Aurizon Holdings Ltd. · ASX:AZJ
Aurizon — 1H FY2026 Earnings Presentation
34 slides from Aurizon's earnings presentation, Feb 16, 2026
Slide 1: Half Year Results Presentation
Aurizon Holdings Limited ABN 14 146 335 622 ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000 BY ELECTRONIC LODGEMENT 16 February 2026 Half Year Results Presentation Please find attached for immediate release to the market, the Half Year Results presentation. The presentation wil
Slide 2: 1H FY2026 Results
1H FY 20206Results ees = “Ye 2026
Slide 3: No reliance on this document; statements about the future
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 related This document contains “forward-looking statements”. The words “expect”, “anticipate”, “likely”, “intend”, “should”,
Slide 4: TRIFR, LTIFR and serious injury frequency rates
Total Recordable Injury Frequency Rate (TRIFR)1 and Lost Time Injury Frequency Rate (LTIFR) Actual and Potential Serious Injury and Fatality Frequency Rate (SIFRa+p) 2 Incidents per million hours worked Incidents per million hours worked 10.22 9.32 8.50 7.99 8.08 7.61 7.12 2.90 2.14 1.65 1.73 5.19 1
Slide 5: Introduction & Overview
Slide 6: 1H FY2026 results highlights
Underlying EBITDA2 Underlying NPAT Underlying EPS $891m $237m 13.6c up 9% up 16% up 20% Statutory EBITDA up 4% Statutory NPAT up 1% Statutory EPS up 5% Free Cash Flow3 Interim Dividend4 Capital Management $335m 12.5cps NOW UP TO $250m $100m up 41% up 36% on-market buy-back extension Represents a 90%
Slide 7: Segment highlights: Network, Coal, Bulk
› Volumes flat compared to the prior › Volumes up 1% compared to the › Rail volumes up 4% compared to › Three-year agreement with SCT corresponding period prior corresponding period the prior corresponding period Logistics signed to mitigate impact of infrastructure outages in › FY2026 Regulatory vo
Slide 8: UT5+ customer and Aurizon benefits
Customer Benefits Aurizon Benefits UT5+ Average Annual Revenue › Introduction of a Throughput Payment, › Delivers a $45m per annum uplift in revenue increase (compared with UT5) by incentivising Network performance and efficiency compared1 with UT5 element1 › Introduction of five-year rolling access
Slide 9: Key achievements in the half
Compared with UT5, Largest known road to $60 million cost-out Reactivation of iron ore +7.4% increase in UT5+ would see an rail conversion in program actioned fleet earnings per share2 revenue increase of $45m Australia Initial program targeted Yilgarn region iron ore Completed ~85% of the per annum
Slide 10: Portfolio review: overview, investigations and approach
Overview Investigations undertaken and approach › Aurizon’s Board and Management regularly undertake an assessment of › Aurizon completed a comprehensive (internal and external) valuation the Group’s portfolio composition assessment of the Network and Operations businesses taking into account: › The
Slide 11: Key considerations
Key considerations › Network's value under Aurizon’s integrated model (which is the dominant model globally) is derived from several factors: – Stable earnings and cash flows enabled by a supportive regulatory framework, underpinning ~$6 billion of shareholder returns over the past decade and suppor
Slide 12: Z s ‘ .| \s
Z 8 s ‘ .| \s
Slide 13: Group financial results
