QUBE HOLDINGS LIMITED — Investor Presentation 2023

Feb 22, 2023

23 February 2023

ASX Announcement

Investor Presentation – FY23 Half Year Results

Attached is Qube's Investor Presentation for the half year ended 31 December 2022.

Authorised for release by:

The Board of Directors, Qube Holdings Limited

Further enquiries:

Media: Ben Pratt Director, Corporate Affairs ben.pratt@qube.com.au +61 419 968 734

Analysts/Investors: Paul Lewis Group Investor Relations paul.lewis@qube.com.au +61 2 9080 1903

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Qube Holdings Limited

Disclaimer – Important Notice

The information contained in this Presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of Qube Holdings Limited (Qube) or any of its directors, officers, employees, agents, representatives and advisers (the Parties) is provided to the recipient on the terms and conditions set out in this notice.

The information contained in this Presentation has been furnished by the Parties and other sources deemed reliable, but no assurance can be given by the Parties as to the accuracy or completeness of this information.

To the full extent permitted by law:

(a) no representation or warranty (express or implied) is given; and

• (b) no responsibility or liability (including in negligence) is accepted,

by the Parties as to the truth, accuracy or completeness of any statement, opinion, forecast, information or other matter (whether express or implied) contained in this Presentation or as to any other matter concerning them.

To the full extent permitted by law, no responsibility or liability (including in negligence) is accepted by the Parties:

• (a) for or in connection with any act or omission, directly or indirectly in reliance upon; and

(b) for any cost, expense, loss or other liability, directly or indirectly, arising from, or in connection with, any omission from or defects in, or any failure to correct any information,

in this Presentation or any other communication (oral or written) about or concerning them.

The delivery of this Presentation does not under any circumstances imply that the affairs or prospects of Qube or any information have been fully or correctly stated in this Presentation or have not changed since the date at which the information is expressed to be applicable. Except as required by law and the ASX listing rules, no responsibility or liability (including in negligence) is assumed by the Parties for updating any such information or to inform the recipient of any new information of which the Parties may become aware.

Notwithstanding the above, no condition, warranty or right is excluded if its exclusion would contravene the Competition and Consumer Act 2010 or any other applicable law or cause an exclusion to be void.

The provision of this Presentation is not and should not be considered as a recommendation in relation to an investment in Qube or that an investment in Qube is a suitable investment for the recipient.

References to ‘underlying’ information is to non-IFRS financial information prepared in accordance with ASIC Regulatory Guide 230 (Disclosing non-IFRS financial information) issued in December 2011. Non-IFRS financial information has not been subject to audit or review.

2

Table of Contents

1	FY23 Half Year Highlights
2	H1 FY23 Divisional Performance
3	Key Financial Information
4	Summary and FY23 Outlook
5	Additional Information: Operating Division
6	Additional Financial Information: Appendices

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3

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FY23 Half Year Highlights Qube Agri Terminal, Coonamble

4

FY23 Half Year Highlights VERY STRONG UNDERLYING RESULTS IN THE PERIOD

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KEY FINANCIAL METRICS[1]

HALF YEAR IN REVIEW

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Statutory Revenue Underlying Revenue
+22.3 [%] $1,455.8 million +23.1 [%] $1,497.2 million
Statutory EBITA Underlying EBITA
+67.8 [%] $159.6 million +30.9 [%] $145.2 million
Statutory NPAT Underlying NPAT
+97.7 [%] $111.3 million +41.4 [%] $124.9 million
Statutory NPATA Underlying NPATA
+83.6 [%] (NPAT pre-amortisation) [2] +37.0% (NPAT pre-amortisation) [2 ]
$119.0 million $132.6 million
Statutory EPSA Underlying EPSA
+97.1 [%] (EPS pre-amortisation) [2] +47.1 [%] (EPS pre-amortisation) [2 ]
6.7 cents 7.5 cents
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• Excellent financial performance across key metrics despite some ongoing challenges.

Very strong underlying revenue and earnings growth reflects the multiple growth drivers within Qube’s business supported by Qube’s diversified activities across attractive import and export markets.

• Interim dividend has been increased by 25.0% to 3.75 cents per share (fully franked) reflecting the strong financial performance and positive outlook.

• Positive financial performance expected to continue for the remainder of the year although underlying earnings (NPATA) in H2 are not expected to be as strong as the H1 NPATA.

• Qube expects to deliver strong full year underlying earnings growth in FY23 compared to FY22 (NPATA and EPSA).

• Growth rate will depend on a range of factors including market conditions in Qube’s key markets, weather events, and the inflationary and interest rate environment.

Notes:

1. Statutory figures include discontinued operations. A reconciliation of H1 FY23 statutory to underlying results is included in slide 37.

2. NPATA is NPAT adjusted for Qube’s amortisation and Qube’s share of Patrick’s amortisation. EPSA is NPATA divided by the fully diluted weighted average number of shares outstanding .

The underlying information referenced throughout this presentation excludes discontinued operations and certain non-cash and non-recurring items in order to more accurately reflect the underlying financial performance of Qube. Income tax expense is based on a prima-facie 30% tax charge on profit before tax and associates. References to ‘underlying’ information are to non-IFRS financial information prepared in accordance with ASIC Regulatory Guide 230 (Disclosing non-IFRS financial information) issued in December 2011. Non-IFRS financial information has not been subject to audit or review.

5

Qube Growth Drivers

QUBE’S GROWTH CONTINUES TO BE DRIVEN BY MUTLIPLE DRIVERS ACROSS ITS BUSINESS

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Volume drivers H1 FY23 Value drivers H1 FY23
GDP GROWTH
Existing - MULTI PURPOSE
Base INFRASTRUCTURE
GROWTH OF OUR
CUSTOMERS
EXPAND SERVICE
OFFERING MULTI PURPOSE
New OPERATING UNITS
NEW MARKETS /
NEW PRODUCTS /
ACQUISITIONS
Growth
Drivers GROW MARKET SHARE IMPROVE OPERATIONAL PRODUCTIVITY
ACQUISITIONS (PRIOR)
Existing – LEVERAGE OVERHEADS
Market Share
GROWTH CAPEX
ENHANCED VALUE
INFRASTRUCTURE CAPEX
6
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Qube Growth Drivers

OUR CUSTOMERS AND REVENUES ARE GEOGRAPHICALLY DIVERSIFIED

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REVENUE SEGMENTATION BY REGION

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 $'million	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**	WA NSW QLD VIC NZ SA TAS NT Others Revenue Segmentation - Operating Division ($'m) H1 FY22 H1 FY23 WA NSW QLD VIC NZ SA TAS NT Others 411.5 340.7 327.6 169.8 86.9 77.3 28.2 27.0 29.3 347.5 232.5 265.9 143.7 82.7 58.2 22.7 24.6 28.9 64.0 108.2 61.7 26.2 4.2 19.1 5.5 2.4 0.4 18% 47% 23% 18% 5% 33% 24% 10% 1%**
$m		WA WA	NSW NSW	QLD QLD	VIC VIC	NZ NZ	SA SA	TAS TAS	NT NT	Others Others**
H1 FY23		411.5	340.7	327.6	169.8	86.9	77.3	28.2	27.0	29.3
H1 FY22		347.5	232.5	265.9	143.7	82.7	58.2	22.7	24.6	28.9
Growth $’m		64.0	108.2	61.7	26.2	4.2	19.1	5.5	2.4	0.4
Growth %		18%	47%	23%	18%	5%	33%	24%	10%	1%

*Notes: Others comprise Global Forwarding and South East Asia.

