Dalrymple Bay Infrastructure (DBI) H1 2025 earnings summary

Executive summary

• Delivered strong financial performance in H1 2025, with revenue, EBITDA, and net profit all up year-over-year, supported by fully contracted terminal capacity and take-or-pay contracts through 2028.

• Operates the world's largest metallurgical coal export facility, with 14% share of 2024 global seaborne met coal exports and 84.2Mt fully contracted capacity through 2028.

• Business model is underpinned by long-term take-or-pay contracts, inflation-linked pricing, and pass-through of operating costs.

• Strategic priorities include organic revenue growth, disciplined acquisitions, maintaining investment grade credit rating, and ESG initiatives.

• No fatalities, serious injuries, or reportable environmental incidents during the period.

Financial highlights

• EBITDA rose 5.3% year-over-year to $143.8 million; FFO increased 13.8% to $84.1 million.

• Net profit after tax for H1 2025 was $43.1 million, up 17% year-over-year.

• TIC revenue reached $151.1 million, up 4.2% year-over-year; TIC for TY-25/26 set at $3.72/tonne, a 3.6% increase.

• G&A expenses down 9.2% year-over-year; net finance costs reduced after USPP note repayment.

• Ended period with $43.1 million in cash and cash equivalents; liquidity included $450 million in undrawn bank facilities.

Outlook and guidance

• Distribution guidance for TY-25/26 is 24.5 cents per security, a 6.5% increase over TY-24/25, with quarterly payments.

• Targeting DPS growth of 3%-7% per annum, subject to business and market conditions, with payout ratio between 60%-80% of FFO.

• Optimization initiatives and NECAP projects expected to drive further revenue and FFO growth in H2 2025 and FY26.

• ADEX/8X expansion timing dependent on coal market and customer engagement, with discussions expected in H1 FY26.

• Focus remains on organic revenue growth, major NECAP projects, and maintaining investment grade credit rating.