Channel delivers strong HY26 result

NZX AND ASX RELEASE
28 August 2026
Channel delivers strong HY26 result, with contracted growth supporting earnings
outlook
Channel Infrastructure NZ Limited (NZX: CHI, ASX: CHI), New Zealand’s largest fuel import terminal
business, has today released its financial results for the six months ended 30 June 2026 (HY26). Key
highlights include:
• Strong HY26 financial result, with revenue up 4% to $72.9 million and EBITDA of $48.8 million
• Normalised Free Cash Flow from operations was $33.6 million, down from $35.2 million reflecting
phasing of maintenance capital expenditure. Maintenance capex remains on track for 8-10% of revenue
for FY26
• FY26 EBITDA guidance upgraded to $103 – $108 million, from May upgrade of $97 – $105 million
• Interim dividend increased 16% to 7.25 cents per share up from 6.25 cents per share in HY25
• World-class operational performance maintained through a period of disruption to global fuel supply
markets, with pipeline and tank availability of 99%
• An additional 123 million litres of jet and diesel storage brought into service, increasing in-service
storage at Marsden Point by approximately 40%. The 93 million litre New Zealand Government diesel
storage project was delivered safely, on time, and on budget in just nine weeks
• Further contracted earnings growth expected in FY27 as a result of full-year contributions from recently
completed growth projects
• US$5.95 million sale and removal of fully decommissioned CCR Platformer unit as part of critical
enabling works for Marsden Point Biorefinery. Given the global environment the consortium’s equity
raising process is taking longer than originally anticipated and credible potential equity providers remain
actively engaged and due diligence is well progressed, however, the timing of Final Investment Decision
will likely now extend into 2027

Key Financial Metrics
1


HY26
$m
HY25
$m
% change
Revenue 72.9 70.2 +4%
EBITDA 48.8 48.5 +1%
EBITDA Margin 67% 69%
Growth Capital Expenditure 25.1 11.5 118%
Normalised Free Cash Flow 33.6 35.2 -5%
Free Cash Flow Conversion 69% 73%
Total Ordinary Dividend 7.25cps 6.25cps +16%

1
Continuing Operations

Chair James Miller said: “We are focused on selective and value-accretive growth as we build a world-class
mid-stream energy infrastructure company across Australasia. The investments we have made are
translating into long-term contracted revenues and growing cash flows, supporting the Board’s focus on
stable and growing dividends.
“This is another strong operational and financial result for Channel. We have upgraded FY26 EBITDA
guidance for the second time this year, increased the interim dividend by a significant 16%, and delivered
significant contracted growth that will contribute to earnings through the second half of 2026 and into 2027.
“The Marsden Point Energy Precinct is our strategic priority and has the potential to be transformational for
Northland – bringing investment, skilled jobs and new industries to the region, while cementing Marsden
Point’s role at the heart of New Zealand’s energy future.”
Chief Executive Rob Buchanan said: “The first half of 2026 demonstrates what Channel can deliver. In six
months we have brought 123 million litres of additional jet and diesel storage into service – increasing our
in-service storage at Marsden Point by around 40% – while maintaining world-class asset availability
through a period of global fuel supply disruption.
“The increased focus on energy security is creating opportunities for Channel to leverage its world-class
operating ability and proven project delivery capability for further conversion opportunities. Potential
renewable fuels projects, such as the Marsden Point Biorefinery, become even more valuable for New
Zealand by supporting the security of New Zealand’s fuel supply chain as well as underpinning its long-
term sustainability goals.
“As we continue to demonstrate, we remain disciplined about growth. We are focused on opportunities
where Channel can use the strategic value of the infrastructure we already own and the capability of our
team to develop and deliver infrastructure solutions that create value for shareholders while strengthening
the fuel supply chains in which we operate.”
Dividend
The Board has declared a HY26 interim unimputed dividend of 7.25 cents per share which will be paid on
24 September 2026 and represents a 16% increase on the HY25 dividend. Participants in the Dividend
Reinvestment Plan may elect to receive Channel shares for part or all of their interim dividend entitlement,
at a 1% discount to the calculated market price for the shares, calculated in accordance with the Dividend
Reinvestment Plan Offer Document dated 27 February 2026.
Guidance and outlook
The Board has upgraded FY26 EBITDA guidance to $103–$108 million, from $97–$105 million in May,
reflecting the earlier commissioning of Z Energy jet storage, additional Government diesel storage revenue
and greater visibility of fuel throughputs.
Looking ahead to FY27, EBITDA will benefit from full-year contributions from the Z Energy jet storage and
Higgins bitumen import terminal contracts, together expected to contribute approximately $9 million, and
approximately $14 million from the New Zealand Government diesel storage contract.
Maintenance capital expenditure guidance of 8–10% of revenue, Normalised Free Cash Flow conversion
guidance and Channel’s dividend policy remain unchanged.

- 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 NZST 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 410 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. Channel also has more than 350 million litres of tank capacity
available for repurposing to finished product storage to support fuel security projects and a further 45
hectares of consented, freehold land available for greenfields fuel storage projects.
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
Financial Results
28 August 2026
For the six months ended 30 June 2026

2
Highlights and
Operating Update
ROB BUCHANAN, CHIEF EXECUTIVE

3
Strong and consistent safety performance with significant increase in contractor activity on site
Strong financial result with FY26 EBITDA guidance upgraded today from $97-$105 million to $103-$108 million
World-class operational performance across all measures notwithstanding the global fuel supply chain disruptions
Throughput volumes remained stable and in line with the Envisory outlook and Channel’s expectations despite high fuel price environment
Additional 93 million litres of diesel storage for the New Zealand Government successfully brought into service in only nine weeks, securing
an additional nine days of diesel supply for New Zealand
Z Energy jet storage project completed July 2026, six months ahead of the original schedule and within budget, with revenue now in H2 2026
Higgins bitumen import terminal project on track for completion in late Q4, with expansion of scope and capabilities
US$5.95 million to be received for the sale and removal of fully decommissioned CCR Platformer unit as part of critical enabling works for
Marsden Point Biorefinery. Given the global environment the biorefinery consortium’s equity raise process is taking longer than anticipated
The Board has declared an interim dividend of 7.25 cents per share (up 16% from HY25)
HY26 Highlights – delivering fuel resilience for New Zealand

4
$6.0m
$8.5m
$11.5m
$25.1m
$17.5m
$33.6m
HY25HY26
MaintenanceGrowth
$69.2m
$72.9m
$70.2m
$72.9m
HY25HY26
Underlying RevenueLegacy Wiri lease
(69%)(67%)
HY26 Financial Highlights
1
Revenue
+5% growth in Revenue (excluding Wiri lease)
Normalised Free Cash Flow
EBITDA
(Margin %)
+3% growth in EBITDA (excluding Wiri lease)
Dividends
+16% on HY25
Capex
Includes New Zealand Government diesel
storage project
Free Cash Flow Conversion
1.Continuing Operations
$34.2m
$33.6m
$35.2m
$33.6m
HY25HY26
Underlying Normalised FCFLegacy Wiri lease
6.25cps
7.25cps
HY25HY26
$47.5m
$48.8m
$48.5m
$48.8m
HY25HY26
Underlying EBITDALegacy Wiri lease
73%
69%
HY25HY26

5
65%
28%
18%
13%
33
28
26
24
30
-
5
10
15
20
25
30
35
1H242H241H252H251H26
99.6
99.4
99.1
99.0
99.4
100.0100.0
99.9
99.0
99.3
1H242H241H252H251H26
Pipeline availabilityTank availability
1.8
1.7
1.7
1.8
1.7
1H242H241H252H251H26
4
3
2
FY24FY251H26
0.4
0.5
CONCAWEFY24FY251H26
Tier 1Tier 2
83%
80%
82%
85%
82%
1H242H241H252H251H26
Strong safety and operational performance
Marsden Point throughput (billion litres)Number of ships
Pipeline utilisationAsset availability

