Governance and risk
Directors' Report
Financial statements
Assurance statements
Security holder information
Introduction Business performance Stakeholders Sustainability
Contents
Financial performance highlights
Financial metrics
FY26
FY25
% change 1
Statutory revenue
$ millions
3,895
3,953
(1.5)
Statutory NPAT
$ millions
432
178
143.5
Statutory cash flow from operating activities
$ millions
1,757
1,515
16.0
Proportional toll revenue 2
$ millions
3,982
3,732
6.7
Proportional EBITDA 2
$ millions
3,110
2,676
16.2
Proportional Operating EBITDA 2, 5
$ millions
3,063
2,848
7.5
Free Cash (including Capital Releases and cash reserves) 2,3
$ millions
2,283
2,659
(14.2)
Free Cash (excluding Capital Releases and cash reserves) 2,3
$ millions
2,111
2,008
5.1
Gross distributions
$ millions
2,151
2,019
6.5
Distributions per security
cps
69
65
6.2
Capital Releases 2
$ millions
172
558
(69.2)
Group debt 2,4
$ millions
27,131
26,821
1.2
Ratios and rates
FY26
Proportional Group EBITDA margin 2
%
75.7
Corporate credit rating 5
rating BBB+ / Baa1 / A-
Distributions Free Cash Flow coverage 2
%
98.1
Corporate SICR 2
x
3.6
Gearing 2
%
37.4
Weighted average cost of debt 2,6
FY26
AUD debt
%
4.8
USD debt
%
4.0
CAD debt
%
4.6
Figure 4 – Average daily traffic (millions)
Figure 5 – Proportional toll revenue ($ millions) 2
Figure 6 – Proportional operating EBITDA ($ millions) 2,7
75.7
74.9
73.4 73.7
72.5
3,063
3,982
2,848
2.6
3,732
2.5
2.5
2,651
3,535
2.4
2,482
3,314
1,955
2.0
2,626
FY22 FY23 FY24 FY25 FY26
FY22 FY23 FY24 FY25 FY26
FY22 FY23 FY24 FY25 FY26
EBITDA margin (%) Proportional Operating EBITDA ($M)
1 Figures used for calculating percentage movements are based on whole numbers and relate to percentage movements from the previous corresponding period 2 Non-IFRS measure 3 Further details on distributions and Free Cash are presented in Note B9 of the Group Financial Statements and on page 22 4 Calculated using proportional debt inclusive of issued letters of credit 5 From S&P Global Ratings, Moody’s Investor Service and Fitch Ratings respectively 6 Calculated using proportional drawn debt exclusive of letters of credit 7 Proportional Operating EBITDA excludes non-recurring items. In FY26 non-recurring items included commercial receipts received from third parties in connection with construction contracts recognised of $47m. In FY25 non-recurring items include ConnectEast litigation liability costs recognised of $143m and restructure costs of $29m
17
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