Dalrymple Bay Infrastructure (DBI) Jefferies Asia Forum 2025 Presentation summary

Business overview and market position

• Operates the world's largest metallurgical coal export terminal, serving as a key link in the global steelmaking supply chain with 84.2Mtpa fully contracted capacity to at least 2028.

• Revenue is predominantly from metallurgical coal mines in the Bowen Basin, with 81% of revenue from these sources and a diverse customer base of 11 major mining companies.

• Terminal lease extends to 2100, providing long-term operational certainty.

• Top export destinations include Japan, South Korea, India, China, and Taiwan.

Financial performance and stability

• FY-24 EBITDA reached $279.8m (+7.1% YoY), FFO $156.7m (+11.1% YoY), and distributions totaled 22.0 cps (+5.8% YoY).

• FY-24 revenue, EBITDA, and net profit all increased versus FY-23, reflecting business resilience and disciplined cost management.

• Investment grade credit ratings (S&P/Fitch), net debt/EBITDA at 6.3x, and $481m liquidity support a stable outlook.

• 100% of foreign currency debt is hedged, and 92% of drawn debt is fixed or swapped, minimizing FX and interest rate risk.

Revenue model and growth drivers

• Terminal Infrastructure Charge (TIC) is take-or-pay, inflation-linked, and provides predictable cashflows; TIC for TY-24/25 is $3.59/t (+4.4% YoY).

• All operating costs are passed through to customers, and revenue for uncontracted capacity is socialized among remaining customers.

• NECAP program with $394m of committed capex is expected to increase TIC by ~$0.62/t by 2027/28.

• Distribution guidance for TY-24/25 upgraded to 23.0 cps, targeting 3-7% annual DPS growth.