Channel Infrastructure delivers solid FY25 financial result

NZX AND ASX RELEASE
27 February 2026

Channel Infrastructure delivers solid FY25 financial result
Channel Infrastructure NZ Limited (NZX:CHI, ASX:CHI), New Zealand’s largest fuel import terminal
business, has today released its financial results for the twelve months ended 31 December 2025 (FY25).

Highlights
• Consistent safety performance and a strong underlying financial result delivered in line with guidance
• Marsden Point fuel throughput for Q4 2025 was the highest since import terminal operations began
with jet throughput the highest since Q1 2019
• Z Energy jet storage project ahead of schedule, and together with bitumen import terminal remains on
track for completion in H2 2026
• Additional storage contract extension signed in August delivering ~$50 million of incremental revenue
across the extended nine-year contract period (pre-PPI indexation), commencing in Q1 2028
• Acquired a strategic 25% interest in the Somerton jet fuel pipeline to Melbourne Airport, which recorded
the busiest month in its history, with 3.4 million passengers in December 2025
• Committed $30 million to critical infrastructure upgrades across 2026 and 2027 in support of the
Marsden Point Energy Precinct redevelopment including relocation of control room and construction of
new combined administration building
• Updated Capital Allocation Framework, with increased dividend payout ratio of 70-90% of Normalised
Free Cash Flow and broadened target credit metric range to BBB/BBB+
• Listed on ASX in December providing access to a broader pool of institutional and retail investors to
support continued growth
• Strong pipeline of growth options progressed during the year, including the Marsden Point Biorefinery
project, and commercial storage at Marsden Point. Continue to evaluate strategic acquisition
opportunities in New Zealand and Australia
• FY26 EBITDA guidance of $95-100 million, maintenance capex guidance of 8-10% of revenue and
normalised free cash flow conversion broadly in line with FY25
• The Board has declared an unimputed ordinary final dividend of 6.75 cents per share taking total
dividends for the year to 13.0 cents per share for FY25, representing a dividend payout ratio of 80%

Key Financial Highlights – Continuing Operations

FY25
$m
FY24
$m
% change
Revenue 140.2 139.8 -%
EBITDA 93.4 95.1 -2%
EBITDA Margin 67% 68% -1%
Growth Capital Expenditure 27.1 29.3 -8%
Normalised Free Cash Flow 66.9 63.4 +5%
Free Cash Flow Conversion 72% 67% +5%
Total Ordinary Dividend 13.0cps 11.0cps +18%
1


Commenting, Chair James Miller said “2025 has been another year of considerable momentum for
Channel, with excellent progress made toward achieving our strategic objectives. Our driving focus
remains the critical role that Channel plays in providing resilient energy infrastructure solutions. Following
a stronger than anticipated free cash flow generation in the second half of the year, the Board is delighted
to have declared a FY25 final unimputed dividend of 6.75 cents per share, representing an increase of
18% compared to last year and exceeding our dividend guidance range by 0.5 cents per share. This
brings the total dividend to 13.0 cents per share. Channel continues to deliver exceptional returns with a
dividend yield of 7.0%
2
, a free cash flow yield of 8.7%
3
and a Total Shareholder Return of 63%,
significantly outperforming the NZX50.

“Channel’s clear plan for growth is centered on delivering the Marsden Point Energy Precinct, which will be
transformational for the Company, and for Northland. The extensive and varied energy projects under
consideration as part of the Marsden Point Energy Precinct will have a measurable impact for New Zealand.
Channel has a strong pipeline of growth options which were progressed during the year, including the
Marsden Point Biorefinery project, and commercial storage at Marsden Point.
“Recognising the strategic opportunities for the Company that would deliver long-term value to
shareholders, the Board is pleased to have retained Rob Buchanan as Chief Executive through the
remainder of this decade and with Rob incentivised towards achievement of these goals.”
Chief Executive Rob Buchanan said “2025 was another incredibly busy year and I am proud of everything
the Channel team has delivered. Operationally we have maintained our strong safety record, made
excellent progress toward our world class ambition, and reliably delivered over 3.5 billion litres of fuel
through our infrastructure to keep the New Zealand economy moving. We continued to grow shareholder
value with a $50 million additional storage contract extension signed, the Z Energy jet storage project on
track to be delivered ahead of schedule and the new Higgins bitumen import terminal well underway. Taken
together, these projects, and our existing critical role in New Zealand’s energy supply chain, position the
company for future growth and success. We take very seriously the crucial role we play for New Zealand,

1
Increased dividend policy payout ratio to 70-90% from 60-70% of Normalised Free Cash Flow
2
Based on dividends declared for FY25, and share price as at 31 December 2024 of $1.87 per share
3
Based on Normalised Free Cashflow for FY25, and share price as at 31 December 2024 of $1.87 per share

and remain committed to delivering reliable and resilient infrastructure that supports New Zealand’s future
growth.
“In November we made our first steps into the Australian market, with the acquisition of a strategic position
in Melbourne’s jet fuel supply chain. On top of all of this, we have continued to ensure we are using
shareholders’ funds as efficiently as possible with an updated capital allocation framework with an
increased dividend payout and a broader target credit range. Our successful ASX listing at the end of 2025
was a significant milestone and reflects how far Channel has come and the significant opportunities for
growth that are ahead of us.”
Strong and stable financial result in line with guidance
Revenue was $140.2 million broadly in line with last year, reflecting PPI indexation and increased
throughput, and a full year contribution from the transmix contract. This was offset by a contracted step
down in the fixed terminal fee and the conclusion of the legacy Wiri leasing arrangement from the 1990s.
Channel continues to maintain strong operating cost discipline, with the underlying cost base broadly flat
year on year and total expenses up $2 million reflecting one-off ASX listing fees of $1 million and $1.5
million of growth related costs including the successful acquisition of the Somerton pipeline.
Reported EBITDA was $93.4 million, compared to $95.1 million in 2024. Taking out the one-off impacts of
the expiry of the Wiri lease, pro-forma EBITDA increased from $89.1 million to $92.4 million (+4%).
Normalised Free Cash Flow was $66.9 million, which represents a 72% Free Cash Flow conversion.
Following the review of our Capital Allocation Framework we are now targeting credit rating metrics
consistent with a BBB/BBB+ shadow credit rating and net debt finished the year at $330 million with
leverage well within this target band.
Over 2025, customers imported 3.5 billion litres of fuel through Channel’s infrastructure, with continued
growth in jet fuel demand and relatively stable diesel and stronger petrol demand than anticipated.
Proven execution capabilities with projects delivered safely, on budget, and on time

Over the past two years, the Channel team has executed four growth projects, delivering an additional
~$170 million (before PPI indexation) in incremental revenue over 15 years. This includes an extension
signed in August to the previously announced additional storage contract, set to generate $50 million of
additional revenue over the nine-year contract extension term (pre-PPI indexation), and commencing in the
first quarter of 2028.
The Z Energy jet storage project which was signed in August 2024 is on track for early delivery, and remains
in line with budget. The project, which will become New Zealand’s equal largest jet fuel tank, is likely to be
delivered in the third quarter of 2026, ahead of the original schedule of Q1 2027. Works for the new Higgins
bitumen import terminal began in September 2025. This project is expected to generate total revenue over
the term of the contract of ~$45 million (prior to PPI indexation) and remains on track for completion in H2
2026.
Selective and disciplined growth
The Marsden Point Biorefinery project continues to progress well. Air New Zealand has now joined the
consortium alongside Qantas, Renova, Kent and ANZ Bank enhancing the project’s offtake profile. The
addition of another airline reinforces the project’s potential as a cornerstone of New Zealand’s future
sustainable aviation fuel (SAF) supply chain, which would make the scarce supply of renewable fuel more
accessible. The creation of domestic fuel manufacturing capacity using domestic feedstock would also
further enhance New Zealand’s fuel security.

Engineering work has progressed, with further refinement of the plant configuration and deeper design
integration with existing site infrastructure. The consortium has also confirmed that final form agreements
for feedstock supply and key product offtake have now been prepared.

Following a comprehensive market sounding process with international project financiers and export credit
agencies, a select group of lenders has been shortlisted to participate in a formal debt raising process. The
Preliminary Information Memorandum has been developed, and when finalised, will be issued to financiers.

Channel continues to support the consortium in progressing the project in its capacity as landlord and
ancillary infrastructure provider, working with the consortium on associated commercial arrangements and
consenting requirements, and anticipates a final investment decision by the consortium later this year.

Channel completed FEED on a 72MW diesel-powered electricity peaking plant within the Marsden Point
Energy Precinct, with the cost of the FEED having been borne by two electricity market participants.
Electricity market participants with whom Channel has engaged see a diesel peaker situated north of
Auckland as a useful resilience asset for firming renewables, supporting Upper North Island grid stability
and assisting with dry year risk on a separate node to the key thermal generation assets in New Zealand.
Channel’s project would be relatively fast to construct and benefits from the significant fuel reserves already
stored on Channel’s Marsden Point site, providing for near immediate start up as required.

Channel was in advanced discussions with several parties regarding a long-term capacity contract to
underwrite the development costs of the project, to be funded by Channel. Following the New Zealand
Government’s announcement that it is considering proposals relating to a potential LNG import facility,
development of the project has been paused, pending the outcome of the Government’s work on the facility.

While Marsden Point remains the Board’s priority, the Company will also look to grow beyond our Marsden
Point site where there are on-strategy consolidation opportunities. Channel’s primary focus is on Channel’s
current supply chain to Auckland International Airport, but the Board will also consider measured step-out
opportunities in New Zealand and Australia.

In November, Channel announced the strategic acquisition of a 25% stake in the Somerton jet fuel pipeline,
which forms part of the only jet fuel pipeline supply chain servicing Melbourne Airport. This measured step-
out presents the Company with a unique and exciting opportunity and enhances the quality of Channel’s
overall business with a complementary dedicated jet fuel asset in a high growth market.

Melbourne Airport travel is expected to grow strongly in the coming years, and it is already Australia’s
second busiest airport. In December 2025, Melbourne Airport recorded its busiest month on record with
3.4 million passengers. As part of considering this investment, there were a number of adjacent growth
opportunities identified which have the potential to materially enhance the value of the existing investment
and provide new capital deployment opportunities, while adding to the resilience of jet fuel supply to
Melbourne Airport.

Capital Allocation and Shareholder returns

In 2025 the Board refreshed the Capital Allocation Framework reflecting its confidence in the business
outlook and access to capital for growth initiatives, while seeking to be efficient with Shareholder’s capital.
The Board increased the dividend payout ratio to 70-90% from 60-70% of Normalised Free Cash Flow.

The Board also broadened the Company’s target credit metrics from those consistent with a shadow BBB+
credit rating to a shadow BBB/BBB+ credit rating, appropriate in the context of Channel’s growth trajectory
to provide greater funding flexibility. 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 any additional significant
growth opportunities.

In late December, the Company marked another significant milestone in its growth with our listing on the
ASX as a foreign exempt issuer. This milestone is important for the Company as it provides access to a
broader pool of institutional and retail shareholders to support Channel’s continued growth.

The Board has declared a FY25 final unimputed dividend of 6.75 cents per share, which will be paid 26
March 2026. This brings the total dividend to 13.0 cents per share, up 18% from 11 cents per share last
year. Participants in the Dividend Reinvestment Plan will have the opportunity to receive Channel shares
for part or all of their FY25 final dividend entitlement amount, at a 1% discount to the calculated market
price for the shares, calculated in accordance with the Dividend Reinvestment Plan Offer dated 27 February
2026.

FY26 guidance
Looking forward to FY26, EBITDA from continuing operations is expected to be in the range of $95-100
million. This compares to $93.4 million for FY25 or $92.4 million excluding the legacy Wiri lease revenue
which expired in February 2025. The guidance also reflects the benefit of the additional revenue from the
early commencement of the Z Energy storage project, the Higgins bitumen import terminal in H2 2026 and
PPI indexation of 3.25% (FY25: 4.18%). In line with Auckland Airport’s public passenger outlook
statements, Channel anticipates year on year jet fuel growth of ~2% with some additional passenger
demand being absorbed by available seat capacity on existing flights.
Maintenance capital expenditure for FY26 is expected to between 8-10% of revenue (FY25: 8.8%) and
Normalised Free Cash Flow conversion is anticipated to be broadly in line with FY25 (FY25: 72%).

