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

Business overview and strategy

• Operates the world's largest metallurgical coal export facility, with 13% share of 2023 global seaborne met coal exports and a lease term to 2100.

• Revenue is fully contracted on a take-or-pay basis to at least 2028, with 81% from metallurgical coal mines.

• Focuses on organic investment in terminal infrastructure and selective acquisitions to drive distributions and capital growth.

• Customer base includes major mining companies, with top export destinations being Japan, South Korea, India, China, and Taiwan.

Financial performance and guidance

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

• Upgraded distribution guidance for TY-24/25 to 23.0 cps, a 7% uplift, targeting 3-7% annual DPS growth.

• TIC rate for TY-24/25 is $3.59/t, up 4.4% from prior year.

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

Business model and risk management

• Low-risk model with all operating costs passed through to customers and revenue secured via take-or-pay contracts.

• Pricing agreement in place to 2031, with annual CPI-linked TIC increases and socialisation of uncontracted capacity.

• Strong force majeure protection and no operational performance risk.