Dalrymple Bay Infrastructure (DBI) Investor Presentation summary

Business overview and financial performance

• Operates the world's largest metallurgical coal export facility, with 84.2mt fully contracted on take-or-pay terms and 81% of revenue from metallurgical coal mines.

• H1-24 EBITDA reached $136.5m (+8.6% YoY), FFO $73.9m (+4.2% YoY), and distributions increased 7% to 10.75cps.

• Net profit after tax for H1-24 was $36.8m, up 8.2% from H1-23, with stable and predictable cashflows due to regulated, inflation-linked revenue.

• Maintains an investment grade balance sheet with $2.16bn drawn debt, DSCR at 2.3x, and net debt/EBITDA at 6.3x.

• Distribution guidance for TY-24/25 is 22.5cps, a 4.65% increase, with a target FFO payout ratio of 60-80%.

Growth opportunities and strategic initiatives

• Over $395m in non-expansionary capital projects (NECAP) underway, with total NECAP spend to 2031 forecast above $500m.

• 8X Project feasibility completed, targeting a 20% storage increase and up to 99.1Mtpa capacity, with phased delivery and all primary environmental approvals secured.

• Exploring new energy exports, particularly green hydrogen via ammonia, leveraging port location and infrastructure.

• External growth focuses on infrastructure assets with high barriers to entry, stable cashflows, and potential for capital deployment.

• Strategic priorities include organic revenue growth, Bowen Basin capacity optimisation, asset diversification, maintaining credit rating, and ESG initiatives.

Regulatory, operational, and ESG highlights

• Terminal Infrastructure Charge (TIC) is inflation-linked, with a 4.2% YoY increase for TY-24/25; all operating costs are passed through to users.

• 29.9mt coal exported in H1-24, with 71% to Japan, South Korea, India, China, and Taiwan; 30% YoY uplift in exports to India.

• ESG focus includes decarbonisation pathways, transition to renewable energy, and a sustainability reporting committee.

• Social initiatives emphasize safety, diversity, and community partnerships, with new metrics and programs for employee wellbeing.

• Corporate governance is overseen by a skilled, independent board, with risk management embedded across activities.