Aurizon Holdings Ltd. · ASX:AZJ
Aurizon — FY2026 Earnings Presentation
39 slides from Aurizon's earnings presentation, Aug 17, 2026
Slide 1: Aurizon FY2026 Results
Aurizon FY2026 Results 17 August 2026
Slide 2: Disclaimer
FY2026 RESULTS INTRODUCTION & OVERVIEW Disclaimer NO RELIANCE ON THIS DOCUMENT STATEMENTS ABOUT THE FUTURE This document was prepared by Aurizon Holdings Limited (ACN 146 335 622) (referred to as “Aurizon” which includes its This document contains “forward-looking statements”. The words “expect”, “a
Slide 3: Safety performance
FY2026 RESULTS INTRODUCTION & OVERVIEW Safety performance Reduction in serious injury frequency incidents and a continued focus on initiatives to prevent lower severity injuries Total Recordable Injury Frequency Rate (TRIFR)1 and Lost Time Injury Frequency Rate (LTIFR) Incidents per million hours wo
Slide 4: Introduction & Overview
Introduction & Overview Andrew Harding Managing Director & CEO
Slide 5: Investment in Aurizon
FY2026 RESULTS INTRODUCTION & OVERVIEW Investment in Aurizon Strategically Five - thousand kilometres of rail infrastructure. Australia's largest rail significant assets operator with a fleet of over 700 locomotives Cost - Escalation Haulage contracts primarily contain indexation mechanisms linked t
Slide 6: FY2026 Results
FY2026 RESULTS INTRODUCTION & OVERVIEW FY2026 Results Strong financial performance with Network, Coal, Bulk all ahead of prior year, facilitating an increase in shareholder returns Underlying EBITDA Underlying NPAT Underlying Earnings Per Share $1,724m $433m 25.2c up 9% up 24% up 29% Statutory EBITD
Slide 7: Business Units
FY2026 RESULTS INTRODUCTION & OVERVIEW Business Units Network, Coal and Bulk each contributing to a strong Group result. Further Containerised Freight volume growth with a pathway to break - even in FY2027 Network Coal Bulk Containerised Freight +8% +2% +38% +25% Underlying EBITDA Underlying EBITDA
Slide 8: UT5+ Network Undertaking
FY2026 RESULTS INTRODUCTION & OVERVIEW UT5+ Network Undertaking A draft decision for the ten -year undertaking was published in June 2026 with pathway set for final approval Highlights UT5+ Allowable Revenue UT5+ Average Revenue increase (compared with UT5) by element1 › Ten-year Network access unde
Slide 9: Coal contract update
FY2026 RESULTS INTRODUCTION & OVERVIEW Coal contract update Over a quarter of the portfolio has been recontracted since July 2025, including key Central Queensland customers BMA and Whitehaven, pushing out contract expiries into mid/late 2030s Successfully recontracted all existing Contract Volume E
Slide 10: Coal markets
FY2026 RESULTS INTRODUCTION & OVERVIEW Coal markets Demand for Australian coal is dependent on seaborne - traded markets, which are increasingly concentrated in Asia (rather than global demand) Coking coal India: Coking Coal Import Volume5 million tonnes › Around two-thirds of Network volume and aro
Slide 11: Expansion of Containerised Freight into vehicle logistics
FY2026 RESULTS INTRODUCTION & OVERVIEW Expansion of Containerised Freight into vehicle logistics Two contracts signed for the transport of vehicles in auto wagons that will utilise Aurizon’s Containerised Freight network and landbridging via the Port of Darwin › Long-term partnership to deliver intr
Slide 12: Financial Performance
Financial Performance Ian Wells CFO & Group Executive Strategy
Slide 13: Key financial results
FY2026 RESULTS FINANCIAL PERFORMANCE Key financial results Strong financial performance, delivering a result above the mid - point of guidance. An increase in shareholder returns through a higher dividend and buy - back program Underlying NPAT ($M) year on year change Reconciliation to Statutory NPA
Slide 14: Key financial results
FY2026 RESULTS FINANCIAL PERFORMANCE Key financial results ROIC improvement and strong cash generation underpin higher shareholder returns ROIC (%) Underlying Free Cash Flow1 ($M) Dividends Per Share 661 +1.4pts +11% +46% 573 582 518 412 397 9.5% 23c 8.9% 8.1% 17c 16c FY2024 FY2025 FY2026 FY2024 FY2
