Transurban's Corporate Report for the financial reporting period of FY26.
Corporate Report 2026 for the year ended 30 June 2026
Our year in numbers
~515k
average hours saved by customers every workday 1
2.6m
trips on average taken on our roads every day 2,3
11.8m 100% $4.66m
customers globally 4
of our roads rated three stars or higher by iRAP 5
towards community investment 6
30
years investing in roads
Increase on FY25
— West Gate Tunnel, Melbourne | Cover image: M7 Widening, Sydney
1 Travel time savings are calculated using TomTom travel times observed on a tolled route and the corresponding alternative route based on best estimated available alternative route that avoids tolls and favours main roads. The savings are calculated by comparing the difference in time between the routes for each hour and direction and are then weighted based on the volume of tolled traffic. Additionally an adjustment to account for the average trip observed on the various assets is incorporated 2 In June 2026, Transurban sold its remaining 50% interest in the A25 concession
3 “Trips" includes transactions for CityLink and West Gate Tunnel. All other assets are reported as trips 4 Refers to the number of both account and pass holders in Australia, and individual users in North America each year 5 All our Australian and US assets are rated three stars or higher (out of five) by International Road Assessment Programme (iRAP) 6 For more information see FY26 Sustainability Basis of Preparation
2
69cps
distribution to security holders 98.1% covered by Free Cash
$3,063m $4,047m $1,563m
proportional operating EBITDA 1
proportional total revenue 1
statutory total operating expenses
$353m
statutory profit before income tax
$3,895m
total statutory revenue
1 Non-IFRS measure
3
Transurban FY26 Corporate Report Introduction
Letter from our Chair and CEO
— Chair Craig Drummond and CEO Michelle Jablko
We are pleased to present Transurban’s Corporate Report for FY26. This year marks 30 years since Transurban listed on the ASX – three decades of keeping people, freight and cities moving, and fulfilling our purpose: to be the link between people, places and progress .
by Free Cash, which rose by 5.1%. 2 We declared $2,151 million of gross distributions to security holders. Our roads proved relatively resilient in the face of macroeconomic and geopolitical uncertainty and we navigated these headwinds by remaining focused on our customers, their safety and delivering value for all our stakeholders. Our embedded escalations linked to revenue and well managed hedging profile is expected to help insulate the business in a higher inflationary environment. Through disciplined cost and balance sheet management, our hard work over the past two years has seen Transurban evolve into a more efficient, dynamic business and as a result we are well-positioned to capitalise on new opportunities. Creating value for stakeholders This year we achieved much of what we set out to do – delivering on our most critical strategic priorities and establishing a scalable foundation for growth. The Direct Deal with the NSW Government for proposed toll reform was finalised in August 2026. The comprehensive package is expected to modernise Sydney's motorway system, to deliver a simpler and more efficient network.
We have always been innovators. In our early years, we delivered Australia’s first free-flowing electronically tolled road, eliminating the stop-start of toll booths and making trips quicker. After thirty years, we're still finding new ways to make our customers’ experience better and deliver real value every day. We are also investing in new projects that increase capacity, make travel easier and better connect our cities. On the road, our traffic management and incident response teams made travel safer and more predictable, responding to around 1,000 incidents every week. Across all our roads customers saved an average 515,200 hours every day. 1 Off the road, we made things simpler by connecting our infrastructure with digital tools, such as the travel time features available in our Linkt app, creating a more transparent, personal experience. Financial performance While traffic was influenced by macroeconomic and geopolitical impacts, particularly within Australia, traffic volumes increased by 2.2% 2,3 across the Group. This contributed to proportional total revenue rising 6.5% 2 and proportional operating EBITDA up 7.5% to $3,063 million, 2 compared to FY25. Our full-year distribution increased 6.2% to 69.0 cents per stapled security (cps) compared to the prior year. This was 98.1% covered
1 Travel time savings are calculated using TomTom travel times observed on a tolled route and the corresponding alternative route based on best estimated available alternative route that avoids tolls and favours main roads. The savings are calculated by comparing the difference in time between the routes for each hour and direction and are then weighted based on the volume of tolled traffic. Additionally an adjustment to account for the average trip observed on the various assets is incorporated 2 Non-IFRS measure 3 ADT growth on a like-for-like basis (ex. WGT) was +1.4% for the Group. FY26 ADT percentage movements have been adjusted to normalise: (i) the WGT opening impact for Group and Melbourne, by assuming WGT operated for the full FY26; and (ii) the A25 sale impact for Group and North America. WGT opened on 14 December 2025 and Transurban sold its remaining 50% interest in the A25 concession on 15 June 2026
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Governance and risk
Directors' Report
Financial statements
Assurance statements
Security holder information
Introduction Business performance Stakeholders Sustainability
Contents
