2026 ASM Presentation Materials

NZX/ASX RELEASE
6 May 2026
2026 ASM presentation materials

The 2026 Annual Shareholders’ Meeting of Channel Infrastructure NZ Limited (NZX:CHI;
ASX:CHI) will be held today at 2pm. Accompanying this announcement are copies of the meeting
presentation and speeches to be delivered at the meeting by Board Chair, James Miller and Chief
Executive, Rob Buchanan.

Key new announcements to be made at today’s meeting include:
• The 93 million litre New Zealand Government diesel storage is on track for completion by 31
May 2026, in the compressed timeframe of under two months.
• The Z Energy jet tank is expected to be ready for commissioning in July 2026, six months
ahead of original schedule, with the revenue from the project also commencing in July.
• The revenue from the Higgins bitumen import terminal project is now anticipated to be $57
million over the 15-year contract term, before PPI indexation, with total cost to deliver the
project of between $25 – $27 million due to expansion in the scope and capabilities of the
terminal for our customer Higgins (previously $45 million over the contract term and cost for
the original scope of $17 – $21 million).
• The Board has increased Channel’s EBITDA guidance to $97 million to $105 million for the
2026 financial year (previously $95 to $100 million).

Commenting, Chair James Miller said “Channel has a proud reputation for delivering large and
complex capital projects, delivering financial results in-line with what is promised to our
shareholders, safely and reliably operating New Zealand’s largest fuels import terminal and
showing New Zealand we can be trusted to keep them moving, particularly when fuel supply
chains are under pressure.”

“If you have held your Channel shares since 2021, when shareholders voted overwhelming for
the transition to a dedicated import terminal, you have received an impressive cumulative dividend
yield of 50% of the share price at the time of that decision. The Board continues to focus on
stable and growing dividends as well as equitable treatment for all its shareholders, which
includes having supported a fully pro-rata method for raising capital in 2024. While the Company
has no present intention to do so, if Channel raises more capital for major growth initiatives, the
Board will use its best endeavours to maintain this pro-rata approach where possible to ensure
current shareholders can continue to have an opportunity to share in the Company’s success.”

“Reflecting the additional revenue from the early commissioning of the Z Energy jet storage, and
additional diesel storage revenue, balanced against an uncertain fuel demand outlook in the

current high fuel price environment, the Board has today increased Channel’s EBITDA guidance
to $97 million to $105 million.”

Chief Executive Rob Buchanan said “Channel’s infrastructure solutions help make New Zealand’s
fuel supply chain more secure, enhancing New Zealand’s resilience to fuel supply disruption and
supporting the Country’s economy. The Channel team and contractors have proven their ability
to deliver when it matters.”

“The Z Energy jet fuel tank is expected to be ready for commissioning in July, six months ahead
of original schedule, adding around eight days of jet capacity into Channel’s supply chain. In
addition to this our team created a unique and expedient solution to provide additional 93 million
litres of diesel storage capacity for the New Zealand Government, equivalent to approximately
nine additional days of New Zealand diesel demand diesel storage, in a highly compressed
timeframe of around two months.”


- ENDS -

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

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1
Annual
Shareholders
Meeting 2026
6 May 2026
Change picture to the same one as
the AR cover
Change picture
to cover of AR

2
Welcome
CHRIS BOUGEN, GENERAL COUNSEL & COMPANY SECRETARY

3
Using the online platform
Questions
Voting

4
Chair’s address
JAMES MILLER, ONZM, CHAIR

5
Chair’s address
James Miller, ONZM, Chair
Chief Executive’s address
Rob Buchanan, Chief Executive
Resolutions and voting
James Miller, ONZM, Chair
General business
James Miller, ONZM, Chair
Agenda

6
Board of Directors
James Miller, ONZM
Board Chair, Independent Director
Andrew Brewer
Non-Independent Director
Angela Bull
Independent Director
Andrew Holmes
Independent Director
Anna Molloy
Independent Director
Felicity Underhill
Independent Director