Slide 15: Network
FY2026 RESULTS FINANCIAL PERFORMANCE Network Uplift in earnings driven by higher regulatory revenue, partly offset by increased operating costs EBITDA2: Major drivers ($M) net of fuel and energy/electric charges (revenue and cost) Tonnes Total Revenue 10 212.5m $1,514m 11 1,030 95 +2% +6% 956 Operat
Slide 16: Bulk
FY2026 RESULTS FINANCIAL PERFORMANCE Bulk Earnings uplift driven by customer growth and the non - recurrence of prior year doubtful debt provisions, more than offsetting major customer start - up costs and net fuel under - recovery EBITDA: Major drivers ($M) Rail Tonnes Hauled Total Revenue 58.6m $1
Slide 17: Coal
FY2026 RESULTS FINANCIAL PERFORMANCE Coal Earnings uplift driven by price indexation (partly offset by customer mix), flat unit costs and net access/fuel benefits EBITDA: Major drivers ($M) Tonnes hauled1 Revenue2 Yield 192.0m $1,333m 33 flat +2% 36 540 10 527 0 Net impact +3m Operating costs3 EBITD
Slide 18: Coal contract and portfolio update
FY2026 RESULTS FINANCIAL PERFORMANCE Coal contract and portfolio update Lower contract utilisation has resulted in some customers reducing headline contracted volume to better align with their respective production plans Contract Utilisation Railed volumes (share of contracted volumes) › Coal contra
Slide 19: Gearing and funding update
FY2026 RESULTS FINANCIAL PERFORMANCE Gearing and funding update Debt Maturity Profile5 ($M) GROUP DEBT METRICS FY2026 FY2025 100 Weighted average maturity1 4.3 years 4.8 years 70% bank debt to be amended & extended in FY2027, remainder Interest cost on drawn debt 6.2% 6.3% covered by available undra
Slide 20: Capital allocation
FY2026 RESULTS FINANCIAL PERFORMANCE Capital allocation The capital allocation framework continues to provide for shareholder returns with $1.8 billion returned over the past four years Capital Expenditure1 Capital Allocation: Split between growth capital (and Capital Allocation Framework M&A), divi
Slide 21: Outlook
Outlook Andrew Harding Managing Director & CEO
Slide 22: Outlook
FY2026 RESULTS OUTLOOK Outlook FY2027: › Group underlying EBITDA of $1,725m - $1,775m › Full year dividends expected to be 23.0 - 24.0 cents per share › Non-growth capex expected to be $590m - $660m, including ~$25m of transformation capital › Growth capex expected to be $70m - $120m Key assumptions
Slide 23: Progress against strategic aims
FY2026 RESULTS OUTLOOK Progress against strategic aims Resilient Network and Coal businesses continue to support our growth aspirations for Bulk and Containerised Freight Drive Bulk growth Establish nationally significant containerised Resilient Coal and Network businesses across national footprint
Slide 24: Investment in Aurizon
FY2026 RESULTS OUTLOOK Investment in Aurizon Strategically Five - thousand kilometres of rail infrastructure. Australia's largest rail significant assets operator with a fleet of over 700 locomotives Cost - Escalation Haulage contracts primarily contain indexation mechanisms linked to Protections in
Slide 25: Appendix
Appendix
Slide 26: Group financial results summary
FY2026 RESULTS ADDITIONAL INFORMATION Group financial results summary 1 $m FY2026 FY2025 Variance (%) Variance Revenue (and other income) 4,194 3,952 6% 242 Operating Costs (Total) (2,470) (2,376) (4%) (94) Underlying EBITDA 1,724 1,576 9% 148 Depreciation & Amortisation (739) (732) (1%) (7) Underly
Slide 27: Reconciliation to Statutory Earnings
FY2026 RESULTS ADDITIONAL INFORMATION Reconciliation to Statutory Earnings Revenue & Other Income EBITDA EBIT NPAT ($m) FY2026 FY20251 FY2026 FY2025 FY2026 FY2025 FY2026 FY2025 Underlying result 4,194 3,952 1,724 1,576 985 844 433 348 Timing Differences - Network Revenue (27) - (27) - (27) - (19) -
Slide 28: Rail volumes
FY2026 RESULTS ADDITIONAL INFORMATION Rail volumes Quarter Ending Financial Year Sep-25 Dec-25 Mar-26 Jun-26 FY2025 FY2026 Variance Coal CQCN mt 34.5 35.4 28.8 34.8 133.7 133.5 - NSW & SEQ mt 15.1 15.5 14.5 13.3 58.5 58.4 - Coal Total Volumes1 mt 49.6 51.0 43.2 48.1 192.2 192.0 - CQCN NTKs bn 8.7 8.
