Transurban FY26 Corporate Report Remuneration Report
FY26 Executive KMP STI outcomes The STI performance outcomes and awards for the CEO and Executive KMP, are provided in the following table.
STI as a % of maximum opportunity
STI Deferred equity ($) 1
STI as a % of target opportunity
Executive KMP
STI Outcome ($)
STI Cash ($)
Current M Jablko
2,289,000 = 990,000 = 691,000 = 798,000 =
1,144,500 + 495,000 + 345,500 + 399,000 +
1,144,500
72 %
108 %
H Byrne
495,000
67 %
100 %
D Clements
345,500
64 %
96 %
S Moorfield
399,000
63 %
95 %
Former N Green 2
450,000 =
225,000 +
225,000
50 %
75 %
LTI outcomes Value of FY22 LTI plan performance awards vested and lapsed in FY26 The FY22 LTI plan was the first award following the Board approval to extend the performance period from three years to four years. To support the transition to a four-year performance period, the FY22 LTI plan consisted of two tranches. Tranche 1 (50% of awards granted) has a three-year performance period (1 July 2021 to 30 June 2024) and Tranche 2 (50% of awards granted) has a four-year performance period (1 July 2021 to 30 June 2025). Tranche 2 of the FY22 LTI plan was granted in October 2021 with a single performance measure of relative TSR and covered the performance period from 1 July 2021 to 30 June 2025, vested on 29 August 2025. The overall vesting outcome of the performance tests was as follows:
LTI grants Performance awards granted in FY26
The FY26 LTI Plan has a four-year performance period (1 July 2025 to 30 June 2029), with 50% subject to relative TSR and 50% subject to FCF (excluding Cash Reserve and Capital Releases) per security growth rate. This grant is allocated based on a full-face value methodology. Looking ahead – performance awards to be granted in FY27 LTI performance awards to be granted in FY27 will have a four-year performance period (1 July 2026 to 30 June 2030), with 50% subject to relative TSR and 50% subject to FCF 3 per security growth. This grant will be allocated based on a full-face value methodology. The FY27 LTI performance awards for the FCF 4 tranche will have a compound annual growth rate (CAGR) range 4 which determines 50% and 100% vesting. The annual growth rate may be higher or lower in any given year, however translates to an aggregate FCF as shown below. The aggregate FCF growth associated with the FY27 LTI plan includes the reduced contribution from the M5 West concession to 50% ownership from 100% after it transfers to WCX in FY27. The reduced contribution from the M5 West concession results in approximately 2.3% 5 lower CAGR over the performance period. FCF growth based on FY26 free cash outcome Aggregate FCF (cps) Base 67.7 cps 50% vesting 4.0% CAGR 299.0 100% vesting 6.0% CAGR 313.9
Performance measure
Vesting outcome %
Results
Transurban ranked 14th out of 29 companies (54th percentile)
TSR (100%)
57 % 57 %
Overall vesting
Value of FY23 LTI plan performance awards to vest/lapse in FY27 The FY23 LTI plan (1 July 2022 to 30 June 2026) is scheduled to vest in August 2026. 50% of this plan is subject to relative TSR and 50% subject to FCF (excluding Cash Reserve and Capital Releases) per security growth rate, with testing of the performance hurdle indicating that 50% of awards will vest for eligible participants. Details of vesting for each Executive KMP will be included in next year’s Remuneration Report.
1 Securities are subject to a two-year restriction period following the end of the performance year. Securities will be granted in October 2026 2 N Green ceased being a KMP on 31 March 2026, STI outcome reflects the period she was an Executive KMP. The deferred component of her STI will be delivered as deferred cash with the same vesting conditions as STI deferred equity 3 References to FCF in relation to FY27 LTI Plan exclude Cash Reserve and Capital Releases 4 The FCF (excluding Cash Reserve and Capital Releases) per security target range is calculated taking into account each of the FCF budget and forecasts over the four year performance period and determining the CAGR required to achieve the four year aggregated FCF. The calculation specifically excludes any contributions from Cash Reserve and Capital Releases. Capital Releases refers to the injection of debt into Transurban assets, thereby releasing equity, and Cash Reserve Releases refers to the permanent movement in cash reserves that were required under relevant concession and/or loan agreements. These are non-IFRS measures 5 The reduced contribution from the M5 West concession results in approximately 2.3% lower CAGR over the performance period based on FY26 free cash contribution
100
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