We approached this process with a long-term view and recognition of how important Sydney is to our business. We have demonstrated that we can work constructively with the Government to deliver cost relief for customers, while protecting the $36 billion investment Transurban and its partners have made in the Sydney road network. Implementation of these reforms is subject to definitive agreements and a range of approvals, 1 but Sydney motorists are expected to benefit from a simpler toll system that delivers meaningful, everyday savings (see page 27). It has been a significant year for new roads, opening more than $12 billion of projects, delivering much-needed extra capacity across Australia and North America. In June 2026, the M7–M12 Integration Project opened on time and on budget, establishing critical connections for the growing communities in Western Sydney and those travelling to the new Western Sydney International Airport. Since opening safely in December 2025, the West Gate Tunnel is improving port access and taking heavy freight off local streets. We are already receiving great feedback from local communities and freight operators on the positive difference the tunnel is making. In the Greater Washington Area, our extension to the 495 Express Lanes opened in November 2025, giving customers faster, more predictable trips through one of the area’s busiest corridors. Together these three projects will save drivers an additional 40,000 hours of travel time each day. 2 We also grew our Linkt Rewards program in Australia, with our more than 2 million Linkt Rewards members accessing $6.25 million in savings and competition winnings in FY26. 3 We continued to support customers experiencing hardship, increasing our Linkt Assist team so the program could more quickly provide help to those who need it most. With cost-of-living front of mind this year, we worked hard to build even more value for our customers, offering targeted rewards and bonus fuel discounts. This included an extra 26 cents per litre discount for frequent drivers, with 370,000 eligible customers saving up to $31 on a single tank of fuel. 4 We increased our support for local communities and business partners. For example, we provided $225,000 in additional community grants to organisations delivering cost-of-living relief, while temporarily cutting our small business supplier payment terms to 14 days to help them navigate cash-flow pressures from global supply chain disruptions across Australia and the United States (US). Pursuing growth This year, we advanced our broader development pipeline in the US, entering into active discussions regarding a major expansion of the 95 Express Lanes Bi-Directional project, with a potential 140% increase in lane miles proposed. We also divested the A25 Motorway in Montreal to redeploy capital. Longer-term, our North American presence strategically positions us to address future population growth and evolving mobility demands in the region. In Australia, we progressed the Logan West Upgrade project in Queensland to procurement request for tender (RFT) in April and early works have commenced to assess geotechnical and environmental
conditions, which will be used to support the ongoing design of the motorway upgrade. With our partners, we have agreed in-principle to the proposed widening of 17 kilometres of the M2-M7 in Sydney, which will reduce congestion in Sydney’s north-west growth corridor (see page 8). 5 We also continued our long-term advocacy around road user charging (RUC) initiatives and technology solutions to support governments. Research we conducted this year found that Australians are increasingly open to a more modern and equitable funding model, provided it is designed transparently and communicated clearly. Operational efficiencies By maintaining focus on cost discipline throughout the year, we kept FY26 operating cost growth below inflation at 3.3%. When new assets are excluded, operating cost growth remains flat at 0.7%. 6 Our assets in the US continued to outperform, delivering a 26% increase in Free Cash compared to FY25 2 and reflecting a step-change in this market’s operational performance and valuation. To further strengthen our balance sheet, we proactively managed our capital throughout the period. This included issuing and refinancing $7.8 billion of debt, which increased our weighted average cost of debt (WACD) by 25 basis points. Our FY27 distribution is expected to be 72 cps. 7 This represents 4.3% growth on FY26, reflecting our commitment to long-term value creation for our security holders. See more on page 13. We thank our security holders and customers for their ongoing support of Transurban. Thank you to our Transurban employees for their dedication and hard work throughout the year. Their commitment has been central to achieving the many milestones detailed in this report.
Michelle Jablko Chief Executive Officer
Craig Drummond Chair and Independent Non-executive Director
1 Subject to the parties entering formal documentation, and the satisfaction of conditions precedent under those agreements, including financier consents and regulatory approvals. Final Government and concession holder approvals and execution of formal transaction documents are expected by the second half of 2026 2 Additional average workday travel time savings for the West Gate Tunnel, M7 and 495 Express Lanes, following the opening of the West Gate Tunnel Project. M7-M12 Integration Project and 495 Express Lanes Northern Extension Project in FY26 3 Total value of partner discounts redeemed and competition winnings in FY26 4 To access this limited-time offer, Linkt customers need to complete 10 or more trips on any Australian toll road between 15 June and 15 July 2026 5 Proposed Widening of the M7 between Richmond Road and the M2, and of the M2 from the M7 to Windsor Road subject to the parties entering into agreements and the satisfaction of conditions precedent under those agreements, including planning approvals, financier consents and Government investment decision 6 Non-IFRS measure 7 Traffic in June and July showed a more positive trajectory than April and May. Distribution guidance is subject to traffic performance and macroeconomic factors. Any distribution will ultimately be determined by the Transurban Board
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Transurban FY26 Corporate Report Introduction
Contents