Slide 29: Debt maturity profile
FY2026 RESULTS ADDITIONAL INFORMATION Debt maturity profile 1 1,290 AURIZON NETWORK ($m) 100 845 752 218 92 1,190 128 235 392 368 50 78 242 500 425 80 300 67 82 120 65 184 53 68 122 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 AURIZON OPERATIONS ($m) 710 500 510 196 153
Slide 30: Coal: Above rail coal haulage and contracted volume
FY2026 RESULTS ADDITIONAL INFORMATION Coal: Above rail coal haulage and contracted volume FY2026 FY2025 FY2027 Contracted Volume: million tonnes Volumes railed Variance million tonnes million tonnes Central Queensland 133.5 133.7 - 53 Newlands 10.2 12.2 (17%) Goonyella 60.6 59.8 1% Blackwater 49.2 4
Slide 31: Coal markets
FY2026 RESULTS ADDITIONAL INFORMATION Coal markets Steel is an integral link with economic development with over two - thirds of production drawing upon coking coal. Australia is directly leveraged to steel production growth in India INDIA CRUDE STEEL PRODUCTION1 AUSTRALIA: COKING COAL EXPORT VOLUME
Slide 32: Coal markets
FY2026 RESULTS ADDITIONAL INFORMATION Coal markets Global thermal coal trade is driven almost entirely by Asia, drawing upon a relatively young fleet of electricity assets GLOBAL: THERMAL (STEAM) COAL IMPORT VOLUME1 AVERAGE AGE OF COAL-FIRED ELECTRICITY CAPACITY2 1,200mt 1,169 Asia commands Typical
Slide 33: Bulk markets
FY2026 RESULTS ADDITIONAL INFORMATION Bulk markets AUSTRALIA: BASE METALS EXPLORATION EXPENDITURE1 GRAIN EXPORT VOLUME: FY20263 Calendar year By State (million tonnes), change compared to FY2025 A$1.2b 21.7 A$0.9b A$0.6b 5.4 A$0.3b 7.3 5.1 3.6 A$0.0b Western Australia New South Wales South Australia
Slide 34: Capital expenditure
FY2026 RESULTS ADDITIONAL INFORMATION Capital expenditure 1 $m FY2026 FY2025 Network 339 351 Non-Growth2 339 351 Growth - - Coal 95 122 Non-Growth2 82 112 Growth 13 10 Bulk & Containerised Freight 264 198 Non-Growth2 139 106 Growth 125 92 Corporate 20 24 Non-Growth2 20 24 Growth - - Total Non-Growth
Slide 35: Network: Volumes (all rail operators)
FY2026 RESULTS ADDITIONAL INFORMATION Network: Volumes (all rail operators) FY2026 FY2025 Variance million tonnes million tonnes Goonyella 103.9 102.8 1% Blackwater 61.2 54.6 12% Moura 13.2 15.1 (13%) Newlands 17.8 19.0 (6%) GAPE 16.3 16.5 (1%) Total 212.5 208.0 2% 35 Note: Due to rounding, the sum
Slide 36: Network: Reconciliation of revenue
FY2026 RESULTS ADDITIONAL INFORMATION Network: Reconciliation of revenue FY2026 FY2025 $m Change Actual Actual Maximum Allowable Revenue (MAR): All Systems 1,393 1,335 58 Volume-Related Over / (Under) Recovery (27) (38) 11 Actual Regulatory Track Access Revenue 1,366 1,297 69 Electric Traction Reven
Slide 37: Network: Indicative Maximum Allowable Revenue
FY2026 RESULTS ADDITIONAL INFORMATION Network: Indicative Maximum Allowable Revenue 1 (all rail systems) UT5 UT5+ BUILDING BLOCKS ($m) FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 Return on Capital 514 519 523 483 486 487 486 485 Return of Capital (Regulatory Depreciation) 276 310 325 356 397 425 443 459
Slide 38: Network: Adjusted MAR bridge FY2025 to FY2028
FY2026 RESULTS ADDITIONAL INFORMATION Network: Adjusted MAR bridge FY2025 to FY2028 INDICATIVE NETWORK ADJUSTED MAXIMUM ALLOWABLE REVENUE (MAR)1 INCLUDING GAPE: FY2025 – FY2028 ($m) Revenue cap previously recognised in underlying revenue +$60m in FY2026.To be recognised in statutory 1,453 revenue in
Slide 39: Investor Relations contacts
James Coe Head of Investor Relations & Market Intelligence +61 7 3019 7526 James.Coe@aurizon.com.au Jason Di Pietro Manager Investor Relations +61 7 3019 1135 Jason.DiPietro@aurizon.com.au ASX: AZJ