7
Helping New Zealand respond to the fuel crisis

8
Continued progress on our strategy positioning us well for growth
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

9
10.5cps
11.0cps
13.0cps
1.5cps
FY23FY24FY25
OrdinarySpecial
Growing dividends backed by strong cash flow
1
and increased pay-out ratio
Dividends
+18%
+5%
Ordinary dividends
1. Cash flow refers to Normalised Free Cashflow, being cashflow from continuing operations less maintenance capex, excluding conversion costs and growth capex (including acquisitions)

10
2.6%
11.4%
3.3%
9.2%
37.4%
63.0%
FY23FY24FY25
NZX50GChannel
Channel continues to outperform the NZX50
Total Shareholder Return
1
1. TSR calculated from the 31 December share price of the prior year. Excludes value of rights taken up or renounced in Channel’s November 2024 equity raise and excludes the FY25 final dividend of 6.75
cents per share paid in March 2026

11
Chief Executive’s
address
ROB BUCHANAN, CHIEF EXECUTIVE

12
Leadership Team
Steven Levell
GM of IPL
Rob Buchanan
Chief Executive
Jack Stewart
GM of Operations
Peter van Cingel
Business Development
Manager
Chris Bougen
General Counsel and
Company Secretary
Alexa Preston
Chief Financial Officer

13
Continued strong process safety and operational performance
3.5 billion
litres
1,422m litres
+1% PCP
JET FUEL
1,089m litres
Stable PCP
DIESEL
1,024m litres
+3% PCP
PETROL
Process Safety Incidents
Zero
>99%
Asset Availability
Delivered to market from
Marsden Point

14
$63.4m
$66.9m
FY24FY25
$89.1m
$92.4m
$95.1m
$93.4m
FY24FY25
Underlying EBITDALegacy Wiri lease
(68%)
(67%)
Continued strong and stable 2025 financial result
Revenue
+4% growth in Revenue
(excluding Wiri lease)
Normalised Free Cash
Flow
EBITDA (Margin %)
+4% growth in EBITDA
(excluding Wiri lease)
+5%
$133.8m
$139.2m
$139.8m
$140.2m
FY24FY25
Legacy Wiri leaseUnderlying Revenue

15
Proven execution of growth
20222023202420252026
Additional Storage
Transmix Storage
100 million litres Private Storage
Bitumen Import Terminal
Z Energy Jet Fuel Storage
Additional Storage
Additional Storage Extension
Conversion Project
Acquisition of 25% of
Somerton pipeline
Completed
In-Progress
2021
Government Diesel
Storage: 93 million
litres

16
Continued execution of projects safely, on budget, and on time
Picture of
Bitumen import terminal
Jet Fuel Storage for Z Energy Bitumen Import Terminal

17
Current operations and growth opportunities focused on supporting fuel security

18
Selective and disciplined approach to growth
Marsden Point Energy Precinct
#1
Synergistic consolidation along
Channel’s current supply chain to
Auckland Airport
#2
Measured growth step-outs
focused on adding to the quality
of Channel’s assets
#3

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
Bitumen Terminal
Strategic Fuels Storage

Biofuels Manufacture
Potential Marsden Point Biorefinery

21
Strategic position in Melbourne’s jet fuel supply chain
Acquired 25% interest in the Somerton jet fuel pipeline
Above WACC returns and forecast to be cash flow
accretive in FY2026
Met Financial Criteria
Supports existing customers
Consolidation along jet fuel supply chain
Supports Strategy
Embedded Growth Opportunities
Jet fuel asset in a growing market
Upgrading the current infrastructure
Stable inflation-linked revenues

22
Resolutions and
Voting
JAMES MILLER, ONZM, CHAIR

23
Resolution 1
That Directors be authorised to fix the fees
and expenses of Ernst & Young as auditors to
the Company for the financial year ending 31
December 2026.

