Governance and risk
Directors' Report
Financial statements
Assurance statements
Security holder information
Introduction Business performance Stakeholders Sustainability
Contents
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
13
Made with FlippingBook Digital Publishing Software