Dalrymple Bay Infrastructure Ltd. · ASX:DBI
Dalrymple Bay Infrastructure — H1 2026 Earnings Presentation
34 slides from Dalrymple Bay Infrastructure's earnings presentation, Aug 25, 2026
Slide 1: 2026 Half Year Financial Results – Investor Presentation
ASX Announcement 24 August 2026 2026 Half Year Financial Results – Investor Presentation Dalrymple Bay Infrastructure Limited (ASX:DBI) (DBI or the Company) releases today the attached Investor Presentation of its 2026 Half Year Financial Results for the period ended 30 June 2026. -ENDS- Authorised
Slide 2: Investor Presentation: 2026 Half Year Financial Results
Investor Presentation 2026 Half Year Financial Results
Slide 3: Dalrymple Bay Infrastructure
Dalrymple Bay Infrastructure 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. #1 Largest global metallurgical coal export facility
Slide 4: Presenters and agenda
Presenters 01 H1-26 Highlights Format photo 02 NECAP and Growth Initiatives 03 Financial Performance Michael Riches Stephanie Commons Managing Director and Chief Financial Officer 04 Strategic Priorities Chief Executive Officer 05 Appendices 3 Investor Presentation | August 2026
Slide 5: H1-26 Highlights
H1-26 Highlights 4
Slide 6: H1-26: Overview
H1-26: Overview EBITDA FFO1 Growth Financing Distributions Safety $150.5m $92.7M $370.6m2 $350m 13.5cps3 Zero +4.7% vs H1-25 + 10.2% vs H1-25 of capital projects issued in Australian + 14.9% vs H1-25 incidents causing still to be added to Medium Term Note serious injury or the NECAP Asset market ill
Slide 7: Stable and predictable revenue stream
Stable and predictable revenue stream DBI financial performance underpinned by a low-risk business model • TIC applicable at Dalrymple Bay Terminal (DBT) for TY-26/27 of ~$4.02 per tonne, up ~8.1% Key Contract Terms versus TY-25/26 • TIC applied to every tonne of the terminal’s contracted capacity o
Slide 8: Commitment to growing long term total returns
Commitment to growing long term total returns for all securityholders Distributions Distributions by TIC Year (cps)2, 3 • Q2-26 distribution of 6.750cps 7.155 6.750 • TY-26/271 guidance of 28.6cps up 8.5% on prior TY distributions 5.875 5.025 5.375 7.155 6.750 Distribution Policy 5.375 5.875 5.025 7
Slide 9: NECAP and Growth Initiatives
NECAP and Growth Initiatives 8
Slide 10: Growth opportunities
Growth opportunities DBI has a range of growth opportunities that are expected to underpin a continued uplift in revenue, ultimately driving improved FFO to support growing distributions Revenue Initiatives NECAP 8X External Opportunities Capacity optimisation The NECAP program delivers Expansion op
Slide 11: Organic growth: Non-expansion capital expenditure
Organic growth: Non-expansion capital expenditure NECAP provides an ongoing growth platform • As amounts are spent on NECAP, interest during construction (IDC) accrues at an agreed rate until the expenditure is added to the NECAP Asset Base. This compensates DBI for the cost of debt funding and prov
Slide 12: Current NECAP projects
Current NECAP projects Major projects SL1A and RL4 are anticipated to be added to the NECAP Asset Base from 1 July 20271 • All capital spent on NECAP has been approved for inclusion in the NECAP Asset Base • At 1 July 2026, the current NECAP program had a total of $370.6m in projects underway still
Slide 13: NECAP U: Shiploader (SL1) replacement
NECAP U: Shiploader 1 (SL1) replacement Project Description • SL1 is 43 years old. Due to the asset reaching end of life, SL1 is being replaced with a new Shiploader known as SL1A • Project commenced in April 2023 • The project is being undertaken using a Design-Bid-Build execution model Cost & Retu
Slide 14: NECAP T: Replacement of Stacker Reclaimer SR2 with new Reclaimer RL4
NECAP T: Replacement of Stacker Reclaimer SR2 with new Reclaimer RL4 Project Description • Stacker Reclaimer SR2 is 43 years old. Due to the asset reaching end of life, SR2 is being replaced with a new reclaimer known as RL4 • Project commenced in April 2023 • The project is being undertaken using a
Slide 15: NECAP supporting revenue uplift
NECAP supporting revenue uplift Completion of major NECAP programs will drive a step change in TIC • All current NECAP works have been recommended by the Operator and Pricing agreements through Light Handed Regulatory Regime2,3 6 approved by all customers, demonstrating a strong alignment of interes
Slide 16: Financial Performance
Financial Performance 15
