Key Highlights

• Terminal Infrastructure Charge (TIC) Revenue was A$156.5 million, compared with A$151.1 million a year earlier.

• Handling revenue was A$181.8 million (A$171.3 million), and Capital works revenue was A$92.3 million (A$72.4 million).

• Total revenue excluding interest was A$433.3 million, up from A$395.4 million.

• For the six months to 30 June 2026, DBI reported non-statutory EBITDA of A$150.5 million, up from A$143.8 million.

Why is Dalrymple Bay Infrastructure (ASX:DBI) lifting the charge it levies on coal shippers while committing hundreds of millions of dollars to new equipment? Because the Business earns most of its income from a contract-based charge on reserved terminal capacity, and that charge rises as approved capital works join the asset base. In its half-year results to 30 June 2026, DBI reported higher earnings, confirmed a higher Terminal Infrastructure Charge for the year starting 1 July 2026, and said two major equipment projects are due for commissioning by the end of 2026.

What Dalrymple Bay Infrastructure does

DBI holds the long-term Lease over the Dalrymple Bay Coal Terminal, a coal export port near Mackay in central Queensland. It does not mine coal. Instead, Mining customers pay for the right to move their product through the terminal, and DBI earns revenue from the charges attached to that service.

The company's half-year release splits revenue into several lines. Terminal Infrastructure Charge (TIC) revenue was A$156.5 million, compared with A$151.1 million a year earlier. Handling revenue was A$181.8 million (A$171.3 million), and capital works revenue was A$92.3 million (A$72.4 million). Total revenue excluding interest was A$433.3 million, up from A$395.4 million.

The half-year result in numbers

For the six months to 30 June 2026, DBI reported non-statutory EBITDA of A$150.5 million, up from A$143.8 million. Statutory net profit after tax was A$49.2 million, against A$43.1 million in the first half of 2025. Funds from operations, another non-statutory measure, were A$92.7 million.

Net finance costs fell to A$55.8 million from A$58.3 million. Interest capitalised to the company's capital works program rose to A$7.3 million from A$3.8 million, which is a reminder that borrowing costs are increasingly attached to projects still under construction.

Distributions for the half totalled 13.5 cents per security. The second-quarter payment of 6.75 cents was made up of a 4.8323 cent unfranked dividend and a 1.9177 cent Loan note repayment, with a Record Date of 31 August and payment on 17 September 2026. The company's stated policy is to pay out 60 to 80 per cent of funds from operations and to target annual distribution growth of 3 to 7 per cent.

Why the charge is rising

The TIC is the central number for the Investment case. For the contract year beginning 1 July 2026, it is A$4.02 per tonne, up from A$3.72. The base component rises from A$3.52 to A$3.66, while the component linked to new capital works, known as the NECAP charge, rises from A$0.20 to A$0.35.

The NECAP movement reflects A$97.8 million added to the NECAP asset base on 1 July 2026, comprising A$91.3 million of Capital Expenditure and A$6.5 million of interest during construction. In plain terms, projects the terminal's customers have approved are now being paid for through a higher charge.

DBI has guided to distributions of 28.62 cents per security for the 2026/27 contract year, paid quarterly. That is 8.5 per cent above the 26.375 cents for 2025/26. Guidance is not a forecast of earnings, and distributions can include a return of capital through loan note repayments.

The capital program

Two projects dominate. The SL1A shiploader has a forecast cost of about A$165.4 million, and the RL4 reclaimer about A$115.6 million. Both are targeted for commissioning by the end of 2026. Across all committed NECAP projects, the company cites a total of A$370.6 million on a P95 estimate, meaning a figure it considers unlikely to be exceeded. Of that, A$231.8 million has been spent but not yet added to the asset base, with most of the remainder expected to be included by 1 July 2027.

The release also refers to an economic assessment of a larger expansion, known as the 8X Project, but it gives no capital cost. Investors should treat any expansion as unconfirmed until the company announces a decision.

Balance sheet and funding

Non-statutory total borrowings were A$2,057.2 million at 30 June 2026, with unrestricted cash of A$44.9 million, giving net Debt of A$2,012.3 million. That was 1.9 per cent higher than at 31 December 2025. Undrawn bank facilities stood at A$216.5 million.

It had earlier completed a A$1.07 billion refinancing in December 2025. The company says its base Interest Rate exposure is hedged to 30 June 2029 and that its foreign currency exposure on US dollar notes is fully hedged.

Sector conditions and competitive position

DBI's contracts are 100 per cent take-or-pay on 84.2 million tonnes a year of contracted capacity through 30 June 2028, with evergreen renewal options. That structure means near-term Earnings depend less on how much coal actually ships and more on whether customers keep honouring and renewing their reservations.

Volumes still matter for the health of those customers. Port data reported by, citing North Queensland Bulk Ports Corporation and Gladstone Ports Corporation, showed the Dalrymple Bay terminal handled 5.49 million tonnes in September 2026, up 7.6 per cent on a year earlier. Across the four Queensland terminals covered, exports for January to September 2026 totalled 149.13 million tonnes.

Risks and what to watch

Several uncertainties deserve attention. The current take-or-pay arrangement runs to 30 June 2028, so renewal terms are a long-term question. Project delivery matters, because cost overruns or delays would affect when new equipment enters the charge base. Net debt above A$2 billion leaves the company exposed to refinancing conditions, even with hedging in place. Finally, coal Demand and policy settings affect the customers that fund the terminal.

Near-term milestones include commissioning of the SL1A shiploader and RL4 reclaimer by the end of 2026, further quarterly distributions, and the full-year result after the 31 December balance date.