HY25 Results
NZX RELEASE
26 August 2025
Channel Infrastructure delivers another strong financial result
Channel Infrastructure NZ Limited (Channel or Channel Infrastructure) (NZX: CHI), New Zealand’s
largest fuel import terminal business, has today released its financial results for the six months ended 30
June 2025 (HY25).
Highlights
• Strong safety track record maintained
• Growth in EBITDA, despite loss of legacy Wiri lease revenue, reflected increases in contracted
revenue, PPI escalation and cost discipline
• Throughput of 1.7 billion litres reflected relatively stable jet, petrol and diesel demand. Jet fuel
demand is in line with Channel’s guidance on the outlook for jet demand for FY25 and consistent with
Air New Zealand’s well-signalled aircraft availability issues
• Announced today a nine-year extension to the additional storage contract
1
originally announced in
2022 generating ~$50 million of additional revenue over nine-year contract extension term (pre-PPI
indexation), commencing in Q1 2028. Extension requires growth capital expenditure investment of
$20 - $26 million across 2026 to 2030
• Z Energy jet storage project is now projected to be completed early (H2 2026 v Q1 2027 previously)
with the project more than 50% completed and tracking within budget
• Seadra is progressing work on its proposed Marsden Point biorefinery project with a final investment
decision expected in 2026
• Released updated Capital Allocation Framework in May, with increased dividend payout ratio of 70-
90% of Normalised Free Cash Flow
• The Board has concluded its review of the target leverage range and will broaden the target range to
BBB/BBB+ (currently equivalent to a leverage ratio of between 3x and 4.5x Net Debt/EBITDA) to
accommodate growth
• The Board has determined Channel will undertake an ASX Foreign Exempt listing in 2026 as a
natural progression for the Company. Channel will also be added to the FTSE Global Small Cap
index with effect from September 2025
• FY25 Guidance unchanged
• The Board has declared an interim dividend of 6.25 cents per share and has introduced a Dividend
Reinvestment Plan that will be offered for the interim dividend with a 1% discount
1
Announced November 2022, initial contract term 5-years from 2023
Key Financial Highlights – Continuing Operations
HY25
$m
HY24
$m
% change
Revenue 70.2 69.8 +1%
EBITDA 48.5 48.1 +1%
EBITDA Margin 69% 69% -
Growth Capital Expenditure 11.5 12.7 n/a
Normalised Free Cash Flow 35.2 32.7 +8%
Free Cash Flow Conversion 73% 68% +5%
2
Total Ordinary Dividend 6.25cps 4.4cps +42%
3
Commenting, Chair James Miller said “Channel has delivered another strong and stable financial result.
The Board is focused on a stable and growing dividend and in line with the increased dividend pay-out ratio
we announced in May, the Board has declared an interim dividend of 6.25 cents per share, a 42%
3
increase
on last year.
“Channel’s key growth priorities are to deliver projects in the Marsden Point Energy Precinct, including
additional storage to provide fuel supply resilience, as well as synergistic consolidation opportunities where
they are available across the Marsden Point to Auckland fuels supply chain. The execution of our world-
class terminal operations strategy, which is helping to create value for our customers through operational
excellence, has positioned Channel as one of the few natural consolidators of fuels terminal infrastructure.
Channel already holds a premium suite of assets in the New Zealand fuels supply chain, particularly in
aviation fuel, and will consider measured step-out acquisition opportunities in New Zealand or Australia
where it enhances the overall quality of Channel’s business.”
CEO Rob Buchanan said “We continue to drive for world-class execution of our projects, with the Z Energy
jet tank conversion over 50% complete and now projected to be brought into service in H2 2026, ahead of
the original Q1 2027 commissioning date. Today we have also signed a nine-year extension to the storage
contract announced in November 2022, which will be worth an additional $50 million over the life of the
contract. Meanwhile, Channel continues to progress the Marsden Point Energy Precinct, which could be
transformational for Northland, and New Zealand once delivered. We are working to progress the proposed
diesel-fueled electricity peaker and we remain focused on our long-term future fuels growth opportunities.
While future fuels projects are complex and take time, they offer significant fuel security benefits by
manufacturing fuel from domestic feedstocks, in addition to aiding the long-term pathway for
decarbonisation of aviation and heavy transport which remains reliant on emerging future fuels
technologies.”
2
Increase year-on-year
3
Increased pay-out ratio and targeted 50/50 split (previous 40/60 split)
Strong and stable financial result in line with guidance
Revenue increased 1% to $70.2 million, with additional contracted revenue from the Transmix contract
more than offsetting the impact of the expiry of the legacy Wiri lease
4
arrangement for the period. EBITDA
from continuing operations was $48.5 million (HY24: $48.1 million) and EBITDA from continuing operations
excluding the Wiri lease of $47.5 million, up 5% from HY24. Normalised Free Cash Flow was $35.2 million
(up 8%), which represents a 73% Free Cash Flow conversion. Net debt at the end of the period was stable
at $297 million (31 December 2024: $296 million).
Maintenance capital expenditure was $6.0 million
5
with ongoing investment in upgrading terminal control
systems, scheduled jetty upgrades and statutory tank inspections. Conversion capital expenditure of $1.7
million reflected continued work on upgrading the bunds with construction weighted towards H2 2025
onwards. Growth capital expenditure of $11.5 million reflected the completion of private storage bund
upgrades, the Z Energy jet tank conversion and site clearing works associated with the Higgins bitumen
import terminal.
Refreshed Capital Allocation Framework
In May, the Board announced an updated Capital Allocation Framework. Reflecting confidence in the
business outlook and access to capital, while seeking to be efficient with shareholders’ capital, the Board
increased the dividend policy payout ratio from 60%-70% to 70-90% of Normalised Free Cash Flow.
The Board has now reviewed Channel’s target leverage range and has determined that a broader target is
appropriate in the context of Channel’s growth trajectory to provide greater funding flexibility. Channel has
broadened its target credit metric from a shadow BBB+ (leverage ratio of between 3x and 4x Net
Debt/EBITDA) to a shadow BBB/BBB+ credit rating (leverage ratio of between 3x and 4.5x Net
Debt/EBITDA). Channel has also commissioned a shadow credit rating report that indicates a current
shadow rating of BBB+. In the short-term, it is not anticipated that the broader leverage target would result
in a meaningful step-change in leverage for the business absent additional growth opportunities.
The Board has today declared an unimputed ordinary interim dividend of 6.25 cents per share, which will
be paid on 24 September 2025. The Board confirmed in May that it expected to pay a FY25 total ordinary
dividend of between 12 – 12.5 cents per share. This interim dividend payment reflects this guidance and
the 50/50 spilt between interim and final dividend (previously 40/60).
Following the successful capital raise last year, the Board recognises that some shareholders would prefer
the opportunity to increase their investment in Channel instead of receiving a cash dividend. Therefore, the
Board has introduced a Dividend Reinvestment Plan. Shares for the HY25 interim dividend will be offered
at a discount of 1% to a price based on the market price, calculated in accordance with the Dividend
Reinvestment Plan Offer dated 26 August 2025.
As signalled at the ASM, the Board has now determined to undertake an ASX Foreign Exempt listing in
2026 as a natural progression for the Company and a way of accessing a broader pool of institutional and
retail investors who wish to share in Channel's success.
4
Wiri lease arrangement expired February 2025
5
Capital expenditure is on an accrual basis, $7 million on a cash basis
An Energy Precinct for New Zealand
The Marsden Point Energy Precinct outlines a range of opportunities for Channel to support New Zealand’s
energy transition. Channel continues to make steps towards the delivery of the Energy Precinct.
Today Channel has announced that it has signed a nine-year extension to the storage contract originally
announced in November 2022 generating ~$50 million of additional revenue over the nine-year contract
extension term (pre-PPI indexation), commencing in Q1 2028. Growth capital expenditure investment of
$20 - $26 million across 2026 to 2030 will be invested to support the delivery of this revenue.
As announced in July, a final investment decision by the Seadra consortium on the Marsden Point
biorefinery is now expected in 2026. Work is now focused on completing the plant configuration and
updating the Front-End Engineering and Design (FEED) study for the Marsden Point location, commercial
contracts with suppliers and customers, confirming consenting requirements with Channel, plant build and
operation of the biorefinery, and completion of financing arrangements. Seadra Energy is partnering with
consortium members Qantas, Renova Inc, Kent Plc, and ANZ.
Fortescue has now concluded the pre-feasibility phase for the 300MW ~60 million litre e-Sustainable
Aviation Fuel (e-SAF) production facility following detailed engineering and design studies and developing
further details on the economic viability of the project. Fortescue considers the Marsden Point site remains
best placed for an economically viable e-SAF project with its electricity connection, proximity to the fuel
import terminal system and pipeline to Auckland, with e-SAF able to be distributed as a drop-in fuel.
Subsequent phases of Fortescue’s e-SAF project will depend on regulatory certainty to drive long-term
offtake demand for e-SAF that supports the long-term economics of Fortescue’s project.