• Qube delivered revenue growth across all regions with highest growth in dollar terms in NSW (higher contribution from grain related activities and the contribution from a full period of the BlueScope contract), followed by WA (strong contribution from energy and bulk related activities).

• Revenue growth across most commodities with highest growth achieved in services relating to mineral sands, lithium and energy (reflecting high volumes from existing customers and new contracts).

• The key weakness was in Australian forestry products which, although still delivering modest revenue growth, was impacted by labour shortages.

• The Operating Division has a diverse mix of customers covering different geographies, commodities and industries (refer appendix slides 32 to 35). Our top 10 customers represent 23% of total Operating Division revenues.

7

Key Challenges H1 FY23 SIGNIFICANT IMPROVEMENT IN MARKET CONDITIONS ALTHOUGH SOME CHALLENGES REMAIN

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KEY CHALLENGES

COVID-19	INFLATION	EXTREME WEATHER EVENTS	SUPPLY CHAIN DISRUPTION	LABOUR	VOLUMES – CHINA IMPACT
Minimal impact to	Although well	Adverse weather	Some impact on	Labour shortages	China related
the business.	protected	continued in H1	equipment supply	remain one of the	forestry volumes
	contractually and	FY23 although no	times but not	key challenges for	remained subdued
	through commercial	material impact to	considered	the bulk business	in H1 FY23 but
	negotiations, some	operations to date.	significant.	and Australian	started improving
	timing lags in the			forestry activities.	towards the end of
	application of			Impact is through	the period
	contractual			higher labour costs
	formulae in certain bulk contracts are			(overtime and use of sub-contractors)	Windfarm projects are now
	still being			as well as missed	progressing and
	addressed.			revenue	there is a healthy
				opportunities.	customer pipeline.

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Severity: Green – Low, Orange – Medium, Red - High

8

Safety Performance CONTINUE TO FOCUS ON EMPLOYEE SAFETY OUTCOMES

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SAFETY & HEALTH PERFORMANCE

Total Recordable Injury Frequency Rate (TRIFR)

Lost Time Injury Frequency Rate Critical Incident Frequency Rate (LTIFR) (CIFR)

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20 3.00 3.50 3.15
16.2 2.40
2.50 3.00
15
2.00 2.50 2.18
10 9.3 8.9 8.3 9.0 7.4 6.4 1.50 1.10 2.00 1.72 1.54
1.00 0.80 0.86 0.80 0.75 1.50 1.08
5 0.45 1.00 0.69
0.50 0.37
0.50
0
0.00
FY17 FY18 FY19 FY20 FY21 FY22 H1 -
FY17 FY18 FY19 FY20 FY21 FY22 H1
FY23 FY17 FY18 FY19 FY20 FY21 FY22 H1
FY23
Notes: FY23
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1. TRIFR is the combined number of recordable Return to Work, Medical Treatment Injuries and Lost Time Injuries for every million hours worked

2. LTIFR is the Number of Lost Time Injuries for every million hours worked

3. CIFR is the number of actual Class 4/5 incidents and the number of potential Class 4/5 incidents per million hours worked. Class represents the severity level (4 = major, 5 = critical)

In H1 FY23:

• Qube achieved a TRIFR of 6.4 and LTIFR of 0.45, which represented a 13.5% and 37.5% reduction respectively from FY22.

• CIFR increased to 1.08 attributable to the enhanced focus on reporting critical events with a potential critical consequence. Qube’s strategy is to simplify systems, focus on what matters, and prevent fatal and catastrophic events from occurring.

• Implemented a new event management system which gives the business the capability to improve risk management and ensure Qube is focusing on prevention.

9

Decarbonisation

AIMING TO BE A SUPPLY CHAIN LEADER IN THE TRANSITION

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OUR JOURNEY TO DECARBONISATION

Qube published its decarbonisation plan in August as part of its FY22 Results. Since then we have:

• Commenced delivering on our plan including to achieve a 50% reduction in Scope 1 emissions intensity by 2030 and for 95% of prime movers to be Euro 5,6 by 2027.

• Entered into a number of partnerships to trial innovative technologies and alternative fuels over the next 2 years to accelerate decarbonisation.

• Invested in additional resourcing to strengthen our in-house capability, build our expertise and to drive improved analytics and research to support execution of our plan.

• Initiated customer and supplier engagement on Scope 3 emissions management and reporting.

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10

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H1 FY23 Divisional Performance

BOMC, Bintan Island

11

Operating Division VERY STRONG REVENUE AND EARNINGS GROWTH

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UNDERLYING REVENUE

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1,600
1,400 123.3 (1.4)
168.4
1,200
1,000 +24.1%
800
1,497.1
600 1,206.8
400
200
0
H1 FY 22 Logistics & Ports & Bulk Divisional H1 FY23
Infrastructure Corporate
($ million)
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• High activity levels across both L&I and P&B delivered 24.1% underlying revenue growth versus H1 FY22.

• The revenue growth was driven by high container and agri related volumes (L&I), solid energy and vehicle related volumes and relatively stable bulk volumes.

• The key areas of weakness were forestry volumes and the inability to maximise revenue due to labour shortages in some regions.

• Revenue included an increased level of low or no-margin items including contractual mechanisms to recover cost increases.

UNDERLYING EBITA

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200
180
(6.0)
160 (5.2)
48.6
140
+29.6%
120
100
80 126.4 163.8
60
40
20
0
H1 FY 22 Logistics & Ports & Bulk Divisional H1 FY23
Infrastructure Corporate
($ million)
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• The Operating Division delivered a 29.6% increase in underlying EBITA versus H1 FY22.

• Earnings growth was driven by L&I which benefitted from high volumes across its strategic infrastructure (including grain and automotive terminals and container parks) as well as the contribution from rate increases introduced in late FY22 to restore margins to acceptable levels.

• P&B earnings declined modestly mainly due to operational inefficiencies from port congestion, the ongoing operational impact of labour shortages, and delays in fully recovering some cost increases (refer P&B section).

12

Logistics & Infrastructure

VERY STRONG H1 FY23 RESULTS UNDERPINNED BY HIGH VOLUMES ACROSS STRATEGIC INFRASTRUCTURE

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FINANCIAL PERFORMANCE AND COMMENTARY

	H1 FY23	H1 FY22	Change ($’m)	Change (%)
Revenue	692.0	523.6	168.4	32.2%
EBITDA	147.3	92.2	55.1	59.8%
Depreciation	(28.8)	(22.3)	(6.5)	29.1%
EBITA	118.5	69.9	48.6	69.5%
EBITA %	17.1%	13.3%	n/a	3.8%

Note: The above financials exclude any allocation of Divisional Corporate Overheads

• Grew revenue by 32.2% to $692 million and underlying EBITA by 69.5% to $118.5 million.

• Improved EBITA margins from 13.3% to 17.1% reflecting business mix and benefits of scale across Qube’s infrastructure including grain and automotive terminals and container parks.

• Effectively mitigated inflationary pressures.

