Company Reports

Dalrymple Bay Infrastructure's first-half 2026 funds from operations, or FFO, increased 10% to AUD 93 million on 4% growth in terminal charges and lower net finance costs. DPS increased 15% to AUD 13.5 cents, aided by a higher payout ratio.

Dalrymple Bay Infrastructure’s sole asset is the Dalrymple Bay Coal Terminal. Under the current agreement with customers, terminal infrastructure charges rise with CPI and to recoup agreed capital expenditure. The terminal has no exposure to coal prices and take-or-pay contracts protect from changes to volumes for at least the medium term. Coal handling and other operations are outsourced to third-party contractors, whose costs are directly passed through to customers. The terminal is lightly regulated under the purview of the Queensland Competition Authority to ensure Dalrymple Bay Infrastructure doesn’t abuse its market power.

Dalrymple Bay Infrastructure’s sole asset is the Dalrymple Bay Coal Terminal. Under the current agreement with customers, terminal infrastructure charges rise with CPI and to recoup agreed capital expenditure. The terminal has no exposure to coal prices and take-or-pay contracts protect from changes to volumes for at least the medium term. Coal handling and other operations are outsourced to third-party contractors, whose costs are directly passed through to customers. The terminal is lightly regulated under the purview of the Queensland Competition Authority to ensure Dalrymple Bay Infrastructure doesn’t abuse its market power.

We initiate coverage of Dalrymple Bay Infrastructure, owner of Queensland's largest coal export terminal. Terminal capacity is 100% contracted via long-term take-or-pay contracts, with pricing following a mostly set path higher to 2031.