• Underlying revenue up 28.4% to $2.09 billion
• Underlying earnings (EBITA) up 14.0% to $178.8 million
• Qube was the largest grain exporter in NSW in H1 FY25

Qube Holdings Limited reported another solid half-yearly performance, with underlying revenue for H1 FY25 increasing strongly by 28.4% to $2.09 billion and underlying earnings (EBITA) increasing by 14.0% to $178.8 million. Underlying NPATA and underlying earnings per share pre-amortisation (including Qube's share of Patrick's amortisation) (EPSA) grew modestly compared with the prior corresponding period, with NPATA up 1.3% to $143.0 million and EPSA increasing by 1.0% to 8.1 cents. Statutory NPAT for the period was $105.7 million. Qube Managing Director, Paul Digney, said the performance of the business in the first half of FY25 reflects continued organic growth across Qube's key markets, the contribution from prior and current year acquisitions, and demonstrates the importance of Qube's diversification in enabling the business to successfully navigate challenges impacting key operations or markets. The significant growth in grain trading activities through the half also highlights Qube's ability to use its quality assets, systems, network, and people to grow into new and complementary areas and deliver pleasing results together with enhanced customer outcomes. Qube continued to focus on safety in the period, with the TRIFR continuing to improve. The Board has increased the interim ordinary dividend by around 2.5% to 4.1 cents per share (fully franked).

Qube currently expects the following FY25 full year financial outcomes: Strong underlying earnings growth (EBITA) with Logistics & Infrastructure activities expected to deliver the strongest growth, supported by solid earnings growth from the Ports & Bulk activities. Qube's Associates are collectively forecast to deliver an overall NPATA decline of around $6 million to $8 million compared to the prior corresponding period, mainly due to the NPATA loss from Qube's investment in MITCo. Qube's FY25 net interest expense is expected to be around $20 million to $25 million above the FY24 expense.

Qube remains confident in delivering growth in full year underlying NPATA and EPSA in FY25 compared to FY24, although the growth rate is expected to be below the strong growth rate that was achieved in FY24. Based on the current outlook, Qube presently expects that FY25 underlying NPATA and EPSA will be at least 5.0% above the FY24 result.