• Earnings impact of $10-$20 million (EBITA) in FY26 due to Middle East conflict
• Lower agri volumes, higher fuel costs, and lower forestry exports expected
• Recent adverse weather events in Australia and New Zealand impact FY26 EBITA by $3-$5 million

Qube Holdings Limited provides an update on the impacts of the Middle East conflict and recent adverse weather events on its operations and the earnings outlook for FY26. Despite higher fuel costs and some supply chain disruptions, Qube's diversification strategy has helped maintain healthy volumes across most of its markets. However, the company currently expects the earnings impact due to the conflict to be around $10-$20 million (EBITA) in FY26, largely attributable to higher fuel costs, lower agri volumes due to higher shipping costs, and lower forestry exports. The largest impact is expected in the Logistics & Infrastructure business unit, with a more limited impact on the Ports & Bulk business unit. Qube's associates are not expected to be significantly impacted. The company has robust supply agreements and contractual protections to mitigate the challenges, but there may be a timing lag in recovering higher costs from customers. Recent severe weather events, including cyclones in Australia and flooding in New Zealand, have also impacted Qube's FY26 underlying EBITA by an estimated $3.0-$5.0 million. Noting these impacts, Qube continues to expect to deliver underlying earnings growth (NPATA and EPSA) in FY26, though the extent of growth will depend on the quantum of additional fuel costs that cannot be recovered and any deterioration in activity levels across its key customers and markets. These factors are largely non-recurring or short-term and are expected to reverse during FY27.

Qube currently expects the earnings impact due to the Middle East conflict to be around $10-$20 million (EBITA) in FY26. The company's FY26 underlying EBITA has also been impacted by an estimated $3.0-$5.0 million from recent adverse weather events.

Qube continues to expect to deliver underlying earnings growth (NPATA and EPSA) in FY26, though the extent of growth will depend on the quantum of additional fuel costs that cannot be recovered and any deterioration in activity levels across its key customers and markets. These factors are largely non-recurring or short-term and are expected to reverse during FY27.