• Experienced higher volumes across a number of products and services including:

• Container transport, handling and storage activities across Australia

• Rail activities predominantly across New South Wales and Victoria (which includes containers, grain and bulk commodities)

• New rail activities from BlueScope (East Coast) steel contract

• Project cargo, general cargo and roll-on roll-off (RoRo) activities across our AAT facilities in Brisbane, Port Kembla and Melbourne.

• Agri activities in upcountry regional New South Wales, and export volumes loaded from Qube’s NAT (Newcastle) and Quattro (Port Kembla) grain terminals.

13

Logistics & Infrastructure

QUBE CONTINUES TO PROGRESS ITS MLP TERMINAL INFRASTRUCTURE DEVELOPMENT

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IMEX

INTERSTATE

• Stage 1 Manual Terminal commenced operations in November 2019 as an interim to Automation.

• Stage 2 Automated terminal is being delivered in three sections:

• As at 31 December 2022, Phase 1 (C-ASCs operating on the east side) is in the operational testing phase and is forecast to be completed in early FY24.

• Phase 2 and Phase 3 of Automation will progressively be introduced during FY24/FY25. On completion of Phase 3, the ultimate capacity is expected to remain unchanged at 1 million TEUs per annum

• The MLP IMEX Terminal handled around 54,000 TEU in H1 FY23 with some volume being diverted to Qube’s other IMEX terminals while the automation rollout is being tested and refined.

• The construction of the Interstate Terminal and Rail Access Network continues to progress in line with expectations. The majority of inground services are now complete, rail and sleepers have been delivered to site and paving works will commence in the next three months.

• The expected capital expenditure in relation to Stage 1a of the Interstate Rail Terminal remains unchanged at around $133.5 million (around $154 million for 100% of Stage 1a and Stage 1b).

• The required completion date for Stage 1A has been extended to 24[th] January 2024 as a result of the severe adverse weather in the period that delayed construction activities.

14

Ports & Bulk (P&B)

HIGHER REVENUE BUT LOWER EARNINGS

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FINANCIAL PERFORMANCE AND COMMENTARY

	H1 FY23	H1 FY22	Change ($’m)	Change (%)
Revenue	806.4	683.1	123.3	18.1%
EBITDA	123.4	126.0	(2.6)	(2.1%)
Depreciation	(59.0)	(55.6)	(3.4)	6.1%
EBITA	64.4	70.4	(6.0)	(8.5%)
EBITA %	8.0%	10.3%	n/a	(2.3%)

Note: The above financials exclude any allocation of Divisional Corporate Overheads

• Grew revenue by 18.1% to $806.4 million reflecting high volumes across most ports and bulk activities.

• Margins did not improve as expected mainly due to the impact of labour shortages, operational inefficiencies arising from port congestion, and inability to fully recover some cost increases. These issues are being addressed and improved margins are expected in H2 although is unlikely to be fully addressed until FY24.

• Australian stevedoring activities were pleasing with higher bulk and break-bulk volumes (mainly steel imports and grains exports), and higher vehicle import volumes.

• Energy related volumes increased with high activity levels from both production and exploration customers.

• New Zealand forestry activities continued to be impacted by lower log volume exports, although the contribution improved towards the end of the period from increased rates and a recovery in volumes (which is expected to continue).

• Australian forestry activities were impacted by labour shortages.

• High volumes across most bulk activities and commodities (mineral sands, lithium and other base metals including nickel and copper), however the result was adversely impacted by labour shortages and delays in fully recovering some costs increase.

15

Patrick

HIGHER REVENUE AND IMPROVED MARGINS

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FINANCIAL PERFORMANCE AND COMMENTARY

Underlying Results	Underlying Results	Underlying Results	Underlying Results	Underlying Results
	H1 FY23	H1 FY22	Change ($’m)	Change (%)
Patrick(100%)
Revenue	400.0	351.0	49.0	14.0%
EBITDA*	165.3	130.2	35.1	27.0%
Depreciation	(38.4)	(36.8)	(1.6)	4.3%
EBITA	126.9	93.4	33.5	35.9%
EBITA %	31.7%	26.6%	n/a	5.1%
Qube(50%)
Qube share of NPAT	27.0	17.4	9.6	55.2%
Qube share of NPAT(pre-amortisation)	31.8	22.8	9.0	39.6%
Qube interest income net of tax from Patrick	5.2	6.1	(0.9)	(15.0%)
Total Qube share of NPAT from Patrick	32.2	23.5	8.7	37.0%
Total Qube share of NPATA from Patrick	37.0	28.9	8.1	28.0%

*12-month EBITDA (100%) to 31 Dec 22 was $314.9 million.

• Underlying revenue and earnings were above expectations with revenue growth of 14.0% and EBITA growth of 35.9% compared to the prior corresponding period.

• The performance was predominantly driven by high storage and other ancillary revenues despite volumes (lifts) being relatively flat compared to the prior corresponding period.

• Patrick’s contribution to Qube’s underlying NPATA result was $37.0 million, up 28.0%.

• Patrick continues to generate strong cashflow and distributed $45.0 million cash to each of its shareholders in the period, comprising dividends and interest income on shareholder loans.

Cash Distribution

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50 Total $45.0
Total $40.0
40 7.25
9.0
30
20 37.75
31.0
10
0
H1 FY 23 H1 FY 22
Dividend Interest income (pre-tax)
$ million
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16

Patrick

MARKET SHARE DECREASED SLIGHTLY, KEY PROJECTS ARE ON TRACK TO BE DELIVERED

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VOLUME & MARKET SHARE

Patrick Market Share

H1 FY 23 Volume Growth vs PCP

• Patrick volume (lifts) in H1 FY23 were -0.3% lower than H1 FY22, against market growth of 3.4%.

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6.0% 42.5% 42.1% 42.2%
4.3%
3.4% 42.0% •
4.0% 41.5% 41.0%
41.0% 40.7%
2.0% 0.9%
40.5%
0.0% 40.0% •
-0.3% 39.5%
-2.0%
TEU Lifts
TEU growth Lift growth
Jun-22 Dec-22 •
Market (4 ports) Patrick
Indicative volume (lift) Indicative volume (lift)
segmentation - segmentation -
H1 FY23 H1 FY22
Fremantle
14.0% East Fremantle
Swanson 13.1% East
Dock Swanson
Fisherman 28.0% Dock
Island 20.3% Fisherman 29.5%
Island 22.0%
Port
Port
Botany
Botany 35.4%
37.7%
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• Patrick market share decreased slightly by 1.2% to 41.0% compared to June 22, impacted by the transfer of the OC1 Trident Service in Melbourne to DP World.

• Patrick renewed and secured several contracts in H1 FY23 which added certainty to Patrick’s future volume and revenue profile.

• Patrick spent capex of $30.7 million in H1 FY23 (growth and maintenance) and continues to focus on these key investments with c.$59 million capex expected in H2 FY23:

• Port Botany rail terminal - phase 1 completed, phase 2 works are well progressed with the project on track to be delivered by September 2023.

• Automated truck handling – project went live in Fishermen Islands in July 2022 and will be rolled out in Port Botany in mid2023.

• Crane automation – pilot program in Fisherman Islands is in the final stages and expected to fully implement by March 2023.

• East Swanson rail facility - construction is well progressed and due for completion in mid-2023.

