Dalrymple Bay Infrastructure (DBI) H1 2026 earnings summary

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.