• Expected FY2025 Underlying EBITDA of ~$1,575m
• Bulk and Containerised Freight businesses to be combined under a single Group Executive
• Current CFO George Lippiatt appointed as Group Executive Bulk and Containerised Freight

Aurizon Holdings Ltd has announced that its expected Underlying EBITDA for FY2025 is ~$1,575m, subject to operational performance, end of financial year reconciliations, and external audit. This incorporates two material financial adjustments relating to Network volumes and Bulk contract receivables. Aurizon Network volumes for FY2025 are expected to be lower than the regulatory volume assumption by ~10m tonnes, resulting in revenue under-recovery, with Take-or-Pay not triggering in three of the four major systems. This will result in the deferral of $50m of FY2025 earnings, which are expected to be recovered in FY2027. Aurizon will also increase the Provision for Impairment of Trade Debtors by ~$50m in 2HFY2025 due to amounts owed by Bulk customers. Additional updates for FY2025 include expected Depreciation of ~$730m, Net Finance Costs of ~$340m, Sustaining capex of ~$600m (including ~$60m of transformation capital), and Growth capex of ~$100m. Aurizon is also announcing the combining of the Bulk and Containerised Freight businesses under a single Group Executive, with current CFO and Group Executive Strategy George Lippiatt appointed to the new role of Group Executive Bulk and Containerised Freight. Current Group Executive Containerised Freight Gareth Long has been appointed acting CFO and Group Executive Strategy, while current Group Executive Bulk Anna Dartnell will depart Aurizon. These changes are effective from 1 July 2025.

Aurizon expects FY2025 Underlying EBITDA to be ~$1,575m, subject to operational performance, end of financial year reconciliations, and external audit.