Disclaimer Forward-looking statements This report contains certain forward-looking statements. The words “continue”, “intend”, “expect”, “forecast”, “potential”, “estimated”, “projected”, likely”, “anticipate” and other similar expressions are intended to identify forward- looking statements. This report contains certain climate-related statements which are subject to uncertainties, limitations, risks and assumptions associated with climate-related information and the ever-changing environment we operate in. The information in this report should be read in conjunction with the qualifications and guidance included in the FY26 Sustainability Basis of Preparation. Indications of, and guidance on, future earnings, financial position, distributions (including Free Cash coverage), capex requirements and performance interest rate and CPI sensitivity and emission reduction targets are also forward-looking statements as are statements regarding plans, strategies and objectives of management and internal management estimates and assessments of traffic expectations and market outlook. These statements discuss future expectations concerning the results of asset and/or financial conditions or provide other forward looking information. The forward-looking statements are based on the information available as at the date of this report and/or the date of Transurban’s planning processes or scenario analysis processes. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks (including the risks set out in the “Risk management” section of this report), uncertainties and other factors, many of which are beyond the control of the Transurban Group, its related bodies corporate, or their respective directors, officers, employees, agents and advisors, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements, noting that information in this report is not intended to provide guidance in relation to the future performance of the Transurban Group. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. There can be no assurance that potential opportunities will eventuate on the timetable outlined or at all, or that Transurban will be able to participate in them. Transurban’s ability to participate in any future projects or acquisitions will be subject to, among other things, applicable government and other processes and the receipt of relevant regulatory approvals. Investors should not place undue reliance on forward-looking statements, particularly in light of the current economic climate and significant global volatility, uncertainty and disruption. To the maximum extent permitted by law, none of the Transurban Group, nor its related bodies corporate or affiliates, and none of their respective directors, officers, employees or agents or any other person: (1) accept any responsibility or liability including, without limitation, any liability arising from fault or negligence for any loss arising from any forward-looking statement; (2) make any representation or warranty, express or implied, as to the likelihood of fulfilment of any forward-looking statements or any event or results expressed or implied in any forward-looking statement; or (3) have any obligation to correct or update any forward looking statement. This document may contain information derived from publicly available sources that have not been verified by the Transurban Group. The Transurban Group does not make any representation or warranty as to the currency, accuracy, reliability or completeness of such information in this document. Non-IFRS information Non-IFRS measures are financial measures other than those defined or specified under any relevant Australian Accounting Standard and may not be directly comparable with other companies' information. We believe that non-IFRS measures provide useful information, however, should not be considered as an indication of, or as a substitute for, statutory financial information and measures. Proportional toll revenue, proportional Earnings Before Interest Depreciation and Amortisation (EBITDA), Proportional Operating EBITDA, Free Cash and Capital Releases are audited. The remaining non-IFRS measures are not audited.
Our year in numbers
2 4 7 9
Letter from our Chair and CEO
About Transurban Executive Committee
Strategic context
10 12 13 14 17 18 21 23 24 26 28 30 32 34 71 80 87 91
Business performance
Outlook
Delivering on strategy
Financial performance highlights
Market performance Capital management
Stakeholders
Customers
Government and industry
Communities Our people
Business partners and suppliers
Sustainability Report (Climate Statements) Governance and risk
Risk management
Directors’ Report
Remuneration report Financial statements Assurance statements
112 222 246 248 249
Security holder information
10-year history
Glossary
— Frontier Warriors, M7 Sydney
Acknowledgement of Country Transurban acknowledges the Traditional Owners of the lands throughout Australia, and we pay respect to Elders past and present. We acknowledge our roads and infrastructure are built on Country. With deep respect, we incorporate the voices of First Nations people in our approach, supporting access to mobility across communities. Art pictured is Frontier Warriors, co-created by Jamie Eastwood and Balarinji Studio. Installed along the M7 Motorway, the warrior, spears and shields symbolise battle, resilience and strength as well as enduring belonging and custodianship, honouring the legacy of those who defended their Country with courage and commitment. Read more about the M7 Public Art Collection at westlinkm7.com.au
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Governance and risk
Directors' Report
Financial statements
Assurance statements
Security holder information
Introduction Business performance Stakeholders Sustainability
Contents
About Transurban Our business is all about getting people where they want to go, as quickly and safely as possible, now and into the future.
Our business model We create value by starting with our customers on and off the road, and by developing, operating and maintaining high-quality roads in major cities. Our revenue comes primarily from tolls collected from our portfolio of high-quality assets, backed by long duration government concessions which include embedded inflation protection, alongside a disciplined approach to managing the balance sheet. Our weighted average concession life is ~27 years. 1 We can’t do this alone. Our business relies on strong partnerships with our customers, government and industry, investors, communities, business partners and suppliers, and our people. These stakeholders help us deliver great services and run our business safely today, and sets us up for future growth.
Every day, millions of people across Australia and North America choose to take our roads. As cities grow, more people and businesses will need faster, safer and easier ways to get around. That’s why our purpose is to be the link between people, places and progress . We bring this to life by making a positive difference – both on and off the road – through our physical infrastructure and digital offerings, now and into the future. Our strategy centres on three interconnected pillars – creating value for stakeholders, pursuing growth and driving operational efficiency . Creating value for our customers and stakeholders positions us to deliver the next generation of sustainable growth. And running our business efficiently allows us to reinvest in our customers and roads, creating a solid foundation for growth.
