Channel signs new jet and diesel storage at Marsden Point

Channel Infrastructure NZ Limited (NZX: CHI, ASX: CHI) has entered into a 15-year contract with bp for significant additional jet and diesel fuel storage at the Marsden Point Energy Precinct. The contract is expected to generate approximately $130 million of revenue over its initial 15-year term, prior to PPI indexation, with revenue commencing in Q3 2028. Channel expects to invest approximately $65–70 million of growth capital expenditure across 2026 to 2028 to repurpose existing tanks and associated infrastructure for the new storage. The investment will be funded through existing debt facilities. Work to repurpose the tanks is expected to commence in September 2026, with the project targeted for completion in Q3 2028. Over the last three months Channel has increased the in-service contracted storage at Marsden Point by 40%. Reflecting this significant expansion, the material new bp contract announced today, and acknowledging the significant pipeline of potential growth opportunities ahead of the business, Channel will invest an additional $0.7 million to $0.9 million per annum in operating expenditure to support resilient import terminal operations and the execution of our growth pipeline. - ENDS - Authorised by: Chris Bougen General Counsel and Company Secretary Contact details: Investor Relations contact: Anna Bonney investorrelations@channelnz.com Media contact: Laura Malcolm communications@channelnz.com