Dalrymple Bay Infrastructure (DBI) H2 2025 earnings summary

Executive summary

• FY25 saw improved financial performance, with EBITDA up 5.2% to AUD 294.3 million and FFO up 10.6% to AUD 173.3 million, excluding one-off refinancing costs and tax benefits.

• Operates the world's largest metallurgical coal export facility, with 14% share of 2024 global seaborne met coal exports and 84% of revenue from met coal mines.

• All terminal capacity is fully contracted on a take-or-pay basis through June 2028, providing predictable revenue.

• FY25 focused on safety, with zero incidents causing serious injury or illness among employees and NECAP contractors.

• Distribution per security increased 11.9% to AUD 0.24625, with guidance for FY25/26 distributions raised by 7.7% to AUD 0.26375 per security.

Financial highlights

• TIC revenue rose 3.9% in FY25 to $307.6m, in line with the TIC rate increase.

• Q4 2025 distribution of AUD 0.0675 per security, up 10.2% on prior guidance, to be paid 19 March 2026.

• Net profit after tax for FY25 was $29.2m, down from $81.8m in FY24, primarily due to $103m in one-off early debt repayment costs.

• $429.6m of capital projects completed or underway, with $229.9m spent but not yet added to the NECAP asset base.

• No tax payable for FY25 due to tax deductions from early debt repayment; franking credits reduced for Q4 2025 and FY26 distributions.

Outlook and guidance

• Distribution guidance for FY25/26 increased by 7.7% over prior guidance to 26.375cps, with a target of 3%-7% annual growth in distributions.

• Payout ratio to be at the upper end of the 60%-80% target band, supported by increased debt funding for NECAP.

• Further assessment of distribution guidance expected in May, pending inflation and NECAP updates.

• Anticipated uplift in TIC revenue in FY26/27 from NECAP program and lower interest costs.

• Focus remains on organic revenue growth, completion of major NECAP projects, and balance sheet flexibility.