Slides
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Investor Presentation 2026 Half Year Financial Results
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Dalrymple Bay Infrastructure DBI through its foundation asset, the Dalrymple Bay Terminal (DBT), aims to provide safe and efficient port infrastructure and services for producers and consumers of high quality Australian metallurgical coal exports. 2 1. By contracted volume. 2. Source: AME (2025). % represents calendar year ended 31 December 2025. 3. To June 2028 with evergreen renewal options for customers, and with socialisation applying to any uncontracted capacity. Refe r Note 3 on Slide 6. 4. The $4.02/t TIC applies from 1 July 2026. The TIC for the 12 months ended 30 June 2026 was $3.72/t Investor Presentation | August 2026 5. Based on each source mine’s total shipping mix over a 3-year rolling period to 30 June 2026. 6. Customers currently contracted to access DBT as at 30 June 2026. #1 Largest global metallurgical coal export facility1 14% DBT share of 2025 global seaborne met coal exports2 84.2Mt Fully contracted volume on a 100% take or pay basis3 $4.02/t Terminal Infrastructure Charge levied on every tonne of contracted volume from 1 July 20264 100% Pass though of terminal operating and maintenance costs 84% Of DBI’s revenue from predominantly metallurgical coal mines5 10 Customers utilising DBT across 20 mines6 2031 Current pricing arrangement expiry 3 High calibre new non-executive independent directors appointed since Brookfield exit in September 2025 as part of planned Board refresh
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3 Presenters Stephanie Commons Chief Financial Officer Michael Riches Managing Director and Chief Executive Officer Format photo Investor Presentation | August 2026 NECAP and Growth Initiatives 02 03 Financial Performance Strategic Priorities04 05 Appendices 01 H1-26 Highlights
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H1-26 Highlights 4
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H1-26: Overview 5 1. FFO is Calculated as EBITDA, less net finance costs (excluding fair value adjustments and amortisation of loan establishment costs and other non -cash items) and less current tax expense (non-statutory). 2. Based on P95 estimate of costs. Excludes Interest During Construction (IDC). All projects have been unanimously approved by c ustomers. 3. ‘cps’ is cents per security and reflects the distributions referable to H1-26 (with comparative distributions referable to H1-25) 4. Reporting on safety metrics for DBI reflects an aggregate of results for DBI employees and NECAP contractors at DBT, but excl uding the independent operator of DBT, Dalrymple Bay Coal Terminal Pty Ltd (DBT Operator). Investor Presentation | August 2026 Distributions 13.5cps3 + 14.9% vs H1-25 FFO1 $92.7M + 10.2% vs H1-25 EBITDA $150.5m +4.7% vs H1-25 Growth $370.6m2 of capital projects still to be added to the NECAP Asset Base Safety Zero incidents causing serious injury or illness4 Financing $350m issued in Australian Medium Term Note market
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Stable and predictable revenue stream DBI financial performance underpinned by a low-risk business model Investor Presentation | August 20266 • TIC applicable at Dalrymple Bay Terminal (DBT) for TY-26/27 of ~$4.02 per tonne, up ~8.1% versus TY-25/26 • TIC applied to every tonne of the terminal’s contracted capacity of 84.2mt • TIC will continue to grow via Base TIC escalation with inflation and investment in NECAP program 1. DBI’s TIC has a fourth component if an expansion were to proceed. In that case, an Expansion Charge would be added to the oth er three components to arrive at a final TIC rate. 2. Negative adjustments in TY-24/25 & TY-25/26 due to over-recovery of QCA fees in prior periods. 3. Revenue for uncontracted capacity will not be socialised through increased charges for remaining Users in three limited circu mstances: (1) if DBIM elects to voluntarily resume capacity not being utilised by a User without a reasonable expectation of rec ontracting to another access seeker, (2) in respect of uncontracted capacity created by an expansion until such capacity is unconditionally contracted for a term of at l east 10 years, as required by the 2021 Access Undertaking, with appropriate credit security and for a mine that has achieved fir st coal at DBT, or (3) if DBIM fails to maintain DBT to be available to operate to its rated design capacity, or enters any agreements with non-coal customers in the future, either of which reduces available capacity, to the extent that available capacity is reduced. DBIM currently has no agreements w ith non-coal customers at DBT. TIC Components1 TY-23/24 Actual ($/t) TY-24/25 Actual ($/t) TY-25/26 Actual ($/t) TY-26/27 Actual ($/t) Base TIC 3.32 3.44 3.52 3.66 Base TIC % increase 7.0% 3.6% 2.4% 4.1% NECAP Charge 0.12 0.16 0.20 0.35 QCA Levy2 0.00 (0.01) (0.00) 0.00 TIC per contracted tonne 3.44 3.59 3.72 4.02 NECAP Asset Base 94.2 112.9 139.5 232.5 Key Contract Terms 1 100% take or pay contracts 2 Revenue socialisation3 3 Force Majeure protection 4 Pass through of operating and maintenance costs 5 5-year contract renewals 6 Annual uplift in base TIC at CPI