• Fremantle redevelopment - construction in progress with civil works to be delivered by mid-2023.

17

Qube Proportional Underlying Results A VERY STRONG FINANCIAL PERFORMANCE

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QUBE PROPORTIONAL UNDERLYING RESULTS

Including Proportional Patrick	H1	H1	H1	12 months to	12 months to	12 months to
	FY 23 ($m)	FY 22 ($m)	Change (%)	Dec-22 ($m)	Dec-21 ($m)	Change (%)
Revenue	1,697.2	1,391.5	22.0%	3,243.6	2,645.3	22.6%
EBITDA	317.4	255.5	24.2%	590.5	480.6	22.9%
EBITA	208.7	157.6	32.4%	375.6	289.9	29.6%
EBITDA Margin	18.7%	18.4%	0.3%	18.2%	18.2%	0.0%
EBITA Margin	12.3%	11.3%	1.0%	11.6%	11.0%	0.6%

The above information reflects Qube’s underlying financial performance inclusive of Qube’s 50% proportional interest in Patrick’s revenue and earnings.

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Patrick Terminals – Sydney AutoStrad

Narrabri Intermodal Terminal

18

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Key Financial Information

IMEX & Interstate Terminal, Moorebank Logistics Park

19

Qube Statutory Results

	H1 FY23 (excl. discontinued operations) ($m)	Discontinued operations 1	H1 FY23 (incl. discontinued operations) ($m)	H1 FY22 (incl. discontinued operations) ($m)	Change (%)
Revenue	1,448.2	7.6	1,455.8	1,190.4	22.3%
EBITDA	284.4	7.6	292.0	214.7	36.0%
Depreciation	(132.4)	-	(132.4)	(119.6)	(10.7%)
EBITA	152.0	7.6	159.6	95.1	67.8%
Amortisation	(3.9)	-	(3.9)	(4.5)	13.3%
EBIT	148.1	7.6	155.7	90.6	71.9%
Net Finance Costs	(27.3)	-	(27.3)	(18.4)	(48.4%)
NPBT and Associates	120.8	7.6	128.4	72.2	77.8%
Share of Profit of Associates	21.8	-	21.8	8.6	153.5%
Profit /(Loss)Before Tax	142.6	7.6	150.2	80.8	85.9%
Tax(Expense)Benefit	(37.5)	(2.3)	(39.8)	(25.3)	(57.3%)
Non- ControllingInterest	0.9	-	0.9	0.8	12.5%
Profit/(Loss)After Tax Attributable toQube	106.0	5.3	111.3	56.3	97.7%
Profit/(Loss) After Tax Attributable to Qube Pre- Amortisation2	113.7	5.3	119.0	64.8	83.6%
Diluted Earnings Per Share (cents)	6.0	0.3	6.3	2.9	117.2%
Diluted Earnings Per Share Pre-Amortisation (cents)	6.4	0.3	6.7	3.4	97.1%
Dividend Per Share (cents)	3.75	-	3.75	3.0	25.0%
Weighted Average Diluted Shares on Issue (m)	1,767.4		1,767.4	1,910.2	(7.5%)
EBITDA Margin	19.6%	0.5%	20.1%	18.0%	2.1%
EBITA Margin	10.5%	0.5%	11.0%	8.0%	3.0%



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• Statutory earnings are shown exclusive and inclusive of the discontinued Property Division.

The reconciliation between statutory results and reported underlying results is consistent to prior years with the key adjustments being;

• Reversing the impact of AASB16 Lease Accounting Standard for both Qube and Patrick.

• Removing the Property Division result (now discontinued and non-recurring).

A detailed reconciliation of underlying adjustments can be found in Appendix 1 on slide 37.

Notes:

1. Qube completed the monetisation of the MLP Property Assets on 15 December 2021, and the Property Division has been discontinued effective from that date. As a result, the earnings associated with this Division have been classified under discontinued operations in the H1 FY23 financial statements.

2. Profit After Tax Attributable to Qube adjusted for Qube’s amortisation and Qube’s share of Patrick’s amortisation.

20

Qube Underlying Results A VERY STRONG FINANCIAL PERFORMANCE

	H1 FY 23 ($m)	H1 FY 221 ($m)	Change (%)
Revenue	1,497.2	1,216.0	23.1%
EBITDA	234.7	190.4	23.3%
Depreciation	(89.5)	(79.5)	(12.6%)
EBITA	145.2	110.9	30.9%
Amortisation	(4.0)	(4.5)	11.1%
EBIT	141.2	106.4	32.7%
Net Finance Costs	(6.6)	(3.8)	(73.7%)
NPBTandAssociates	134.6	102.6	31.2%
Share of Profitof Associates	29.8	15.7	89.8%
Profit/ (Loss)BeforeTax	164.4	118.3	39.0%
Tax(Expense)Benefit	(40.4)	(30.8)	(31.2%)
Non-ControllingInterest	0.9	0.8	12.5%
Profit After Tax Attributableto Qube	124.9	88.3	41.4%
Profit After Tax Attributable to Qube Pre-Amortisation1	132.6	96.8	37.0%
DilutedEarningsPerShare (cents)	7.1	4.6	54.3%
DilutedEarningsPerSharePre-Amortisation(cents)	7.5	5.1	47.1%
Interim DividendPerShare (cents)	3.75	3.00	25.0%
WeightedAverageDiluted Shares on Issue (m)	1,767.4	1,910.2	(7.5%)
EBITDA Margin	15.7%	15.7%	-
EBITA Margin	9.7%	9.1%	0.6%

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• Prior slides speak to the very strong Operating Division and Patrick contribution to Qube’s H1 FY23 results.

• Net finance costs in the period are net of interest income on shareholder loans to Patrick ($7.4 million) and adjusts for capitalised interest ($8.0 million) on MLP development capital.

• The increase in EBITA % margins in H1 FY23 is due to the very strong earnings contribution from the L&I business unit which reflects business mix and benefits of scale across Qube’s operations and infrastructure.

• Underlying results assume a flat 30% income tax rate.

• EPSA increased 47.1% to 7.5 cps due to the high earnings growth and full period benefit from the share buyback completed in May 2022 (~8% lower shares on issue).

• Increased dividends per share reflects very strong earnings growth and positive outlook.

• Qube received around $220 million in deferred consideration from the MLP monetisation in the period, bringing the total consideration received as at Dec-22 to approx. $1.58 billion.

• Qube expects to progressively receive the remaining c.$80 million of deferred consideration as construction of stage 1a of the MLP Interstate Terminal is delivered (H2 FY23 and FY24).

Notes:

1. Profit After Tax Attributable to Qube adjusted for Qube’s amortisation and Qube’s share of Patrick’s amortisation.

A reconciliation of H1 FY23 statutory to underlying results is included in slide 37.

