Qube Holdings Limited (ASX: QUB) has delivered a comprehensive update at its 2025 Annual General Meeting held on 20 November 2025. The diversified logistics and infrastructure company reported strong financial performance for FY25 despite facing multiple operational headwinds. Chairman Allan Davies announced his retirement after 14 years on the board, with John Bevan elected as his successor.
Figure 1: Qube rail operations.
The Qube AGM 2025 showcased the company’s resilience across its diversified portfolio of logistics, port operations, and infrastructure assets. Managing Director Paul Scurrah presented detailed operational updates highlighting growth across key market segments, including agriculture, energy, and automotive sectors.
What Did Qube Holdings Announce at the AGM 2025?
Qube Holdings AGM revealed that underlying revenue grew 27.3% to AUD 4.46 billion for FY25 compared to the previous year. Underlying EBITA increased 18.5% to AUD 377.2 million, whilst underlying earnings per share rose 6.0% to 16.25 cents. The company achieved an EBITA margin of 10.5%, excluding grain trading activities, up from 9.5% in FY24.
The strong financial performance enabled Qube to increase its full-year dividend by 7.1% to 9.80 cents per share. The final ordinary dividend rose almost 11% to 5.70 cents per share, both fully franked. This represents a 60% dividend payout ratio of Qube’s FY25 underlying EPSA, reinforcing the company’s commitment to shareholder returns.
Qube ASX QUB Safety Performance and Operational Updates
The Qube AGM 2025 addressed a tragic workplace fatality that occurred at the Narromine Agri facility in October 2025. David Walker, a tyre fitting contractor, died in an incident that profoundly impacted the organisation. Chairman Davies extended condolences to Walker’s family, friends, and colleagues whilst confirming Qube’s full cooperation with ongoing investigations.
Figure 2: FY25 safety performance dashboard
Despite this tragedy, Qube’s overall safety metrics showed improvement in FY25. The Total Recordable Injury Frequency Rate decreased 14.2% from 7.82 to 6.71 per million hours worked. However, the Lost Time Injury Frequency Rate increased from 0.37 to 0.69, though it remained below the company’s target of 1.0.
Qube AGM 2025: Leadership Changes and Board Appointments
Allan Davies announced his decision to step down from the Qube Holdings board after 14 years of service. Davies served eight years as Chairman, overseeing significant company growth and development. The board elected John Bevan to succeed him as Chairman, effective from the conclusion of the Qube AGM 2025.
Figure 3: John Bevan, newly appointed Chairman of Qube Holdings following the 2025 AGM.
Mick McCormack joined the board in May 2025, contributing over 40 years of energy sector experience. McCormack previously served as Managing Director and Chief Executive Officer of APA Group. Board subcommittee changes see Jill Hoffmann assuming the Nomination and Remuneration Committee Chair role, with Steve Mann joining as a member.
Market Performance Across Key Segments
The Qube ASX QUB presentation detailed performance across the company’s diversified market portfolio. Agriculture delivered strong contributions from high volumes across trading, rail, and terminal activities. Bulk exports through Qube’s grain terminals surged 104% to 3.08 million tonnes in FY25.
Energy operations delivered strong contributions reflecting high volumes from existing and new projects. Qube secured logistics services for Iluka’s West Balranald project in New South Wales and WA Oil decommissioning work for Chevron.
Figure 4: Qube’s bulk logistics fleet.
Automotive operations experienced weaker contributions compared to FY24 due to reduced AQIS-related activities and inspection volumes. The Webb Dock West acquisition contributed from 1 May 2025.
Qube ASX QUB Share Price Performance
Qube Holdings Limited shares closed at AUD 4.180 on 20 November 2025, unchanged from the previous trading session. The company maintains a market capitalisation of AUD 7.39 billion. Qube’s 52-week trading range spans from AUD 3.550 to AUD 4.590 per share.
Figure 5: Qube (ASX: QUB) six-month share price performance.
The company achieved investment-grade credit ratings from two ratings agencies during FY25, enhancing financial strength and flexibility. Brookfield’s agreed sale of its 50% interest in Patrick, at a modest premium to the prior AUD 6.6 billion valuation, validated Qube’s infrastructure investment strategy.
Industry Outlook
Australia’s logistics and infrastructure sector continues experiencing structural growth driven by rising trade volumes and supply chain modernisation. The market for integrated logistics services is projected to expand as businesses seek efficiency improvements and cost reductions. Qube’s strategic positioning across ports, rail, warehousing, and bulk handling facilities captures multiple growth vectors.
Figure 6: FY25 performance and FY26 market outlook.
The Australian bulk commodities export market remains robust, with agricultural exports reaching record levels in recent years. Qube’s expanded grain handling capabilities position the company to capitalise on growing demand for Australian agricultural products in Asian markets.
FAQs
Q1: What were the key financial results from Qube AGM 2025?
Qube reported underlying revenue of AUD 4.46 billion, up 27.3% from FY24. Underlying EBITA increased 18.5% to AUD 377.2 million.
Q2: What dividend did Qube announce at the AGM?
Qube declared a full-year dividend of 9.80 cents per share, fully franked. This represents a 7.1% increase over FY24.
Q3: Who is replacing Allan Davies as Qube Chairman?
John Bevan succeeded Allan Davies as Chairman following the 2025 AGM conclusion. Bevan joined the board on 1 January 2025.
Q4: What major acquisitions did Qube complete in FY25?
Qube acquired Webb Dock West terminal, Coleman business in Western Australia, Narrabri Ag facilities, and Albany Bulk Handling facilities during FY25.
Q5: What is Qube’s outlook for FY26?
Qube expects solid underlying NPATA and EPSA growth in FY26. First quarter performance aligned with company expectations across all markets.