$m 1HFY2026 1HFY2025 Variance (%) Variance 2HFY2025 › Revenue growth from Network driven by uplift in regulatory revenue, Coal due to increased volumes and yield, and Bulk Revenue (and other income) 2,100 2,023 4% 77 1,929 due to increased volumes Operating Costs (Total) (1,209) (1,209) - - (1,167)
Slide 14: Network segment results
EBITDA2: Major drivers ($M) net of fuel and energy/electric charges (revenue and cost) Tonnes Total Revenue 2 109.8m $759m 3 516 flat +3% 26 495 Operating Costs EBITDA1 ($243m) $516m 1HFY2025 Track Access Operating Costs Other 1HFY2026 Revenue increased by 1% +4% › Higher access revenue driven by an
Slide 15: Coal segment results
EBITDA: Major drivers ($M) net of fuel and access (revenue and cost) Tonnes hauled1 Revenue2 100.6m $687m Yield 298 15 +1% +3% 4 14 264 9 Net impact +$10m Operating costs3 EBITDA ($389m) $298m 1HFY2025 Additional Volume Price Indexation Customer Mix Operating Costs 1HFY2026 reduced by 4% +13% › Rail
Slide 16: Bulk segment results
EBITDA: Major drivers ($M) Rail Tonnes Hauled Total Revenue 28.6m $595m 21 117 8 +4% +6% 35 Operating Costs1 EBITDA 84 11 ($478m) $117m 1HFY2025 Non-Recurrence Revenue Operating Costs Other 1HFY2026 flat +39% of Doubtful Debt Provisions Excluding prior year provisions, operating costs1 increased by
Slide 17: Debt maturity profile and group debt metrics
Debt Maturity Profile7 ($m) GROUP DEBT METRICS 1HFY2026 FY2025 Weighted average maturity1 4.5 years 4.6 years 770 Interest cost on drawn debt 6.4% 6.3% Gearing2 55.5% 56.2% 218 Net Debt3 $5.2bn $5.2bn 192 903 870 550 824 Net Debt / EBITDA4 3.1x 3.3x 128 560 521 5008 82 264 292 53 65 Hedged % (Fixed
Slide 18: Capital expenditure and capital allocation
Capital expenditure1 Capital allocation Expectation Growth capital, dividends and buy-backs for full year non-growth capex now $400m reduced 100% 100% 100% 100% -5% $92m $343m $327m $44m $80m Shareholder Non-Growth Returns Capex2 1HY2024 1HFY2025 1HFY2026 FY16-FY21 FY22-FY24 FY25 FY26f Non-Growth Ca
Slide 19: Outlook
Outlook
Slide 20: FY2026 outlook and key assumptions
FY2026: › Group underlying EBITDA maintained at $1,680m - $1,750m › Full year dividends now expected to be 22-23cps1 (previously 19-20cps) › Non-growth capex is now expected to be $580m - $600m, including ~$30m of transformation capital (previously $610m - $660m, including ~$30m of transformation ca
Slide 21: Resilient Coal and Network; Bulk growth; containerised freight
Drive Bulk growth Establish nationally significant containerised Resilient Coal and Network businesses across national footprint freight supply chain Coal plus Network EBITDA ($m) Bulk EBITDA ($m) TEUs2 (‘000) $1,458 $1,483 $1,415 $1,382 $1,331 $1,342 $1,268 $229 206 $214 $169 159 $140 $135 $110 97
Slide 22: Appendix
Slide 23: India crude steel production and Australian coking coal exports
INDIA CRUDE STEEL PRODUCTION1 AUSTRALIA: COKING COAL EXPORT VOLUME2 million tonnes by destination (CY2025) 175mt India is the second 165 Rest of World largest global steel producer and draws 150mt 90% of coking coal India demand from imported volume. 125mt Australia is the #1 supplier of coking Sout
Slide 24: Global thermal coal import volume and age of coal-fired capacity
GLOBAL THERMAL (STEAM) COAL IMPORT VOLUME1 AVERAGE AGE OF COAL-FIRED ELECTRICITY CAPACITY2 1,200mt Record high volume Typical economic life (40 years)3 of thermal coal 1,091 38 years 37 years trade in 2024 with 1,000mt Asia commanding 90% of import 906 volume. Over 95% of 797 800mt Australian therma