21

Capital Expenditure

ONGOING INVESTMENT IN MAINTENANCE AND GROWTH ASSETS

GROSS CASH CAPEX BY BUSINESS UNIT

	Growth	Maintenance	MLP Terminals2	Total Gross Capex	Disposal Proceeds	Net Capex
L&I	34.6	56.7	33.0	124.3	(0.4)	123.9
P&B	30.0	53.8	-	83.8	(9.6)	74.2
Other1	-	3.7	-	3.7		3.7
Total Qube	64.6	114.2	33.0	211.8	(10.0)	201.8

Note 1: Relates to discontinued operations (MLP capex) and corporate

Note 2: Including capex that relates to LOGOS/NIC 35% share of the Interstate terminal

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----- Start of picture text -----

140.0
120.0
$33.0
100.0
80.0
60.0 $56.7 $53.8
40.0
20.0 $34.6 $30.0
- $3.7
L&I P&B Other
Growth Maintenance MLP Terminals
$ million
----- End of picture text -----

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GROSS CASH CAPEX BY CATEGORY

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----- Start of picture text -----

Growth
30.5%
Maintenance
53.9%
MLP Terminals
15.6%
----- End of picture text -----

• Total gross capex of $211.8 million (excluding capitalised interest) in the period, included the following items:

• Grain wagons and locomotives

• Warehouses, storage sheds, rail, mobile and other growth assets across the Operating Division

• Maintenance capex

• Development of the MLP Terminals (IMEX and Interstate).

• Maintenance capex (as % of depreciation) was 128% in H1 FY23.

22

Cash Flow

IMPROVING CASH CONVERSION SUPPORTS ONGOING INVESTMENT

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CHANGE IN NET BORROWINGS FOR SIX MONTHS TO 31 DECEMBER 2022

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----- Start of picture text -----

1,400 • Slight increase in net debt
of $7.8 million from June
1,200
22 to December 22.
1,000 $889.1 $896.9 • Major cashflow items
11.4
70.6 included:
800 305.0 (193.7) (46.1) 201.8 (236.7) 17.7 182.8 305.0  MLP deferred
600 consideration and
finalisation of transaction
400 adjustments
584.1
591.9
200  Capital expenditure (net)
 Capital gains tax relating
0
to MLP monetisation.
Net Operating Distributions Net Cash Deferred Net Interest Tax Dividends Other Net
Borrowings Cashflow Received Capex Moorebank Paid Paid Paid Borrowings • Operating cashflows
at Jun 22 from consideration (excl interest at Dec 22
represented an improved
Associates income
cash conversion ratio of
from Patrick)
83% of underlying
Senior debt (net of cash) Sub Note Series3 EBITDA compared to
71% for FY22.
($ million)
----- End of picture text -----*

Notes:

* Operating cashflow includes operating lease payments which are classified in accordance with AASB 16 in Qube’s statutory cashflow statement as a combination of payments of interest and principal.

** Distribution received from Associates includes interest income from Patrick.

*** Net borrowings exclude capitalised debt establishment costs ($5.0 million) and are net of the value of the derivatives which fully hedge the USD denominated debt.

23

Balance Sheet & Funding

CONTINUED STRONG BALANCE SHEET AND LIQUIDITY POSITION

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KEY DEBT METRICS	KEY DEBT METRICS	KEY DEBT METRICS
Key metrics	31-Dec-22	30-Jun-22
Net assets attributable to Qube ($m)	3,044.6	2,993.1
Net debt ($m)1	896.9	889.1
Cash and undrawn debt facilities ($m)2	993.6	1,319.7
Leverage ratio (%)3	22.8%	22.9%
Weighted average debt facilities maturity (years)	2.5	2.1

Notes:

1. Excluding lease liabilities attributable to AASB16

2. Net of bank guarantees drawn.

3. Net debt / (Net debt+ Equity) where net debt excludes lease liabilities attributable to AASB16.

DEBT FACILITIES MATURITY PROFILE AT 31 DECEMBER 2022

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----- Start of picture text -----

800
700
600
500 305
400
101
300
51
200 365 346 321
100 240
0 50 100 38
FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30
Bank Facilities Subordinated Notes CEFC Facliity USPP
$ million
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• During H1 FY23, Qube has taken advantage of its strong liquidity position to rebalance its borrowing portfolio by reducing and extending the maturity of its facilities:

• Terminating approximately $460 million of its more expensive short-term liquidity facilities, bridge facility and term facilities;

• Terminating $100 million of its CEFC facility and shortening the maturity of the $50 million balance pending discussion and agreement to reset new clean energy targets (existing facility was linked to specific Moorebank targets now not applicable)

• Increasing the amount of other facilities by around $240 million; and

• Extending the term on approximately $190 million of its existing bilateral facilities.

• Qube continues to have material liquidity to fund its growth, and is conservatively leveraged at 22.8%, being below the lower end of its target leverage range of 30% to 40%.

24

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Summary and FY23 Outlook

25

Qube’s Strategy CONTINUES TO DELIVER SUSTAINABLE GROWTH

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SUSTAINABLE GROW TH

		H1 FY23 Results	H1 FY23 Outcome	Commentary
REVENUE = GDP+		+23.1% (vs H1 FY22)	√	Consistently delivering revenue growth well above GDP through organic and inorganic growth.
MARGIN GROWTH		EBITA margin: +0.6% (H1 FY22: 9.1%)	√	Focus on continuous margin improvement although significantly influenced by business mix and increasing quantum of low or no margin pass through revenue items.
		Group1: 8.9% (FY22: 8.0%)
ROACE = 10%+	Operating Division2: 10.2% (FY22: 9.6%)		#	Sound improvement achieved. Expect to hit target in medium term.
		Patrick: 8.6% (FY22: 7.4%)
EPSA GROWTH		+47.1% (vs H1 FY22)	√	Very focussed on delivering continued EPSA growth (particularly post completion of the MLP monetisation).
ORDINARY DIVIDEND GROWTH		+25.0% (vs H1 FY22)	√	Expect to increase ordinary dividends consistent with EPSA growth with potential for special dividends when circumstances justify it.
Legend	√	# Achieved	On-track	ϴ Tracking below target

Note 1: Based on underlying EBITA (including Associates); Average capital employed excludes goodwill which arose from the Qube Restructure undertaken in 2011. Note 2: Based on underlying EBITA (excluding Associates); Average capital employed excludes goodwill which arose from the Qube Restructure undertaken in 2011.

26

Qube’s Strategy CONTINUES TO DELIVER SUSTAINABLE GROWTH

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Underlying Revenue - Operating Division

Dividend Per Share

Underlying EPSA

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----- Start of picture text -----

8.0
3,000.0 7.00 12.0 10.6
2,573 7.0
2,500.0 2,009 6.0 5.20 6.00 0.70 10.0 7.2 8.4 7.5
2,000.0 1,500.0 1,785 865 1,068 1,366 1,497 5.04.0 2.30 3.50 3.30 3.75 8.06.0 2.5 4.0 5.5
3.0
1,000.0 4.0 7.5
500.0 921 941 1,207 1,497 2.01.0 2.90 2.50 3.00 3.75 2.0 4.7 4.4 5.1
- 0.0 0.0
FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23
H1 H2 H1 H2 Special Dividend H1 H2
ROACE - Qube Group ROACE - Operating Division ROACE - Patrick
10.0% 8.0% 8.9% 6,000 10.6% 10.4% 3,000 10.0% 8.6% 1,500
8.0% 5,000 10.4% 10.2% 10.2% 2,500 8.0% 7.4% 1,400
6.0% 5.0% 5.2% 4,0003,000 10.2%10.0% 2,000 6.0% 4.4% 6.0% 1,300
4.0% 9.8% 9.6% 1,500
2,000 9.6% 4.0% 1,200
1,000
2.0% 1,000 9.4% 2.0% 1,100
500
9.2%
0.0% 0
FY20 FY21 FY22 H1 9.0% 0 0.0% 1,000
FY20 FY21 FY22 H1 FY23 FY20 FY21 FY22 H1
FY23
FY23
Average Capital Employed ROACE (%) Average Capital Employed ROACE Average Capital Employed ($m) ROACE (%)
cents cents
$ million
ROACE (%)
ROACE (%) ROACE (%)
Average Capital Employed ($m) Average Capital Employed ($m)
Average Capital Employed ($m)
----- End of picture text -----

*Note: Average capital employed excludes goodwill which arose from the Qube Restructure undertaken in 2011.