- 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 NZT 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.
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 also owns a 25% interest in the Somerton jet fuel pipeline to Melbourne Airport and
its 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
FY25 Investor
Presentation
For the year ended 31 December 2025
27 February 2026

2
Highlights and
Operating Update
ROB BUCHANAN, CHIEF EXECUTIVE

3
67%
72%
FY24FY25
$32.7m
$35.2m
$30.7m
$31.7m
$63.4m
$66.9m
FY24FY25
H1H2
+5%
4.4cps
6.25cps
6.6cps
6.75cps
11.0cps
13.0cps
FY24FY25
H1H2
$29.3m
$27.1m
FY24FY25
$45.1m
$47.5m
$44.0m
$44.9m
$95.1m
$93.4m
FY24FY25
H1H2Legacy Wiri lease
(68%)
(67%)
$66.8m
$69.2m
$67.0m
$70.0m
$139.8m
$140.2m
FY24FY25
H1H2Legacy Wiri lease
2025 Financial Highlights – Continuing Operations
Revenue
+4% growth in Revenue (excluding Wiri lease)
Normalised Free Cash Flow
EBITDA (Margin %)
+4% growth in EBITDA (excluding Wiri lease)
Dividends
Growth Capex
Free Cash Flow Conversion
+18%

4
Consistent safety performance and a strong financial result delivered in line with guidance
Marsden Point fuel throughput for Q4 2025 was the highest since import terminal operations began with jet throughput the highest since
Q1 2019
Z Energy jet storage project on-track for early completion in Q3 2026 and bitumen import terminal remains on-track for completion in
Q4 2026
Additional storage contract extension signed in August delivering ~$50 million of incremental revenue across the extended nine-year
contract period (pre-PPI indexation), commencing in Q1 2028
Acquired a strategic 25% interest in the Somerton jet fuel pipeline to Melbourne Airport, which recorded the busiest month in its history, with
3.4 million passengers in December 2025
Committed $30 million to critical infrastructure upgrades across 2026 and 2027 in support of the Marsden Point Energy Precinct
redevelopment including relocation of control room and construction of a new combined administration building
Updated Capital Allocation Framework, with increased dividend payout ratio of 70-90% of Normalised Free Cash Flow and broadened target
credit metric range to BBB/BBB+
Listed on ASX in December providing access to a broader pool of institutional and retail investors to support continued growth
Strong pipeline of growth options progressed during the year, including the Marsden Point Biorefinery project and commercial storage at
Marsden Point. Continue to evaluate strategic acquisition opportunities in New Zealand and Australia
FY25 Highlights: Another year of delivering shareholder value

5
65%
28%
18%
13%
6
2
4
3
FY22FY23FY24FY25
0.4
1.0
0.5
CONCAWEFY22FY23FY24FY25
Tier 1Tier 2
2.8 b litres
3.4 b litres
3.5 b litres
3.5 b litres
FY22FY23FY24FY25
56
70
61
51
FY22FY23FY24FY25
Strong safety and operational performance
Marsden Point ThroughputNumber of ships
Pipeline utilisation
6
Asset availability
4
Process safety incidents
1
Total Recordable Cases
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 2024 benchmark Marketing category (terminals, logistics and retail sites)
2
5
Larger vessels due to
more contracted
storage and Marsden
Point supply chain
benefits
98.7%
98.8%
99.4%99.4%
98.0%
97.0%
100.0%
99.1%
FY22FY23FY24FY25
Pipeline availabilityTank availability
67%
79%
82%
83%
FY22FY23FY24FY25
5
3.Total Recordable Case: includes Lost Time Injury, Medical Treatment Injury, Restricted Work Injury and Fatality
4.Tank availability in 2022 and 2023 impacted by unplanned outages due to conversion works
5.Nine months of terminal operations
6.Updated pipeline utilisation calculation methodology (backdated to FY22)

6
65%
28%
18%
13%
Stable jet fuel throughput with signs of growth emerging
Jet throughput: Marsden Point
•Jet volume flat throughout FY25 in line with Channel’s expectations
and reflecting Air New Zealand’s well-signalled aircraft availability
issues
•Positive signs of growth towards the end of 2025 with jet
throughput for Q4 2025 the highest since Q1 2019
Acquisition of Somerton Pipeline
•The acquisition of 25% interest in Somerton Pipeline to Melbourne
Airport provides investors exposure to a key Australian airport
asset undergoing significant growth, including the delivery of a
third runway in early 2030’s
•Melbourne Airport recorded the busiest month in its history, with
3.4 million passengers in December 2025 (+5% on prior year)
579
705
693
679
699
729
1,258
1,404
1,422
202320242025
H1H2
Jet Throughput: Marsden Point
Million Litres

7
65%
28%
18%
13%
Resilient diesel and petrol throughput
Diesel Throughput
•Diesel remains stable and in line with the Envisory
1
outlook
Petrol Throughput
•Petrol was 2% ahead of the Envisory
1
outlook with demand stronger
than anticipated
•Higher petrol throughput at Marsden Point likely reflects utilisation
of contracted storage capacity resulting in supply chain
efficiencies and ongoing investment in world-class infrastructure
upgrades and initiatives attracting customer volume to the import
terminal system
•outlook
Petrol Throughput
Million Litres
1.Envisory Fuel Outlook, 2024
498
509
504
514
483
520
1,012
992
1,024
202320242025
H1H2
556
547
538
544
540
551
1,100
1,087
1,089
202320242025
H1H2
Diesel Throughput
Million Litres

8
Financial
Update
Continuing Operations
ALEXA PRESTON, CHIEF FINANCIAL OFFICER

9
Continued strong and stable financial result in line with guidance
Pro-forma EBITDA excluding legacy Wiri lease up 4% reflecting
contracted storage revenue uplift and the impact of PPI indexation
•Stable EBITDA margin of 67%(F24: 68%) despite additional growth
and ASX listing costs incurred
•Higher depreciation reflects the increased carrying value of assets
following revaluation of the import terminal system (as at 31
December 2024) and new assets capitalised during the year
including statutory tank inspection upgrades, private storage
bunds, terminal firefighting upgrades, and transmix infrastructure
upgrades
•Finance costs down reflecting benefit of the 2024 debt refinancing
and interest rate hedging. FY24 included $0.5 million for the final
interest payment on subordinated notes
FY25
($M)
FY24
($M)
%
change
2H25
($M)
2H24
($M)
Revenue
140.2139.8-%70.070.0
Operating costs
(46.8)(44.7)5%(25.0)(23.0)
EBITDA
93.495.1(2%)44.947.0
EBITDA margin
67%68%(1%)64%67%
Depreciation
(45.1)(38.7)17%(23.1)(20.0)
Net financing costs
(16.4)(20.0)(18%)(8.3)(10.3)
Net profit before tax
31.936.4(12%)13.516.7
Income tax
(11.0)(10.5)4%(5.7)(3.6)
Net profit after tax
20.926.0(19%)7.813.2
FY25
($M)
FY24
($M)
%
change
2H25
($M)
2H24
($M)
Pro-forma Revenue 139.2133.84%70.067.3
Pro-forma EBITDA92.489.14%44.944.3
Pro-forma NPAT20.926.0(19%)7.813.2
Continuing Operations Reported Result
Pro-forma Financial Result excluding Wiri lease

10
Revenue
•Contracted $5 million (pre-PPI indexation) step down in annualised
fixed terminal fee from 1 April 2025
•Variable terminal fees higher reflecting PPI indexation of 4.18% and a
1.5% increase in throughput at Marsden Point
•Contracted storage revenue higher with a full year contribution from
the transmix contract PPI indexation
•Lease revenue impacted by the expiry of the legacy Wiri lease in
February 2025
•Other revenue includes one-off recharges and a non-cash
investment property revaluation totalling ~$0.9 million
•Laboratory revenues increased due to higher testing volumes
Revenue
FY25
($M)
FY24
($M)
%
change
2H25
($M)
2H24
($M)
Terminal fees – fixed
46.748.9(5%)22.724.5
Terminal fees – variable
63.861.54%32.330.7
Contracted storage
20.317.317%10.19.2
Lease and other
3.87.1(46%)2.03.1
Laboratory testing
5.65.111%2.92.6
Total Revenue
140.2139.8-%70.070.0

11
Operating Costs
Operating Costs
FY25
($M)
FY24
($M)
%
change
2H25
($M)
2H24
($M)
Energy and utility costs
8.29.3(12%)4.14.5
Materials and contractor payments
9.48.96%4.94.7
Salaries, wages and benefits
14.913.510%7.66.9
Administration and other costs
14.313.010%8.56.9
Total Operating Costs
46.844.75%25.023.0
Growth expenses and ASX listing
costs (included above)
2.50.6-1.90.4
Channel’s underlying cost base is broadly flat
•Energy and utility costs reflect the previously signalled
transmission charge reduction
•Materials and contractor payments reflect biennial pipeline
inspection gauge costs and costs associated with commercial
recharges
•Salaries, wages and benefits reflect labour cost 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
•Administration and other costs include $1 million of fees and costs
associated with Channel’s Foreign Exempt ASX listing and $1.5
million of growth related costs including due diligence and legal
costs associated with the acquisition of the Somerton Pipeline

12
Investment for resilience and growth
•Maintenance capex spend reflects the ongoing investment in
upgrading terminal control systems, scheduled jetty and pipeline
upgrades and tank statutory inspection upgrades
•Growth capex includes completion of the private storage bund
program, Z Energy jet tank conversion and site enabling and initial
construction works related to the Higgins bitumen import terminal
•Conversion project remains on-track
FY25
($M)
FY24
($M)
Import Terminal System
4.94.3
Tank maintenance
7.48.0
Total maintenance capex
12.312.3
% of revenue
8.8%8.8%
Growth capex
27.129.3
Conversion capex
8.512.9
Total capex
1
47.854.5
1.Capex in this table is presented on an accrual basis

13
296
(94)
15
12
48
8
28
17
330
-
50
100
150
200
250
300
350
Net Debt FY24Op. cashflowFinancingMaintenance capexOrdinary dividendsConversion costsGrowth capexAcquistionNet Debt FY25
Continued headroom in operating cashflow for future dividend growth
1.Net cash generated fromcontinuing operations less financing, maintenance capex, excluding conversion costs and growth capex (including acquisitions)
2.Ordinary dividends reflect the final FY24 dividend paid March 2025 and interim FY25 dividend paid September 2025
3.Conversion costs include discontinued operations and conversion cash inflows and outflows
•FY25 Normalised Free Cash Flow of $66.9 million
1
, representing an EBITDA to Free Cash Flow conversion of 72%
•The Board has declared anunimputedordinary final dividend of6.75 cents per share, taking the total dividends for the year to 13.0 cents per
share for FY25, a 18% increase in ordinary dividend year on year, representing a dividend payout ratio of 80% and exceeding the dividend
guidance range indicated in May 2025 due to stronger than anticipated free cash flow generation
•The Dividend Reinvestment Plan will be operative for the final dividend, and shares will be offered at a 1% discount
Free cash-flow from operations
1
$66.9 million
32

14
-
50
100
150
200
250
300
202520262027202820292030
Retail bonds (CHI030)Retail bonds (CHI020)Interest rate swaps
4.7%
2
p.a.
5.8% p.a.
6.75% p.a.
0
20
40
60
80
100
120
140
160
180
20262027202820292030
Retail bonds (CHI030)Retail bonds (CHI020)Bank
6.75% p.a.
Fixed Debt Profile ($m)
Strong balance sheet
1.Calculated as total borrowings (bank, fixed rate bonds) 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 2030
CovenantFY25HY25FY24
Net debt
1

$330m$297m$296m
Liquidity headroom
$108m$138m$138m
Leverage
(Net debt/Rolling 12-month EBITDA)
3.6x3.1x3.1x
Gearing
(Net debt/(Net debt + Equity))
<55%
30%27%27%
Interest cover ratio
(Rolling 12-month EBITDA/Net interest
expense)
>2.5x
5.65.24.7
Weighted average debt
maturity
3.6 years3.7 years4.2 years
•One-year bank debt facility extension secured in November 2025
with favourable pricing
•Channel’s target credit metrics remain well within a shadow
BBB/BBB+ credit rating (a leverage ratio of between 3x and 4.5x Net
Debt/EBITDA) and required bank and bond covenant levels
Debt Maturity Profile ($m)

15
•FY26 EBITDA will benefit from growth projects contracted during
2024:
•Early commencement of the Z Energy jet storage contract
in Q3 2026 (originally Q1 2027) ($5.5 million annual
revenue)
•Higgins bitumen import terminal to commence late Q4
2026 ($3 million annual revenue)
•PPI for FY26 is 3.25% with approximately 95% of Channel’s
revenue linked to PPI in 2026
•Q4 2025 jet fuel throughput at Marsden Point was strong as
aircraft movements increased through Auckland Airport, despite
ongoing Air New Zealand aircraft availability issues, which are
likely to continue in the near term. In line with Auckland Airport’s
public passenger outlook statements Channel anticipates year
on year jet fuel growth of ~2% with some additional passenger
demand being absorbed by available seat capacity on existing
flights
•The remaining $23 million of the $220 million conversion project
budget is expected to be spent evenly over 2026 and 2027 with
the project scheduled to conclude by 31 December 2027
FY26 Guidance and Outlook
Normalised Free Cash Flow
Conversion
FY26 Maintenance capex
FY26 EBITDA Guidance
Dividend policy
$95-100 million
(FY25: $93.4 million)
Broadly in line with FY25
(FY25: 72%)
70-90% of Normalised
Free Cash Flow
(FY25: 13.0 cps)
8-10% of Revenue
(FY25: 8.8%)

16
Strategy Update
ROB BUCHANAN, CHIEF EXECUTIVE

17
65%
28%
18%
13%
Progress towards World Class
Significant investment in assets and
capabilities for long-term infrastructure
reliability and resilience:
•Investment in world-class fire fighting
equipment and bund upgrades ~$90
million
•Product quality improvement asset
upgrades ~$7 million
•World class infrastructure availability
measures >99%
•Rigorous product quality controls in
place for the 3.5 billion litres of annual
fuel throughput
Focus on reporting and continuous
improvement
Strong lead-indicator performance
Supply chain efficiencies for customers
including a reduction in alongside time
Customer satisfaction survey showing
ongoing improvement in overall
operational performance
+7 percentage point lift in engagement
in 2025, +33 percentage point lift since
conversion to an import terminal
dss+ safety culture improvement
pathway
Specific skills and knowledge have been
recruited into the business to drive
strategic outcomes and enhanced
world-class capability
Infrastructure and
Performance
Systems and
Processes
People and
Capabilities
To provide alicence to operate and unlock growth opportunities beyond Marsden Point