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Commitment to growing long term totalreturns for all securityholders Investor Presentation | August 2026 1. TIC Year (TY) runs from 1 July to 30 June. i.e., TY-26/27 is 1 July 2026 to 30 June 2027. Future distributions are guidance only and subject to Board approval, business developments and market conditions which will depend upon future events. 2. Future distributions in respect of TY-26/27 are guidance only and subject to Board approval, business developments and market conditions which will depend upon future events. 3. Distributions referrable to TIC Year. 4. FFO payout ratio calculated as distributions per security referable to the relevant financial year, multiplied by the weighted average total securities on issue over the relevant financial year, divided by FFO referable to the relevant financial year. FY-22 FFO included the backdated revenue true-up earned on finalisation of customer contract negotiations in Q4-22. FY-25 FFO excludes the one-off early repayment costs of $103.0m (and the associated tax benefit of $27.0m) arising from the 2020 USPP Notes refinancing completed in Dec -25. H1-26 FFO payout ratio calculated using information referable to the six months ending on 30 June 2026. TIC Year1 Distributions earned2 (cps) DPS Growth (%) TY-23/24 21.5 7.0% TY-24/25 23.0 7.0% TY-25/26 26.4 14.7% TY-26/27 28.6 8.5% 7 Distributions • Q2-26 distribution of 6.750cps • TY-26/271 guidance of 28.6cps up 8.5% on prior TY distributions Distribution Policy • Target to distribute between 60-80% of FFO • Target DPS growth of 3-7% p.a. for the foreseeable future, subject to business developments and market conditions • DBI will continue to frank distributions to the maximum extent allowable 5.025 5.375 5.625 6.125 - 5.025 5.375 5.625 6.750 5.025 5.375 5.875 6.750 5.025 5.375 5.875 6.750 7.155 7.155 7.155 7.155 TY-22/23 TY-23/24 TY-24/25 TY-25/26 TY-26/27 Distributions by TIC Year (cps)2, 3 Q1 Q2 Q3 Q4 Guidance 50% 60% 70% 80% FY-22 FY-23 FY-24 FY-25 1H-26 FFO Payout Ratio4 (Annual) Target Range FFO payout ratio
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NECAP and Growth Initiatives 8
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Growth opportunities DBI has a range of growth opportunities that are expected to underpin a continued uplift in revenue, ultimately driving improved FFO to support growing distributions Investor Presentation | August 20269 Distribution guidance of 70-80% of FFO implies $10m of incremental growth over and above TIC revenue will result in an approximate 1.5cps uplift in distributions Revenue Initiatives Capacity optimisation and revised security arrangement initiatives to deliver sustainable revenue uplift NECAP The NECAP program delivers organic growth in the Terminal Infrastructure Charge, and thus future revenue, via investment in the DBT 8X Expansion option that can be delivered in phases to meet customer demand1 External Opportunities DBI’s competitive advantages, together with defined growth filters, frame the external growth opportunities that may be assessed to drive securityholder value beyond DBT 1. DBI retains significant optionality around how many phases of the 8X Project (if any) it undertakes. The project continues to remain subject to several key factors, in particular the outcome of ongoing commercial negotiations with access seekers relating to the phasing, economics and structure of the proposed expansion, as well as DBI’s final investment decision.
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Organic growth: Non-expansion capital expenditure NECAP provides an ongoing growth platform Investor Presentation | August 2026 • As amounts are spent on NECAP, interest during construction (IDC) accrues at an agreed rate until the expenditure is added to the NECAP Asset Base. This compensates DBI for the cost of debt funding and provides a return on equity during the period of construction • Once added to the NECAP Asset Base, NECAP spend earns a return on invested capital set at the 10-Year Australian Government Bond rate (reset annually) plus a margin and a return of the invested capital in the form of a depreciation allowance • NECAP spend includes both regular and major project expenditure. Outside of major asset replacements (like SL1 and RL4), spend on regular NECAP projects is typically between $30m to $50m per annum • Capital spent on a project is added to the NECAP Asset Base on 1July of the year after the project is commissioned, resulting in an uplift in TIC • $97.8m($91.3m plus $6.5m IDC) was added to the NECAP Asset Base on 1 July 2026 resulting in a $0.15/t increase in TIC 10 22.9 26.5 35.5 56.7 39.5 71.4 281 - 40 80 120 160 200 240 280 320 FY21 FY22 FY23 FY24 FY25 1H26 NECAP approved by Customers, $m Sustaining NECAP Major Projects 36.0 32.5 27.6 27.8 58.7 42.0 54.3 106.9 51.9 9.9 - 40 80 120 160 200 FY21 FY22 FY23 FY24 FY25 1H26 Amounts spent on NECAP, $m Sustaining NECAP Major Projects 51.1 94.2 112.9 139.5 232.5 - 50 100 150 200 250 July 2022 July 2023 July 2024 July 2025 July 2026 NECAP Asset Base, $m Sustaining NECAP Major Projects
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Current NECAP projects Major projects SL1A and RL4 are anticipated to be added to the NECAP Asset Base from 1 July 20271 Investor Presentation | August 202611 1. NECAP Projects are subject to the prudency procedures under clause 12.10 of the 2021 AU in order to be included in the NECAP Charge. NECAP is deemed prudent where it was recommended by the Operator and was approved by all customers to be incurred. 2. As at 1 July 2026 Approved NECAP Series $m Approved Spent to Date2 Added to NECAP Asset Base2 Spent but yet to be added to NECAP Asset Base2 Still to Spend Balance yet to be included in NECAP Asset Base NECAP T – Reclaimer RL4 115.6 82.3 - 82.3 33.3 115.6 NECAP U – Shiploader SL1A 165.4 139.8 4.5 135.3 25.6 160.9 Regular NECAP Series 319.6 237.7 223.5 14.2 79.7 94.1 Interest During Construction 17.8 Amortisation (13.3) Total at 1 July 2026 600.6 459.8 232.5 231.8 138.8 370.6 NECAP Z (unanimously approved 13 July 2026) 38.5 - - - 38.5 38.5 Total as at 13 July 2026 639.1 459.8 232.5 231.8 177.2 409.0 • All capital spent on NECAP has been approved for inclusion in the NECAP Asset Base • At 1 July 2026, the current NECAP program had a total of $370.6m in projects underway still to be added to the NECAP Asset Base, with ~$300m (+IDC) expected to be added to the NECAP Asset Base on 1 July 2027. This is expected to result in ~$0.53/t uplift in the NECAP charge component of the TIC as compared to the NECAP Charge component of the TIC that applies for TY-26/27 • A new $38.5m regular NECAP program, Series Z, was unanimously approved by customers on 13 July 2026