(%)
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
2.CONCAWE 2024 benchmark Marketing category (terminals, logistics and retail sites)
3.Total Recordable Case: includes Lost Time Injury, Medical Treatment Injury, Restricted Work Injury
and Fatality
Increased ship
movements with
smaller fuel parcels
through the fuel crisis

6
579
705
693
710
679
699
729
1,258
1,404
1,422
2023202420252026
H1H2
Growth in Jet demand during H1
•HY26 jet volumes grew by 2.5%, broadly in line with Channel’s
expectations
•Strong first quarter 2026 jet throughput reflected continued growth
of international services at Auckland Airport before the conflict in
the Middle East
•Q2 2026 jet throughput was impacted by higher jet prices and
Middle Eastern carriers operating a reduced schedule with flights
beginning to be restored towards the end of the quarter
•The earlier than expected return of Air New Zealand’s full widebody
fleet in June 2026 marks the end of their engine shortage
groundings, supporting international capacity and continued
growth in jet fuel demand
•Somerton throughput broadly in line with expectations, albeit
Melbourne Airport impacted to a greater extent than Auckland by
schedule disruptions to Middle Eastern carriers in Q2
Marsden Point Jet Throughput
Million Litres
Quarterly Marsden Point Jet Throughput
Million Litres
381
312
404
307
-50
50
150
250
350
450
Q1Q2
20252026

7
0
5
10
15
20
25
30
35
0
1,000
2,000
3,000
4,000
5,000
Dec 17Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25Jun 26
DieselPetrolHybridEV
Petrol & diesel stable despite high prices
Petrol
•Petrol throughput remained stable, in line with the Envisory
outlook
•Elevated fuel prices throughout HY26 impacted demand
•Permanent 18 million litre petrol tank outage at Wiri in Q1 2026
resulted in a one-off drop in throughput for that period. The
tank is being converted to jet fuel storage and is expected to
be back in service H1 2027
•The combined diesel and petrol light vehicle fleet has been
stable since 2017
Diesel
•Diesel throughput remained stable, in line with the Envisory
outlook
498
509
504
487
514
483
520
1,012
992
1,024
2023202420252026
H1H2
Petrol Throughput
Million Litres
New Zealand Light Vehicle Fleet (000s)
Source: Ministry for Cities, Environment, Regions & Transport
EV new registrations
(RHS)
556
547
538
536
544
540
551
1,100
1,087
1,089
2023202420252026
H1H2
Diesel Throughput
Million Litres

8
Financial
Update
ALEXA PRESTON, CHIEF FINANCIAL OFFICER

9
Reported Profit and Loss Result
1
HY26
($M)
HY25
($M)
% change
Revenue
72.969.25%
Revenue – legacy Wiri lease
-1.0n/a
Reported Revenue
72.970.24%
Operating costs
(24.1)(21.8)11%
EBITDA
48.848.51%
EBITDA margin
67%69%
Depreciation
(22.4)(21.0)7%
Depreciation – legacy Wiri lease
-(1.0)n/a
Net financing costs
(0.2)(8.1)(98%)
Net profit before tax
26.318.443%
Income tax
(7.0)(5.3)32%
Net profit after tax
19.313.147%
Continued strong and stable financial result in line with upgraded guidance
•EBITDA up 1% reflecting contracted storage revenue uplift and PPI
indexation, partly offset by loss of the legacy Wiri lease and the
contracted step down of fixed terminal fees that occurred on 1
April 2025. Underlying EBITDA up 3% excluding the legacy Wiri lease
•Stable EBITDA margin of 67%(HY25: 69%)
•Finance costs include $7.2 million non-cash credit from jetty
restoration provision reassessment
1.Continuing Operations

10
Revenue
1
HY26
($M)
HY25
($M)
% change
Terminal fees – fixed
23.324.0(3%)
Terminal fees – variable
33.031.55%
Contracted storage
11.710.215%
Other operating revenue
3
2.51.839%
Laboratory testing
2.52.7(7%)
Total Revenue
72.970.24%
Revenue
Revenue up 5% excluding legacy Wiri lease
•Fixed fees impacted by a contracted step down in fixed terminal
fee from 1 April 2025, offset by PPI indexation
•Variable terminal fees higher reflecting PPI indexation of 3.25% and
higher wharfage fees from 30 import vessels received,
includingone shipment utilised to partially fill the 93 million litres of
Government diesel storage
•Contracted storage revenue higher due to PPI indexation and a
partial month of Government diesel storage
2
•Other operating revenue
3
incudes Somerton pipeline revenue and
other one-off recharges, partially offset by the loss of legacy Wiri
lease revenue (HY25 $1 million)
•Laboratory revenues decreased due to lower testing volumes
1.Continuing Operations
2.Government diesel storage is not subject to PPI indexation
3.Previously Lease and other

11
Operating Costs
1
HY26
($M)
HY25
($M)
% change
Energy and utility costs
4.44.17%
Materials and contractor payments
5.74.527%
Salaries, wages and benefits
8.27.312%
Administration and other costs
5.85.8-
Total Operating Costs
24.121.811%
One-off expenses related to growth
0.40.6(33%)
Operating Costs
Underlying costs up 6% excluding the impact of Somerton
•Disciplined cost management of controllable costs
•Energy and utility cost higher than prior period due to inflationary
adjustments in transmission charges and a one-off transmission
credit in HY25
•Materials and contactor payments for HY26 include Somerton
pipeline operating costs. Excluding Somerton these costs
increased 4%
•Salaries, wages and benefits up reflecting labour cost inflation,
filling of vacancies and new positions required to deliver world-
class resilient operations
•Administration and other costs were delivered in line with prior
year, despite inflationary environment
1.Continuing Operations

12
HY26
($M)
HY25
($M)
Import Terminal System
5.11.8
Tank maintenance
3.44.2
Total maintenance capex
8.56.0
% of revenue
11.7%8.5%
Growth capital expenditure
25.111.5
Conversion capex
2.21.7
Site redevelopment capex
5.7-
Total capital expenditure
1
41.519.1
Investment for resilience and growth
•Maintenance capex spend reflects upgrading terminal control
systems, scheduled jetty and pipeline upgrades and tank statutory
inspection upgrades
•On track for FY26 Maintenance capex of 8-10% of revenue, with
HY26 result reflecting phasing of maintenance activity
•Growth capex includes the Z Energy jet tank conversion, New
Zealand Government diesel storage tank conversion and Higgins
bitumen import terminal
•Bunding work continues with conversion project remaining on
track to be delivered by the end of 2027
1.Capex in this table is presented on an accrual basis

13
330
(49)
7
8
22
5
(0)
23 346
-
50
100
150
200
250
300
350
400
Net Debt FY25Operating cashflowFinancingMaintenance capexOrdinary dividendsSite redevelopment
capex
Conversion costsGrowth capexNet Debt HY26
Continued headroom in operating cashflow for future dividend growth
1.Net cash generated fromcontinuing operations less financing, maintenance capex, excluding conversion costs, site redevelopment costs and growth capex (including acquisitions)
2.Ordinary dividends reflect the final FY25 dividend paid in March 2026
3.Conversion costs include discontinued operations and conversion cash inflows and outflows. HY26 includes capex associated with the bund conversion program offset by the return of a Court deposit in
relation to the final legacy litigation case which is now concluded.
•HY26 Normalised Free Cash Flow from operations
1
of $33.6 million, representing an EBITDA to Free Cash Flow conversion of 69%, slightly lower
than HY25 due to increased payables and higher maintenance capex during the half
•The Board has declared anunimputedordinary interim dividend of7.25 cents per share, a 16% increase in ordinary interim dividend. The
Dividend Reinvestment Plan will be offered at a 1% discount for the interim dividend
Normalised Free cash-flow from operations
1
$33.6 million
32

