Redundancy Issues – Economic vandalism exposed – $10.7m redundancy cost to axe Callaghan Innovation experts – PSA

November 7, 2025

Source: PSA

The Government has spent $10.7 million in redundancy payments to dismiss 209 workers at Callaghan Innovation, with more than half of these being scientists and researchers whose skills New Zealand desperately needs.

Details released to the PSA under the Official Information Act reveal the staggering cost to date of the Government’s reckless and short-sighted approach to cutting science funding.

Between November 2023 and September 2025, the Callaghan Innovation workforce has been slashed from 367 jobs to just 158 – a reduction of 57% in just two years with more workers to be laid off as the organisation eventually closes its doors next year.

“The Government talks big about investing for economic growth but is happy to spend $10.7 million to get rid of the very people we need to drive innovation and productivity – this is economic vandalism,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi. “This is a waste of money.”

Of the 209 roles cut at Callaghan Innovation, 114 are scientists and researchers, including the Chief Scientist.

The job losses also include the 15 strong Frontier Ventures team of industry experts hired from the private sector who were helping young companies navigate the commercial world and prepare them to scale up and succeed. They were shown the door, just one day after this year’s so called ‘Growing the Economy’ Budget.

“This is an obscene waste of money from a government which claims to want to spend taxpayer money wisely. But more importantly, this is a critical loss of expert scientists and researchers who had more to give New Zealand. It will set New Zealand back for years.”

Former Callaghan Innovation scientist Ben Wylie-van Eerd who was made redundant this year said: “I don’t understand why the Government was so determined to shrink the science sector, that it thought spending $10m to get rid of these skilled people who still had so much to give made sense.

“These are talented scientists and engineers. Many of my colleagues have moved overseas and have been snapped up quickly by organisations in Europe and Australia where their skills are valued. Sadly, I don’t think they’ll be looking to come back any time soon.”

All up the Government’s cuts have cost the jobs of more than 650 scientists across the science system, on top of cuts to various science funds.

“Countries that succeed, invest in their scientists and researchers – the Government prefers to pay them to leave. This won’t help New Zealand get back on track. It’s a disgrace,” said Fitzsimons.

The redundancy payments breakdown (June years):

– 2023/24: $2.87m – net reduction of 36 roles

– 2024/25: $5.72m – net reduction of 162 roles

– 2025/26 to date: $2.10m – net reduction of 11 roles

Total redundancy cost: $10.69m

Total net reduction in roles since October 2023: 209

– Scientists and researchers lost: 114

Recent statements

MIL OSI

New appointments to the Charities Registration Board

LiveNews Publisher

November 7, 2025

Source: New Zealand Government

Julie Hardaker and Leighton Evans have been appointed to the Charities Registration Board, Community and Voluntary Sector Minister Louise Upston says.

“I would like to welcome the new members joining the Charities Registration Board. They bring excellent legal and regulatory expertise in the administration of trusts, foundations and other philanthropic entities as well as strong governance and executive experience.”

“The appointments and promotion will strengthen the Board’s capacity to make balanced and timely decisions, ensuring it can continue to operate effectively even in complex situations.”

“I’d also like to congratulate Jane Wrightson on her promotion to chair of the Board. Ms Wrightson will be replacing outgoing chair Gwendoline Keel.”

“I look forward to working with the new members as they begin their terms and I would like to thank the outgoing members of the Board Gwendoline Keel and Roger Miller, for their contribution to the work of the Board and the wider charities sector.” Ms Upston says.

The Charities Registration Board is an independent body responsible for decisions about the registration and deregistration of charitable entities. There are over 28,000 registered charities in New Zealand.

Julie Hardaker is a lawyer and company director. Ms Hardaker has a very good understanding of the importance of a regulatory and legal framework for the sector’s continued operation. This understanding comes from her legal work which requires evidence-based decision making in legal, quasi-judicial and regulatory environments.
Leighton Evans is the Chief Executive of the Rata Foundation and has very well-developed governance and decision making experience. He also has a good understanding of the group decision making processes and the need for decisions to be bias free. Through his role as a Justice of the Peace where he has made decisions in the Traffic Court, he has a good understanding of the interpretation of regulations and the law.
Jane Wrightson was appointed to the Board in 2025 and has good experience and skills in quasi-judicial and wider statutory decision making. Her promotion to the Chair of the Board will bring skills in balancing competing tensions and applying a principled and practical lens to legal frameworks and complex problems.

MIL OSI

Gumboot Friday continuing to deliver results

LiveNews Publisher

November 7, 2025

Source: New Zealand Government

Mental Health Minister Matt Doocey is pleased to celebrate Gumboot Friday today, a fantastic initiative helping thousands of young people access free mental health support faster.

“In July I announced that in the first twelve months of Government funding, Gumboot Friday delivered more than 30,000 free counselling sessions, supporting over 10,000 young New Zealanders who might not otherwise had timely access to support,” Mr Doocey says.

“I’m pleased to update that since then, Gumboot Friday has delivered over 10,700 free counselling sessions and supported a further 4,350 young people.

“This means that since Government funding began, over 40,700 sessions have been delivered, supporting more than 14,350 young New Zealanders.

“In July, I also announced that more than 700 qualified counsellors were registered on the Gumboot Friday platform, an increase of 175. They’ve since scaled up even further, with another 80 counsellors joining, bringing the total to 810.

“This gives young people more choice in who they see and ensures that when someone reaches out, they’re seen when and where they need it.

“This is exactly why Gumboot Friday received Government funding, they’ve shown their capability to keep scaling up nationwide so even more young people can get the support they need.

“There aren’t many organisations that can move our young people off waitlists and into counselling often within just a few days.

“Mental health concerns are one of the biggest issues facing young New Zealanders today. I want to thank the team at I Am Hope, who work tirelessly to give our young people the support they need.

“This powerful partnership between Government and a grassroots organisation is making a real difference, supporting the Government’s mental health plan for faster access to support, more frontline workers, and a better crisis response.”

Last year, the Government committed $24 million over four years to Gumboot Friday under the National–New Zealand First coalition agreement to scale up support for young people across the country.

MIL OSI

NZ-AU: IREN Reports Q1 FY26 Results

MIL OSI

November 7, 2025

Source: GlobeNewswire (MIL-NZ-AU)

Secured $9.7bn AI Cloud Contract with Microsoft

Targeting $3.4bn AI Cloud ARR by End of 2026, Expansion to 140k GPUs ¹

NEW YORK, Nov. 06, 2025 (GLOBE NEWSWIRE) — IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today reported its financial results for the three months ended September 30, 2025.