The table below outlines our key upstream and downstream value chain relationships and own operations. Our purpose Why we exist Be the link between people, places and progress
Our values How we act
Start with our customer Show up with an open mind
Solve it together Set the standard
Our strategic priorities What we’re focused on
Creating value for our stakeholders Pursuing growth Driving operational efficiency
Geography Where we operate Our stakeholders Who we work with
22 roads across Melbourne, Sydney and Brisbane in Australia, and the Greater Washington Area (GWA) in the United States 2
Customers, investors, governments and industry, communities, our people, business partners and suppliers
Our value chain What we do Upstream of operational assets Develop roads
Our operations Operate roads
Downstream operational assets Deliver for our stakeholders • Customer experience, rewards and hardship support • Support government and community • End-of-life asset management
• Identify opportunities: – enhancements
• Maintenance • Safety and incident response • Sustainability and environmental management • Technology and innovation • Collect toll revenue
– greenfield – brownfield • Appoint project design; delivery and construction
1 Proportional historical revenue-weighted average concession life 2 In June 2026, Transurban sold its remaining 50% interest in the A25 concession
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Transurban FY26 Corporate Report Introduction
Project updates
Logan West Upgrade Queensland Transurban is partnering with the Queensland Government to develop plans to upgrade approximately 10 km of the western section of the Logan Motorway. 1 Early works have commenced to assess geotechnical and environmental conditions, which will be used to support the ongoing design of the motorway upgrade. If approved, the completed project is predicted to improve travel times by up to 20 minutes in peak periods,2 reduce congestion and enhance safety by removing around 6,100 vehicles from local streets. Construction on the project is expected to commence in mid-2027 and be completed prior to the 2032 Brisbane Olympic and Paralympic Games. 3
I-95 Express Lanes Bi-Directional Project Greater Washington Area
In June 2026, we entered into a Development Framework Agreement with the Virginia Department of Transportation (VDOT) to assess an enhanced Bi-Directional Project on the I-95 Express Lanes. The proposed project would add ~120 additional new lane miles (~193 lane kilometres). This represents a material enhancement of the I-95 Express Lanes, increasing its capacity by approximately 140%, delivering significant benefits to customers. The next stage of development will focus on progression of design, contractor selection, and finalising capex requirements to enable submission of a Binding Proposal to VDOT. If approved, financial close is anticipated in 2029.
M2-M7 Widening Sydney
The proposed widening of the M2-M7 is planned to expand approximately 17 kilometres of the motorway to three lanes in each direction, reducing congestion and improving network performance in Sydney’s north-west growth corridor. This project will be funded by the NSW Government, and is subject to the parties entering into agreements and the satisfaction of conditions precedent under those agreements, including planning approvals, financier consents, regulatory approvals, Direct Deal outcome and Government investment decision. Execution of formal transaction documents are expected by the second half of 2026.
M7-M12 Integration Project New South Wales
The M7-M12 Integration Project officially opened to traffic in June 2026, delivering critical connections to support a growing Western Sydney. The project has added an extra lane in each direction along 26 kilometres of the M7, creating a seamless connection to the M12 Motorway and the new Western Sydney International Airport, and saving drivers up to 39 minutes on their trip during peak travel times. 4 Project cost ~$1.7B Opened June 2026 West Gate Tunnel Project Victoria Opened in December 2025, the West Gate Tunnel links the city’s north and north east to the western suburbs. Direct connections to the Port of Melbourne have streamlined freight movements supporting Victoria’s economic growth and improving overall amenity by removing trucks from local roads in Melbourne’s inner west. 5 Project cost ~$10B Opened December 2025 495 Express Lanes Northern Extension Project Greater Washington Area Officially opened to traffic in November 2025, the 495 Express Lanes Northern Extension Project extended the existing lanes by four kilometres, reducing peak travel by up to 25 minutes, while enhancing the liveability of surrounding communities. Project cost $660M Opened November 2025
See how these projects fit into our portfolio (page 18)
1 Subject to Queensland Government approval, regulatory approvals and finalisation of contractual arrangements 2 Travel time estimate based on Transurban modelling on Logan Motorway westbound, between Beaudesert Road and Ipswich Motorway 3 Transurban is not a sponsor of the Olympic/Paralympic Games, any Olympic/Paralympic Committees or any national Olympic/Paralympic teams 4 Travel time savings between Rooty Hill and Campbelltown via the M7 southbound during the afternoon peak. All times are averages and are estimates based on Transurban modelling data for an average weekday peak periods 5 We continue to work through technical closeout, defects and resolution of any commercial matters. We note that claims are not unusual at the end of a project and any claims, if received, would be assessed in accordance with the contractual framework
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Governance and risk
Directors' Report
Financial statements
Assurance statements
Security holder information
Introduction Business performance Stakeholders Sustainability
Contents
Executive Committee
Michelle Jablko LLB (Hons), BEc (Hons) Chief Executive Officer
Henry Byrne BCom, LLB Chief Financial Officer
David Clements BBldg (Hons) Group Executive, Operations
Rosalind Coffey BEcon Group Executive, People and Culture
Sarah Hack BA, LLB (Hons), LLM Group Executive, Corporate Affairs
Beau Memory BA President, North America
Simon Moorfield BSc Group Executive, Customer and Technology
Nicole Stoddart BEng Civil (Hons)
Group Executive, Delivery and Risk; Acting Group Executive Australian Markets
Read more about our Executive Committee
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Transurban FY26 Corporate Report Introduction
Strategic context Macroeconomic trends and continuous innovation across the transport sector present both opportunities and emerging challenges for our business and stakeholders. We review our priorities against this backdrop to ensure we continue to deliver value for stakeholders and position Transurban for growth now and into the future.