14
-
40
80
120
160
200
Jun 26Dec 26Jun 27Dec 27Jun 28Dec 28Jun 29Dec 29Jun 30Dec 30
Retail bonds (CHI030)Retail bonds (CHI020)Interest rate swaps
5.0%
2
p.a.
5.8% p.a.
6.75% p.a.
CovenantHY26FY25
Net debt
1

$346m$330m
Liquidity headroom
$93m$108m
Leverage
(Net debt/Rolling 12 month EBITDA)
3.8x3.6x
Gearing
(Net debt/(Net debt + Equity))
<55%
31%30%
Interest cover ratio
(Rolling 12 month EBITDA/Net interest expense)
>2.5x
5.75.6
Weighted average debt maturity
3.1 years3.6 years
0
30
60
90
120
150
180
20262027202820292030
Retail bonds (CHI030)Retail bonds (CHI020)Bank
6.75% p.a.
Fixed Debt Profile ($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
•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
•Reviewing options for the refinancing of the CHI020 retail bond
which matures in May 2027
Debt Maturity Profile ($m)

15
65%
28%
18%
13%
2026 guidance further upgraded
•FY26 EBITDA guidance further upgraded reflecting:
•greater certainty around fuel throughputs with eight
months’ visibility
•New Zealand Government diesel storage contract
delivered to plan in June 2026
•Z Energy jet storage delivered in early July, six
months ahead of schedule
2027 outlook
•Full year EBITDA contribution from the Z Energy jet
storage and Higgins bitumen contracts (~$9 million)
•Full year EBITDA contribution from New Zealand
Government diesel storage contract (~$14 million)
•The PPI applicable to FY27 is expected to be published
in November 2026
FY26 Guidance and Outlook
FY26 EBITDA
Guidance
$95–100 million
(FY25: $93.4 million)
$97-$105 million
$103 - $108 million
FY26 Maintenance
capex
8-10% revenue
(FY25: 8.8%)
UnchangedUnchanged
Normalised Free Cash
Flow Conversion
Broadly in line
with FY25
(FY25: 72%)
UnchangedUnchanged
Dividend Policy
70-90% of
Normalised Free
Cash Flow
(FY25: 13.0 cps)
UnchangedUnchanged
February 2026
Guidance
May 2026
Guidance
August 2026
Guidance

16
Growth Update
ROB BUCHANAN, CHIEF EXECUTIVE

17
Selective and disciplined approach to growth
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
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
Embedded growth opportunities from
acquisitions
#3

MCH, Ammonia / Greenfields Fuels Storage
(9 hectares)
Biofuels Manufacture
Jetties
SAF / Hydrogen
manufacture
Lease (to Long-term Tenant)
Public Access (Mair Road)
Diesel Peaker
Truck Loading Facility (Leased)
Flow Battery /
Strategic Storage
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
Transformational for Channel and New Zealand
Bitumen Terminal
(under construction)
Transpower, Northpower
Greenfields Fuels Storage (36 hectares)
Strategic Fuels Storage
Sold: CCR
Platformer

19
Marsden Point Energy Precinct – Six months of further delivery
Z Energy Jet Storage
(announced 23 August 2024)
Boosting resilience in NZ’s jet fuel supply chain
Significant jet storage contract delivering ~$55
million (pre-PPI) over 10 years
Delivered in early July 2026, six months ahead of
the original schedule and within budget
Supporting New Zealand’s energy security
93 million litres diesel storage contract to the
Government until 31 December 2027 providing ~9
additional days of New Zealand diesel demand
storage
Delivered in June 2026. A unique, accelerated
solution identified in 3 weeks and delivered 9
weeks later
New Zealand Government Storage
(announced 20 April 2026)
Bitumen Import Terminal
(announced 25 November 2024)
Enhancing New Zealand’s bitumen supply chain
Higgins has expanded the scope and capabilities
of bitumen facility increasing total revenue from
the contract to $57 million (pre-PPI) over 15 years
(from $45 million)
Delivery on track for late Q4 2026

20
Future Energy Precinct Opportunities
Brownfields Storage
350+ million litres of storage capacity
available for repurposing
Scoping study completed into the
feasibility of conversion of existing
tanks and construction of new tanks,
reflecting increasing opportunity for
strategic storage
45 hectares available for new tank
construction
Utilising existing resource consents,
jetties and pipeline infrastructure to
facilitate condensed delivery timelines.
500-700 million litres of additional
greenfields storage capacity could be
accommodated on Channel’s site
Greenfields storageSAF/Biofuels
Several additional parties evaluating
Marsden Point for SAF and biofuels
manufacture
In addition to the Marsden Point
Biorefinery Project, Channel has
entered into an MoU with LanzaJet
who are in the early stages of
exploring the development of an
alcohol-to -jet facility
Up to 72MW of fast start peaking
capacity which benefits from fuel
reserves on site
Industry determining the impact of the
New Zealand Government LNG project
and winter energy reliability
obligations
Electricity Peaking Project

21
•The proposed biorefinery is now expected to produce biodiesel, Sustainable Aviation Fuel (SAF),
urea and other fertilisers with Ballance Agri-Nutrients as principal offtaker, supporting a regional
solution to supplement existing New Zealand fertiliser manufacturing
•While offtake agreements to underwrite the project see the majority of fuel exported, with up to
400 million litres per annum of production that could be made available for the domestic
market, the project could have significant fuel security benefits for New Zealand in times of
constrained supply or crisis
•Channel has agreed the US$5.95 million sale and removal of fully decommissioned CCR
Platformer unit as part of critical enabling works, with this unit expected to be removed by end
of 2027
•Given the global environment, the consortium’s equity raise process is taking longer than
originally anticipated and is complex and ongoing, but at this stage highly credible potential
equity providers remain actively engaged and their due diligence is well progressed. The
proposed Marsden Point Biorefinery remains the highest and best use of the decommissioned
hydrocracker assets at this point
•Channel’s current assessment is that with the consortium’s equity raise process being a key
condition precedent to a final investment decision (FID), the completion of this process will likely
delay the timing of FID into 2027
•Channel anticipates any asset sale proceeds from the hydrocracker will be received upon
financial close, following conclusion of the debt raising process, with lease revenue expected to
begin with the consortium’s acquisition of the hydrocracking assets
Marsden Point Biorefinery project scope expanded
MARSDEN POINT BIOREFINERY CONSORTIUM ARRANGED BY SEADRA ENERGY:
Project Highlights
Over $1 billion investment by the
consortium, utilising
decommissioned hydrocracker and
18 -20 hectares of land which could
reserve up to 400 million litres for the
domestic market
Will produce biodiesel, Sustainable
Aviation Fuel (SAF), and urea and
other fertilisers
Utilises existing Marsden Point
infrastructure, jetty, storage tanks
and pipeline networks
Strengthens New Zealand’s resilience
to global supply chain disruptions
Supports New Zealand’s emission
reduction goals
Creates skilled jobs, regional
investment and long-term value
Channel to act as landlord and
provide ancillary infrastructure
services

22
STRATEGIC PILLAR MEASURE2026 TARGETHY26 PROGRESS STATUS
Infrastructure partner of
choice
Safely home, every dayLost Time InjuriesZeroTwo
Diverse and engaged teamLift in employee engagement scoreMaintainOn track
Reliable infrastructurePipeline availability>98%>99%
Grow through supporting
the energy transition
Net zero Scope 1 & 2
emissions
Reduce Scope 1 & 2 emissionsMaintainOn-track
Grow new revenues
Progress towards the realisation of
the Marsden Point Energy Precinct
Concept or inorganic growth
opportunities
New revenues
contracted or
acquired
$22 million of incremental
revenue added from the
new Government Diesel
contract
More sustainable future
Protect our environmentTier 1 or 2 process safety incidentsZeroZero
Financial discipline
Deliver plan and meet EBITDA
guidance
$95-100 million
Upgraded to $97-$105
million (May)
Upgraded to $103-$108
million (today)
Meaningful relationships
Customer assessment of Channel
performance based on customer
survey against key performance
criteria
+2.5%
+1.3%, on-track
2026 measures of delivery
On track Not Achieved

