Channel Infrastructure NZ (CHI) Investor presentation summary

Investment highlights and business model

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

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

• Delivers a stable and growing dividend, with FY25 yield projected at approximately 6%.

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

• Identifies significant adjacent growth opportunities, including the Marsden Point Energy Precinct and acquisitions.

Strategic location and operational strengths

• Marsden Point provides direct, low-emission pipeline access to Auckland, the lowest carbon supply route for transport fuels.

• Only pipeline capable of transporting liquid fuels to Auckland, serving 40% of New Zealand's transport fuel demand.

• Supplies 80% of New Zealand's jet fuel demand and is the sole supply route to Auckland International Airport.

• Offers over 290 million litres of storage in service and 350 million litres available for conversion.

Financial performance and outlook

• FY24 revenue grew by 7% and EBITDA by 9%, with FY25 EBITDA expected between $89–$94 million.

• Normalised free cash flow conversion remains strong, with FY25 expected to be broadly in line with FY24.

• FY25 dividend expected to be 12.0–12.5 cps, maintaining a stable and growing payout.

• Maintenance capex for FY25 projected at 8–10% of revenue.