Highlights

  • Dalrymple Bay Infrastructure (ASX:DBI) reported H1 2026 EBITDA of AUD 150.5mn, up 4.7% YoY.
  • Terminal Infrastructure Charge revenue increased 3.6% YoY to AUD 156.5mn.
  • Funds from operations rose 10.2% YoY to AUD 92.7mn, while statutory NPAT reached AUD 49.2mn.
  • The terminal charge for TY26/27 is AUD 4.02 per tonne; the company reaffirmed distribution guidance of 28.62 cents per security.

Dalrymple Bay Infrastructure Limited (ASX:DBI) owns the long-term lease of Dalrymple Bay Terminal, a coal export facility serving Queensland’s Bowen Basin and overseas steelmaking markets. Its latest half-year results and October investor presentation detail increased terminal charges, continuing asset replacement work and debt management. Following these disclosures, Dalrymple Bay Infrastructure Limited (ASX:DBI) shares closed at AUD 5.58 on 27 October 2026, down 1.76% for the session. The reported market movement is distinct from the company’s operational developments.

Company Business

Dalrymple Bay Infrastructure Limited (ASX:DBI) holds the terminal lease through wholly owned entities and provides contracted access to exporters. The facility is located at the Port of Hay Point, south of Mackay, and receives coal transported by rail from mines in the central Bowen Basin. Coal is unloaded, stockpiled and transferred by conveyor to offshore shiploaders for export.

The terminal has integrated supply chain capacity of 84.2 million tonnes per annum, fully contracted on take-or-pay terms to 30 June 2028, with renewal options. Charges are levied on contracted capacity rather than only on tonnes physically shipped. The business also passes through terminal operating and maintenance costs under its regulated arrangements, although customer credit and regulatory matters remain relevant.

Recent Development

In October 2026, Dalrymple Bay Infrastructure Limited (ASX:DBI) outlined its capital program and revised terminal pricing in an investor presentation. The Terminal Infrastructure Charge for the year commencing 1 July 2026, or TY26/27, is AUD 4.02 per tonne, compared with AUD 3.72 per tonne for TY25/26. The 8.1% increase incorporates inflation adjustments and a higher charge associated with non-expansion capital expenditure (NECAP).

At 30 June 2026, the company identified AUD 370.6mn of committed NECAP projects yet to enter the regulated asset base. These include the Shiploader 1A and Reclaimer 4 replacement projects. Their commissioning and subsequent inclusion in the asset base are important for the timing of future infrastructure charge revenue. The October presentation also described a possible phased 8X expansion to 99.1 million tonnes per annum, subject to commercial negotiations and a final investment decision.

Financial Performance and Sector Context

For the six months ended 30 June 2026, Dalrymple Bay Infrastructure Limited (ASX:DBI) reported total revenue excluding interest income of AUD 433.3mn, compared with AUD 395.4mn in H1 2025. Terminal Infrastructure Charge revenue increased to AUD 156.5mn from AUD 151.1mn. Other reported revenue included handling revenue of AUD 181.8mn and revenue from capital works of AUD 92.3mn; corresponding operator handling and capital work costs also formed part of the income statement.

EBITDA rose to AUD 150.5mn from AUD 143.8mn, while statutory NPAT increased 14.2% YoY to AUD 49.2mn from AUD 43.1mn. Funds from operations increased to AUD 92.7mn, up 10.2% YoY. Net finance costs were AUD 55.8mn, compared with AUD 58.3mn in H1 2025.

Non-statutory net debt stood at AUD 2,012.3mn at 30 June 2026, versus AUD 1,975.7mn at 31 December 2025. The company issued AUD 350mn of five-year fixed-rate notes during H1 2026. It reported AUD 44.9mn of unrestricted cash and AUD 216.5mn of undrawn bank facilities at half-year end. Its financial position remains linked to debt servicing, infrastructure spending and the regulated charging framework.

Risks to Consider

Dalrymple Bay Infrastructure Limited (ASX:DBI) faces construction and commissioning risks across its replacement projects, including potential cost escalation or delays. Long-term exposure to metallurgical coal supply and demand creates transition and customer concentration considerations. Changes in access regulation, interest rates, refinancing conditions or customer creditworthiness could affect returns and available cash. Any major capacity expansion would introduce additional funding and execution requirements.

What to Watch Next

Investors can monitor the commissioning of Shiploader 1A and Reclaimer 4, anticipated infrastructure charge adjustments and the timing of NECAP additions to the asset base. For TY26/27, the company has reaffirmed distribution guidance of 28.62 cents per security, an 8.5% increase on the previous TIC year, subject to board approval and business conditions. The record date for the third-quarter 2026 distribution is scheduled for 1 December 2026, subject to approval.

Key Insights

Dalrymple Bay Infrastructure Limited (ASX:DBI) recorded higher half-year EBITDA, funds from operations and statutory profit, while continuing its capital replacement and refinancing programs. Its contracted terminal capacity and regulated charging structure underpin reported infrastructure revenue. The principal areas for monitoring are project delivery, future charge adjustments, debt metrics and distribution decisions.