Aurizon Holdings Ltd. · ASX:AZJ
Aurizon — FY2025 Earnings Presentation
43 slides from Aurizon's earnings presentation, Aug 18, 2025
Slide 1: FY2025 Full 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 18 August 2025 FY2025 Full year results presentation Attached is Aurizon Holding Limited’s full year results presentation for release to the market. The presentat
Slide 2: August 2025
18 August 2025 £7? AURIZON.
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: Network, Coal, Bulk
Network Primarily ten-year contracts, Coking coal hauled by with quarterly price indexation Coal Aurizon is used in almost half and fuel/energy cost pass- of India's steel production through Transporting future-facing Supply chain solutions, Bulk commodities across all including 5 port terminals and
Slide 5: Ongoing level crossing safety awareness campaign
Total Recordable Injury Frequency Rate (TRIFR)1 and Lost Time Injury Frequency Rate (LTIFR) Incidents per million hours worked Rail Safety Week: 1…2….3….Brace 8.65 8.29 7.36 › Ongoing level crossing safety awareness campaign › Seen by ~5 million Australians since mid-2024 › Presentations to >10,000
Slide 6: Photo: Sandy Hollow, New South Wales
Photo: Sandy Hollow, New South Wales Taken by Stephen Bell, Aurizon Locomotive Driver
Slide 7: FY2025 results highlights
Underlying EBITDA Underlying NPAT ROIC $1,576m $348m 8.1% down 3% down 14% down 0.8ppts Statutory EBITDA down 6% Statutory NPAT down 25% Free Cash Flow2 Full Year Dividends Capital Management $518m 15.7cps UP TO $150m down 22% down 8% on-market buy-back down 10% post-growth capex Final: 6.5cps fully
Slide 8: Cost savings and Group capital review
Non-Operational Cost Base FTE reduction: Initial Phase › Initial phase identified ~$50 million of projected annualised savings by allocated business unit in labour (~200 FTEs) and external spend › Further annualised savings of ~$10 million actioned 6% › Full benefit of ~$60m savings realised from 1
Slide 9: Review approach
Review approach › Aurizon Board regularly undertakes a detailed assessment of the portfolio and capital structure of the company SYNERGIES / DIS-SYNERGIES › Review last published externally in August 2019 and found that the benefits of integration continue to outweigh the benefits of separation GROW
Slide 10: Non-binding term sheet agreed with customers
› Non-binding term sheet has been › TrainGuard operational in Blackwater › Ten-year contract extensions were › Although lower capacity utilisation agreed with customers which will be and Goonyella main lines. First signed for WA customers Minara and (FY2025: ~65%), momentum going the basis for draft
Slide 11: Bulk EBITDA and average contract length
Bulk EBITDA ($m) Bulk: Average Contract Length EBITDA weighted July 2022: One Rail Australia acquisition1 of $1.4b Recent contracting of BHP SA Copper, Karara Mining, South32 has increased the average $229 contract length by three years $214 12 years when including the Tarcoola- to-Darwin concession
Slide 12: Integrated rail, road and port logistics solution for BHP
› Integrated rail, road and port logistics solution for BHP's Copper South Australia operations, for a term of up to 15 years1 › The contract is expected to deliver revenue of ~$1.5b over the first ten years2 › First service scheduled to begin in October 2025 › Contract made possible due to investme
Slide 13: Photo: Chilcotts Creek, New South Wales
Photo: Chilcotts Creek, New South Wales Taken by Margaret Dufty, Aurizon Locomotive Driver
Slide 14: Group financial results
$m FY2025 FY2024 Variance (%) Variance › Revenue growth from Coal, Bulk and Other (primarily Containerised Freight). Network revenue flat with uplift in Revenue (and other income) 3,952 3,844 3% 108 regulatory revenue offset by reduction in external construction Operating Costs (Total) (2,376) (2,22
Slide 15: Network results
EBITDA1: Major drivers ($M) net of fuel and energy/electric charges (revenue and cost) Tonnes Total Revenue 208.0m $1,428m 22 9 956 60 3 (1%) flat 930 Net impact +$38m Operating Costs EBITDA FY2024 Access Revenue Operating Costs External Other FY2025 ($472m) $956m Construction Works › Higher access
Slide 16: Coal results
