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Aurizon (AZJ) investor relations material
Aurizon H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Underlying EBITDA rose 9% year-over-year to $891m, with all business units contributing to earnings uplift and disciplined cost control, including a $60m cost-out program.
Net profit after tax increased 16% to $237m, and earnings per share rose 20% to 13.6c, aided by share buybacks.
Dividend payout ratio increased to 90%, with interim dividend up 36% to 12.5c per share (90% franked) and a $100m buyback extension announced.
Strategic focus on portfolio optimization, disciplined capital allocation, and long-term growth, with a new CFO appointment and retention of the integrated network model after review.
Comprehensive review of Network ownership structure concluded integration synergies up to $75m per annum; monetisation or demerger not pursued.
Financial highlights
Revenue increased 4% year-over-year to $2,104m, driven by regulatory revenue and higher volumes in coal and bulk.
Underlying NPAT, free cash flow, and EPS all improved, with free cash flow up 41% to $335m and EPS up 20% due to the buyback program.
Statutory EBITDA up 4% to $888m; statutory NPAT up 1%.
EBITDA margin improved to 42.4% from 40.2%, and ROIC increased to 8.8%.
Buyback program extended by $100m, with 126m shares cancelled, increasing EPS by 7.4%.
Outlook and guidance
FY2026 underlying EBITDA guidance maintained at $1,680m–$1,750m.
Full-year dividend expectations raised to 22–23c per share.
Non-growth CapEx guidance reduced to $580m–$600m; growth CapEx maintained at $100m–$150m.
Segment EBITDA for Network, Coal, Bulk, and Other all expected to be higher than FY2025, assuming no major supply chain disruptions.
Ongoing focus on cost transformation and technology upgrades through FY2028.
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