2025 ASM Presentation Materials

NZX RELEASE
23 May 2025
2025 ASM Presentation
The 2025 Annual Shareholders’ Meeting of Channel Infrastructure NZ Limited (NZX:CHI) will be
held today at 2pm. Accompanying this announcement are copies of the meeting presentation and
speeches to be delivered at the meeting by Board Chair, James Miller and Chief Executive, Rob
Buchanan. Key announcements to be made at today’s meeting include:
• FY25 Guidance released in February will be reiterated, based on the financial
performance to 30 April 2025
• The Company has released an updated Capital Allocation Framework, which includes an
increase in the dividend policy pay-out ratio to 70-90% of Normalised Free Cash Flow
from 60-70% of Normalised Free Cash Flow
• The Board expects to pay a total FY25 dividend of between 12.0 and12.5 cents per share
(up from 11.0 cents per share in FY24)
• It is proposed to introduce a Dividend Reinvestment Plan at the time of the FY25 Interim
Dividend
• The Channel Board will consider a foreign-exempt dual-listing on the ASX should a
significant growth opportunity convert in the next 12 to 24 months.

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, 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 through the
acquisition of other terminals infrastructure in New Zealand.

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
Annual
Shareholders
Meeting 2025
23 May 2025
Change picture to the same one as
the AR cover
Change picture
to cover of AR

2
Welcome
CHRIS BOUGEN, GENERAL COUNSEL & COMPANY SECRETARY

3
Participate in Virtual Meetings
Shareholder and Proxyholder Q&A Participation
•If you have a question, please select the Q&A tab on the right
half of your screen at any time. Type your question into the
field and press submit.
•The Q&A tab can also be used for help. If you need assistance,
please submit your query in the same manner as typing a
question and a Computershare representative will respond to
you directly.
Shareholder and Proxyholder Voting
•Once the voting has been opened, the resolutions and voting
options will allow voting.
•To vote, simply click on the Vote tab, and select your voting
direction from the options shown on the screen. You can vote
for all resolutions at once or by each resolution.
•Your vote has been cast when the tick appears. To change
your vote, select ‘Change Your Vote’.

4
Chair’s address
James Miller, Chair
Chief Executive’s address
Rob Buchanan, Chief Executive
Resolutions and voting
James Miller, Chair
General business
James Miller, Chair
Agenda

5
Chair’s address
JAMES MILLER, CHAIR

6
Extensive Board Experience
Note: Board analytics exclude Vanessa Stoddart and Paul Zealand who will retire at the 2025 Annual Shareholders’ Meeting.
Deep experience
in fuel terminals, oil and gas, fuel
supply chain, and energy sectors
Average tenure
2.4 years
Independence
5/6
directors up from 4/7 in 2019
Retiring Directors
Gender representation
3/6
directors female
Anna Molloy
Independent Director
Felicity Underhill
Independent Director
Andrew Holmes
Independent Director
Angela Bull
Independent Director
Andrew Brewer
Non-Independent Director
James Miller
Board Chair, Independent Director
Vanessa Stoddart
Independent Director
Paul Zealand
Independent Director

7
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+
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

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)
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 ServicesLimited

9
Once in a generation opportunity for Northland
Once Energy Precinct is
complete
$3.3 billion
Spent during construction
20,000 jobs
Created over the 10-15 year
construction phase
Figures calculated by PwC based on the completion of all projects indicated in Channel’s Energy Precinct concept.
Construction phase
Operational phase
$290 million GDP
Annually for New Zealand
1,150 jobs

10
5.0cps
10.5cps
11.0cps
2.0cps
1.5cps
FY22FY23FY24
OrdinarySpecial
Channel continues to outperform the NZX50
Dividends Total Shareholder Return (CHI versus NZX50)
(12.0%)
2.6%
11.4%
36.2%
9.2%
37.4%
FY22FY23FY24
NZX50GCHI
1.FY22 TSR calculated from date of CHI conversion 1 April 2022, FY23 and FY24 TSR calculated from the 31 December share price
2.Excludes value of rights taken up or renounced in Channel’s November 2024 equity raise and excludes the FY24 final dividend of 6.6 cents per share paid in March 2025
1,2

