CHI · NZX

Channel Infrastructure NZ (CHI)

Transport & Infrastructure / Fuel infrastructureCovered: FY21 - FY259 published briefings

Channel Infrastructure NZ is an NZX-listed transport & infrastructure / fuel infrastructure company with FY21 - FY25 of published result briefings.

Sections

Snapshot

Latest metrics

FY25, released 27 February 2026

← Swipe to view more

CHI latest metrics
Metric	Value	Change
Revenue	$140.2m	↑ +0.3%
EBITDA	$93.4m	↓ -1.8%
NPAT	$11.8m	↓ -15.1%
Operating cash flow	$74.4m	↑ +14.6%
OCF / EBITDA %	79.6%Outside range high ocf / ebitda cash conversion. 79.6%; 4-period range -24.6% to 68.2%. OCF / EBITDA cash conversion: 79.6%, above normal range; 4-period mean 33.3%, range -24.6%-68.2%.	↑ +11.4pp
Net debt	$331.8m	↑ +11.2%
Net debt / EBITDA	3.55x	↑ +13.1%
ROE %	1.5%	↓ -0.2pp
DPS	6.8c	↑ +2.3%
Payout ratio vs NPAT %	448.3%Outside range high payout ratio versus npat. 448.3%; 3-period range 187.5% to 297.3%. Payout ratio versus NPAT: 448.3%, above normal range; 3-period mean 234.5%, range 187.5%-297.3%.	↑ +151.0pp

Source: latest published briefing (FY25, released 27 February 2026). Change compares against the prior equivalent period: FY24, released 27 February 2025.

Valuation

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 16 June 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$1.3b

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

108.51x

Recent market cap compared with trailing earnings.

EPS

0.03

Recent filing-derived earnings per share.

PEG

Not available

Not meaningful without positive comparable earnings growth.

EV/EBITDA

17.27x

Enterprise value compared with recent EBITDA.

P/FCF

19.14x

Market cap compared with recent free cash flow.

P/B

1.64x

Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

4.2%

Trailing dividends compared with the latest close.

Total return

Not available

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

Loading chart...

Price vs earnings

Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.

Loading chart...

Chat

Ask about CHI

Ask follow-up questions about Channel Infrastructure NZ's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about CHI

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Longitudinal view

Performance over time

The latest period is shown first.