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NECAP U: Shiploader 1 (SL1) replacement Project Description • SL1 is 43 years old. Due to the asset reaching end of life, SL1 is beingreplaced with a new Shiploader known as SL1A • Project commenced in April 2023 • The project is being undertaken using a Design-Bid-Build execution model Cost & Returns • Expected cost is $165.4m excluding interest during construction • On current project schedule, the capital contribution to SL1A is anticipated to be included in DBI’s NECAP Asset Base for TY-27/28 Progress • Overall progress is 90%. Construction and commissioning (in Western Australia) is complete, and SL1A is waiting to be transported to DBT • Berth modifications at DBT in preparation for SL1A arrival are complete • Transport of SL1A to DBT via Heavy Lift Vessel, with the vessel booked to arrive in Western Australia to pick up SL1A in September/October 2026 with handover to the Operator prior to year end Future Projects • DBI is currently assessing the capital options available to resolve the approaching end of asset life of SL2 • SL1A's project scope, design and capital cost will form basis of future shiploader replacement projects 12 Investor Presentation | August 2026
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NECAP T: Replacement of Stacker Reclaimer SR2 with new Reclaimer RL4 Investor Presentation | August 202613 Project Description • Stacker Reclaimer SR2 is 43 years old. Due to the asset reaching end of life, SR2 is being replaced with a new reclaimer known as RL4 • Project commenced in April 2023 • The project is being undertaken using a Design-Bid-Build execution model Cost & Returns • Expected cost is $115.6m excluding interest during construction • On current project schedule, the capital contribution to RL4 is to be included in DBI’s NECAP Asset Base for TY-27/28 Progress • Overall progress is 87%. Fabrication (in Mackay) is complete, assembly at the terminal is progressing well, and commissioning and handover into operation is expected to be completed in December 2026 • Deconstruction and removal of SR2 is expected to be complete in March 2027
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3.59 3.72 4.02 2 3 4 5 6 24/25 25/26 26/27 27/28 28/29 29/30 30/31 NECAP supporting revenue uplift Completion of major NECAP programs will drive a step change in TIC • All current NECAP works have been recommended by the Operator and approved by all customers, demonstrating a strong alignment of interests in efficient investment in DBT • SL1A and RL4, together with many of the other regular NECAP programs are expected to be completed by 30 June 2027 • It is currently anticipated that the addition of these NECAP programs into the NECAP Asset Base is expected to deliver an increase to the NECAP charge component of the TIC by a further ~$0.53/t1 by 1 July 2027 from the $0.35/t NECAP Charge component of the TIC that applies for TY- 26/27 • Every additional $0.10/t of TIC delivers ~$8.5m of incremental revenue per annum • DBI has identified NECAP projects of similar capital spend to existing committed projects which are anticipated to be committed and commence, but not necessarily added to the NECAP Asset Base, by 2030, supporting longer term growth in TIC post TY-30/31 14 1. Assumes approx. $300m of direct capex added to the NECAP Asset Base, as well as IDC on 1 July 2027, and a 10 -year Commonwealth Government Bond rate of 4.5% from 1 July 2027. 2. Estimate only. NECAP Projects are subject to the prudency procedures under clause 12.10 of the 2021 AU in order to be included in the NECAP Charge. NECAP is deemed prudent where it was recommended by the Operator and was approved by all customers to be incurred, which applies to all of the current committed NECAP projects. 3. Figures represent TIC Year. TIC labels represent the TIC per contract tonne. DBT is fully contracted at 84.2Mtpa to 30 June 2028 with evergreen renewal options for customers. 2027/28-2030/31 scenario is indicative only and does not represent a forecast or future outlook. Scenario assumes inflation of 2.5% p.a. (light shading); 10yr Australian Government Bond rate of 4.5% from July 2027, noting it is reset annually; Potentia l NECAP expenditure on a reasonable estimate of commissioning profile; QCA fees are included in the data but not illustrated as they are negligible; 8X Project not included. Pricing agreements through Light Handed Regulatory Regime2,3 Illustrates SL1A & RL4 commission Investor Presentation | August 2026 Base TIC (2.5% CPI)TIC NECAP Charge: Based on Prudent NECAP completed by the relevant 30 June NECAP Charge: Based on potential future committed NECAP
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Financial Performance 15
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Bank Debt USPP AMTN Derivative Structured Products 185 276 583 145 675 80 20 350 16 24 2026 2027 2028 2029 2030 2031 2032 2033 2034-2038 USPP Notes Revolvers DSR facility Liquidity facility AMTN Notes Derivative Structured Products Investment grade balance sheet DBI proactively manages its debt portfolio to deliver benefits to the business and shareholders Investor Presentation | August 202616 Credit Profile Rating5 BBB / Stable (S&P) Debt Service Coverage Ratio6 2.6x (S&P downgrade threshold ≤1.4x) S&P Gearing Threshold7 c.A$415 million debt headroom under S&P gearing threshold for BBB rating 1. Based on facility limits at 30 June 2026 with USD borrowings converted to AUD at hedged swap-back rate A $25m undrawn bilateral facility was cancelled in August 2026 to reduce the Revolvers due for maturity in 2028 to $120m. 2. Excludes the $80m restricted DSR Facility. Liquidity calculated as cash of $44.9m and undrawn revolving bank facilities of $216.5m as at 30 June 2026. 3. Weighted average debt tenor based on drawn debt as at 30 June 2026. 4. Weighted average all-in interest rate based on current drawn bank debt, derivatives and derivative structured products as at 30 June 2026, adjusted for $300m interest rate swaps that matured on 6 July 2026. 5. Ratings issued by S&P in respect of Dalrymple Bay Finance Pty Ltd, a wholly owned subsidiary of DBI. The Fitch rating was formally withdrawn on 27July 2026 at the request of DBI. 6. Debt Service Coverage Ratio excludes the one-off early repayment costs (-$103.0m) and associated tax benefit ($27.0m) related to repayment of 2020 USPP Notes in December 2025. 7. Gearing is calculated as Net Debt to Capital Asset Base. Under the S&P base case, gearing does not exceed 85%. 8. Net Debt to EBITDA Ratio for H1-26 calculated using EBITDA for 12 months ending 30 June 2026. Debt Portfolio at 30 June 2026 (Drawn debt) Debt Maturity Profile at 30 June 2026 (by Facility Limit, $ million)1 $2.06bn Debt Profile Total Limit1 A$2.35bn limit with A$2.06bn drawn at 30 June 2026 Liquidity2 A$261.4 million Tenor3 6.3 years Weighted average all-in interest rate4 7.0% 6x 7x FY-22 FY-23 FY-24 FY-25 1H-26 Net Debt to EBITDA8 Net debt to EBITDA
