• Network, Coal, Bulk and Containerised Freight volumes for 10 months to April 2025
• $50 million in projected annual savings identified through cost review
• Update on Bulk customer portfolio and potential impact on FY2025 Access revenue

Aurizon Holdings Ltd has provided a business update ahead of the Macquarie Australia Conference. The update covers Network, Coal, Bulk and Containerised Freight volumes for the 10 months to 30 April 2025, with Network volumes 4.0 million tonnes lower, Coal volumes 1.4 million tonnes higher, and Bulk volumes 11.0 million tonnes lower compared to the prior corresponding period. Containerised Freight volumes were 46.5 thousand Twenty-foot Equivalent Units (TEUs) higher. Aurizon is undertaking actions in response to market conditions, including a review of the non-operational cost base. Phase one of this review has identified ~$50 million of projected annualised savings, including a reduction of approximately 200 full time equivalent roles. Aurizon is also reviewing its capital structure and plans to launch a Subordinated Notes (Hybrid) transaction prior to 30 June 2025.The update also covers Aurizon's Bulk customer portfolio, noting the appointment of administrators for Centrex Limited and OneSteel Manufacturing Pty Ltd, and the appointment of an administrator and receiver for Northern Iron Pty Ltd. Aurizon is owed approximately $65 million (excluding GST and interest) from these customers.Network volumes in the 10 months to 30 April 2025 were 9.9 million tonnes lower than the regulatory volume assumption, resulting in an estimated revenue under-recovery of ~$80 million. Regulatory revenue protection mechanisms, such as Take-or-Pay and Revenue Cap, are expected to address this shortfall.Aurizon's Group EBITDA guidance for FY2025 remains at the lower end of the $1,660 million - $1,740 million range, subject to no additional provision for impairment of receivables being incurred in 2HFY2025. Network EBITDA for FY2025 is expected to be higher than FY2024, subject to volumes recovering to the regulatory assumption of 216.7 million tonnes or Take-or-Pay triggers in both the Goonyella and Blackwater systems.

Group EBITDA guidance for FY2025 expected to be at the lower end of the $1,660 million - $1,740 million range, subject to no additional provision for impairment of receivables being incurred in 2HFY2025. Network EBITDA for FY2025 expected to be higher than FY2024, subject to volumes recovering to the regulatory assumption of 216.7 million tonnes or Take-or-Pay triggers in both the Goonyella and Blackwater systems.