Infrastructure pipeline and funding pressures Governments across Australia and North America are operating in an increasingly complex fiscal environment, shaped by competing demands and tightening economic conditions. Population growth is driving the need for more housing, essential services and transport infrastructure, while governments are simultaneously expected to accelerate the energy transition, respond to persistent cost - of - living pressures and manage geopolitical impacts on fuel supply and demand. These pressures are converging at a time when rising interest rates are making it more expensive for both governments and the private sector to finance major projects. This tightening fiscal landscape is in stark contrast to proposed infrastructure pipelines. In the US, the funding gap required to maintain and improve the nation’s roads is estimated at USD684 billion over the next decade, with 39% of major roads in the US assessed as being in poor or mediocre condition. 7 In Australia, transport infrastructure investment is projected at $129 billion to 2029, accounting for 53% of the Major Public Infrastructure Pipeline. 8 At the same time, skills shortages, stagnant productivity growth and rising material costs continue to place additional pressure on infrastructure delivery in Australia. Against this backdrop, private investment remains a critical mechanism for enabling long - term infrastructure development without adding to immediate government balance - sheet pressures. In FY26, we opened more than $12 billion of new projects across Australia and North America, collectively saving drivers an additional 40,000 hours of travel time each day, 9 and demonstrating the role private capital can play in supporting resilient, future - focused transport networks. Read more on page 8. Fuel-efficient vehicles and road user charging Global energy volatility accelerated the transition toward lower- emission vehicles this year. Australian EV sales hit an all-time record in June 2026, making up 35.8% of new passenger vehicles sold. 10 New EV sales moderated in the US as government incentives were wound back and US car makers halted production of some models. However sales in used EVs rose 12% year-on-year in Q3 FY26 as older EVs reached price parity with second-hand internal combustion engine vehicles. 11 This changing mix of vehicles on the road, resulting in declines in fuel excise, underscores the need to develop fair, sustainable and long- term funding models, such as road user charging (RUC) to ensure governments can continue delivering essential infrastructure.
Despite heightened global instability, the fundamental need for people and freight to move around cities - which continues to grow – remained strong in FY26. This ongoing demand demonstrates the sector’s resilience. However, persistent current macroeconomic headwinds, combined with broader cost-of-living pressures and ongoing fuel price volatility continue to impact household and business budgets. In response, customers are looking for more value from their everyday travel and purchases, particularly through tangible rewards and savings. Simultaneously, the pace of technological change is accelerating. Artificial intelligence (AI) is being actively integrated across the transport sector, and the adoption of connected and autonomous vehicles (CAVs) is gaining momentum in the US. Alongside this, the transition toward hybrids and electric vehicles (EVs) is impacting how governments may fund roads into the future. Population growth, urbanisation and congestion By 2046, an extra 4.4 million people in aggregate are expected to live in metropolitan Melbourne, Sydney and Brisbane, 1 while an extra 960,000 people are expected to call the Greater Washington Area home. 2 This will create both significant demand and challenges for transport infrastructure. Proactive and strategic investment in all transport modes – roads, public transport and active transport – is essential to manage this growth and keep our cities moving. Public concern regarding traffic is widespread. A 2026 Transport Australia survey found that 75% of Australians are concerned about current levels of traffic congestion. 3 In the US, Washington DC area drivers lost 72 hours a year to rush hour congestion in 2025, 4 representing lost productivity and reduced wellbeing for commuters. Building new roads is part of the solution, as is upgrading existing infrastructure to realise more capacity, as we did with the M7-M12 Integration Project in Sydney in FY26. With 33% of the NSW population now living in Greater Western Sydney, 5 we widened 26 kilometres of the M7 Motorway. This upgrade has already improved journeys, with drivers now saving up to 39 minutes per trip, compared to the alternative free route. 6 Along with smart traffic management, solutions like this could help our assets continue to deliver faster, safer, and more reliable journeys for decades to come.
