Q2 2025 Operational Update

NZX RELEASE
15 July 2025

Q2 2025 Operational Update
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
1
.

• 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.

1
The Envisory outlook is annual for all fuel types, Channel uses historical data to inform FY25 seasonality.
318
267
255
312
277
231
JetDieselPetrol
Throughput Q2 2024 V Q2 2025
Million Litres
Q2 24Q2 25
705
546
509
693
538
504
JetDieselPetrol
Throughput YTD 2024 V YTD 2025
Million Litres
YTD 24YTD 25

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

Media contact:
Laura Malcolm
communications@channelnz.com

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 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

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

Diesel 264 261 251

Petrol 258 263 238

Total 721 838 813




Quarter 4



Jet 244 365 375

Diesel 275 283 289

Petrol 280 251 245

Total 799 900 909