Financial Data and Key Metrics Changes - EBITDA increased by 5.3% to $143,800,000 compared to the same period in 2024 [3] - Funds from operations (FFO) rose by 13.8% to $84,100,000 [3] - Net profit after tax was reported at $43,100,000, a 17% increase from the prior comparative period [13] Business Line Data and Key Metrics Changes - The terminal's capacity remains fully contracted at 84,200,000 tons per annum, with all customers under take-or-pay contracts [2][5] - The terminal infrastructure charge (TIC) increased to $3.72 per ton, reflecting a 3.6% uplift compared to the previous year [3][9] - General and administrative expenses decreased by 9.2% compared to 2024, demonstrating ongoing cost management [10] 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 [2] - The terminal represents over 14% of global seaborne metallurgical coal exports [2] Company Strategy and Development Direction - The company is focused on organic growth opportunities, including optimization initiatives and a committed capital expenditure program of $405,500,000 [21][22] - The ADEX project is being considered for future expansion, which will involve significant capital investment [23][27] - The company aims to maintain a payout ratio of 60% to 80% of FFO while targeting distribution per security (DPS) growth of 3% to 7% per annum [11] 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 [35] - The company is optimistic about future revenue growth driven by new revenue initiatives and the implementation of approved projects [31] Other Important Information - The company has received a citizenship level safety rating from Centus, the highest rating issued, indicating strong operational safety [4] - DBI's debt level remains stable, with a total of $2,300,000,000 in debt facilities, of which $1,800,000,000 was drawn as of June 30, 2025 [14][15] Q&A Session Summary Question: Can you provide more time frames on the ADEX expansion? - Management indicated that the ADEX expansion has been delayed due to the current coal market and approvals environment, with customer engagement expected in 2026 [35] Question: What are the components within the supply chain that would need to be expanded for ADEX? - Management believes there is sufficient capacity in the rail network to support an ADEX expansion without significant expansion, but some enhancements may be needed [44] Question: Can you provide a breakdown of the $60 million spent in CapEx? - Most of the CapEx was spent on the ship loader and reclaimer, with approximately $40,000,000 to $50,000,000 allocated to these projects [47] Question: What is the expectation for interest costs for the full year? - Interest costs are expected to be higher due to increased capital spending, but capitalized interest will not significantly impact the P&L until projects are commissioned [48][49] Question: Can you provide more details on the kneecap opportunities? - Management is assessing the need for a new ship loader and potential gallery wrapping projects, with significant capital expected to be spent over the next few years [52][54] Question: What is the scale of potential acquisition opportunities? - Management indicated that opportunities below $100,000,000 may not be pursued unless they are adjacent and easy to execute, while larger opportunities would be considered based on alignment with existing business [56] Question: What is the company's stance on working as part of a consortium? - Management is open to working with partners if it reduces execution risk and aligns with business objectives [62]