Work continues on the electricity peaking project, with FEED for a potential diesel peaker plant at Marsden
Point nearing completion. The next step is to seek electricity market participant support to progress with
this project and agree commercial terms. Channel would only proceed with the project with long-term
contracted commitment from electricity market participants.
Channel also continues to work with customers to evaluate storage options to meet the Government’s
incoming increase in the diesel minimum stockholding obligation and potential customers and
counterparties on other commercial storage opportunities.
Growth beyond Marsden Point
As part of Channel’s refreshed strategy released October 2023, Channel signalled to the market that it
would look to grow beyond Marsden Point. Channel remains committed to pursuing the acquisition of
terminal assets outside Marsden Point with a view to enhancing the overall quality of the business.
Channel’s status as a proven operator of high hazard facilities and in-depth knowledge of the operational
requirements of its global customers make it one of the few natural acquirers of fuels terminal infrastructure.
Channel continues to be highly focused on synergistic consolidation opportunities along Channel’s current
supply chain to Auckland where they are available. Beyond the Auckland fuels supply chain, which
comprises the premium suite of fuels infrastructure assets in New Zealand, there may be certain assets in
New Zealand or Australia that would enhance the overall quality of Channel’s business either through
exposure to growing liquid fuels markets (such as the aviation fuel market and/or renewable fuels) or
exposure to a larger and growing economy. Such measured step-outs would be considered where there is
opportunity to utilise Channel’s investment in world-class operations and proven operation of high-hazard
facilities to support our customers’ strategies as they evolve, and their capital is reprioritised.
FY25 guidance
Channel is on track to deliver its FY25 guidance. FY25 Normalised EBITDA is expected to be between $89-
$94 million, despite the loss of ~$6 million of revenue from the legacy Wiri lease arrangement, reflecting
increases in contracted revenue and the benefit of PPI indexation. In line with HY25 throughput trends and
original guidance provided, Channel continues to assume jet throughput will be flat on FY24 reflecting the
slower rebound of New Zealand tourism compared to Australia and Air New Zealand’s well-signalled aircraft
availability issues. Guidance also factors in the significant program of planned tank maintenance outages
at customer-owned Wiri site across FY25 which will continue to cause temporary throughput fluctuations
through the second half of FY25.
FY25 Guidance (provided February 2025)
Normalised EBITDA $89-94 million
(FY24 excluding Wiri lease: $89.1 million)
No change
Maintenance capex 8-10% revenue
(FY24: 9%)
No change
Normalised Free Cash Flow
conversion factor
Broadly in line with FY24
(FY24: 67%)
No change
Ordinary Dividend Between 12.0-12.5 cps
(FY24: 11 cps)
No change
- ENDS -
Conference Call
Channel’s Chief Executive, Rob Buchanan and Chief Financial Officer, Alexa Preston will give a
presentation on the Company’s financial and operational performance at 10:30am today.
To access the audio call, dial 09 929 1687 (New Zealand) or 02 9007 3187 (Australia) and ask to be
connected to the Channel results briefing. To pre-register for direct access to the call, go to Event
Registration
Authorised by:
Chris Bougen
General Counsel and Company Secretary
Contact details:
Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com
Media contact:
Laura Malcolm
communications@channelnz.com
About Channel Infrastructure
Channel Infrastructure is New Zealand’s largest fuel import terminal business, storing and distributing
40% of New Zealand’s transport fuel, including 80% of New Zealand’s jet fuel. We receive, store, test and
distribute petrol, diesel, and jet fuel that our customers import and supply to Auckland and Northland.
Fuel is imported via our deep-water harbour and jetty infrastructure at Marsden Point and stored in more
than 290 million litres of contracted storage tanks on site. The fuel is then distributed via our 170-
kilometre pipeline to Auckland, or by our customers (bp, Mobil, and Z Energy) via truck into Northland. We
underpin the resilience of New Zealand’s fuel supply chain with our tank capacity, which enables
increased storage of fuel in New Zealand, and through efficient, low-emission distribution of the fuel into
the Auckland market. Given our proximity to Auckland, and critical role in the jet fuel supply chain,
Channel is well positioned to support the renewable fuel transition in New Zealand.
Our plan for growth includes supporting fuel resilience for New Zealand through additional fuel storage on
our site, unlocking the strategic value of the Marsden Point Energy Precinct Concept which reflects the
significant role Channel could play in supporting New Zealand’s energy transition – through potential
opportunities including supporting the manufacture of lower-carbon future fuels, as well as a range of
potential energy security opportunities, and exploring expansion beyond Marsden Point.
Channel Infrastructure’s wholly-owned subsidiary, Independent Petroleum Laboratory Limited, provides
fuel quality testing services throughout New Zealand.
For more information on Channel Infrastructure, please visit: www.channelnz.com
---
1
Financial Results
For the six months ended 30 June 2025
26 August 2025
Change picture to the same one as
the AR cover
Change picture
to cover of AR
2
Highlights and
Operating Update
ROB BUCHANAN, CHIEF EXECUTIVE OFFICER
3
$45.1m
$47.5m
$48.1m
$48.5m
HY24HY25
EBITDA excl WiriWiri
$66.8m
$69.2m
$69.8m
$70.2m
HY24HY25
Revenue excl WiriWiri
4.4cps
6.25cps
HY24HY25
68%
73%
HY24HY25
$32.7m
$35.2m
HY24HY25
$12.7m
$11.5m
HY24HY25
HY25 Financial Highlights – Continuing Operations
Total Revenue
Normalised Free Cash Flow
EBITDA
(Margin %)
Dividends
Growth Capex
Free Cash Flow Conversion
(69%)
+4%
+8%
(69%)
Increased pay-out
ratio and new 50/50
split targeted
Underlying
Underlying
Continue to invest
in growth
+5%
+42%
4
Strong safety track record maintained
Growth in EBITDA, despite loss of legacy Wiri lease revenue, reflected increases in contracted revenue, PPI escalation and cost discipline
Throughput of 1.7 billion litres reflected relatively stable jet, petrol and diesel demand. Jet fuel demand is in line with Channel’s guidance on
the outlook for jet demand and consistent with Air New Zealand’s well signalled aircraft availability issues
Announced today a nine-year extension to the additional storage contract
1
originally announced in 2022 generating ~$50 million of
additional revenue over nine-year contract extension term (pre-PPI indexation), commencing in Q1 2028. Extension requires growth capital
expenditure investment of $20 - $26 million across 2026 to 2030
Z Energy jet storage project is now projected to complete early (H2 2026 v Q1 2027 previously) with the project more than 50% complete and
tracking within budget
Seadra is progressing work on its proposed Marsden Point biorefinery with a final investment decision expected in 2026
Released updated Capital Allocation Framework in May, with increased dividend payout ratio of 70-90% of Normalised Free Cash Flow
The Board has concluded its review of the target leverage range and will broaden the target range to BBB/BBB+ (currently equivalent to a
leverage ratio of between 3x and 4.5x Net Debt/EBITDA) to accommodate growth
The Board has now determined to undertake an ASX Foreign Exempt listing in 2026 as a natural progression for the Company. Channel will
also be added to the FTSE Global Small Cap Index with effect from September 2025.
