• Group EBITDA decreased by 3% to $1,576m
• EBIT decreased by 8% to $844m, contributing to a 0.8ppt decrease in ROIC
• Final dividend of 6.5cps, representing an 80% payout ratio of underlying NPAT

Aurizon Holdings Limited reported a 3% decrease in Group EBITDA to $1,576m for the financial year ended 30 June 2025, with lower earnings in Bulk partly offset by an uplift in Network. Coal EBITDA were flat with higher operating costs offset by an increase in revenue due to higher volumes and yield. The Network earnings uplift was driven by higher regulated revenue, partly offset by a reduction in external construction works and higher maintenance costs. Bulk contract growth was more than offset by the cessation of a rail maintenance contract, lower South Australia grain volumes and an increase in doubtful debt provisions, higher labour escalation and costs to support customer growth. The decrease in Other EBITDA was driven by higher capacity costs in Containerised Freight partly offset by the settlement of legal matters. EBIT decreased by 8% to $844m, contributing to a 0.8ppt decrease in ROIC. The final dividend declared of 6.5cps (fully franked) represents a payout ratio of 80% of underlying NPAT. An on-market buy-back of up to $150m was also announced following the completion of a $300m buy-back in FY2025.

Group underlying EBITDA for FY2026 is expected to increase and be in the range of $1,680m - $1,750m, with full year dividends of 19-20cps. Sustaining capital expenditure is expected to be $610m - $660m (including ~$30m of transformation capital) and growth capital expenditure is expected to be $100m - $150m.

The company expects Network EBITDA to be higher than FY2025 with an increase in the regulatory revenue, partly offset by increased direct costs. Coal EBITDA is expected to be higher than FY2025 driven by volumes and flat unit costs, partly offset by lower yield. Bulk EBITDA is expected to be higher than FY2025 driven by the non-recurrence of provisions and increased grain volumes, partly offset by lower iron ore volumes. Other EBITDA is expected to be higher than FY2025 with improved Containerised Freight contribution offsetting the non-recurrence of the settlement of legal matters in FY2025.