Qube Holdings Ltd (QUBHF) Half Year 2026 Earnings Call Highlights: Strong Financial Performance …

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Fri, February 20, 2026 at 4:01 PM GMT+9 3 min read

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**Group Underlying EBITD:** Increased by 9.8% over the prior period.

**EBITD Margin:** Improved from 10% to 10.6%, excluding the grain trading business.

**Underlying NPATR:** Delivered $157.5 million, an increase of 10.1% over the first half of FY25.

**Interim Dividend:** Declared at $0.035 per share, fully franked.

**Capital Expenditure:** Gross CapEx was $216 million; net CapEx was $53 million.

**Net Debt:** Decreased by approximately $51 million.

**Available Liquidity:** Over $1.1 billion at the end of December 2025.

**Gearing Ratio:** Reduced to 31.6%.

**Revenue:** Improved, with margins and return on average capital employed above 10%.

**Full Year Earnings Outlook:** Expected NPATR and EPS growth of between 6% and 10% for the year.

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Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Qube Holdings Ltd (QUBHF) delivered a solid half-year result, reflecting strong financial performance driven by organic growth and recent acquisitions.

The company entered into a scheme implementation deal with a consortium offering $5 per share, highlighting the value of Qube's strategy and business quality.

The logistics and infrastructure division saw a 22% increase in EBITA profits, supported by the addition of Webdoc West.

Qube's underlying EBITD increased by 9.8% over the prior period, with an improvement in EBITD margin from 10% to 10.6%.

The board declared an interim dividend of $0.35 per share, fully franked, at the top end of the approved dividend payout ratio.

Negative Points

The positive safety performance was overshadowed by a tragic incident involving the death of a contractor, impacting the company's safety record.

The automotive segment faced lower than anticipated storage and quarantine services across all AAT terminals.

The energy sector experienced profit impacts due to setup costs in Western Australia and project delays in Queensland.

The ports and bulk business faced challenges with unfavorable product mix impacting earnings and margins.

The grain trading business faced headwinds from low pricing and unfavorable foreign exchange conditions, affecting margins.

Q & A Highlights

Q: Can you talk a little more about your grain trading business and its impact on throughput? A: Paul Digney, Managing Director, explained that their strategy has been successful, with over 50% of grain moving through their assets coming from their trading arm. Despite low pricing and unfavorable FX conditions, they are pushing through good volumes.

Story Continues  

Q: Your guidance for ports and bulk in FY26 seems softer. Can you expand on the timing between contract cessation and new contract ramp-up? A: Paul Digney noted that setup costs in Western Australia and delays in new projects have impacted profits. They are cautious about improvements in the second half, with some projects delayed into the next half.

Q: What are the drivers behind the CapEx guidance change for FY26? A: Mark Wratten, CFO, stated that less CapEx was spent in the first half than anticipated, with some projects now expected to occur in FY27. They are being careful with maintenance CapEx and sweating assets more.

Q: Regarding the scheme, what are the main regulatory approvals required, and what timeline do you expect? A: Paul Digney mentioned that ACCC and FIRB are key approvals, with a potential timeline of 4 to 6 months. They do not foresee major issues as it is a change of ownership, not a merger.

Q: Can you provide more detail on the margin drivers in ports and bulk? A: Paul Digney explained that margins were impacted by contract cessations and product mix. They expect improvements in the second half as they work through these issues.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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