HY25 Highlights
1.Announced November 2022, initial contract term 5-years from 2023
5
65%
28%
18%
13%
81%
84%
86%
83%
85%
1H232H231H242H241H25
34
36
34
33
28
26
2H221H232H231H242H241H25
1.6
1.7
1.8
1.7
1.7
1H232H231H242H241H25
0
1
2
3
202220232024HY25
TRIF
0
1
2
3
4
5
6
CONCAWE202220232024HY25
Tier 1Tier 2
Strong safety and operational performance
Throughput (billion litres)Number of ships
Pipeline utilisation (average over period)Asset availability
4
Process safety incidents
1
Total Recordable Case Frequency
3
1.Tier 1 or 2 Process Safety Event per API 754 – A Tier 1 event is a release of material above specific thresholds or that results in a LTI or fatality or damage of $100,000 or more; A Tier 2 event isa release of material
above specific thresholds or that results in a recordable injury; or damage of $2,500 or more
2.CONCAWE 2022 benchmark
3.TRCF – Total Recordable Case Frequency per 200,000 hours (rolling 12-monthly average)
4.Tank availability in 2023 impacted by unplanned outages due to conversion works
2
More Long-Range
class vessels due to
more Private Storage
98.8%
98.8%
99.6%
99.4%
99.1%
97.0%
99.5%
100.0%100.0%
99.9%
95.0%
96.0%
97.0%
98.0%
99.0%
100.0%
1H232H231H242H241H25
Pipeline availabilityTank availability
6
65%
28%
18%
13%
286
579
705
693
444
679
699
730
1,258
1,404
2022202320242025
H1H2
1,018
1,054
1,055
1,042
1,076
1,059
1,023
2,094
2,112
2,079
2022202320242025
H1H2
Stable throughput
Jet Throughput
Million Litres
Diesel and Petrol Throughput
Million Litres
Jet throughput
•HY25 jet fuel throughput down 2% impacted by planned rolling tank
outage program at Wiri
•Jet throughput for HY25 in line with Channel’s expectations based
on the slower rebound of New Zealand tourism compared to
Australia, and Air New Zealand’s well-signalled aircraft availability
issues
Petrol and diesel throughput
•Petrol and diesel remain relatively stable and in line with the
Envisory
1
forecast overall
Wiri planned outages
•Significant program of planned tank maintenance outages at
customer-owned Wiri site across FY25 causing temporary
throughput fluctuations that are timing differences only
•outlook
1.Based on the Envisory outlook released October 2024
7
$19 million invested in Channel’s infrastructure in HY25
•Z Energy private storage on track for early completion in H2 2026
(previously Q1 2027), now over 50% complete and tracking within
budget
•Bitumen contract awarded in May 2025 to Worley and remains on
track to be completed by H2 2026
•Private storage project delivered safely, on budget of $50 million
and on time with bunding work completed in Q1 2025
•Conversion spend to date of $189 million (~86%) and remains on
track to deliver to $220 million budget
Capital projects: Safely delivered within budget and schedule
8
Financial Update
Continuing Operations
ALEXA PRESTON, CHIEF FINANCIAL OFFICER
9
Strong and stable financial result in line with guidance
•Strong and stable EBITDA margin of 69%(HY24: 69%)
•Wiri lease legacy arrangement expired 28 February 2025: EBITDA
contribution $1 million HY25 ($3 million HY24) and depreciation
contribution of $0.8 million in HY25 ($2.6 million HY24)
•Proforma EBITDA excluding Wiri lease up 5% on prior period
reflecting contracted storage revenue uplift and the impact of PPI
Indexation
•Higher depreciation reflects the increase in the carrying value of
assets following the revaluation of the import terminal assets as at
31 December 2024 and new assets capitalised including statutory
tank inspection upgrades, private storage bunds, terminal
firefighting upgrades, and Transmix infrastructure upgrades
•Finance costs are down reflecting debt refinancing benefit and
interest rate hedging. The prior period (HY24) also included $0.5
million for the final interest payment on subordinated notes
HY25
($M)
HY24
($M)
% change
Revenue
70.269.81%
Operating costs
(21.8)(21.7)0%
EBITDA
48.548.11%
EBITDA margin
69%69%0%
Depreciation
(22.0)(18.7)18%
Net financing costs
(8.1)(9.7)(17%)
Net profit before tax
18.419.7(7%)
Income tax
(5.3)(6.9)(23%)
Net profit after tax
13.112.82%
HY25HY24
% change
($M)($M)
Pro-forma Revenue 69.266.84%
Pro-forma EBITDA47.545.15%
Pro-forma NPAT13.012.45%
Continuing Operations Reported Result
Pro-forma Financial Result excluding Wiri lease
10
Revenue and Operating Costs
Revenue
•Contracted step down in fixed terminal fee from 1 April 2025
•Variable terminal fees up reflecting PPI uplift of 4.18% partially offset
by lower throughput
•Contracted storage up with a full six-month contribution from the
Transmix contract and PPI uplift
•Lease revenue impacted by the expiry of the legacy Wiri lease
1
Operating Costs
•Energy and utility costs reflect the previously signalled transmission
charge reduction
•Materials and contractor payments up, reflecting timing of
programmed maintenance
•Salaries, wages and benefits reflect inflation, investment in world-
classcapability, the filling of vacancies, insourced positions, and
new positions required to provide a resilient base from which to
deliver growth
•Channel continues to be disciplined in its approach to funding the
pursuit of growth. One-off expenses associated with growth
initiatives incurred in HY25 were ~$0.6 million
HY25
($M)
HY24
($M)
% change
Terminal fees – fixed
24.024.4(2%)
Terminal fees – variable
31.530.82%
Contracted storage
10.28.126%
Wiri lease and other
1.84.0(55%)
Laboratory testing
2.72.58%
Total Revenue
70.269.81%
HY25
($M)
HY24
($M)
% change
Energy and utility costs
4.14.8(15%)
Materials and contractor payments
4.54.27%
Salaries, wages and benefits
7.36.611%
Administration and other costs
5.86.1(5%)
Total Expenses
21.821.70%
One-off expenses related to growth
0.6
0.4
50%
1.Wiri lease arrangement was a legacy agreement that was entered into in 1990. It is an operating lease that expired on 28 February 2025. On expiry the ownership of the Wiri terminal assets reverted to bp, Mobil
and Z Energy resulting in a loss of ~$6 million per annum of lease revenue and ~$5.5 million per annum reduction in depreciation
11
Investment for resilience and growth
•Maintenance capex spend reflects the ongoing investment in
upgrading terminal control systems, scheduled jetty upgrades and
tank statutory inspection outages. HY24 spend was driven by
timing of tank statutory inspection dates
•Growth capex includes completion of the private storage bund
program, Z Energy jet tank conversion and site clearing works
associated with the Higgins bitumen import terminal
•In the context of Channel’s plans for the use of land at the Marsden
Point Energy Precinct, the location of the import terminal control
room is currently being evaluated
HY25
($M)
HY24
($M)
Import Terminal System
1.80.8
Tank maintenance
4.23.5
Total maintenance capex
6.04.3
% of revenue
8.5%6.0%
Growth capital expenditure
11.512.7
Conversion capex
1.78.5
Total capital expenditure
1
19.125.5
1.Capital expenditure in this table is presented on an accrual basis
12
Cashflow
296
(50)
8
7
27 (3)
11 297
-
50
100
150
200
250
300
350
400
Net Debt FY24Operating cashflowFinancingMaintenance capexOrdinary dividendsConversion costsGrowth capexNet Debt HY25
1.Net cash generated fromcontinuing operations less financing, maintenance capex, excluding conversion costs and growth capex
2.Dividend is the final FY24 dividend paid March 2025
3.Conversion costs include discontinued operations and conversion cash inflows and outflows
•HY25 Normalised Free Cash Flow of $35.2 million
1
, representing an EBITDA to Free Cash Flow conversion of 73%
•Board has declared anunimputedordinary interim dividend of6.25 cents per share, targeting a split of 50% interim dividend and 50% final
dividend
•Following the successful capital raise last year, the Board recognises that some shareholders would prefer the opportunity to increase their
investment in Channel instead of receiving a cash dividend. A Dividend Reinvestment Plan (DRP) has been introduced and offered for the
interim dividend with shares issued at a 1% discount to give shareholders the opportunity to reinvest their dividend should they wish to do so
Free cash-flow from operations
1
$35.2 million
Net Debt Movement across HY25
3
2
13
Fixed Debt Profile ($M)
Strong balance sheet
1.Calculated as total borrowings (bank, fixed rate bonds and subordinated notes) less cash and cash equivalents. Excludes the fair value movement of retail bond CHI030
2.Interest rate swaps calculated for bank debt facilities maturing in Nov 2029
CovenantHY25FY24
Net debt
1
$297m$296m
Liquidity headroom
$138m$138m
Leverage
(Net debt/Rolling 12-month EBITDA)
3.1x3.1x
Gearing
(Net debt/(Net debt + Equity))
<55%
27%27%
Interest cover ratio
(Rolling 12-month EBITDA/Net interest expense)
>2.5x
5.24.7
Weighted average debt maturity
3.7 years4.2 years
•Net debt remains stable at $297 million (FY24: $296 million)
•The Board has undertaken a review of Channel’s target leverage
range and has determined that a broader target is appropriate in the
context of Channel’s growth trajectory to provide greater funding
flexibility. Channel will now target credit metrics consistent with a
shadow BBB/BBB+ credit rating (currently equivalent to a leverage
ratio of between 3x and 4.5x Net Debt/EBITDA). Channel has also
commissioned a shadow credit rating report which indicates a
current shadow rating of BBB+
•In the short-term, it is not anticipated that the broader leverage target
would result in a meaningful step-change in leverage for the business
absent additional growth opportunities
-
50
100
150
200
250
300
Jan 25Jul 25Jan 26Jul 26Jan 27Jul 27Jan 28Jul 28Jan 29Jul 29
Retail bonds (CHI030)Retail bonds (CHI020)Interest rate swaps
3.9%
2
p.a.
5.8% p.a.
6.75% p.a.
Debt Maturity Profile ($M)
0
50
100
150
200
250
300
350
202520262027202820292030
BankRetail bonds
5.8% p.a.
3.0% p.a.
6.75% p.a.
