Midway

What Midway does

Midway Limited is Australia's largest high-quality woodfibre processor and exporter, founded in 1980 and listed on the ASX (ASX: MWY) since December 2016. The company runs a vertically integrated supply chain spanning plantation management, harvest, haul, woodchip processing, stockpile, and export across five port-based facilities in Queensland, Tasmania, South Australia, and Western Australia, processing approximately 2.0 million metric tonnes of woodfibre annually and managing on the order of 52,000 hectares of plantation estate.

The company supplies blue-chip pulp and paper manufacturers in Japan, China, and India, with named customers including Nippon Paper, Sun Paper, Huatai, Chenming, APRIL, Bohui, and West Coast Paper Mills. Its revenue model combines export woodfibre sales (FY24 revenue A$274M), plantation management and ACCU carbon project services under the Australian government's emissions reduction framework, joint venture distributions (SWF with Mitsui at 51%, QCE with GrainCorp at 90/10), and a new natural capital investment management platform branded 1971 Capital (launched January 2026). FY24 EBITDA-S guidance is A$10-15M.

The business is at a strategic pivot: the September 2024 Rio Tinto Pongamia partnership extends Midway into renewable diesel feedstock in North Queensland, the Tiwi Islands 30,000 hectare Eucalyptus pellita project (showcased February 2026 with CEFC and River Capital) anchors its carbon-and-timber pipeline, and the 2022 sale of a 17,000 hectare estate to MEAG (Munich Re) for A$154.1M with an associated A$200M greenfield commitment signals a deliberate shift from capital-heavy ownership toward an asset-light management and investment model, with 1971 Capital as the flagship.

Name

Midway

Legal name

Midway Limited

Website

https://midwaylimited.com.au

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

51–100 employees

Short description

Midway is Australia's largest woodfibre processor and exporter, supplying Asian pulp and paper mills via five Australian port facilities. The company is expanding into plantation carbon management, ACCU project development, and natural capital investment management through its 1971 Capital platform.

Ownership category

akta.pro rank

Product category

Woodfibre Processing and Export

NAICS

Sawmills and Wood Preservation (3211), Sawmills and Wood Preservation (32111), Logging (1133), Wood Product Manufacturing (321), Timber Tract Operations (11311), Timber Tract Operations (1131), Forestry and Logging (113)

SIC

Forestry (800), Sawmills & Planting Mills, General (2421), Lumber & Wood Products (No Furniture) (2400)

akta.pro primary industry

Logging & Timber Harvesting (IMAMAAAB)

akta.pro secondary industries

In-Woods Comminution & Size Reduction (Chippers/Grinders) (AFAMAJAF), Fuelwood Processing & Firewood Packaging (Cutting, Splitting, Bundling) (AFAMAGAB), Timber Cruising & Inventory Services (AFAMAIAB), Forestry & Logging Equipment (IMAHACAK), Sawmilling & Lumber Production (IMADADAA), Contract Chipping & Residue Recovery Services (AFAMAJAO), Wood Waste Processing & Recycling (Mulch/Biomass) (BPALAJAE), Forest Products Terminals (Timber, Pulp, Paper) (TLAHADAD)

Keywords

• Woodfibre processing and export
• Plantation management services
• Carbon abatement solutions
• Natural capital investment management
• Pulp and paper fibre supply

Headquarters

HQ city

North Shore

HQ country

Australia

HQ region

Oceania

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Woodfibre export sales: Sales of hardwood and softwood woodfibre to international pulp and paper customers in Japan, China and India; pricing benchmarked off the E. Globulus (EG) headline FOB price from Australia to Japan; mix of contracted (CIF and FOB) and spot shipments. FY24 revenue $274M.
2. Plantation management and carbon project services: Long-term management and offtake agreements for plantation assets; revenue from management fees on third-party-owned plantations (e.g., MEAG/Otway Silva SPV managing 17,000 ha Victorian estate) and from carbon abatement project development and ACCU sales.
3. Natural capital investment management (1971 Capital): Investment management and fund management fees generated via 1971 Capital platform, acting as both fund and asset manager for institutional investors in plantation, carbon, land and timber assets.
4. Joint venture distributions: Earnings from JV stakes: South West Fibre (51% with Mitsui) and QCE (90% with GrainCorp at 10%); share of JV woodfibre processing and export earnings.
5. Carbon and advisory consulting services: Project-based professional services for biofuel and carbon project clients (e.g., Rio Tinto Pongamia pilot): land acquisition, due diligence, farm and irrigation development, operations management, project management, and carbon-related consulting.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Midway Limited is one of Australia's largest high-quality woodfibre processors and exporters, operating woodchip processing and exporting facilities at five major Australian port locations (Geelong, Portland, Brisbane, Bell Bay and Port Melville). The company also provides plantation management, carbon abatement project development under Australia's ACCU scheme, and operates the 1971 Capital natural capital investment platform for institutional investors.