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Statement of profit or loss H1-26 Revenue and EBITDA up on H1-25, demonstrating resilience of business model Investor Presentation | August 202617 Profit & Loss, A$ million Notes H1-26 H1-25 STATUTORY TIC revenue 1. 156.5 151.1 Handling revenue 181.8 171.3 Revenue from capital works 92.3 72.4 Other revenue 2. 2.7 0.6 Total income (excl. interest income) 433.3 395.4 Handling costs (181.8) (171.3) G&A expenses (8.7) (7.9) Capital works costs (92.3) (72.4) EBITDA (non-statutory) 3. 150.5 143.8 EBTIDA Margin1 (non-statutory) 3. 95% 95% Net finance costs 4. (55.8) (58.3) Depreciation and amortisation (20.5) (20.1) Net profit before tax 74.2 65.4 Income tax expense (25.0) (22.3) Net profit after tax 49.2 43.1 Components of net finance costs, A$ million H1-26 H1-25 % change Net finance costs 55.8 58.3 (4.3%) Add back: Interest capitalised on NECAP projects 7.3 3.8 92.1% Less: non- cash finance costs (12.0) (10.4) 15.4% Net interest costs borne 51.1 51.7 (1.2%) 1. EBITDA Margin calculated as EBTIDA divided by TIC & Other Revenue. TIC Revenue TIC revenue increased by 3.6% on H1-25, in line with the increase in the TIC applicable during H1-26 ($4.02/t) as compared to H1-25 ($3.72/t). The increase in the TIC reflects the annual adjustment for inflation, contribution of commissioned NECAP to the NECAP charge component of the TIC and passthrough of the QCA Levy. 1 2 Other Revenue Capacity optimisation initiatives and revised customer security arrangements have delivered revenue uplift at no additional cost or invested capital. 3 EBITDA H1-26 EBITDA up 4.7% on H1-25 withH1-26 EBITDA margin remaining consistent with H1-25. 4 Net Finance Costs Net finance costs include interest on borrowings (net of interest income) together with non-cash items such as interest on loan notes attributable to DBI’s securityholders, unrealised (gains) / losses on hedging instruments and amortisation of upfront loan establishment costs. Net interest costs have remained flat over H1-26, despite increased debt funding of NECAP. This is a direct result of the debt refinancing completed in December 2025 in response to compression in credit spreads observed in credit markets. Notes
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Statement of cash flows (non-statutory) H1-26 Revenue, EBITDA and FFO all up on H1-25, demonstrating resilience of business model Investor Presentation | August 202618 Cashflow, A$ million Notes H1-26 H1-25 TIC revenue 156.5 151.1 G&A Expenses (8.7) (7.9) Other Revenue 2.7 - Other Income (excluding interest income) - 0.6 EBITDA 150.5 143.8 Net Finance Costs (43.8) (47.9) Current tax expense (14.0) (11.8) Funds from Operations (FFO) 92.7 84.1 Capital expenditure 1. (93.6) (57.5) Capitalised borrowing costs (7.3) (3.8) Proceeds from borrowings 2. 758.5 31.0 Repayments of borrowings 2. (768.0) (31.0) Loan establishment costs paid 3. (2.3) - Dividend Payment 4. (30.0) (39.2) Distribution - part repayment of the stapled loan notes 4. (36.9) (17.9) Movement in net working capital 5. 42.9 (12.5) Cash and equivalents at beginning of period 110.5 89.9 Net (decrease)/increase in cash (44.0) (46.8) Cash and equivalents at end of period 66.5 43.1 Capital expenditure Capital expenditure comprises the spend on NECAP projects (see Appendix for further detail). Progress on major asset replacements has contributed to the increased capital expenditure during H1-26 as compared to H1-25. 1 Borrowings and Derivatives During H1-26 the Group completed the successful issuance of $350m 5-year fixed rate notes under a new Australian Medium-Term Note (AMTN) programme, with a fixed coupon of 6.234% per annum and a maturity date of 24 March 2031. The Group also repaid and cancelled the $250m Syndicated Term Facility which was due to mature in December 2027. 2 Loan Establishment costs Upfront costs associated with AMTN note issuance (refer to note 2). 3 Distributions Distributions in H1-26 consist of unfranked dividends and partial repayments of securityholder loan notes (H1-25: dividends (85% franked) and partial repayments of securityholder loan notes). 4 Movement in net working capital Favourable movement in net working capital during H1-26 relates to over-collection of handling charges from customers over the 12 months ended 30 June 2026 ($14.9m during H1-26, $22.5m over the 12 months ended 30 June) together with a net increase in amounts owing to DBT’s third party operator ($23.2m during H1-26). 5 Notes
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Interest rate and hedge book profile No FX risk and limited interest rate risk with high level of fixed debt issuance and floating to fixed swaps Investor Presentation | August 202619 1. Figures in the chart assume the $2.06bn drawn debt balance at 30 June 2026 remains unchanged over time, in order to demonstrate the level of hedging in place 2. Adjusted for A$300m fixed-to-float interest rate swaps which matured on 6 July 2026 3. Borrowings denominated in foreign currency are converted at the rate applicable at the time cross currency swaps are put in place. 4. Hedged percentage comprises drawn fixed rate debt and floating rate debt that has been hedged via interest rate swaps as a pr oportion of drawn debt as at 30 June 2026. 5. Calculated in effective currency after hedging. USD debt converted at the hedged rate under cross currency swaps that are in place. Summary of Debt at 30 June 2026 • 100% of all foreign currency debt swapped back to AUD – no FX risk • Interest rate risk is managed via a mix of fixed rate debt issuance and interest rate swaps • Maintaining a highly hedged interest rate position remains a priority • DBI’s weighted average all-in interest rate for its debt book was 7.01% at 30 June 2026 and is expected to remain at approximately that level for the next 24 months assuming future debt drawn utilises the existing Revolvers Profile of hedged position at 30 June 2026 (A$ million) 1, 2 Year Drawn3 ($m) Undrawn ($m) Total3 ($m) Hedged2, 4 Weighted average interest rate2, 5 Repayment Profile Up to 1 year - - - 90.1% 7.01% Principal repaid at maturity Between 1 and 2 years - - - Between 2 and 5 years 973.5 216.5 1,190.0 Greater than 5 years 1,083.7 - 1,083.7 Total 2,057.2 216.5 2,273.7 90.1% 7.01% 0% 20% 40% 60% 80% 100% 120% - 500 1,000 1,500 2,000 2,500 2026 2027 2028 2029 2030 2031 Fixed (LH axis) Floating (LH axis) % fixed (RH axis)
