Dalrymple Bay Infrastructure Ltd (DBI) reported a 4.7% increase in first-half EBITDA to A$150.5 million, while funds from operations rose 10.2% to A$92.7 million, the coal terminal operator said in an earnings update tied to its H1 2026 results.
The company declared an interim distribution of A$0.135 per security, up 14.9% year-over-year and above the prior quarter’s A$0.0675 per security. The payout ratio stood at 72.2% of FFO, within the company’s target range of 60% to 80%.
DBI’s terminal infrastructure charge for the 2026/27 fiscal year will rise 8.1% to A$4.02 per tonne, effective July 1, 2026. Management guided full-year TIC revenue for 2026/27 at A$28.62 cents per security, an 8.5% increase from the prior year. The company noted that each A$0.10 per tonne increase in TIC translates to roughly A$8.5 million in incremental revenue.
Liquidity totaled A$261 million as of June 30, 2026, comprising cash and undrawn debt facilities. Total debt facilities amount to A$2.35 billion, with A$216 million undrawn. The weighted average tenor of drawn debt is 6.3 years, and the all-in interest rate is approximately 7%, up from 4.7% in the prior period. S&P reaffirmed DBI’s BBB flat rating with a stable outlook.
Capital expenditure remains focused on critical infrastructure upgrades. The Ship Loader 1 replacement project, budgeted at A$165.4 million excluding interest during construction, is 90% complete with transit scheduled for September and October and handover expected by year-end. The Reclaimer 4 replacement, budgeted at A$115.6 million, is 87% complete with commissioning slated for December 2026.
DBI also added A$97.8 million to its Non-Expansion Capital Expenditure asset base on July 1, 2026, contributing a A$0.15 per tonne increase to TIC. An additional A$300 million in project costs is projected for July 1, 2027, which is expected to lift TIC by approximately A$0.53 per tonne. A new A$38.5 million NECAP Series Z program was unanimously approved by customers on July 13.
The company’s contracted capacity baseline remains at 84.2 million tonnes per annum, supported by 100% take-or-pay agreements and force majeure protections through 2031. DBI’s access queue has expanded to approximately 33 million tonnes per annum, reflecting increased demand from customer mine acquisitions in the Central Bowen Basin.
DBI’s shares last traded at A$5.17, down 0.77% on the day but up 76% over the past year. The 52-week range is A$4.05 to A$6.01.