1 Deloitte Access Economics. Land Use Forecasts 2025. Deloitte Access Economics, 2025. 2 Oxford Economics, Metro Outlook: Washington-Arlington-Alexandria, DC-VA-MD-WC metropolitan area, Oxford Economics, 2026, accessed 8 July 2026 3 Transport Australia, Road User Charging: National public poll, Transport Australia, 2026 4 TomTom, Washington, DC traffic report | TomTom Traffic Index, TomTom website, 2026, accessed May 2026 5 NSW Government, 2026-27 NSW Budget: Western Sydney - supporting families, securing our future, NSW Government, 2026, p 9 6 Travel time savings between Rooty Hill and Campbelltown via the M7 southbound during the afternoon peak. All times are averages and are estimates based on Transurban modelling data for an average weekday peak periods 7 American Society of Civil Engineers 2025, A comprehensive assessment of America's infrastructure: 2025 report card for America's infrastructure, American Society of Civil Engineers 8 Infrastructure Australia, 2025 Infrastructure Market Capacity Report, Infrastructure Australia, 2025 9 Additional average workday travel time savings for the West Gate Tunnel, M7 and 495 Express Lanes, following the opening of the West Gate Tunnel Project. M7-M12 Integration Project and 495 Express Lanes Northern Extension Project in FY26 10 Electric Vehicle Council, EVs hit 36% market share as Tesla Model Y becomes Australia’s best-selling car for second consecutive month. Electric Vehicle Council, July 2026 11 Cox Automotive 2026, Q1 2026 industry insights, Cox Automotive, viewed 9 July 2026
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Introduction Business performance Stakeholders Sustainability
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Climate change and sustainability The physical impacts of climate change, including extreme weather events such as severe storms, flooding, and sustained high temperatures, present ongoing risks to global infrastructure. Collectively across modes, transport emissions are projected to be Australia’s largest source of greenhouse gas (GHG) emissions by 2030, the leading cause of climate change, unless action is taken. 5 Our response to these challenges, including our targets, is detailed in our Sustainability Report (Climate Statements) on page 34. Corporate sustainability reporting requirements are rapidly evolving. Australia has introduced new mandatory climate-related disclosures (ASRS s2), while global standards are merging into a single framework led by the International Sustainability Standards Board. Integrated reporting This report provides a comprehensive overview of our operations and performance during FY26. We remain committed to transparency and meeting the evolving needs of our stakeholders, embedding these priorities across our business and throughout this report. FY26 materiality review Using our double materiality approach, we have reviewed our prior year topics to ensure we continue to focus on the areas of greatest impact. As a result, in FY26 we consolidated our material topics into five core themes: 1. Customer experience: Customer safety and wellbeing; customer experience and satisfaction. 2. Community engagement: Communities, stakeholder and First Nations engagement. 3. Impactful partnerships: Government and industry relationships; responsible supply chain. 4. Trust and transparency: Cyber security, artificial intelligence and data privacy; ESG governance and disclosure. 5. Environmental stewardship: Climate change and low carbon transition; nature, biodiversity and ecological impact. While we have created a simplified structure for these themes, no new material topics have been added and all previous material topics have been retained. Many of the insights described in the Strategic Context section of this report were reinforced through our materiality review process in FY26, with global energy volatility and rapid technological transformation emerging as significant themes. Reporting standards We continue to report against globally recognised sustainability frameworks including GRI, SASB and the UN SDGs. Read more in our FY26 Sustainability Basis of Preparation and FY26 Sustainability Supplementary Data Pack. We have also transitioned to reporting against ASRS s2 climate-related disclosures (see page 34). 6 ¢ 6
In Australia, the continued transition of the vehicle fleet means fuel excise is forecast to effectively disappear as a revenue source by 2050 1 . Recent fuel price shocks have also required additional support, with the Government halving fuel excise from April to June 2026. We continue to stay actively engaged on this issue, contributing to research and policy discussions in Australia, the US and New Zealand, as well as conducting real-world RUC trials. Read more on page 26. AI and technology Rapid technological transformation and digital integration continue to reshape urban mobility, influencing both our operations and customer experiences. AI and automation are playing an ever-larger role in our operations. In our traffic operations centres, predictive analytics, automation, and machine learning are used to anticipate congestion and respond to incidents more rapidly. This technology monitors roads for incidents such as debris and stopped vehicles, and alerts operators, helping to minimise congestion and improve the customer experience. For more on how our people are adopting AI in their work, see page 30. With human error a factor in around 92% of crashes, 2 the continued momentum of CAV technology presents significant opportunities to improve safety and reduce congestion. For example, our managed motorways are already embedded with smart road technology. By feeding real-time roadside data directly into CAVs, we could extend their awareness beyond on-board sensors, boosting freight efficiency, easing traffic, and helping eliminate incidents. While FY26 saw autonomous ride share services like Waymo expand in the US, 3 just 5% of Americans say they’ve ridden in a driverless car, and public trust remains a hurdle to widespread adoption. 4 With CAV adoption lagging in Australia, we’re using anonymised telematics data to monitor our roads for safety issues and track the performance of safety interventions. This technology will be a major tool in the future of road safety. For example, during construction of the M7-M12 Integration Project in Sydney, we used connected vehicle data to enhance road-worker safety along the Westlink M7 motorway. This involved developing a digital platform to continuously monitor traffic speeds, allowing us to manage road-work speed limits more effectively and enhance the safety of our people working near live traffic. Customer expectations Amid widespread cost-of-living pressures, customer expectations are continually evolving, creating an ever-increasing need for businesses to not only deliver but clearly demonstrate tangible value. With technology enabling a shift towards digital-first and highly personalised solutions, customers now expect businesses to anticipate their needs in real time. In the transport space, this means leveraging data to deliver more tailored offerings. Linkt customers can now receive personalised travel time savings data and live on-road incident notifications, while Linkt Rewards members receive tailored offers based on their location. Privacy breaches and cyberattacks pose a tangible threat in an environment of heightened global instability and shifting economic policies. Navigating these technological advancements while mitigating emerging risks is fundamental to our strategic success and continued growth.
