Westshore Terminals Investment (WTE) Q2 2025 earnings summary

Executive summary

• Q2 2025 profit declined to $25.7 million from $34.6 million year-over-year, mainly due to lower revenues and higher operating expenses, partially offset by lower income tax expense.

• Revenue for Q2 2025 was $95.3 million, down 9.8% from $105.6 million in Q2 2024, driven by lower coal tonnage and reduced average loading rates.

• Year-to-date profit for 2025 was $37.1 million, a decrease from $49.9 million in the same period of 2024.

• The potash infrastructure project for BHP remains on schedule, with significant capital expenditures and future revenue expected from potash handling.

Financial highlights

• Q2 2025 tonnage shipped was 6.9 million tonnes, down from 7.3 million tonnes in Q2 2024; year-to-date tonnage was 12.8 million tonnes, down 3.6% year-over-year.

• Q2 2025 coal loading revenue fell 11.7% to $90.2 million; average loading rate dropped to $13.03/tonne from $14.01/tonne.

• Operating and administrative expenses rose 6.1% to $56.9 million in Q2 2025; year-to-date expenses increased to $119.9 million.

• Q2 2025 EPS was $0.42, down from $0.56 in Q2 2024; year-to-date EPS was $0.60, down from $0.80.

• Dividends declared per share were $0.375 for Q2 2025, unchanged from Q2 2024.

Outlook and guidance

• 2025 throughput volumes are expected to be approximately 26.0 million tonnes at an average loading charge of about $13.00 per tonne.

• Potash project completion is on track for 2026, with meaningful revenue from potash handling anticipated about six months after initial potash receipt.

• Delays in BHP's Jansen Stage 1 or 2 are not expected to materially impact overall revenue.