Investor Conference Transcript

• Underlying EBITDA improved to $14.2 million
• Achieved first NPAT profit since FY 2019
• Progressed carbon growth strategy with 3,150 hectares of registered projects

Midway Ltd reported improved financial results for FY24, with underlying EBITDA increasing to $14.2 million and the company achieving its first NPAT profit since FY 2019. The company implemented a range of initiatives across its business units to improve operating and financial performance, including increasing the range of products exported from Geelong and establishing the mill and export infrastructure in Tasmania. The company also secured a long-term lease at a strategic location in the Port of Brisbane and exited the loss-making Logistics business. Midway made significant progress on its carbon growth strategy, registering and managing 3,150 hectares of carbon plantation projects and deploying over $200 million in partner capital, with $350 million in committed mandates. The company is also running a process to raise equity for the Tiwi second rotation project and has been contracted to scope and develop a global resources company's decarbonisation plantation pilot project. The company's strong balance sheet, improved earnings performance, and reduction in the onerous 'Strategy' liability have enabled the board to declare a 14.5 cent fully franked special dividend and a 1.6 cent fully franked ordinary dividend.

The company reported improved financial performance in FY24, with underlying EBITDA of $14.2 million. The company also reported its first NPAT profit since FY 2019.

Midway remains cautiously optimistic about its ability to supply the needs of its customers in the Japanese, Chinese, and Indonesian pulp mill markets, despite ongoing volatility in the wood chip market. The company is focused on constantly improving its business to manage this volatility.