24
General
Business
JAMES MILLER, ONZM, CHAIR

25
Conclusion of
meeting
Please join us for refreshments
JAMES MILLER, ONZM, CHAIR

26
•This presentation contains forward looking statements concerning the
financial condition, results and operations of Channel Infrastructure NZ
Limited (hereafter referred to as “CHI”).
•Forward looking statements are subject to the risks and uncertainties
associated with the fuels supply environment, including price and foreign
currency fluctuations, regulatory changes, environmental factors,
production results, demand for CHI’s products or services and other
conditions. Forward looking statements are based on management’s
current expectations and assumptions and involve known and unknown
risks and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in these
statements.
•Forward looking statements include among other things, statements
concerning the potential exposure of CHI to market risk and statements
expressing management’s expectations, beliefs, estimates, forecasts,
projections and assumptions. Forward looking statements are identified by
the use of terms and phrases such as “anticipate”, “believe”, “could”,
“estimate”, “expect”, “goals”, “intend”, “may”, “objectives”, “outlook”, “plan”,
“probably”, “project”, “risks”, “seek”, “should”, “target”, “will” and similar terms
and phrases.
•Readers should not place undue reliance on forward looking statements.
Forward looking statements should be read in conjunction with CHI’s
financial statements released with this presentation. This presentation is
for information purposes only and does not constitute legal, financial, tax,
financial product advice or investment advice or a recommendation to
acquire CHI’s securities and has been prepared without taking into
account the objectives, financial situation or needs of individuals. Before
making an investment decision, you should consider the appropriateness
of the information having regard to your own objectives, financial situation
and needs and consult an NZX Firm or solicitor, accountant or other
professional adviser if necessary.
Important Information
•In light of these risks, results could differ materially from those stated,
implied or inferred from the forward-looking statements contained in this
announcement. CHI does not guarantee future performance and past
performance information is for illustrative purposes only. To the maximum
extent permitted by law, the directors of CHI, CHI and any of its related
bodies corporate and affiliates, and their officers, partners, employees,
agents, associates and advisers do not make any representation or
warranty, express or implied, as to accuracy, reliability or completeness of
the information in this presentation, or likelihood of fulfilment of any
forward-looking statement or any event or results expressed or implied in
any forward-looking statement, and disclaim all responsibility and liability
for these forward-looking statements (including, without limitation, liability
for negligence).
•Except as required by law or regulation (including the NZX Listing Rules),
CHI undertakes no obligation to provide any additional or updated
information whether as a result of new information, future events or results
or otherwise.
•Forward looking figures in this presentation are unaudited and may
include non-GAAP financial measures and information. Not all of the
financial information (including any non-GAAP information) will have been
prepared in accordance with, nor is it intended to comply with: (i) the
financial or other reporting requirements of any regulatory body; or (ii) the
accounting principles generally accepted in New Zealand or any other
jurisdiction with IFRS. Some figures may be rounded, and so actual
calculation of the figures may differ from the figures in this presentation.
Non-GAAP financial information does not have a standardised meaning
prescribed by GAAP and therefore may not be comparable to similar
financial information presented by other entities. Non-GAAP financial
information in this presentation is not audited or reviewed.
•Each forward-looking statement speaks only as of the date of this
announcement, 6 May 2026.

---

Page: 1
2026 Annual Shareholders Meeting of Channel Infrastructure NZ Limited

Chair and Chief Executive Speeches

6 May 2026 at 2.00pm

Chair, James Miller

Good afternoon everyone and welcome to the Channel Infrastructure Annual
Shareholder Meeting. I’m James Miller, Chair of the Board. We have a quorum of
shareholders and the meeting is now open.

This afternoon I will talk about the critical role Channel plays in supporting New
Zealand’s fuel security, our focus on growth and the returns we have delivered for
our shareholders.