11
Increased dividend pay-out
•The Board reiterates FY25 EBITDA and maintenance capex guidance
based on financial performance to 30 April 2025
•Dividend policy payout increased to 70-90% from 60-70% of Normalised
Free Cash Flow
1

•FY25 Dividend expected between 12.0 and 12.5 cents per share (FY24:
11cps)
•Dividend Reinvestment Plan to be introduced in August 2025
•Reflecting that 50% of Channel’s revenue is fixed (other than PPI
indexation), the Board will undertake a review of Channel’s target
leverage range over the coming months to ascertain whether or not
additional leverage can be accommodated whilst ensuring the right
balance between funding growth opportunities, enhancing returns and
safeguarding Channel’s financial resilience is preserved.
•Should a major growth opportunity convert in the next 12-24 months, the
Board will consider a foreign-exempt dual-listing on the ASX to access a
broader pool of institutional and retail investors
Illustrative dividend outlook
FY25FY26FY27
New Policy
Old Policy
The Board is focused on a stable and growing dividend and optimising Channel’s balance sheet to balance growth and shareholder returns
1.Normalised free cash flow is calculated as net cash flow generated from continuing operations less maintenance capex (excluding conversioncosts and growth capex). 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.

12
Chief Executive’s
address
ROB BUCHANAN, CHIEF EXECUTIVE

13
2024 Operational Highlights - Keeping Aotearoa New Zealand moving
3.5 billion
litres
+3% PCP
1,404m litres
+12% PCP
JET FUEL
Highest jet fuel demand since 2019
1,087m litres
-1% PCP
DIESEL
992m litres
-2% PCP
PETROL
Process Safety Incidents
Zero
84%
Pipeline utilisation
Delivered to market from
Marsden Point

14
2024 Financial Highlights – Continuing Operations
$1.29
$1.98
FY23FY24
Total Revenue
Normalised Free Cash Flow
EBITDA
(Margin %)
Capital Expenditure
Net Tangible Assets per share
Free Cash Flow Conversion
$87.2m
$95.1m
FY23FY24
71%
67%
FY23FY24
$130.7m
$139.8m
FY23FY24
+7%
(68%)
(67%)
+9%
$61.8m
$63.4m
FY23FY24
+3%
$10.5m
$12.3m
$30.6m
$29.3m
FY23FY24
GrowthStay-in-business

15
65%
28%
18%
13%
Proven track record of delivering capital projects safely, on budget, and on time
Safety
On Time
On Budget
✓Everyone home safely
✓Strong safety discipline
$55 million invested
in Channel’s
infrastructure in FY24
Conversion project
2021-2027
Private storage
2021-2025
Transmix
2024
✓Spend to date $186 million
(~85%)
✓On track to deliver within
$220 million budget
✓Firefighting upgrades
(investment of $23 million)
completed in Q4 2024
✓On track to conclude on time
when bunding program
completes in 2027
✓Everyone home safely
✓Strong safety discipline
✓Delivered within budget of
$50 million growth capex
✓Delivered Q1 2025
✓Delivered within budget of
$12-15 million growth capex
✓Contracted in May 2024
and delivered to customers
in late Q4 2024
✓Everyone home safely
✓Strong safety discipline

16
Growth opportunities secured in 2024
Transmix
Z Energy Storage
Bitumen
Upgrade Marsden Point infrastructure to enable
transmix to be stored and exported
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

17
Growth and energy resiliency initiatives
Diesel Stockholding obligations
Government announced diesel
Minimum Stockholding Obligations to
be increased from 21 to 28 days from 1
July 2028
Capacity peaking project
Front-end engineering and design for a
potential diesel generation plant at
Marsden Point site commenced
Biofuels Manufacture
Potential Seadra biorefinery project
due diligence progressing
Growth outside Marsden Point
Potential opportunities to acquire other
fuels infrastructure assets

