Q2 2026 Operational Update

15/07/2026 08:30 NZST, GENERAL

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

Throughput

Approximately 50% of Channel’s contracted revenue is fixed/capacity-based fees, with the remainder calculated in relation to fuel throughput:

• Total fuel throughput for the quarter ended 30 June 2026 was 802 million litres, a 2% decrease on Q2 2025 reflecting elevated fuel prices during the period as a result of the conflict in the Middle East. Notwithstanding this, year-to-date combined fuel throughput volumes remain in line with the Envisory fuel demand outlook and Channel’s expectations. In addition to the impact of elevated fuel prices on demand, over the quarter:

- Channel completed a critical infrastructure upgrade to the Marsden Point to Auckland pipeline towards the end of the quarter, with throughput temporarily slowed to accommodate the upgrade. This upgrade primarily impacted petrol throughput.

- Q2 2026 jet throughput was slightly behind Q2 2025 volumes, mainly impacted by a reduction in flights by Middle Eastern carriers due to the conflict in the Middle East, but remains broadly in line with Channel’s expectations for the year-to-date. Toward the end of the quarter, these carriers began reinstating their schedules.

- Petrol throughput was in line with the previous corresponding period albeit petrol throughput volume for the same period last year (Q2 2025) was impacted by a planned tank outage at Wiri in that period.

- Diesel throughputs year-to-date remain stable and in line with the Envisory fuel demand outlook.

During the quarter, 17 import shipments were received and discharged, including one shipment that partially utilised the 93 million litres of diesel storage capacity for the Government brought into service early June (Q2 2025:13).

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

Growth project and conversion update

In early June, 93 million litres of diesel storage capacity was made available for service for the New Zealand Government at the Marsden Point Energy Precinct. The project was successfully delivered by Channel’s team, together with a range of Northland contractors, over an accelerated timeline of nine weeks.

The Z Energy jet storage has been delivered on 4 July 2026, six months ahead of schedule and generates an additional $5.5 million annual revenue and $55 million (prior to PPI indexation) over the 10-year contract term.

The bitumen import terminal construction contract remains on track to be delivered in late Q4 2026.

Conversion spend is ~$193 million to 30 June 2026 (31 March 2026: $~192 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 $346 million as at 30 June 2026 as spend on Government diesel storage accelerated (31 March 2026: $338 million).

- 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