cps
(67%)
(71%)
FY25 FCF
conversion
expected to be
broadly in line
with FY24
$10.5m
$12.3m
$30.6m
$29.3m
FY23FY24FY25
MaintenanceGrowth
FY25
maintenance
capex expected
to be 8-10% of
revenue

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Growth investment
Above WACC return on investment with customer contracts
that provide revenue certainty
Net Cash Flow from Continuing Operations
Capital Allocation Framework
Deleveraging
Target credit metrics consistent with a shadow BBB+ credit
rating
Dividend Policy
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To pay out 70-90% of Normalised Free Cash Flow on average over time. Deliver a stable and growing dividend.
1.Normalised free cash flow is calculated as net cash flow from continuing operations less maintenance capex (excluding conversioncosts and growth capex)
2.The Board reserves the right to amend the dividend policy at any time. Each dividend will be determined after due consideration of the capital requirements, operating performance, financial position and cash flows
of the Company at the time
Maintenance Capex
8-10% revenue
Conversion
$33 million of original $220m budget remaining to be spent
Normalised Free Cash Flow
1
Excess Cash Flow available for
Special dividends
At the Board’s discretion, in the absence of growth investment
opportunities

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Helping fuel New Zealand’s future to 2050 and beyond
OUR VISION
World-class energy infrastructure company
OUR PURPOSE
Delivering resilient infrastructure solutions to meet changing fuel and energy needs
OUR STRATEGIC PRIORITIES
Strong safety
systems and
culture
Resilient
infrastructure
Long-term asset
management
Customer focused
People and
capability
development
Future focused
Continuous
Improvement
Adaptive
Repurposing
Marsden Point
Support transition
of aviationto lower
carbon fuels
Marsden Point
Energy Precinct
Concept
Brownfield
opportunities at
Marsden Point
Consolidator of
fuels infrastructure
Supply chain
optimisation for
our customers
Reducing
environmental
impacts
Community
engagement and
iwi relations
Just transition
Transparency and
disclosure
Target credit
metrics consistent
with a BBB+
shadow credit
rating
Deliver above
WACC returns
Cost management
Stable dividends
New Zealand’s Infrastructure
Partner of Choice
Grow Through Supporting
the Energy Transition
More Sustainable Future
World-Class
Operator
High Performance
Culture
Grow from
the Core
Support Energy
Transition
Good Neighbour,
Good Citizen
Disciplined Capital
Management

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Growth opportunities
There are several potential growth opportunities available to Channel
Marsden Point Energy Precinct Concept
Energy Precinct could help underpin New
Zealand’s energy and fuel security and resilience
Long-term pathway to unlocking significant value
over time as strategic tenants are attracted to the
120 hectares of unutilised industrial zoned land
and ancillary services Channel can provide
Potential for renewable fuel production to utilise
some available land
~350 Million Litres
Tank capacity available for
conversion
~120ha
Available land for
repurposing
Near-term growth at Marsden Point
Supporting Fuel Resilience
Continue to support customers as they look to
meet the incomingminimumstockholding
obligations
Continue to support customers to create supply
chain efficiencies
Growth outside Marsden Point
Acquisition of Other Infrastructure
Fuel markets undergoing transition
Demonstrating world-class operations is key
to positioning for these opportunities
Potential opportunities as terminal assets are
consolidated

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Growth opportunities secured in 2024
Transmix
1
(announced 1 May 2024)
Z Energy Storage
(announced 23 Aug 2024)
Bitumen
(announced 25 Nov 2024)
Upgrade Marsden Point infrastructure
to enable transmix to be stored and
exported.
Delivered December 2024
Boosting resilience in New Zealand’s
jet fuel supply chain by creating
significant additional storage of jet fuel
Diversifying customer base and
product handling set to provide
bitumen terminalling services for Higgins
Capital Project
Capex: $12 – 15 million
Revenue: ~$3 million per annum (pre-PPI
indexation)
Term: 7 years from December 2024, 2x 5 year
rights of renewal
Capex: $26 – 30 million across FY24 to FY26
Revenue: ~$55 million over contract term
(pre-PPI indexation)
Term: 10 years from Q1 2027
Capex: $17 – 21 million across FY25 and FY26
Revenue: $45 million over contract term
(pre-PPI indexation)
Opex: $0.2 million per annum
Term: 15 years from H2 2026, 2x 5-year rights of
renewal
Scope
Financial Impact
1.Transmix is a mix of petrol/jet/diesel product that results from the operation of terminals and multi-product pipelines

