Channel Infrastructure NZ (CHI) Investor presentation summary

Investment highlights

• Maintains a strong safety record and owns critical infrastructure assets.

• Secures long-term customer contracts with stable, inflation-linked revenues and strong cash flows.

• Offers a stable and growing dividend policy, targeting 70–90% payout of normalised free cash flow.

• Infrastructure is resilient and adaptable to the transition to renewable fuels.

• Demonstrates proven execution of growth projects delivered safely, on budget, and on time.

Operations and assets

• Operates New Zealand's largest fuel import terminal at Marsden Point, with a 170km pipeline to Auckland.

• Provides over 290 million litres of fuel storage and handles 80% of New Zealand's jet fuel demand.

• Owns a strategic interest in the Somerton pipeline, supplying jet fuel to Melbourne Airport.

• Marsden Point site features 180 hectares of industrial-zoned land, deep water harbour, and robust utility connections.

• Only pipeline capable of transporting liquid fuels to Auckland, serving 40% of national transport fuel demand.

Financial performance and outlook

• FY25 net assets projected at $780m, with EBITDA and free cash flow conversion targets.

• Approximately 50% of revenue is fixed and indexed to inflation, providing stability.

• Disciplined capital allocation framework prioritises maintenance, dividends, deleveraging, and growth investments.

• Target credit metrics align with a shadow BBB/BBB+ rating.

• Growth projects have added $193m in incremental revenue over 15 years.