Aurizon (AZJ) H1 2026 earnings summary

Executive summary

• Delivered strong first half 2026 results with all business units contributing to earnings uplift, supported by disciplined execution and capital efficiency.

• Underlying EBITDA rose 9% year-over-year to $891m, with revenue up 4% to $2,104m and EPS up 20% to 13.6c, reflecting buyback impact.

• Net profit after tax increased 16% to $237m, and interim dividend of 12.5c per share (90% franked) declared, up 36% and payout ratio raised to 90%.

• Buyback extended by $100m to $250m, with 36m shares acquired for $125m during the period.

• Appointed Ian Wells as incoming CFO, with Gareth Long transitioning to Group Executive Enterprise Services.

Financial highlights

• Revenue increased 4% year-over-year to $2,104m, supported by regulatory revenue and higher volumes.

• Underlying EBITDA up 9% to $891m, driven by network, bulk, and coal segments.

• Free cash flow of $335m, up 41% from prior period.

• EPS increased 20% year-over-year to 13.6c, aided by share buyback.

• ROIC increased to 8.8% from 8.4%.

Outlook and guidance

• FY2026 underlying EBITDA guidance maintained at $1,680m–$1,750m.

• Full-year dividend expected at 22–23cps, up from prior guidance.

• Non-growth CapEx guidance reduced to $580m–$600m; growth CapEx unchanged at $100m–$150m.

• Segment EBITDA for Network, Coal, Bulk, and Other all expected to be higher than FY2025, barring major disruptions.

• Ongoing focus on cost transformation and technology upgrades through FY2028.