27

Outlook – Key Challenges H2 FY23 BROADLY SIMILAR CONDITIONS EXPECTED OVERALL IN H2

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KEY CHALLENGES

EXTREME SUPPLY CHAIN VOLUMES – COVID-19 INFLATION WEATHER LABOUR DISRUPTION CHINA IMPACT EVENTS Continued earnings Minimal impact to impact on bulk Severe weather in Continued Skilled labour Continued the business. activities. Likely to New Zealand in Jan improvement availability improvement in only be fully and Feb has expected. continues to impact volumes. addressed in FY24. reduced earnings the bulk business (albeit not and Australian Expect some materially). forestry activities. moderation of volumes for Similar impact to H1 imported with improvement containerised expected in FY24. freight due to inflation and higher interest rates.

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Severity: Green – Low, Orange – Medium, Red - High

28

FY23 Outlook

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		PREVIOUS GUIDANCE (FY22 Results Presentation)		CURRENT GUIDANCE	OUTLOOK
	•	Strong growth currently expected in underlying revenue and earnings	•	No change to previous full year guidance of strong
		growth (EBITA). The Logistics & Infrastructure business unit is expected to		underlying EBITA growth.
		achieve higher growth than the growth in the Ports & Bulk business unit.	•	H2 earnings (EBITA) expected to be lower than H1
				EBITA.
			•	This mainly reflects some moderation in imported
				container volumes and the impact of severe weather
				in NZ in Jan and Feb 23.
OPERATING DIVISION			•	This guidance also reflects a range of assumptions for H2 including:  Continued solid volumes and activity levels
				across most of Qube’s markets.
				 Ongoing cost and revenue impact from
				labour shortages in parts of Qube’s business.
				 Full recovery of cost increases in the bulk
				activities will only occur in FY24.
				 No material adverse weather events.
				 No incremental earnings from new
				acquisitions that are currently being
				assessed.
	•	Continued strong growth in underlying EBITDA/EBIT driven by modest	•	No change to previous full year guidance of strong
		market growth, stable market share and improved margins through		underlying EBITDA/EBIT and modest NPATA
		productivity initiatives and the full period benefit of higher infrastructure		growth.
		and ancillary charges which offset higher operating costs (inc. labour, fuel
PATRICK		and rent).	•	The contribution to Qube’s NPATA in H2 is
	•	Overall NPATA contribution to Qube expected to be modestly higher than FY22 due to an increased interest expense mainly resulting from higher base rates.		anticipated to be lower than H1 mainly reflecting some expected moderation in imported container volumes and higher interest costs.

29

FY23 Outlook

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		PREVIOUS GUIDANCE (FY22 Results Presentation)		CURRENT GUIDANCE	OUTLOOK
	•	Corporate costs (EBIT) are expected to increase in FY23 mainly due to cost	•	No change to previous full year guidance for Corporate
		inflation, increased SHS expenditure and higher insurance costs.		costs (EBIT), but slight improvement in expected full
CORPORATE	•	Significant increase in net interest expense (indicatively $25-30 million above FY22) mainly resulting from higher average base rates expected in the period and reduced capitalisation of interest cost attributable to MLP related capex.		year net interest expense which is now expected to be $20-$25 million above FY22 (ie $5.0 million below previous guidance).
			•	This assumes no material change to current interest
				rate environment and outlook.
	•	Around $400-500 million* excluding M&A mainly comprising:	•	No change to previous full year guidance.
CAPEX / DEPRECIATION		 Growth capex across the Operating Division (inc. warehouses, storage sheds, locomotives, cranes and other operating equipment)  Development of the MLP IMEX and Interstate Terminals  Maintenance capex (expected to be around 85-95% of depreciation expense)	•	Maintenance capex is expected to be at or slightly above 100% of depreciation expense in FY23 mainly as a result of the decision to acquire rather than lease some replacement locomotives and other equipment.
	•	Estimated capex excludes any potential further bolt-on acquisitions which will
		depend on finding suitable opportunities that meet Qube’s key investment criteria.
	*This guidance does not take into account deferred consideration relating to the MLP
	Interstate Terminal that will be received in the period.
	•	Underlying NPATA is expected to grow relative to FY22 although the extent of	•	Currently expectingstronggrowth in full year
		growth is highly dependent on the above factors as well as interest rates over the		underlying NPATA and EPSA.
		period.	•	Underlying earnings (NPATA) in H2 are anticipated to
	•	Growth in underlying EPSA is expected to be higher than the NPATA growth due to		be below H1 NPATA mainly due to the expected lower
QUBE GROUP		the full year benefit from the share buyback completed in May 2022.		H2 earnings contribution from the Operating Division and Patrick and Qube’s increased interest costs.
	•	Overall, FY23 is expected to be another positive year for Qube (though significant
		risks and challenges remain).	•	Earnings growth rate will depend on a range of factors
	•	Qube’s strong operational and financial position make it well placed to continue to deliver sustainable long-term earnings growth.		including market conditions in Qube’s key markets, weather events, and the inflationary and interest rate environment.

This outlook assumes no material adverse change to current conditions or volumes in Qube’s markets or in domestic or global economic/political conditions, including any adverse change in the inflationary or interest rate outlook. It also assumes no deterioration in labour availability, and that Qube is not materially impacted by extreme weather events.

30

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Additional Information: Operating Division

Qube Quattro Terminal, Port Kembla

31

Logistics & Infrastructure REVENUE BY REGION

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----- Start of picture text -----

INDICATIVE REVENUE SEGMENTATION BY REGION
H1 FY23 H1 FY22 • Revenue growth across all regions
Global in H1 FY23.
forwarding Global
SA 5.7% 1.3% SA 6.0% forwarding1.4% • Strongest contribution from NSW,
QLD and VIC.
WA 8.4% • NSW growth driven in part by an
WA 9.2% increase in grain exports and the
full period contribution from the
NSW BlueScope contract.
36.8% • Diverse customer base with top 10
VIC 18.4%
Logistics & Infrastructure
NSW VIC 19.4% customers representing around
42.2%
14.5% of the Operating Division’s
total revenue and includes
retailers, manufacturers, food
processors, grain traders and
shipping lines.
QLD 24.0% QLD 27.2%
----- End of picture text -----

Notes: FY21 results restated to include contribution from AAT, MLP IMEX Terminal and TQ, for comparative purposes with FY22 reporting.

