Q3 2026 Operational Update

NZX AND ASX RELEASE
15 October 2026

Q3 2026 Operational Update
Channel Infrastructure NZ Limited (NZX:CHI, ASX:CHI) has today released its operational update for the
three months ended 30 September 2026.

Throughput
Approximately 50% of Channel’s contracted revenue is fixed/capacity-based fees, with the remainder
calculated in relation to fuel throughput:
• Notwithstanding the significant domestic price increases experienced due to geopolitical issues
offshore, total fuel throughput for the quarter ended 30 September 2026 was 829 million litres,
broadly in line with Q3 2025. Year-to-date combined fuel throughput volumes remain in line with the
Envisory fuel demand outlook and Channel’s expectations
1
. In addition to the impact of elevated fuel
prices on demand, over the quarter:
o Q3 2026 jet throughput was aligned with Q3 2025 volumes, reflecting the reinstatement of
flight schedules by Middle Eastern carriers in late Q2 2026.
o Petrol throughput was lower than the previous corresponding period but remains in line with
the Envisory fuel demand outlook on a year-to-date basis.
o Diesel throughput remains stable and in line with the Envisory fuel demand outlook.

• During the quarter, 14 import shipments were received and discharged (Q3 2025:12).

A summary of quarterly product throughput by fuel type since 1 April 2022 is included as Appendix I.




1
The Envisory outlook is annual for all fuel types, and Channel uses historical data to inform FY26 seasonality.
330
265
260
330
258
242
JetDieselPetrol
Throughput Q3 2025 v Q3 2026
Million Litres
Q3 25Q3 26
1,023
803
764
1,040
794
729
JetDieselPetrol
Throughput YTD25 V YTD26
Million Litres
YTD 25YTD 26

Growth project and conversion update
In late August, Channel entered into a 15-year contract with bp for significant additional jet and diesel
storage capacity at the Marsden Point Energy Precinct. The contract is expected to generate approximately
$130 million of revenue over its term. Work to repurpose the relevant tanks commenced in September and is
progressing to plan.
The bitumen import terminal construction contract remains on track to be delivered in late Q4 2026.
Conversion spend is ~$194 million to 30 September 2026 (30 June 2026: $~193 million) and remains within
budget. The bund upgrade program continues to progress to plan with the final phase of construction
continuing through to the end of 2027.
Net borrowings increased to $365 million as at 30 September 2026 (30 June 2026: $346 million) following
the interim dividend payment. The Dividend Reinvestment Plan was applied to the HY26 interim dividend
payment, with 20.3% shareholder uptake and a net dividend of $22.2 million paid in September 2026.

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

Media contact:
Laura Malcolm
communications@channelnz.com

About Channel Infrastructure

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

Appendix I – Throughput by quarter since 1 April 2022 (million litres)


2022


2023

2024 2025 2026

Quarter 1



Jet

280 387 381 404

Diesel

282 280 261 276

Petrol

249 254 273 251

Total

811 921 915 931




Quarter 2



Jet 146 299 318 312 307

Diesel 275 274 267 277 260

Petrol 257 249 255 231 236

Total 679 821 840 820 803




Quarter 3



Jet 200 314 324 330 330

Diesel 264 261 251 265 258

Petrol 258 263 238 260 242

Total 721 838 813 855 829




Quarter 4



Jet 244 365 375 398

Diesel 275 283 289 286

Petrol 280 251 245 260

Total 799 900 909 945