23
Strong HY26 operational and financial performance, alongside continued exceptional overall project development
and delivery
Further contracted revenue uplift in H2 FY26 and FY27 from completed jet and diesel storage, while monitoring impact
of continued high fuel prices on fuel demand
Geopolitical uncertainty has created opportunities for Channel to leverage its world-class operating capability and
readily available assets to support fuel resilience through storage infrastructure
Renewable fuel projects, including the Marsden Point Biorefinery, increasingly viewed as security of supply projects
rather than solely sustainability initiatives
Strong pipeline of storage opportunities while continuing to evaluate acquisition opportunities in New Zealand and
Australia
Positioned for continued growth with energy security creating further opportunity

24
Appendix

25
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

26
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2060
Jet Diesel Petrol
51%
51%
52%
50%
49%
49%
50%50%
0
20
40
60
80
100
120
140
160
180
20252026202720282029203020312032
Inflation of 0% to 2.5%Contracted storage - Government diesel
Terminal revenue - variableTerminal revenue - fixed
Contracted storageTake or pay threshold + Contracted Storage
Contracted Revenue and Marsden Point throughput outlook
Contracted Revenue Outlook ($M)
1
Marsden Point Throughput Outlook (Million Litres)
3
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.Excluding revenue from Government diesel storage contract announced 20 April 2026
3.Source: Envisory (October 2024) – independent consultant commissioned to produce fuel throughput outlook for Channel’s Marsden Point facility in New Zealand
Contracted
Fixed
Revenue
Fixed revenue %
of total revenue
2
2

27
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
(~$27 million
remaining to be spent
across H2 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 2021Storage 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 2022Completed safely, on schedule and within
budget
$7 million~$25 million over contract term from
2023
5 years
commencing
2023
Additional storage 19 Oct 2023Completed safely, on schedule and within
budget
Minimal~$9 million over 10 years (prior to PPI) 10 years from
2024
Transmix Storage
Contract
1 May 2024Infrastructure 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 2024Completed July 2026 safely, ahead of
schedule and within budget
$26 – 30 million across
FY24 to FY26
~$55 million over contract term (prior
to PPI)
10 years from July
2026
Bitumen Import
Terminal Contract
25 Nov 2024On schedule to be delivered late Q4 2026$25 – 27 million across
FY25 and FY26
~$57 million over contract term (prior
to PPI)
Opex of $0.2 million per annum
15 years from Q4
2026
2x 5 year rights of
renewal

28
65%
28%
18%
13%
Contracted Revenue Agreements continued
CONTRACT
DATE
ANNOUNCED
PROGRESS FINANCIAL IMPACT
COSTREVENUETERM
Additional Storage
extension
26 Aug 2025Project is in progress and scheduled to be
delivered in Q1 2028
$20-26 million across
FY26 to FY30
~$50 million over contract term from
2028
9 years
commencing Q1
2028
93 million litres
Government diesel
2 April 2026Completed June 2026Not disclosed$1.2 million per month with the final
month of the contract at no charge in
the event tanks are de-heeled
19 months
commencing
June 2026

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. 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, 28 August 2026.

---

Interim Financial
Statements
For the six months ended 30 June 2026

2
Channel Infrastructure NZ Limited | 2026 Half Year Report

Contents
Consolidated Income Statement4
Consolidated Statement of Comprehensive Income5
Consolidated Balance Sheet6
Consolidated Statement of Changes in Equity8
Consolidated Statement of Cash Flows10
Notes to the Consolidated Financial Statements11
Corporate Directory23
3
Channel Infrastructure NZ Limited | 2026 Half Year Report

Consolidated Income Statement
FOR THE SIX MONTHS ENDED 30 JUNE 2026
UNAUDITEDUNAUDITED
30 June 202630 June 2025
NOTE
$000$000
CONTINUING OPERATIONS
INCOME
Revenue
72,926
70,213
TOTAL INCOME
2
72,926
70,213
EXPENSES
Energy and utility costs
4,372
4,100
Materials and contractor payments
5,668
4,524
Salaries, wages and benefits
8,220
7,264
Administration and other costs
5,818
5,868
TOTAL EXPENSES24,078
21,756
EARNINGS BEFORE DEPRECIATION, FINANCE COSTS AND INCOME TAX
11
48,848
48,457
Depreciation
22,360
22,001
NET PROFIT BEFORE FINANCE COSTS AND INCOME TAX26,488
26,456
Finance income
(35)
(67)
Finance costs4
262
8,136
NET FINANCE COSTS227
8,069
NET PROFIT BEFORE INCOME TAX26,261
18,387
Income tax
7,005
5,300
NET PROFIT AFTER INCOME TAX FROM CONTINUING OPERATIONS19,256
13,087
Net loss after income tax from discontinued operations1
(1,075)
(1,459)
NET PROFIT AFTER INCOME TAX18,181
11,628
ATTRIBUTABLE TO:
Owners of the Parent18,181
11,628
EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE SHAREHOLDERSCENTS
CENTS
Basic and diluted earnings per share from continuing operations
4.7
3.2
Basic and diluted earnings per share
4.4
2.8
4
Channel Infrastructure NZ Limited | 2026 Half Year Report

Consolidated Statement of
Comprehensive Income
FOR THE SIX MONTHS ENDED 30 JUNE 2026
UNAUDITEDUNAUDITED
30 June 202630 June 2025
$000$000
NET PROFIT AFTER INCOME TAX18,181
11,628
OTHER COMPREHENSIVE INCOME
Items that may be subsequently reclassified to the Income Statement
Movement in cash flow hedge reserve
(1,621)
(1,736)
Exchange difference on translation of foreign operations
2
-
Deferred tax
454
486
Total items that may be subsequently reclassified to the Income Statement(1,165)
(1,250)
TOTAL OTHER COMPREHENSIVE LOSS AFTER INCOME TAX(1,165)
(1,250)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, AFTER INCOME TAX17,016
10,378
ATTRIBUTABLE TO:
Owners of the Parent
17,016
10,378
5
Channel Infrastructure NZ Limited | 2026 Half Year Report

Consolidated Balance Sheet
AS AT 30 JUNE 2026
UNAUDITEDAUDITED
30 June 202631 December 2025
NOTE
$000$000
CURRENT ASSETS
Cash and cash equivalents
2,730
2,902
Trade and other receivables5
16,514
21,288
Derivative financial instruments
985
387
Inventories
5,152
5,052
TOTAL CURRENT ASSETS25,381
29,629
NON-CURRENT ASSETS
Derivative financial instruments
942
2,707
Goodwill
6,839
6,604
Intangibles
6,133
6,036
Property, plant and equipment
1,319,049
1,297,424
Other assets
8,427
8,427
Right-of-use assets8
241
732
TOTAL NON-CURRENT ASSETS1,341,631
1,321,930
TOTAL ASSETS1,367,012
1,351,559
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
21,902
18,314
Income tax payable
87
-
Borrowings4
100,229
-
Lease liabilities8
213
133
Employee benefits
2,385
3,261
Provisions9
6,534
7,030
TOTAL CURRENT LIABILITIES131,350
28,738
NON-CURRENT LIABILITIES
Derivative financial instruments
1,265
369
Borrowings4
249,834
334,723
Lease liabilities8
2,155
702
Employee benefits
2,978
2,978
Provisions9
66,037
72,242
Deferred tax liabilities
138,354
132,195
TOTAL NON-CURRENT LIABILITIES460,623
543,209
TOTAL LIABILITIES591,973
571,947
NET ASSETS775,039
779,612
6
Channel Infrastructure NZ Limited | 2026 Half Year Report

