Q4 2023 Operational Update

Channel Infrastructure (CHI) has today released its operational update for the three months ended 31 December 2023 (Q4 2023), combined with an update on the conversion project. HIGHLIGHTS Terminal and pipeline throughput: o 14 import shipments received and discharged during the quarter (2023 YTD: 70) including New Zealand's largest ever finished product import in December on the 250m long LR2 class vessel "STI Gauntlet" with cargo totaling over 115 million litres of product in one delivery. o Terminal and pipeline throughputs were strong at c.900 million litres in Q4 2023, up 62 million litres on the previous quarter and c.13% higher than Q4 2022. o The increased throughput continues to be driven by a strong aviation demand recovery, with jet throughput up c.49% on the previous corresponding period (Q4 2023: 365 million litres; Q4 2022: 244 million litres). o For the 12 months ended 31 December 2023, total throughput was 3,370 million litres, tracking slightly above the Envisory (formerly Hale & Twomey) fuel demand outlook for 2023 but in line with management expectations. o A summary of Quarterly Terminal and Pipeline Throughputs by fuel type since commencement of import terminal operations on 1 April 2022 is included as Appendix I. Conversion project: o Conversion project substantially complete with only remaining firefighting and bund upgrade work to continue to 2026. o Conversion costs remain within budget ($200-220 million of conversion costs and $45-50 million for private storage) with c.$205 million spent to 31 December 2023 (30 September 2023: $189 million), including c.$42 million of private storage costs (30 September 2023: $36 million). o Net borrowings are unchanged at $315 million as at 31 December 2023 (30 September 2023: $315 million) due to the divestment of c.72 million carbon credits (NZUs) and the receipt of US$0.5 million from Seadra Energy Limited to renew its option to purchase permanently decommissioned assets for an additional six months. Channel Infrastructure confirms that it will release its FY2023 financial results on Thursday 29 February 2024. - ENDS - Authorised by: Chris Bougen General Counsel and Company Secretary Investor Relations contact: Anna Bonney investorrelations@channelnz.com Media contact: Laura Malcolm communications@channelnz.com End CA:00424900 For:CHI Type:GENERAL Time:2024-01-17 09:52:32