18
Resolutions and
Voting
JAMES MILLER, CHAIR

19
Resolution 1
That Directors be authorised to fix the fees
and expenses of Ernst & Young as auditors to
the Company for the financial year ending 31
December 2025

20
Resolution 2
That Ms. Angela Bull, who retires in
accordance with clause 8.8 of the
Constitution, be elected as a Director of the
Company

21
Resolution 2
Angela Bull
Independent Director
Appointed: October 2024
Board Committees:People
&Culture (Audit and Finance
Committee from 23 May
2025)
•Extensive executive experience in commercial property and retail development.
•Current governance roles include Property for Industry (NZX: PFI), Vital Healthcare
Property Trust (NZX:VHP), Fulton Hogan, Foodstuffs South Island, Bayleys Real Estate
and as a Trustee of St Cuthbert’s College.
•Previously the Chief Executive of Tramco Group. Prior to this, General Manager
Property Development for Foodstuffs North Island.
•Bachelor of Laws and a Bachelor of Arts (Political Science) and practised
environmental law prior to her executive career.

22
Resolution 3
That Mr. Andrew Holmes, who retires by
rotation in accordance with clause 8.9 of the
Constitution, be re-elected as a Director of
the Company

23
Resolution 3
Andrew Holmes
Independent Director
Appointed: April 2022
Board Committees:Health, Safety,
Environment &Operations, People
&Culture (Chair from 23 May
2025)
•Deep understanding of business opportunities in the downstream industry and
successfully undertaking radical operational change in all facets of a petroleum
business.
•Currently involved in consulting and advisory roles for energy transition start-ups
and on energy industry commercial matters.
•40 years’ experience in the energy industry. BP’s most senior executive in the Asia
Pacific market. Mr Holmes also ran the Global Aviation Fuels Division at BP. His early
career was in UK-based refineries before moving to commercial and leadership
roles in the UK, China and Europe, including running the supply, wholesale and retail
operations for Northern Europe.
•Director of Lochard Energy (gas storage and energy infrastructure) and Chair of
Urban Analytica (energy transition start up)
•Bachelor of Science (Hons) in Chemical Engineering from the University of Bath and
an MBA from the University of Strathclyde.

24
Resolution 4
That Mr. James Miller, who retires by rotation
in accordance with clause 8.9 of the
Constitution, be re-elected as a Director of
the Company

25
Resolution 4
James Miller
Board Chair, Independent Director
Appointed: November 2018
Chairfrom July 2022
Board Committees:Audit &Finance,
People &Culture
•Deep experience in capital markets and downstream energy sector.
•Director of Mercury NZ Limited, Ryman Healthcare Limited and Vista Group
International Limited.
•Previously held Board and leadership positions at Craigs Investment Partners and
ABN AMRO. He was a Director of Auckland International Airport, Accident
Compensation Corporation, an inaugural Director of the Financial Markets Authority,
previously a Director of Vector, and a member of the INFINZ and Financial Reporting
Standards Board.
•Qualified Chartered Accountant and Fellow of the Chartered Accountants Australia
and New Zealand, a Certified Securities Analyst Professional, member of the Institute
of Directors in New Zealand, and a graduate of the Advanced Management
Program at Harvard Business School.

26
Resolution 5
That Ms. Anna Molloy, who retires by rotation
in accordance with clause 8.9 of the
Constitution, be re-elected as a Director of
the Company

27
Resolution 5
•Over 15 years’ experience in equity capital markets, investment management,
private equity and business development.
•Currently an independent director for ANZ Investments.
•Previously, an equity analyst for Masfen Securities and Artemis Capital, Future
director for NZX board.
•MsMolloy has a Bachelor of Engineering (Chemicals & Materials) and a Bachelor of
Commerce from the University of Auckland. She is a Chartered Financial Analyst
(CFA) and a member of the New Zealand Institute of Directors.
•Ms Molloy contributes her engineering background and advanced financial,
strategic, and analytical capabilities and knowledge to the Channel Infrastructure
Board.
Anna Molloy
Independent Director
Appointed:April 2022
Board Committees:Audit and Finance
(Chair)