Highlights

Targeting $3.4bn in AI Cloud annualized run-rate revenue (ARR) by the end of 2026 (expansion to 140k GPUs)¹
Secured $9.7bn contract with Microsoft:
- Phased deployments at Childress through 2026
- 5-year average term
- 20% customer prepayment
- $1.9bn expected ARR contribution²
New multi-year contracts including Together AI, Fluidstack and Fireworks AI, supporting growth to target AI Cloud ARR of >$500m by end of Q1 2026³

Q1 FY26 Financial Results

Total revenue increased to record $240.3m (+355% vs. Q1 FY25 $52.8m)
Net income increased to record $384.6m* (vs. Q1 FY25 net loss $(51.7)m)
Adj. EBITDA increased to $91.7m (+3,568% vs. Q1 FY25 $2.5m)⁴
EBITDA increased to record $662.7m* (vs. Q1 FY25 $(18.8)m)⁴

* Includes unrealized gains, primarily on prepaid forwards and capped calls in connection with convertible notes

Project Update

British Columbia (160MW)

Transition of data centers from ASICs to GPUs ongoing, targeting completion by end of 2026

Childress (750MW)

Accelerating construction of Horizon 1-4 (200MW critical IT load) liquid-cooled data centers for Microsoft
Significant enhancements to original Horizon design, including Tier 3-equivalent concurrent maintainability, 100MW superclusters for high-performance training, and flexible rack densities (130-200kW)
Design work advancing for potential conversion of entire campus to liquid-cooled AI deployments

Sweetwater Hub (2GW)

Sweetwater 1 (1,400MW) substation energization targeting April 2026
Sweetwater 2 (600MW) substation energization targeting late 2027

Financing

IREN continues to strengthen its capital structure and fund growth through diversified sources:

Cash and cash equivalents were $1.8bn as of October 31, 2025⁵
- $1.0bn zero-coupon convertible notes issued on October 14, 2025
- $200m incremental GPU financing secured, bringing total to $400m
Near-term capex expected to be funded through combination of existing cash, operating cashflows, Microsoft prepayments and additional financing initiatives

Management Commentary

“IREN continues to execute with discipline, delivering record results this quarter and meaningful progress in our AI Cloud expansion,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.

“We secured several new multi-year contracts, including a landmark partnership with Microsoft, which solidifies IREN’s position as a leading AI Cloud Service Provider and expands our reach into new hyperscale customer segments.

Looking ahead, our announced expansion to 140k GPUs represents only 16% of our 3GW grid-connected power portfolio, providing ample capacity to continue scaling IREN’s AI Cloud platform and drive long-term value creation.”

Q1 FY26 Results Webcast & Conference Call

IREN will host its Q1 FY26 results webcast and conference call at the following time:

Time & Date:	5:00 p.m. Eastern Time, Thursday, November 6, 2025
	Participant	Registration Link
	Live Webcast	Use this link
	Phone Dial-In with Live Q&A	Use this link

The webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations

About IREN

IREN is a leading AI Cloud Service Provider, delivering large-scale GPU clusters for AI training and inference. IREN’s vertically integrated platform is underpinned by its expansive portfolio of grid-connected land and data centers in renewable-rich regions across the U.S. and Canada.

Contacts

Investors
Mike Power
mike.power@iren.com

Media
Matt Epting
matt.epting@iren.com

To keep updated on IREN’s news releases and SEC filings, please subscribe to email alerts at https://iren.com/investor/ir-resources/email-alerts.

Assumptions and Notes

Represents expected $1.94bn average annual revenue under Microsoft contract plus estimated $1.5bn ARR from ~63k GPU deployment at British Columbia sites, based on internal company assumptions regarding GPU models, utilization and pricing. It is not fully contracted, there can be no assurance that it will be achieved, and actual revenue may differ materially. Assumes on time delivery and commissioning of GPUs.
ARR represents expected average annual revenue under the contract, assuming on-time delivery and commissioning of GPUs.
Represents potential ARR from ~23k GPU deployment at British Columbia sites, based on internal company assumptions regarding GPU models, utilization and pricing. It is not fully contracted, there can be no assurance that it will be achieved, and actual revenue may differ materially. Assumes on time delivery and commissioning of GPUs.
EBITDA and Adjusted EBITDA are non-GAAP financial measures. Refer to page 10 for a reconciliation to the nearest comparable GAAP financial measure.
Reflects USD equivalent, unaudited preliminary cash and cash equivalents as of October 31, 2025.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies and trends we expect to affect our business. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “potential,” “could,” “would,” “may,” “will,” “forecast,” and other similar expressions. Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this press release.

