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Dalrymple Bay Infrastructure (DBI) investor relations material
Dalrymple Bay Infrastructure H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY25 saw improved financial performance, with EBITDA up 5.2% year-over-year to AUD 294.3 million and FFO up 10.6% to AUD 173.3 million, excluding one-off refinancing costs and tax benefits.
Distribution per security increased 11.4% to AUD 0.24625, with guidance for FY25/26 distributions raised by 7.7% to AUD 0.26375 per security.
Operates the world's largest metallurgical coal export facility, with 14% share of 2024 global seaborne met coal exports and 84% of revenue from met coal mines.
All terminal capacity is fully contracted on a take-or-pay basis through June 2028, providing predictable revenue.
Strategic priorities include organic growth via NECAP projects, cost-saving initiatives, and further balance sheet optimization.
Financial highlights
TIC revenue rose 3.9% in FY25, in line with the TIC rate increase.
Q4 2025 distribution of AUD 0.0675 per security, up 10.2% on prior guidance, to be paid 19 March 2026.
Distributions for FY-25 totaled 24.625cps, an 11.9% increase from FY-24.
$429.6m of capital projects completed or underway, with $229.9m spent but not yet added to the NECAP asset base.
Net profit after tax for FY-25 was $29.2m, down from $81.8m in FY-24, primarily due to one-off early debt repayment costs.
Outlook and guidance
Distribution guidance for FY25/26 increased by 7.7% over prior guidance, with a target of 3%-7% annual growth in distributions.
Payout ratio to be at the upper end of the 60%-80% target band, supported by increased debt funding for NECAP.
Further assessment of distribution guidance expected in May, pending inflation and NECAP updates.
Anticipated uplift in TIC revenue in TY-26/27 from NECAP program and lower interest costs.
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