Channel Infrastructure NZ (CHI) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a welcome from General Counsel & Company Secretary Chris Bougen, followed by Chair James Miller's address and Chief Executive Rob Buchanan's address.

• Agenda included resolutions, voting, and general business discussions.

Financial performance review

• Total revenue increased by 7% and EBITDA by 9% in FY24 compared to FY23.

• Net tangible assets per share rose to $1.98, with normalised free cash flow up 3% to $63.4m.

• Free cash flow conversion remained strong at 67%, and capital expenditure was $29.3m.

• Channel outperformed the NZX50 in total shareholder return, with 36.2% TSR in FY23 and 11.4% in FY24.

• Operational highlights included record jet fuel demand since 2019 and zero process safety incidents.

Board and executive committee updates

• Board composition: 5 of 6 directors are independent, with 3 of 6 being female; average tenure is 2.4 years.

• Vanessa Stoddart and Paul Zealand to retire at the 2025 AGM.

• Board members bring deep experience in fuel terminals, oil and gas, and energy sectors.