Highlights

  • Half-year 2026 terminal infrastructure charge Revenue reached AUD 156.5 million.
  • EBITDA rose 4.7% to AUD 150.5 million.
  • Funds from operations increased 10.2% to AUD 92.7 million.
  • Terminal capacity was fully contracted on a take-or-pay basis through June 2028.
  • Committed non-expansion Capital works totalled AUD 370.6 million.

Dalrymple Bay Infrastructure Limited (ASX:DBI) owns the Dalrymple Bay Coal Terminal near Hay Point in Queensland, serving coal producers exporting through the Bowen Basin Supply chain. The Business receives terminal infrastructure charges from users rather than relying solely on the Volume of coal shipped in any individual period. Its 2026 half-year result reflects a contracted infrastructure model, while planned asset works, financing costs and capacity arrangements beyond June 2028 remain significant considerations.

Half-Year Earnings and Contract Structure

For the six months ended 30 June 2026, Dalrymple Bay Infrastructure (ASX:DBI) reported terminal infrastructure charge revenue of AUD 156.5 million, up 3.6% year on year. EBITDA increased 4.7% to AUD 150.5 million and statutory net profit after tax rose 14.2% to AUD 49.2 million. Funds from operations increased 10.2% to AUD 92.7 million. These measures capture different aspects of performance: EBITDA excludes financing and other costs, while funds from operations is relevant to cash-based distribution capacity.

The terminal was fully contracted under take-or-pay agreements through June 2028. Under this arrangement, customers pay for reserved capacity even when actual shipment volumes are lower. This reduces direct short-term volume exposure but does not remove Credit or renewal risk. Coal-market conditions can still affect customers’ longer-term willingness to contract capacity, particularly when existing arrangements approach expiry.

Distribution and Terminal Investment

Dalrymple Bay Infrastructure (ASX:DBI) declared a second-quarter distribution of 6.75 cents per security. The supplied company information described guidance of 28.62 cents per security for the following guidance year, representing an 8.5% increase, alongside a medium-term distribution growth target of 3%–7% annually, subject to conditions. Distribution guidance expresses management’s expectation and is not a guarantee of payment.

The terminal infrastructure charge for the 2026–27 terminal year was indicated at AUD 4.02 per tonne, up 8.1%. This charge is a central earnings driver for the infrastructure owner. The company also reported AUD 370.6 million of committed non-expansion works, including Shiploader 1A and Reclaimer 4. Those projects were expected to enter the regulated asset base by July 2027. Project delivery matters because Capital Expenditure occurs before the corresponding asset-base return is fully reflected in revenue.

Funding and Longer-Term Exposure

At 30 June 2026, Dalrymple Bay Infrastructure (ASX:DBI) reported net Debt of AUD 2,012.3 million. It also issued an AUD 350 million five-year fixed-rate bond under a medium-term note programme, diversifying its funding arrangements. Debt is a substantial part of the terminal’s capital structure, making refinancing conditions and borrowing costs important even when contracted income remains relatively stable.

The terminal’s long-lived infrastructure and contracted capacity support revenue visibility, but neither eliminates uncertainty. Recontracting after June 2028, Demand for metallurgical coal, regulatory settings and the timing of capital works will influence future outcomes. Weather disruption can affect operations, while delays or higher construction costs may defer anticipated returns. The distinction between predictable near-term charges and less certain long-term contracting is central to evaluating the business.

Key Insights

Dalrymple Bay Infrastructure (ASX:DBI) delivered higher half-year earnings and funds from operations in 2026. Its take-or-pay arrangements support short-term revenue visibility, while capital works, substantial debt and the eventual renewal of customer contracts remain the main variables for future distributions.