Chief Executive Rob Buchanan will then run through our 2025 operational and
financial performance. Rob will also discuss the growth projects we are currently
executing on and those that lie ahead of us. We will then complete voting on the
resolution as set out in the Notice of Meeting. Following the meeting, we invite
shareholders to join the Board and Management team for some light refreshments.

Our Board has the right mix of skills and experience aligned with our strategy of
being a world-class mid-stream energy infrastructure company across Australasia.

Joining me here today are my fellow directors.

Andrew Brewer has deep global experience in the leadership of world-class fuel
terminal and petroleum operations, and is instrumental in championing our company-
wide safety culture. Andrew is Chair of the Health, Safety, Environment & Operations
Committee.

Angela Bull brings a strong understanding of large-scale commercial land, property
and infrastructure development, so crucial to our Energy Precinct ambitions.

Andrew Holmes also brings global experience in the downstream energy industry,
and deep knowledge of aviation fuel supply chains, helping connect us with our
global customers. Andy is Chair of the People & Culture Committee.

Anna Molloy serves as our Audit and Risk Committee Chair, bringing strong financial
analysis and investment experience, and her background as a Chemical Engineer.

Page: 2
Felicity Underhill who has deep experience in future fuels, innovation and the
commercialisation of energy projects.

We are also joined today by Channel’s executive Leadership Team, including our
Chief Executive Rob Buchanan.

Before I begin, I would like to take a moment to thank the wider Channel team who
continue to deliver outstanding results for our customers and shareholders.

Channel has developed a proud reputation for:
• its ability to deliver large and complex capital projects safely, on time and on
budget;
• delivering financial results in-line with, or above what is promised to our
shareholders;
• safely and reliably operating New Zealand’s largest fuels import terminal 24
hours a day, 7 days a week; and
• showing New Zealanders we can be trusted to keep them moving, particularly
when fuel supply chains are under added scrutiny as they are at the moment.

Recognising the strategic opportunities ahead for the Company, the Board is pleased
to have retained Rob as Chief Executive through the remainder of this decade to
continue to lead the team’s delivery of these opportunities and long-term value to
shareholders.

We are living in an increasingly uncertain world, and the role of companies like ours
in supporting national fuel security is more crucial than ever. We have seen this play
out in recent months, with the Iran conflict causing disruptions to global fuel supply
chains that will be felt for some time.

Our team take very seriously the important part we play in keeping New Zealand’s
economy moving. That is why they work so hard every day to operate our critical
assets safely and reliably for New Zealand. At the same time, I would like to remind
shareholders of the importance of having more fuel stored in New Zealand.

This aligns with the Government’s own Fuel Security Study, which was completed
last year. The Fuel Security Study found that one of the most cost-effective ways to
increase New Zealand’s fuel security is to increase the in-country storage of fuels.

In recognition of the importance of Marsden Point to the New Zealand economy, we
continue to advocate for the designation of the area as a Special Development Zone,
alongside our neighbours Northport Group and others who operate from the area.

Page: 3
As you know, our vision is to be a world-class energy infrastructure company.
Shareholders will be familiar with this slide that shows our strategic priorities and we
are well underway executing against this ambitious strategy.

I’m pleased to report that we have made great progress towards becoming the
infrastructure partner of choice for our customers. Over 2025, we continued to
improve the reliability and resilience of the import terminal system, we made it easier
and cheaper for our customers to come to Marsden Point, and we achieved
exceptional safety, operational and efficiency outcomes.

We continue to demonstrate strong financial discipline, and to be a good neighbour
and good citizen, which is essential to our licence to operate.

The progress on the first and third pillar of our strategy allows us to focus on the
middle pillar. We are now incredibly well positioned to continue to execute on our
growth ambition.

The Board is firmly focused on providing a stable and growing dividend to our
shareholders. Reflecting our confidence in the business outlook, alongside our drive
to be efficient with shareholders’ capital, last year we increased our dividend payout
ratio from 60-70% of Normalised Free Cash Flow to 70-90%.