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Strategic Priorities 20
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Strategic priorities over FY-26 DBI’s strategic priorities are focussed on delivering total securityholder returns Investor Presentation | August 202621 Completion of Shiploader 1A and Reclaimer 4 NECAP projects on time and on budget2 1 Delivering organic revenue growth through new revenue initiatives and the inclusion of the cost of completed NECAP Projects in the NECAP Asset Base Progressing opportunities to capture long-term Bowen Basin metallurgical coal production via our continued review of use of terminal capacity, including optimisation of existing capacity and our economic assessments of the 8X Project 3 4 Further assessment of refinancing opportunities to improve balance sheet flexibility, reduce refinancing exposure and access other sources of debt capital to reduce interest costs over the long term whilst maintaining an investment grade credit rating 5 Identifying opportunities for diversification through acquisition of assets that have a similar risk profile to the existing DBI business and value that can be created through our competitive advantages 6 Continuing to explore and assess opportunities for future alternative uses of DBT Delivering whole-of-terminal ESG and sustainability initiatives7
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Appendices 22
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DBI’s financial performance is underpinned by a low-risk business model Investor Presentation | August 202623 Light-handed regulation DBI has a pricing agreement with customers on the Terminal Infrastructure Charge (TIC) and returns on non- expansion capital expenditure (NECAP) to 2031 and then will renegotiate those charges directly with customers.1 Take or pay contracts Regardless of the tonnes exported, DBI receives the TIC on every tonne of the terminal’s annual contracted capacity of 84.2Mt. All capacity is fully contracted to at least 2028. Force Majeure protection DBI has strong force majeure protection for terminal disruption, including for weather events and events arising from operator performance, which ensures continued receipt of revenue despite disruption to terminal operations. Revenue growth through inflation and NECAP Under the pricing agreement to 2031, the Base TIC inflates annually at Australian CPI. NECAP receives a return on capital expended at the 10-year Australian Government bond rate (reset annually) plus a fixed margin as well as a return of capital over a defined period. Pass through of operating costs All the terminal’s operating and maintenance costs are passed through to customers. DBI takes no risk on operational performance nor increases in operating or maintenance costs. Socialisation Mechanisms Where any capacity becomes uncontracted, revenue for uncontracted capacity is socialised through a proportionate increase in charges to contracted customers, other than in limited circumstances.2 1. In accordance with the pricing review mechanism under the Access Agreements with customers within the 'negotiate-arbitrate' light-handed regulatory framework administered by the QCA 2. Revenue for uncontracted capacity is socialised through increased charges for remaining customers other than in three limited circumstances: 1) if DBI elects to voluntarily resume capacity not being utilised by a customer without a reasonable expectation of recontracting to another access seeker, 2) in respect of uncontracted capacity created by an expansion until such capacity is unconditionally contracted for a term of at leas t 10 years, as required by the 2021 Access Undertaking, with appropriate credit security and for a mine that has achieved fir st coal at DBT, or 3) if DBI fails to maintain DBT to be available to operate to its rated design capacity, or enters any agreements with non-coal customers in the future (either of which reduces available capacity), to the extent that available capacity is reduced. DBI currently has no agreements with non -coal customers at DBT
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DBI, via the Dalrymple Bay Terminal, services predominantly metallurgical coal mines in the Bowen Basin Investor Presentation | August 202624 1. As at 30 June 2026. 2. The referenced customers are the operating or majority Joint Venture partner in the mine. Some of these mines have additional minority Joint Venture interests that are not listed on this slide. 3. Grosvenor did not export through DBT during H1-26 as it was not operating during this period DBI Customer base1DBI Asset Location Customer2 Mine Anglo American German Creek, Moranbah North, Grosvenor3 Argo Resources Carborough Downs, Broadlea, Ironbark No.1 Glencore Clermont, Oaky Creek, Hail Creek Middlemount Coal Middlemount QMetco Limited Foxleigh Peabody Coppabella, Moorvale, Centurion Pembroke Resources Olive Downs Stanmore Resources South Walker Creek, Poitrel, Isaac Plains TerraCom Blair Athol Whitehaven Coal Daunia Note: Map is indicative only and may not be drawn to scale. DBI makes no representation and takes no responsibility for the accuracy of the location of mines, rail networks and ports located on the map.
