Financial Data and Key Metrics Changes - EBITDA increased by 5.3% to $143,800,000 compared to the same period in 2024 [2] - Funds from operations (FFO) rose by 13.8% to $84,100,000 [2] - Net profit after tax was reported at $43,100,000, a 17% increase from the prior comparative period [12] Business Line Data and Key Metrics Changes - Terminal infrastructure charge (TIC) increased to $3.72 per ton, up 3.6% from the previous year [2][8] - Handling costs are fully recharged to customers, having no impact on EBITDA [12] Market Data and Key Metrics Changes - The terminal services 21 mines owned by 11 customers across the Central Bowen Basin, Australia's premier metallurgical coal region [1] - The terminal is the largest metallurgical coal export terminal globally, accounting for over 14% of global seaborne metallurgical coal exports [1] Company Strategy and Development Direction - The company is focused on organic growth opportunities and has a capital investment program of approximately $405,500,000, with $122,000,000 already invested [20][24] - The ADEX project aims to expand terminal capacity, with potential for incremental capacity increases based on demand [25][26] - The company is exploring optimization initiatives to enhance terminal capacity utilization without significant capital expenditure [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the current coal market is influenced by global geopolitical factors, which may delay customer engagement on expansion projects [34] - The company is optimistic about future revenue growth driven by ongoing projects and optimization initiatives [19][30] Other Important Information - The company maintains an investment-grade balance sheet with stable credit ratings from S&P and Fitch [13] - DBI has $2,300,000,000 in total debt facilities, with $1,800,000,000 drawn as of June 30, 2025 [13][15] Q&A Session Summary Question: Capital allocation review and timing of ADEX expansion - Management indicated that the ADEX expansion has been delayed due to market conditions and customer development planning, with expectations for customer engagement in 2026 [34] Question: Optimization benefits and impact on ADEX - Management clarified that optimization initiatives will provide incremental value but will not significantly impact the need for ADEX expansion [36] Question: Rail network capacity for ADEX expansion - Management believes the rail network has sufficient capacity to support ADEX expansion without major upgrades, although some enhancements may be needed [44] Question: Breakdown of capital expenditure - Most capital expenditure was spent on the ship loader and reclaimer, totaling approximately $280,000,000 [46] Question: Interest costs expectations - Interest costs are expected to rise due to increased capital spending, but capitalized interest will not significantly impact the P&L until projects are commissioned [48][49] Question: Future kneecap opportunities - Management discussed potential projects, including a new ship loader and gallery wrapping, with a total estimated cost of around $400,000,000 over the next several years [52][54] Question: Criteria for future acquisitions - Management indicated that acquisitions below $100,000,000 may not be pursued unless they are adjacent to current operations, while larger opportunities would be considered based on familiarity and alignment with existing business [56][58] Question: Support from shareholders for large acquisitions - Management expressed confidence in shareholder support for value-accretive opportunities, noting improved conditions in debt markets for coal-related assets [60][61]