← Swipe to view more

CHI metric history
Metric	FY2512 MONTHS27 February 2026	HY256 MONTHS26 August 2025	FY2412 MONTHS27 February 2025	HY246 MONTHS23 August 2024	FY2312 MONTHS29 February 2024	HY236 MONTHS23 August 2023	FY2212 MONTHS24 February 2023	HY226 MONTHS25 August 2022	FY2112 MONTHS23 February 2022	Trend
Revenue	$140.2m	$70.2m	$139.8m	$69.8m	$130.7m	$64.4m	$88.2m	$29.8m	$231.7m	Chart
Revenue growth %	0.3%	0.5%	7.0%	8.4%	48.1%Unprecedented high revenue growth. 48.1%; 4-period range -61.9% to 7%. Revenue growth: 48.1%, unprecedented high; 4-period mean -13.9%, range -61.9%-7.0%.	115.9%Outside range high revenue growth. 115.9%; 3-period range -74.1% to 8.4%. Revenue growth: 115.9%, above normal range; 3-period mean -21.7%, range -74.1%-8.4%.	-61.9%Unprecedented low revenue growth. -61.9%; 4-period range -0.9% to 48.1%. Revenue growth: -61.9%, unprecedented low; 4-period mean 13.6%, range -0.9%-48.1%.	-74.1%	-0.9%	Chart FY23 Revenue growth %: Unprecedented high revenue growth. 48.1%; 4-period range -61.9% to 7%. Revenue growth: 48.1%, unprecedented high; 4-period mean -13.9%, range -61.9%-7.0%.
EBITDA	$93.4m	$48.5m	$95.1m	$48.1m	$87.2m	$43.5m	$57.5m	$19.7m	$72.8m	Chart
EBITDA margin %	66.6%	69.0%Outside range high ebitda margin. 69%; 3-period range 65.9% to 68.9%. EBITDA margin: 69.0%, above normal range; 3-period mean 67.5%, range 65.9%-68.9%.	68.0%Outside range high ebitda margin. 68%; 4-period range 31.5% to 66.7%. EBITDA margin: 68.0%, above normal range; 4-period mean 57.5%, range 31.5%-66.7%.	68.9%	66.7%	67.6%	65.1%	65.9%	31.4%Unprecedented low ebitda margin. 31.5%; 4-period range 65.1% to 68%. EBITDA margin: 31.5%, unprecedented low; 4-period mean 66.6%, range 65.1%-68.0%.	Chart FY24 EBITDA margin %: Outside range high ebitda margin. 68%; 4-period range 31.5% to 66.7%. EBITDA margin: 68.0%, above normal range; 4-period mean 57.5%, range 31.5%-66.7%. HY25 EBITDA margin %: Outside range high ebitda margin. 69%; 3-period range 65.9% to 68.9%. EBITDA margin: 69.0%, above normal range; 3-period mean 67.5%, range 65.9%-68.9%.
PBT	$31.9m	$18.4m	$36.4m	$19.7m	$34.1m	$20.1m	$23.1m	$7.8m	-$765.1m	Chart
PBT growth %	-12.4%	-6.6%Outside range low pbt growth. -6.6%; 3-period range -2% to 236.3%. PBT growth: -6.6%, below normal range; 3-period mean 130.7%, range -2.0%-236.3%.	6.7%	-2.0%	47.6%	157.7%	—	—	—	Chart HY25 PBT growth %: Outside range low pbt growth. -6.6%; 3-period range -2% to 236.3%. PBT growth: -6.6%, below normal range; 3-period mean 130.7%, range -2.0%-236.3%.
NPAT	$11.8m	$11.6m	$13.9m	$16.6m	$24.1m	$11.4m	$12m	$17.2m	-$552.6m	Chart
NPAT growth %	-15.1%	-30.1%	-42.3%	45.6%	100.8%	-33.7%Outside range low npat growth. -33.7%; 3-period range -30.1% to 449.7%. NPAT growth: -33.7%, below normal range; 3-period mean 155.1%, range -30.1%-449.7%.	—	—	—	Chart
Operating cash flow	$74.4m	$39.7m	$64.9m	$36.8m	$36.7m	$21.3m	-$14.1m	-$14.8m	$34.7m	Chart
OCF / EBITDA %	79.6%Outside range high ocf / ebitda cash conversion. 79.6%; 4-period range -24.6% to 68.2%. OCF / EBITDA cash conversion: 79.6%, above normal range; 4-period mean 33.3%, range -24.6%-68.2%.	81.9%Outside range high ocf / ebitda cash conversion. 81.9%; 3-period range -75.4% to 76.5%. OCF / EBITDA cash conversion: 81.9%, above normal range; 3-period mean 16.6%, range -75.4%-76.5%.	68.2%	76.5%	42.1%	48.8%	-24.6%	-75.4%	47.6%	Chart HY25 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 81.9%; 3-period range -75.4% to 76.5%. OCF / EBITDA cash conversion: 81.9%, above normal range; 3-period mean 16.6%, range -75.4%-76.5%. FY25 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 79.6%; 4-period range -24.6% to 68.2%. OCF / EBITDA cash conversion: 79.6%, above normal range; 4-period mean 33.3%, range -24.6%-68.2%.
FCF pre-lease	$66.9m	$19.2m	$63.4m	$32.7m	$61.8m	$34m	-$73.3m	-$33.7m	$3.2m	Chart
FCF post-lease	$66.9m	$35.2m	$63.4m	$32.7m	$61.8m	$34m	—	—	$3.2m	Chart
DPS	6.8c	6.3c	6.6c	4.4c	7.8c	4.2c	7.0c	—	0.0c	Chart
Payout ratio vs NPAT %	448.3%Outside range high payout ratio versus npat. 448.3%; 3-period range 187.5% to 297.3%. Payout ratio versus NPAT: 448.3%, above normal range; 3-period mean 234.5%, range 187.5%-297.3%.	223.2%Outside range high payout ratio versus npat. 223.2%; 3-period range 0% to 140%. Payout ratio versus NPAT: 223.2%, above normal range; 3-period mean 80.0%, range 0.0%-140.0%.	297.3%	100.0%	187.5%Outside range low payout ratio versus npat. 187.5%; 3-period range 218.8% to 448.3%. Payout ratio versus NPAT: 187.5%, below normal range; 3-period mean 321.5%, range 218.8%-448.3%.	140.0%	218.8%	—	—	Chart FY23 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 187.5%; 3-period range 218.8% to 448.3%. Payout ratio versus NPAT: 187.5%, below normal range; 3-period mean 321.5%, range 218.8%-448.3%. HY25 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 223.2%; 3-period range 0% to 140%. Payout ratio versus NPAT: 223.2%, above normal range; 3-period mean 80.0%, range 0.0%-140.0%. FY25 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 448.3%; 3-period range 187.5% to 297.3%. Payout ratio versus NPAT: 448.3%, above normal range; 3-period mean 234.5%, range 187.5%-297.3%.
Annual payout ratio vs EPS %	448.3%	—	297.3%	—	187.5%	—	218.8%	—	—	Chart
ROE %	1.5%	1.4%	1.7%	3.4%	4.8%	2.2%	2.3%	3.1%	-111.5%	Chart
Net debt	$331.8m	$298.7m	$298.5m	$326.9m	$315.8m	$295.4m	$257.2m	$215.3m	$183.6m	Chart
Net debt / EBITDA	3.55x	6.16xOutside range low net debt / ebitda. 6.2x; 3-period range 6.8x to 10.94x. Net debt / EBITDA: 6.20x, below normal range; 3-period mean 8.18x, range 6.80x-10.94x.	3.14x	6.8x	3.62x	6.78x	4.48xUnprecedented high net debt / ebitda. 4.5x; 4-period range 2.52x to 3.6x. Net debt / EBITDA: 4.50x, unprecedented high; 4-period mean 3.20x, range 2.52x-3.60x.	10.94xOutside range high net debt / ebitda. 10.94x; 3-period range 6.2x to 6.8x. Net debt / EBITDA: 10.94x, above normal range; 3-period mean 6.60x, range 6.20x-6.80x.	2.52xUnprecedented low net debt / ebitda. 2.52x; 4-period range 3.14x to 4.5x. Net debt / EBITDA: 2.52x, unprecedented low; 4-period mean 3.70x, range 3.14x-4.50x.	Chart HY25 Net debt / EBITDA: Outside range low net debt / ebitda. 6.2x; 3-period range 6.8x to 10.94x. Net debt / EBITDA: 6.20x, below normal range; 3-period mean 8.18x, range 6.80x-10.94x.
Debtor days	37	38	35Outside range low debtor days. 35d; 3-period range 37d to 79d. Debtor days: 35.1 days, below normal range; 3-period mean 55.2 days, range 37.3 days-78.7 days.	41	50	60Outside range high debtor days. 60d; 3-period range 0d to 41d. Debtor days: 59.7 days, above normal range; 3-period mean 26.2 days, range 0.1 days-41.1 days.	79Outside range high debtor days. 79d; 3-period range 35d to 50d. Debtor days: 78.7 days, above normal range; 3-period mean 40.7 days, range 35.1 days-49.7 days.	0Outside range low debtor days. 0d; 3-period range 38d to 60d. Debtor days: 0.1 days, below normal range; 3-period mean 46.1 days, range 37.5 days-59.7 days.	0	Chart FY24 Debtor days: Outside range low debtor days. 35d; 3-period range 37d to 79d. Debtor days: 35.1 days, below normal range; 3-period mean 55.2 days, range 37.3 days-78.7 days.
Inventory days	13	13Outside range low inventory days. 13d; 3-period range 14d to 32d. Inventory days: 13.4 days, below normal range; 3-period mean 20.5 days, range 14.1 days-31.6 days.	14	14	15	16	21	32Outside range high inventory days. 32d; 3-period range 13d to 16d. Inventory days: 31.6 days, above normal range; 3-period mean 14.4 days, range 13.4 days-15.7 days.	9	Chart HY25 Inventory days: Outside range low inventory days. 13d; 3-period range 14d to 32d. Inventory days: 13.4 days, below normal range; 3-period mean 20.5 days, range 14.1 days-31.6 days.
Total assets	$1.4b	$1.3b	$1.3b	$968.4m	$973.5m	$957.1m	$946.9m	$1.1b	$1.2b	Chart

