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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