18
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

19
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

20
Proven execution of growth with projects delivered safely, on budget, and on time
20222023202420252026+
Nov-22: Additional Storage
May-24: Transmix Storage
Nov-21: 100 million litres Private Storage
Nov-24: Bitumen import terminal
Remains on track to be completed
in Q4 2026
Aug-24: Z Energy Jet Fuel Storage
On track for Q3 2026
Oct-23: Additional Storage
Aug-25: Additional Storage Extension
Conversion Project
$220 million conversion project continues to
be delivered safely, on-time and to-budget
Measured growth step-out
First measured growth step-out with strategic
acquisition of 25% of Somerton pipeline to
Melbourne Airport in November 2025
Completed
In-Progress
New projects
Four growth projects signed over the past two years
delivering an additional ~$170 million (before PPI
indexation) in incremental revenue over 15 years
2021

MCH, Ammonia imports & other products
Biofuels Manufacture
Jetties
SAF / Hydrogen
manufacture
Lease (to Long-term Tenant)
Public Access (Mair Road)
SAF / Hydrogen Expansion
Transpower, Northpower
Services for SAF / Hydrogen
Diesel Peaker
Truck Loading Facility (Leased)
Flow Battery
IPL
Stormwater Retention Basin
Jet/SAF Compound
(120 Million Litres Capacity -
75 Million Litres contracted)
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
Strategic Fuels Storage

22
Marsden Point Biorefinery
•Air New Zealand has joined the Marsden Point Biorefinery consortium
alongside Qantas, Renova, Kent and ANZ Bank, which will support the
continued progress of the project towards Final Investment Decision
later this year
•The addition of another airline reinforces the project’s potential as a
cornerstone of New Zealand’s future sustainable aviation fuel (SAF)
supply chain, which would make the scarce supply of renewable fuel
more accessible. The creation of domestic fuel manufacturing
capacity using domestic feedstock would also further enhance New
Zealand’s fuel security
•Engineering work has progressed, with further refinement of the plant
configuration and deeper design integration with existing site
infrastructure
•Final forms of the feedstock supply and key product offtake
agreements have now been prepared
•Following a market sounding process with project financiers and
export credit agencies, a Preliminary Information Memorandum for
the debt raising process will be issued to the short-list of bank
lenders once finalised
•Channel continues to support the consortium in progressing the
project in its capacity as landlord and ancillary infrastructure
provider, working with the consortium on associated commercial
arrangements and consenting requirements
Potential Energy Precinct Project updates
Diesel Peaking project
•Channel has completed FEED on a 72MW diesel-powered electricity
peaking plant within the Marsden Point Energy Precinct, with the cost
of the FEED having been borne by two electricity market participants
•Electricity market participants with whom Channel has engaged see
a diesel peaker situated north of Auckland as a useful resilience
asset for firming renewables, supporting Upper North Island grid
stability and assisting with dry year risk on a separate node to other
key thermal generation assets in New Zealand
•Channel’s project would be relatively fast to construct and benefits
from the significant fuel reserves already stored on Channel’s
Marsden Point site, providing for near-immediate start up as
required
•Channel was in advanced discussions with several parties regarding
a long-term capacity contract to underwrite the development costs
of the project, to be funded by Channel. Following the New Zealand
Government’s announcement that it is considering proposals
relating to a potential LNG import facility, development of the project
has been paused, pending the outcome of the Government’s work
on the facility

23
Strategic position in Melbourne’s jet fuel supply chain
Strategic Asset
•In November 2025 Channel invested A$14.1
1
million for a 25% sharein the Somerton jet fuel
pipeline to Melbourne Airport operated by ExxonMobil, a proven, safe and reliable operator of
critical infrastructure
Disciplined approach to growth
•The acquisition enhances the overall quality of Channel’s business, supports existing and new
customers and delivers above WACC returns, stable inflation-linked revenues and is
anticipated to be cash flow accretive in FY2026
Growth Opportunity
•Melbourne Airport is expected to grow strongly with continued route development and the
addition of a third runway in the early 2030’s
•Melbourne Airport had its largest total passenger month on record in December 2025 and
largest international passenger month in January 2026. On 25 February, Melbourne Airport
announced a A$4.5 billion investment to expand its international terminal to complement the
third runway
•Significant embedded growth opportunities exist including consolidation along the Melbourne
Airport jet fuel supply chain or through upgrading the current infrastructure. The Somerton
pipeline has significant latent capacity that is constrained from use by downstream pipeline
capacity. Parties to the JV have several options for debottlenecking which are being
considered. Realising these opportunities will take time and are subject to further feasibility
work and JV partner investment approvals
1.On a cash free, debt free basis

24
STRATEGIC PILLAR MEASURE2025 TARGET2025 OUTCOME2026 TARGET
Infrastructure partner of
choice
Safely home, every dayLost Time InjuriesZeroOneZero
Diverse and engaged teamLift in employee engagement scoreMaintain
+7 percentage
points
Maintain
Reliable infrastructurePipeline availability>98%>99%>98%
Grow through supporting
the energy transition
Net zero Scope 1 & 2
emissions
Reduce Scope 1 & 2 emissions70% lower
1
Over 80% reductionMaintain
Supply resilience
Contacted new revenues including
through contracted storage and
potential lease revenues
+10%
2
>10%N/A
Grow new revenues
Progress towards the realisation of
the Marsden Point Energy Precinct
Concept or inorganic growth
opportunities
N/AN/A
New revenues
contracted or
acquired
More sustainable future
Protect our environmentTier 1 or 2 process safety incidentsZeroZeroZero
Financial discipline
Deliver plan and meet EBITDA
guidance
$89-94m$93.4m$95-100m
Meaningful relationships
Customer assessment of Channel
performance based on customer
survey against key performance
criteria
+5%
+2.5%
+2.5%
2025 measures of delivery
1.Lower than the 2023 baseline of 4,037 tCO
2
e
2.On FY24
KEY
Achieved
Not Achieved

25
Appendix

26
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
JetDieselPetrol
Contracted Revenue and Marsden Point throughput outlook
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 2026 onwards incudes 3.25% inflation for FY26
2.Envisory outlook released October 2024
Contracted
Fixed
Revenue
Fixed revenue %
of total revenue
52%
51%
51%
51%
49%
49%
49%
49%
0
20
40
60
80
100
120
140
160
20252026202720282029203020312032
Contracted storageTerminal revenue - fixed
Terminal revenue - variableInflation of 0% to 2.5%
Take or pay threshold

27
65%
28%
18%
13%
0k
5k
10k
15k
20k
25k
30k
35k
0k
500k
1,000k
1,500k
2,000k
2,500k
3,000k
3,500k
4,000k
4,500k
5,000k
20172018201920202021202220232024
DieselPetrolHybridEV
-
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
Aug-25
Dec-25
Auckland Airport - Internaional FlightsChannel Jet Throughput (ML)
Key Drivers of Throughput
Source: Auckland International Airport
New Zealand Light Vehicle FleetAuckland Airport International Flight Movements
EV new registrations
(RHS)
Source: Ministry of Transport

28
65%
28%
18%
13%
Contracted revenue agreements
CONTRACT
DATE
ANNOUNCED
PROGRESS FINANCIAL IMPACT
COSTREVENUETERM
Terminal Services
Agreement
22 Nov 2021 •Commenced April 2022 $220 million
conversion budget
($23 million
remaining to be
spent across 2026
and 2027)
Fixed fee of $40 million per
annum (prior to PPI),
reducing to $35 million
(prior to PPI) per annum
from April 2028
Variable fees per litre of
throughput on the wharf,
pipeline, and truck loading
facility
10 years
2x 5-year rights of renewal
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
$50 million~$9 million 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
(prior to PPI)
10 years from 2024
Transmix storage
contract
1 May 2024•Infrastructure upgrades completed in
December 2024 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•Projected to complete Q3 2026$26 – 30 million
across FY24 to FY26
~$55 million over contract
term (prior to PPI)
10 years from Q3 2026
Bitumen import
terminal contract
25 Nov 2024•On schedule to be delivered late Q4 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 Q4 2026
2x 5-year rights of renewal
Additional storage
extension
26 Aug 2025•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 Q1 2028

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 obtain independent professional advice.
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 or
ASX 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, or 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, 27 February 2026.

---

Annual Report
2025

Welcome To This Report
Annual Report Overview
This 2025 Annual Report outlines the operational and
financial
performance of Channel Infrastructure NZ
Limited for the 12 months ended 31 December 2025.
Comparative financial information reflects continuing
operations of the fuels import terminal for the 12 months
ended 31 December 2024. This Annual Report also
includes an overview of the Company’s Strategy and
Corporate Governance Framework and includes the
annual Remuneration Report.
In this report, references to “Channel Infrastructure”,
"
Channel", the “Company”, the “Group”, “we”, “us”, “our”
refer to Channel Infrastructure NZ Limited (NZX:CHI,
ASX:CHI), unless otherwise stated. All dollar figures are in
New Zealand dollars (NZD) unless otherwise stated.
Channel Infrastructure has used non-GAAP (Generally
Accep
ted Accounting Principles) measures when
discussing financial performance in this report. The
directors and management believe that these measures
provide useful information as they are used internally to
evaluate business performance, to establish operational
goals and to allocate resources. Non-GAAP measures
are not prepared in accordance with New Zealand
International Financial Reporting Standards (NZ IFRS)
and are not uniformly defined, therefore the non-GAAP
measures reported in this document may not be
comparable with those that other companies report
and should not be viewed in isolation or considered
as a substitute for measures reported by Channel
Infrastructure in accordance with NZ IFRS. The non-GAAP
measures Channel Infrastructure has used are EBITDA,
EBITDA margin and Normalised Free Cash Flow (FCF).
The
definitions of these can be found on page 118 of
this report.
Reporting Suite
The 2025 Annual Report is published in conjunction with
the 2
025 Sustainability Report which provides information
on our approach, progress and performance in relation
to Channel Infrastructure’s most material environmental,
social and governance (ESG) issues as well as our
climate related physical and transition risks, measures
and targets. Channel Infrastructure is a climate reporting
entity for the purposes of the Financial Markets Conduct
Act 2013 (FMCA 2013), and the Sustainability Report has
been prepared in compliance with Part 7A of the FMCA
2013, NZ XRB's Climate-related Disclosure Standards (NZ
CS) and the NZX Corporate Governance Code (refer
to www.nzx.com).
This Annual Report, the 2025 Sustainability Report and
Channel Infr
astructure’s Governance Statement together
form an integrated suite of reports and should be read
in conjunction with each other, and where possible, we
have drawn links between each.  They are all available
for download at: www.channelnz.com, along with several
underlying documents and policies referred to throughout
this report. 
Directors' Statement
The Directors are pleased to present Channel
Infr
astructure NZ Limited’s Annual Report and Financial
Statements for the year ended 31 December 2025.
This Annual Report is dated
26 February 2026 and is
signed on behalf of the Board by:
JB Miller, ONZM 
Chair of the Board     
AM Molloy
Chair, Audit and
Finance Committee
2
Channel Infrastructure NZ Limited | 2025 Annual Report

Contents
About Us
4
2025 Highlights
8
Numbers at a Glance
10
Letter from the Chair
14
Letter from the Chief Executive
18
Our Strategy
24
Board of Directors
30
Leadership Team
34
Financial Commentary
37
Governance
46
Remuneration Report
52
Shareholder and Bondholder Information
62
Statutory Disclosures
68
Consolidated Financial Report
74
Glossary
118
Corporate Directory
119
3
Channel Infrastructure NZ Limited | 2025 Annual Report

About us
Channel’s customers import
~3.5 Billion Litres
of fuel through Channel’s infrastructure
~350ML
tank capacity available
for conversion
~290ML
of shared and dedicated
storage in service
170km
pipeline to Auckland
Only pipeline capable
of transporting liquid
fuels to Auckland
New Zealand’s
only natural deep
water harbour
Two jetties capable of receiving
amongst the largest refined
product ships in the world.
180 hectares of highly strategic land
of which only 1/3 is currently in use
Long-term resource consents
relating to fuel manufacturing
Marsden Point Energy Precinct
zoning overlay
Industrial gas, water and
electricity grid connections
4
Channel Infrastructure NZ Limited | 2025 Annual Report

Fuel supply
into Northland
Fuel supply
into Auckland
40%
of New Zealand’s liquid
transport fuel demand
80%
of New Zealand’s
jet fuel demand
Key supply route
t
o Auckland
International
Airport
Lower-carbon future fuels can ‘drop in’ to our
existing infrastructure, replacing today’s fossil
fuels over time, and keeping New Zealand moving
throughout the energy transition.
5
Channel Infrastructure NZ Limited | 2025 Annual Report

Flow Battery
Diesel Peaker
MCH, Ammonia imports
& other products
Services for SAF/Hydrogen
Strategic Fuels Storage
SAF/Hydrogen
Manufacture
Bitumen Terminal
Biofuels Manufacture
SAF/Hydrogen Expansion
IPL
Public Access
(Mair Road)
Stormwater Retention Basin
Truck Loading Facility
(Leased)
Lease
(to Long-term Tenant)
Transpower, Northpower
Diesel/Biofuels Compound
(120
Million Litres Capacity)
Jet/SAF Compound
(120 Million Litres Capacity -
75 Million Litres Contracted)
Jetties
Owned by Others
Current Facility
Leased to Third Parties
Additional Storage Opportunities
Future Fuels Manufacturing Opportunities
Energy Security Opportunities
Marsden Point Energy
Precinct Concept
6
Channel Infrastructure NZ Limited | 2025 Annual Report