1 Parliamentary Budget Office (Cth), 'Shrinking Revenue Bases in Excise Taxes', Budget Explainer, Parliamentary Budget Office website, 2024, accessed June 2026 2 S Doecke, J Thompson, and C Stokes, 'How do we prevent and mitigate crashes? Evidence from Australian at-scene in-depth crash investigations', Journal of Road Safety, 31(2), pp 35–43, accessed 9 July 2026 3 Waymo, Ready to Ride: Dallas, Houston, San Antonio, and Orlando, Waypoint - The official Waymo blog website, 2026, accessed June 2026 4 W Bishop, '5% of Americans say they’ve ridden in a driverless car', Pew Research Center website, 2026, accessed July 2026 5 Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts, Transport and Infrastructure Net Zero Roadmap and Action Plan: Transport Sector Plan, Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts, 2025, accessed May 2026 6 See FY26 Sustainability Basis of Preparation, materiality methodology section, for more information
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Transurban FY26 Corporate Report Business performance
Business performance
Outlook 13 Delivering on strategy 14 Financial performance highlights 17
Market performance 18 Capital management 21
— 495 Express Lanes, GWA
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Governance and risk
Directors' Report
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Assurance statements
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Introduction Business performance Stakeholders Sustainability
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Outlook Transurban is well positioned for long-term growth, supported by favourable population trends across our key markets, the resilience of our assets and an expanding pipeline of development opportunities.
Our FY27 distribution is expected to be 72 cps. 1 This represents 4.3% growth on FY26, reflecting our commitment to long-term value creation for our security holders. Free cash coverage for FY27 is expected to be slightly below the 95-105% targeted range as we adjust for the M5 West ownership changes. 1 We have been addressing that for some time, driving better performance in the business and seeing more opportunity ahead. Any distribution will ultimately be determined by the Transurban Board. Overall, we remain confident in the long-term outlook for the business and focused on delivering sustainable value for our customers and security holders.
Looking ahead, we see compelling opportunities for growth. In the near term, we are progressing active discussions on three expansion projects that would build on our existing networks and help address growing congestion in our markets. Beyond these opportunities, we remain focused on unlocking long- term value through disciplined capital allocation, population-driven growth in our core markets, evolving government policy and opportunities arising from broader transport network development. We remain committed to improving efficiency across the business. The operational discipline we've built over recent years continues to create capacity to reinvest in initiatives that improve the customer experience and deliver greater value to motorists.
Figure 1 – Building the foundations for our next generation of growth 2 Types of opportunities Milestone Sydney • Proposed widening of the remaining M7 and western M2 3
• Work expected to commence 2028, opening anticipated in 2031
Melbourne
• Opportunities around North East Link • Future opportunities relating to EastLink
• Opportunity-specific • Opportunity-specific
Brisbane
• Logan West Upgrade project • Gateway Motorway upgrades • Broader road enhancements
• Progressed to procurement request for tender April 2026 • Identified as part of Government’s 2032 Delivery Plan • Pre and post 2032 Olympic and Paralympic Games 4 • DFA signed to work with VDOT to assess an enhanced Bi-directional Project • VDOT to continue to study project in 2026 • Opportunity-specific
North America
• 95 Express Lanes Bi-Directional Project • 495 Southside Express Lanes • Maryland/American Legion Bridge
New markets
• I-24 Southeast Choice Lanes project (Nashville, Tennessee) • New Zealand road projects • Continuing to monitor brownfield opportunities • Road user charging policy changes • Portfolio optimisation • Modernisation of concessions (e.g. digitisation of toll notices)
• Bid submitted to TDOT July 2026 • Opportunity-specific • Opportunity specific
Transurban Group
• Monitoring opportunities in Australia and New Zealand • Opportunity-specific • Active discussions with all markets
1 Traffic in June and July showed a more positive trajectory than April and May. Distribution guidance and Free Cash coverage is subject to traffic performance and macroeconomic factors. Any distribution will ultimately be determined by the Transurban Board 2 No assurance can be given that these potential opportunities will eventuate on the timetable outlined or at all, or that Transurban will be able to participate in them. Transurban's ability to participate in any future projects or acquisitions will be subject to, among other things, applicable sales processes, applicable government processes and the receipt of relevant regulatory approvals 3 Subject to planning approval, D&C procurement and Government investment decision 4 Transurban is not a sponsor of the Olympic/Paralympic Games, any Olympic/Paralympic Committees or any national Olympic/Paralympic teams
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Transurban FY26 Corporate Report Business performance
Delivering on strategy Creating value for stakeholders Pursuing growth
Operational efficiencies
In FY26, we continued to progress our strategy of creating value for stakeholders, pursuing growth and driving operational efficiency. Creating value for stakeholders
