Transurban FY26 Corporate Report Business performance
How we measure financial performance
Proportional toll revenue 1 Proportional toll revenue is used to assess the Group’s share of customer-generated income across the portfolio, specifically tolls, service, and fee revenue. The measure represents the aggregate toll revenue from each asset, multiplied by Transurban’s ownership interest, providing insight into the Group’s underlying revenue base and operational performance. Note B4 to the Group financial statements presents further detail on the proportional results for the Group, including reconciliations to the statutory result. Proportional EBITDA 1 We consider Proportional EBITDA to be the best measure of underlying business performance. Proportional EBITDA aggregates the results from each asset multiplied by Transurban’s percentage ownership as well as the contribution from central Group functions. Proportional EBITDA reflects the contribution from individual assets to the Group’s operating performance and focuses on elements of the result that management can influence to drive improvements in earnings. Note B4 to the Group financial statements presents further detail on the proportional results for the Group, including reconciliations to the statutory result. Proportional Operating EBITDA 1 Proportional Operating EBITDA is a key measure of the Group’s operational performance with proportional EBITDA adjusted to exclude non-recurring items. In FY26, this included commercial receipts from third parties in connection with the Group's construction contracts of $47 million. This measure provides a clearer view of the underlying profitability of the Group’s core operations and supports performance benchmarking across the portfolio. Note B4 to the Group financial statements presents further detail on the proportional results for the Group, including reconciliations to the statutory result. Free Cash 1 Free Cash is the primary measure used to assess the cash performance of the Group and generally represents the cash available for distribution to security holders. See page 22.
Capital releases 1 Capital releases represent the return of previously invested equity from assets, typically following refinancing or asset performance milestones, adjusted for Transurban's ownership interest. These releases provide flexibility for reinvestment or distribution and are a key component of the Group’s capital strategy. See page 21. Proportional drawn debt 1 Proportional drawn debt is used to assess the Group’s share of total debt obligations across the portfolio. The measure represents the aggregate drawn debt from each asset, multiplied by Transurban’s ownership interest. This measure provides insight into the Group’s financial leverage and funding structure. Statutory drawn debt differs to proportional drawn debt as foreign currency debt issuances are converted at the spot rather than the hedged rate. In addition, statutory debt does not adjust for proportional ownership and reflects consolidated assets. M7, NorthConnex, WestConnex, 95 Express Lanes, 495 Express Lanes and A25 assets are not consolidated, but instead recognised as equity accounted investments in the financial statements. Note B13 to the Group financial statements presents further detail for statutory drawn debt for the Group. 2 Ratios and rates 1 Ratios and rates, including gearing, interest coverage and weighted average cost of debt are used to monitor the Group’s financial health, efficiency and risk profile. They also support benchmarking and inform strategic decisions around funding and investment. Traffic performance 1 FY26 saw traffic growth in all markets across the Group, up 2.2% for the year. 3 Both weekend and weekday average daily traffic (ADT) continued to rise, up 2.0% and 2.3% on FY25 respectively. Large
vehicle traffic increased 6.6% on FY25. For market performance, see page 18.
Figure 3 – Group ADT by year (millions) FY00 – FY26
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1 Non-IFRS measure 2 In June 2026, Transurban sold its remaining 50% interest in the A25 concession
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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