Aurizon Holdings Ltd

AZJ: XASX (AUS)
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Aurizon: Weak Coal Exports Depress Outlook for Haulage Recontracting

Amid weak coal prices and weather impacts, we estimate coal export volumes over the trailing 12 months to November 2025 declined 3% year on year. Separately, Aurizon has agreed on terms with customers to increase rail network revenue under a new 10-year contract starting mid-2027.

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