We base these forward-looking statements or projections on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. The forward-looking statements are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations, and could cause actual results to differ materially from those expressed in the forward-looking statements. Factors that may materially affect such forward-looking statements include, but are not limited to: Bitcoin price and foreign currency exchange rate fluctuations; our ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet our capital needs and facilitate our expansion plans; the terms of any future financing or any refinancing, restructuring or modification to the terms of any future financing, which could require us to comply with onerous covenants or restrictions, and our ability to service our debt obligations, any of which could restrict our business operations and adversely impact our financial condition, cash flows and results of operations; our ability to successfully execute on our growth strategies and operating plans, including our ability to continue to develop our existing data center sites, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high-performance computing (“HPC”) solutions (including the market for AI Cloud Services and potential colocation services such as powered shell, build-to-suit and turnkey data centers (“Colocation Services”) (collectively “HPC and AI services”)); our limited experience with respect to new markets we have entered or may seek to enter, including the market for HPC and AI services); our ability to remain competitive in dynamic and rapidly evolving industries; expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; expectations with respect to the useful life and obsolescence of hardware (including hardware for Bitcoin mining and any current or future HPC and AI services we offer); delays, increases in costs or reductions in the supply of equipment used in our operations including as a result of tariffs and duties, and certain equipment being in high demand due to global supply chain constraints; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any current and future HPC and AI services we offer; our ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to our strategy to expand into markets for HPC and AI services; our ability to establish and maintain a customer base for our HPC and AI services business and customer concentration; our ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of our HPC and AI services and other counterparties; the risk that any current or future customers, including customers of our HPC and AI services or other counterparties, may terminate, default on or underperform their contractual obligations; changing political and geopolitical conditions, including changing international trade policies and the implementation of wide-ranging, reciprocal and retaliatory tariffs, surtaxes and other similar import or export duties, or trade restrictions; Bitcoin global hashrate fluctuations; our ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all; delays associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects; our reliance on power and utilities providers, third party mining pools, exchanges, banks, insurance providers and our ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; our participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity supply available to us; any variance between the actual operating performance of our miner hardware achieved compared to the nameplate performance including hashrate; electricity market risks relating to changes in regulations and requirements of market operators and regulatory bodies, including with respect to grid stability, interconnection and curtailment obligations; our ability to curtail our electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken by electricity network and market operators, regulators, governments or communities in the regions in which we operate; the availability, suitability, reliability and cost of internet connections at our facilities; our ability to secure additional hardware, including hardware for Bitcoin mining and any current or future HPC and AI services we offer, on commercially reasonable terms or at all, and any delays or reductions in the supply of such hardware or increases in the cost of procuring such hardware; our ability to operate in an evolving regulatory environment; our ability to successfully operate and maintain our property and infrastructure; reliability and performance of our infrastructure compared to expectations; malicious attacks on our property, infrastructure or IT systems; our ability to maintain in good standing the operating and other permits and licenses required for our operations and business; our ability to obtain, maintain, protect and enforce our intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends we expect to drive growth in our business materialize to the degree we expect them to, or at all; any pending or future acquisitions, dispositions, joint ventures or other strategic transactions; the occurrence of any environmental, health and safety incidents at our sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to our property and infrastructure and the risk that any insurance we maintain may not fully cover all potential exposures; ongoing proceedings relating to the default under certain equipment financing facilities, ongoing securities litigation, and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom]; our failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions; any failure of our compliance and risk management methods; any laws, regulations and ethical standards that may relate to our business, including those that relate to Bitcoin and the Bitcoin mining industry and those that relate to any other services we offer, including laws and regulations related to data privacy, cybersecurity and the storage, use or processing of information and consumer laws; our ability to attract, motivate and retain senior management and qualified employees; increased risks to our global operations including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes, among other things; climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect our business, financial condition and results of operations; public health crises, including an outbreak of an infectious disease and any governmental or industry measures taken in response; damage to our brand and reputation; evolving stakeholder expectations and requirements relating to environmental, social or governance (“ESG”) issues or reporting, including actual or perceived failure to comply with such expectations and requirements; the market price of our ordinary shares (“Ordinary shares”) may be highly volatile; that we do not currently pay any cash dividends on our Ordinary shares, and may not in the foreseeable future and, accordingly, your ability to achieve a return on your investment in our Ordinary shares will depend on appreciation, if any, in the price of our Ordinary shares; and other important factors discussed under the caption “Risk Factors” in IREN’s annual report on Form 10-K filed with the SEC on August 28, 2024 as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https://investors.iren.com.

These and other important factors could cause actual results to differ materially by the forward-looking statements made in this press release. Any forward-looking statement that IREN makes in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release refers to certain measures that are not recognized under GAAP and do not have a standardized meaning prescribed by GAAP. IREN uses non-GAAP measures including “EBITDA” and “Adjusted EBITDA,” and “Adjusted EBITDA margin,” (each as defined below) as additional information to complement GAAP measures by providing further understanding of the Company’s operations from management’s perspective.

EBITDA is defined as net income (loss), excluding income tax (expense) benefit, finance expense, interest income and depreciation and amortization, which are important components of our net income (loss). Further, “Adjusted EBITDA” also excludes stock based compensation, foreign exchange gain (loss), impairment of assets, certain other non-recurring income, gain (loss) on disposal of property, plant and equipment, unrealized fair value gain (loss) on financial instruments, gain (loss) on partial extinguishment of financial liabilities, increase (decrease) in fair value of assets held for sale and certain other expense items. “Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by revenue.

The reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are shown in the Appendix hereto.


Consolidated Balance Sheet

US$m¹	As at 30 September 2025	As at 30 June 2025
Assets
Cash and cash equivalents	1,032.3	564.5
Accounts receivable, net	24.1	1.6
Deposits and prepaid expenses	53.3	45.9
Derivative assets	2.9	5.8
Income taxes receivable	–	2.6
Other receivables	11.4	20.8
Total current assets	1,123.9	641.2
Property, plant and equipment, net	2,115.4	1,930.6
Operating lease right-of-use asset, net	1.4	1.5
Deposits and prepaid expenses	30.5	32.9
Financial assets	681.4	211.6
Derivative assets	314.4	122.1
Other non-current assets	0.3	0.5
Total non-current assets	3,143.4	2,299.1
Total assets	4,267.4	2,940.3
Liabilities
Accounts payable and accrued expenses	151.9	144.1
Operating lease liability, current portion	0.4	0.4
Income taxes payable	0.1	–
Deferred revenue	1.1	0.9
Other liabilities, current portion	50.2	3.9
Total current liabilities	203.7	149.3
Operating lease liability, less current portion	1.0	1.1
Convertible notes payable	964.2	962.8
Deferred revenue, less current portion	22.2	–
Deferred tax liabilities	195.4	8.0
Income taxes payable, less current portion	2.0	1.5
Other liabilities, less current portion	2.6	0.2
Total non-current liabilities	1,187.5	973.5
Total liabilities	1,391.2	1,122.8
Stockholders’ equity	2,876.2	1,817.5
Total stockholders’ equity	2,876.2	1,817.5

Total liabilities and stockholders’ equity	4,267.4	2,940.3

1) For further detail, see our unaudited condensed consolidated financial statements for the quarter ended September 30, 2025, included in our Form 10-Q filed with the SEC on November 6, 2025


Consolidated Statement of Operations

US$m	Quarter ended	Quarter ended
US$m	September 30, 2025¹	June 30, 2025
Revenue
Bitcoin Mining Revenue	232.9	180.3
AI Cloud Services Revenue	7.3	7.0
Total Revenue	240.3	187.3
Cost of revenue (exclusive of depreciation and amortization)
Bitcoin Mining	(79.9)	(52.4)
AI Cloud Services	(0.7)	(0.5)
Total cost of revenue	(80.7)	(52.9)
Operating (expenses) income
Selling, general and administrative expenses	(138.4)	(53.3)
Depreciation and amortization	(85.2)	(63.8)
Impairment of assets	(16.3)	2.4
Gain (loss) on disposal of property, plant and equipment	(0.0)	2.3
Other operating expenses	–	(3.0)
Other operating income	3.8	1.6
Total operating (expenses) income	(236.0)	(113.8)
Operating (loss) income	(76.4)	20.6
Other (expense) income:
Finance expense	(9.3)	(5.2)
Interest income	7.1	1.7
Increase (decrease) in fair value of assets held for sale	–	(2.7)
Realized gain (loss) on financial assets	(5.8)	–
Unrealized gain (loss) on financial instruments	665.0	147.7
Gain on partial extinguishment of financial liabilities	–	9.1
Foreign exchange gain (loss)	(5.4)	2.4
Other non-operating income	–	0.5
Total other (expense) income	651.7	153.5
Income (loss) before taxes	575.3	174.1
Income tax (expense) benefit	(190.7)	2.8
Net income (loss)	384.6	176.9

