DBI Raises Distribution Forecast
Dalrymple Bay Infrastructure Reports H1 Profit Growth and Confirms Distribution Guidance
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Key Points
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Distribution timetable with precise components: Ex-date is 28 August 2026, record date 31 August 2026, and payment date 17 September 2026. The total distribution is 6.75 cents per stapled security, broken down into 4.8323 cents unfranked dividend and 1.9177 cents as a partial repayment of the loan-note, with 0% franked and no conduit foreign income.
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The company reaffirmed FY2026/FY27 guidance of 28.6 cents per security, up about 8.5% year on year, reflecting a stable, growing distribution profile. H1-26 EBITDA was AUD 150.5 million and funds from operations (FFO) AUD 92.7 million.
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DBI’s core asset, the Dalrymple Bay Terminal, remains fully contracted on a take-or-pay basis with a capacity of 84.2 million tonnes (Mt), served by 10 customers across 20 mines, and about 84% of revenue derived from metallurgical coal mines.
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Terminal Infrastructure Charge (TIC) price stands at AUD 4.02 per tonne for TY-26/27, up around 8.1% year-on-year, with the pricing framework running through 2031.
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Funding and leverage measures include a A$350 million five-year fixed-rate bond to diversify funding, taking net debt to about AUD 2.01 billion, alongside around AUD 370.6 million of committed non-expansion capex (NECAP) to bolster the NECAP asset base.
Dalrymple Bay Infrastructure (DBI) raised its distribution guidance and reported stronger profits for the first half of 2026. The company will pay 6.75 cents per stapled security for the period ending June 30, 2026, according to Kalkinemedia. This represents a 14.9% boost from the prior distribution, reflecting DBI's confidence in its stable cash generation from its core coal terminal asset.
DBI confirmed full-year guidance of 28.6 cents per security, up 8.5% annually, backed by a fully contracted terminal on a take-or-pay basis. Investing reported that EBITDA rose 4.7% to $150.5 million in H1 2026, while funds from operations climbed 10.2% to $92.7 million. The Dalrymple Bay Terminal serves 10 customers across 20 mines and remains 100% contracted, underpinning predictable returns for investors.
Distribution Breakdown Splits Dividend and Loan Repayment
The 6.75-cent distribution has an ex-date of August 28, 2026, with record date August 31, 2026, and payment on September 17, 2026, per Kalkinemedia. The payout splits into two parts: 4.8323 cents as an unfranked dividend and 1.9177 cents as a partial repayment of the loan note component. Both portions are unfranked, meaning shareholders receive no tax credits.
Terminal Infrastructure Charges Rise 8.1% Year-on-Year
The Dalrymple Bay Terminal's Terminal Infrastructure Charge (TIC) stands at $4.02 per tonne for trading year 2026/27, up 8.1% from the prior year. This price increase flows through a long-term pricing framework that runs through 2031. About 84% of DBI's revenue comes from metallurgical coal mines, providing a stable earnings base backed by long-term contracts on a 100% take-or-pay model.
$350 Million Bond Issuance Diversifies Funding Sources
DBI issued a $350 million five-year fixed-rate bond to diversify its funding mix and reduce refinancing risk. The bond issuance lifted net debt to approximately $2.01 billion. The company also committed about $370.6 million of non-expansion capital expenditure to strengthen the NECAP asset base and support future Terminal Infrastructure Charge revenue growth.
Fully Contracted Terminal Serves 10 Customers Across Mining Network
The Dalrymple Bay Terminal handles cargo for 10 customers operating across 20 mines with a total capacity of 84.2 million tonnes. The terminal's take-or-pay revenue model means customers pay fixed charges regardless of usage volumes. This structure shields DBI from commodity price swings and demand shocks, delivering consistent cash flows that support the 28.6-cent annual distribution guidance.
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