Flow Battery
Diesel Peaker
MCH, Ammonia imports
& other products
Services for SAF/Hydrogen
Strategic Fuels Storage
SAF/Hydrogen
Manufacture
Bitumen Terminal
Biofuels Manufacture
SAF/Hydrogen Expansion
IPL
Public Access
(Mair Road)
Stormwater Retention Basin
Truck Loading Facility
(Leased)
Lease
(to Long-term Tenant)
Transpower, Northpower
Diesel/Biofuels Compound
(120
Million Litres Capacity)
Jet/SAF Compound
(120 Million Litres Capacity -
75 Million Litres Contracted)
Jetties
Owned by Others
Current Facility
Leased to Third Parties
Additional Storage Opportunities
Future Fuels Manufacturing Opportunities
Energy Security Opportunities
7
Channel Infrastructure NZ Limited | 2025 Annual Report

Execution of Growth Strategy
Zero
Tier 1 or 2 process
safety incidents
(FY24: Zero)
51
Ships received
and discharged
(FY24: 61)
$30M
committed in site
redevelopment to support
Marsden Point
Energy Precinct,
to commence 2026
~$48M
Invested in Channel’s
infrastructure in 2025
3
TRC
Total Recordable
Cases
(FY24:4)
First measured growth
step-out with strategic
acquisition of 25%
interest in the Somerton
jet fuel pipeline to
Melbourne Airport
in November 2025
One growth contract secured
delivering ~$50 million of incremental
revenue. Over last two years,
four contracts signed delivering
an additional ~$170 million (before
PPI indexation) in incremental
revenue over 15 years
PROVEN CAPITAL
PROJECT DELIVERY
Safely
On time
On budget
2025 Highlights
Safe, reliable & efficient
ASSET AVAILABILITY
>99%
Pipeline availability
>99%
Tank availability
>99%
Jetty availability
8
Channel Infrastructure NZ Limited | 2025 Annual Report

Good neighbour, good citizen
~3.5BL
of Customers’ fuel delivered to
market from Marsden Point Terminal
83%
Pipeline utilisation
(average FY25)
(82% PCP)
Iwi internship
programme
launched
Keeping New Zealand moving
JET FUEL
1,422ML
(+1% PCP)
Use of electric
tower crane for tank
conversions: operational
efficiency gains
and a reduction
in emissions
DIESEL
1,089ML
(~ PCP)
PETROL
1,024ML
(+3% PCP)
A high standard of
environmental performance
maintained and a continued
focus on reducing our impact
on the surrounding environment
9
Channel Infrastructure NZ Limited | 2025 Annual Report

Strong cashflow and balance sheet
Sustainable financial performance
REVENUE
$140.2M
Numbers at a glance
93%
subject to PPI
indexation
EBITDA
$93.4M
72%
EBITDA to FCF
conversion
67%
EBITDA
margin
NET DEBT
1
$330M
as at 31 December 2025
LEVERAGE
3.6
x EBITDA
NET TANGIBLE ASSETS
$1.85
per share
1
Excludes Fair Value Hedge Movements
10
Channel Infrastructure NZ Limited | 2025 Annual Report

Delivering to shareholders
TOTAL DIVIDEND
13
CPS
DIVIDEND YIELD
2
7%
TSR
63%
Total shareholder
return in 2025
2
Based on the 31 December 2024 share price of $1.87
11
Channel Infrastructure NZ Limited | 2025 Annual Report

12
Channel Infrastructure NZ Limited | 2025 Annual Report

Letter from
the Chair
13
Channel Infrastructure NZ Limited | 2025 Annual Report

Letter from the Chair
Dear Shareholder,
2025 has been another year of significant progress
f
or Channel, and I am pleased to update you on
our efforts as we continue to execute on our growth
ambitions and deliver stable and growing returns to you,
our shareholders.
Your Board has a clear strategy against which we
continue t
o make excellent progress, with our driving
focus being the critical role that Channel plays
in providing resilient energy infrastructure solutions
across Australasia.
Selective and disciplined growth
Channel’s plan for growth is centred on delivering
the Mar
sden Point Energy Precinct, which will
be transformational for the Company, and for
Northland.  The extensive and varied energy projects
under consideration as part of the Marsden Point Energy
Precinct will have a measurable impact for New Zealand,
and we do not take for granted the critical role we play
in New Zealand’s economy.  Independent estimates by
PwC have determined that projects under contemplation
at Marsden Point could lead to a boost of $3.3 billion
to New Zealand’s overall GDP and around 20,000 new
jobs during the 10-15 year construction phase.  Once
fully operational, the projects could generate around
$290 million annually in GDP and contribute around 1,150
FTE jobs.  In 2025, we focused on detailed planning
towards the delivery of these projects, and we are
looking forward to making continued progress in 2026. 
Given our increasing confidence
in the significant
opportunity ahead of us, in late 2025 the Board
confirmed we will invest $30 million at Marsden Point
as part of critical infrastructure upgrades in support of
the Energy Precinct redevelopment. This upgrade to our
facilities is a statement of intent about the importance
of Marsden Point, and Northland, to our future. The
relocation of the control room and a new combined
administration building will allow us to make space
for upcoming precinct projects, and provide a modern
working environment for our people who are at the core
of our success, and the execution of our world class
terminal operations strategy.  It was pleasing to see
the enabling works progressing for the new building in
early 2026.
We have been signalling for some time now that while
Mar
sden Point remains our priority, we would also look
to grow beyond our Marsden Point site where there are
sensible on strategy consolidation opportunities.  Our
primary focus is on Channel’s current supply chain
to Auckland International Airport; but the Board will
also consider measured step-out opportunities in New
Zealand and Australia where these would enable us
to leverage our experience as a proven operator of
high hazard facilities and in-depth knowledge of the
operational requirements of our global customers or
where there is access to a growing market or adjacent
growth opportunities.
We were proud to make our first steps in the Australian
mark
et in November, with the acquisition of a strategic
position in Melbourne’s jet fuel supply chain. The
acquisition of a 25% interest in the Somerton jet fuel
Pipeline meets the disciplined investment criteria we
apply to how we allocate Shareholders’ capital and
establishes a footprint in the Australian jet fuel supply
chain which complements our strong position in the New
Zealand market.  In 2026, we will continue to assess
possible expansion opportunities through the lens of our
disciplined investment criteria. 
Through the
efforts of our team, who have a proven
track record of executing on our growth strategy, the
delivery of large capital projects and creating value
for our customers through operational excellence, we
are successfully positioned as one of the few natural
consolidators of energy infrastructure, to enable our
company growth.
Recognising the key strategic opportunities for the
C
ompany to secure new customers, assets and
other competitive advantages that would position the
Company to deliver long-term value to shareholders, the
Board is pleased to have retained Rob Buchanan as
Chief Executive through the remainder of this decade
and with Rob incentivised toward achievement of
these goals.
Board update
In 2025, we saw the completion of our Board renewal
pr
ocess, with both Vanessa Stoddart and Paul Zealand
stepping down from the Board at May’s Annual
Shareholders Meeting, as was well signalled. Vanessa
made an outstanding contribution to the Board during
her 12 years, and has been a passionate advocate for
diversity and building a strong company-wide culture.
Paul brought world-class experience and expertise in oil
and energy and high hazard facilities management, and
supported the Company and its people for many years
in delivering high-performing operations and an excellent
safety culture. Once again, I want to thank them both for
their many years of dedicated service to the Company,
and we wish them both well for the future.
With these Board changes, we have completed our
Boar
d refresh process that was signalled as we
converted to a simpler import terminal business model.
We now have a six-person Board, which provides the
right mix of skills and experience for our Company,
14
Channel Infrastructure NZ Limited | 2025 Annual Report

aligned with our strategy and feedback from the
in
vestor community.
Foreign exempt dual listing on the
AS
X completed
In late December, the Company marked another
significant milestone in its growth as we listed on the ASX
as a f
oreign exempt issuer. This milestone is important for
the Company as it provides access to a broader pool of
institutional and retail shareholders to support Channel’s
continued growth, to the benefit of all shareholders.
Capital allocation and shareholder returns
The Board refreshed the Capital Allocation Framework
in May
, reflecting its confidence in the business outlook
and access to capital for growth initiatives, while seeking
to be efficient with Shareholders' capital. The Board
increased the dividend payout ratio to 70-90% from
60%-70% of Normalised Free Cash Flow.
The Board also broadened the Company’s target credit
me
trics from those consistent with a shadow BBB+ credit
rating to a shadow BBB/BBB+ credit rating, appropriate
in the context of Channel’s current operations to provide
greater funding flexibility. 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 any additional significant growth opportunities.
Following a stronger than anticipated Normalised Free
C
ash Flow generation the Board is delighted to have
declared a FY25 final unimputed dividend of 6.75 cents
per share, representing an increase of 18% on last year
and exceeding our dividend guidance range by 0.5 cents
per share which will be paid on 26 March 2026. This brings
the total dividend to 13.0 cents per share, up from 11.0
cents per share last year. 
Recognising that some shareholders prefer the
oppor
tunity to increase their investment in Channel
instead of receiving a cash dividend, a Dividend
Reinvestment Plan (DRP) was also introduced at the half
year results. The DRP has been well received, with a
strong uptake of 21%. Shares issued under the DRP for
the FY25
final dividend will be offered at a discount of
1% to a price based on the market price, calculated in
accordance with the DRP Offer dated 26 February 2026.
In 2025, we have delivered another exceptional year of
r
eturns for our shareholders with a dividend yield of 7%,
alongside a free cash flow yield of 8.7% and a Total
Shareholder Return of 63%.
Channel remains critical to New Zealand
In all that we do, our critical role for New Zealand’s
ener
gy security is at the forefront of the Board’s decision
making.  Channel remains a dedicated partner to the
New Zealand Government in its drive to establish a
r
esilient energy supply chain and we enjoyed a number
of significant visits with Members of Parliament from
across the House in 2025.  Channel remain's under active
consideration as one of New Zealand’s first Special
Planning Zone, areas which would be a crucial policy
lever to support us to enhance New Zealand's energy
security, and unlock even more value for shareholders.
We do not take for granted the important role we play as
Ne
w Zealand’s largest fuels import terminal, and we are
committed to continued responsible management of our
existing assets for the long-term benefit of New Zealand,
while also deploying our experience and knowledge as
we look at expansion of the business.  We look forward to
continuing our strong working relationship with Ministers
in 2026 as we bring our clear vision to life and deliver
more jobs and investment to Northland.
Thank you 
Once again, I want to end by thanking our
Shar
eholders and Bondholders for your continued
support throughout 2025. 
I also want to thank my fellow Board members for their
s
upport through what has been another busy year, and
to pay tribute to the world-class team at Channel. The
efforts of our people are core to the Company’s success,
and they are the key to unlocking our ambitions for
the Company.  I also want to thank our customers for
their ongoing support, and the Northland community for
continuing to work with us for the benefit of New Zealand.
James Miller, ONZM
Chair 
15
Channel Infrastructure NZ Limited | 2025 Annual Report

Letter from the
Chief Executive
16
Channel Infrastructure NZ Limited | 2025 Annual Report

17
Channel Infrastructure NZ Limited | 2025 Annual Report

Letter from the Chief Executive
2025 has been another big year for Channel
Infr
astructure, and our success is testament to the hard
work and dedication of our team, who once again have
ensured the Company delivers a strong performance for
our Shareholders, and our community.
Journey to world-class operations
In 2025, the continued drive towards world-class
oper
ations has helped us to unlock
significant
opportunities that can only come by proving our
capabilities to our existing, and new, customers. 
Underpinning this drive for world-class, is the
commitment w
e have to health and safety.  In 2025, we
engaged with dss+ to benchmark and take stock of our
safety systems and culture.  This project has been critical
to providing us with a clear pathway to world class safety
maturity.  Maintaining our strong safety record is critical
to our future success as a Company, and we owe it to our
people, and our wide contractor workforce to set in place
safety protocols and foster a culture of care that will
ensure we get everyone on site “safely home, every day”.
Another important aspect of Channel’s focus on world-
clas
s is in the availability of our assets.  In 2025, we
are proud to report both pipeline and tank availability
remained at 99%.  Asset availability is fundamental to our
customers and an important measure of the operational
readiness of an asset. It reflects the effectiveness of
our long-term asset management planning, an area we
approach with rigour and discipline at Channel.  In 2025,
we continued to invest in our assets, with $12 million
spent on maintenance capital expenditure, ensuring the
longevity of our tanks, jetties, and pipeline. 
During 2025 over 3.5 billion litr
es of jet fuel, diesel and
petrol went through our infrastructure. Despite Air New
Zealand’s well signalled aircraft availability issues, we still
saw strong demand in jet fuel in the last quarter of the
year with jet volumes the highest we have seen since
2019. Petrol and diesel demand remain in line with the
Envisory forecast we commissioned in 2024, with petrol
stronger than anticipated.
Strong financial result in line
wit
h guidance 
Revenue was $140.2 million, br
oadly in line with last
year,
reflecting increased PPI indexation and throughput,
and a full year contribution from the transmix contract.
This was offset by a contracted step down in the
fixed terminal fee and the conclusion of the legacy
Wiri leasing arrangement from the 1990s. Total expenses
were up $2.1 million, primarily reflecting one-off ASX
lis
ting fees of $1 million and $1.5 million of growth-
related costs including the acquisition of the Somerton
pipeline. Reported EBITDA was $93.4 million, compared
to $95.1 million in 2024. Taking out the one-off impacts
of the Wiri lease, pro-forma EBITDA increased from
$89.1 million to $92.4 million. Normalised Free Cash Flow
was $66.9 million, which represents a 72% Free Cash Flow
conversion. Following the review of our Capital Allocation
Framework we are now targeting credit rating metrics
consistent with a BBB/BBB+ shadow credit rating and net
debt finished the year at $330 million with leverage well
within this target band at 3.6x.
Looking forward to 2026, Channel Infrastructure expects
FY
26 EBITDA from continued operations in the range of
$95-100 million and maintenance capital expenditure is
expected to stay in the range of 8-10% of revenue.
Proven execution capabilities with projects
deliv
ered safely, on budget, and on time
At the same time as managing the ongoing operation of
Ne
w Zealand’s largest fuels import terminal, our team has
been working hard to execute on a number of large scale
and complex capital projects, and we are proud that we
have continued to deliver these safely, on budget, and
on time. 
Over the past two years, the Channel team has executed
f
our new growth opportunities, delivering an additional
~$170 million (before PPI indexation) in incremental
revenue over 15 years. In 2025, Channel delivered an
extension to its previously announced additional storage
contract, set to generate $50 million of additional
revenue over the nine-year contract extension term (pre-
PPI indexation), and commencing in the first quarter
of 2028. 
The Z Energy jet storage project which was signed in
Augus
t 2024 is tracking ahead of schedule and in line
with budget, and is likely to be delivered in the third
quarter of 2026, ahead of the original schedule of Q1
2027.  This important project will provide a much-needed
boost to New Zealand’s jet fuel resilience, with capacity
for enough fuel for around 10,000 flights between
Auckland and Wellington.  Marsden Point is already
home to New Zealand’s largest jet fuel tank, and upon
completion, the new Z Energy tank will be equally as
large, demonstrating the critical role that Channel plays
in providing jet fuel resilience for New Zealand. 
We were pleased to commence works for the new
Higgins bitumen impor
t terminal with a "sod turning"
18
Channel Infrastructure NZ Limited | 2025 Annual Report