1) For further detail, see our unaudited condensed consolidated financial statements for the quarter ended September 30, 2025, included in our Form 10-Q filed with the SEC on November 6, 2025


Consolidated Statement of Cashflows

US$m	Quarter ended	Quarter ended
US$m	September 30, 2025	September 30, 2024
Operating activities
Net income (loss)	384.6	(51.7)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	85.2	33.9
Impairment of assets	16.3	6.9
Change in fair value of assets held for sale	–	2.6
Realized (gain) loss on financial instruments	5.8	4.2
Unrealized (gain) loss on financial instruments	(665.0)	–
Other (income) expense	–	1.7
(Gain) loss on disposal of property, plant and equipment	0.0	(0.8)
Foreign exchange loss (gain)	2.2	(1.2)
Stock-based compensation expense	72.4	8.2
Amortization of debt issuance costs	1.3	–
Changes in assets and liabilities:
Accounts receivable and other receivables	(13.1)	(11.1)
Other asset	0.2	(0.2)
Financial asset, current	–	6.5
Tax related receivables	2.6	–
Tax related liabilities	187.9	1.3
Accounts payable and accrued expenses	3.5	45.0
Other liabilities	48.7	2.4
Deferred revenue	22.5	(0.2)
Prepayments and deposits	(12.6)	(52.5)
Operating lease liabilities	(0)	0.9
Net cash from (used in) operating activities	142.4	(3.9)
Investing activities
Payments for property, plant and equipment net of hardware prepayments	(180.3)	(105.8)
Payments for computer hardware prepayments	(100.3)	(277.6)
Payments for other prepayments and other assets	(0.3)	(4.3)
Proceeds from disposal of property, plant and equipment	–	0.5
Net cash from (used in) investing activities	(280.9)	(387.1)
Financing activities
Payment of offering costs for the issuance of Ordinary shares- at-the-market offering	(18.5)	(0.1)
Proceeds from loan funded shares	0.6	0.8
Proceeds from exercise of options	6.6	–
Payment of borrowing transaction costs	(0.9)	–
Proceeds from the issuance of Ordinary shares – at-the-market offering	618.4	84.0
Net cash from (used in) financing activities	606.1	84.7
Net increase (decrease) in cash and cash equivalents	467.6	(306.4)
Cash and cash equivalents at the beginning of the financial year	564.5	404.6
Effects of exchange rate changes on cash and cash equivalents	0.1	0.4
Cash and cash equivalents at the end of the financial year	1,032.3	98.6

1) For further detail, see our unaudited condensed consolidated financial statements for the quarter ended September 30, 2025, included in our Form 10-Q filed with the SEC on November 6, 2025


Non-GAAP Metric Reconciliation

Adjusted EBITDA Reconciliation (USD$m)	Quarter ended September 30, 2025	Quarter ended June 30, 2025
Net income (loss)	384.6	176.9
Net income (loss) Margin¹	160%	94%
Income tax expense (benefit)	190.7	(2.8)
Income (loss) before tax	575.3	174.1
Finance expense	9.3	5.2
Interest income	(7.1)	(1.7)
Depreciation and amortization	85.2	63.8
EBITDA	662.7	241.4

Reconciliation to consolidated statement of operations
Add/(deduct):
Unrealized (gain) loss on financial instruments	(665.0)	(147.7)
Stock-based payment expense	72.4	18.7
Impairment of assets	16.3	(2.4)
(Gain) loss on disposal of property, plant and equipment	0.0	(2.3)
(Increase) decrease in fair value of assets held for sale	–	2.7
Gain on partial extinguishment of financial liabilities	–	(9.1)
Foreign exchange (gain) loss	5.4	(2.4)
Other one-off expense items²	–	23.1
Adjusted EBITDA	91.7	121.9
Adjusted EBITDA Margin³	38%	65%

1) Net Income Margin is calculated as Net Income divided by Total Revenue
2) Other one-off expense items for FY25 includes a one-time liquidation payment incurred in August 2024 resulting from the transition to spot pricing at the Group’s site at Childress, the reversal of the unrealized loss recorded on fixed price contracted amounts outstanding at June 30, 2024, a litigation related settlement provision, loss on mining hardware in transit, transaction costs incurred in December 2024 and June 2025 on entering the Capped Call Transactions in conjunction with the issuance of the 2030 Convertible Notes and 2029 Convertible Notes, one-off professional fees incurred in relation to litigation matters and the securities class action
3) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue

– Published by The MIL Network

Business – WWNZ annual Supplier Award recipients ‘beyond business as usual’

LiveNews Publisher

November 7, 2025

Source: Woolworths NZ

Hundreds of top suppliers celebrated last night at the Auckland War Memorial Museum for the annual Woolworths NZ Supplier Awards, with the top awards going to suppliers showing consistent leadership and making an impact on sustainability and innovation.

The awards, which recognise partnership, excellence and innovation across the food and grocery industry in Aotearoa New Zealand, are an annual industry highlight acknowledging the hard work that goes into providing the best shopping experience for kiwi customers.

Woolworths NZ Managing Director Sally Copland presented 20 awards to some of New Zealand’s top suppliers, from 54 finalists.

This year, GrapeCo won the Fresh Supreme Supplier of the Year for setting the standard for excellence in fresh produce. GrapeCo is Woolworths NZ’s leading Australian grape supplier, pioneering new grape varietals and leading on sustainability.

Woolworths New Zealand’s Commercial Director, Pieter De Wet, says GrapeCo’s successful reusable crate trial alone removed more than 60 tonnes of packaging from our value chain. “GrapeCo demonstrates a commitment that goes beyond business as usual. It is a true strategic partner with impact and the team is a deserving recipient of our Fresh Supreme Supplier of the Year award.”

