Dalrymple Bay Infrastructure Limited (ASX:DBI), Kelsian Group Limited (ASX:KLS) and Smart Parking Limited (ASX:SPZ) operate across distinctly different areas of transport and infrastructure services. Dalrymple Bay Infrastructure owns the Lease over a major Queensland coal export terminal, Kelsian operates contracted bus and ferry services across several markets, while Smart Parking provides technology-led parking management services across multiple countries.

Their 2026 disclosures show three different Earnings models. Dalrymple Bay Infrastructure relies heavily on contracted terminal capacity and regulated pricing, Kelsian derives much of its Revenue from long-duration transport contracts, and Smart Parking is expanding through technology deployments, new sites and acquisitions.

2026 Operating Context

Transport and infrastructure businesses are influenced by contract terms, financing costs and execution rather than consumer Demand alone. Export terminal operators can generate comparatively predictable revenue where capacity is contracted under take-or-pay agreements, while public transport companies depend on government tenders, service delivery and contract indexation.

Parking technology has a different growth profile. Automatic number plate recognition and digital parking platforms allow operators to add sites without building major transport infrastructure, although local parking regulations can materially influence economics.

Financing costs remain relevant across the sector because infrastructure and transport businesses often carry long-duration Assets or contractual commitments. Expansion projects and acquisitions must therefore generate sufficient returns after borrowing and operating costs.

Dalrymple Bay Infrastructure (ASX:DBI)

Business Profile

Dalrymple Bay Infrastructure holds the long-term lease over the Dalrymple Bay Terminal at Hay Point in Queensland. The terminal services Bowen Basin coal producers and is primarily exposed to metallurgical coal used in steel production.

Revenue is generated through the Terminal Infrastructure Charge, which combines an inflation-linked base charge with amounts associated with approved non-expansion capital expenditure.

1H 2026 Performance

For the six months ended 30 June 2026, Dalrymple Bay Infrastructure reported Terminal Infrastructure Charge revenue of approximately AUD 157 million. EBITDA was AUD 150.5 million, while funds from operations reached AUD 92.7 million.

Distributions declared for the first half of calendar 2026 totalled 13.5 cents per stapled security through two quarterly payments of 6.75 cents. The payout represented approximately 72% of funds from operations and remained within the company's target distribution range.

For the 2026–27 terminal year, Dalrymple Bay Infrastructure has guided to distributions of 28.62 cents per security. The associated Terminal Infrastructure Charge has been set at approximately AUD 4.02 per tonne, comprising a base charge and an additional component linked to non-expansion capital expenditure.

Expansion Option

The proposed 8X expansion remains an option rather than a committed development. If progressed in full, the project could increase terminal capacity to 99.1 million tonnes per annum.

Risks

Recontracting is a key medium-term issue because customers must make renewal decisions ahead of the existing contract expiry in June 2028. The outcome will influence the terminal's contracted revenue base beyond the current term.

Interest expenses are another consideration because the Business carries substantial Debt and historical hedging arrangements are progressively being replaced at current financing rates.

Project delivery also remains relevant. Large infrastructure works must be completed within expected budgets and timelines if they are to support the intended Tariff and operational outcomes.

What Investors May Monitor Through the Rest of 2026

Progress on Shiploader 1A and Reclaimer 4 will remain important through year-end. Investor attention may also remain on early customer discussions regarding contract renewals and whether sufficient demand emerges to support any stage of the 8X expansion.

Interest costs, Liquidity and subsequent quarterly distributions will provide further information on the balance between the terminal's contracted cash generation and its financing requirements.

Kelsian Group Limited (ASX:KLS)

Business Profile

Kelsian Group operates bus and marine transport services across Australia and overseas markets. Its activities include Australian bus networks, international public transport operations and ferry services.

A substantial proportion of revenue is generated under multi-year contracts, particularly with government counterparties. These contracts often include mechanisms addressing operating costs such as wages and fuel, giving Kelsian a different earnings profile from businesses exposed directly to passenger ticket demand.

FY2026 Performance

For the year ended 30 June 2026, Kelsian reported revenue of AUD 2.40 billion and underlying EBITDA of AUD 315.8 million. Reported EBITDA was AUD 298.0 million, while underlying EBIT reached AUD 155.7 million.

Statutory net profit after tax was AUD 63.5 million and underlying net profit after tax was AUD 78.0 million. Underlying net profit after tax and Amortisation reached AUD 111.1 million.

Net Operating Cash Flow was AUD 220.1 million, while Leverage ended June at 2.46 times underlying EBITDA, placing it within the group's target range.

Kelsian declared a fully franked final Dividend of 10 cents per share, taking total FY2026 dividends to 18 cents per share.

Contract Growth

The company is also expanding its contracted transport operations internationally. During July 2026, a Kelsian-led joint bid secured Auckland's western ferry package under an initial seven-year agreement valued at approximately NZD 101 million.

The contract involves the Acquisition of Belaire Ferries and the procurement of five low-emission vessels, with services scheduled to commence in July 2027.

