Q3 2025 Operational Update

NZX RELEASE
15 October 2025

Q3 2025 Operational Update
Channel Infrastructure NZ Limited (NZX:CHI) has today released its operational update for the three months
ended 30 September 2025.

Throughput
Approximately 50% of Channel’s contracted revenue is fixed/capacity-based fees, with the remainder
calculated in relation to fuel throughput:

• Total fuel throughput for the quarter ended 30 September was 855 million litres, a 5.2% increase on
Q3 2024, and the highest throughput for a third quarter since commencement of import terminal
operations - with both jet and diesel recording their highest Q3 level since that date:
o Jet throughput was ahead of Q3 2024 volumes but remains in line with Channel’s
expectations for the year to date, reflecting Air New Zealand’s well-signaled aircraft
availability issues this year.
o Petrol and diesel throughput combined for the year to date is higher than the previous
corresponding period (YTD 2024) but remains in line with the Envisory fuel demand
outlook
1
.
o Whilst planned rolling tank outages at Wiri have been impacting 2025 quarterly throughput
numbers, there are no one-off fuel movements relating to tanks coming out of, or returning
to, service included in this quarter’s results.

• 12 import shipments were received and discharged during the quarter, reflecting an increase in
larger Long-Range vessels being received at Marsden Point, reducing the overall number of ship
movements (Q3 2024: 13).
A summary of quarterly product throughput by fuel type since commencement of import terminal operations
on 1 April 2022 is included as Appendix I.

1
The Envisory outlook is annual for all fuel types, Channel uses historical data to inform FY25 seasonality.
324
251
238
330
265
260
JetDieselPetrol
Throughput Q3 2024 V Q3 2025
Million Litres
Q3 24Q3 25
1,029
797
747
1,023
803
764
JetDieselPetrol
Throughput YTD 2024 V YTD 2025
Million Litres
YTD 24YTD 25

Growth project and conversion update
The Z Energy jet storage project is tracking ahead of schedule and in line with budget. As announced in
August, this jet tank conversion is likely to be delivered in H2 2026, ahead of the original schedule of Q1
2027.
The bitumen import terminal construction project remains within budget and on track to be delivered in the
second half of 2026.
The additional storage contract
2
announced 26 August 2025 (generating ~$50 million of additional revenue
over the nine-year contract extension term, pre-PPI indexation) is progressing to plan and with revenue
expected to commence in Q1 2028. The extension requires growth capital expenditure investment of $20 -
$26 million across 2026 to 2030.
Net borrowings increased to $311 million as at 30 September 2025 (30 June: $297 million). The Dividend
Reinvestment Plan was applied to the HY25 interim dividend payment, with ~21% shareholder uptake and a
net dividend of $18.7 million paid in September 2025.
Conversion spend is ~$191 million to 30 September 2025 (30 June 2025: $~189 million) and remains within
budget. The bund upgrade program continues to progress to plan with the final phase of construction
continuing through into 2027.

- ENDS -
Authorised by:
Chris Bougen
General Counsel and Company Secretary
Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com

Media contact:
Laura Malcolm
communications@channelnz.com



2
Announced November 2022, initial contract term 5-years from 2023

About Channel Infrastructure NZ

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

Appendix I – Throughput (since 1 April 2022)
Throughput
by quarter
(million
litres)

2022


2023

2024 2025

Quarter 1



Jet

280 387 381

Diesel

282 280 261

Petrol

249 254 273

Total

811 921 915




Quarter 2



Jet 146 299 318 312

Diesel 275 274 267 277

Petrol 257 249 255 231

Total 679 821 840 820




Quarter 3



Jet 200 314 324 330

Diesel 264 261 251 265

Petrol 258 263 238 260

Total 721 838 813 855




Quarter 4



Jet 244 365 375

Diesel 275 283 289

Petrol 280 251 245

Total 799 900 909