Slide 17: Investment grade balance sheet
Investment grade balance sheet DBI proactively manages its debt portfolio to deliver benefits to the business and shareholders Debt Profile Credit Profile Net Debt to EBITDA8 Total Limit1 A$2.35bn limit with A$2.06bn Rating5 BBB / Stable (S&P) drawn at 30 June 2026 Debt Service 2.6x 7x Liquidity2 A$
Slide 18: Statement of profit or loss
Statement of profit or loss H1-26 Revenue and EBITDA up on H1-25, demonstrating resilience of business model Notes Profit & Loss, A$ million Notes H1-26 H1-25 1 TIC Revenue STATUTORY TIC revenue increased by 3.6% on H1-25, in line with the increase in the TIC applicable during H1-26 TIC revenue 1. 1
Slide 19: Statement of cash flows
Statement of cash flows (non-statutory) H1-26 Revenue, EBITDA and FFO all up on H1-25, demonstrating resilience of business model Notes Cashflow, A$ million Notes H1-26 H1-25 1 Capital expenditure TIC revenue 156.5 151.1 Capital expenditure comprises the spend on NECAP projects (see Appendix for fur
Slide 20: 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 Profile of hedged position at 30 June 2026 (A$ million) 1, 2 debt swapped back to AUD – no 2,500 120% FX risk 100% 2,000 •
Slide 21: Strategic Priorities
Strategic Priorities 20
Slide 22: 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 23: Appendices
Appendices 22
Slide 24: 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 25: DBI 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, Grosvenor3 Argo Resources Carborough Downs, Broadlea, Ironbark No.1 Glencore Clermont, Oaky Creek,
Slide 26: Climate reporting and disclosures
Climate reporting and disclosures In February 2026, DBI released its first Sustainability Report prepared in accordance with AASB S2 DBI prepared its 2025 Sustainability DBI’s disclosures provide: Report in accordance with AASB S2 • Alignment of climate considerations with strategy, Climate-related
Slide 27: 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 During H1-26, DBI continued to deliver its Community comprehensive set of leading indicators
Slide 28: Reconciliation of statutory borrowings to non-statutory drawn debt
Reconciliation of statutory borrowings to non-statutory drawn debt Borrowings A$ million Notes 30-Jun-26 31-Dec-25 Notes Total borrowings disclosed in financial statements 1,981.7 2,021.2 1 Fair value hedge adjustments Add back: Loan establishment costs included in carrying value of borrowings 11.9
Slide 29: Balance sheet
Balance sheet Balance Sheet A$ million Notes 30-Jun-26 31-Dec-25 Notes Cash 1. 66.5 110.5 Financial assets 2. 0.4 19.2 1 Cash Other current assets 62.7 75.3 Includes restricted deposits of $21.7 million (Dec 2025: $20.8 million). Total current assets 129.6 205.0 2 Financial Assets Interest rate swap
Slide 30: Reconciliation of net finance cost and income tax in FFO
Reconciliation of net finance cost and income tax in FFO (non-statutory) Net finance costs, A$ million Notes H1-26 H1-25 Income tax, A$ million Notes H1-26 H1-25 Net finance costs disclosed in statement of profit and loss (55.8) (58.3) Income tax expense disclosed in statement of profit and loss 4.
Slide 31: Reconciliation of non-statutory NECAP spend to statutory disclosures
Reconciliation of non-statutory NECAP spend to statutory disclosures Reconciliation of NECAP spend to be included in NECAP Asset Base Notes (Uncommissioned NECAP) $m Notes 30-Jun-26 31-Dec-251 Opening balance of uncommissioned NECAP on 1 January (non-statutory) 229.9 92.4 1 NECAP spend Amount exclud
Slide 32: NECAP Asset Base and NECAP spend to be added to NECAP Asset Base
NECAP Asset Base and NECAP spend to be added to NECAP Asset Base NECAP Asset Base $m Note Total TY26/27 TY25/26 TY24/25 TY23/24 TY22/23 Opening - 139.5 113.0 94.2 51.1 - Amounts added to NECAP Asset Base on 1 July 1, 2. 228.0 91.3 28.1 20.5 41.2 46.9 Interest during construction 17.7 6.5 2.2 1.3 3.5
Slide 33: Glossary
Glossary $ Australian Dollar unless otherwise stated Group DBI and its wholly owned or controlled entities /t Per metric tonne m Million 8X Project Expansion program to bring terminal capacity to a maximum of 99.1Mtpa Mt Million tonnes AU Access Undertaking. Sets out the terms of terminal access, th
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). reasonableness of any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such Summary Information inf
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