Slide 25: Base metals, mining capex and grain export volumes
AUSTRALIA: BASE METALS EXPLORATION EXPENDITURE1 GRAIN EXPORT VOLUME: 1HFY20263 By State (million tonnes), change compared to 1HFY2025 A$1.2b 12.5 A$0.9b A$0.6b 5.7 A$0.3b 2.5 2.0 1.3 A$0.0b FY21 FY22 FY23 FY24 FY25 Western Australia New South Wales Victoria South Australia Queensland AUSTRALIA: META
Slide 26: Volumes by quarter and half
Quarter Ending Financial Year Mar-25 Jun-25 Sep-25 Dec-25 1HFY2025 1HFY2026 Variance Coal CQCN mt 28.8 35.1 34.5 35.4 69.8 70.0 - NSW & SEQ mt 14.8 14.3 15.1 15.5 29.4 30.6 4% Coal Total Volumes1 mt 43.6 49.4 49.6 51.0 99.2 100.6 1% CQCN NTKs bn 6.9 8.6 8.7 8.9 17.4 17.5 1% NSW & SEQ NTKs bn 2.6 2.6
Slide 27: Above rail coal haulage and contract volume expiry
Above Rail Coal haulage: million tonnes Contract Volume Expiry2: million tonnes per annum 80 Coloured segments indicate 1HFY2026 1HFY2025 Variance 2HFY2025 recontracting completed during the half Central Queensland 60 Newlands 6.0 6.5 (8%) 5.8 40 Goonyella 30.9 31.1 (1%) 28.7 20 Blackwater 25.6 24.2
Slide 28: Network volumes by system
1HFY2026 1HFY2025 Variance 2HFY2025 Goonyella 52.9 54.5 (3%) 48.3 Blackwater 31.4 28.4 11% 26.2 Moura 7.3 8.2 (11%) 6.9 Newlands 9.6 10.3 (6%) 8.7 GAPE 8.6 8.8 (3%) 7.7 Total (mt) 109.8 110.2 - 97.8 27 Note: Due to rounding, the sum of components may not equal the corresponding total
Slide 29: Network revenue: 1H FY2026 actual vs 1H FY2025
1HFY2026 1HFY2025 $m Change Actual Actual Maximum Allowable Revenue (MAR): All Systems 696 674 22 Volume-Related Over / (Under) Recovery 4 (1) 5 Actual Regulatory Track Access Revenue 700 673 27 Electric Traction Revenue 35 35 - Other Track Access Revenue 3 1 3 Total Track Access Revenue 738 708 30
Slide 30: UT5 and UT5+ building blocks
UT5 UT5+ BUILDING BLOCKS ($m) FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 Return on Capital 514 519 523 483 485 484 481 478 Return of Capital (Regulatory Depreciation) 276 310 326 356 397 424 440 455 Maintenance Costs (Direct) 188 201 206 207 215 220 226 232 Maintenance Costs (Indirect) 18 17 17 17 17 1
Slide 31: Indicative Network adjusted maximum allowable revenue
INDICATIVE NETWORK ADJUSTED MAXIMUM ALLOWABLE REVENUE (MAR)1 FY2024 – FY2027 ($M) +$66m Adjustments 1,299 30 49 59 +$55m 12 1,233 56 17 1,178 Adjustments 7 76 38 38 30 Over- Adjustments Under- collection 1,113 recovery 19 15 38 29 1,140 1,095 FY24 Cap Rec Rev Cap Rev Cap MAR Rebates FY25 Rev Cap Rev
Slide 32: Regulatory volume assumption and railed volume
Regulatory Volume Assumption and Railed Volume (million tonnes) › Although regulatory revenue is always recovered (via Take-or-Pay and/or 230mt 227 revenue cap) within two years, it can result in earnings volatility 221 › Primary driver of deferred revenue (through revenue cap) is where 220mt 217 vo
Slide 33: Debt maturity: Aurizon Network and Aurizon Operations
1,140 AURIZON NETWORK ($m) 903 846 752 770 218 192 128 778 135 392 368 128 242 500 425 80 300 370 82 120 184 53 65 125 68 122 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 AURIZON OPERATIONS ($m) 710 500 550 196 153 103 160 50 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33
Slide 34: Investor relations contact
James.Co Urizon.com.au Jason Di Pietro Manager Investor Relations +617 3019 1135 5 Jason.DiPietro@aurizon.com