The Packaged Supreme Supplier of the Year award went to Mondelēz New Zealand, for its resilience and innovation in delivering growth in a challenging market.

“Mondelēz truly shone this year with outstanding performance and strategic excellence,” says Pieter. “It is a great example of what can be achieved with strong partnerships across our Woolworths NZ network, from Cartology and Everyday Rewards to Replenishment and Retail operations.

“Mondelēz has consistently performed over the past three years, and its long-term leadership makes it a deserving Supreme Award winner.”

Sally says the awards acknowledge the hard work, energy and dedication that all our suppliers put in.

“Strong, collaborative relationships are crucial. Together, we service millions of customers every day across the country and we succeed together when we provide better customer experiences, especially when it comes to helping them manage their household budgets and giving them access to the products they love.”

The full list of winners is below:

Fruit & Vegetable Supplier of the Year GrapeCo Bakery Supplier of the Year Breadcraft Wairarapa (Rebel Bakehouse NZ) Meat & Seafood Supplier of the Year MaxFoods Perishables & Delicatessen Supplier of the Year Fonterra Fresh Account Manager of the Year Darren Lobb – Hellers Grocery Non Food & General Merchandise Supplier of the Year Nestlé Purina (Pet) Pharmacy, Health & Body Supplier of the Year Vitaco Liquor Supplier of the Year Hancocks Grocery – Pantry & Freezer Supplier of the Year Simplot Grocery – Beverages and Impulse Grocery Supplier of the Year Mondelēz New Zealand Packaged Account Manager of the Year Amanda Collier (Suntory Oceania) Customer Insights Driven Supplier of the Year Fonterra Integrated Supply Planner of the Year Taryn Aspeling (Heinz Watties) Sustainability Partner of the Year Essity Australasia Small Supplier of the Year Body Science (BSc) Woolworths Food Company Technical Manager of the Year Harriet Butler (Scalzo) Woolworths Food Company NPD Manager of the Year Elke Hansen (Neat Meat) Woolworths New Zealand Own Brand Product of the Year Woolworths Wakame Seaweed Pork Sausages by Neat Meat Fresh Supreme Supplier of the Year GrapeCo Packaged Supreme Supplier of the Year Mondelēz New Zealand

About Woolworths New Zealand:

Woolworths New Zealand is one of New Zealand’s largest employers with 21,000 team members across over 195 supermarkets, distribution centres, processing plants and support offices. Each week we serve over three million customers and work with hundreds of food producers and suppliers throughout Aotearoa. We’re committed to delivering New Zealand’s best supermarket experiences for customers and team with more value, innovation and accelerated investment in our stores. We’re proud to give back to the communities we live and work in, including through the Woolworths Food for Good Foundation. Every year we donate more than $7 million in food, funding and sponsorship to our communities. Woolworths New Zealand is also the franchisor of more than 70 FreshChoice stores, which are locally owned and operated. Woolworths New Zealand is part of Woolworths Group.

MIL OSI

Boosting New Zealand’s film industry

LiveNews Publisher

November 7, 2025

Source: New Zealand Government

The Government is making targeted updates to the International Screen Production Rebate to ensure New Zealand remains a competitive and attractive destination for global film, television, and streaming productions, Economic Growth Minister Nicola Willis announced today.

The changes respond directly to industry feedback and are designed to maintain New Zealand’s edge in a fast-changing international market where other countries are aggressively increasing incentives to attract screen investment.

“Global competition for large-scale screen productions has intensified, and the settings we inherited were putting New Zealand at risk of missing out,” Nicola Willis says.

“These updates modernise the rebate to attract a broader range of productions, create more consistent work for local crews and businesses, and encourage greater foreign investment in our creative industries.”

From 1 January 2026, the changes will:

Lower the minimum qualifying spend for feature films from $15 million to $4 million, enabling more productions — whether for cinema, TV, or streaming — to access the rebate.
Reduce the threshold for the ‘5% uplift’ from $30 million to $20 million, allowing more mid-budget productions to qualify for the additional incentive.
Expand eligibility for the 5% uplift to include post-production, digital and visual effects (PDV)-only projects, recognising New Zealand’s world-leading expertise in these areas.
Remove the cap on above-the-line costs such as director, producer, principal cast, and screenwriter fees, aligning with international practice.

The updated settings will be funded through Budget 2025’s additional $577 million that brought total funding for the International Screen Production Rebate to $1.09 billion.

“These changes ensure New Zealand remains a serious contender in an increasingly competitive global screen industry,” Nicola Willis says.

“They will help diversify our screen economy, build stronger partnerships in growing markets across Asia and the Middle East, and keep Kiwi talent in steady work while attracting new investment, skills and technology.”

New Zealand’s screen sector supports around 24,000 jobs and contributes $3.5 billion a year to GDP. Every dollar invested through the rebate delivers around $2.40 in return to the wider economy — through wages, services and international exposure.

“Modern screen production is borderless and dynamic. By staying agile and globally connected, we can turn Kiwi creativity into competitive advantage — keeping New Zealand on the world stage and growing one of our most distinctive export industries.”

Notes to editors:

Since 2020, 42 international live-action productions have received the rebate, employing over 21,000 New Zealand cast and crew (84% of the total workforce).
Competitor rebate rates: Australia (up to 40%), Ireland (32%), UK (29%), Canada (up to 29%), New Zealand (currently 20%).
The 5% uplift is an extra incentive that lifts the total rebate available from 20% to 25% for productions that bring wider benefits to New Zealand — like investing long-term in our screen industry, training local crews, promoting New Zealand on the world stage, or forming lasting partnerships with Kiwi studios and suppliers

Budget 2025 provided a $577 million funding uplift to support the International Screen Production Rebate, bringing total funding available for the scheme to $1.09 billion over the four years.

MIL OSI

Save the Children – Aotearoa youth to represent New Zealand at COP30 in Brazil

LiveNews Publisher

November 7, 2025

Source: Save the Children

Four young leaders from Aotearoa New Zealand with travel to Belém, Brazil this month to represent Save the Children New Zealand at the United Nations Climate Change Conference (COP30).

The delegation, led by Save the Children New Zealand’s Youth Engagement Coordinator, Vira Paky, will bring Pacific and Aotearoa youth voices to one of the world’s largest climate gatherings in Belém, the gateway to the Amazon.

The youth representatives, Toa Sifia Fonoti, Dylan Chand, Faiasea Ah Chee, and Destiny Harris, each bring unique perspectives and experience in climate action, education, advocacy, and community leadership.