28
Resolution 6
That Mr. Karl Barkley, who is nominated as a
director by a Shareholder of the Company in
accordance with Listing Rule 2.3.1, be elected
as a Director of the Company

29
Resolution 6
Mr. Barkley states that he has work experiences in the engineering and construction
field. Mr. Barkley states his key credentials to be:
•Experience as fitter/welder, boiler operator and maintenance engineer
•Experience as a business owner including hiring staff
•Strong health and safety adherence
•Involvement in community projects including Chairman of “Save the Kingston Flyer”
•Having stood for ICC Elections
•Sale representative experience in the rural sector
Karl Barkley

30
General
Business
JAMES MILLER, CHAIR

31
Conclusion of
meeting
Please join us for refreshments
JAMES MILLER, CHAIR

32
•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, 23 May 2025.

---

2025 Annual Shareholders Meeting of Channel Infrastructure NZ Limited

Chair and CEO speeches

23 May 2025 at 2.00pm

James Miller, Board Chair

Good afternoon, everyone and welcome to the Channel Infrastructure Annual Shareholder
meeting. I am James Miller, Chair of the Board.

I declare that we have a quorum of shareholders and the meeting is now open.

This afternoon I will update you on our Board refresh process, our long-term vision for the
Marsden Point site as an Energy Precinct and the increased dividend pay out which we have
announced today. CEO Rob Buchanan will then run through the significant progress we
have made delivering on our strategy, our FY24 financial results and the number of growth
and energy resiliency initiatives that we are progressing. We will then address the
resolutions of the meeting, before we have time for Q+A at the end.

Joining me here today are my fellow directors Angela Bull, Andrew Holmes, Anna Molloy,
Andrew Brewer and Felicity Underhill.

I want to start by acknowledging Paul Zealand and Vanessa Stoddart who are not able to
join us today. Paul and Vanessa have signalled their intention to step down from the Board
today, and I want to take this opportunity to acknowledge them both for their incredible
service to the Company over many years.

Paul has been on the Board since 2016, and served as Managing Director for three-months
in 2020. He has also chaired the Health, Safety, Environment and Operations Committee,
bringing his expertise in high hazard facilities management.

Paul has made an enormous contribution to the Company during his tenure, and his
experience and passion for this business will be missed.

Vanessa Stoddart has made an equally impressive contribution to the Company since her
appointment to the Board in 2013. She has brought world-class governance expertise, with
a particular focus on people and culture matters.

Personally, I have appreciated her guidance, and her commercial and common-sense
judgement.

I join with my fellow directors in wishing Paul and Vanessa all the best for the future.

With the import terminal conversion successfully completed, it is the right time to move to a
six-member Board. We have a new mix of skills and experience aligned with our strategy of
world-class import terminal operations and pursuit of growth. I’m confident we have the right
size Board with the right mix of skills, experience and tenure to support the management
team to deliver Channel’s ambitions for the future.

We are also joined today by members of the management team, led by Rob, who you will
hear from shortly, as well as representatives from our auditors EY, and our share registrar
Computershare.

Shareholders will be familiar with Channel’s vision to be a world-class energy infrastructure
company. This drives all that we do in our pursuit of delivering resilient infrastructure
solutions to meet changing fuel and energy needs.

The successful execution of this strategy will create value for our shareholders, our people,
our community and New Zealand by driving economic growth, creating jobs and supporting
the country’s energy resilience and transition.

This is good for Northland and New Zealand.

I know however, there are some shareholders in the room with us this year who would like to
see the oil refinery conversation debated again today.

While we are aligned on the importance of fuel security, we are not aligned on how best to
practically and economically achieve it.

Fuel security is an issue that the Company takes very seriously, and we are very aware of
our role in ensuring that New Zealand has a stable and secure fuel supply chain.

