Dalrymple Bay Infrastructure (DBI) Investor presentation summary

Business overview and market position

• Operates the world's largest metallurgical coal export facility, handling 14% of 2025 global seaborne met coal exports with 100% of volume fully contracted on a take-or-pay basis through 2028, supporting predictable revenue streams.

• Services 21 mines in the Bowen Basin, with major customers including Anglo American, Glencore, Peabody, and others, underpinned by long-term contracts and socialisation mechanisms for uncontracted capacity.

• Strategic location provides a low-cost export pathway for Bowen Basin coal, with average rail distances favoring the terminal over competing ports.

Revenue model and financial performance

• Terminal Infrastructure Charge (TIC) is inflation-linked and fully take-or-pay, ensuring stable cash flows; NECAP charges provide additional returns on capital investments.

• FY-25 EBITDA reached $294.3m (+5.2% YoY), FFO was $173.3m (+10.6% YoY), and distributions increased 11.9% to 24.625cps, with $429.6m of capital projects completed or underway.

• Distribution guidance for TY-25/26 is 26.375cps, with a target DPS growth of 3–7% p.a. and a payout ratio of 60–80% of FFO.

Growth initiatives and capital projects

• Revenue uplift is driven by NECAP investments, which are unanimously approved by customers and added to the asset base, with committed NECAP works totaling $429.6m as of March 2026.

• The 8X expansion project offers a phased pathway to increase terminal capacity to 99.1Mtpa, matching mine development and ramp-up requirements, with 31Mtpa of demand in the access queue.

• External growth opportunities are assessed using defined filters to drive value beyond the current terminal.