UNAUDITEDAUDITED
30 June 202631 December 2025
NOTE
$000$000
EQUITY
Contributed equity
377,459
371,465
Revaluation reserve
726,482
726,482
Treasury stock
(195)
(256)
Share-based payments reserve
681
502
Cash flow hedge reserve
(154)
1,013
Foreign currency translation reserve
2
-
Retained earnings
(329,236)
(319,594)
TOTAL EQUITY775,039
779,612
The Board of Directors of Channel Infrastructure NZ Limited authorised these financial statements for issue on
27 August 2026.
For and on behalf of the Board
J B Miller, ONZM
Chair of the Board
A M Molloy
Chair, Audit and Finance Committee
7
Channel Infrastructure NZ Limited | 2026 Half Year Report

Consolidated Statement of
Changes in Equity
FOR THE SIX MONTHS ENDED 30 JUNE 2026
CONTRIBUTED
EQUITY
REVALUATION
RESERVE
TREASURY
STOCK
SHARE-
BASED
PAYMENTS
RESERVE
CASH FLOW
HEDGE
RESERVE
RETAINED
EARNINGSTOTAL EQUITY
NOTE
$000$000$000$000$000$000$000
AT 1 JANUARY 2025366,420726,482(341)3153,139(277,758)818,257
COMPREHENSIVE INCOME
Net profit after income tax-----11,62811,628
Other
comprehensive income
Movement in cash flow
hedge reserve----(1,736)-(1,736)
Deferred tax on other
comprehensive income----486-486
TOTAL OTHER
COMPREHENSIVE LOSS,
AFTER INCOME TAX
----(1,250)-(1,250)
TRANSACTIONS WITH
OWNERS OF THE PARENT
Equity-settled share-
based payments---124--124
Shares vested
to employees--85(85)---
Dividends paid3-----(27,060)(27,060)
TOTAL TRANSACTIONS
WITH OWNERS OF
THE PARENT
--8539-(27,060)(26,936)
AT 30 JUNE
2025 (UNAUDITED)
366,420726,482(256)3541,889(293,190)801,699
8
Channel Infrastructure NZ Limited | 2026 Half Year Report

CONTRIBUTED
EQUITY
REVALUATION
RESERVE
TREASURY
STOCK
SHARE-
BASED
PAYMENTS
RESERVE
CASH
FLOW
HEDGE
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
NOTE
$000$000$000$000$000$000$000$000
AT 1 JANUARY 2026
371,465726,482(256)5021,013-(319,594)779,612
COMPREHENSIVE INCOME
Net profit after income tax
------18,18118,181
Other
comprehensive income
Movement in cash flow
hedge reserve
----(1,621)--(1,621)
Exchange difference
on translation of
foreign operations
-----2-2
Deferred tax on other
comprehensive income
----454--454
TOTAL OTHER
COMPREHENSIVE LOSS,
AFTER INCOME TAX----(1,167)2-(1,165)
TRANSACTIONS WITH
OWNERS OF THE PARENT
Shares issued3
5,994------5,994
Equity-settled share-
based payments
---240---240
Shares vested
to employees
--61(61)----
Dividends paid3
------(27,823)(27,823)
TOTAL TRANSACTIONS
WITH OWNERS OF
THE PARENT5,994-61179--(27,823)(21,589)
AT 30 JUNE
2026 (UNAUDITED)377,459726,482(195)681(154)2(329,236)775,039
9
Channel Infrastructure NZ Limited | 2026 Half Year Report

Consolidated Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 JUNE 2026
UNAUDITEDUNAUDITED
30 June 202630 June 2025
NOTE
$000$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
73,784
71,128
Payment for supplies and expenses
(13,713)
(16,742)
Payments to employees
(8,687)
(7,246)
Interest received
137
67
Interest paid
(7,449)
(7,507)
NET CASH INFLOW FROM OPERATING ACTIVITIES44,072
39,700
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of legacy platinum
-
7,624
Payments for property, plant and equipment
(38,315)
(20,467)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES(38,315)
(12,843)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings
16,090
1,500
Lease payments
(190)
(42)
Dividends paid3
(21,829)
(27,060)
NET CASH OUTFLOW FROM FINANCING ACTIVITIES(5,929)
(25,602)
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS(172)
1,255
Cash and cash equivalents at the beginning of the year
2,902
1,283
Foreign exchange movements on cash and cash equivalents
-
-
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD2,730
2,538
10
Channel Infrastructure NZ Limited | 2026 Half Year Report

Notes to the Consolidated
Financial Statements
FOR THE SIX MONTHS ENDED 30 JUNE 2026
Reporting Entity
Channel Infrastructure NZ Limited (‘Parent’, ‘Company’
or ‘Channel Infrastructure’) is a profit-oriented company
registered under the Companies Act 1993 and an FMC
Reporting Entity for the purposes of the Financial Markets
Conduct Act 2013. The Company is domiciled and
incorporated in New Zealand.
The Company's ordinary shares are quoted under the
ticker CHI on the NZX Main Board Equity Market (‘NZX
Main Board’) and as a Foreign Exempt Listing on the
Australian Securities Exchange operated by ASX Limited.
The Company's corporate bonds (ticker CHI020 and
CHI030) are quoted on the NZX Debt Market.
These consolidated interim financial statements
('financial statements') comprise Channel Infrastructure
together with its subsidiaries (‘the Group’). Subsidiaries
are all entities over which the Group has control and
include Channel Terminal Services Limited, Independent
Petroleum Laboratory Limited and Channel Infrastructure
Australia Pty Ltd.
Basis of Preparation
These financial statements have been prepared in
accordance with International Accounting Standard
34: Interim Financial Reporting and New Zealand
Equivalents to International Accounting Standard 34:
Interim Financial Reporting, and also in accordance with
Generally Accepted Accounting Practice in New Zealand
('GAAP') applicable to for-profit entities. These financial
statements do not include all the information required to
be disclosed in annual consolidated financial statements
and should be read in conjunction with the Group's
consolidated financial statements for the year ended
31 December 2025.
Accounting Policies
The accounting policies used in the preparation of these
financial statements are consistent with those used in the
Group's consolidated financial statements for the year
ended 31 December 2025.
Accounting standards not yet
effective
In May 2024 the External Reporting Board issued NZ IFRS
18: Presentation and Disclosure in Financial Statements
('NZ IFRS 18'), effective for reporting periods commencing
on or after 1 January 2027. This accounting standard is
expected to change:
•
The presentation of the Group's income statement
as it introduces mandatory subtotals and
classification categories.
•The presentation of the Group's statement of cash
flows as it requires interest paid to be classified
as a cash flow from financing activities. Channel
Infrastructure currently presents interest paid as a cash
flow from operating activities.
NZ IFRS 18 is a presentation and disclosure standard and
therefore does not impact the financial position, financial
performance or cash flows of the Group.
Other standards, amendments and interpretations which
are not yet effective are not expected to have a material
impact on the Group.
Segment Reporting
The Group operates in one reportable segment,
Infrastructure, which comprises the fuels import terminal
system based at Marsden Point (including jetty
infrastructure at Marsden Point, storage tanks, and
the Marsden Point to Auckland pipeline), the Somerton
pipeline, and fuel testing laboratories. The Group
operates in New Zealand and Australia.
Use of Judgements and Estimates
The preparation of financial statements requires
judgements and estimates that affect the application
of accounting policies and reported amounts of assets,
liabilities, income and expenses. Actual results may
differ from these estimates. The following areas involve
significant judgements and estimates:
•
Fair value of property, plant and equipment –
the Group adopts the fair value model as the
measurement base for property, plant and equipment
(refer to Note 6 for further details).
•Assets held for sale – the Group continues to report
decommissioned refinery assets that are subject to a
conditional sale agreement, as property, plant and
equipment, rather than as assets held for sale (refer
to Note
6 for further details).
•Provisions – the Group continues to recognise several
provisions in relation to the conversion of the refinery
into a dedicated fuels import terminal operation (refer
to Note 9 for further details).
•Recoverability of tax losses – the Group's
accumulated tax losses amount to $348 million at
11
Channel Infrastructure NZ Limited | 2026 Half Year Report

