Investor Presentaiton

Capex Maintenance REPLACEMENT CAPEX SUMMARY 160.0 Replacement Capex ($m) 88% 85% 90% 140.0 80% 79% 80% 120.0 70% 100.0 €80.0 57% 60% 50% 143.9 40% 60.0 118.9 96.2 30% 40.0 78.1 20% 59.0 20.0 10% 0.0 0% FY18 FY19 FY20 FY21 FY22 Maintenance Maintenance capex/ Depreciation % QUBE 100% Maintenance capex has been increasing as a result of large growth and acquisition capex spend over past 3 years (~$750m). We recently provided guidance for FY23 maintenance capex to be between 85-95% of underlying depreciation. Given a strong focus on operational maintenance (preventative opex) Qube expects most assets could be utilised past their depreciation periods. Maintenance capex could be reduced however trade off to possible higher maintenance opex (or downtime) would need to be considered. Maintenance capex may be lumpy depending on the nature and age of the asset base. Further work needs to be done on medium to longer term maintenance capex cycles. How ESG plays into our future asset base will also need to be considered at the appropriate time. When the technology (zero or lower carbon usage assets) becomes commercially available there will be a catalyst to commence switching out our existing assets. Unlikely to be material in next 2-3 years. 87

View entire presentation