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Climate reporting and disclosures In February 2026, DBI released its first Sustainability Report prepared in accordance with AASB S2 Investor Presentation | August 202625 DBI prepared its 2025 Sustainability Report in accordance with AASB S2 Climate-related Disclosures, the Australian Sustainability Reporting Standard issued by the Australian Accounting Standards Board. This represented DBI’s first AASB S2-compliant sustainability report, covering the reporting period commencing 1 January 2025. DBI’s disclosures provide: • Alignment of climate considerations with strategy, capital allocation and governance. • Clear, transparent climate communication for stakeholders. • Detailed climate scenario analysis. • Improving maturity of core climate data, processes and methodologies over time. • Transparency: Clear explanations of judgments, assumptions and uncertainties. • Proportionality: Providing information that is useful and relevant. • Integrity: Ensuring disclosures reflect reasonable and supportable information. • Consistency: Aligning methods, metrics and processes across reporting years. Principles of disclosure approach:
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Social and Governance highlights Investor Presentation | August 202626 Safety, Health & Wellbeing For each financial year, the Group sets a comprehensive set of leading indicators that reflect the proactive actions the Group will take during the year to positively impact safety at DBT. The Group reports on 2 lagging indicators: Fatalities, Serious Injuries or Illnesses1 and High Potential Incidents (HPI).2 During H1-26, DBI and its NECAP contractors had no Fatalities, Serious Injuries or Illnesses3 and 2 HPIs. Community and Partnerships During H1-26, DBI continued to deliver its Community Investment, Partnership and Sponsorship Program, supporting initiatives focused on education, sustainability and community wellbeing. Key activities included renewing DBI's partnership with Healthy Rivers to Reef to deliver STEM Schools workshops across the Mackay, Whitsunday and Isaac regions, helping to build environmental awareness and future workforce capability. DBI also continued its support of community programs that create positive social and environmental outcomes across the regions in which it operates. Employee Diversity and Inclusion Diversity, Equity and Inclusion is a cultural cornerstone enabling DBI to be resilient and thrive through growth and change. DBI conducts regular employee surveys, consultation and team communications to monitor engagement and feedback from all employees. Female representation at all levels is a priority. The DBI Board includes 57% female directors and the DBI executive team includes 43% female leaders. Corporate Governance DBI’s corporate governance framework embeds an integrated approach to governance within DBI and is overseen by a skilled, diverse and independent Board of Directors. Three new non-executive directors have been appointed since September 2025. DBI’s risk management is embedded throughout the organisation’s activities. New and emerging risks, including climate-related risks, and their related controls and mitigations are regularly reviewed and presented to the DBI Board. Sustainable Procurement DBI conducts due diligence on its suppliers and vendors to ensure they comply with relevant laws and regulations, including those relating to modern slavery, health and safety, and anti-bribery and corruption. For the new shiploader and the new reclaimer currently under construction, more than 95% of the procurement has been contracted with Australian companies and over 90% of this is being manufactured or fabricated within Australia. Governance 1. Serious injury or illness is as defined in Work Health and Safety Act 2011 (Qld). 2. A High Potential Incident is an incident has caused or has the potential to cause a fatality or permanent disability or serio us injury or illness of a person(s). 3. Reporting on safety metrics for DBI reflects an aggregate of results for DBI and all DBI contractors at DBT, but excluding the independent operator of DBT, Dalrymple Bay Coal Terminal Pty Ltd (DBT Operator). The DBT Operator is owned by a majority of DBT’s customers (by contracted tonnage) and is responsible for the day-to-day operations and maintenance of DBT under a renewable Operations and Maintenance Contract (OMC). Social
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Reconciliation of statutory borrowings to non-statutory drawn debt Investor Presentation | August 202627 2 Currency movements on USD debt Cumulative change in the fair value of debt attributable to AUD/USD exchange rates. The Group hedges 100% of FX exposure through cross -currency interest rate swaps. 3 Drawn debt AUD equivalent value of drawn debt, based on the relevant AUD/USD exchange rates applicable to the cross-currency interest rate swaps transacted at the time the various USD denominated debt tranches were transacted. 4 Net debt Net Debt is calculated as drawn debt less unrestricted cash at bank. Unrestricted cash at bank excludes security deposits held on behalf of customers and therefore less than cash and cash equivalents disclosed in the Group’s financial statements. Fair value hedge adjustments Fair value adjustments to debt recognised under fair value hedge relationships. 1 Borrowings A$ million Notes 30-Jun-26 31-Dec-25 Total borrowings disclosed in financial statements 1,981.7 2,021.2 Add back: Loan establishment costs included in carrying value of borrowings 11.9 11.2 Total borrowings excl. loan establishment costs 1,993.6 2,032.4 Fair value adjustments to borrowings in fair value hedge relationships 1. 86.8 86.8 Adjustments for changes in foreign exchange rates (AUD/USD) 2. (23.2) (53.8) Face value of drawn debt 2,057.2 2,065.4 Drawn debt comprised of: USPP notes 3. 1,044.4 1,044.4 AMTN fixed rate note 350.0 - Bank facilities 623.5 983.0 Derivative structured products 39.3 38.0 Drawn debt 3. 2,057.2 2,065.4 Unrestricted Cash at Bank 44.9 89.7 Net Debt 4. 2,012.3 1,975.7 Notes
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Balance sheet Investor Presentation | August 202628 Balance Sheet A$ million Notes 30-Jun-26 31-Dec-25 Cash 1. 66.5 110.5 Financial assets 2. 0.4 19.2 Other current assets 62.7 75.3 Total current assets 129.6 205.0 Intangible assets 3,395.0 3,323.0 Non-current financial assets 14.1 12.8 Other non-current assets 4.0 0.9 Total non-current assets 3,413.1 3,336.7 Total assets 3,542.7 3,541.7 Other current liabilities 25.1 30.4 Trade and other payables 3. 114.9 88.4 Total current liabilities 140.0 118.8 Non-current borrowings1 4. 1,981.7 2,021.2 Loan notes attributable to securityholders 5. 113.1 140.2 Other non-current liabilities 272.5 224.8 Total non-current liabilities 2,367.3 2,386.2 Total liabilities 2,507.3 2,505.0 Net assets 1,035.4 1,036.7 Issued capital 978.1 978.1 Reserves 31.8 52.3 Retained earnings 25.5 6.3 Total equity 1,035.4 1,036.7 1. Statutory borrowings includes fair value adjustments. See the Appendix for a reconciliation of statutory borrowings and drawn debt. Cash Includes restricted deposits of $21.7 million (Dec 2025: $20.8 million). 1 2 Financial Assets Interest rate swaps transacted in May 2021 matured in June 2026. 3 Trade and other payables Includes a liability to customers relating to the over-collection of handling charges over the 12 months ended 30 June 2026 of $15.2 million (Dec 2025: $7.6 million) and handling charges payable to third party operator of $73.1 million (Dec 2025: $50.1 million). 4 Borrowings Includes drawn debt, capitalised loan establishment costs and fair value adjustments to drawn debt recognised under hedge relationships. Loan notes attributable to securityholders Non-interest-bearing loan notes issued to investors as part of DBI’s publicly listed stapled securities (maturing in September 2030). Loan notes are progressively repaid as part of quarterly distributions to securityholders. 5 Notes
