Ann: Half Year Investor Presentation, page-2

It's a very good result with EBITDA margins only dropping by a statistical blip of 0.1 per cent to 16.9 per cent.

The 54,000 TEU processed through the Moorebank, Sydney IMEX terminal for the half year is better than the 78,300 twenty-foot equivalent containers handled in FY 22, but well below what should be handling capacity of 250,000 TEU per annum.

Construction delays at Moorebank are mentioned. This isn't the only major private sector or government construction project to suffer a blowout in timing, although at a quick read thankfully there's no further cost blowout, unlike a few Victorian government major construction projects one can think of.

The excellent third consecutive grain harvest is a contributing factor to the good result. As with listed GNC, QUB in grain handling should be busy for the next 15 months or even longer given the volumes stored that eventually will be used domestically or more likely exported.

The 25 per cent rise in the dividend is welcome although the increase is below some other metrics' ascension.

Outlook is mixed but QUB whether under the previous CEO or the new (though experienced in house) gent likes to underpromise and overdeliver.

Agriculture is doing very well, although the lower east coast (especial;ly Victoria) may have a drought - too early to be definitive.

When the recession arrives or intensifies, one wonders how quickly import container volumes will further drop.

Forestry operations seem a further weak point.