S&P Global Ratings has indicated that Qube’s creditworthiness is contingent on the result of Macquarie Asset Management’s (MAM) proposed A$11.6 billion acquisition. The indicative offer of A$5.20 per share grants MAM exclusive due diligence access until February 1, pending regulatory approvals. Qube is an Australian logistics and infrastructure company. It specialises in providing import and export logistics services.
According to S&P, Qube’s board intends to unanimously recommend the proposal if relevant conditions are satisfied. However, the ratings agency has cautioned that the final capital structure and long-term financial policies under MAM’s ownership remain uncertain. This lack of clarity introduces a degree of unpredictability into Qube’s future credit profile, requiring close monitoring as the acquisition progresses.
Despite the uncertainty surrounding the potential takeover, S&P anticipates that Qube will maintain solid revenue and cash flow generation over the next 12-24 months. The ratings agency forecasts underlying revenue growth of 5 per cent to 7 per cent in FY26 and FY27. These projections suggest a resilient underlying business, capable of navigating the transitional period.
Earnings momentum is expected to be supported by contributions from recent acquisitions, such as the Melbourne International Roll-on Roll-off and Auto Terminal (MIRRAT). Qube’s funds from operations to debt ratio is projected to increase to approximately 16 per cent by FY28, a rise from 13 per cent in FY25, indicating improving financial health even as the takeover process unfolds.