Kelsian has also secured bus franchising contracts in the Liverpool City Region in the United Kingdom. These services are expected to begin in January 2027 and involve a fleet of 73 buses operating from two leased depots.

FY2027 Outlook

Management has guided to FY2027 underlying EBITDA of between AUD 320 million and AUD 335 million, assuming no material deterioration in operating conditions.

The outlook will be influenced by execution on existing contracts, mobilisation of newly awarded services and completion of the tourism divestment. Debt reduction following the transaction could also alter the group's financing profile.

Risks

Kelsian remains exposed to concentration in government contracts. Failure to renew major agreements or underperformance during contract mobilisation could affect earnings.

International expansion introduces additional execution requirements across regulatory, workforce and operating environments.

Margins in Australian bus operations also remain important, particularly where wage, fuel and service requirements change faster than contract adjustments.

What Investors May Monitor Through the Rest of 2026

Completion of the tourism divestment will remain one of the main near-term corporate developments. The associated debt reduction should provide greater clarity around the Balance Sheet entering FY2027.

Investors may also monitor mobilisation for the Liverpool contracts, planning for the Auckland ferry package and progress against FY2027 underlying EBITDA guidance.

Smart Parking Limited (ASX:SPZ)

Business Profile

Smart Parking develops and operates parking management systems using automatic number plate recognition technology linked to its SmartCloud platform. The company manages car parks for shopping centres, hospitals, hotels and commercial property owners.

Its geographical footprint includes the United Kingdom, New Zealand, Australia, Germany, Switzerland, Denmark and the United States. The United Kingdom remains the largest operating market, meaning currency translation can affect Australian-dollar results.

FY2026 Performance

For FY2026, Smart Parking reported revenue of AUD 126.0 million and adjusted EBITDA of AUD 30.8 million. Excluding establishment costs associated with Switzerland, adjusted EBITDA was AUD 33.8 million.

Underlying net profit after tax and amortisation reached AUD 11.4 million, while statutory net profit after tax was approximately AUD 7.0 million.

The United Kingdom generated AUD 84.9 million of revenue and AUD 25.9 million of adjusted EBITDA. The United States contributed AUD 25.3 million of revenue and AUD 6.3 million of adjusted EBITDA, while New Zealand generated AUD 8.8 million of revenue.

Smart Parking managed 2,083 automatic number plate recognition sites at the end of the year. Its SmartCloud platform processed more than 548 million images covering approximately 274 million vehicle movements.

FY2027 Strategy

Management is targeting between 450 and 600 net new organic sites during FY2027. The company is also seeking approximately 1,750 UK sites and between 75 and 150 contracted US automatic number plate recognition sites by the end of the financial year.

Its longer-term objective is to reach 3,000 global automatic number plate recognition sites before the end of December 2028.

Germany is expected to move toward EBITDA breakeven as the site base expands, while Switzerland and Denmark remain earlier-stage markets with different regulatory and Investment requirements.

Risks

Parking regulation differs substantially across jurisdictions. Regulatory changes can influence enforcement processes, revenue models and the Economics of individual sites.

International expansion also brings execution risk because new markets require technology deployment, staff, regulatory knowledge and sufficient site density.

Currency movements remain relevant because a substantial share of earnings is generated in the United Kingdom and Europe.

Acquisition integration is another Factor as Smart Parking expands its US presence while continuing its organic rollout.

What Investors May Monitor Through the Rest of 2026

The integration of American Parking and the pace of US site conversion will be important indicators of the expansion strategy.

Investors may also monitor site additions in the United Kingdom and Germany, as well as progress in newer European markets.

Cash deployment between acquisitions, organic expansion and the AUD 5 million share buyback will provide further information on Smart Parking's capital priorities.

Risks to Watch

Dalrymple Bay Infrastructure faces recontracting, financing and infrastructure-project risks. Its take-or-pay model provides revenue visibility within the existing contract period, but the next renewal cycle will determine the longer-term position.

Kelsian faces contract execution, tender and international mobilisation risks. The tourism divestment should simplify the portfolio, although completion and deployment of the proceeds remain important.

Smart Parking faces regulatory, foreign exchange and international expansion risks. Its growth depends on adding sites while maintaining appropriate economics across markets with different parking rules.

Outlook Through the Rest of 2026

Dalrymple Bay Infrastructure enters the second half of 2026 with first-half FFO of AUD 92.7 million and major infrastructure projects approaching completion. Recontracting preparations, project delivery and financing costs will remain important.

Kelsian enters FY2027 with underlying EBITDA guidance of AUD 320 million to AUD 335 million and a portfolio reshaping programme underway. Completion of the tourism sale and mobilisation of new international contracts will be key operating developments.

Smart Parking enters FY2027 with more than 2,000 ANPR sites and an expanded US strategy following the American Parking acquisition. Site rollout, technology conversion and regulation across international markets will determine the pace of expansion.

The three businesses therefore enter the remainder of 2026 with different priorities: Dalrymple Bay Infrastructure is focused on terminal investment and future contracting, Kelsian on transport contracts and portfolio simplification, and Smart Parking on technology-led international expansion.