30 June 2026. A deferred tax asset in respect of these
unutilised tax losses is recognised, having regard to
the Shareholder Continuity Test and an assessment of
future taxable profits available against which the tax
losses can be recovered, and therefore the deferred
tax asset realised.
•Discontinued operations – the Group continues to
present the results from discontinued operations
associated with the refining operations which ceased
in March 2022 (refer to Note 1 for further details).
12
Channel Infrastructure NZ Limited | 2026 Half Year Report

1Discontinued Operations
Discontinued operations relate to refining operations which ceased in March 2022.
The results from discontinued operations include revenue from scrap metal and redundant equipment sales and on-
going costs associated with ceasing refining operations, including retiree medical scheme costs and costs associated
with the sale of permanently decommissioned refining plant.
Conversion costs relate to costs associated with the transition to an import terminal and include the reassessment of
long-term provisions (including demolition) due to cost re-estimation and/or changes in discount rates.
Revaluation of assets relates to the change in fair value of the decommissioned refining plant (refer to Note 6 for
further details).
UNAUDITEDUNAUDITED
30 June 202630 June 2025
NOTE
$000$000
INCOME
Revenue2
67
27
TOTAL INCOME67
27
EXPENSES
Salaries, wages and benefits
207
237
Administration and other costs
224
472
TOTAL EXPENSES431
709
NET LOSS BEFORE CONVERSION COSTS, ASSET REVALUATION, FINANCE COSTS
AND INCOME TAX
11
(364)
(682)
Conversion costs
3,102
571
Revaluation of assets - net revaluation gain6
(2,580)
-
TOTAL CONVERSION COSTS AND REVALUATION GAIN522
571
NET LOSS BEFORE FINANCE COSTS AND INCOME TAX(886)
(1,253)
Finance income
(102)
-
Finance costs
709
773
NET FINANCE COSTS607
773
NET LOSS BEFORE INCOME TAX(1,493)
(2,026)
Income tax
(418)
(567)
NET LOSS AFTER INCOME TAX(1,075)
(1,459)
UNAUDITEDUNAUDITED
30 June 202630 June 2025
$000$000
CASH FLOWS FROM / (USED IN) DISCONTINUED OPERATIONS
Net cash from/(used in) operating activities
2,310
(2,517)
Net cash from investing activities
-
7,624
Net cash from financing activities
102
-
NET CASH FLOWS FROM DISCONTINUED ACTIVITIES FOR THE PERIOD2,412
5,107
13
Channel Infrastructure NZ Limited | 2026 Half Year Report

2Income
UNAUDITEDUNAUDITED
30 June 202630 June 2025
$000$000
CONTINUING OPERATIONS
Import terminal fees
56,285
55,484
Contracted storage
11,674
10,229
Laboratory revenue
2,511
2,704
Other operating revenue
2,456
1,796
TOTAL REVENUE FROM CONTINUING OPERATIONS72,926
70,213
DISCONTINUED OPERATIONS
Revenue
67
27
TOTAL REVENUE FROM DISCONTINUED OPERATIONS67
27
TOTAL REVENUE72,993
70,240
Major customers
The Group has three major customers that each individually account for more than 10% of the Group's revenue from
continuing operations. The revenue earned from each major customer is shown below.
UNAUDITEDUNAUDITED
30 June 202630 June 2025
$000$000
Major customer A
28,290
28,630
Major customer B
22,275
21,360
Major customer C
17,535
17,095
3Equity
Contributed equity
The issued capital of the Company is represented by 414,389,163 ordinary shares (31 December 2025: 412,198,231) issued
and fully paid, less 157,965 (31 December 2025: 197,576) treasury shares. All ordinary shares rank equally with one vote
attached to each ordinary share.
Share performance rights issued
Competitive Advantage Award
On 26 February 2026 the Company issued 1,563,599 share rights to the CEO under the Company’s Share Rights
Plan and on 15 May 2026 the Company issued 390,900 share rights to the CFO under the Company’s Share Rights
Plan. Each share right converts on a 1:1 basis for nil cash consideration into fully paid ordinary shares subject to
satisfaction of workplace safety and environmental conditions, maintenance of security of supply to Auckland and the
Board's assessment of satisfaction of certain performance conditions, to be met over the vesting period ending on
31 December 2029:
•50% of the award is conditional 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, and
•50% of the award is conditional on the successful execution of designated strategic acquisitions and developments
outside of Marsden Point that seek to secure a long-term competitive advantage for the Company.
Vesting is also subject to the participant remaining employed during the vesting period, except in certain "good leaver"
cessation of employment scenarios at the discretion of the Board.
14
Channel Infrastructure NZ Limited | 2026 Half Year Report

The weighted average grant-date fair value of the CAA awards is $2.39 per Share Right. The expense recognised in
the period ended 30 June 2026 relating to the CAA is $0.1 million.
Share Rights Scheme (Long-Term Incentive)
On 15 May 2026 the Company issued 223,093 share rights to the Leadership Team (of which 116,523 were issued to the
CEO) under the Company’s Share Rights Plan. Each share right converts on a 1:1 basis for nil cash consideration into
fully paid ordinary shares following the release of the Company's
financial results for the year ending 31 December
2028, subject to a workplace safety condition being satisfied and performance of the Company's Total Shareholder
Return (TSR):
•50% of the award is conditional on the performance of the Company's TSR relative to a comparator group of
selected members of the NZX50 at 2 March 2026, and
•50% of the award is conditional on the Company's TSR exceeding its cost of equity plus 0.5% compounding annually
from 2 March 2026 to the vesting date.
Vesting is also subject to the participant remaining employed during the three-year vesting period, except in certain
"good leaver" cessation of employment scenarios at the discretion of the Board.
Dividends
30 June 202630 June 2025
UNAUDITEDUNAUDITEDUNAUDITEDUNAUDITED
Dividends$000cents per share$000cents per share
2024 final dividend
--
27,0606.60
2025 final dividend
27,8236.75
--
Dividends distributed27,8236.75
27,0606.60
Less dividends reinvested
2025 final dividend
(5,994)
-
Dividends paid21,829
27,060
Dividends declared
On 27 August 2026 the Board declared an ordinary unimputed interim dividend of 7.25 cents per share, to be paid on
24 September 2026. The dividend reinvestment plan is applicable for this dividend.
15
Channel Infrastructure NZ Limited | 2026 Half Year Report

4Borrowings
At 30 June 2026 the Group has total debt funding facilities available of $439.3 million (represented by NZ$215.0 million
NZD bank facilities, A$20.0 million AUD bank facilities and NZ$200.0 million retail bonds).
The Group borrows under a Common Terms Deed which requires the Group to maintain an Interest Cover Ratio of at
least 2.5 to 1, and a Gearing Ratio of not more than 55% at each reporting date (30 June and 31 December). The Group
was in compliance with these financial undertakings as at the end of, and in respect of, the six months ended 30 June
2026 and the year ended 31 December 2025.
The borrowings are unsecured.
At 30 June 2026 the average tenor is 3.1 years (31 December 2025: 3.6 years).
The carrying amount of the Group's borrowings issued at floating rate (revolving cash advances) closely approximate
their fair value.
At 30 June 2026, the fair value of the CHI020 retail bond is $101.8 million compared to its carrying amount of
$100.2 million. The fair value is based on the quoted market price at 30 June 2026.
At 30 June 2026, the fair value of the CHI030 retail bond is $106.5 million compared to its carrying amount of
$100.8 million. The CHI030 retail bond ($100 million, maturing in November 2029) is subject to a fair value hedge for a
notional amount of $50 million maturing in May 2027. The fair value is based on the quoted market price at 30 June
2026, adjusted for effective changes in the fair value of the hedging instrument.
The table below outlines the maturity profile of the facilities at 30 June 2026:
UNAUDITEDAUDITED
MATURITY DATE
30 June 202631 December 2025
$000$000
BORROWINGS
Current borrowings:
Retail bonds - CHI020 (5.8%)
1
May-27
100,229
-
Total current borrowings100,229
-
Non-current borrowings:
Revolving cash advancesNov-30
149,028
132,938
Retail bonds - CHI020 (5.8%)
1
May-27
-
100,028
Retail bonds - CHI030 (6.75%)
1
Nov-29
100,806
101,757
Total non-current borrowings249,834
334,723
TOTAL BORROWINGS350,063
334,723
UNDRAWN FACILITIES
Revolving cash advancesNov-28
30,000
30,000
Revolving cash advancesNov-29
35,000
35,000
Revolving cash advancesNov-30
25,305
40,207
TOTAL UNDRAWN BORROWING FACILITIES90,305
105,207
1The difference between the carrying value of the retail bonds and their face values is due to unamortised issue costs and accrued interest.
16
Channel Infrastructure NZ Limited | 2026 Half Year Report