– Toa Sifia Fonoti, 19, a Samoan youth, currently studying at Auckland University of Technology for a Bachelor of Primary Education and 2024 Generation Hope Ambassador, is passionate about empowering tamariki and rangatahi to share their stories and protect their lands and oceans.

– Dylan Chand, 22 , an Engineering and Computer Science student at the University of Auckland, is the founder and Executive Director of the Youth Climate Collective, a youth-led organisation driving action on climate change through innovation and collaboration.

– Faiesea Ah Chee, 23, from the villages of Fa’a’ala Palauli and Gaga’ifomauga Sasina in Savai’i, Samoa, studies Education at the University of Auckland and works with the Pacific Climate Warriors to elevate Pacific voices in global climate discussions.

– Destiny Harris, 22, a rangatahi Māori from Tāmaki Makaurau is dedicated to reconnecting people to te taiao through kaupapa rooted in whakapapa, community wellbeing, and kaitiakitanga.

– Vira Paky, Save the Children New Zealand’s youth engagement coordinator and an award-winning, first-generation Congolese-Kiwi advocate with a passion for youth leadership, development, engagement and participation. Vira is dedicated to amplifying diverse youth voices across national and international platforms.

The group will take part in several key events at COP30, including:

– From Aotearoa to the World: Youth Insights for a Climate-Just Future (18 November) – SCNZ and the Youth Climate Collective will showcase Aotearoa Youth COP 2025 and its youth-led recommendations to government at the Child and Youth Pavilion.

– A Whole Different Story: A Youth Manifesto for a New Climate Future (17 November) – Faiasea will help lead a creative storytelling workshop translating youth experiences into a shared call to action.

– Climate Justice for a More Equal and Sustainable Future (17 November) – Destiny will join a panel highlighting the links between children’s rights, gender equality, and climate justice.

“It’s a huge honour to represent Aotearoa and the Pacific at COP30,” says Toa Sifia Fonoti.

“As young people, we carry the stories of our families and communities who are already living with the impacts of climate change. This is our chance to show the world that rangatahi and Pacific youth have the courage and knowledge to lead.”

Heather Campbell, Chief Executive of Save the Children New Zealand, says the youth delegation reflects the power of intergenerational leadership.

“These young people are extraordinary. They’re thinkers, doers, and storytellers who remind us that tackling the climate crisis means listening to children and youth, especially those from the Pacific who are on the frontlines and already experiencing the worst impacts. Their voices bring hope, urgency, and vision to COP30.”

The delegation will share daily stories, photos, and reflections from COP30 across Save the Children New Zealand’s digital channels, highlighting the leadership of Aotearoa and Pacific youth on the world stage.

About Save the Children NZ:

Save the Children works in 120 countries across the world. The organisation responds to emergencies and works with children and their communities to ensure they survive, learn and are protected.

Save the Children NZ currently supports international programmes in Fiji, Cambodia, Bangladesh, Laos, Nepal, Vanuatu, Solomon Islands and Papua New Guinea. Areas of work include child protection, education and literacy, disaster risk reduction and climate adaptation, and alleviating child poverty.

MIL OSI

Fatal crash, Rotorua

LiveNews Publisher

November 7, 2025

Source: New Zealand Police

One person has died following a crash in Rotorua last night.

The crash on Te Ngae Road, involving a bus and a car, was reported to Police at 9.15pm.

A passenger in the car was killed, and the driver and a second passenger were critically injured.

The bus was carrying passengers at the time and fortunately those on the bus only sustained minor injuries.

Enquiries into the circumstances of the crash are under way.

ENDS

Issued by Police Media Centre.

MIL OSI

Cyberport Venture Capital Forum 2025 Grand Opening

MIL OSI

November 7, 2025

Source: Media Outreach

officially opened today at Hong Kong Cyberport. The two-day forum,

, brings together nearly 100 influential global venture capital experts, entrepreneurs, and industry leaders to explore the evolving global venture capital landscape driven by Artificial Intelligence (AI). The forum highlights practical applications and investment opportunities in AI, blockchain, and digital assets, alongside announcements of Cyberport start-ups’ latest funding achievements.

The annual flagship event Cyberport Venture Capital Forum 2025 (CVCF) officially opened today at Hong Kong Cyberport. The two-day forum, themed “The Innovation-Venture Nexus: Igniting Transformative Success”, brings together nearly 100 influential global venture capital experts, entrepreneurs, and industry leaders to explore the evolving global venture capital landscape driven by Artificial Intelligence (AI). The forum highlights practical applications and investment opportunities in AI, blockchain, and digital assets, alongside announcements of Cyberport start-ups’ latest funding achievements.

The annual flagship event Cyberport Venture Capital Forum 2025 (CVCF) officially opened today at Hong Kong Cyberport. The two-day forum, themed “The Innovation-Venture Nexus: Igniting Transformative Success”, brings together nearly 100 influential global venture capital experts, entrepreneurs, and industry leaders to explore the evolving global venture capital landscape driven by Artificial Intelligence (AI). The forum highlights practical applications and investment opportunities in AI, blockchain, and digital assets, alongside announcements of Cyberport start-ups’ latest funding achievements.

The forum was inaugurated by Professor Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR Government, with a welcome remarks by Simon Chan, Chairman of Cyberport. Hendrick Sin, Chairman of Cyberport Investors Network (CIN) Steering Group; Co–Founder of CMGE Technology Group Limited; Chairman of China Prosperity Capital, shared the impressive journey and achievements of CIN over the past eight years. Together with our other distinguished guests, they have officiated the opening ceremony, marking the official start of this global forum.

Professor Sun Dong, Secretary for Innovation, Technology and Industry, stated in his speech, “Hong Kong has climbed three places to rank 4th globally in the latest World Digital Competitiveness Ranking 2025, reflecting our determination and capability to become an international I&T centre. Recognising the potential of AI as a key driver for our future growth, the HKSAR Government continues to strengthen the community’s AI, from upgrading digital infrastructure to establishing our own AI research institute and grooming talents on the AI front. Last year, Cyberport has attracted around 470 enterprises to land here which resonates strongly with Hong Kong’s vision. Beyond merely providing a starting point for start-ups, the Cyberport Macro Fund leverages private capital at a scale of 1:9, connecting Cyberport’s digital entrepreneurs with market capital, enabling projects with potentials to expand by turning R&D breakthroughs into commercial successes. CVCF 2025 also showcases the dynamic lineup of high-potential start-ups within the Cyberport community and demonstrates how Hong Kong stands at the forefront of creativity and technology. This is a launchpad for ventures that aspire not just to succeed locally, but to make waves internationally.”