Most recently, in June 2026 the M7–M12 Integration Project in Sydney opened, enhancing vital transport corridors for rapidly growing communities in Western Sydney and servicing the soon-to-open Western Sydney International Airport. Pursuing growth This year we advanced our broader development pipeline. In April 2026, the Logan West Upgrade project in Queensland progressed to procurement request for tender (RFT). With our partners, we have agreed in-principle to the proposed widening of 17 kilometres of the M2-M7 in Sydney, which will reduce congestion in Sydney’s north-west growth corridor. See page 8. 6 In June 2026, we progressed our discussions with VDOT on the 95 Express Lanes Bi-Directional project, expanding the proposed project footprint. We also divested our ownership of the A25 Motorway in Montreal, with capital to be redeployed. A bid for the I-24 Southeast Choice Lanes was submitted in July 2026. Longer term, our established presence in North America strategically positions the business to address future population growth and evolving mobility demands in the region. For more on our opportunity and delivery pipeline, see page 13. We also continued our long term advocacy around road user charging initiatives and technology solutions to support government. See page 26. Operational efficiencies Maintaining focus on cost discipline throughout the year, FY26 operating cost growth came in below inflation at 3.3%. When new assets are excluded, operating costs remain flat at 0.7%. 2 Total operating costs were $984 million, up $31 million from FY25. Our US assets continue to outperform with a 26% increase in Free Cash vs FY25. 2 To further strengthen our balance sheet, we maintained an optimised debt portfolio with $7.8 billion of new issuance and refinanced debt during the period. This proactive capital management enhanced our overall liquidity and maintained our debt maturity profiles, ensuring we remain well-positioned for future investment cycles.
In FY26, our customers saved a combined 515,200 hours on average every workday, and we continued to invest in new ways to add value and make their journeys safer and more efficient. 1 Traffic was influenced by macroeconomic and geopolitical impacts, particularly within Australia. Traffic volumes increased by 2.2% across the Group, contributing to proportional toll revenue rising 6.7% and proportional operating EBITDA up 7.5% to $3,063 million, 2 compared to FY25. 2,3 Our full-year distribution increased 6.2% to 69.0 cents per stapled security (cps) compared to the prior year. This was 98.1% covered by Free Cash, which rose by 5.1%. 2 We declared $2,151 million of gross distributions to security holders. This financial performance reflects our ongoing strategy to balance disciplined cost management with sustained investment in long-term growth. For more on our financial performance, see page 17. The Direct Deal with the NSW Government for proposed toll reform was finalised in August 2026. The comprehensive toll reform package is expected to modernise Sydney's motorway system, delivering a simpler and more efficient network. While implementation of these reforms is subject to definitive agreements and a range of approvals, Sydney motorists are expected to benefit from a simpler toll system that delivers meaningful, everyday savings. See page 27. 4 With cost-of-living front of mind this year, we worked on building even more value for our customers through Linkt Rewards Program in Australia. Members saved $6.25 million in FY26 with discounts on fuel, car hire, accommodation, competition winnings and more. 5 See page 24. This year we successfully completed three major projects, delivering additional capacity across Melbourne, Sydney and GWA. In GWA, a four kilometre extension to our 495 Express Lanes opened in November 2025, providing critical new travel choices, reliable trip times, and easing congestion for commuters. In June 2026, the project's associated four-kilometre shared-use paths opened. In Melbourne, the West Gate Tunnel Project safely and successfully opened to traffic in December 2025, providing a city-shaping transport solution that significantly reduces travel times and removes heavy freight vehicles from local residential streets.
1 Travel time savings are calculated using TomTom travel times observed on a tolled route and the corresponding alternative route based on best estimated available alternative route that avoids tolls and favours main roads. The savings are calculated by comparing the difference in time between the routes for each hour and direction and are then weighted based on the volume of tolled traffic. Additionally an adjustment to account for the average trip observed on the various assets is incorporated 2 Non-IFRS measure 3 ADT growth on a like-for-like basis (ex. WGT) was +1.4% for the Group. FY26 ADT percentage movements have been adjusted to normalise: (i) the WGT opening impact for Group and Melbourne, by assuming WGT operated for the full FY26; and (ii) the A25 sale impact for Group and North America. WGT opened on 14 December 2025 and Transurban sold its remaining 50% interest in the A25 concession on 15 June 2026 4 Subject to the parties entering formal documentation, and the satisfaction of conditions precedent under those agreements, including financier consents and regulatory approvals. Final Government and concession holder approvals and execution of formal transaction documents are expected by the second half of 2026 5 Total value of partner discounts redeemed and competition winnings in FY26 6 Proposed Widening of the M7 between Richmond Road and the M2, and of the M2 from the M7 to Windsor Road subject to the parties entering into agreements and the satisfaction of conditions precedent under those agreements, including planning and regulatory approvals, financier consents and Government investment decision
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