Last year, the Government appointed experts to undertake a Fuel Security Study, including
investigating re-establishing an oil refinery at Marsden Point. Re-establishing an oil refinery
at Marsden Point would cost up to $7.3 billion, and Fuel Security Study experts concluded it
is the least efficient option and would have limited effectiveness across all fuel types in
providing additional fuel security for New Zealand.

From our perspective, the question of an oil refinery at Marsden Point is now closed and we
are working hard to deliver on our positive future vision.

Turning now to what that future vision might look like.

Channel’s Marsden Point Energy Precinct Concept, which we released in October last year,
provides a long-term pathway to unlock significant value. It is a clear and strategic direction
for the best use of our site by attracting high-quality tenants to the 120 hectares of unutilised
land.

As we have discussed with Shareholders, Channel’s primary role would be as landlord and
provider of the infrastructure and services at Marsden Point. Our attractiveness to potential
partners comes from the assets, connections, people, and location of our unique site. The
Energy Precinct aims to build additional long-term, diversified, contracted revenues for the
Company that are not dependent on fuel volume.

It is also a reflection of our vision for Marsden Point as the location of nationally critical
infrastructure that supports fuel and energy resilience for New Zealand. Through the
precinct, we expect to have a significant role to play in supporting New Zealand’s energy
transition over the longer term, ensuring that no matter what type of fuel or energy powers
New Zealand in the future, we will play a role in its delivery.

The Energy Precinct benefits shareholders, our people, our community and New Zealand,
and I’d like to now play a short video which articulates our vision for the precinct.

I think we can all agree, that vision presents an exciting future for the company.
This is a once in a generation opportunity for Northland.

Additional projects of the scale contemplated here would see fuel manufacturing restored at
Marsden Point and could also bring important investment, and economic growth to the
region.

PwC has estimated that the delivery of the precinct could generate GDP of around $3.3
billion, and contribute around 20,000 full time jobs over the 10-15 year construction phase.

Once operational, the projects in the precinct could see another 1,150 full time jobs in
Northland, and generate an annual GDP contribution of $290 million.

This could be a game changer for Northland and New Zealand, not just in the contribution to
energy resilience, but also in boosting our GDP and creating more highly skilled jobs.

It is important to also acknowledge that the New Zealand Government is supportive of
Channel’s Marsden Point Energy Precinct concept and is considering creating a Special
Economic Zone at Marsden Point, recognising its exciting potential and strategic importance.
We would welcome Marsden Point being designated a Special Economic Zone.

It's interesting to note that we have had a number of inbound approaches from various
international parties about how they could become involved in the precinct and its exciting
potential.

I’m proud to say that our business model and continued execution of our strategy has seen
us continue to deliver for our shareholders. Alongside investing in the resilience of our
terminal and further growth, we paid out a total ordinary dividend of 11 cents per share in
2024, up from 10.5 cents in 2023.

Reflecting the progress we have made in executing on our strategy, we have continued to
outperform the NZX50. In 2024 we delivered a total shareholder return of 37.4% compared
to the total shareholder return of the NZX50 of 11.4%. Channel is now a 100% independent
energy infrastructure company, following Ampol’s exit from its shareholding in March 2025.

Rob will run through our financials and Q1 operational update in a moment, but I will take this
opportunity to say that our year to date performance is in line with our expectations and
tracking towards our 2025 EBITDA guidance of $89 million to $94 million that we released in
February this year.

Since 1 April 2022, Channel Infrastructure has undergone a significant transformation and is
now a growth focused infrastructure business with stable earnings, long-term customer
contracts with PPI indexation, and we have credit metrics consistent with a shadow BBB+
investment grade credit rating.

The conversion project is substantially complete, with only $33 million of capital expenditure
left relating to the bunding work which will be complete by 2027.

We have successfully secured new growth projects which is expected to increase revenue by
around $8.5 million by 2027, with limited additional operational expenditure.

