17 August 2026 | 9:18AM AEST Equity Research Aurizon Holdings (AZJ.AX): First Take: In-line result but forward earnings and DPS below expectations. Neutral Net/Net. Largely pre-guided (in-line) results with growth vs pcp across all divisions, while FY27 EBITDA guidance came in lower at -3% vs both our and VA consensus estimates, which we believe is driven by lower earnings contributions from all three business segments vs. GSe (with Coal being largest delta), and DPS came in -8%/-7% below GSe and VA consens ...

J P M O R G A N Asia Pacific Equity Research 17 August 2026 Aurizon Holdings Limited FY26 Result First Take: FY27 EBITDA and dividend guidance below consensus AZJ reported FY26 EBITDA of A$1,724m +1% vs JPM and in line with Bloomberg consensus. Neutral AZJ.AX, AZJ AU Price (14 Aug 26):A$4.16 Price Target (Jul-27):A$4.20 Australia Australia Industrials Lee Power AC (61-2) 9003-8725 lee.power@jpmorgan.com Dylan Adrian (61-2) 9003-7397 dylan.adrian@jpmorgan.com Nick Torelli (61-4) 6817-5219 nick.torelli@jpmorg ...