14
Growth investment
Above WACC return on investment with customer contracts
that provide revenue certainty
Net Cash Flow from Continuing Operations
Refreshed Capital Allocation Framework
Deleveraging
Target credit metrics consistent with a shadow BBB/BBB+
credit rating
Dividend Policy
2
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
$31 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
15
FY25 Guidance
•FY25 Guidance unchanged
•Given current economic environment and Air New Zealand’s previously
signalled aircraft availability issues, outlook for jet demand remains flat on
FY24
•Operating costs anticipated to be weighted to H2 2025 as Channel
continues to invest in potential growth opportunities
•Significant program of planned tank maintenance outages at customer-
owned Wiri site across FY25 will continue to cause temporary throughput
fluctuations
FY26 and beyond
•$8 million additional annual revenue is projected to commence in H2 2026
from the bitumen import terminal and early delivery of the Z Energy jet
storage project (previously Q1 2027)
•Nine-year extension to the additional storage contract announced today
generating ~$50 million of additional revenue over the extended contract
term (pre-PPI indexation), commencing in Q1 2028. Extension requires
growth capital expenditure investment of $20 - $26 million across 2026 to
2030
•Encouraging to see Government investment in tourism advertising and
recently announced route development initiatives from Auckland Airport
•Economic recovery and new infrastructure projects could increase diesel
demand in the medium term
Guidance and outlook
FY25 Guidance unchanged
Normalised EBITDA
$89 – 94 million
(FY24 excluding Wiri lease: $89.1 million)
Maintenance capex
8-10% revenue
(FY24: 9%)
Normalised Free Cash
Flow conversion factor
Broadly in line with FY24
(FY24: 67%)
Ordinary Dividend
Between 12.0-12.5 cps
(FY24: 11 cps)
16
Strategy Update
ROB BUCHANAN, CHIEF EXECUTIVE OFFICER
17
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
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/BBB+
shadow credit
rating
Deliver above
WACC returns
Cost management
Stable and growing
dividends
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
18
Operating environment update
New Zealand context
•New Zealand Government announced in February an increase to the
Minimum Stockholding Obligation (for diesel importers with more than
10% market share, including Channel’s customers) from 21 days to 28
days, an equivalent of ~70 million litres of additional diesel storage, which
will take effect from 1 July 2028
•Channel’s customers also have until 1 November 2026 to increase the
storage of jet fuel they hold near Auckland Airport
•The Marsden Point Energy Precinct continues to have widespread support
from the New Zealand Government which is continuing its consideration
of Marsden Point as a location for a potential Special Economic Zone
Global environment for future fuels
•Globally future fuels manufacturing projects face economic volatility,
softening demand signals, financing and investment headwinds,
escalating cost of construction alongside policy and regulatory
uncertainty albeit good quality projects are likely to attract capital
•Research continues to support SAF as decarbonisation pathway for long
haul air travel and biofuels, batteries and hydrogenfor heavy transport
•Transition to these fuel types is widely anticipated and over time
technologies are likely to evolve and policy settings stabilise to facilitate
long-term offtake contracts
MCH, Ammonia imports & other products
Biofuels Manufacture
Jetties
Floating LNG Receipt & Gasification
SAF Manufacture
(Phase1)
Lease (to Long-term Tenant)
Public Access (Mair Road)
SAF Manufacture Expansion (Phase 2)
Transpower, Northpower
Services for SAF Manufacture
DieselPeaker
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)
Energy Security Opportunities
Future Fuels Manufacturing Opportunities
Additional Storage Opportunities
Current Facility
Leased to Third Parties
Owned by Others
Marsden Point
Energy Precinct Concept
Bitumen Terminal
1. Wiri Oil Services Limited
20
Future fuels at Marsden Point
Potential biorefinery update
•Feedstock for the potential biorefinery is domestically sourced,
significantly enhancing New Zealand’s fuel security
•Front-End Engineering and Design (FEED) study for the biorefinery has
been completed with the consortium now focused on plant
configuration for the Marsden Point location and updating the FEED
study, commercial contracts with suppliers and customers and
confirming consenting requirements with Channel and completion of
financing arrangements
•Investment decision now expected in 2026
•Proceeds from sale of decommissioned assets, subject to the project
going ahead and satisfactory completion of engineering studies, will
likely be reinvested in early demolition of certain areas (already
provisioned in balance sheet) and growth capex associated with the
construction of infrastructure and storage assets for the biorefinery.
Any capex for incremental infrastructure and storage will be invested
for above WACC returns with long-term contracted revenues
Sustainable Aviation Fuel project update
•Pre-feasibility phase for 300MW ~60 million litre e-SAF facility at
Marsden Point has been completed
•Marsden Point remains best placed for an economically viable
e-SAF project with electricity connection,proximity to fuel import
terminal and pipeline to Auckland
•Fortescue requires regulatory certainty, with fuel blending
requirements, to drive long-term offtake demand and therefore
further development of the project
The unique combination of features and attributes of Channel’s Marsden Point site, which are unparalleled at any other
industrial site in New Zealand, means Channel is well positioned to support both increased fuel security and New Zealand’s
energy transition
21
Other organic growth initiatives
Electricity peaking project
•Front-end engineering and design of a potential diesel
peaker is nearing completion, following which Channel will
seek electricity market participant support to progress with
this project
•Under the proposed model, Channel would earn capacity
payments for plant availability, with wholesale market risk
passed to industry participants who are best able to
manage it
•Diesel produces less CO
2
emissions than coal when
combusted and Marsden Point already has significant in-
country diesel storage
Additional storage
•The nine-year extension to the additional storage contract
announced today generating ~$50 million of additional
revenue over the contract term (pre-PPI indexation),
commencing in Q1 2028
•Channel continues to work with customers to evaluate
storage options to meet the Government’s incoming
increase in the diesel minimum stockholding obligation
•Discussions continue on commercial storage at Marsden
Point with a range of potential customers and counterparties
22
Our growth priorities
Selective and disciplined approach to growth, with Marsden Point and our current supply chain the main focus
Nearer term opportunities identified for:
•Additional product storage
•Fuel and energy security projects
Deep experience in project delivery
safely, on budget and on time
Strong return on investment given
repurposing of existing assets
Marsden Point Energy Precinct
#1
Synergistic consolidation along
Channel’s current supply chain to
Auckland Airport
Channel already owns a premium suite
of assets in the New Zealand fuels supply
chain, handling 80% share of Jet volume
and 40% of all transport fuels
#2
Growth Priority Focus Areas
Measured growth step-outs
focused on adding to the quality
of Channel’s assets
Acquisitions in New Zealand or
Australia where there is opportunity to
add value:
•Through world-class capability and
proven operation of high-hazard
facilities
•By supporting our customers’
strategies as they evolve and their
capital is reprioritised
•Targeting liquid fuels growth
markets (e.g. jet) and opportunities
supporting the energy transition
#3
23
STRATEGIC PILLAR MEASURE2025 TARGET1H25 PROGRESSSTATUS
Infrastructure partnerof
choice
Safely home, every dayLost Time InjuriesZeroZero
Diverse and engaged teamLift in employee engagement scoreMaintainIncreased
Reliable infrastructurePipeline availability>98%>98%
Growthrough supporting
the energy transition
Net zero Scope 1 & 2
emissions
Reduce Scope 1 & 2 emissions70% lower
1
In-progress
Supply resilience
Contracted new revenues including
through contracted storage and
potential lease revenues
+10%
2
In-progress
More sustainable future
Protect our environmentTier 1 or 2 process safety incidentsZeroZero
Financial discipline
Deliver plan and meet EBITDA
guidance
$89-94m$48.5m
Meaningful relationships
Customer assessment of Channel
performance based on customer
survey against key performance
criteria
+5%
In-progress
All 2025 measures of delivery on track
1.Lower than the 2023 baseline of 4,036 tCO
2
e
2.On FY24
KEY
Ontrack
Achieved
24
Appendix
25
52%
51%
49%
52%
50%
49%
49%
49%
50%
-
20
40
60
80
100
120
140
160
202420252026202720282029203020312032
Contracted storageTerminal revenue - fixed
Terminal revenue - variableRental from Wiri
Inflation of 0% to 2.5%Take or pay threshold
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2025
2026
2027
20282029
2030
2031
2032
2033
20342035
2036
2037
20382039
2040
2041
2042
2043
20442045
2046
2047
20482049
2050
2060
Envisory - Jet FuelEnvisory - DieselEnvisory - Petrol
Contracted revenue and throughput
Contracted Revenue Outlook ($M)
1
Marsden Point Throughput (Million Litres) Outlook
2
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% inflation for FY25
2.Envisory outlook released October 2024
Contracted
Fixed
Revenue
Fixed revenue %
of total revenue
26
65%
28%
18%
13%
-
20
40
60
80
100
120
140
160
-
1,000
2,000
3,000
4,000
5,000
6,000
Aug-19
Dec-19
Apr-20
Aug-20
Dec-20
Apr-21
Aug-21
Dec-21
Apr-22
Aug-22
Dec-22
Apr-23
Aug-23
Dec-23
Apr-24
Aug-24
Dec-24
Apr-25
AIA FlightsCHI Jet Throughput (ML)
-
5k
10k
15k
20k
25k
30k
35k
-
1,000k
2,000k
3,000k
4,000k
20172018201920202021202220232024
DieselPetrolHybridEV
Throughput drivers
Auckland Airport International Flight Movements New Zealand Light Vehicle Fleet
EV new registrations (RHS)
Diesel and Petrol Throughput
New Zealand’s petrol and diesel vehicle fleet has remained relatively
stable over time and EV uptake has slowed following the removal of the
Clean Car discount and the introduction of road user charges for EVs
Jet Throughput
Channel’s throughput is directly correlated with flight activity at
Auckland Airport, with 100% of Auckland Airport’s jet fuel provided
through Channel's infrastructure
27
65%
28%
18%
13%
Contracted storage agreements since Import Terminal Conversion
CAPITAL PROJECT ANNOUNCEDPROGRESS FINANCIAL IMPACT
CAPEXREVENUETERM
100 million litres
private storage
29 Nov 2021•Storage in service in FY23 safely, on
schedule and within budget
•Bunds delivered in Q1 2025, project
complete
Spent to June: $50
million
Budget: $50 million
~$9m per annum (prior to
PPI)
10 years commencing, in
tranches, from Q2 2022
2x 5-year rights of renewal
Additional storage
17 Nov 2022•Completed safely, on-schedule and within
budget
$7 million~$25 million over contract
term from 2023
5 years commencing 2023
Additional storage
19 Oct 2023•Completed safely, on-schedule and within
budget
Minimal~$9 million over 10 years
(2023 real terms)
10 years from 2024
Transmix storage
contract
1 May 2024•Infrastructure upgrades completed in
December safely, on-schedule and within
budget
$12 - 15 million ~$3 million per annum
(prior to PPI)
7 years from December 2024
2x 5-year rights of renewal
Z Energy Storage
Contract
23 Aug 2024•Over 50% complete and projected to
complete H2 2026
$26 – 30 million
across FY24 to FY26
~$55 million over contract
term (prior to PPI)
10 years from H2 2026
Bitumen import
terminal contract
25 Nov 2024•Construction contract awarded May 2025,
remains on schedule to be delivered H2
2026
$17 – 21 million
across FY25 and
FY26
$45 million over contract
term (prior to PPI)
Opex of $0.2 million p.a.
