Accessible version Aurizon Holdings Limited Coal resets, but the Bulk growth story remains intact Reiterate Rating: BUY | PO: 3.90 AUD | Price: 3.73 AUD Solid FY26, but FY27 guide weaker than expected AZJ delivered a solid FY26 result, with EBITDA broadly in line with expectations, but a softer than expected FY27 guide (EBITDA c.-4%/-3% vs. BofAe/cons). From here, we expect Coal EBITDA to reset lower as contracted volumes drop to 211mtpa in FY27. Coal contract right sizing drives EBITDA reset The FY27 coal ...