Dalrymple Bay Infrastructure Ltd. · ASX:DBI
Dalrymple Bay Infrastructure — FY2025 Earnings Presentation
34 slides from Dalrymple Bay Infrastructure's earnings presentation, Feb 24, 2026
Slide 1: Investor Presentation - 2025 Financial Results
ASX Announcement 23 February 2026 Investor Presentation - 2025 Financial Results Dalrymple Bay Infrastructure Limited (ASX:DBI) (DBI or the Company) releases today the attached Investor Presentation of its 2025 Full Year Financial Results for the period ended 31 December 2025. -ENDS- Authorised for
Slide 2: Industry and market data
Industry and market data DBI has commissioned AME Mineral Economics Pty Ltd (AME) to provide certain information for inclusion in this document. Information provided by AME is referred to in this document as ‘AME’. This document uses market data, statistics and third-party estimates, projections and
Slide 3: Investor Presentation 2025 Financial Results
Investor Presentation 2025 Financial Results
Slide 4: Dalrymple Bay Infrastructure (DBI)
Dalrymple Bay Infrastructure (DBI) DBI through its foundation asset, the Dalrymple Bay Terminal (DBT), aims to provide safe and efficient port infrastructure and services for producers and consumers of high quality Australian metallurgical coal exports. Through further organic investment in DBT and
Slide 5: Presenters and agenda
Presenters 01 FY-25 Highlights 02 Financial Performance Format photo 03 NECAP and Growth Initiatives Michael Riches Managing Director and Stephanie Commons Chief Financial Officer 04 Strategic Priorities Chief Executive Officer 05 Appendices 3 Investor Presentation | Feb 2026
Slide 6: FY-25 Highlights
FY-25 Highlights 4
Slide 7: FY-25: Overview
FY-25: Overview EBITDA FFO1 Growth Financing Distributions Safety $294.3m $173.3 $429.6m $1.07bn 24.625cps3 Zero +5.2% vs FY-24 + 10.6% vs FY-24 of capital projects debt raising + 11.9% vs FY-24 incidents causing completed or serious injury or underway2 illness4 1. FFO is Calculated as EBITDA, less
Slide 8: Value creation initiatives delivering improved cashflow and distributions
Value creation initiatives delivering improved cashflow and distributions DBI continues to drive a broad range of initiatives delivering improved returns for securityholders Revenue Initiatives Cost Management Financing Initiatives • Capacity optimisation initiatives • Continued cost management focu
Slide 9: Capital allocation review and rebased distributions
Capital allocation review and rebased distributions The capital allocation review was focussed on long term securityholder value, and three key decisions were made, leading to a step change increase in distribution guidance1 Balance sheet headroom Sustainable Earnings enables higher debt funding Hig
Slide 10: Commitment to growing long term total returns for all securityholders
Commitment to growing long term total returns for all securityholders Distribution Guidance Distributions earned4 DPS Growth • Uplift in TY-25/261 guidance to 26.375cps2 TIC Year1 (cps) (%) • Rebased distribution provides compounding benefits for shareholders in future years TY-23/24 21.5 7.0% • The
Slide 11: Financial Performance
Financial Performance 9
Slide 12: Debt refinance
Debt refinance Significant long term benefits delivered over and above the direct net $75m of reduced interest costs through to 2030 • DBI has regularly assessed debt markets and tested whether the financial and non-financial benefits of a Financial and non-financial benefits derived refinancing war
Slide 13: Profit & Loss statement
Profit & Loss statement FY-25 Revenue and EBITDA up on FY-24, demonstrating resilience of business model 1 TIC Revenue Profit & Loss, A$ million Notes FY-25 FY-24 TIC revenue increased by 3.9% on FY-24, in line with the increase of the TIC applicable during FY-25 ($3.72/t) STATUTORY as compared to F
Slide 14: Cashflow statement
Cashflow statement FY-25 Revenue, EBITDA and FFO all up on FY-24, demonstrating resilience of business model Cashflow, A$ million Notes FY-25 FY-24 Notes TIC revenue 307.6 296.1 1. USPP make-whole and CCIRS & IRS break costs G&A expenses (16.8) (16.8) Early repayment costs associated with repayment
Slide 15: Balance sheet and credit profile
Balance sheet and credit profile Substantial headroom existing in ratings leverage threshold Investment Grade Balance sheet Balance Sheet A$ million Notes 31-Dec-25 31-Dec-24 Cash 1. 110.5 89.9 1. Cash • A$2.25 billion1,2 of total limits Financial assets 2. 19.2 - Includes restricted deposits of $20
Slide 16: Interest rate and hedge book profile
Interest rate and hedge book profile No FX risk and limited interest rate risk with high level of fixed debt issuance and floating to fixed swaps • 100% of all foreign currency debt Profile of hedged position at 31 December 20252 swapped back to AUD – no FX risk (A$ million) 2,500 100% • Interest ra
Slide 17: NECAP and Growth Initiatives
NECAP and Growth Initiatives 15
Slide 18: Organic Growth: Non-Expansion Capital Expenditure (NECAP)
Organic Growth: Non-Expansion Capital Expenditure (NECAP) Investment in NECAP contributes to an uplift in TIC • All current NECAP works have been recommended by the Operator NECAP Summary Status Report at 31 December 2025 and approved by all customers, demonstrating a strong alignment of Approved Pr