Simon Chan, Chairman of Cyberport, stated in his speech, “Hong Kong is on track to lead the global IPO market by the end of 2025. As Hong Kong’s digital tech hub, AI accelerator and key incubator, Cyberport continues to strengthen homegrown entrepreneurs and landing enterprises by enhancing their dealmaking capabilities. Through our key investment instruments such as Cyberport Investors Network and Cyberport Macro Fund, alongside signature initiatives like CVCF and comprehensive entrepreneurship programmes, Cyberport has driven pivotal capital from global investors to springboard high-potential start-ups to success. Despite a challenging global investment environment over the past year, our start-ups raised HK$3.4 billion over the past year. This year’s CVCF will focus on thriving VC markets, such as the Middle East, ASEAN, and Chinese Mainland, leveraging opportunities arising from the Belt and Road countries and regions, to play the important roles as a “super-connector” and “super value-adder” in connecting the Chinese Mainland and the global markets.”

Strong Fundraising Performance by Cyberport Start-ups, AI, Blockchain, and Digital Assets in the Spotlight

Despite global challenges in the venture capital environment over the past year, Cyberport companies have performed impressively in fundraising. From October 2024 to September 2025, they have raised nearly HK$3.4 billion, bringing the cumulative total to HK$46 billion. m. Recent high-value fundraising rounds include Klook, Bowtie, KPay, KUN, Hashkey Group, DigiFT, LeapXpert, and Animoca Brands, and more, many of which leverage AI, blockchain, and digital assets, reflecting the market’s focus on AI and Web3.0, underscoring Cyberport’s success in fostering the development of these industries.

This year, Cyberport welcomed 10 listed companies, including Mininglamp Technology, Yunji Technology, and Xunfei Healthcare, all of which listed soon after joining Cyberport, alongside Cyberport incubatees Diginex and Real Messenger. Additionally, Cyberport welcomed two unicorns, Qiangnao Technology, valued at US$1.3 billion, and Inspur Cloud, valued at US$2.5 billion, injecting powerful momentuminto the I&T ecosystem.

Hendrick Sin, Chairman of Cyberport Investors Network (CIN) Steering Group; Co–Founder of CMGE Technology Group Limited , stated, “Despite ongoing global economic challenges, Cyberport community has continued to demonstrate remarkable resilience, with cumulative funding reaching HK$46 billion. Several Cyberport companies have also secured substantial financing rounds worth tens of millions of US dollars. Serving as a vital bridge, the Cyberport Investors Network achieved a threefold year-on-year growth over the past year. The strength of our network lies in its international reach, now comprising over 220 investment entities. To capture global technology investment trends, we have launched the ‘AI Investors Circle’ this year, dedicated to precise matching for AI companies with strong and sustainable fundraising potential. Looking ahead, as the HKSAR Government deepens its global connectivity, particularly with high-growth Belt and Road markets such as the Middle East and ASEAN, Cyberport will actively attract more influential global investors and facilitate greater investment matching with our high-potential companies, further amplifying the global impact of Hong Kong’s start-up ecosystem.”

CIN Celebrates 8th Anniversary, Launches “AI Investors Circle” to Connect High-Potential AI Start-ups

As Hong Kong’s digital tech hub, AI accelerator and key incubator, Cyberport actively connects global investors with start-ups through diverse funding channels to foster the robust growth of Cyberport enterprises.

Cyberport leverages the Cyberport Investors Network (CIN) as a strategic bridge to attract global capital and continuously support high-potential enterprises. Since its inception in 2017, CIN has facilitated over HK$4.258 billion in cumulative funding, a year-on-year increase of over HK$1.66 billion, representing a threefold growth, accounted for nearly half of the annual fundraising total by Cyberport companies. CIN has facilitated a cumulative total of 109 projects, up by 13 from last year. CIN’s investment units have also grown by over 20, now exceeding 220, with 15% from the Greater Bay Area and Chinese Mainland, 14% from Asia-Pacific and ASEAN, and an expanding presence in the Middle East, Europe and the America, effectively aggregating global venture capital resources.

To capture global tech investment trends, Cyberport continues to establish focused investment communities, with a particular focus on AI and blockchain which are driving global capital flows. The “Web3.0 Investors Circle” established last year, bringing together nearly 50 investors and has already facilitated 9 projects, with cumulative funding exceeding HK$260 million. Cyberport has launched the “AI Investors Circle” this year, aimed at creating an efficient matching platform for high-potential AI start-ups and connecting them with the investors to accelerate the growth of the AI ecosystem and industry development.

Another key platform, the Cyberport Macro Fund (CMF), continues to invest in high-potential start-ups, helping them attract external capital and enhance market fundraising capabilities. As of October 2025, CMF has invested in 29 start-up projects, including co-investments, exceeding HK$1.989 billion, with a co-investment ratio of 1:9.3. This reflects Cyberport’s strong fundraising capacity and the investor confidence in its ecosystem.

Strategic Partnerships to Advance Blockchain Applications and Talent Development

At the event, Cyberport signed a Memorandum of Understanding (MoU) with Forms HK to establish Blockchain Valley@Cyberport, a collaborative initiative promoting innovation in on-chain finance, enhancing public awareness of blockchain and digital assets, and nurturing tech talent. Cyberport also formed a strategic partnership with The Education University of Hong Kong, focusing on three core areas, namely Educational Technology, Art Technology, and Digital Technology. This collaboration aims to accelerate the application and commercialisation of university research outcomes and explore the joint launch of micro-credential programmes to cultivate the next generation of I&T talent.

Exploring Venture Capital Trends, Unlocking New Perspectives in Tech and Investment

This year’s forum features keynote speeches and panel discussions by leading venture capitalists on global investment trends and how frontier technologies such as AI, blockchain, and digital assets are reshaping markets and driving innovation. Industry experts include Wensheng Cai, Director of Longling Capital Ltd, who shared the potential synergistic between AI and Web3.0, Jerry Liang, Partner of Cyber Creation Ventures (CCV), who shared practical strategies for identifying high-potential local opportunities and designing globally scalable solutions. Additionally, Nicolas du Cray, Partner at Cathay Innovation, alongside David Chen, Operating Partner at Hongshan CBC Cross-border Digital Fund, also joined the panel who joined the panel “AI’s Global Shake-Up” to analyse the dynamics between investors, entrepreneurs, and industry leaders. The forum also spotlighted high-growth markets and strategies, with Soumaya Ben Beya Dridje, Partner at Rasmal Ventures, and other distinguished guests exploring the Middle East’s emerging role as a global innovation hub.

