• Underlying revenue up 28.4% to $2.09 billion
• Underlying EBITA up 14.0% to $178.8 million
• Interim dividend increased by 2.5% to 4.1 cents per share

In H1 FY25, Qube delivered strong growth in underlying revenue and earnings (EBITA) compared to H1 FY24. Underlying revenue for the half increased by 28.4% to $2.09 billion and underlying earnings (EBITA) increased by 14.0% to $178.8 million. Underlying NPATA and EPSA growth were more modest compared to the prior corresponding period with underlying NPATA increasing by 1.3% to $143.0 million and underlying earnings per share pre-amortisation (including Qube's share of Patrick's amortisation) (EPSA) increasing by 1.0% to 8.1 cents. These results reflect continued organic growth across Qube's key markets as well as the contribution from prior and current year acquisitions. Overall, conditions and activity levels remained favourable across most of Qube's core markets during the period. This enabled Qube to deliver continued earnings growth, although strong earnings growth in the Operating Division was largely offset by Qube's share of losses attributable to the Moorebank Logistics Park (MLP) Interstate Rail Terminal joint venture (MITCo), as well as higher interest costs over the period. Qube's forecast earnings were also impacted by the delayed completion of the MIRRAT acquisition which was expected to complete in the period but which has been delayed by the ongoing ACCC assessment of the transaction. Earnings in the period were also impacted by industrial action that disrupted operations in parts of the business and lower volumes from some bulk customers due to mine closures. However, the diversity of Qube's operations and multiple growth levers again enabled Qube to more than offset the earnings impact from these issues.