32

Ports & Bulk

REVENUE BY REGION

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----- Start of picture text -----

INDICATIVE REVENUE SEGMENTATION BY REGION
H1 FY23 H1 FY22
• P&B offers a diverse range of
services across numerous
TAS 3.3%
InternationalNT 3.4% TAS 3.5% NT 3.6% geographies, commodities and
2.6% International 3.2% markets to many different
customers.
SA 4.6%
SA 3.9% • Top 10 P&B customers represent
VIC 5.3% around 18.7% of the Operating
VIC 6.1% Division’s total revenue and
includes mining companies,
NSW 6.0% WA 43.8% WA 43.9% shipping lines, energy and gas
NSW 5.8% companies.
NZ 10.8%
NZ 12.1%
QLD 20.0%
QLD 18.1%
----- End of picture text -----

33

Logistics & Infrastructure REVENUE BY INDUSTRY

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INDICATIVE REVENUE SEGMENTATION BY INDUSTRY

Container handling & terminal services 22.2% Retail 9.8% Agriculture 22.5% Food Processing 10.3% Mining 4.6% Manufacturing 17.0% Freight Fwd 8.8% Infrastructure and project works 4.9% H1 FY22 Container handling & terminal services 18.7% Retail 10.0% Agriculture 19.3% Food Processing 10.3% Mining 4.5% Manufacturing 24.1% Freight Fwd 8.4% Infrastructure and project works 4.6% H1 FY23	By Industry	H1 FY 23 ($m)	H1 FY 221 ($m)	Change (%)
	Container handling & terminal services	129.7	116.3	11.5%
	Retail	69.2	51.1	35.5%
	Agriculture	133.4	117.7	13.4%
	Food Processing	71.3	53.9	32.4%
	Mining	31.3	24.0	30.5%
	Manufacturing	166.7	89.2	86.9%
	Freight Forwarding	58.4	46.1	26.7%
	Infrastructure and project works	32.1	25.5	25.9%
	Total	692.0	523.6	32.2%

Notes:

1. H1 FY22 results restated to include contribution from AAT, MLP IMEX Terminal and TQ, for comparative purposes with H1 FY23 reporting.

34

Ports & Bulk

REVENUE BY PRODUCT

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INDICATIVE REVENUE SEGMENTATION BY PRODUCT
Iron Ore 9.7% Other Base Metals 12.6% Lithium 5.1% Mineral sands 6.4% Coal 4.6% Gold 0.5% Lime 1.9% Manganese 4.2% Bulk Scrap and Others 4.8% Forestry Products 14.2% Vehicles/Ma chinery/Boa ts/WHSS 3.3% Energy 9.7% Facility Operations 3.2% Ancillary Services 4.4% Other 10.8% Infrastructur e 4.6% H1 FY22 Iron Ore 8.4% Other Base Metals 12.1% Lithium 7.3% Mineral sands 6.3% Coal 4.7% Gold 0.8% Lime 1.4% Manganese 4.2% Bulk Scrap and Others** 4.7% Forestry Products 14.1% Vehicles/M achinery/B oats/WHSS 3.5% Energy 13.2% Facility Operations 3.6% Ancillary Services 4.2% Other 8.3% Infrastructu re 3.2% H1 FY23
	By Product	H1 FY 23 ($m)	H1 FY 22 ($m)	Change (%)
	Iron Ore	67.6	66.5	1.7%
	Other Base Metals (Copper, Nickel and Zinc)*	97.3	85.8	13.5%
	Lithium	58.9	34.6	70.1%
	Mineral sands	51.2	43.6	17.4%
	Coal	37.8	31.6	19.4%
	Gold	6.3	3.3	91.0%
	Lime	11.5	12.9	(11.0%)
	Manganese	33.8	28.4	19.0%
	Bulk Scrap and Others**	37.6	32.4	16.2%
	ForestryProducts	113.6	97.0	17.1%
	Vehicles/Machinery /Boats/WHSS	28.6	22.8	25.7%
	Energy	106.8	66.2	61.4%
	FacilityOperations	28.8	21.7	32.4%
	AncillaryServices	33.9	30.0	12.9%
	Other***	66.7	74.5	(10.5%)
	Infrastructure	26.1	31.8	(17.9%)
	Total	806.4	683.1	18.1%

Notes:

• *“Other base metals” include copper, nickel and zinc

• ** “Bulk scrap and others” include cement, frac sands, talc, fertilisers and aluminium

• *** “Other” include containers, general cargo, metal products and sundry income

35

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Additional Financial Information (Appendices)

Qube Kalgoorlie

36

Appendix 1 RECONCILIATION OF H1 FY23 – STATUTORY RESULTS TO UNDERLYING RESULTS

Year Ended 31 December 2022	Operating Division ($m)	Discontinued Operations ($m)	Corporate and Other ($m)	Patrick ($m)	Consolidated ($m)
Statutory netprofit/(loss) before income tax	149.2	7.6	(33.4)	26.8	150.2
Share of(profit)/loss of equityaccounted investments	(2.4)	-	-	(19.4)	(21.8)
Net finance cost/(income)	20.0	-	14.7	(7.4)	27.3
Depreciation and amortisation	135.5	-	0.8	-	136.3
Statutory EBITDA	302.3	7.6	(17.9)	-	292.0
AASB 16 leasingadjustments	(52.1)	-	(0.8)	-	(52.9)
Discontinued operations	-	(7.6)	-	-	(7.6)
Other	3.0	-	0.2	-	3.2
Underlying EBITDA	253.2	-	(18.5)	-	234.7
Underlyingdepreciation	(89.4)	-	(0.1)	-	(89.5)
Underlying EBITA	163.8	-	(18.6)	-	145.2
Underlyingamortisation	(4.0)	-	-	-	(4.0)
Underlying EBIT	159.8	-	(18.6)	-	141.2
Underlyingnet finance income/(cost)	(0.3)	-	(13.7)	7.4	(6.6)
Share ofprofit/(loss)of equityaccounted investments	2.4	-	-	19.4	21.8
Underlying adjustments:
Underlyingadjustments AASB 16 leasing	-	-	-	7.5	7.5
Underlyingadjustments other	0.4	-	-	0.1	0.5
Underlying share of profit/(loss) of equity accounted investments	2.8	-	-	27.0	29.8
Underlying netprofit/(loss) before income tax	162.3	-	(32.3)	34.4	164.4

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Statutory earnings include the following key items which have been excluded from underlying earnings, consistent with past practise:

Lease accounting standard (AASB 16) related items which reduced Qube’s statutory NPAT by $14.3 million.

Discontinued operations associated with the discontinuation of the Property Division of $7.6 million.

Other is mainly related to Oracle implementation costs, IT software development and legal acquisition costs.