UNAUDITEDAUDITED
30 June 202631 December 2025
$000$000
NET DEBT
Total Borrowings
350,063
334,723
Less: Fair value adjustment
(875)
(1,912)
Less: Cash and cash equivalents
(2,730)
(2,902)
NET DEBT346,458
329,909
Finance costs
Finance costs include the changes in fair value of derivatives used to manage interest rate risk, and the associated
changes in fair value of the borrowings designated in a fair value hedge relationship.
GROUPGROUP
30 June 202630 June 2025
$000$000
Interest on bank borrowings and related interest rate swaps
2,283
1,730
Interest on bonds and related interest rate swaps
6,644
6,461
Fair value hedge adjustment on bond
(1,037)
(310)
Interest on lease liabilities
25
11
Unwinding of discount rates and changes in discount rates on provisions
255
244
Jetty seabed lease extension
1
(7,198)
-
Interest capitalised on qualifying assets
(710)
-
TOTAL FINANCE COSTS262
8,136
1Non-cash adjustment relating to the extension of the jetty seabed lease term, extending the date when the jetty demolition costs are expected to
be incurred.
5Trade and other receivables
UNAUDITEDAUDITED
30 June 202631 December 2025
$000$000
Trade receivables
13,949
14,315
Other receivables and prepayments
2,565
6,973
TOTAL TRADE AND OTHER RECEIVABLES16,514
21,288
Trade receivables are non-interest bearing and are normally settled on seven to 21-day terms. Due to the short-term
nature of trade receivables, their carrying amount is considered the same as their fair value.
At 31 December 2025, other receivables included $3.8 million held in the Employment Court’s trust account. The funds
were returned to the Company during the period following its successful appeal (on certain matters)
of the Employment Relations Authority’s determination that the Group incorrectly calculated redundancy
compensation payments.
17
Channel Infrastructure NZ Limited | 2026 Half Year Report

6Property, Plant and Equipment
Property, plant and equipment except capital work in progress is recognised at fair value less accumulated
depreciation and any impairment losses recognised after the date of revaluation. Capital work in progress is
recognised at cost. The Group's import terminal assets, decommissioned refining plant and unutilised land are all
categorised as Level 3 in the fair value hierarchy. During the period there were no transfers between the levels of the
fair value hierarchy.
Valuation of property, plant and equipment
Import terminal assets
The Import Terminal System (ITS) was independently valued by Deloitte at 31 December 2024.
The net present value methodology was used to determine a market participant's sales value.  This approach values
the assets of the ITS that are currently in operation and the land that the ITS occupies. The fair value of the ITS
excludes the unutilised land, the residual value of decommissioned refinery plant and the revenue from tanks that
require additional growth capex as at the valuation date. This means that the revenue to be earned from the 10-year
jet fuel storage contract with Z Energy (announced in August 2024) and the contract to develop a bitumen import
terminal for Higgins (announced in November 2024) is not included in the ITS fair value assessment.
The key assumptions used in the valuation include the September 2024 Envisory fuel demand forecasts, forecast
import terminal fees, forecast operational and capital expenditure, and discount rates. A review of the key inputs used
in the 2024 valuation, updated to 30 June 2026 indicates that there has been no material change in the fair value of
the import terminal assets at 30 June 2026.
Decommissioned refining plant
The decommissioned refining plant is valued at fair value less costs of disposal.
The fair value of the decommissioned refining plant is primarily based on an estimate of the quantity (tonnes) of ferrous
and non-ferrous materials embedded in the refining plant and an estimate of scrap metal prices for the expected
grade quality of the materials.
The quantity of ferrous and non-ferrous materials is estimated based on industry norms, and the scrap metal prices are
estimated based on market pricing provided by a local (New Zealand) scrap metal merchant. The most recent pricing
was provided in June 2026.
The fair value of the decommissioned refinery plant was updated at 30 June 2026 to reflect:
•The reduction in quantity of metal due to the transfer of the diesel tanks used in the government fuel security
contract to the Import Terminal System, and
•The change in the scrap metal prices during the period.
This resulted in recognition of a revaluation gain of $2.6 million in discontinued operations.
Unutilised land
The land held outside the ITS was independently valued by CBRE (Northland) at 31 December 2024.
A market-based comparison valuation approach was used. This approach determines fair value through considering
recent land sales and applying adjustments to reflect their different attributes including scale, location and condition.
There have been no indicators of a material change to the fair value of the unutilised land at 30 June 2026.
Additions
During the six months ended 30 June 2026 the Group recognised capital additions (including work in progress) of
$41.7 million (31 December 2025: $44.1 million). Additions in the period relate to the Government fuel security contract
(93 million litres of diesel), tank conversion for the Z Energy jet fuel storage contract, the construction of a bitumen
import terminal for Higgins and statutory tank inspection upgrades.
18
Channel Infrastructure NZ Limited | 2026 Half Year Report

Depreciation
During the six months ended 30 June 2026 the Group recognised depreciation of $22.4 million (30 June 2025:
$22.0 million).
Conditional option agreement for decommissioned hydrocracking assets
On 8 July 2023, the Company entered into an Asset Sale Agreement (ASA) with US-based Seadra Energy Incorporated
(Seadra), granting Seadra an option to purchase certain decommissioned assets from the hydrocracking complex
(part of the former refinery) for US$33.875 million. Channel has received US$4.7 million in option payments (recognised
as deferred income).
On 30 September 2024 Channel and Seadra entered into a Project Development Agreement (PDA) relating to the
potential development of a biorefinery at Marsden Point. Should the PDA become unconditional, the proposed
biorefinery project would utilise the hydrocracking units that were the subject of the initial ASA plus potentially
additional decommissioned assets for further proceeds of up to US$22.96 million (total sale price of up to
US$56.835 million before transaction costs customary for asset sales of this nature).
Non-current assets are classified by the Group as assets held for sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use and a sale is considered highly probable
within 12 months. Due to the challenges of developing technically feasible and financially viable projects involving
second-hand refining plant globally, and specifically noting the agreement with Seadra is conditional, the
decommissioned assets subject to the PDA have not been classified as assets held for sale at 30 June 2026.
Asset Sale Agreement for decommissioned CCR Platformer unit (July 2026)
In July 2026 the Company entered into an Asset Sale Agreement with Integrate Scope DMCC relating to the sale,
dismantling and removal of the decommissioned CCR Platformer unit (CCR).
The classification of the CCR as held for sale is a non-adjusting event after the reporting period and results in the
following, to be recognised in discontinued operations in July 2026:
•Revaluation of the CCR to its fair value less costs to sell, an estimated increase of $8 million, and
•Release of the proportion of the demolition provision relating to the CCR, estimated to be $3 million.
Net cash proceeds of US$5.95 million (NZ$10 million) will be received in instalments during 2026 and 2027.
7Contractual Commitments
The Group has contractual obligations to purchase assets and complete capital project works relating to the
development of a bitumen import terminal for Higgins, bund upgrades and Marsden Point site redevelopment including
the relocation of the control room and administration building. At 30 June 2026 contractual commitments amounted
to $38 million (31 December 2025: $43 million).
19
Channel Infrastructure NZ Limited | 2026 Half Year Report