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Reconciliation of net finance cost and income tax in FFO (non-statutory) Investor Presentation | August 202629 Net finance costs, A$ million Notes H1-26 H1-25 Net finance costs disclosed in statement of profit and loss (55.8) (58.3) Non-cash finance costs & one-off amounts excluded from FFO Securityholder loan notes - fair value adjustments and non-cash interest expense 1. 9.8 7.9 Fair value adjustments (incl. hedge ineffectiveness) 0.6 1.8 Amortisation of capitalised loan establishment costs & other 1.6 0.7 Net finance costs included in FFO (non-statutory) (43.8) (47.9) Adjustments to net finance costs included in FFO Finance costs capitalised as part of cost of additions to intangible asset 2. (7.3) (3.8) Finance costs on derivative structured products 1.2 - Movements in accrued interest income and finance costs 5.5 0.3 Net Finance costs disclosed in operating cash flows 3. (44.4) (51.4) Income tax, A$ million Notes H1-26 H1-25 Income tax expense disclosed in statement of profit and loss 4. (25.0) (22.3) Add back: Deferred tax expense disclosed in the Group’s financial statements 6. 11.0 10.5 Income taxes included in FFO (non-statutory) (14.0) (11.8) Adjustments to income tax included in FFO Less: opening current tax liability disclosed in statement of financial position 20.4 (3.0) Add: closing current tax receivable disclosed in statement of financial position (14.7) 1.3 Income taxes paid disclosed in operating cash flows (8.3) (13.5) Notes Non-cash interest expense and fair value adjustments attributable to securityholder loan notes recognised in profit and loss as finance costs. Refer to note 5 of the Group’s financial statements. Borrowing costs are capitalised by reference to the Group’s “all in” weighted average cost of debt and the average balance of un-commissioned NECAP throughout the relevant period, assuming un-commissioned NECAP is fully debt funded1 (with any amount capitalised being capped by actual borrowing costs incurred in the relevant period). Refer to note 5 of the Group’s financial statements. Comprised of interest received of $0.9 million (H1-25: $1.5 million) and interest and other finance costs paid of $45.3 million (H1-25: 52.9 million). Refer to note 6 of the Group’s financial statements.
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Reconciliation of non-statutory NECAP spend to statutory disclosures Investor Presentation | August 202630 2 Amounts added to the NECAP Asset Base Amounts added to the NECAP Asset Base (generally on 1 July of each year) in relation to commissioned NECAP projects. 3 Intangible Asset The Group operates DBT under a long term services concession arrangement with Queensland Government. The Group recognises this service concession arrangement as an intangible asset in its financial statements in accordance with AASB Interpretation 12 Service Concession Arrangements. NECAP spend is capitalised into the Group’s intangible asset referable to DBT. Refer to note 9 of the Group’s interim financial statements for H1-26. NECAP spend Amount excludes interest during construction (IDC). 1 Reconciliation of NECAP spend to be included in NECAP Asset Base (Uncommissioned NECAP) $m Notes 30-Jun-26 31-Dec-251 Opening balance of uncommissioned NECAP on 1 January (non-statutory) 229.9 92.4 NECAP spend – H1 1. 93.2 57.7 NECAP spend – H2 1. - 107.9 Amounts added to NECAP Asset Base during the period 2. - (28.1) Closing balance of uncommissioned NECAP (non-statutory) 323.1 229.9 Closing accrual 7.3 16.3 Closing balance of uncommissioned NECAP in closing balance in intangible asset 3. 330.4 246.2 Amounts added to NECAP Asset Base on 1 July 2026 2. (91.3) - Closing balance of uncommissioned NECAP 239.1 246.2 Reconciliation of NECAP spend to statement of profit or loss and statement of cash flows ($m) Notes H1-26 H1-25 Capital works costs disclosed in statement of profit and loss 92.3 72.4 Capitalised interest 4. (7.3) (3.8) Movement in accruals 8.6 (11.1) Payments for additions to the intangible assets disclosed in statement of cash flows 93.6 57.5 NECAP spend disclosed in other cash flow items 0.4 (0.2) NECAP spend during the period (non-statutory) 1. 93.2 57.7 1. Where relevant, the amounts for 31 December 2025 are for the 12-month period 4 Capitalised interest Borrowing costs are capitalised by reference to the Group’s “all in” weighted average cost of debt and the average balance of un-commissioned NECAP throughout the relevant period, assuming un-commissioned NECAP is fully debt funded (with any amount capitalised being capped by actual borrowing costs incurred in the relevant period). Refer to note 5 of the Group’s interim financial statements for H1-26. Notes
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NECAP Asset Base and NECAP spend to be added to NECAP Asset Base Investor Presentation | August 202631 1. Amount excludes interest during construction (IDC). 2. Amounts added to the NECAP Asset Base (generally on 1 July of each year) in relation to commissioned NECAP projects. NECAP Asset Base $m Note Total TY26/27 TY25/26 TY24/25 TY23/24 TY22/23 Opening - 139.5 113.0 94.2 51.1 - Amounts added to NECAP Asset Base on 1 July 1, 2. 228.0 91.3 28.1 20.5 41.2 46.9 Interest during construction 17.7 6.5 2.2 1.3 3.5 4.2 Amortisation (13.2) (4.8) (3.8) (3.0) (1.6) - Closing NECAP Asset Base 232.5 232.5 139.5 113.0 94.2 51.1 NECAP Spend to be included in NECAP Asset Base $m Note Total TY26/27 TY25/26 TY24/25 TY23/24 TY22/23 Opening 65.10 323.10 150.10 59.30 51.80 65.10 Amounts added to NECAP Asset Base during the period 1, 2. (228.0) (91.3) (28.1) (20.5) (41.2) (46.9) NECAP spend during the period 1. 394.7 - 201.10 111.30 48.7 33.6 Closing balance of uncommissioned NECAP (non-statutory) 231.80 231.80 323.10 150.10 59.30 51.80
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Glossary Investor Presentation | August 202632 Group DBI and its wholly owned or controlled entities m Million Mt Million tonnes Mtpa Million tonnes per annum NECAP Non-expansion capital expenditure Operator Dalrymple Bay Coal Terminal Pty Ltd QCA Queensland Competition Authority TIC Terminal Infrastructure Charge, being a charge that is paid by all customers USPP United States Private Placement $ Australian Dollar unless otherwise stated /t Per metric tonne 8X Project Expansion program to bring terminal capacity to a maximum of 99.1Mtpa AU Access Undertaking. Sets out the terms of terminal access, the process to negotiate access and the process for resolving disputes, that is approved by the QCA AUD Australian dollars DBI Dalrymple Bay Infrastructure Limited (ACN 643 302 032) and, where the context requires, includes members of the Group DBT Dalrymple Bay Terminal EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation ESG Environmental, Social and Governance FFO Funds From Operations means EBITDA, less net finance costs (excluding fair value adjustments and amortisation of loan establishment costs and other non-cash items) and less current tax expense.