MCH, Ammonia imports & other products
Biofuels Manufacture
Jetties
Floating LNG Receipt & Gasification
SAF Manufacture (Phase 1)
Lease (to Long-term Tenant)
Public Access (Mair Road)
SAF Manufacture Expansion (Phase 2)
Transpower, Northpower
Services for SAF Manufacture
Gas/Diesel
Peaker
Truck Loading Facility (Leased to WOSL
1
)
Flow Battery
IPL
Stormwater Retention Basin
Jet/SAF Compound
(120 Million Litres Capacity -
45 Million Litres in Service)
Diesel/Biofuels Compound
(120 Million Litres Capacity)
EnergySecurityOpportunities
Future Fuels Manufacturing Opportunities
Additional Storage Opportunities
Current Facility
Leased to Third Parties
Owned by Others
Marsden Point
Energy Precinct Concept
Bitumen Terminal

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•This presentation contains forward looking statements concerning the
financial condition, results and operations of Channel Infrastructure NZ
Limited (hereafter referred to as “CHI”).
•Forward looking statements are subject to the risks and uncertainties
associated with the fuels supply environment, including price and foreign
currency fluctuations, regulatory changes, environmental factors,
production results, demand for CHI’s products or services and other
conditions. Forward looking statements are based on management’s
current expectations and assumptions and involve known and unknown
risks and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in these
statements.
•Forward looking statements include among other things, statements
concerning the potential exposure of CHI to market risk and statements
expressing management’s expectations, beliefs, estimates, forecasts,
projections and assumptions. Forward looking statements are identified by
the use of terms and phrases such as “anticipate”, “believe”, “could”,
“estimate”, “expect”, “goals”, “intend”, “may”, “objectives”, “outlook”, “plan”,
“probably”, “project”, “risks”, “seek”, “should”, “target”, “will” and similar terms
and phrases.
•Readers should not place undue reliance on forward looking statements.
Forward looking statements should be read in conjunction with CHI’s
financial statements released with this presentation. This presentation is
for information purposes only and does not constitute legal, financial, tax,
financial product advice or investment advice or a recommendation to
acquire CHI’s securities and has been prepared without taking into
account the objectives, financial situation or needs of individuals. Before
making an investment decision, you should consider the appropriateness
of the information having regard to your own objectives, financial situation
and needs and consult an NZX Firm or solicitor, accountant or other
professional adviser if necessary.
Important Information
•In light of these risks, results could differ materially from those stated,
implied or inferred from the forward-looking statements contained in this
announcement. CHI does not guarantee future performance and past
performance information is for illustrative purposes only. To the maximum
extent permitted by law, the directors of CHI, CHI and any of its related
bodies corporate and affiliates, and their officers, partners, employees,
agents, associates and advisers do not make any representation or
warranty, express or implied, as to accuracy, reliability or completeness of
the information in this presentation, or likelihood of fulfilment of any
forward-looking statement or any event or results expressed or implied in
any forward-looking statement, and disclaim all responsibility and liability
for these forward-looking statements (including, without limitation, liability
for negligence).
•Except as required by law or regulation (including the NZX Listing Rules),
CHI undertakes no obligation to provide any additional or updated
information whether as a result of new information, future events or results
or otherwise.
•Forward looking figures in this presentation are unaudited and may
include non-GAAP financial measures and information. Not all of the
financial information (including any non-GAAP information) will have been
prepared in accordance with, nor is it intended to comply with: (i) the
financial or other reporting requirements of any regulatory body; or (ii) the
accounting principles generally accepted in New Zealand or any other
jurisdiction with IFRS. Some figures may be rounded, and so actual
calculation of the figures may differ from the figures in this presentation.
Non-GAAP financial information does not have a standardised meaning
prescribed by GAAP and therefore may not be comparable to similar
financial information presented by other entities. Non-GAAP financial
information in this presentation is not audited or reviewed.
•Each forward-looking statement speaks only as of the date of this
presentation.