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Appendix 2

RECONCILIATION OF H1 FY22 – STATUTORY RESULTS TO UNDERLYING RESULTS

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Year Ended 31 December 2021	Operating Division ($m)	Discontinued Operations ($m)	Corporate and Other ($m)	Patrick ($m)	Consolidated ($m)
Statutory net profit/(loss) before income tax	111.3	(28.3)	(21.2)	19.0	80.8
Share of (profit)/loss of equity accounted investments	1.7	-	-	(10.3)	(8.6)
Net finance cost/(income)	16.6	5.6	4.9	(8.7)	18.4
Depreciation and amortisation	122.7	0.6	0.8	-	124.1
Statutory EBITDA	252.3	(22.1)	(15.5)	-	214.7
Fair value gains on investment property	(3.5)	-	-	-	(3.5)
AASB 16 leasing adjustments	(48.1)	(0.4)	(0.5)	-	(49.0)
Discontinued operations	-	7.4	-	-	7.4
Loss on sale of assets held for sale	-	9.7	-	-	9.7
Fair value loss on Beveridge	-	5.6	-	-	5.6
Other	4.9	-	0.6	-	5.5
Underlying EBITDA	205.6	0.2	(15.4)	-	190.4
Underlying depreciation	(79.2)	(0.2)	(0.1)	-	(79.5)
Underlying EBITA	126.4	(0.0)	(15.5)	-	110.9
Underlying amortisation	(4.5)	-	-	-	(4.5)
Underlying EBIT	121.9	(0.0)	(15.5)	-	106.4
Underlying net finance income/(cost)	(0.5)	-	(12.0)	8.7	(3.8)
Share of profit/(loss) of equity accounted investments	(1.8)	-	-	10.4	8.6
Underlying adjustments:
Underlying adjustments AASB 16 leasing	-	-	-	7.1	7.1
Underlying share of profit/(loss) of equity accounted investments	(1.8)	-	-	17.5	15.7
Underlying net profit/(loss) before income tax	119.6	(0.0)	(27.5)	26.2	118.3

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Appendix 3 OPERATING DIVISION – UNDERLYING RESULTS

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	H1 FY 23 ($m)	H1 FY 22 ($m)	Change (%)
Total revenue	1,497.1	1,206.8	24.1%
EBITDA	253.2	205.6	23.2%
Depreciation	(89.4)	(79.2)	(12.9%)
EBITA	163.8	126.4	29.6%
Amortisation	(4.0)	(4.5)	11.1%
EBIT	159.8	121.9	31.1%
Share of Profit of Associates(excludingPatrick)	2.8	(1.8)	N/A
EBITDA Margin(%)	16.9%	17.0%	(0.1%)
EBITA Margin (%)	10.9%	10.5%	0.4%

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Appendix 4 OPERATING DIVISION (BY BUSINESS UNIT) – UNDERLYING RESULTS

	H1 FY 23 ($m)	H1 FY 22 ($m)	Change (%)
Logistics &Infrastructure	692.0	523.6	32.2%
Ports &Bulk	806.4	683.1	18.1%
DivisionalCorporate	(1.3)	0.1	N/A
Revenue	1,497.1	1,206.8	24.1%
Logistics &Infrastructure	147.3	92.2	59.8%
Ports &Bulk	123.4	126.0	(2.1%)
DivisionalCorporate	(17.5)	(12.6)	(38.9%)
EBITDA	253.2	205.6	23.2%
Logistics &Infrastructure	(28.8)	(22.3)	(29.1%)
Ports &Bulk	(59.0)	(55.6)	(6.1%)
DivisionalCorporate	(1.6)	(1.3)	(23.1%)
Depreciation	(89.4)	(79.2)	(12.9%)
Logistics &Infrastructure	118.5	69.9	69.5%
Ports &Bulk	64.4	70.4	(8.5%)
DivisionalCorporate	(19.1)	(13.9)	(37.4%)
EBITA	163.8	126.4	29.6%
Logistics &Infrastructure	-	-	N/A
Ports &Bulk	-	-	N/A
DivisionalCorporate	(4.0)	(4.5)	11.1%
Amortisation	(4.0)	(4.5)	11.1%
Logistics &Infrastructure	118.5	69.9	69.5%
Ports &Bulk	64.4	70.4	(8.5%)
DivisionalCorporate	(23.1)	(18.4)	(25.5%)
EBIT	159.8	121.9	31.1%

	H1 FY 23 ($m)	H1 FY 22 ($m)	Change (%)
Logistics &Infrastructure	21.3%	17.6%	3.7%
Ports &Bulk	15.3%	18.4%	(3.1%)
DivisionalCorporate	N/A	N/A	N/A
EBITDA Margin(%)	16.9%	17.0%	(0.1%)
Logistics &Infrastructure	17.1%	13.3%	3.8%
Ports &Bulk	8.0%	10.3%	(2.3%)
DivisionalCorporate	N/A	N/A	N/A
EBITA Margin(%)	10.9%	10.5%	0.4%
Logistics &Infrastructure	17.1%	13.3%	3.8%
Ports &Bulk	8.0%	10.3%	(2.3%)
DivisionalCorporate	N/A	N/A	N/A
EBIT Margin(%)	10.7%	10.1%	0.6%

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Appendix 5 PATRICK – UNDERLYING RESULTS

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	H1 FY 23 ($m)	H1 FY 22 ($m)	Change (%)
100%
Revenue	400.0	351.0	14.0%
EBITDA	165.3	130.2	27.0%
Depreciation	(38.4)	(36.8)	(4.3%)
EBITA	126.9	93.4	35.9%
Amortisation	(13.8)	(15.4)	10.4%
EBIT	113.1	78.0	45.0%
Interest Expense(Net)- External	(21.2)	(11.0)	(92.7%)
Interest Expense Shareholders	(14.8)	(17.5)	15.4%
NPAT	54.0	34.8	55.2%
NPAT(pre-amortisation)	63.7	45.6	39.7%
EBITDA Margin(%)	41.3%	37.1%	4.2%
EBITA Margin(%)	31.7%	26.6%	5.1%
EBIT Margin(%)	28.3%	22.2%	6.1%
Qube (50%)
Qube share of NPAT	27.0	17.4	55.2%
Qube share of NPAT(pre-amortisation)	31.8	22.8	39.5%
Qube interest income net of tax from Patrick	5.2	6.1	(14.8%)
Total Qube share of NPAT from Patrick	32.2	23.5	37.0%
Total Qube share of NPAT(pre-amortisation) from Patrick	37.0	28.9	28.0%
Total cash distribution
Interest income(pre-tax)	7.25	9.00	(18.9%)
Dividend	37.75	31.00	21.9%
Total	45.00	40.00	12.5%

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Appendix 6 OTHER – UNDERLYING RESULTS

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Corporate	H1 FY 23 ($m)	H1 FY 22 ($m)	Change (%)
Revenue	0.1	0.3	(66.7%)
EBITDA	(18.5)	(15.4)	(20.1%)
Depreciation	(0.1)	(0.1)	-
EBITA	(18.6)	(15.5)	(20.0%)
Amortisation	-	-	-
EBIT	(18.6)	(15.5)	(20.0%)
Qube Share of Profit of Associates (excluding Patrick)	H1 FY 23 ($m)	H1 FY 22 ($m)	Change (%)
IMG	1.1	(0.8)	N/A
NSS	0.9	0.8	12.5%
Prixcar	0.8	(1.8)	N/A
Total	2.8	(1.8)	N/A

EXPLANATION OF UNDERLYING INFORMATION

Underlying revenues and expenses are statutory revenues and expenses adjusted to exclude discontinued operations and certain non-cash and non-recurring items such as fair value adjustments on investment properties, impairments and the impact of AASB 16, in order to reflect core earnings. Income tax expense is based on a prima-facie 30% tax charge on profit before tax and associates.

References to ‘underlying’ information are to non-IFRS financial information prepared in accordance with ASIC Regulatory Guide 230 (Disclosing non-IFRS financial information) issued in December 2011.

Non-IFRS financial information has not been subject to audit or review.

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Q&A

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