15 years from H2 2026
2x 5-year rights of renewal
Additional storage
extension
26 August
2025
•Announced today, extension of contract
(first announced in November 2022)
$20-26 million
across FY26 to FY30
~$50 million over contract
term from 2028
9 years commencing 2028
28
65%
28%
18%
13%
Glossary
Normalised Free Cash-flow: Cash flow from continuing operations less financing costs and maintenance capex. Excludes growth capex and
conversion costs.
Pipeline availability: Pipeline available hours divided by the total hours in the period.
Pipeline utilisation: Pipeline required pumping time (for planned product volume) divided by total hours in the period.
Tank availability: Calculated on total tank basis as available hours divided by total hours in the period (excludes planned outages).
Throughput: Imported fuel volumes, normally in million litres (ML), transferred to either the truck loading facility (TLF) at Marsden Point or
through the 170km pipeline to Auckland.
Transmix: A mix of petrol/jet/diesel product that results from the operation of terminals and multi-product pipelines.
29
•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
announcement, 26 August 2025.
---
Interim Financial
Statements
For the six months ended 30 June 2025
2
Channel Infrastructure NZ Limited | 2025 Half Year Report
Contents
Consolidated Income Statement4
Consolidated Statement of Comprehensive Income5
Consolidated Balance Sheet6
Consolidated Statement of Changes in Equity8
Consolidated Statement of Cash Flows10
Notes to the Consolidated Financial Statements11
Corporate Directory20
3
Channel Infrastructure NZ Limited | 2025 Half Year Report
Consolidated Income Statement
FOR THE SIX MONTHS ENDED 30 JUNE 2025
UNAUDITEDUNAUDITED
30 June 202530 June 2024
NOTE
$000$000
CONTINUING OPERATIONS
INCOME
Revenue
70,213
69,847
TOTAL INCOME
2
70,213
69,847
EXPENSES
Energy and utility costs
4,100
4,801
Materials and contractor payments
4,524
4,240
Salaries, wages and benefits
7,264
6,581
Administration and other costs
5,868
6,123
TOTAL EXPENSES21,756
21,745
EARNINGS BEFORE DEPRECIATION, FINANCE COSTS AND INCOME TAX
10
48,457
48,102
Depreciation
22,001
18,708
NET PROFIT BEFORE FINANCE COSTS AND INCOME TAX26,456
29,394
Finance income
(67)
(157)
Finance costs
8,136
9,833
NET FINANCE COSTS8,069
9,676
NET PROFIT BEFORE INCOME TAX18,387
19,718
Income tax
5,300
6,899
NET PROFIT AFTER INCOME TAX FROM CONTINUING OPERATIONS13,087
12,819
Net (loss) / profit after income tax from discontinued operations1
(1,459)
3,792
NET PROFIT AFTER INCOME TAX11,628
16,611
ATTRIBUTABLE TO:
Owners of the Parent11,628
16,611
EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE SHAREHOLDERSCENTS
CENTS
Basic and diluted earnings per share from continuing operations
3.2
3.4
Basic and diluted earnings per share
2.8
4.4
4
Channel Infrastructure NZ Limited | 2025 Half Year Report
Consolidated Statement of
Comprehensive Income
FOR THE SIX MONTHS ENDED 30 JUNE 2025
UNAUDITEDUNAUDITED
30 June 202530 June 2024
NOTE
$000$000
NET PROFIT AFTER INCOME TAX11,628
16,611
OTHER COMPREHENSIVE INCOME
Items that may be subsequently reclassified to the Income Statement
Movement in cash flow hedge reserve
(1,736)
(308)
Deferred tax
486
86
Total items that may be subsequently reclassified to the Income Statement(1,250)
(222)
TOTAL OTHER COMPREHENSIVE LOSS AFTER INCOME TAX(1,250)
(222)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, AFTER INCOME TAX10,378
16,389
ATTRIBUTABLE TO:
Owners of the Parent
10,378
16,389
5
Channel Infrastructure NZ Limited | 2025 Half Year Report
Consolidated Balance Sheet
AS AT 30 JUNE 2025
UNAUDITEDAUDITED
30 June 202531 December 2024
NOTE
$000$000
CURRENT ASSETS
Cash and cash equivalents
2,538
1,283
Trade and other receivables
14,467
15,849
Income tax receivable
75
107
Other assets7
4,487
4,487
Derivative financial instruments
-
845
Inventories
5,177
5,440
TOTAL CURRENT ASSETS26,744
28,011
NON-CURRENT ASSETS
Derivative financial instruments
4,192
6,161
Intangibles
1,564
1,590
Property, plant and equipment
1,292,942
1,294,180
Other assets7
8,590
17,315
Right-of-use assets
791
882
TOTAL NON-CURRENT ASSETS1,308,079
1,320,128
TOTAL ASSETS1,334,823
1,348,139
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
18,862
19,413
Derivative financial instruments
-
1,071
Lease liabilities
113
115
Employee benefits
2,204
2,791
Provisions8
9,096
9,215
TOTAL CURRENT LIABILITIES30,275
32,605
NON-CURRENT LIABILITIES
Borrowings4
301,198
299,742
Lease liabilities
769
811
Employee benefits
3,119
3,119
Provisions8
69,906
69,996
Deferred tax liabilities
127,857
123,609
TOTAL NON-CURRENT LIABILITIES502,849
497,277
TOTAL LIABILITIES533,124
529,882
NET ASSETS801,699
818,257
6
Channel Infrastructure NZ Limited | 2025 Half Year Report
UNAUDITEDAUDITED
30 June 202531 December 2024
NOTE
$000$000
EQUITY
Contributed equity
366,420
366,420
Revaluation reserve
726,482
726,482
Treasury stock
(256)
(341)
Employee share scheme reserve
354
315
Cash flow hedge reserve
1,889
3,139
Retained earnings
(293,190)
(277,758)
TOTAL EQUITY801,699
818,257
The Board of Directors of Channel Infrastructure NZ Limited authorised these financial statements for issue on