event with Minister for Infrastructure Hon Chris Bishop in
S
eptember 2025.  This project is expected to generate
total revenue over the term of the contract of ~$45 million
(prior to PPI indexation) commencing in the fourth quarter
of 2026.  Work continues to progress and we look forward
to welcoming Higgins (soon to become part of the
multi-national French infrastructure firm Vinci Group) to
Marsden Point, and supporting their work to deliver the
Government’s Land Transport investment agenda.
Marsden Point Energy Precinct
We continue to make good progress towards the
Mar
sden Point Energy Precinct, which remains Channel’s
number one growth priority. 
The consortium investigating the Marsden Point
Biorefinery
project is continuing its work, with Air New
Zealand now joining the consortium.  Engineering work
has progressed, with further refinement of the plant
configuration and deeper design integration with existing
site infrastructure, and Channel continues to work
through with the consortium the consenting requirements
and commercial arrangements in its capacity as landlord
and ancillary infrastructure provider.  A final investment
decision from the consortium is expected in 2026.
Channel has completed FEED on a 72MW diesel-
po
wered electricity peaking plant within the Marsden
Point Energy Precinct, with the cost of the FEED having
been borne by two electricity market participants.
Electricity market participants with whom Channel has
engaged see a diesel peaker situated north of Auckland
as a useful resilience asset for firming renewables,
supporting Upper North Island grid stability and assisting
with dry year risk on a separate node to other key
thermal generation assets in New Zealand.  Channel’s
project would be relatively fast to construct and
benefits from the significant fuel reserves already stored
on Channel’s Marsden Point site, providing for near-
immediate start up as required.
Channel was in advanced discussions with several
par
ties regarding a long-term capacity contract to
underwrite the development costs of the project, to
be funded by Channel.  Following the New Zealand
Government’s announcement that it is considering
proposals relating to a potential LNG import facility,
development of the project has been paused, pending
the outcome of the Government’s work on the facility.
With the Government
confirming an increase to the
requirements for in-country storage of fuels through
changes to New Zealand’s Minimum Stockholding
Obligation, we continue to work with our customers,
who will be impacted by these changes, to evaluate
increased fuel storage options at Marsden Point.  These
changes take effect from 1 July 2028, and the
conversations with our customers remain ongoing. 
Strategic position in Melbourne’s jet fuel
supply chain
In November, we announced the strategic acquisition of
a 2
5% stake in the Somerton jet fuel pipeline, which forms
part of the only jet fuel pipeline supply chain servicing
Melbourne Airport.  This measured step out presents the
Company with a unique and exciting opportunity and
enhances the quality of Channel’s overall business with
a complementary dedicated jet fuel asset in a high
growth market. 
Melbourne Airport travel is expected to grow strongly in
the coming y
ears, and it is already Australia’s second
busiest airport.  As part of considering this investment,
we have identified a number of adjacent growth
opportunities which have the potential to materially
enhance the value of our existing investment and provide
new capital deployment opportunities, while adding to
the resilience of jet fuel supply to Melbourne Airport.
Thank you 
2025 was another big year, and we couldn’t have
achie
ved these excellent results without the hard work
and dedication of the entire Channel team.  We are
committed to achieving our world-class aspirations
because it will enable us to deliver on our ambitious
growth agenda and it enables us to offer our people
meaningful career opportunities that are making an
important difference to New Zealand. I am proud of all
that we have achieved together in 2025.
Rob Buchanan
Chief Executive
19
Channel Infrastructure NZ Limited | 2025 Annual Report

In Memoriam
We acknowledge the passing of two long standing
colleague
s from Channel over the past year – both of
whom made a long and lasting impact at Marsden Point
over many years of dedicated service.  In September
2025, we lost Jock (Brian) Dickson, and in January 2026,
we lost Kerry McDonald.  Jock worked at Marsden Point
for over 40 years of dedicated service, and in that time
he saw immense change at our site.  Jock knew every
corner of the control network where he worked, but more
than that, he was instrumental in helping us adapt and
transform our technology and plan for the future. Jock’s
contribution, optimism, and vision remain woven into the
fabric of Marsden Point.
Kerry’s sudden and unexpected passing at the start of
this year has been a shock to all who knew and worked
with him.  Kerry applied his decades of experience to lead
the safe decommissioning of the refinery and contributed
to the projects to establish a world‑class terminal
operations. Kerry cared deeply about the future of the site,
and he played an important role in shaping what comes
next at Marsden Point. He will be remembered not only
for his contribution over many years, but for the person
he was — capable, genuine, and respected by all who
knew him.
Brian Dickson
Tenure: 1984 to 2025
Kerry McDonald
Tenure: 1986 to 2026
20
Channel Infrastructure NZ Limited | 2025 Annual Report

21
Channel Infrastructure NZ Limited | 2025 Annual Report

Our
Strategy
22
Channel Infrastructure NZ Limited | 2025 Annual Report

23
Channel Infrastructure NZ Limited | 2025 Annual Report

World-class energy
infrastructure
company
Delivering resilient
infrastructure solutions
to meet changing fuel
and energy needs
Our strategic
framework
Our Vision
Our Purpose
Our Strategic Priorities
Infrastructure Partner of Choice
Grow through supporting
the Energy Transition
More sustainable future
World-class
Operator
Grow from
the Core
Disciplined
Capital
Management
Strong safety
systems and
culture
Resilient
infrastructure

Long-term asset
management
Customer
focused
Brownfield
opportunities
at Marsden Point
Consolidator
of fuels
infrastructure
Supply chain
optimisation for
our customers
Target credit
metrics consistent
with a BBB/BBB+
shadow credit
rating
Deliver above
WACC returns
Cost management
Stable and
growing dividends
People and
capability
development
Future focused
Continuous
Improvement
Adaptive
Repurposing
Marsden Point

Support
transition of
aviation to lower
carbon fuels
Marsden Point
Energy Precinct

Reducing
environmental
impacts
Community
engagement
and iwi relations
Just transition
Transparency
and disclosure
High
Performance
Culture
Support
Energy
Transition
Good
Neighbour,
Good Citizen
24
Channel Infrastructure NZ Limited | 2025 Annual Report

Our Strategy
Infrastructure Partner of Choice
STRATEGIC PILLAR2025 HIGHLIGHTS
World-class Operator
Safe and reliable operator of critical infrastructure
Ongoing survey shows continued improvement in customer satisfaction
Supply chain
efficiencies for customers with fewer ship visits and a reduction in
alongside time
World-class availability of infrastructure with pipeline, tank and jetty availability
above 99%
High
Performance Culture
+7 percentage point lift in engagement and +33 percentage point lift since
con
version to an import terminal
Specific
skills and knowledge recruited into the business to drive strategic
outcomes and enhanced world-class capability
dss+ health & safety and visible leadership training programme launched
Grow through supporting the Energy Transition
STRATEGIC PILLAR2025 HIGHLIGHTS
Grow from the Core
Growth contract secured delivering ~$50 million o
f incremental revenue, and
four customer contracts signed over the last two years delivering an additional
~$170 million of incremental revenue (before PPI indexation)
Continue to investigate other potential energy opportunities to support the
ener
gy transition
First measured growth step-out with strategic acquisition of 25% interest in
S
omerton Pipeline to Melbourne Airport
Support
Energy Transition
$30 million in
vestment announced in critical infrastructure upgrades in support of
the Energy Precinct redevelopment
Marsden Point
biorefinery project remains on track for final investment decision
in 2026
Engaging with electricity market participants on the construction of a diesel
po
wered electricity peaking plant
25
Channel Infrastructure NZ Limited | 2025 Annual Report

More sustainable future
STRATEGIC PILLAR2025 HIGHLIGHTS
Disciplined
Capital Management
Capital Allocation Framework updated with increased dividend payout ratio of
7
0- 90% of Normalised Free Cash Flow
Target leverage range broadened to BBB/BBB+ (currently equivalent to a
le
verage ratio of between 3x and 4.5x Net Debt/EBITDA) to provide funding
flexibility for growth
Delivered EBITDA, Normalised Free Cash Flow and maintenance capex guidance
Listed on the Australian Securities Exchange (ASX) under the ticker ASX:CHI
Good Neighbour,
Good Citizen
Maintained a high standard of environmental performance and continue to focus
on r
educing our impact on the surrounding environment
Engaging with the local community through local business forums and regular
mee
tings with iwi
Iwi internship programme launched
Use of an electric tower crane for tank conversions
Reduced Scope 1 and 2 emissions by over 80%
26
Channel Infrastructure NZ Limited | 2025 Annual Report

27
Channel Infrastructure NZ Limited | 2025 Annual Report

Board of Directors
and Leadership
Team
28
Channel Infrastructure NZ Limited | 2025 Annual Report

29
Channel Infrastructure NZ Limited | 2025 Annual Report

Board of Directors
James Miller, ONZM
Chair
BCom, FCA
Term of
office
James was appointed as an Independent Director on 1 November 2018.
Board committees
James is Chair of the Board and a member of the Audit and
Finance C
ommittee, the People and Culture Committee and Chair of the
Nominations Committee.
Experience
James brings deep experience in capital markets and the downstream energy
s
ector. He is currently Deputy Chair of Fletcher Building and a Director of
Ryman Healthcare Limited and Vista Group International Limited.
James has previously held a range of Board and senior leadership roles,
including at Cr
aigs Investment Partners and ABN AMRO. His governance
experience also includes serving as a Director of Auckland International
Airport, the Accident Compensation Corporation, Vector, and as an inaugural
Director of the Financial Markets Authority. He has also been a member of
INFINZ and the Financial Reporting Standards Board.
James is a
qualified Chartered Accountant and a Fellow of Chartered
Accountants Australia and New Zealand, a Certified Securities Analyst
Professional, a member of the Institute of Directors in New Zealand, and a
graduate of the Advanced Management Program at Harvard Business School.

Andrew Brewer
Non-Independent Director
BEng (Hons), BSc, Post Grad. Dip.
In Management
Term of
office
Andrew was appointed as a non-Independent Director on 6 December 2
023.
Board committees
Andrew is Chair of the Health, Safety, Environment and Operations Committee.
Experience
Andrew is a respected business leader, with deep experience in process
indus
tries and complex supply chains.  He has held senior operational
and executive roles across large-scale downstream refining and terminal
operations in Australia, New Zealand and Canada, including serving as Chief
Operating Officer at Refining NZ (now Channel Infrastructure), during the
compan
y’s Strategic Review. 
Andrew has a Bachelor of Engineering (Honours) and a Bachelor of Science
fr
om the University of Adelaide and a Diploma in Management from
Deakin University. 
30
Channel Infrastructure NZ Limited | 2025 Annual Report

Anna Molloy
Independent Director
BEng, BCom, CFA
Term of
office
Anna was appointed as an Independent Director on
4 April 2022.
Board committees
Anna is Chair of the Audit and Finance Committee and a member of the
Nominations C
ommittee.
Experience
Anna brings over 15 years’ experience across equity capital markets,
in
vestment management, private equity and business development. She is
also an Independent Director of ANZ Investments.
Anna’s prior experience includes roles as an equity analyst with Masfen
S
ecurities and Artemis Capital, as well as serving as a Future Director on
the NZX Board. She has a strong background in financial markets, capital
allocation and s
trategic analysis.
Anna holds a Bachelor of Engineering (Chemicals & Materials) and a Bachelor
o
f Commerce from the University of Auckland. She is a Chartered Financial
Analyst (CFA) and a member of the New Zealand Institute of Directors.
Anna contributes a unique combination of engineering expertise and
adv
anced financial, strategic and analytical capability to the Channel
Infrastructure Board, supporting informed decision‑making and disciplined
capital management.
Andrew Holmes
Independent Director
BSc (Hons), MBA
Term of
office
Andrew was appointed as an Independent Director on 4 April 2022.
Board committees
Andrew is Chair of the People and Culture Committee and a member
o
f the Health, Safety, Environment and Operations Committee and the
Nominations Committee.
Experience
Andrew has a deep understanding of business opportunities in the
do
wnstream energy industry and a proven track record in delivering radical
operational change across all facets of petroleum businesses. He is currently
involved in consulting and advisory roles for energy transition start‑ups, as well
as advising on energy industry commercial matters.
Andrew brings more than 40 years’ experience in the energy sector. He was
BP’
s most senior executive in the Asia‑Pacific region and also led BP’s Global
Aviation Fuels Division. His early career was based in UK refineries before
progressing into senior commercial and leadership roles across the UK, China
and Europe, including responsibility for supply, wholesale and retail operations
in Northern Europe.
He is a Director of Lochard Energy, a gas storage and energy infrastructure
bus
iness, and Chair of Urban Analytica, an energy transition start‑up. Andrew
holds a Bachelor of Science (Honours) in Chemical Engineering from the
University of Bath and an MBA from the University of Strathclyde.
31
Channel Infrastructure NZ Limited | 2025 Annual Report

