• Underlying EBITDA up 9% to $891m
• Underlying NPAT up 16% to $237m
• Free Cash Flow up 41% to $335m
• Interim Dividend increased 36% to 12.5cps

Aurizon Holdings Ltd has reported a solid set of half-year results, with underlying EBITDA up 9% to $891 million, underlying NPAT up 16% to $237 million, and free cash flow up 41% to $335 million. The company has also increased its interim dividend by 36% to 12.5 cents per share. Aurizon has provided updates on its regulatory submission for the UT5+ access undertaking, which is expected to deliver a $45 million per annum revenue uplift compared to the current UT5 framework. The company has also secured major contract wins, including the largest known road-to-rail conversion in Australia for BHP's Copper South Australia operations, and the first haulage of iron ore for Yilgarn Iron and AG River Energy. Aurizon has also actioned a $60 million cost-out program, with $50 million of annualised savings already identified and the full benefit expected to be realised from 1 July 2025. The company has completed around 85% of its $150 million buyback and has extended it by a further $100 million. Aurizon's Board and Management have also conducted a comprehensive review of the company's portfolio composition, concluding that neither a monetisation nor demerger of the Network business is expected to create sufficient shareholder value to justify a separation, with long-term shareholder value best achieved by retaining 100% ownership of the Network business.