25 August 2025.
For and on behalf of the Board
J B Miller
Chair of the Board
A M Molloy
Chair of the Audit and Finance Committee
7
Channel Infrastructure NZ Limited | 2025 Half Year Report
Consolidated Statement of
Changes in Equity
FOR THE SIX MONTHS ENDED 30 JUNE 2025
CONTRIBUTED
EQUITY
REVALUATION
RESERVE
TREASURY
STOCK
EMPLOYEE
SHARE
SCHEME
RESERVE
CASH FLOW
HEDGE
RESERVE
RETAINED
EARNINGSTOTAL EQUITY
NOTE
$000$000$000$000$000$000$000
AT 1 JANUARY 2024318,123422,771(1,317)1,0816,575(248,022)499,211
COMPREHENSIVE INCOME
Net profit after income tax-----16,61116,611
Other
comprehensive income
Movement in cash flow
hedge reserve----(308)-(308)
Deferred tax on other
comprehensive income----86-86
TOTAL OTHER
COMPREHENSIVE GAIN,
AFTER INCOME TAX
----(222)-(222)
TRANSACTIONS WITH
OWNERS OF THE PARENT
Equity-settled share-
based payments
---97--
97
Shares vested
to employees
--924(924)--
-
Dividend paid3-----(29,543)(29,543)
TOTAL TRANSACTIONS
WITH OWNERS OF
THE PARENT
--924(827)-(29,543)(29,446)
AT 30 JUNE
2024 (UNAUDITED)
318,123422,771(393)2546,353(260,954)486,154
8
Channel Infrastructure NZ Limited | 2025 Half Year Report
CONTRIBUTED
EQUITY
REVALUATION
RESERVE
TREASURY
STOCK
EMPLOYEE
SHARE
SCHEME
RESERVE
CASH FLOW
HEDGE
RESERVE
RETAINED
EARNINGSTOTAL EQUITY
NOTE
$000$000$000$000$000$000$000
AT 1 JANUARY 2025
366,420726,482(341)3153,139(277,758)818,257
COMPREHENSIVE INCOME
Net profit after income tax
-----11,62811,628
Other
comprehensive income
Movement in cash flow
hedge reserve
----(1,736)-(1,736)
Deferred tax on other
comprehensive income
----486-486
TOTAL OTHER
COMPREHENSIVE LOSS,
AFTER INCOME TAX
----(1,250)-(1,250)
TRANSACTIONS WITH
OWNERS OF THE PARENT
Equity-settled share-
based payments
---124--124
Shares vested
to employees
--85(85)---
Dividend paid3
-----(27,060)(27,060)
TOTAL TRANSACTIONS
WITH OWNERS OF
THE PARENT
--8539-(27,060)(26,936)
AT 30 JUNE
2025 (UNAUDITED)366,420726,482(256)3541,889(293,190)801,699
9
Channel Infrastructure NZ Limited | 2025 Half Year Report
Consolidated Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 JUNE 2025
UNAUDITEDUNAUDITED
30 June 202530 June 2024
NOTE
$000$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
71,128
79,774
Payment for supplies and expenses
(16,446)
(25,572)
Payments to employees
(7,246)
(7,479)
Interest received
67
157
Interest paid
(7,507)
(9,198)
Net GST paid
(296)
(869)
Income tax paid
-
(19)
NET CASH INFLOW FROM OPERATING ACTIVITIES39,700
36,794
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of legacy platinum7
7,624
3,533
Payments for property, plant and equipment
(20,467)
(23,270)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES(12,843)
(19,737)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings
1,500
63,900
Repayment of subordinated notes
-
(54,901)
Lease payments
(42)
(32)
Dividends paid
(27,060)
(29,543)
NET CASH (OUTFLOW) / INFLOW FROM FINANCING ACTIVITIES(25,602)
(20,576)
NET DECREASE IN CASH AND CASH EQUIVALENTS1,255
(3,519)
Cash and cash equivalents at the beginning of the period
1,283
4,870
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD2,538
1,351
10
Channel Infrastructure NZ Limited | 2025 Half Year Report
Notes to the Consolidated
Financial Statements
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Reporting Entity
Channel Infrastructure NZ Limited (‘Parent’, ‘Company’
or ‘Channel Infrastructure’) is a profit-oriented company
registered under the Companies Act 1993 and an FMC
Reporting Entity for the purposes of the Financial Markets
Conduct Act 2013. Channel Infrastructure is listed, and its
ordinary shares are quoted under the ticker CHI on the
NZX Main Board Equity Market (‘NZX Main Board’) and its
corporate bonds (ticker CHI020 and CHI030) are quoted
on the NZX Debt Market.
The consolidated interim financial statements (hereinafter
'financial statements') for the six months ended 30 June
2025 presented are those of Channel Infrastructure
together with its subsidiaries (‘the Group’). Subsidiaries
are all entities over which the Group has control and
includes Channel Terminal Services Limited, Independent
Petroleum Laboratory Limited, Maranga Rā Holdings
Limited and CHI Future Developments Limited.
Basis of Preparation
These financial statements have been prepared in
accordance with International Accounting Standard
34: Interim Financial Reporting and New Zealand
Equivalents to International Accounting Standard 34:
Interim Financial Reporting, and also in accordance with
Generally Accepted Accounting Practice in New Zealand
('GAAP') applicable to for-profit entities. These financial
statements do not include all the information required to
be disclosed in annual consolidated financial statements
and should be read in conjunction with the Group's
consolidated financial statements for the year ended
31 December 2024.
Accounting Policies
The accounting policies used in the preparation of these
financial statements are consistent with those used in the
Group's consolidated financial statements for the year
ended 31 December 2024.
Accounting standards not yet
effective
In May 2024 the External Reporting Board issued
NZ IFRS 18: Presentation and Disclosure in Financial
Statements ('NZ IFRS 18'), effective for reporting periods
commencing on or after 1 January 2027. This accounting
standard is expected to change the presentation of
the Group's income statement and may introduce
additional note disclosures. NZ IFRS 18 does not impact
the
financial position, financial performance or cash
flows of the Group. Other standards, amendments and
interpretations which are not yet effective are not
expected to have a material impact on the Group.
Segment Reporting
The Group operates in one reportable segment,
Infrastructure, which comprises the dedicated fuels
import terminal system (including jetty infrastructure at
Marsden Point, storage tanks, and the Marsden Point
to Auckland pipeline) and the fuel testing laboratories.
The Group operates in one geographical location,
New Zealand.
Use of Judgements and Estimates
The preparation of financial statements requires
judgements and estimates that affect the application
of accounting policies and reported amounts of assets,
liabilities, income and expenses. Actual results may
differ from these estimates. The following areas involve
significant judgements and estimates:
•
Fair value of property, plant and equipment –
the Group adopts the fair value model as the
measurement base for property, plant and equipment
(refer to Note 5 for further details).
•
Assets held for sale – the Group continues to report
decommissioned
refinery assets that are subject to a
conditional sale agreement, as property, plant and
equipment, rather than as assets held for sale (refer
to Note 5 for further details).
•
Provisions – the Group continues to recognise several
provisions in relation to the conversion of the refinery
into a dedicated fuels import terminal operation (refer
to Note 8 for further details).
•
Recoverability of tax losses – the Group's
accumulated tax losses amount to $389 million at
30 June 2025. A deferred tax asset in respect of these
unutilised tax losses is recognised, having regard to
the Shareholder Continuity Test and an assessment of
future taxable profits available against which the tax
losses can be recovered, and therefore the deferred
tax asset realised.
•
Discontinued operations – the Group continues to
present the results from discontinued operations
associated with the
refining operations which ceased
in March 2022 (refer to Note 1 for further details).
11
Channel Infrastructure NZ Limited | 2025 Half Year Report
1Discontinued Operations
Discontinued operations relate to refining operations which ceased in March 2022.
In the six months ended 30 June 2025 the results from discontinued operations include revenue from scrap metal and
redundant equipment sales and on-going costs associated with ceasing refining operations, including retiree medical
scheme costs and costs associated with the sale of permanently decommissioned refining plant.
Conversion costs relate to costs associated with the transition to an import terminal and include the reassessment of
long-term provisions (including demolition) due to cost re-estimation and/or changes in discount rates.
UNAUDITEDUNAUDITED
30 June 202530 June 2024
NOTE
$000$000
INCOME
Revenue2
27
144
TOTAL INCOME27
144
EXPENSES
Salaries, wages and benefits
237
241
Administration and other costs
472
2,550
TOTAL EXPENSES709
2,791
NET LOSS BEFORE CONVERSION COSTS, ASSET REVALUATION, FINANCE COSTS
AND INCOME TAX
(682)
(2,647)
Conversion costs
571
364
Revaluation of assets
-
(6,600)
TOTAL CONVERSION COSTS AND IMPAIRMENT571
(6,236)
NET(LOSS) / PROFIT BEFORE FINANCE COSTS AND INCOME TAX(1,253)
3,589
Finance costs
773
889
NET FINANCE COSTS773
889
NET (LOSS) / PROFIT BEFORE INCOME TAX(2,026)
2,700
Income Tax
(567)
(1,092)
NET (LOSS) / PROFIT AFTER INCOME TAX(1,459)
3,792
30 June 202530 June 2024
$000$000
CASH FLOWS FROM / (USED IN) DISCONTINUED OPERATIONS
Net cash used in operating activities
(2,517)
(20)
Net cash from investing activities
7,624
3,533
Net cash used in financing activities
-
-
NET CASH FLOWS FROM DISCONTINUED ACTIVITIES FOR THE PERIOD5,107
3,513
12
Channel Infrastructure NZ Limited | 2025 Half Year Report
2Income
UNAUDITEDUNAUDITED
30 June 202530 June 2024
$000$000
CONTINUING OPERATIONS
Import terminal revenue
65,713
63,395
Wiri land and terminal lease income
1,228
3,326
Laboratory revenue
2,704
2,479
Other operating revenue
568
647
TOTAL REVENUE FROM CONTINUING OPERATIONS70,213
69,847
DISCONTINUED OPERATIONS
Other refining related income
27
144
TOTAL REVENUE FROM DISCONTINUED OPERATIONS27
144
TOTAL REVENUE70,240
69,991
Major customers
The Group has three major customers that each individually account for more than 10 per cent of the Group's revenue
from continuing operations. The revenue earned from each major customer is shown below.
