• Volumes 3% higher compared to prior year
• Free Cash Flow (post-growth capex) up 23%
• Interim dividend of 9.2cps, representing 80% payout ratio

Aurizon Holdings Ltd reported a 4% decrease in underlying EBITDA to $814 million for the first half of FY2025, with statutory EBITDA flat. Statutory NPAT was down 2% to $233 million, while underlying NPAT declined 14%. Free Cash Flow (post-growth capex) increased 23% to $186 million. Network volumes were 3% higher compared to the prior year, with the FY2025 regulatory volume assumption at 216.7 million tonnes (+3% vs FY2024). Coal haulage volumes increased 6%, supported by growth across all corridors/regions (excluding Newlands). Bulk haulage volumes declined 19%, driven by lower bauxite, grain, and iron ore railings. The company's Containerised Freight Network continued to build volumes, with utilization of over 60% of available capacity. Aurizon completed the acquisition of SA bulk stevedoring business Flinders Logistics for $26 million. An interim dividend of 9.2 cents per share was declared, representing an 80% payout ratio of underlying NPAT.

Aurizon expects FY2026 operating costs to be broadly flat with FY2025, with an attrition of train drivers by around 50 FTE during FY2026. The current FY2026 contract position is ~230 million tonnes, broadly in-line with FY2024 and FY2025.

Aurizon has commenced engagement with CQCN stakeholders on the next regulatory undertaking, with the aim to submit a Draft Amending Access Undertaking or Draft Access Undertaking by Q2 FY2026. The company is also working with global shipping line ANL and the leading roll-on/roll-off (RoRo) and auto-logistics company NYK on several landside logistics business opportunities.