Product overview

Midway operates an integrated portfolio built around a core woodfibre processing and export platform (Woodfibre Operations), with five Australian port-based facilities: Geelong, Brisbane (QCE), Portland (SWF), Port Melville (PMP), and Bell Bay (Midway Tasmania). The Plantation & Carbon Solutions service line — including its dedicated Carbon Solutions sub-division — extends the platform into responsible plantation management and carbon project development. In January 2026, Midway launched 1971 Capital, a natural capital investment management platform, and operates Midway Pongamia Farms as a renewable diesel feedstock venture partnered with Rio Tinto. Together, Woodfibre Operations, Plantation & Carbon Solutions, Carbon Solutions, 1971 Capital, and Midway Pongamia Farms form Midway's vertically integrated value chain from plantation and carbon assets through processing and export into natural capital investment and biofuel feedstock.

Differentiator

Problem solved

Functional benefit

Brands

• Plantation Management Partners (PMP): Wholly owned subsidiary managing approximately 30,000 ha of acacia/hardwood plantations on the Tiwi Islands, including a Port Melville export facility.
• South West Fibre (SWF)
• Queensland Commodity Exports (QCE)
• Midway Tasmania
• 1971 Capital
• Midway Pongamia Farms

Products and services

• Woodfibre Operations End-to-end woodfibre processing and export business sourcing, harvesting, hauling, processing, stockpiling and shipping hardwood and softwood woodchips from five major Australian port locations to international pulp and paper customers in Japan, China and India. Annual processing and export capacity of 2.0 million metric tonnes of woodchips.
• Plantation Management Services Softwood and hardwood plantation management covering land selection, plantation establishment, maintenance, harvesting, haulage and marketing, delivered across approximately 52,000 ha of plantations in Tasmania, Victoria, Queensland and the Northern Territory for both Midway-owned and third-party plantation owners.
• Carbon Solutions End-to-end management of large-scale carbon abatement projects delivered through the plantation forestry method under Australia's ACCU (Australian Carbon Credit Units) scheme. Services include land sourcing, project structuring and registration with the Clean Energy Regulator, plantation establishment, long-term management, and ACCU marketing to emitters and investors.
• 1971 Capital Natural Capital Investment Platform Natural capital investment management platform that acts as both fund and asset manager, providing institutional investors with access to scaled investment opportunities in plantation forestry, carbon projects, land and timber assets, with long-term management and offtake services attached.
• Midway Pongamia Farms (Renewable Diesel Feedstock) Development and management of Pongamia oil seed farms in North Queensland to test viability as a sustainable renewable diesel feedstock for Rio Tinto, including land acquisition, due diligence, farm and irrigation development, operations management, project management, and carbon-related consulting.

Quantifiable outcome

• Processes and exports 2.0 million metric tonnes of woodchips each year
• +6 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

21 partnerships are on record, tiered flagship, core and minor.