Slide 19: EBITDA margin
DBI’s pricing model delivers a highly predictable revenue profile Growing TIC revenue … … delivers financial leverage • TIC will continue to grow via Base TIC escalation with inflation and investment in the NECAP • Handling costs are fully passed through to customers of DBT program and have no impac
Slide 20: Growth Capital Project: Shiploader (SL1) replacement
Growth Capital Project: Shiploader 1 (SL1) replacement Project Description: • SL1 is 42 years old. Due to operational requirements, SL1 is being replaced with a new shiploader known as SL1A • The project is being undertaken using a Design-Bid-Build execution model • Project commenced in April 2023,
Slide 21: 8X expansion works
8X expansion works Capacity expansion project within the existing terminal footprint that can be delivered in phases to meet customer demand • 8X is a well-defined pathway to 99.1Mtpa of contracted 8X Expansion works capacity • All primary environmental approvals have been secured • 8X is expected t
Slide 22: Selective external growth through DBI's core competitive advantages
Selective external growth through DBI’s core competitive advantages Our competitive advantages, along with the long-term resilience of DBT, provide the opportunity to develop a portfolio of assets via external growth opportunities 1 2 3 4 5 Regulatory Capital deployment Operational Funding Key exper
Slide 23: Strategic Priorities
Strategic Priorities 21
Slide 24: Strategic priorities over FY-26
Strategic priorities over FY-26 DBI’s strategic priorities are focussed on delivering total securityholder returns Delivering organic revenue growth through new revenue initiatives and the inclusion 1 of the cost of completed NECAP Projects in the NECAP asset base 2 Completion of Shiploader 1A and R
Slide 25: Appendices
Appendices 23
Slide 26: DBI's financial performance is underpinned by a low-risk business model
DBI’s financial performance is underpinned by a low-risk business model Light-handed Force Majeure Pass through regulation protection of operating costs DBI has a pricing agreement with DBI has strong force majeure protection All the terminal’s operating and customers on the Terminal Infrastructure
Slide 27: DBT services predominantly metallurgical coal mines in the Bowen Basin
DBI, via the Dalrymple Bay Terminal, services predominantly metallurgical coal mines in the Bowen Basin DBI Asset Location DBI Customer base1 Customer2 Mine Anglo American German Creek, Moranbah North, Grosvenor4 Bowen Coking Coal32 Broadmeadow East Fitzroy Australia Resources Carborough Downs, Broa
Slide 28: Climate reporting and disclosures
Climate reporting and disclosures DBI has released its first Sustainability Report prepared in accordance with AASB S2 DBI has prepared its 2025 DBI’s disclosures provide: Sustainability Report in accordance with • Alignment of climate considerations with strategy, AASB S2 Climate-related Disclosure
Slide 29: Social and Governance highlights
Social and Governance highlights Safety, Health & Wellbeing Employee Diversity and Inclusion Community and Partnerships For each financial year, the Group sets a Diversity, Equity and Inclusion is a cultural In 2025, DBI invested more than $250,000 in comprehensive set of leading indicators that ref
Slide 30: Reconciliation of statutory borrowings to non-statutory drawn debt
Reconciliation of statutory borrowings to non-statutory drawn debt Borrowings A$ million Note 31-Dec-25 31-Dec-24 1 Fair value hedge adjustments Total borrowings disclosed in financial statements 2,021.2 1,750.9 Fair value adjustments to debt recognised under fair value hedge Add back: Loan establis
Slide 31: Reconciliation of Net Finance Cost and Income Tax in FFO
Reconciliation of Net Finance Cost and Income Tax in FFO (Non-Statutory) Net finance costs, A$ million Notes FY-25 FY-24 Income tax, A$ million Notes FY-25 FY-24 Net finance costs disclosed in statement of profit and loss (205.0) (115.4) Income tax expense disclosed in statement of profit and loss 6
Slide 32: Reconciliation of non-statutory NECAP spend to statutory cash flow statement
Reconciliation of non-statutory NECAP spend to statutory cash flow statement Balance yet to be included in asset base (Uncommissioned NECAP) Note 31-Dec-25 31-Dec-24 Opening balance of uncommissioned NECAP (non-statutory) 92.4 30.9 NECAP spend during the period 1. 165.5 82.0 1 NECAP spend Amounts ad
Slide 33: Glossary
Glossary $ Australian Dollar unless otherwise stated FFO Funds From Operations means EBITDA less , less net cash interest expense and /t Per metric tonne less any cash tax payable. 8X Project Expansion program to bring terminal capacity to 99.1Mtpa Group DBI and its wholly owned or controlled entiti
Slide 34: Disclaimer and important notices
Disclaimer and important notices This presentation has been prepared by Dalrymple Bay Infrastructure Limited ACN 643 302 032 (DBI or the Company). uncertainties and contingencies. Before making an investment decision, you should consider, with the assistance of a financial adviser, Summary Informati
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