EBITDA: Major drivers ($M) net of fuel and access (revenue and cost) Tonnes hauled1 Revenue2 192.2m $1,308m Yield +2% +2% 28 28 13 19 528 7 527 Net impact +$15m Operating costs3 EBITDA ($781m) $527m FY2024 Additional Volume Customer Mix Price Indexation Operating Costs4 Provisions FY2025 Net benefit
Slide 17: Bulk results
EBITDA: Major drivers ($M) net of fuel and access (revenue and cost) Rail Tonnes Hauled Total Revenue 55.3m $1,122m 229 16 8 12 (17%) +2% 56 1 Operating Costs EBITDA 169 ($953m) $169m increased by 10% (26%) FY2024 Net Revenue4 Grain Iron Ore Provisions: FY2025 Doubtful Debt Excluding provisions, ope
Slide 18: Group debt metrics and debt maturity profile
Debt Maturity Profile7 ($m) GROUP DEBT METRICS FY2025 FY2024 drawn amounts (only) 885 Weighted average maturity1 4.9 years 4.6 years 778 696 Interest cost on drawn debt 6.3% 6.2% 385 Gearing2 56.2% 52.2% 521 5008 425 Net Debt3 $5.2bn $4.8bn 350 300 322 292 Net Debt / EBITDA4 3.3x 3.0x 264 155 100 He
Slide 19: Capital expenditure and capital allocation
Capital expenditure1 Capital allocation Up to Growth capital, dividends and buy-backs $150m Buy-back -17% announced today $842m 100% 100% 100% $203m $695m Growth $100-$150m $102m Non-Growth Capex2 Total Non- Growth $610-$660m Shareholder returns FY2024 FY2025 FY2026f FY16-FY21 FY22-FY24 FY25 Non-Gro
Slide 20: Regulatory revenue and volume assumption
Regulatory Volume Assumption and Railed Volume (million tonnes) › Although regulatory revenue is always recovered (via Take-or-Pay and/or 230mt 227 revenue cap2) within two years, it can result in earnings volatility 221 › Primary driver of deferred revenue (through revenue cap) is where 220mt 217 v
Slide 21: Outlook
Slide 22: FY2026 guidance and key assumptions
FY2026: › Group underlying EBITDA range $1,680m - $1,750m › Full year dividends expected to be 19-20cps1 › Sustaining capex range $610m- $660m (including ~$30m of transformation capital) › Growth capex range $100m - $150m Key assumptions › Network: EBITDA expected to be higher than FY2025 with an in
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Slide 24: Appendix
Slide 25: FY2025 results — additional information: About Aurizon
FY2025 RESULTS — ADDITIONAL INFORMATION About Aurizon Aurizon is Australia’s largest rail freight operator. Our operational footprint spans across mainland Australia, with over 5,000km of track infrastructure and the largest fleet of locomotives and wagons > avrizon. = Aurizon Operations Coal, Bulk
Slide 26: Executive team
Andrew Harding Managing Director & CEO George Lippiatt Gareth Long Ed McKeiver Cat Peppler Group Executive Bulk & Containerised CFO & Group Executive Strategy Group Executive Coal Group Executive Network Freight 25
Slide 27: Resilient Coal and Network; Bulk growth; containerised freight
Drive Bulk growth Establish nationally significant containerised Resilient Coal and Network businesses across national footprint freight supply chain Coal plus Network EBITDA ($m) Bulk EBITDA ($m) TEUs3 (‘000) $1,458 $1,483 $1,415 $1,382 $1,331 $1,342 $1,268 206 $229 $214 159 Doubtful Debt $140 $135
Slide 28: Capital allocation hierarchy
Capital Allocation Hierarchy Capital Management › Opportunities if there is surplus capital Determine Available Capital Non-Growth Capital Dividends › Ongoing operating cash flows › Sustaining and transformation › Within 70-100% payout ratio → › Additional funding capacity projects and/or available
Slide 29: Steel production and thermal coal import trends
GLOBAL CRUDE STEEL PRODUCTION | BLAST FURNACE-BASIC OXYGEN FURNACE ASIA: THERMAL (STEAM) COAL IMPORT VOLUME | SHARE OF GLOBAL THERMAL SHARE1 (STEAM) COAL IMPORT MARKET2 2.0bt 1,500mt 90% 100% +3% 1.5bt 1,000mt 75% 1.0bt 73% 70% 500mt 50% 74% 0.5bt 69% 35% 65% 55% 58% 62% 0.0bt 0mt 25% 1990 1995 2000
Slide 30: Base metals, grain exports and crop production
AUSTRALIA: BASE METALS EXPLORATION EXPENDITURE1 GRAIN EXPORT VOLUME: FY20253 By State (million tonnes), change compared to FY2024 A$1.2b A$0.9b A$0.6b 17.5 7.6 A$0.3b 3.8 6.9 4.2 A$0.0b 2020 2021 2022 2023 2024 Western Australia New South Wales Victoria South Ausralia Queensland AUSTRALIA: METAL ORE
Slide 31: Quarterly and annual volumes