Felicity Underhill
Independent Director
BA, MA (Dist), Ngāti Raukawa
Term of
office
Felicity was appointed as an Independent Director on
15 March 2024.
Board committees
Felicity is a member of the Health, Safety, Environment and
Oper
ations Committee.
Experience
Felicity brings extensive international experience in strategy, business
de
velopment and energy transition to Channel Infrastructure. Following an
early career at Shell in global roles, she worked on major gas and green
energy projects with Origin Energy in Australia. As a senior executive at
Fortescue, she was accountable for developing and commercialising large-
scale renewable energy and hydrogen projects across Asia, Australia and
New Zealand, leading complex partnerships, investment decisions and market
development. Felicity is a Commissioner of the Climate Change Commission
for New Zealand, and Director of Australian renewable energy platform
Intera Renewables. 
Felicity holds a Master of Arts in International Relations and Conflict Resolution,
and is a member o
f both the NZ Institute of Directors and the Australian
Institute of Company Directors.
Angela Bull
Independent Director
BA/LLB
Term of
office
Angela was appointed as an Independent Director on 24 October 2024.
Board committees
Angela is a member of the People and Culture Committee and the Audit and
Finance C
ommittee.
Experience
Angela brings extensive executive experience in commercial property and
r
etail development. Angelas current governance appointments include
Property for Industry (NZX: PFI), Vital Healthcare Property Trust (NZX: VHP),
Fulton Hogan,
Foodstuffs South Island and Bayleys Real Estate, and she also
serves as a Trustee of St Cuthbert’s College.
Angela was formerly Chief Executive of the Tramco Group and, prior to this,
held the r
ole of General Manager, Property Development at Foodstuffs North
Island. She holds a Bachelor of Laws and a Bachelor of Arts (Political Science),
and practised environmental law before transitioning into her executive career.
32
Channel Infrastructure NZ Limited | 2025 Annual Report

33
Channel Infrastructure NZ Limited | 2025 Annual Report

Leadership Team
Rob Buchanan
Chief Executive
BCom, M.Bus
Executive
Certificate in
Management and Leadership
Rob has been Channel's Chief Executive since early 2023, leading the
C
ompany through its strategy refresh, drive for world-class and delivery of
its growth projects.
With a passion for helping energy and infrastructure companies create value
while navigating challenging s
trategic issues and changing industry dynamics,
Rob has had a key role in the execution of Channel's growth plans and drive to
deliver further value to Channel Infrastructure’s shareholders.
Prior to joining Channel, Rob was GM Growth & Trading at Manawa Energy,
with r
esponsibility for the company’s renewables development, energy trading
and commercial and industrial sales functions.
Prior to Manawa Energy, Rob had an almost 20-year career in investment
banking, advis
ing companies in New Zealand, Australia and Europe, including
as Head of Mergers & Acquisitions at Forsyth Barr in New Zealand. Rob also
worked in the investment banking business of ABN AMRO Bank, working across
Australasia and Europe.
Alexa Preston
Chief Financial Officer
BBus, CA
Alexa joined Channel as Chief Financial Officer in late 2023, and has played
a crucial r
ole in the business, leading Channel Infrastructure's Finance, Human
Resources and IT functions as well as the strategic acquisition of 25% interest in
the Somerton Pipeline to Melbourne Airport in 2025.
Alexa has more than 20 years’ experience in senior management,
finance,
commercial, investment banking and advisory roles. Prior to joining Channel,
she held the position of Finance Lead Partner - Group Performance and
Investor Relations at Spark New Zealand Limited.
Alexa began her career with PricewaterhouseCoopers. She has held senior
r
oles with Grant Samuel & Associates, KPMG, NZME Limited and Spark New
Zealand Limited.
Jack Stewart
General
Manager Oper
ations
BE (Mech)
Jack is GM Operations at Channel Infrastructure, and has played a key role in
the oper
ational delivery of the Company's growth strategy, with responsibility
for operations, maintenance, project works as well as the day-to-day delivery
of terminal services to our customers.
Jack has worked at Marsden Point for over 20-years, joining the business as
a mechanical engineer at the s
tart of his career. He has held a broad range
of leadership roles over his time with the Company, including in the areas
of engineering, maintenance, project management, operations, health and
safety and environment. Jack led the business through the transition from
refinery to terminal operations as Project Director for the Conversion Project
prior to his appointment as Channel's GM Operations.
34
Channel Infrastructure NZ Limited | 2025 Annual Report

Chris Bougen
General Counsel and
C
ompany Secretary
LLB (Hons), LLM
Chris is Channel Infrastructure’s General Counsel and Company Secretary
and is r
esponsible for managing the Group’s legal and governance affairs,
government relations and company secretarial functions.
Chris was heavily involved in the preparations for the Company's transition
t
o Channel Infrastructure, including securing the overwhelming support of
shareholders for this change. Since then, Chris has played a crucial role
negotiating new contracts and growth for the Company, including it's M&A
activity in Australia and ASX listing.
Chris has extensive experience in both private practice and in-house legal
r
oles across the energy and heavy industrial sectors in New Zealand, with
experience advising on a wide range of commercial matters as well as
providing legal support for major corporate and governance matters. Prior
to joining the Company, Chris worked for Fletcher Building and for a leading
national law firm.
Peter van Cingel
Business
Development Manager
BE(Mech) (Hons)
Peter is Channel Infrastructure’s Business Development Manager and is
r
esponsible for securing new contracts and business development activities.
Peter has held a broad range of roles in the supply chain, commercial,
s
trategic, and business development areas since joining the company in 2002.
As Business Development Manager, Peter is central to the delivery of new
long-term growth projects that support Channel’s customers.
Peter previously held roles in the upstream oil industry, in Europe, Russia, and
the Middle E
ast, as well as supply chain management, procurement and
business improvement.
Steve Levell
General Manager IPL
DipEng, CMS
Steve is General Manager IPL, the fuel testing business which is a wholly-
o
wned subsidiary of Channel Infrastructure.
Steve joined the Company in 2012 and has held a broad range of leadership
r
oles, including business improvement, before he was appointed to the IPL
General Manager role in 2021.
Steve has a strong engineering background and prior to joining Refining NZ
held a number o
f Technical and Leadership positions in the Petro/Chemical
and Scientific research sectors.
35
Channel Infrastructure NZ Limited | 2025 Annual Report

36
Channel Infrastructure NZ Limited | 2025 Annual Report

Financial
Commentary
37
Channel Infrastructure NZ Limited | 2025 Annual Report

Import terminal delivers
stable and growing returns
2025 Highlights2026 Outlook
FY25 REVENUE
$140.2M
EBITDA TO FCF
CONVERSION
72%
FY26 EBITDA
GUIDANCE
$95-
100M
8-10%
OF REVENUE
FY26 Maintenance
Capex Guidance
EBITDA
$93.4M
Strong financial
performance
TOTAL DIVIDEND
13
CPS
38
Channel Infrastructure NZ Limited | 2025 Annual Report

Income Statement
Continuing Operations
The results from continuing operations include import
t
erminal fees earned under the Terminal Services
Agreements and Contracted Storage Agreements and
the results of Independent Petroleum Laboratory.
FY24FY25
$ MILLION$ MILLION
Revenue139.8140.2
Operating Costs44.746.8
EBITDA
95.193.4
Depreciation38.745.1
Financing costs
20.016.4
Net
Profit before tax
36.431.9
Income tax expense
10.511.0
Net Profit after tax from
continuing operations26.020.9
Revenue
Channel Infrastructure's primary source of revenue comes
fr
om the fees earned under the Terminal Services
Agreements, a combination of fixed and throughput
related fees (including wharfage), for fuels delivered via
Channel's pipeline to Auckland and the Truck Loading
Facility to Northland. Fixed and variable terminal fees
exceeded $110 million in 2025.
Additional revenue is earned through Contracted
S
torage Agreements.  Contracted revenue relates to
capacity based fees (i.e. independent of throughput) for
product storage and the handling, storage and export of
transmix with revenue of $20 million in 2025. 
All fees under the Terminal Services Agreement and
C
ontracted Storage Agreements are subject to PPI
escalation with a one-year lag (i.e. 2024 inflation 4.18%
applied to 2025 fees charged).
The legacy Wiri lease relates to a lease arrangement
that w
as entered into in 1990 which expired in February
2025 with the legal ownership of the Wiri terminal assets
reverting to bp, Mobil and Z Energy. FY25 revenue was
~$1 million.
70
60
50
40
30
20
10
0
FY24 FY25FY24 FY25FY24 FY25FY24 FY25FY24 FY25
Revenue
(Continuing Operations)($m)
Wiri lease and other
Contracted Storage
Laboratory testing
Terminal fees – fixed
Terminal fees – variable
39
Channel Infrastructure NZ Limited | 2025 Annual Report

Operating Costs
Channel Infrastructure's largest costs are electricity and
utilitie
s, and salaries, wages and benefits (labour costs),
together making up 49% of total operating costs.
Electricity supply is a key operating cost for our business
and Channel has a long t
erm fixed price variable volume
contract for the supply of renewable electricity. The
contract is for a period of six years with the right
to extend a further 2.25 years to 31 March 2032 at
Channel's election.
Labour costs
reflect the salary and other employee costs
of import terminal, laboratory and corporate staff.
Administration and other costs comprise insurance, IT,
r
ates and governance and compliance costs and include
one-off costs associated with the Australian Stock
Exchange (ASX) listing fees of ~$1 million and $1.5 million
of growth-related costs including the acquisition of the
Somerton pipeline.
Materials and contractor payments relate to the cost
o
f site and asset maintenance, including the biennial
pipeline inspection gauge.
15
10
5
0
FY24 FY25FY24 FY25FY24 FY25FY24 FY25
Energy and utility costs
Materials and
contractor payments
Salaries, wages and benefits
Administration
and other costs
Operating Costs
(Continuing Operations)($m)
Depreciation
The higher depreciation charge of $45.1 million reflects
the increase in the carrying value of the assets following
the r
evaluation of the import terminal assets as at
31 December 2024 and new assets capitalised including
statutory tank inspection upgrades, private storage
bunds and transmix infrastructure upgrades.
Financing Costs
The
effective interest rate applying in the twelve months
ended 31 December 2025 was 5.1% with the majority of
debt fixed as at 31 December 2025 providing funding
cost certainty.  
Discontinued Operations
A net loss after tax of ($9.1) million is r
eported from
discontinued operations in 2025 which reflects the results
from refining activities. This includes $0.3 million of
revenue recognised in relation to scrap metal sales. Total
expenses amounted to $11.6 million, comprising operating
costs of $1 million, conversion costs of $4.5 million and
the revaluation and disposal of assets (relating to the
change in fair value of the refining plant) of $6 million and
non-cash financing costs of $0.3 million.
40
Channel Infrastructure NZ Limited | 2025 Annual Report

Cashflow
Strong operating cash flows from continuing operations
funded a
significant portion of capital expenditure
related to conversion and growth capex spend. The 25%
interest in the Somerton Jet fuel pipeline was funded
through Channel's existing debt facilities, with net debt
increasing to $330 million.
Capital Expenditure
Channel invested approximately $48 million int
o
infrastructure upgrades throughout 2025 with $36 million
invested in growth and conversion projects. Projects
completed throughout the year have been delivered as
part of the multi-year $220 million conversion project
and $50 million Private Storage project. Growth also
includes spend on the Z Energy jet storage contract
(announced August 2024) and the bitumen import
terminal (announced November 2024) and the additional
storage contract extension announced August 2025.
Mergers & Acquisitions
Channel acquired a strategic 25% interest in the
S
omerton Jet fuel pipeline, a critical infrastructure asset
in Melbourne’s jet fuel supply chain for A$14.1 million. The
acquisition was debt funded and is expected to be cash
flow accretive from FY2026.
Following the acquisition, Channel remains within its
t
arget credit metrics of between 3x and 4.5x Net
Debt to EBITDA, consistent with a shadow BBB/BBB+
credit rating.
Leverage
The strong cash flow performance for the year has
enabled the Boar
d to declare an unimputed final
ordinary dividend of 6.75 cents per share that will be paid
on 26 March 2026, a total FY25 dividend of 13.0 cents
per share (representing a dividend yield of 7.0%) and an
increase of 18% on last year.
The Company's Dividend Reinvestment Plan (DRP) will be
oper
ative for this final dividend, and shares will be offered
at a 1% discount. 
FY24FY25
MaintenanceGrowthConversion
Capex
($m)
12
29
13
12
27
9
Net Debt Movement
($m)
(94)
Net Debt
FY24
Net Debt
FY25
Op
Cashflow
Financing
Maint
Capex
Ordinary
Dividends
Conv
Costs
Growth
capex
Acquisition
296
15
12
48
8
28
17
330
41
Channel Infrastructure NZ Limited | 2025 Annual Report