• Tiwi Plantations CorporationflagshipStrategic or Co-development Partner · 3 February 2026Indigenous-owned partner on the Tiwi Islands; Midway is managing the establishment of 30,000 ha of Eucalyptus pellita (red mahogany) plantations. The plantation is forecast to generate ~5 million ACCUs over a 25-year life, with first two projects forecast to deliver ~865,000 ACCUs. Includes a seedling nursery on Melville Island with capacity for 3M+ seedlings annually.
• Rio TintoflagshipStrategic or Co-development Partner · 23 September 2024Midway appointed by Rio Tinto to design, execute and manage approximately 3,000 ha of Pongamia seed farms and associated biodiversity plantings from a new office in North Queensland. Scope includes land acquisition, due diligence, farm and irrigation development, operations management, project management, and carbon consulting. The pilot tests Pongamia as a sustainable renewable diesel feedstock and supports Rio Tinto's Australian decarbonisation strategy.
• Mitsui & Co.flagshipStrategic or Co-development Partner30+ year partnership dating to a 1985 hardwood contract. 51/49 joint venture in South West Fibre (SWF) established 2007 for Myamyn/Portland woodfibre processing operations with capacity of 1.2-1.8M GMT p.a. Mitsui is the primary export partner.
• GrainCorpcoreStrategic or Co-development PartnerOwns 10% of Queensland Commodity Exports (QCE) at Port of Brisbane; provides toll ship loading at Port of Brisbane and contracted portside ship receival, storage and loading facilities at the Port of Portland. JV partner in QCE for processing and exporting softwood and hardwood woodfibre; up to 600,000 GMT p.a. capacity at Brisbane.
• Azure CapitalcoreImplementation/ SI/ Consulting PartnerCorporate advisory firm that provided strategic guidance on the plantation estate sale to MEAG and on the Tiwi Islands project alongside SBA Law.
• SBA LawcoreImplementation/ SI/ Consulting PartnerCommercial law specialists that provided strategic guidance on the plantation estate sale to MEAG and on the Tiwi Islands project alongside Azure Capital.
• Forest and Wood Products Australia (FWPA)minorGTM or Marketing PartnerIndustry association membership; Midway is a member and the FWPA Ultimate Renewable TV campaign features Midway-owned plantations at Barramunga and the Arbogen nursery in Colac.
• Australian Forest Products Association (AFPA)minorGTM or Marketing PartnerIndustry association representing the Australian forest industries; Midway engages with AFPA and participated in industry milestone communications.
• TasPortscoreChannel Partner/ Reseller/ DistributorTasmanian port authority; Midway Tasmania leases and uses TasPorts' Berth 7 at Bell Bay for chip stockpile and shiploading operations supporting exports.
• GeelongPortcoreChannel Partner/ Reseller/ DistributorSigned a 25-year agreement in 2008 with GeelongPort and Ports Pty Ltd for a new $28 million ship loader and berth; Midway's Geelong processing facility has reclaimers with direct link to Geelong Port ship loader.
• PAC PartnersminorGTM or Marketing PartnerCo-host with Commonwealth Bank of the annual Australasian AgFood Conference at which Midway CEO Tony McKenna presents the company's carbon strategy.
• Commonwealth BankminorGTM or Marketing PartnerCo-host with PAC Partners of the annual Australasian AgFood Conference at which Midway CEO Tony McKenna presents the company's carbon strategy.
• North Shore Football Netball ClubminorGTM or Marketing PartnerCommunity sponsorship partner in the regional area surrounding Midway's Geelong operations.
• Otway Districts Football and Netball ClubminorGTM or Marketing PartnerCommunity sponsorship partner in the Otways region where Midway manages plantations.
• Simpson Football Netball ClubminorGTM or Marketing PartnerCommunity sponsorship partner in regional Victoria near Midway's plantation and processing operations.
• Variety Club (Variety Bash)minorGTM or Marketing PartnerCharity sponsorship by Midway supporting children's charity.
• Old Beechy Rail TrailminorGTM or Marketing PartnerCommunity rail trail sponsorship.
• Joseph William Gottestein Memorial Trust FundminorGTM or Marketing PartnerCommunity trust sponsorship by Midway.
• PF OlsenminorGTM or Marketing PartnerCo-presenter at the ForestTECH Conference in Melbourne on the topic of Young Innovators, where Midway graduate Jinglan Wang presented.
• Tiwi Land RangerscoreStrategic or Co-development PartnerPMP runs an annual savanna-burning program in conjunction with the Tiwi Land Rangers and traditional owners to reduce carbon emissions through cool, mosaic burning; PMP also participates in the Tiwi Island Weeds and Fire Management Committee.
• Tiwi Island Training and Employment Board (TITEB)coreImplementation/ SI/ Consulting PartnerPartnership developing dedicated employment pathways across all levels of the Tiwi Islands plantation operation, supporting long-term skills development and meaningful local participation.

Scale indicators14 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Mercer International: North American/European pulp and woodfibre producer selling market pulp to international paper customers; comparable end-product (market pulp/natural fibre), customer base and exposure to global pulp pricing cycles.
• New Forests: Australia-based forestry and natural capital investment manager with plantation management, carbon project development and institutional fund offerings — directly comparable to Midway's 1971 Capital platform and plantation management business.
• Pan Pac Forest Products: New Zealand-based integrated forestry, sawmilling and woodfibre business supplying Asian pulp and paper customers; comparable vertically integrated woodfibre model and Asia-focused export orientation.
• Forico: Tasmania-based plantation management company managing large-scale eucalypt and softwood estates; directly comparable to Midway's Tasmanian plantation and Bell Bay export operations in the same geography.
• Timberlink Australia: Australian softwood sawmiller and woodfibre producer with manufacturing in Victoria, Tasmania and South Australia; comparable plantation management, processing and Australian customer base.
• AKD Softwood: Australian softwood forestry, sawmilling and carbon operations; its previous senior leader (Hamish Little) is now GM Plantations and Carbon at Midway, indicating direct operational overlap in Australian plantation and carbon.
• Oji Fibre Solutions: New Zealand-based softwood and hardwood fibre producer and exporter supplying Asian pulp and paper customers; comparable business model, customer geography and product mix to Midway's woodfibre operations.
• Pentarch Forestry: Australian hardwood and softwood forestry, harvesting and export company operating across Australia and Asia; mentioned as a JV partner in Midway's Tasmanian Plantation Export Group, with overlapping woodfibre export customer base.

Broad incumbents

• UPM-Kymmene: Finnish diversified pulp, paper and biomaterials major with significant plantation forestry operations; competes with Midway in supplying sustainable, certified fibre to European and Asian paper customers.
• Suzano: World's largest market pulp producer with vertically integrated plantation forestry and global customer base; broader incumbent in the same end-market (hardwood pulp), though at materially greater scale and Brazilian cost base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=ua47Lm-y3D0

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Midway