Aurizon (AZJ) H2 2026 earnings summary

Executive summary

• Underlying EBITDA rose 9% to $1,724 million, with NPAT up 24% to $433 million and EPS up 29% year-over-year.

• Dividends increased 46% to 23.0 cents per share, with a 90% payout ratio, supported by strong cash generation and a completed $250 million buyback.

• All major business units (Network, Bulk, Coal) outperformed prior year, with Bulk segment delivering record results from customer growth and new contracts.

• Strategic progress included major coal recontracting, bulk growth, UT5+ regulatory submission, and entry into vehicle logistics.

• Completed a $250 million buyback, reducing shares on issue by 3.8%.

Financial highlights

• Revenue increased 6% to $4,194 million, driven by higher regulatory revenue and bulk customer growth.

• Underlying EBITDA reached $1,724 million; statutory EBITDA was $1,620 million.

• Underlying NPAT was $433 million (+24%); statutory NPAT was $362 million.

• Free cash flow rose 11% to $573 million; ROIC improved to 9.5%.

• EBIT grew 17% to $985 million; EBITDA margin increased to 41.1%.

Outlook and guidance

• FY2027 underlying EBITDA guidance: $1,725–$1,775 million; dividends expected at 23.0–24.0 cents per share.

• Non-growth capex forecast: $590–$660 million; growth capex: $70–$120 million.

• Network and Bulk earnings expected to rise; Coal earnings to decline due to lower contracted volumes and yield.

• Containerised Freight expected to reach EBITDA breakeven in FY2027.