Balance Sheet
Net Assets
Net assets of the Company are $780 million or $1.89 per
s
hare as at at 31 December 2025.
Provisions
Provisions related to the conversion to an import terminal
ar
e $79.3 million. Movements in the provision include
utilisation of $3.4 million, cost incurred for shutdown and
decommissioning of refining tankage, demolition and site
restoration activities. Provisions previously recognised for
shutdown and decommissioning were released as these
obligations are no longer required, with corresponding
additions recognised within the long‑term demolition
provision. A reduction in the discount rate resulted in
a $1.9 million increase in conversion‑related provisions,
with an associated $0.8 million recognised through the
unwinding of the provision discount.
An additional $5.4 million has been r
ecognised relating to
the long-term demolition provision reflecting the change
in foreign exchange rates only. The long-term demolition
scope was reassessed by specialist contractor Liberty
Industrial as at June 2024.
Working Capital
Net working capital after excluding current conversion
pr
ovisions is positive $8 million.
Borrowings
Total available debt facilities are currently $438 million
with no maturitie
s within 12 months and a
weighted average debt maturity of 3.6 years as at
31 December 2025. 
200
150
100
50
0
202520262027202820292030
BankRetail Bonds
Debt Maturity Profile
(as at 31 December 2025)($m)
The Group’s net debt as at 31 December 2025 was
$330 million, resulting in total remaining net debt
headroom of $108 million.
Tax Losses
The Company generated significant tax losses through
the con
version to an import terminal. As at 31 December
2025, the Company held tax losses amounting to
c.$374 million which will be used to offset against future
assessable income in New Zealand. 
42
Channel Infrastructure NZ Limited | 2025 Annual Report

43
Channel Infrastructure NZ Limited | 2025 Annual Report

Governance
44
Channel Infrastructure NZ Limited | 2025 Annual Report

45
Channel Infrastructure NZ Limited | 2025 Annual Report

Governance
Channel Infrastructure NZ Limited operates in New Zealand and
i
s listed on the NZX Main Board. Channel has also recently listed
on the ASX as a foreign exempt issuer. As such, the Company is
subject to regulatory control and monitoring by the NZX, the ASX
(to the extent applicable) and the Financial Markets Authority.
Channel confirms that for the purposes of ASX Listing Rule 1.15.3, it
has complied with, and continues to comply with, the NZX Listing
Rules. Our corporate governance framework sets out our Board’s
practices and processes to provide accountability to shareholders
for Channel Infrastructure’s actions and performance.
This section of the Annual Report provides summary
inf
ormation on our current corporate governance
framework. The Company’s full Governance Statement,
including detailed reporting against the NZX Corporate
Governance Code, together with our governance policies
can be viewed on the ”Investor Centre” section of our
website: www.channelnz.com.
The Board considers that it has followed the
r
ecommendations in the NZX Corporate Governance
Code during the financial year ended 31 December 2025.
The Governance Statement is annually reviewed
and appr
oved by the Board and is current as at
26 February 2026.
Composition of Board
The Board currently consists of five
Independent
Directors, being James Miller (Chair), Angela Bull, Andrew
Holmes, Anna Molloy and Felicity Underhill and one Non-
Independent Director, being Andrew Brewer. 
The Board Chair is an Independent Director,
r
esponsible for representing the Board to shareholders.
Independence is assessed according to the NZX Main
Board Listing Rules criteria. No shareholder has any
constitutional right to appoint Directors.
Responsibilities of the Board and
it
s Committees
The Board is responsible for setting the Company’s
s
trategic direction and for providing oversight of the
management of the Company, with the aim of increasing
shareholder value and ensuring the obligations of the
Company are properly met. The Board is accountable to
shareholders for the performance of the Company, with
day
-to-day management of the Company delegated to
the Chief Executive.
The Board uses committees to address certain issues
that r
equire detailed consideration by members of the
Board who have specialist knowledge and experience.
The Board retains ultimate responsibility for the functions
of its committees and determines their responsibilities.
There are currently four Board committees:
• The Audit and Finance Committee comprising three
member
s, all of which are Independent Directors,
• The People and Culture Committee comprising three
member
s, all of which are Independent Directors,
• The Health, Safety, Environment and Operations
C
ommittee comprising three members, of which two
are Independent Directors
• The Nominations Committee, comprising three
member
s, all of which are Independent Directors
The roles of the Board, its committees and management
(the L
eadership Team) are set out in the Board’s and
relevant committees’ charters.
The committees annually evaluate their own performance
agains
t their charters to ensure that they are discharging
their applicable charter responsibilities and assisting the
Board in effectively fulfilling its role and meeting its
duties. The Board also undertakes a periodic evaluation
of its performance, and the Board engaged an external
consultant in the second half of 2025 to prepare an
evaluation report.
46
Channel Infrastructure NZ Limited | 2025 Annual Report

Risk Management
The Company's approach to risk management is set out from page 48 and in the Sustainability Report and
Go
vernance Statement. A summary of the categories of risk identified as currently being the key material enterprise
risks to Channel Infrastructure’s business are set out on the following page.
Meeting Attendance
Director attendances at Board and committee meetings during 2025 were as follows:
APPOINTEDRESIGNED
BOARD
MEETING
1
AUDIT AND
FINANCE
COMMITTEE
PEOPLE AND
CULTURE
COMMITTEE
HEALTH, SAFETY,
ENVIRONMENT AND
OPERATIONS
COMMITTEE
NOMINATIONS
C
OMMITTEE
SITE
WALKS
2
J MillerIndependent
Chair
1 Nov 20188/84/43/33/31
A BrewerNon-
independent
6 Dec 20238/81/1
3
4/44
A BullIndependent24 Oct 20247/83/33/31/1
3
1/1
3
3
A HolmesIndependent4 Apr 20228/83/34/43/33
A MolloyIndependent4 Apr 20228/84/41/13/4
3
3/34
V StoddartIndependent20 May
2013
23 May
2025
3/31/1
F UnderhillIndependent15 Mar 20248/83/44/44
P ZealandIndependent29 Aug 201623 May
2025
2/31/11/22
1 Includes 23 May Annual Shareholders’ Meeting.
2 Combination of physical walks and virtual engagements.
3 Attended as an observer
47
Channel Infrastructure NZ Limited | 2025 Annual Report

Enterprise Risk Management
Enterprise risk management supports the achievement
o
f the Company’s purpose and strategic objectives and
protects stakeholder value.
The Channel Infrastructure Board is responsible for
r
eviewing and managing enterprise risk, including those
related to climate change. Day-to-day risk management
is delegated to the Chief Executive.
Channel's Leadership Team, led by the Chief Executive,
is r
esponsible for the identification, assessment and
management of risks and opportunities.
The risk assessment process has identified the nine
cat
egories of risk as currently being the key material
enterprise risks to Channel Infrastructure’s business. The
Leadership Team review these enterprise risks
each quarter.
The Board sets the Company's risk appetite on an
annual bas
is, and receives semi-annual reporting from
management on the risk tolerances and metrics.
Management also provides deep dive risk assessments,
for each identified risk category, to the relevant sub-
committee, or the full Board, on an annual basis.
The deep dive assessments include
identification of the
risk vectors and mitigants, and consideration of the
operational effectiveness of the controls in place to
manage the risk. Risks are assessed through Channel's
Risk Assessment Matrix which assesses the likelihood of the
event occurring and the impact on the business should
it occur, to produce a total "risk rating" that is either low,
moderate, high or critical.
The following diagram outlines the structure of Channel’s
Ent
erprise Risk Framework.


RISK CATEGORIES
Strategic
Cyber Security
Regulatory and
compliance
Board


RISK CATEGORIES
Financial
Audit
& Finance
Committee


RISK CATEGORIES
People
People
& Culture
Committee


RISK CATEGORIES
Health and Safety
Process Safety
Environment
Critical Infrastructure
Health, Safety,
Environment
& Operations
Committee
Risk Appetite Statement
The overall qualitative statement that articulates the Board’s risk appetite at a high level. Reviewed annually.
48
Channel Infrastructure NZ Limited | 2025 Annual Report

The Company has an integrated approach to business planning and risk management in place, as shown below.
ANNUALLYSIX MONTHLYMONTHLY
Strategic
Framework
& Risk Appetite
Actions
& Improvement
Plans
Budget &
Business Plan
Annual
Company
Scorecard
Enterprise
Risk Review
+ Board approves
Strategic
Framework & Risk
Appetite for the
Company
+ Management
develops and
Board approves
Budget &
Business Plan
+ Management
identify risks/
opportunities to
delivery of plan
+ Board approves
Annual Company
Scorecard
+ Management
& Board review
enterprise risks
and controls
+ Management
reviews delivery
against
business plan
+ Management
reviews risk
control actions
and identifies
any new risks /
opportunities
49
Channel Infrastructure NZ Limited | 2025 Annual Report

Channel Infrastructure uses the “three lines of defence” model to coordinate its approach to risk and assurance. The
model, s
et out below, focuses on managing material risks, including environmental, social and governance risks, at the
strategic, tactical and operational levels.
BOARD OF DIRECTORS
LEADERSHIP TEAM
1st Line
of Defence
Day-to-day risk
management
and control
2nd Line
of Defence
Function that oversees risk
3rd Line
of Defence
Independent assurance
LINE MANAGEMENT
• Functions that
own and manage
risks directly
•

R
esponsible
for maintaining
effective internal
controls, executing
risk and control
procedures and
ensuring compliance
on a day-to-day
basis
• Identifies, assesses,
controls and
mitigates risk
RISK AND COMPLIANCE
• Functions that facilitate
and monitor the
implementation of effective
risk management and
compliance practices
• Works with the Line
Managers to identify
and monitor new and
emerging risks
• Ensures the enterprise
risk model is
effectively deployed
• Reports primarily to the
Leadership Team and the
Audit and Finance and
Health, Safety, Environment
and Operations Committees
INDEPENDENT
ASSSURANCE
• Functions that
provide independent
assurance that risk
management is
working effectively
•

R
eports to Audit and
Finance and Health,
Safety, Environment
and Operations
Committees
ENTERPRISE RISK
50
Channel Infrastructure NZ Limited | 2025 Annual Report

51
Channel Infrastructure NZ Limited | 2025 Annual Report

52
Channel Infrastructure NZ Limited | 2025 Annual Report

Remuneration
Report
53
Channel Infrastructure NZ Limited | 2025 Annual Report

Remuneration Governance
Channel Infrastructure’s remuneration framework and
policie
s are overseen by the People and Culture
Committee (the P&C Committee). The composition of
the P&C Committee as at the date of this report is
set out in the Governance section on page
46 of this
report. All members of the P&C Committee are currently
independent directors. Management only attends P&C
Committee meetings by invitation.
The P&C Committee operates under the People and
Cultur
e Committee Charter, which is available to view on
the Company’s website.
The Company has adopted a Director and Executive
R
emuneration Policy which outlines the remuneration
philosophy and framework for the Channel Infrastructure
group, including the principles and procedures for
the approval of remuneration for Directors and
the Leadership Team. A copy of the Director and
Executive Remuneration Policy can be found on the
Company's website.
Key remuneration principles
The key principles of Channel Infrastructure’s
r
emuneration policy are:
• The Company will apply a fair and equal approach
to remuneration and reward practices, based on
the value of services performed within the context
of a competitive market and having regard to the
individual’s experience, skills and performance.
• We aim to attract and retain appropriately qualified
and experienced individuals.
• Performance based compensation is to be aligned
with Channel Infr
astructure’s performance objectives
and risk profile so as to promote sustained value
creation without undue risk taking.
The Channel Infrastructure Board considers the main
ob
jectives and purpose driving the remuneration policy,
the links to performance and delivery of overall
company strategy and qualitative factors.  The Company
takes independent advice and establishes market
rates and medians against New Zealand businesses
o
f comparable size and complexity, having regard
to industry specific and generalist roles. Individual
performance and market relativity are key considerations
in setting remuneration levels.
Channel Infrastructure is committed to pay equity, and
has adop
ted processes and procedures to monitor, and
identify opportunities to address, the pay equity gap.
As at October 2025, the pay equity gap was 22%
and outside of the Leadership Team the pay equity
gap is 15%. The pay equity gap shows the difference
in median salary for males and females.  Within each
pay grade women and men are paid equally for equal
work adjusting for experience, performance and seniority
in role.
Channel remains committed to closing the gap and
activ
ely monitors remuneration levels especially during
the appointment of staff into new roles to ensure that
women are actively supported into broader and more
senior roles in the Company.
Directors’ Remuneration and
Fe
e Review
The Board determines the level of remuneration paid
t
o Directors from a total fee pool that is authorised
by shareholders.  The current total director fee pool,
approved by shareholders in April 2023, is $927,000.
The Company regularly reviews fees to assess the
appr
opriateness of the fees paid to Directors and
to ensure that the Company’s Director remuneration
practices are consistent with market trends, the objective
of attracting and retaining high calibre individuals
as Directors and ensuring Directors are appropriately
compensated for their workload on the various
Board sub-committees under the Channel Infrastructure
governance framework.
The remuneration and other benefits, excluding
r
eimbursements, received by the individual Directors
of the Company during the 2025 financial year were
as f
ollows:
54
Channel Infrastructure NZ Limited | 2025 Annual Report