UNAUDITEDUNAUDITED
30 June 202530 June 2024
$000$000
Major customer A
28,630
25,255
Major customer B
21,360
21,019
Major customer C
17,095
18,633
13
Channel Infrastructure NZ Limited | 2025 Half Year Report
3Equity
Contributed equity
The issued capital of the Company is represented by 410,004,702 ordinary shares (31 December 2024: 410,004,702)
issued and fully paid, less 197,576 (31 December 2024: 276,494) treasury shares. All ordinary shares rank equally with one
vote attached to each ordinary share.
Share performance rights issued
On 11 April 2025 the Company issued 319,102 share rights to the Leadership Team (of which 152,624 were issued to the
CEO) under the Company’s Share Rights Plan. Each share right converts on a 1:1 basis for nil cash consideration into
fully paid ordinary shares following the release of the Company's financial results for the year ending 31 December
2027, subject to a workplace safety condition being satisfied and performance of the Company's Total Shareholder
Return (TSR):
•50% of the award is conditional on the performance of the Company's TSR relative to a comparator group of
selected members of the NZX50 at 28 February 2025, and
•50% of the award is conditional on the Company's TSR exceeding its cost of equity plus 0.5% compounding annually
from 1 March 2025 to the vesting date.
Vesting is also subject to the participant remaining employed during the 3-year vesting period, except in certain "good
leaver" cessation of employment scenarios at the discretion of the Board.
Dividends
30 June 202530 June 2024
UNAUDITEDUNAUDITEDUNAUDITEDUNAUDITED
Dividend paid$000cents per share$000cents per share
Special dividend (FY2023)
--
5,6811.5
Final dividend (FY2023)
--
23,8626.3
Final dividend (FY2024)
27,0606.6
--
Dividend paid27,0606.6
29,5437.8
Dividends declared
On 25 August 2025 the Board declared an ordinary unimputed interim dividend of 6.25 cents per share, to be paid on
24 September 2025. The Board has implemented a dividend reinvestment plan that is applicable for this dividend.
14
Channel Infrastructure NZ Limited | 2025 Half Year Report
4Borrowings
At 30 June 2025 the Group has total debt funding facilities available of $435 million (represented by $235 million bank
facilities and $200 million retail bonds).
The Group borrows under a Common Terms Deed which requires the Group to maintain an Interest Cover Ratio of at
least 2.5 to 1, and a Gearing Ratio of not more than 55% at each reporting date (30 June and 31 December). The Group
was in compliance with these financial undertakings as at the end of, and in respect of, the six months ended 30 June
2025 and the year ended 31 December 2024.
The borrowings are unsecured.
At 30 June 2025 the average tenor is 3.7 years (31 December 2024: 4.2 years).
The carrying amount of the Group' s borrowings issued at floating rate (revolving cash advances) closely approximate
their fair value.
At 30 June 2025, the fair value of the CHI020 retail bond is $102.3 million compared to its carrying amount of
$99.8 million. The fair value is based on the quoted market price at 30 June 2025.
At 30 June 2025, the fair value of the CHI030 retail bond is $107.1 million compared to its carrying amount of
$101.4 million. The CHI030 retail bond ($100 million, maturing in November 2029) is subject to a fair value hedge for
a notional amount of $50 million maturing in May 2027. The fair value is based on the quoted market price at 30 June
2025, adjusted for effective changes in the fair value of the hedging instrument.
The table below outlines the maturity profile of the facilities at 30 June 2025:
UNAUDITEDAUDITED
MATURITY DATE
30 June 202531 December 2024
$000$000
BORROWINGS
Non-current borrowings:
Revolving cash advancesNov-29
100,000
98,500
Retail bonds - CHI020 (5.8%)
1
May-27
99,783
99,596
Retail bonds - CHI030 (6.75%)
1
Nov-29
101,415
101,646
Total non-current borrowings301,198
299,742
TOTAL BORROWINGS301,198
299,742
UNDRAWN FACILITIES
Revolving cash advancesNov-27
30,000
30,000
Revolving cash advancesNov-29
105,000
106,500
TOTAL UNDRAWN BORROWING FACILITIES135,000
136,500
1The difference between the carrying value of the retail bonds and their face values is due to unamortised issue costs and accrued interest.
UNAUDITEDAUDITED
30 June 202531 December 2024
$000$000
NET DEBT
Total Borrowings
301,198
299,742
Less: Fair value adjustment
(1,709)
(2,018)
Less: Cash and cash equivalents
(2,538)
(1,283)
NET DEBT296,951
296,441
15
Channel Infrastructure NZ Limited | 2025 Half Year Report
5Property, Plant and Equipment
Property, plant and equipment except capital work in progress is recognised at fair value less accumulated
depreciation and any impairment losses recognised after the date of revaluation. Capital work in progress is
recognised at cost. The Group's import terminal assets, decommissioned refining plant and unutilised land are all
categorised as Level 3 in the fair value hierarchy,
Valuation of property, plant and equipment
Import terminal assets
The Import Terminal System (ITS) was independently valued by Deloitte at 31 December 2024.
The net present value methodology was used to determine a market participant's sales value. This approach values
the assets of the ITS that are currently in operation and the land that the ITS occupies. The fair value of the ITS
excludes the unutilised land, the residual value of decommissioned refinery assets and the revenue from tanks that
require additional growth capex as at the valuation date, including the 10-year jet fuel storage contract with Z
Energy (announced in August 2024) and the contract to develop a bitumen import terminal for Higgins (announced in
November 2024).
The key assumptions used in the valuation include the September 2024 Envisory fuel demand forecasts, forecast
import terminal fees, forecast operational and capital expenditure, and discount rates. A review of the key inputs used
in the 2024 valuation, updated to 30 June 2025 indicates that there has been no material change in the fair value of
the import terminal assets at 30 June 2025.
Decommissioned refining plant
The decommissioned refinery assets are valued at fair value less costs of disposal.
The fair value of the decommissioned refinery assets are primarily based on an estimate of the quantity (tonnes)
of ferrous and non-ferrous materials embedded in the decommissioned refining plant and an estimate of scrap
metal prices. The quantity of ferrous and non-ferrous materials is estimated based on industry norms, and the scrap
metal prices are estimated by an independent industry expert, Liberty Industrial. The most recent valuation was at
31 December 2023.
There have been no indicators of a material change to the fair value of the decommissioned refinery assets at
30 June 2025.
Unutilised land
The land held outside the ITS was independently valued by CBRE (Northland) at 31 December 2024.
A market-based comparison valuation approach was used. This approach determines fair value through considering
recent land sales and applying adjustments to reflect their different attributes including scale, location and condition.
There have been no indicators of a material change to the fair value of the unutilised land at 30 June 2025.
Additions
During the six months ended 30 June 2025 the Group recognised capital additions (work in progress) of $21.0 million
(31 December 2024: $54.4 million). Additions in the period relate to statutory tank inspection upgrades, private storage
bunds, firefighting upgrades and transmix infrastructure upgrades.
Depreciation
During the six months ended 30 June 2025 the Group recognised depreciation of $22.0 million (30 June 2024:
$18.7 million).
Conditional option agreement for decommissioned assets
On 8 July 2023, the Company entered into an Asset Sale Agreement (ASA) with US-based Seadra Energy Incorporated
(Seadra), granting Seadra an option to purchase certain decommissioned assets from the hydrocracking complex
(part of the former refinery) for US$33.875 million. Channel has received US$4.7 million
1
in option payments (recognised
as deferred income).
16
Channel Infrastructure NZ Limited | 2025 Half Year Report
On 30 September 2024 Channel and Seadra entered into a Project Development Agreement (PDA) relating to the
potential development of a biorefinery at Marsden Point. Should the PDA become unconditional, the proposed
biorefinery project would utilise the hydrocracking units that were the subject of the initial ASA plus potentially
additional decommissioned assets for further proceeds of up to US$22.96 million (total sale price of up to
US$56.835 million before transaction costs customary for asset sales of this nature).
Non-current assets are classified by the Group as assets held-for-sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use and a sale is considered highly probable
within 12 months. Due to the challenges of developing technically feasible and financially viable projects involving
second-hand refining plant globally, and specifically noting the agreement with Seadra is conditional, the
decommissioned assets subject to the PDA have not been classified as assets held for sale at 30 June 2025.
6Contractual Commitments
The Group has contractual obligations to purchase assets and complete capital project works relating to the tank
conversion for the Z Energy jet fuel storage contract and the development of a bitumen import terminal for Higgins. At
30 June 2025 contractual commitments amounted to $40.0 million (31 December 2024: $29 million).
7Other Assets
UNAUDITEDAUDITED
30 June 202531 December 2024
CURRENTNON-CURRENTTOTALCURRENTNON-CURRENTTOTAL
$000$000$000$000$000$000
Investment properties
-5,1005,100
-5,1005,100
Defined benefit pension plan
-3,4903,490
-3,4903,490
Platinum
---
-8,7258,725
Security deposit
4,487-4,487
4,487-4,487
TOTAL4,4878,59013,077
4,48717,31521,802
Platinum
During the period the platinum reclamation process was completed, utilising $0.7 million of the Demolition and
Restoration provision (refer Note 8), and the platinum sold, generating net proceeds of $7.6 million. In addition, the
foreign exchange forward contract and commodity price hedge associated with this transaction matured.