Reference: annolyse.ai/companies/chi

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

Loading chart...

Revenue growth

Like-period revenue growth where comparable.

Loading chart...

EBITDA-equivalent

Company-specific earnings measure where disclosed.

Loading chart...

EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

Loading chart...

NPAT

Statutory profit after tax.

Loading chart...

Operating cash flow

Cash generated from operations.

Loading chart...

Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

OCF / EBITDA

Cash conversion against earnings.

Loading chart...

FCF pre-lease

Operating cash flow less capex before leases.

Loading chart...

FCF post-lease

Free cash flow after lease payments where available.

Loading chart...

ROE

Return on equity.

Loading chart...

Net debt

Borrowings less cash; negative values indicate net cash.

Loading chart...

Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

Loading chart...

DPS

Dividend per share declared for the period.

Loading chart...

Payout ratio

Dividend payout against statutory NPAT.

Loading chart...

Debtor days

Receivables days where the working-capital inputs are source-backed.

Loading chart...

Inventory days

Inventory days where the working-capital inputs are source-backed.

Loading chart...

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

Loading chart...

The setup & the reality

HY25 → FY25 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY25 said to watch

From Dividend +42% as payout reaches 134.9% of pre-lease free cash flow

No formal FY25 numerical target is provided in the supplied release excerpts. Management does confirm the Z Energy jet storage project has been pulled forward to H2 2026 from Q1 2027, bringing contracted step-up revenue closer, and reiterates that jet fuel demand tracks the company's prior outlook.