BOARD FEES ($)
AUDIT AND FINANCE
COMMITTEE FEES ($)
PEOPLE AND CULTURE
COMMITTEE FEES ($)
HEALTH, SAFETY,
ENVIRONMENT
AND OPERATIONS
COMMITTEE FEES ($)
TOTAL
REMUNERATION ($)
JB Miller200,350---200,350
AT Brewer100,175--17,365117,540
AJ Bull100,1756,0535,206-111,434
A Holmes100,175-9,4617,529117,165
AM Molloy100,17527,4182,180-129,773
FJC Underhill100,17510,704-7,522118,401
VCM Stoddart
1
38,842-8,323-47,165
PA Zealand
1
38,8425,351-9,90954,101
1 Resigned 23 May 2025.
With effect from 1 January 2026, a breakdown of fees for board and committee roles is as follows:
RoleFee ($)
Board Chair
1
209,000
Base director fee104,500
Audit and Finance Committee Chair25,000
Audit and Finance Committee member10,000
Health, Safety, Environment and Operations (HSEO) Committee Chair25,000
HSEO Committee member10,000
People and Culture Committee Chair12,000
People and Culture Committee member5,000
Nominations Committee Chair-
Nominations Committee member-
1 The Chair does not receive additional fees for being on a board committee.
Directors do not participate in any profit-based incentive
system. No Director of the Company has received,
or become entitled to receive, a benefit (other than
a benefit included in the total emoluments received
or due and receivable by Directors shown in this
report), including shares, remuneration paid by subsidiary
company or other payments from services provided
(including payments under Directors and
Officers
insurance cover). No loans have been made to Directors.
The Directors of subsidiary companies (refer to page 70)
are not remunerated in those positions.
55
Channel Infrastructure NZ Limited | 2025 Annual Report

Chief Executive Remuneration
Rob Buchanan commenced his employment as Chief
Ex
ecutive in March 2023. As Chief Executive, he is
incentivised to deliver long-term shareholder value
through a high portion of pay at risk and an appropriate
weighting of short- and long-term incentives.
Rob Buchanan’s total remuneration package, combining
fixed and variable remuneration and applicable from
26 February 2026, is outlined below:
Fixed Remuneration
ComponentDescription
Base SalaryFixed cash salary, subject only to annual CPI increase.
BenefitsMiscellaneous
benefits such as mileage, accommodation costs when travelling and KiwiSaver at 5%.
The term of the Chief Executive's updated employment
agr
eement ends on 31 December 2029. If the Chief
Executive's employment ends prior to this date, the Chief
Executive will receive a sum equal to the base salary he
would have received between the date of termination
and the end date (except if the Chief Executive resigns
outside of a change of control situation, is dismissed for
serious misconduct, or abandons his employment).
Variable Remuneration
The Chief Executive's variable remuneration is comprised
o
f a short-term cash incentive and a share-based LTI.
The short-term cash incentive is an annual cash payment
bas
ed on performance against a company scorecard
and an individual CEO scorecard, the details of which are
set out below.
The share-based LTI comprises three types of
perf
ormance share right awards issued under the
Company’s share rights plan
1
being:
• an initial award granted to the Chief Executive on him
joining the Company in March 2023 which is tenure
based in nature, over a 5-year performance period;
• annual awards of share rights, subject to performance
conditions bas
ed on total shareholder returns over a
three-year vesting period; and
• a
one-off Competitive Advantage Award. The award
is granted in the context of a unique point in time for
the Company, where there are significant prospects
for energy infrastructure consolidation and meaningful
organic growth as well as stakeholder support of
the Company’s business plans. This creates a window
of opportunity to seize transformative, albeit difficult
to achieve, outcomes which create a long-term
competitive advantage for the Company, tied to the
exceptional development of the Marsden Point Energy
Precinct and the Company’s wider infrastructure
portfolio in New Zealand and Australia. If achieved,
the value would continue to be realised well into the
long term, and therefore beyond the Chief Executive's
tenure. As such, this award has been granted to
incentivise and reward long term outcomes that will
not otherwise be fully reflected in the Company’s
performance under the initial and annual awards,
and which the Board did not consider appropriate to
reward with a discretionary cash bonus.   
1
See page
105 of the Company’s financial statements for further details of this plan.
56
Channel Infrastructure NZ Limited | 2025 Annual Report

ComponentDescriptionPerformance measures
1
Potential value
Short-term
cas
h
incentive
The STI is a discretionary
s
cheme based on
achievement of KPIs.
It is paid as cash
r
emuneration, in the
following financial year.
50% based on delivery against Company scorecard
50% based on delivery against CEO scorecard
35% of base
s
alary (provided all
performance targets are
achieved), increasing
up to 45% depending
on performance
Share-
bas
ed LTI
(awarded as
performance
share rights)
Share rights allow the
par
ticipant to receive
shares for nil cash cost,
subject to vesting hurdles.
Vesting of all grants
is s
ubject to remaining
employed (subject to
good leaver scenarios)
and no workplace death
occurring during the
vesting period, where
the Company is found
to be responsible for
such death.
Initial grant: Achievement of a minimum “on target”
perf
ormance against annual controllable KPIs during a 5-year
vesting period as determined and assessed by the Board at
the end of that period.
90% of base salary
in FY
23
2
Annual grant:
The performance conditions over a 3-year
vesting period are:
• 50% based the Company’s Total Shareholder Returns (TSR)
e
xceeding an absolute TSR comparator based on the
company’s cost of equity plus an agreed premium (0.5%)
compounding annually over the vesting period.
• 50% based on the extent to which the Company’s
T
SR exceeds a comparator group comprising selected
members of the NZX50.
The conditions for each annual grant are tested once at the
end o
f the applicable 3-year vesting period.
45% of base salary
in FY
25
2
45% of base salary
in FY
26
2
30% of base salary
in FY
27
2
15% of base salary in FY28
2
One-off
Competitive Advantage grant: The performance
conditions over a performance period from 18 September 2025
to 31 December 2029:
• 50% based on the successful execution of designated
pr
ojects for the Marsden Point Energy Precinct that seek
to secure a long-term competitive advantage.
• 50% based on the successful execution of designated
s
trategic acquisitions or developments outside of
Marsden Point that seek to secure a long-term
competitive advantage.
The conditions are tested once by the Board at its discretion,
in good f
aith, at the end of the performance period (on
31 December 2029).
The Competitive Advantage Grant is also subject to special
conditions r
equiring the maintenance of security of product
supply into Auckland, other than for force majeure events,
and there not being environmental issues which result in a
regulatory prosecution of Channel Infrastructure during the
CEO’s tenure, each as determined at the Board’s discretion.
The Hurdle Rate Conditions must also be satisfied (see page
5
9 below).
$4 million as at
the s
tart of the
performance period
2
1 See page 58 for further detail on the STI performance measures and page 59 for details on LTI performance measures.
2 The Chief Executive's cumulative share-based LTI entitlement (including the initial LTI award, annual LTI award and one-off Competitive Advantage
Aw
ard) is subject to a (non-discretionary) $10 million cap. Capacity under the value cap will be assessed on the date of issuance of shares under the
relevant award by reference to the price of Channel Infrastructure shares on the NZX at the time of the issues of the shares.
57
Channel Infrastructure NZ Limited | 2025 Annual Report

Chief Executive Remuneration Outcomes Summary
FINANCIAL
YEAR
FIXED REMUNERATION
SHORT TERM
INCENTIVE (STI)
1
LONG TERM INCENTIVE
TOTAL
($000)
BASE
SALARY
($000)
OTHER
BENEFITS
($000)
STI
EARNED
($000)
AMOUNT
EARNED
AS A % OF
TARGET
AWARD
TOTAL CASH-
BASED
REMUNERATION
EARNED
($000)
NUMBER
OF SHARES
VESTED
% OF MAXIMUM
AWARDED FOR
THE RELEVANT
PERFORMANCE
PERIOD
MARKET
PRICE AT
VESTING
DATE
TOTAL COST
RECOGNISED
FOR EQUITY
LTI AWARDS
($000)
2
Rob
Buchanan
FY2574267338129%1,147---1421,288
FY2457042257129%869---99968
FY2350637248129%791---63
854
Naomi James
FY23249625112100%9864,039,122100%$1.48192
1,178
FY2299543647100%1,685---1,041
2,726
FY2199547647100%1,689---4172,106
1 STI payments earned in the current
financial year are paid in the following financial year.
2 No LTI entitlement was paid to the current CEO in 2023, 2024, 2025 as none of the current LTI entitlements have vested. This cost recognition reflects
accounting treatment, not amounts paid to the CEO.
Details of short-term incentive
The Chief Executive's KPIs for his short-term incentive
entitlement ar
e based on delivery against the Company
Scorecard, which is a company-wide scorecard used
to benchmark overall performance for all staff and an
individual CEO Scorecard, with performance objectives
which ar
e specific to the Chief Executive, both of which
are aligned to the Company’s publicly available strategy.
The KPIs agreed with the Board for the 2025 financial
year related to:
KPI CategoryWeighting
1
Delivery against
Company scorecard
Strategic PillarKey Performance Metric50%
Infrastructure Partner
of Choice
Safety engagements and performance
Customer satisfaction
Grow through supporting
the Energy Transition
New contracted revenue originated during the year
More Sustainable Future
EBITDA and Normalised Free Cash Flow performance against budget
Key environmental metrics
Delivery against
Chief
Executive scorecard
Strategic PillarKey Performance Metric50%
World Class Operator  
Terminal performance, onsite health and safety compliance and
pr
oject delivery
High performance culture  
Workforce engagement and development plans
Grow from the core 
Maintain
diversified pipeline of growth opportunities, and progress
prioritised growth opportunities
Support energy transition 
Progress on the Marsden Point Energy Precinct
Disciplined
capital management 
Performance against market EBITDA guidance and budget free cash
flow
targets
Delivery of shadow BBB/BBB+ credit metrics 
Relationships with investors and lenders 
Good neighbour,
good citizen 
Key stakeholder engagement 
Performance against key environmental KPIs  
1 Unless determined otherwise by the Board. Amounts paid in cash, and the amount earned as a percentage of target award, are set out in the CEO
R
emuneration Outcomes Summary table on page 58.
58
Channel Infrastructure NZ Limited | 2025 Annual Report

Long-Term Remuneration Incentive outcomes
The table below provides a summary of share rights
curr
ently issued to the Chief Executive. Upon vesting,
each share right shall be eligible to be converted to one
ordinary share in Channel which may either be newly
issued or transferred to the Chief Executive.
Each of the Chief Executive's share-based LTI awards
have yet to vest and none have lapsed since their grant.
Information on the performance hurdles to achieving
vesting is set out below.
AwardGrant Date
Performance
period
Vesting
Date
Number of
rights awarded
1
Value At
Grant Date
(Per Right)
2
Awarded after the reporting period
Competitive
Adv
antage Award
26 February
2026
18 September
2025 -
31 December 2029
31 December
2029
1,563,599$2.5582
Awarded during the reporting period
2025 Annual LTI Award11 April
2025
28 February
2025 -
Q1 2028
Q1 2028152,624$1.8575
Awarded in prior reporting periods
2024 Annual LTI Award10 April
2024
1 March
2024 - Q1 2027
Q1 2027175,709$1.4598
2023 Initial Award27 March 2023
31 January 2023 -
31 January 202831 January 2028337,975$1.4794
1 As at the date of this report, a total of 2,229,907 share rights have been issued to Rob Buchanan.
2 The price shown here was calculated as a 20 day VWAP following commencement of the performance period.
Details of LTI Performance hurdles
Set out below is further detail on the performance hurdles
applicable t
o the Chief Executive's long term incentive
remuneration. As noted above, none of the relevant
performance periods have ended. Therefore, this is a
general description of the performance hurdles only:
1.Initial Award: The initial award is tenure based
in nature and due to vest on 31 January 2028,
subject to achievement of a minimum “on target”
performance against annual controllable KPIs during
the 5-year vesting period as determined and
assessed by the Board at the end of that period.

2.Annual LTI Award:
The annual LTI award vests:
• 50% based the Company’s TSR exceeding
an ab
solute TSR comparator based on the
Company’s cost of equity plus an agreed premium
(0.5%) compounding annually over the 3-year
vesting period (TSR Comparator). This is a binary
outcome. If the Company’s TSR over the vesting
period does not exceed the TSR Comparator, this
portion of an annual award will not vest; and
• 50% based on the extent to which the Company’s
T
SR exceeds a comparator group comprising
selected members of the NZX50. Vesting is
assessed on the below scale, with the outcome
depending on the percentile into which the
Company’s TSR falls over the 3-year vesting
performance period:
• Below the 50th percentile TSR – 0% vests;
• 50th percentile TSR – 50% vests;
• Between the 50th and 75th percentile TSR –
5
0%-100% vests, calculated on a straight-line
basis; and
• ≥ 75th percentile TSR – 100% vests.

3.Competitive Advantage Award: The award vests
depending on the Boar
d’s assessment of the
following at its discretion, in good faith, at the end
of the vesting period ending on 31 December 2029:
• 50% based on the successful execution of
designated projects for the Marsden Point
Energy Precinct that seek to secure a long-term
competitive advantage for the Company. The
projects seek to unlock significant value over time
as strategic tenants are attracted.
• 50% based on the successful execution
o
f designated strategic acquisitions and
developments outside of Marsden Point that seek
to secure a long-term competitive advantage for
the Company. The acquisitions or developments
seek to enhance the overall quality of the business
with measured step-outs in New Zealand and
Australia, improve the scale of the business in New
Zealand by acquisition or development of other
fuel infrastructure and associated fuels supply
chain consolidation.
59
Channel Infrastructure NZ Limited | 2025 Annual Report