Quarter Ending Financial Year Sep-24 Dec-24 Mar-25 Jun-25 FY2024 FY2025 Variance Coal CQCN mt 34.0 35.8 28.8 35.1 132.5 133.7 1% NSW & SEQ mt 14.7 14.7 14.8 14.3 56.5 58.5 3% Coal Total Volumes1 mt 48.6 50.5 43.6 49.4 189.0 192.2 2% CQCN NTKs bn 8.5 9.0 6.9 8.6 33.1 33.0 - NSW & SEQ NTKs bn 2.6 2.7
Slide 32: Enterprise agreements status
# Staff Headline Increases Term Enterprise Agreement Covered Expiry Date Status (Years) (approx.) Year 1 Year 2 Year 3 Year 4 WA Bulk Rollingstock Maintenance 110 3 30-Jun-28 6% 6% 3% Agree in principle – upcoming ballot SA Stevedoring Port Pirie1 30 - 30-Sep-24 Bargaining 1 SA Stevedoring Port Adel
Slide 33: Debt maturity profile: Network and Operations
1,140 AURIZON NETWORK ($m) 778 755 550 50 425 372 368 310 50 264 242 115 500 80 300 385 50 240 120 184 53 145 82 68 122 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 AURIZON OPERATIONS ($m) 670 500 515 196 153 103 50 155 50 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY
Slide 34: Capital expenditure by segment
Bulk & Network Coal Corporate Total Containerised Freight Non-Growth2 351 112 106 24 593 Growth - 10 92 - 102 Total 351 122 198 24 695 1. Includes capitalised interest and capital accruals. Excludes any M&A activity and any Network externally funded projects 2. Non-Growth capital expenditure include
Slide 35: Total debt reconciliation to financial statements
$m Commentary Total debt including working capital facility 5,275 Borrowings on a cash basis Reconciliation to Financial Statements Add/(less): Borrowings acquired in connection with the Tarcoola-to-Darwin Concession Deed for face value of $50m Corporation Loan 7 issued at below market interest rate
Slide 36: Above rail coal haulage and contract volume expiry
Above Rail Coal haulage: million tonnes Contract Volume Expiry: million tonnes per annum 80 FY2025 FY2024 Variance 60 Central Queensland Newlands 12.2 13.2 (7%) 40 Goonyella 59.8 58.2 3% 20 Blackwater 46.5 46.7 (1%) 0 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 Moura 15.2 14.3 6% Con
Slide 37: Network volumes by system
FY2025 FY2024 Variance Goonyella 102.8 104.1 (1%) Blackwater 54.6 54.7 - Moura 15.1 14.9 1% Newlands 19.0 19.5 (3%) GAPE 16.5 16.4 1% Total (mt) 208.0 209.6 (1%) 36 Note: Due to rounding, the sum of components may not equal the corresponding total
Slide 38: Network revenue
FY2025 FY2024 $m Change Actual Actual Allowable Revenue excluding GAPE and Revenue Cap 1,140 1,065 75 Revenue Cap excluding GAPE 38 29 9 Volume-Related Over / (Under) Recovery excluding GAPE (38) 19 (57) Actual Allowable Revenue excluding GAPE 1,140 1,113 27 GAPE Regulatory and Non-Regulatory 162 14
Slide 39: Indicative Network adjusted maximum allowable revenue
INDICATIVE NETWORK ADJUSTED MAXIMUM ALLOWABLE REVENUE (MAR)1 FY2024 – FY2027 ($M) +$60m 1,293 Adjustments 30 52 +$93m 50 12 1,233 +$27m 56 Adjustments 17 7 76 38 38 38 30 1,140 Over- collection 1,113 Adjustments 19 15 38 29 1,095 FY24 Cap Rec Rev Cap Rev Cap MAR Rebates FY25 Under FY25 FY25 Under Re
Slide 40: Revenue adjustment amounts
› Revenue adjustment amounts (RAA) are the difference by system Total Total between Aurizon’s Total Actual AT2-5 Revenue and Allowable AT2-5 AT2-4 AT5 Financial Year (inc-GAPE) (ex-GAPE) Revenue $m $m $m $m › The RAA amounts are collected or repaid through a tariff adjustment two years later 1 2025
Slide 41: Maximum Allowable Revenue (excluding GAPE)
Maximum Allowable Revenue (excluding GAPE) FY2025 FY2026 FY2027 Building block component $m $m $m Return on capital 451 460 466 WACC of 8.51% applies for FY2026 and FY2027. Depreciation is applied to the Regulatory Asset Base (RAB) based on agreed asset lives including Depreciation (less inflation)
Slide 42: Regulatory Asset Base roll-forward
Regulatory Asset Base RAB: Historical (Opening) Roll-Forward ($bn) › The regulatory framework permits Aurizon Network to earn an 5.9 5.8 6.0 6.1 6.2 0.3 5.6 0.3 0.3 0.4 approved return on its Regulatory Asset Base (RAB) and recover 0.3 0.3 capital expenditure › The RAB roll-forward is updated each y
Slide 43: Investor relations contact
James.Co Urizon.com.au Jason Di Pietro Manager Investor Relations +617 3019 1135 5 Jason.DiPietro@aurizon.com