Qube Holdings Accelerates Growth with 13% Revenue Rise and Macquarie Acquisition Deal

Strong Financial Momentum

Qube Holdings Limited has delivered a solid half-year result for the six months ending 31 December 2025, underscoring its position as a leading integrated logistics provider in Australia. The company’s underlying revenue rose 12.9% to $2.36 billion, reflecting broad-based growth across its core operating divisions. Underlying EBITA increased by 9.8% to $196.3 million, while underlying net profit after tax attributable to members grew 7% to $144.7 million. These results demonstrate Qube’s ability to sustain earnings growth amid a complex operating environment.

Statutory net profit after tax was notably higher at $212.6 million, boosted by a non-recurring pre-tax gain of $101.5 million from the sale of a 202-hectare land parcel at Beveridge, Victoria. This transaction highlights Qube’s strategic asset management alongside its operational focus.

Operational Highlights and Acquisitions

The Logistics & Infrastructure division was the primary driver of growth, with underlying revenue up 24.4% to $1.36 billion and EBITA rising 21.6% to $158.9 million. This segment benefited from acquisitions such as Coleman and AAT Webb Dock West, completed in 2024 and 2025 respectively, as well as recent additions like Albany Bulk Handling and Nexus Logistics. Grain trading volumes surged, contributing significantly to revenue, although margins were slightly compressed due to the low-margin nature of this business.

Ports & Bulk reported stable revenue but a slight decline in EBITA, impacted by a less favourable product mix and timing of contract transitions. However, the division’s diversification across mining, energy, and forestry sectors helped mitigate volatility.

Qube’s 50% stake in Patrick Terminals continued to perform well, with underlying revenue up 6.2% and EBITDA increasing 8.8%. Patrick’s improved credit ratings and refinancing activities have strengthened its financial position, supporting ongoing capital investment and operational resilience.

Balance Sheet and Capital Management

Qube maintained a strong balance sheet, reducing net debt slightly to $1.57 billion and lowering gearing to 31.6%, within its targeted range. The company generated robust operating cash flows, funding significant capital expenditure of $215.6 million in the half-year, including growth, maintenance, and acquisitions. Despite a higher interest expense driven by increased debt from acquisitions and capex, Qube’s return on average capital employed improved to 10.1%.

The Board declared a fully franked interim dividend of 5.35 cents per share, a 30.5% increase over the prior period, reflecting confidence in the company’s earnings trajectory. Notably, the dividend reinvestment plan has been suspended for this interim payment.

Strategic Acquisition by Macquarie Consortium

In a significant development, Qube entered into a Scheme Implementation Deed with a consortium led by Macquarie Asset Management to acquire 100% of Qube’s shares via a scheme of arrangement. The proposed acquisition values Qube at approximately $11.7 billion enterprise value, with a cash consideration of $5.20 per share. This transaction, subject to customary conditions and regulatory approvals, marks a potential turning point for Qube, promising new strategic opportunities and capital backing.

While the deal awaits completion, Qube continues to operate with a focus on delivering sustainable growth and integrating recent acquisitions to enhance service capabilities.

Outlook and Challenges

Looking ahead, Qube expects continued underlying earnings growth in FY26, with NPATA and earnings per share anticipated to rise between 6% and 10% compared to FY25. The company has revised its full-year capital expenditure guidance downward to $400-$450 million, reflecting the inherent uncertainty in acquisition timing and organic growth investments.

Safety remains a priority, with improved incident rates despite a tragic fatality during the period. Qube is also advancing its environmental and social governance initiatives, including decarbonisation programs and compliance with modern slavery legislation.