Highlights

  • H1 2026 TIC revenue reached $156.5 million, while EBITDA was $150.5 million.
  • Funds From Operations rose to $92.7 million and statutory net profit after tax was $49.2 million.
  • DBI reaffirmed TY-26/27 distribution guidance of 28.62 cents per security, payable quarterly.
  • The terminal remained fully contracted on a 100% take-or-pay basis at 84.2Mtpa to 30 June 2028.
  • Major sustaining capital projects remained on schedule and budget during the half.

Dalrymple Bay Infrastructure (ASX:DBI), through its foundation asset the Dalrymple Bay Terminal, provides terminal infrastructure and services for producers and consumers of Australian metallurgical coal exports. Its H1 2026 result highlights the contracted nature of the business, rising cash-based earnings, ongoing capital investment and the distribution framework that remains central to the company’s investor profile.

H1 2026 Earnings and Cash Flow

For the six months ended 30 June 2026, DBI reported Terminal Infrastructure Charge revenue of $156.5 million, EBITDA of $150.5 million and statutory net profit after tax of $49.2 million. Funds From Operations, a non-statutory measure linked closely to cash available for distributions, reached $92.7 million. Total revenue excluding interest income was $433.3 million, while profit before tax was $74.2 million.

Distribution Guidance Remains Central

DBI (ASX:DBI) announced a Q2 2026 distribution of 6.75 cents per security, taking announced distributions for H1 2026 to 13.5 cents per security. The company reaffirmed distribution guidance of 28.62 cents per security for the year commencing 1 July 2026, payable in quarterly instalments. The guidance remains subject to Board approval, business developments and market conditions, while the company continues to target distribution growth over time.

Contracted Terminal Model Supports Revenue Visibility

The Dalrymple Bay Terminal was fully contracted on a 100% take-or-pay basis at 84.2Mtpa to 30 June 2028, with evergreen renewal options for customers. Under this structure, contracted capacity forms the basis for the Terminal Infrastructure Charge. For TY-26/27, the TIC was set at $4.02 per tonne, reflecting inflation in the base charge and a higher non-expansion capital charge following additions to the asset base.

Capital Program and Balance Sheet

At 30 June 2026, DBI had approximately $370.6 million of committed non-expansion capital projects still to be added to the NECAP Asset Base. The Shiploader 1A and Reclaimer 4 projects remained on schedule for commissioning by the end of 2026. During the half, DBI also issued A$350 million of five-year fixed-rate notes under its Australian Medium-Term Note programme. Net debt stood at $2,012.3 million at 30 June 2026, while the company maintained an investment-grade credit profile.

Key Operating Priorities

DBI’s (ASX:DBI) stated priorities include completing major sustaining capital projects on time and on budget, adding completed NECAP projects to the asset base, reviewing opportunities to optimise terminal capacity, assessing longer-term refinancing options and considering diversification opportunities with a similar risk profile. The company also continues to evaluate future alternative uses of the terminal while maintaining its core focus on metallurgical coal infrastructure.

Key Insights

DBI’s H1 2026 performance reflects a business model built around contracted capacity, regulated-style infrastructure charging and recurring distributions. The main factors to monitor are delivery of the capital programme, funding costs, the progression of contract arrangements beyond June 2028 and the extent to which new asset-base additions translate into future TIC revenue. Its distribution profile remains linked to FFO, capital requirements and Board decisions rather than statutory earnings alone.