Key Highlights

  • Terminal Infrastructure Charge Revenue rose 3.6 percent to $156.5 million for the six months to 30 June 2026
  • Statutory net profit after tax increased 14.2 percent to $49.2 million compared with H1-25
  • The company issued a $350 million five-year fixed rate bond under a new Australian Medium-Term Note programme
  • Distribution guidance for TY-26/27 was reaffirmed at 28.62 cents per security, an 8.5 percent increase on TY-25/26

Dalrymple Bay Infrastructure Limited (ASX:DBI) reported Terminal Infrastructure Charge revenue of $156.5 million for the six months ended 30 June 2026, up 3.6 percent on the prior corresponding half. EBITDA increased 4.7 percent to $150.5 million, while statutory net profit after tax rose 14.2 percent to $49.2 million, compared with $43.1 million in H1-25. Funds From Operations increased 10.2 percent to $92.7 million. Total revenue, including handling revenue and revenue from Capital works performed, rose to $433.3 million from $395.4 million a year earlier.

Terminal Infrastructure Charge Increase

The company confirmed a Terminal Infrastructure Charge of $4.02 per tonne for the year commencing 1 July 2026, an 8.1 percent increase on the prior year's charge of $3.72 per tonne. The increase was driven by Inflation applied to the Base TIC component, which rose to $3.66 per tonne, and a $0.15 per tonne increase in the NECAP Charge to $0.35 per tonne, reflecting an additional $97.8 million added to the NECAP Asset Base from 1 July 2026.

Capital Management and Balance Sheet

During the half, Dalrymple Bay Finance Pty Ltd issued $350 million of five-year notes at a fixed coupon of 6.234 percent under a new Australian Medium-Term Note programme, rated BBB by Standard and Poor's. In June 2026, the company repaid and cancelled a $250 million syndicated term Facility that was due to mature in December 2027, and in August 2026 cancelled a further $25 million undrawn bilateral revolving facility. Net Debt stood at $2,012.3 million at 30 June 2026, up 1.9 percent from 31 December 2025. Unrestricted cash at bank fell to $44.9 million from $89.7 million at the end of the prior period, while undrawn bank facilities increased to $216.5 million from $127.0 million.

Distributions and Capital Projects

The company announced a Q2-26 distribution of 6.75 cents per security, payable on 17 September 2026, taking total announced distributions for H1-26 to 13.5 cents per security. Distribution guidance for the year commencing 1 July 2026 was reaffirmed at 28.62 cents per security, an 8.5 percent increase on the prior year's 26.375 cents. At 30 June 2026, the company had $370.6 million of committed non-expansion Capital Expenditure projects still to be added to its asset base, including the Shiploader 1A and Reclaimer 4 projects, both reported as on schedule and on budget for commissioning by the end of 2026.

Outlook

Dalrymple Bay Infrastructure said it will continue to focus on delivering organic revenue growth through completed capital projects, progressing the Shiploader 1A and Reclaimer 4 works, assessing refinancing opportunities to reduce long-term interest costs, and exploring acquisitions with a similar risk profile to its existing business. The company also flagged ongoing review of terminal capacity in the Bowen Basin, including economic assessment of the proposed 8X Project.

Conclusion

Dalrymple Bay Infrastructure's H1-26 results showed growth across its key Earnings and distribution metrics, supported by an increased Terminal Infrastructure Charge and continued Investment in its non-expansion capital program. Net debt edged higher and unrestricted cash declined over the half, though the company diversified its funding sources through a new medium-term note issuance while reaffirming its distribution guidance and growth target for the year ahead.