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Disclaimer and important notices Investor Presentation | August 202633 This presentation has been prepared by Dalrymple Bay Infrastructure Limited ACN 643 302 032 (DBI or the Company). Summary Information This presentation contains summary information about the Company and its related entities and their activities, current as at 24 August 2026, unless otherwise stated. The information in this presentation does not purport to be complete. It should be read in conjunction with DBI’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. Not an Offer This presentation is not, and does not constitute, or form any part of, an offer to sell or issue, or the solicitation, invitation or recommendation to purchase any DBI securities or any other financial products. Not financial product advice Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for informational purposes only and is not financial product or investment advice or a recommendation to acquire DBI securities and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. You should make your own assessment of an investment in DBI. In all cases, you should conduct your own research of the Company and analysis of the financial condition, assets and liabilities, financial position and performance, profits and losses, prospects and business affairs of DBI and its business, and the contents of this presentation. You should seek legal, financial, tax and other advice appropriate to your jurisdiction. Past performance Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance. Future performance This presentation contains certain forward-looking statements (including financial forecasts) with respect to the financial condition, operations and business of the Company and certain plans and objectives of the management of DBI, and may contain statements in relation to climate change and energy transition scenarios. These forward-looking statements reflect DBI’s expectation at the date of this investor presentation (including with respect to its strategies and plans regarding climate change), and are not guarantees or predictions of future performance, outcomes, or statements of facts. Forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, the terms “believes”, “estimates”, “anticipates”, “expects, “predicts”, “intends”, “plans”, “goals”, “targets”, “aims”, “outlook”, “guidance”, “forecasts”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Such forward looking statements involve known and unknown risks, uncertainties and other factors which because of their nature may cause the actual results, performance or distributions of the Company to be materially different from the results, performance or distributions expressed or implied by such forward looking statements. Actual results may materially vary from any forecasts in this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation, the likelihood of fulfilment of any forward-looking statement, any outcomes expressed or implied in any forward-looking statement or underlying assumptions on which it is based. To the maximum extent permitted by law, none of DBI, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. For clarity, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information (including climate-related scenario analysis). Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Before making an investment decision, you should consider, with the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Financial data All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Industry and market data DBI has commissioned AME Mineral Economics Pty Ltd (AME) to provide certain information for inclusion in this document. Information provided by AME is referred to in this document as ‘AME’. This document uses market data, statistics and third-party estimates, projections and forecasts relating to the industries, segments and end markets in which DBI operates. Such information includes, but is not limited to statements, statistics and data relating to product segment and market share, estimated historical and forecast market growth, market sizes and trends, and DBI’s estimated market share and its industry position. DBI has obtained market data, statistics and other information from databases and research prepared by third parties, including reports and information prepared by the AME and other third parties, and other sources. AME has advised that (i) information in their databases is derived from their estimates, subjective judgements and third-party sources, (ii) the information in the databases of other coal industry data collection agencies will differ from the information in their databases, (iii) forecast information is highly speculative and no reliance may be placed on this data. In the compilation of the AME, statistical and graphical information will be unreliable, inaccurate and will contain errors of fact and judgement. It is subject to full validation and the provision of such information requires investors to make appropriate further enquiries. Investors should note that market data and statistics are inherently predictive, subject to uncertainty and not necessarily reflective of actual market conditions. There is no assurance that any of the third-party estimates or projections contained in this information, including information provided by AME, will be achieved. DBI has not independently verified, and cannot give any assurances to the accuracy, completeness or reliability of, these market and third- party estimates and projections. Estimates involve risks and uncertainties and are subject to change based on various known and unknown risks, uncertainties and other factors. Non-IFRS financial measures This presentation refers to certain measures that DBI uses to manage and report on its business that are not recognised under Australian Accounting Standards. These measures are collectively referred to as “non-IFRS financial measures” under Regulatory Guide 230 ‘disclosing non-IFRS financial information’ published by ASIC. The disclosure of such non-IFRS financial measures in the manner included in this document may not be permissible in a registration statement under the U.S. Securities Act. Although DBI believes that these measures provide useful information about the financial performance of DBI, these non-IFRS financial measures do not have a standardised meaning prescribed by Australian Accounting Standards and therefore may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. They should be considered as supplements to the financial statement measures that have been presented in accordance with the Australian Accounting Standards and not as a replacement for them. Any non-IFRS financial information included in this report has been labelled or referred to as “non-statutory” or “non-IFRS” to differentiate it from statutory or IFRS financial information. Non-IFRS information is not subject to audit or review.