8Right-of-use assets and lease liabilities
The Group leases the jetty seabed at Marsden Point, Auckland office space and a vehicle. The right-of-use assets are
depreciated over the period until the expiry of the lease.
During the period the jetty seabed lease was renewed and the lease term reassessed, resulting in an increase in lease
liabilities. The associated reduction in the jetty demolition provision (refer to Note 9 for further details) resulted in the
write-down of the right-of-use asset relating to the jetty lease.
The Consolidated Balance Sheet shows the following amounts relating to right-of-use assets and lease liabilities:
UNAUDITEDAUDITED
30 June 202631 December 2025
$000$000
RIGHT-OF-USE ASSETS241
732
Lease liabilities - current
213
133
Lease liabilities - non-current
2,155
702
TOTAL LEASE LIABILITIES2,368
835
9Provisions
The movement in provisions during the six months ended 30 June 2026 is shown in the table below:
SHUT DOWN AND
DECOMMISSIONING
DEMOLITION AND
RESTORATION
TOTAL
$000$000$000
AT 1 JANUARY 2026
1,49577,77779,272
Additions - conversion related
-2,2782,278
Utilisation
-(1,036)(1,036)
Adjustment for change in discount rate
16483499
Jetty lease extension
-(9,405)(9,405)
Finance costs
31932963
AT 30 JUNE 20261,54271,02972,571
Current
-6,5346,534
Non-current
1,54264,49566,037
The demolition and restoration provision includes the costs associated with the demolition of the jetty structure at
the end of the lease term. During the period the jetty seabed lease was renewed and the expected timing of the
jetty demolition was reassessed. The net impact of the reassessment is a reduction in the jetty demolition provision
of $9.4 million due to discounting the expected cost over an extended timeframe. This non-cash adjustment is initially
recognised as a write-down of the right-of-use asset, with the remaining amount of $7.2 million recognised as a
reduction in finance costs.
20
Channel Infrastructure NZ Limited | 2026 Half Year Report

10Contingencies
From time to time in the normal course of business, the Group is exposed to claims and legal proceedings that may in
some cases result in costs. Estimates and assumptions are made in determining the likelihood, amount and timing of
cash outflows when the outcome is uncertain.
As a condition of the 35 year resource consent granted in March 2021, the Group has committed to work with the
Northland Regional Council ahead of time (during the 20
th
year of consent or at least 12 months prior to the cessation
of terminal operations) to set out the actions necessary to maintain compliance for the discharges of contaminants.
Given the unknown nature of the future activities that may be agreed with the Northland Regional Council, no liability
has been recognised other than in relation to ongoing environmental monitoring activities over the remaining term of
the consent.
The Group has no other contingent liabilities as at 30 June 2026 (31 December 2025: Nil).
21
Channel Infrastructure NZ Limited | 2026 Half Year Report

11Non-GAAP measures
Channel uses several non-GAAP measures when discussing financial performance. The Directors and management
believe that these measures provide useful information as they are used internally to evaluate the underlying
performance of the Group. 
Non-GAAP profit measures are not prepared in accordance with New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and are not uniformly defined, therefore the non-GAAP profit measures used by Channel
may not be comparable with similarly titled measures used by other companies.  Non-GAAP measures should not be
used in isolation nor as a substitute for measures reported in accordance with NZ IFRS.
The definitions of the non-GAAP measures used by Channel and reconciliations to the amounts presented in the
Consolidated Income Statement are detailed below.
EBITDA from
Continuing
Operations:  
Earnings before depreciation, net finance costs and income tax from continuing operations
EBITDA from
Discontinued
Operations:
Earnings before conversion costs, asset revaluation, net finance costs and income tax from
discontinued operations.
UNAUDITEDUNAUDITED
30 June 202630 June 2025
$000$000
CONTINUING OPERATIONS
Net profit after income tax19,256
13,087
Add: Depreciation
22,360
22,001
Add: Net finance costs
227
8,069
Add: Income tax
7,005
5,300
EBITDA from continuing operations48,848
48,457
DISCONTINUED OPERATIONS
Net loss after income tax(1,075)
(1,459)
Add: Conversion costs
3,102
571
Less: Revaluation of assets
(2,580)
-
Add: Net finance costs
607
773
Less: Income tax
(418)
(567)
EBITDA from discontinued operations(364)
(682)
22
Channel Infrastructure NZ Limited | 2026 Half Year Report

Corporate Directory
Registered Office
Marsden Point
Ruakākā
Mailing Address
Private Bag 9024
Whangārei 0148
Telephone: +64 9 432 5100
Directors
J B Miller (Chair)
A T Brewer
A J Bull
A Holmes
A M Molloy
F J C Underhill

Website
www.channelnz.com
Chief Executive
R C Buchanan
General enquiries
corporate@channelnz.com
General Counsel & Company Secretary
C D Bougen
Investor Enquiries
investorrelations@channelnz.com
Auditor
Ernst & Young
Share Register

New Zealand
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Telephone: +64 9 488 8777
enquiry@computershare.co.nz
Australia
Computershare Investor Services Pty Limited
Yarra Falls, 452 Johnston Street
Abbotsford VIC
Australia 3067
Telephone (inside Australia): 1300 850 505
Telephone (outside Australia): +61 3 9415 4000
Bankers
ANZ Bank New Zealand Limited
ASB Bank Limited
Bank of New Zealand
China Construction Bank (New Zealand) Limited
Commonwealth Bank of Australia
Industrial and Commercial Bank of China (New
Zealand) Limited
National Australia Bank Limited
Westpac New Zealand Limited
Managing your shareholding online
To change your address, update your payment instructions and to view your registered details including
transactions, please visit: www.computershare.co.nz/investorcentre Please assist our registrar by quoting your CSN
or shareholder number.
23
Channel Infrastructure NZ Limited | 2026 Half Year Report

---

Results announcement




Results for announcement to the market
Name of issuer
Channel Infrastructure NZ Limited
Reporting Period
6 months to 30 June 2026
Previous Reporting Period
6 months to 30 June 2025
Currency
NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$72,926 4%
Total Revenue
$72,993 4%
Net profit/(loss) from
continuing operations
$19,256 47%
Total net profit/(loss)
$18,181 56%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.07250000
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date
09/09/2026
Dividend Payment Date
24/09/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$1.84 $1.94
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached NZX announcement commentary
Authority for this announcement
Name of person

authorised
to make this announcement
Chris Bougen, Company Secretary
Contact person for this
announcement
Anna Bonney
Contact phone number
+64 21 844 155
Contact email address
investorrelations@channelnz.com
Date of release through MAP

28/08/2026

Unaudited financial statements accompany this announcement.

---

Distribution Notice





Section 1: Issuer information
Name of issuer Channel Infrastructure NZ Limited
Financial product name/description Channel Infrastructure NZ Limited ordinary shares
NZX ticker code CHI
ISIN (If unknown, check on NZX website) NZNZRE0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 09/09/2026
Ex-Date (one business day before the
Record Date)
08/09/2026
Payment date (and allotment date for
DRP)
24/09/2026
Total monies associated with the
distribution
$30,043,214
Source of distribution (for example,
retained earnings)
Income available for distribution
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.07250000
Gross taxable amount $0.07250000
Total cash distribution $0.07250000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed



No imputation
If fully or partially imputed, please state
imputation rate as % applied
N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per financial
product
$0.02392500
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
1%
Start date and end date for determining
market price for DRP
08/09/2026 14/09/2026

Date strike price to be announced (if not
available at this time)
15/09/2026
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
New issue
DRP strike price per financial product
TBC
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
10/09/2026
Section 5: Authority for this announcement
Name of person

authorised to make this
announcement
Chris Bougen, Company Secretary
Contact person for this announcement Anna Bonney
Contact phone number +64 21 844 155
Contact email address investorrelations@channelnz.com
Date of release through MAP

28/08/2026