Dalrymple Bay Infrastructure (DBI) H2 2025 earnings summary

Executive summary

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

• Distribution per security increased 11.4% to AUD 0.24625, with guidance for FY25/26 distributions raised by 7.7% to AUD 0.26375 per security.

• 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.

• Strategic priorities include organic growth via NECAP projects, cost-saving initiatives, and further balance sheet optimization.

Financial highlights

• TIC revenue rose 3.9% in FY25, 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.

• Distributions for FY-25 totaled 24.625cps, an 11.9% increase from FY-24.

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

• Net profit after tax for FY-25 was $29.2m, down from $81.8m in FY-24, primarily due to one-off early debt repayment costs.

Outlook and guidance

• Distribution guidance for FY25/26 increased by 7.7% over prior guidance, 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 TY-26/27 from NECAP program and lower interest costs.