The reclamation and sale of the platinum resulted in a net loss of $0.4 million recognised in conversion costs
(discontinued operations).
Security Deposit
The security deposit was paid into the Employment Court in relation to a claim that the Group incorrectly calculated
redundancy compensation payments (refer to Note 9 for further details).
8Provisions
The movement in provisions during the six months ended 30 June 2025 is shown in the table below:
1
US$0.2 million (NZ$0.3 million) option payments received in FY24 and US$4.5 million (NZ$7.3 million) received in FY23.
17
Channel Infrastructure NZ Limited | 2025 Half Year Report
SHUT DOWN AND
DECOMMISSIONING
DEMOLITION AND
RESTORATION
TOTAL
$000$000$000
AT 1 JANUARY 2025
8,30070,91179,211
Utilisation
(530)(960)(1,490)
Reversal
-(59)(59)
Adjustment for change in discount rate
30294324
Finance costs
299871,016
AT 30 JUNE 20257,82971,17379,002
Current
7,8291,2679,096
Non-current
-69,90669,906
Utilisation of the Demolition and Restoration provision includes $0.7 million relating to platinum reclamation (refer
Note 7).
9Contingencies
From time to time in the normal course of business, the Group is exposed to claims and legal proceedings that may in
some cases result in costs. Estimates and assumptions are made in determining the likelihood, amount and timing of
cash outflows when the outcome is uncertain.
In November 2022, former employees (Applicants) lodged a Statement of Problem with the Employment Relations
Authority (the Authority) claiming that the Company incorrectly calculated their redundancy compensation. In August
2024 the Authority issued its determination, finding in favour of the Applicants. The Company continues to believe that
it appropriately calculated redundancy compensation and that the Authority erred in its determination. In September
2024 the Company appealed the Authority's determination to the Employment Court and the hearing was held in
June 2025. The Employment Court's judgement has not yet been issued.
As part of the appeal process, the Company was required to pay $4.5 million into the Employment Court, representing
the best estimate of the amount of the Authority’s determination. This amount is a security deposit and is recognised
as a current asset (refer Note 7). The funds will be returned to the Company, or paid out to the Applicants, based on
the outcome of the appeal process.
As a condition of the 35 year resource consent granted in March 2021, the Group has committed to work with the
Northland Regional Council ahead of time (during the 20
th
year of consent or at least 12 months prior to the cessation
of terminal operations) to set out the actions necessary to maintain compliance for the discharges of contaminants.
Given the unknown nature of the future activities that may be agreed with the Northland Regional Council, no liability
has been recognised other than in relation to ongoing environmental monitoring activities over the remaining term of
the consent.
The Group has no other contingent liabilities as at 30 June 2025 (31 December 2024: Nil).
18
Channel Infrastructure NZ Limited | 2025 Half Year Report
10Non-GAAP measures
Channel uses several non-GAAP measures when discussing financial performance. The Directors and management
believe that these measures provide useful information as they are used internally to evaluate the underlying
performance of the Group.
Non-GAAP profit measures are not prepared in accordance with New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and are not uniformly defined, therefore the non-GAAP profit measures used by Channel
may not be comparable with similarly titled measures used by other companies. Non-GAAP measures should not be
used in isolation nor as a substitute for measures reported in accordance with NZ IFRS.
The definitions of the non-GAAP measures used by Channel and reconciliation's to the amounts presented in the
Consolidated Income Statement are detailed below.
EBITDA from
Continuing
Operations:
Earnings before depreciation, net finance costs and income tax from continuing operations
EBITDA from
Discontinued
Operations:
Earnings before conversion costs, asset revaluation, net finance costs and income tax from
discontinued operations.
UNAUDITEDUNAUDITED
30 June 202530 June 2024
$000$000
CONTINUING OPERATIONS
Net profit after income tax13,087
12,819
Add: Depreciation
22,001
18,708
Add: Net finance costs
8,069
9,676
Add: Income tax
5,300
6,899
EBITDA from continuing operations48,457
48,102
DISCONTINUED OPERATIONS
Net (loss)/profit after income tax(1,459)
3,792
Add: Conversion costs
571
364
Less: Revaluation of assets
-
(6,600)
Add: Net finance costs
773
889
Less: Income tax
(567)
(1,092)
EBITDA from discontinued operations(682)
(2,647)
19
Channel Infrastructure NZ Limited | 2025 Half Year Report
Corporate Directory
Registered Office
Marsden Point
Ruakākā
Mailing Address
Private Bag 9024
Whangarei 0148
Telephone: +64 9 432 5100
Directors
J B Miller (Chair)
A T Brewer
A J Bull
A Holmes
A M Molloy
V C M Stoddart (ceased to be a director on 23 May 2025)
F J C Underhill
P A Zealand (ceased to be a director on 23 May 2025)
Website
www.channelnz.com
Chief Executive Officer
R C Buchanan
General enquiries
corporate@channelnz.com
General Counsel & Company Secretary
C D Bougen
Investor Enquiries
investorrelations@channelnz.com
Auditor
Ernst & Young
Bankers
ANZ Bank New Zealand Limited
ASB Bank Limited
Bank of New Zealand
China Construction Bank (New Zealand) Limited
Industrial and Commercial Bank of China (New
Zealand) Limited
Westpac New Zealand Limited
Share Register
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Telephone: +64 9 488 8777
enquiry@computershare.co.nz
Managing your shareholding online
To change your address, update your payment instructions and to view your registered details including
transactions, please visit: www.computershare.co.nz/investorcentre Please assist our registrar by quoting your CSN
or shareholder number.
20
Channel Infrastructure NZ Limited | 2025 Half Year Report
---
Results announcement
Results for announcement to the market
Name of issuer
Channel Infrastructure NZ Limited
Reporting Period
6 months to 30 June 2025
Previous Reporting Period
6 months to 30 June 2024
Currency
NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$70,213 1%
Total Revenue
$70,240 0%
Net profit/(loss) from
continuing operations
$13,087 2%
Total net profit/(loss)
$11,628 (30%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.0625
Imputed amount per Quoted
Equity Security
$0.00
Record Date
09/09/2025
Dividend Payment Date
24/09/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.94 $1.26
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached NZX announcement commentary
Authority for this announcement
Name of person
authorised
to make this announcement
Chris Bougen, General Counsel and Company Secretary
Contact person for this
announcement
Anna Bonney
Contact phone number
+64 21 844 155
Contact email address
investorrelations@channelnz.com
Date of release through MAP
26/08/2025
Unaudited financial statements accompany this announcement.
---
Distribution Notice
Section 1: Issuer information
Name of issuer Channel Infrastructure NZ Limited
Financial product name/description Channel Infrastructure NZ Limited ordinary shares
NZX ticker code CHI
ISIN (If unknown, check on NZX website) NZNZRE0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 09/09/2025
Ex-Date (one business day before the
Record Date)
08/09/2025
Payment date (and allotment date for
DRP)
24/09/2025
Total monies associated with the
distribution
$25,625,294
Source of distribution (for example,
retained earnings)
Income available for distribution
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.06250000
Gross taxable amount $0.06250000
Total cash distribution $0.06250000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed
No imputation
If fully or partially imputed, please state
imputation rate as % applied
N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per financial
product
$0.02062500
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
1%
Start date and end date for determining
market price for DRP
08/09/2025 12/09/2025
Date strike price to be announced (if not
available at this time)
15/09/2025
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
New issue
DRP strike price per financial product
TBC
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
10/09/2025
Section 5: Authority for this announcement
Name of person
authorised to make this
announcement
Chris Bougen, General Counsel and Company Secretary
Contact person for this announcement Anna Bonney
Contact phone number +64 21 844 155
Contact email address investorrelations@channelnz.com
Date of release through MAP
26/08/2025
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- SPN — South Port New Zealand Limited: Record profit shows resilience and infrastructure strength2025-08-21
“remained stable due to a fixed-fee structure. Following improved hydro storage levels, NZAS could begin the process of resuming normal operations in June 2025. Importantly, NZAS reaffirmed its 20-year electricity supply agreement, highlighting its ongoing commitment t…”
- PFI — Property for Industry Limited: PFI Announces Annual Results2025-08-24
“NZX and media announcement — 25 August 2025 Page 3 An independent market rental assessment confirmed PFI’s portfolio to be ~11.5% under-rented (June 2024: ~16.2%). On a like-for-like basis, market rents grew by ~1.7% over the period, while PFI achieved 6.9% growth…”
- IFT — Infratil Limited: Interim results for the period ended 30 September 20252025-11-12
“26 725 2,265 2,188 2,622 1,492 820 1,438 1,106 7.3% 15.9% 12.0% 13.8% - 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 FY23FY24FY25HY26 Net debtLiquidity availableLTV (net debt over asset fair value…”