Business performance
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Contents
Section B: Notes to the Group financial statements for the year ended 30 June 2026
Operating performance B4 Segment information
In the segment information provided to the Group Executive Committee (certain members of which act as the chief operating decision maker), segments are defined by the geographical region in which the Group operates being Melbourne, Sydney, Brisbane and North America. The Group's corporate function is not an operating segment under the requirements of AASB 8 Operating Segments as its revenue generating activities are only incidental to the business. The Group Executive Committee assesses the performance of each geographical region based on proportional operating EBITDA. Proportional operating EBITDA is based on a measure of proportional earnings, before net finance costs, income taxes, depreciation, amortisation, share of net gain/loss of equity accounted investments, mark-to-market movements in power purchase agreements, non- recurring items and certain construction costs, and adjusted for major maintenance spend (replacing non-cash major maintenance provision expense). Proportional operating EBITDA reflects the contribution of each geographical region in the proportion of the Group's equity ownership. Proportional EBITDA is proportional operating EBITDA including non-recurring items, which may include, among other things, commercial receipts and transactions, integration, litigation liability and restructuring costs. The diagram below shows the concession assets included in each geographical region, together with the ownership interests held by the Group as at 30 June 2026:
SYDNEY
BRISBANE
NORTH AMERICA
MELBOURNE
CityLink (100%)
Lane Cove Tunnel (100%)
Hills M2 (100%)
West Gate Tunnel 1 (100%)
M5 West 2 (100%)
Cross City Tunnel (100%)
Eastern Distributor (75.1%)
Gateway Motorway (62.5%)
Logan Motorway (62.5%)
Go Between Bridge (62.5%)
Clem7 (62.5%)
Legacy Way 62.5%
AirportlinkM7 62.5%
I-95 Express Lanes 4 (50%)
I-495 Express Lanes 5 (50%)
Westlink M7 2 (50%)
M4 Motorway 3 (50%)
WestConnex M8/M5 East 3 (50%)
NorthConnex 2 (50%)
M4-M8 Link 3 (50%)
1. On 14 December 2025, the West Gate Tunnel commenced operations and opened to traffic in Melbourne. 2. Westlink M7 and NorthConnex (NCX) together form NWRG. 3. The M4, M8/M5 East and M4-M8 Link together form WestConnex (STP JV). The M8/M5 East includes the M8, the M5 East and will include the M5 West from December 2026. The M4- M8 link includes M4-M8 link and Rozelle Interchange.
4. The I-95 Express Lanes includes the 95 Express Lanes, the 395 Express Lanes and the Fredericksburg Extension. 5. The I-495 Express Lanes includes the 495 Express Lanes and the 495 Express Lanes Northern Extension.
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