We have strong access to capital. The successful $100 million unsecured, unsubordinated
retail bond issued in November 2023, refinancing of the bank facilities and $50 million equity
capital raise in November 2024 demonstrated the debt and equity markets have confidence
in the company’s business model, strategy and our ability to execute that strategy.

The Channel Infrastructure Board has reviewed the Company’s dividend policy to reflect its
confidence in the business outlook and access to capital for growth initiatives, while seeking
to be efficient with shareholder’s capital.

With a focus on a stable and growing dividend for you, the Board will today increase the
dividend policy payout to 70-90% from 60%-70% of Normalised Free Cash Flow.

Reflecting that 50% of Channel’s revenue is fixed (other than PPI indexation) and not subject
to fuel throughput variability, over the coming months the Board will undertake a review of
Channel’s target leverage range to determine whether additional leverage can be
accommodated whilst ensuring the right balance between the funding of growth opportunities,
enhancing shareholder returns and safeguarding Channel’s financial resilience is preserved.

The Board recognises that some shareholders would prefer the opportunity to increase their
investment in Channel Infrastructure instead of receiving a cash dividend. Therefore, the
Board intends to introduce a Dividend Reinvestment Plan ahead of the interim dividend
payment in September. The details of the plan and amount of the discount (if any) are yet to
be determined and will be released at the time of the half year results in August 2025.

In addition, should we convert one of the significant growth opportunities in the next 12 to 24
months, the Board will actively consider a foreign exempt dual-listing on the ASX to provide
access to a broader pool of institutional and retail investors.

I will now hand over to Rob to talk about how our dedicated team has made significant
progress towards our vision of becoming a world-class energy infrastructure company in
2024.

Rob Buchanan, Chief Executive

Thanks James and welcome everyone.

I am Rob Buchanan, Channel’s Chief Executive Officer.

With me today are members of our management team, including:
• Alexa Preston, our CFO
• Jack Stewart, our General Manager of Operations
• Peter van Cingel, our Business Development Manager
• Steve Levell, General Manager of IPL
• And you have already met Chris our General Counsel.

As James said, the critical role we play in providing resilience for New Zealand’s fuel supply
chain is something we take exceptionally seriously at Channel.

Here you can see just a few of the headline numbers that demonstrate how we achieved that
in 2024, and I’d like to draw out a couple of these points.

Total fuel throughput for the year was up 3% to 3.5 billion litres. Jet fuel throughput was up
12% on 2023, reflecting the continued growth in jet fuel demand – which is now at the
highest level since 2019, combined with stable demand for diesel and petrol.

Despite a busy year, as well as a number of conversion and growth projects underway at
Marsden Point, we have once again maintained our strong safety record, and saw zero
process safety incidents at Marsden Point across the year.

We updated our Envisory fuel demand outlook last year and it continues to show that
Channel’s business will be underpinned by jet fuel demand and the need for a liquid fuel
decarbonisation pathway for aviation in the long-term. However, as we saw in our first
quarter update and signalled in our guidance update at the full year results in February, in
the short-term we are seeing growth in jet fuel demand slowing, reflecting Air New Zealand’s
well signalled aircraft availability issues over the coming year.

Turning now to our financial performance. For 2024, we delivered a revenue increase of 7%
to $139.8 million and EBITDA growth of 9% to $95.1 million, which is in line with the upper
end of guidance. We delivered 11 cents per share in ordinary dividends, up from ten and a
half cents in 2023.

We successfully refinanced our bank debt in 2024, expanding our lender group, extending
the tenor of our facilities and increasing our headroom. Importantly, it lowered our cost of
drawn facilities by 0.6% per annum.

Our $50 million capital raise in December was strongly supported by both existing and new
shareholders and demonstrated investor support of our company strategy as well as our
proven track record of delivery, which I will discuss in more detail shortly.

Lastly, on the numbers, given the increased confidence in the long-term outlook and
recognition of the port-adjacent nature of our unutilised land, the 2024 accounts reflect a
$381 million uplift in fair values of the import terminal system and unutilised land, resulting in
Net Tangible Assets per share of $1.98 as at 31 December.