We were also pleased to introduce a dividend reinvestment plan during the year.
This has had an excellent uptake of over 20% as investors opted to receive
additional Channel shares rather than cash for their dividend entitlement.

Following a stronger than anticipated normalised free cash flow generation in the
second half of last year, the Board was delighted to have declared a total dividend of
13 cents per share for 2025. This exceeded our guidance by half a cent and
represented an 18% increase in total dividends for the year.

If you have held your Channel shares, since the 2021 vote to transition to a
dedicated import terminal, you have received an impressive cumulative dividend
yield of around 50% of the share price at the time of that decision.

The Board continues to focus on stable and growing dividends as well as equitable
treatment for all its shareholders, which includes having supported a fully pro-rata
method for raising capital in 2024. While the Company has no current intention to do
so, if we raise additional capital in the future for a significant opportunity, the Board
will use its best endeavours to maintain this approach to ensure our existing
shareholders can continue to have an equal opportunity to share in the Company’s
success.

Page: 4

Looking ahead to the 2026 financial year, we indicated back in February that we
expected EBITDA of between $95-$100 million. This increase on 2025 reflects the
early commencement of the Z Energy storage project, the completion of the Higgins
bitumen import terminal, good cost control, and the PPI indexation of our storage
contracts.

Since we provided this guidance, we have agreed to bring online a significant
amount of new diesel storage for the New Zealand Government, which will provide
us with an additional $8 million in revenue this year. The Board is also pleased to
announce today that the Z Energy jet tank is expected to be ready for commissioning
in July 2026, six months ahead of schedule, with the revenue from the project
scheduled to commence early, at commissioning. Higgins has also expanded the
original scope and capabilities of their bitumen import terminal resulting in the total
revenue over the 15-year contract term increasing to $57 million, from $45 million,
and the total cost of the project increasing to $25-27 million.

Our business model was very intentionally set up for stable cashflows. With our
customer terminal contracts structured with an indexed take-or-pay mechanism and
around 50% of our revenue that is completely independent of fuel volumes. This
model makes our company relatively resilient to significant demand or supply side
shocks. However, uncertainty remains around New Zealand’s fuel demand in the
current high fuel price environment. Reflecting the additional revenue, balanced
against an uncertain outlook, the Board has today slightly increased Channel’s
EBITDA guidance range to between $97 million to $105 million.

As I said earlier, we continue to drive performance and deliver on our strategy, a
testament to the hard work and dedication of the Channel team.
We have continued to significantly outperform the NZX50, delivering a total
shareholder return, which includes dividend and share price performance, of 63%
last year.

Alongside significant investment in our import terminal and the execution of growth
projects, we have delivered a total shareholder return of 213% since we converted to
a dedicated fuels import terminal in April 2022.

Channel’s primary listing proudly remains on the NZX , however late in 2025, we
listed on the ASX, with a foreign exempt ASX listing. This important milestone
provides access to a broader pool of institutional and retail shareholders to support
Channel’s continued growth and reflects the significant opportunities for growth that
are ahead of us.

Page: 5
Chief Executive, Rob Buchanan

Hi everyone, welcome, I’m Rob Buchanan, Channel’s Chief Executive. With me
today are members of our Leadership Team, including:
• Alexa Preston, our Chief Financial Officer
• Jack Stewart, our General Manager of Operations
• Absent today, Peter van Cingel, our Business Development Manager
• Steve Levell, General Manager of Independent Petroleum Laboratory
• And you have already met Chris, our General Counsel and Company
Secretary.

Before I update you on our financial performance and growth opportunities, I’d like to
talk to our continued strong safety and operational performance during 2025.

We handled 3.5 billion litres of fuel through Marsden Point, approximately 40% of all
of the country’s fuel, including 80% of the country’s jet. As many of you will be
aware, recent years have seen industry-wide aircraft engine reliability issues and
maintenance delays, which have also affected Air New Zealand and forced some of
their aircraft fleet to be temporarily grounded. Despite this, we saw jet volumes up
year-on-year, with the fourth quarter of 2025 the highest since Q1 2019.

