• Underlying revenue up 12.9% to $2.36 billion
• Underlying earnings (EBITA) up nearly 10% to $196.3 million
• Dividend up 30.5% to 5.35 cps

Qube Holdings Limited reported continued growth in underlying financial performance for H1 FY26, with revenue up almost 13% to $2.36 billion and underlying earnings (EBITA) up almost 10% to $196.3 million, compared to H1 FY25. This sound operational performance supported a 10.1% increase in underlying NPATA to $157.5 million, while statutory NPAT rose 101.1% thanks in part to the inclusion of a $101.5 million pre-tax profit from the sale of Qube's interest in a 202 hectare parcel of land at Beveridge, Victoria. Underlying earnings per share (pre-amortisation) increased to 8.9 cents - representing a 9.8% uplift on the prior corresponding period. The result again demonstrated both the strength of the business and the benefits of Qube's diversification by geography and market. Qube continued to focus on safety in the period, with the TRIFR continuing to improve from 6.7 to 5.3, which is around a 21.8% reduction. The LTIFR also improved from 0.69 to 0.63. The CIFR decreased slightly from 0.64 to 0.63. These are pleasing results for the half year and underscore Qube's efforts to strengthen its safety culture.

Qube expects to deliver continued solid underlying earnings growth in FY26 (NPATA and EPSA) compared to FY25, with the Operating Division's Logistics & Infrastructure business unit being the main contributor. The overall NPATA contribution from Qube's Associates is expected to be around $20 million higher than FY25, mainly driven by a much higher expected contribution from Patrick. Qube currently expects the full year gross capex to be around $400-$450 million, and net capex to be around $250-$300 million.

Based on the current outlook, Qube presently expects that FY26 underlying NPATA and EPSA will be between 6.0% and 10.0% above the FY25 result. The actual full year earnings growth will depend on a range of factors including market conditions and volumes in Qube's key markets, any adverse weather events, the inflationary and interest rate environment and the labour and industrial relations environment.