QUBE has announced a strong set of results for the first half of the 2025 financial year – and the appointment of a new director.

Underlying H1 revenue increased 28.4% to $2.09 billion against the prior corresponding period, and EBITA increased 14% to $178.8 million.

Qube said underlying NPATA grew modestly compared with the prior corresponding period, increasing 1.3% to $143 million.

Qube managing director Paul Digney said the business’ H1 performance reflects ongoing organic growth across key markets and the contribution from prior and current year acquisitions.

“This is a very pleasing first half performance with our results slightly ahead of expectations, despite the multiple headwinds we confronted,” Mr Digney said.

He said Qube has used multiple growth levers at its disposal to navigate headwinds and more than offset earnings impacts from issues that might arise in any one operation or market.

“That’s evident across the business, where pockets of disruption in some of our key markets or operations during the period, including industrial action at some of our ports, were able to be offset elsewhere, underscoring the resilience of the business.”

Bulk exports through Qube’s grain terminals increased by 85% to 1.2 million tonnes. Qube estimates that this represented around 61% of total NSW volumes for the first half of FY25.

Overall, conditions and activity levels remained favourable across most of Qube’s markets during the period.

However, it said forecast earnings were impacted by factors including the delayed completion of the Melbourne International RoRo Automotive Terminal (MIRRAT), industrial action in some areas, lower volumes from some bulk customers due to mine closures and losses attributable to the Moorebank Logistics Park Interstate Rail Terminal joint venture.

“Having built strong momentum in the first half of the year, we remain confident in our ability to deliver growth in full year underlying NPATA and EPSA in FY25 compared to FY24 and currently anticipate that FY25 underlying NPATA and EPSA will be above the FY24 result,” Mr Digney said.

In terms of full-year financial expectations, Qube anticipates strong underlying earnings growth (EBITA) with logistics and infrastructure activities expected to deliver the strongest growth, supported by solid earnings growth from the ports and bulk activities.

Qube’s Associates are collectively forecast to deliver an overall NPATA decline of around $6 million to $8 million compared to the prior corresponding period.

The key driver of this decline is the NPATA loss from Qube’s investment in MITCo which is expected to be around $6 million to $8 million.

Qube expects its earnings from Patrick (NPATA excluding Qube’s share of interest income from Patrick) to be modestly lower than the prior corresponding period, while the other associates are collectively expected to deliver overall earnings modestly above the prior corresponding period.

New director

Separate to its financial results, Qube Holdings also announced the appointment of Mick McCormack to the board of directors, effective 1 May 2025.

Qube said Mr McCormack brings more than 40 years’ experience in the energy and infrastructure sectors to the board, including 14 years’ experience as the managing director and CEO of Australian energy infrastructure business, APA Group.

Prior to joining APA in 2000, Mr McCormack held various senior management role with AGL Energy.

Mr McCormack is also a non-executive director of both Origin Energy Limited and Whitehaven Coal Limited and recently announced he will step down as a non-executive director and Chairman of Central Petroleum Limited on 30 April 2025.

“Mick brings significant executive and non-executive experience to the Qube board, combined with deep sector knowledge and a proven ability to drive strategic outcomes,” Qube chairman Allan Davies said.

“I am very pleased Mick has agreed to join the Qube board as we continue the task of board renewal.”