Our petrol volumes were higher than anticipated, and diesel remained stable year-
on-year. In part, we believe this is because our customers are taking advantage of
the supply chain efficiencies and scale offered by Marsden Point. This includes
additional storage brought into service and our investment in world-class operations,
which is helping create efficiencies for our customers’ supply chains.

Reflecting on the first quarter of 2026, Diesel, Petrol and Jet volumes were in line
with or above our expectations. Whilst the Middle East conflict significantly impacted
fuel prices in New Zealand in March, during the month throughput overall remained
strong.

Our team continues to work hard to ensure that the availability of our assets remains
at world-class levels, and we are proud that our assets have delivered over 99%
availability consistently over the last three years.

Moving from our operational to our financial performance in 2025. Our underlying
revenue and earnings grew by 4%. This reflects the PPI indexation of our contracts
with our customers, slightly higher levels of fuel going through our terminal and the
Transmix storage infrastructure which became operational in December 2024.

Our Free Cash Flow is strong, and increased by 5% last year, and our Free Cash
Flow Conversion ratio increased from 67% to 72%.

Page: 6

As James mentioned, we have proven our ability to execute on large capital-
intensive projects safely, on time and on budget. The ongoing conversion project at
Marsden Point started with the conversion of Channel’s operations to an import
terminal back in 2021 and is now nearing the end, with only bunding work remaining.
The $220 million project has been undertaken over 6 years throughout we have kept
everyone safe while staying on plan and to budget. I would challenge anyone to find
a comparable project of this size and scale that has been executed so successfully,
and all while continuing to run an active and busy fuel import terminal throughout the
duration.

We have also embarked on four new growth projects over the past two years. These
four projects will deliver approximately $180 million before any PPI indexation in
additional revenue over 15 years. Again, all of these projects have either been
completed, or almost completed, on plan and on budget.

In addition to this, we announced two weeks ago that we entered into an agreement
with the New Zealand government for significant additional diesel storage. Our
Channel team created a unique and expedient solution to provide additional diesel
storage at massive scale in a highly compressed timeframe of two months. This
project, which is close to completion, has been a heroic effort from our team and
wider Northland contractor base, and is a clear demonstration of our ability to deliver
when it matters.

Last year we also completed our first strategic acquisition in Australia, acquiring a
25% interest in the Somerton jet fuel pipeline to Melbourne Airport.

I’m really proud of the number of achievements outlined on this slide, in such a short
amount of time.

Due to the great work of our Channel team and contractors, the new jet storage tank
will now be complete in July, six months ahead of schedule. This means we receive
the income from this agreement earlier than expected. But importantly it also means
a significant and much needed boost to New Zealand’s jet fuel supply chain earlier
than expected.

The Bitumen Import Terminal will enhance New Zealand’s bitumen supply chain,
providing a strategic location for Higgins to supply the wider construction industry in
the upper North Island. This is also currently under construction and on track to be
finished in the fourth quarter of this year.

Page: 7
As New Zealand’s largest fuel import terminal, the critical role that we play in
underpinning resilience for New Zealand has been highlighted following the recent
conflict in the Middle East.

For a tangible example of what Channel’s resilience means: we have more than 290
million litres of tank capacity in service today at Marsden Point, which represents
enough fuel for:
• about 35,000 flights between Auckland and Wellington, and
• over 1.5 million average car fills, and
• around a million diesel SUV fills.

This is the equivalent of around 30 days’ worth of demand for Auckland and
Northland, or 12 days of New Zealand’s total fuel demand.

In addition, the new jet storage project will add around 8 days of jet capacity in early
July, and the Government diesel storage project will add around 9 additional days of
capacity in the coming weeks for Channel’s supply chain.

