CHI - Q2 2025 Operational Update

Tuesday 15th July 2025

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

Throughput

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

• Total fuel throughput for the quarter ended 30 June was 820 million litres. Jet throughput was in line with Channel’s expectations and petrol and diesel throughput combined remain in line with the Envisory fuel demand outlook.

• 13 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 (Q2 2024: 16).

• Jet throughput for Q2 25 remains stable relative to Q2 24 and in line with Channel’s guidance for 2025, reflecting Air New Zealand’s well-signalled aircraft availability issues this year.

• Diesel and petrol throughput remain relatively stable YTD and aligned to the Envisory outlook.

• Throughputs fluctuate from month to month as tanks in the downstream supply chain come in and out of service as part of a significant program of planned tank maintenance outages this year. The variations in throughput in Q2 2025 when compared to 2024 are largely a result of these outages.

A summary of quarterly product throughput by fuel type since commencement of import terminal operations on 1 April 2022 is included as Appendix I.

Growth project and conversion update

The Z Energy jet storage project, announced 23 August 2024, is progressing well and remains on schedule and tracking to budget. The bitumen import terminal construction contract was awarded after a competitive tender process in May, and remains on track to be delivered in the second half of 2026.

Net borrowings decreased to $297 million as at 30 June 2025 (31 March: $305 million).

Conversion spend is ~$189 million to 30 June 2025 (31 March 2025: $~187 million) and remains within budget. The bund upgrade program continues to progress to plan with the final phase of construction continuing through to 2027.

- ENDS -

Q2 2025 Operational Update

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