• Underlying revenue up 27.3% to $4.46 billion
• Underlying NPATA up 6.2% to $288.0 million
• Dividend up 7.1% on FY24

Qube Holdings Limited, Australia's largest provider of integrated import and export logistics services, reported its full year results for the FY25 financial year. The company achieved underlying revenue growth of 27.3% to $4.46 billion and an underlying EBITA increase of 18.5% to $377.2 million, compared to FY24. Qube's EBITA margins (excluding grain trading) increased to 10.5%, reflecting the company's focus on leveraging its assets and infrastructure, managing its cost base and ongoing productivity improvements. Underlying NPATA increased by 6.2% to $288.0 million and underlying earnings per share (pre-amortisation) increased to 16.25 cents, a 6.0% increase over FY24. The record earnings result benefited from higher revenue and earnings from most parts of the business, as well as a combination of organic growth and the contribution from prior year and current period acquisitions. The Logistics & Infrastructure and Ports & Bulk business units both contributed to the earnings growth, with the latter reporting modest underlying revenue growth but strong earnings growth. The company's grain trading activities, which generated $898.0 million of revenue, supported an increase in earnings across Qube's agri and rail activities through improved asset and infrastructure utilisation. Qube's 50% owned associate, Patrick Terminals, also delivered a solid performance, with underlying EBITDA increasing by 0.4% to $380.3 million.

Qube expects to deliver solid growth in underlying NPATA and EPSA in FY26. Solid underlying earnings growth (EBITA) is expected in the Operating Division with both the Logistics and Infrastructure and Ports and Bulk business units contributing to the growth. Qube's associates are also expected to deliver improved overall earnings of around $5-10 million, with Patrick (Qube 50% ownership) being the key driver of this.

Qube continues to have multiple organic and inorganic growth options across its core markets and continues to be well placed to deliver long term underlying earnings growth.