This highlights how Channel’s infrastructure solutions help make New Zealand’s fuel
supply chain more secure, enhancing New Zealand’s resilience to fuel supply
disruption and supporting the country’s economy.

It’s also why we have invested in our infrastructure, including new safety and product
quality equipment such as firefighting systems, floating suction hoses, and quick
flush tanks, ensuring we are meeting world-class industry standards.

Channel will continue to focus on growth, but let me be clear, this growth must add
value for our shareholders, align with the company’s strategy and add to the overall
quality of our business. Our first growth priority is the Marsden Point Energy
Precinct.

Delivery of the Precinct will be transformational for Channel and Marsden Point,
enabling us to unlock the significant potential of our existing site and assets. But it
will also be transformational for our local community, with independent analysis from
PwC finding that it could generate GDP of around $3.3 billion, and contribute around
20,000 full-time equivalent jobs in Northland over the 10-15 year construction phase.
Once fully operational, the projects could generate around $290 million annually in
GDP and contribute around 1,150 full-time equivalent jobs.

Delivering the Marsden Point Energy Precinct would cement Marsden Point as the
home of New Zealand’s fuel resilience.

Page: 8
Our second growth priority is consolidation along Channel’s current supply chain to
Auckland Airport. Channel already owns a premium suite of assets in the New
Zealand fuel supply chain. It makes sense to see where else we might be able to
add value, particularly in aviation fuel which is resilient to the energy transition.

Our third growth priority is to look for measured growth step-outs focused on adding
to the quality of Channel’s assets. This may include acquisitions in New Zealand or
Australia where there is opportunity to add value through our proven operational
capability, supporting customers or targeting growth markets. The first example of
this strategy in action is the Somerton pipeline we acquired late last year, servicing
Melbourne airport’s jet supply chain.

The Marsden Point Energy Precinct, as shown on this slide was never going to be
static, and with market opportunity evolving, the final shape of our precinct will
change over time as we pick the opportunities that bring the greatest benefit for our
shareholders and New Zealand.

Reflecting our confidence in the Precinct, we have started the process of relocating
the import terminal control room and construction of a new administration building.
This will not only support the Marsden Point redevelopment plans, but will also be an
important improvement in the environment our people work in every day.

Last year, Channel completed a front-end design engineering study for a potential
72MW diesel-powered electricity peaking plant. This project would be relatively fast
to construct and benefits from the significant fuel reserves already stored on 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. This
project is currently paused, awaiting the outcome of the New Zealand Government’s
review of its previously proposed LNG terminal.

Fuel supply chains have been a bit of a theme today, and the Marsden Point
Biorefinery project provides an example of the potential for our site to do even more
for New Zealand’s long term fuel security.

The key fuel security benefit of this project in the context of the disruption occurring
in the Middle East and the Strait of Hormuz is that the feedstock for the biorefinery is
domestic, and the only body of water that feedstock would need to cross is the
Waitemata Harbour.

This very significant project is continuing to progress, and we continue to expect a
final investment decision later this year. Air New Zealand has now joined the
project’s consortium alongside Qantas, Renova, Kent and ANZ Bank.

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Finally as mentioned, Channel made its first measured step-out into the Australian
market last year with an A$14 million investment in a 25% share in the Somerton jet
fuel pipeline to Melbourne Airport.

The pipeline is operated by ExxonMobil, a proven, safe and reliable operator of
critical infrastructure, and the acquisition enhances the overall quality of Channel’s
business, while supporting existing and new customers. Melbourne airport delivered
the largest total passenger month on record in December 2025. Further growth is
expected, with continued route development and the addition of a third runway in the
early 2030s.

The real value in this small acquisition is in the embedded growth opportunities that
come with it. Opportunities include potential consolidation along the Melbourne
Airport jet fuel supply chain or through upgrading the current infrastructure. Of
course, realising these opportunities will take time and are subject to further
feasibility work and investment approvals.

And with that, I’ll hand back to James to cover the resolution, voting and general
business of the meeting.