The HY24/FY24 shape supplied indicates the first half delivered ~50% of full-year revenue and 50.6% of EBITDA, but 119.6% of full-year NPAT — meaning the prior-year second half was structurally weaker below the EBITDA line. Annualising HY25 implies ~$140m revenue, broadly in line with FY24. Without a stated target, the FY25 read rests on cost discipline rather than visible volume growth, and the implied second-half NPAT shape carries the same below-EBITDA risks that depressed FY24.

Open questions

Open questions from HY25

Why was the interim dividend lifted 42% when pre-lease FCF covers only ~74% of the distribution?
What drove the $316m equity expansion and the $366m increase in total assets — revaluation, capital action, or another reserves movement?
Is the 28.8% effective tax rate the new run-rate, given the prior period's -35.0% benefit?
What explains the $5.3m discontinued-operations swing, and is that exposure now closed out?
How does management view sustained ~29.1% capex intensity as the Z Energy jet project completes earlier than expected?

This briefing cannot assess the underlying composition of the equity build or the funding plan for future dividends from the supplied disclosures alone.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY25 · Released 27 February 2026

Flat revenue, PBT down 12.4% as cash conversion lifts to 79.6%

Earnings softened on a higher tax charge while operating cash flow strengthened, even as leverage drifted up to 3.55x.

Read briefing

HY25 · Released 26 August 2025

Dividend +42% as payout reaches 134.9% of pre-lease free cash flow

Headline NPAT fell 30.1% but mostly on tax normalisation and a discontinued-operations swing, while operating EBITDA was essentially flat.

Read briefing

FY24 · Released 27 February 2025

PBT up 6.7%, NPAT down 42.3% on discontinued operation loss

Continuing operations lifted EBITDA 9.1% with cash conversion at 68.2%, while a NZ$12.1m discontinued operation loss masked headline NPAT.

Read briefing

HY24 · Released 23 August 2024

NPAT up 46% but PBT slipped 2% as discontinued operation flatters headline

Continuing operations softened and the effective tax rate jumped to 35.0%, even as EBITDA grew 10.5% on stronger jet fuel throughput.

Read briefing

FY23 · Released 29 February 2024

FCF of $61.8m drove deleveraging to 3.6x and a 12.0c dividend

PBT rose 47.6% while NPAT rose 100.8% on a lower effective tax rate; the 12.0c payout reached 187.5% of NPAT, funded by free cash flow.

Read briefing

HY23 · Released 23 August 2023

PBT up 158% on terminal debut, NPAT down 34% on prior discontinued-ops gain

The headline NPAT decline reflects a NZ$11.6m HY22 discontinued-operations gain; continuing-operations NPAT rose to NZ$14.5m from NZ$5.6m.

Read briefing

FY22 · Released 24 February 2023

CHI returned to profit but FCF hit -$73.3m and leverage rose to 4.5x EBITDA

The import-terminal transition delivered $12.0m NPAT and a 7c dividend, but $59.1m of conversion capex was funded by additional borrowing.

Read briefing

HY22 · Released 25 August 2022

Discontinued operation lifts NPAT 449.7% as pre-lease FCF swings to -$33.7m

Continuing operations earned $5.6m at ~66% EBITDA margin, but operating cash flow turned negative and net debt to EBITDA stepped up to 10.94x.

Read briefing

FY21 · Released 23 February 2022

Transition impairments drove NPAT to -$552.6m despite 44.5% EBITDA lift

Refinery simplification raised EBITDA to $72.8m and cut net debt, but conversion to a fuels import terminal triggered large non-cash charges.

Read briefing

Get notified when CHI publishes

Get the next Channel Infrastructure NZ result briefing and five-year history updates by email.

Channel Infrastructure NZ (CHI)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

Ask about CHI

Ask about CHI

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

HY25 → FY25 Follow-through

What HY25 said to watch

Open questions from HY25

Briefing archive

Flat revenue, PBT down 12.4% as cash conversion lifts to 79.6%

Dividend +42% as payout reaches 134.9% of pre-lease free cash flow

PBT up 6.7%, NPAT down 42.3% on discontinued operation loss

NPAT up 46% but PBT slipped 2% as discontinued operation flatters headline

FCF of $61.8m drove deleveraging to 3.6x and a 12.0c dividend

PBT up 158% on terminal debut, NPAT down 34% on prior discontinued-ops gain

CHI returned to profit but FCF hit -$73.3m and leverage rose to 4.5x EBITDA

Discontinued operation lifts NPAT 449.7% as pre-lease FCF swings to -$33.7m

Transition impairments drove NPAT to -$552.6m despite 44.5% EBITDA lift

Compare this company

Get notified when CHI publishes

Channel Infrastructure NZ (CHI)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

Ask about CHI

Ask about CHI

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

HY25 → FY25 Follow-through