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Dalrymple Bay Infrastructure (DBI) investor relations material
Dalrymple Bay Infrastructure H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
EBITDA for H1 2026 was $150.5 million, up 4.7% year-over-year, and FFO reached $92.7 million, up 10.2% year-over-year, with net profit after tax rising 14.2% to $49.2 million.
Distributions to security holders increased 14.9% to 13.5 cents per security for H1 2026, with guidance for TY-26/27 distributions of 28.62 cents per security, up 8.5% year-over-year.
Revenue growth is underpinned by stable, long-term take-or-pay contracts, with 100% of capacity contracted through at least 2028.
Major capital projects (NECAP) and organic growth initiatives are driving predictable cash flow and future revenue uplift, with $370.6 million committed and $97.8 million added to the asset base on 1 July 2026.
No fatalities or serious injuries were reported; two high potential incidents occurred.
Financial highlights
H1 2026 revenue was $433.3 million, up from $395.4 million in H1 2025, with EBITDA margin remaining strong at 95%.
TIC for TY-26/27 is $4.02/t, up 8.1% year-over-year, reflecting inflation and NECAP contributions.
Net profit after tax for H1 2026 was $49.2 million, up from $43.1 million in H1 2025.
Successful $350 million debt issue in the Australian medium-term note market, with a 6.234% coupon and 2.5x oversubscription.
Net debt at 30 June 2026 was $2,012.3 million, with $261 million in liquidity and $44.9 million in unrestricted cash.
Outlook and guidance
Distribution guidance for TY-26/27 is 28.62 cents per security, up 8.5% year-over-year, targeting 3-7% annual DPS growth and a payout ratio of 60-80% of FFO.
NECAP projects SL1A and RL4 are expected to be added to the asset base by July 2027, driving further TIC and revenue uplift.
Focus remains on organic revenue growth, completion of major NECAP projects, and assessment of diversification and refinancing opportunities.
Quarterly distributions are expected to continue.
Distribution and growth targets remain subject to business developments and market conditions.
- Strong financial growth, secure revenue, and expansion drive robust returns and future opportunities.DBI
Jefferies Asia Forum 2025 Presentation - Strong financial growth, higher distributions, and all resolutions passed with broad support.DBI
AGM 2026 - Fully contracted, inflation-linked coal export terminal drives growth with robust financials and ESG focus.DBI
Investor presentation - EBITDA, FFO, and distributions rose, with refinancing savings and NECAP projects on track.DBI
H2 2025 - EBITDA and net profit rose, with all capacity contracted and major capital projects underway.DBI
H1 2025 - Stable, inflation-linked revenue and major growth projects drive robust returns and future expansion.DBI
Investor Presentation - EBITDA, profit, and distributions rose, with strong contracts and major projects supporting growth.DBI
H1 2024 - Strong financials, higher distributions, and major growth projects drive positive outlook.DBI
AGM 2025 - EBITDA and net profit rose, distributions increased, and guidance was upgraded for TY-24/25.DBI
H2 2024
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