Top investors also shared insights on scaling start-ups into unicorns. Thomas Tsao, Co-founder and Chair of Gobi Partners shared strategies for early-stage companies to expand successfully, including expansion strategies and fundraising solutions.

“Web3.0 Innovation Expo” Launches Tomorrow, AI and Web3.0 Highlights Ahead

Day two will focus on practical innovation and deep tech exchanges, featuring the “Web3.0 Innovation Expo” and the “AI Start-up Workshop”. At the “Web3.0 Innovation Expo”, attendees will explore Cyberport’s “Blockchain & Digital Asset Pilot Subsidy Scheme” and global use cases, gaining insights into how the first batch of projects are applying innovative solutions across diverse scenarios such as tokenised assets, payments, Regulatory Technology (RegTech). The forum will also focus on global digital asset trends and ecosystem development through fireside chats and keynotes.

For details on Day Two and the Web3.0 Innovation Expo, please refer to the attached agenda. For more information on Cyberport Venture Capital Forum 2025 and the speaker line-up, please visit http://cvcf.cyberport.hk/.

Click here to download high-resolution news images and videos; click here to download images and videos of the Cyberport campus.

Main Stage: Cyberport Blockchain and Digital Asset Pilot Subsidy Scheme @ Function Room

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

‘Ranong Port’ — Thailand’s Gateway to BIMSTEC

MIL OSI

November 7, 2025

Source: Media Outreach

BANGKOK, THAILAND – Media OutReach Newswire – 6 November 2025 – Ranong Port, under the supervision of the Port Authority of Thailand (PAT), is stepping into a new and significant role in advancing Thailand’s economy and trade. Strategically located on the Andaman coast, the port serves as a vital maritime gateway linking Thailand with neighbouring countries in South Asia, the Middle East, Africa, Europe, and the member states of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), which comprises seven countries: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.

Thailand’s Gateway to BIMSTEC

Mr Kriengkrai Chaisiriwongsuk, Director of the Port Authority of Thailand, stated that Ranong Port is the only state-operated port on the Andaman coast and possesses a geographic advantage that allows direct access to the Bay of Bengal and the Indian Ocean without passing through the Strait of Malacca. This greatly reduces transport time and costs.

Operational results for the past 11 months (October 2024-August 2025) demonstrate consistent growth potential, with throughput reaching 6,300 TEUs, and projections for the full 2025 fiscal year exceeding 6,400 TEUs — a 140% increase compared to the previous year.

At present, Ranong Port has well-developed infrastructure to support continued growth, comprising two berths, a 134-metre multipurpose berth and a 150-metre container berth, accommodating vessels of up to 12,000 deadweight tonnes (DWT). The port also includes 36,000 square metres of storage area and can handle up to 648 TEUs of containers. These facilities make it an essential logistics hub for driving regional economic development.

Ranong Port reached a major milestone as PAT officially launched the Multimodal Transport Project, connecting five key economies: China, Laos, Thailand, Myanmar, and the BIMSTEC region. The inaugural shipment set sail for Yangon Port, Myanmar, marking an innovative step in logistics that seamlessly integrates multiple transport modes — road, rail, and sea — with Ranong Port as the strategic junction for distributing goods from Thailand and neighbouring countries to the vast markets of South Asia.

This project is the result of strong collaboration between key business partners: Thai Transport Centre Co Ltd, SCG JWD Logistics Public Company Limited, Ever Flow River Group (Myanmar), and SPT Smart Creation Co Ltd. Together, they aim to strengthen the regional supply chain. A highlight of this initiative is its remarkable improvement in time and cost efficiency: previously, shipments from Thai ports to BIMSTEC countries via the Strait of Malacca typically took 14-21 days, whereas the new route now takes only 3 days to Yangon (Myanmar), 4 days to Chittagong (Bangladesh), and 6 days to Chennai (India) or Colombo (Sri Lanka).

This drastic reduction in transport time gives Thai exporters a significant competitive edge. The Ranong-BIMSTEC corridor is thus not merely a connection between ports, but a bridge linking Thailand’s economy to high-potential markets with strong purchasing power and steady growth. It is expected to stimulate trade and investment, generate income for entrepreneurs, and create new employment opportunities in Ranong Province and its neighbouring areas.

The development marks the elevation of Ranong Port into a true Andaman Trade Gateway, laying a crucial foundation to meet rising future demand. To sustain this growth, PAT plans to continue upgrading Ranong Port, improving both infrastructure and management systems to meet international standards. Plans include procuring and modernising quay cranes and cargo-handling equipment, expanding the container yard, upgrading warehouses, and enhancing the integrated logistics network, by linking road, rail, and air systems to enable seamless multimodal transport connectivity.

In addition, PAT is committed to providing comprehensive support, including streamlining documentation and customs procedures, promoting marketing cooperation with shipping lines and logistics operators, and conducting cost and market trend analyses to assist business decision-making. Equally important is PAT’s drive to implement the ‘Green Port’ concept, aiming to reduce environmental impacts and ensure the long-term sustainability of maritime transport.

Mr Kriengkrai added that, in the near future, should the government proceed with the Land Bridge Project connecting Chumphon Port and the new Ranong Port, the current Ranong Port will evolve into a supporting facility focusing on niche markets such as frozen products, Thai-Myanmar border trade goods, and fast-track shipments. This would add value through expanded warehouse operations and attract SMEs and local businesses to utilise its services.

Most importantly, Ranong Port will serve as a ‘sandbox’ pilot area for the Land Bridge Project in both policy and operational aspects, acting as a testing ground for various logistics systems such as multimodal integration, digital platforms, and customs management systems. This will enable the existing Ranong Port to become a prototype for future large-scale projects like the Land Bridge, ensuring their long-term success and sustainability.

The Multimodal Transport Project, now in operation, therefore represents a vital mechanism that will bring prosperity to Ranong Port and to Thailand as a whole. It stands as a testament to PAT’s determination to build a logistics system that is faster, more modern, and more efficient, strengthening Thailand’s economic potential for stable and sustainable growth in the years ahead.

https://www.port.co.th/port/

Hashtag: #PAT #PortAuthorityofThailand

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

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