At Channel, we are extremely proud of our proven track record delivering large scale capital
projects safely, on budget, and on time.

In 2024, we invested $55 million into our Marsden Point infrastructure, across the multi-year
conversion project and our various growth initiatives. This is part of our company-wide drive
for world-class operations.

I’d like to pause now and show you another short video that demonstrates this investment in
action. This timelapse captures the upgrade of one of our jet fuel tank compounds, bringing
them up to a world-class standard.

What you just saw is an example of our team, and contractors, converting the compound
around the largest of our Jet Fuel tanks, with new concrete bunds and world-class
firefighting systems. You also may have spotted the hydro testing within that video, where
we make sure that the upgraded tank compounds can contain any spills, preventing any fuel
from entering the ground or harbour.

Alongside this work, we also contracted the Transmix project in May 2024 and delivered it to
customers by the end of the year safety, on-time and on budget.

And, our private storage project to support Z Energy’s jet fuel resilience is now 30%
complete and remains on track to be delivered Q1 2027.

At the same time as delivering on the extensive work programme on site, our team has been
busy delivering growth opportunities for the Company.

In 2024, we secured three major projects. This will deliver around $120 million (before PPI
indexation ) in incremental revenue over 15 years. The incremental growth investment for
this project will be between $55 and $66 million.

As I mentioned, the Transmix project has been delivered and is now in use.

We currently have work underway on the new jet fuel tank for Z Energy. This tank alone will
provide storage of enough fuel for around 10,000 flights between Auckland and Wellington –
providing a significant boost to New Zealand’s jet fuel supply chain resilience.

In November, we were pleased to welcome the first new customer to Channel, with the new
bitumen import terminal announced with Higgins Contractors. For us, this project represents
a significant milestone in the Company’s growth strategy, as we diversify our product
handling set. Work on this project is underway, and we have just in the last few days
awarded the construction contract following a competitive tender process. This project, once
delivered, will enhance New Zealand’s bitumen supply chain, allowing Higgins to supply the
wider construction industry in the upper North Island.

Turning now to the future. There are a number of pieces of work underway already towards
achieving our growth ambitions.

At the core of these is the role we play in providing resilience for New Zealand’s energy
supply chain.

Just a few weeks ago, the Government confirmed plans to require fuel importers to hold
more diesel in New Zealand, increasing the minimum requirement from 21 to 28 days’ worth
of diesel demand. This increase equates to an additional 70 million litres of storage.
Channel is strategically positioned to support fuel importers to meet these increased
stockholding obligations when they come into force, with around 350 million litres of
additional tank capacity at Marsden Point that can be repurposed.

We have also progressed work on the proposed diesel-fuelled electricity peaker, by
commencing front-end engineering and design for the project, which has been funded by two
electricity market participants. If the project goes ahead, it would provide electricity peaking
capacity to help smooth New Zealand’s winter electricity peaks. The project would make use
of the available capacity in the 220kv transmission system to Marsden Point, Channel’s
existing diesel infrastructure, and the significant in-country reserves of fuel already stored at
Marsden Point.

Shareholders will be aware that last year, we entered into a conditional project development
agreement with Seadra Energy, who are looking to develop a biorefinery at our site. There
is a lot of work being done on this complex, but very exciting project. As previously
announced we intend to retain a significant proportion of the potential asset sale proceeds to
reinvest in additional infrastructure and storage assets for the biorefinery on which we would
earn an above WACC return with long-term contracted revenues.

Should the project go ahead, this would represent a huge opportunity for Channel, and for
Northland, restoring fuel manufacturing at Marsden Point, and bringing a huge number of
highly skilled jobs, and investment into the region. It would also support fuel resilience for
New Zealand, by establishing domestic manufacturing for biodiesel and other fuel products
from domestically-sourced feedstock.

Finally, Channel remains committed to pursuing the acquisition of terminal assets outside
Marsden Point. Any acquisitions would remain subject to our disciplined investment criteria
of generating above WACC returns and having contracted customer revenues.