Dalrymple Bay Infrastructure stock gains as H1 FFO rises 10.2%

Dalrymple Bay Infrastructure reported stronger first-half operating performance in the six months ended June 30, 2026, according to an analysis published by Kalkine on October 26. Funds from operations rose 10.2 percent year on year to 92.7 million AUD, while EBITDA increased 4.7 percent to 150.5 million AUD and statutory net profit reached 49.2 million AUD.

Higher charges support cash generation

Terminal infrastructure charge revenue rose 3.6 percent year on year to 156.5 million AUD in the first half. For the terminal year that began on July 1, 2026, the charge increased to 4.02 AUD per contracted tonne from 3.72 AUD, reflecting indexation and additional non-expansion capital expenditure entering the regulated asset base.

The revenue mix remains important for investors. Total revenue excluding interest income reached 433.3 million AUD, including 181.8 million AUD of handling revenue and 92.3 million AUD from capital works. These items carry related operating or project costs and therefore do not contribute to EBITDA on a one-for-one basis.

Contracted capacity limits volume risk

Dalrymple Bay Infrastructure operates under access arrangements tied to contracted terminal capacity rather than coal mining output. Its contracted capacity was 84.2 million tonnes per year, with 100 percent take-or-pay commitments through June 30, 2028, according to the Kalkine analysis. That structure supports visibility on infrastructure charges, although project execution, customer arrangements and financing remain material considerations.

The company added 97.8 million AUD to its non-expansion capital asset base on July 1, 2026. Net debt stood at 2.0123 billion AUD at June 30, while net finance costs were 55.8 million AUD for the first half. Higher funding costs and the timing of capital recoveries will therefore remain relevant to future distributions and cash flow.

Business model and competitive position

Dalrymple Bay Infrastructure owns the long-term lease and operating rights for the Dalrymple Bay Terminal, a metallurgical coal export facility in Queensland's Bowen Basin. The terminal receives coal by rail, provides stockpiling and shiploading services, and charges users for access to contracted capacity.

Its position is specialised within Queensland's coal-export infrastructure market. The Adani Group's North Queensland Export Terminal at Abbot Point is another operating Queensland coal terminal, with reported capacity of 50 million tonnes per year, while Dalrymple Bay Infrastructure's contracted capacity is 84.2 million tonnes per year. The comparison is one of infrastructure scale and location rather than coal production, because Dalrymple Bay Infrastructure does not mine coal.

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