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Section B: Notes to the Group financial statements for the year ended 30 June 2026
B27 Related party transactions
Joint ventures
2026 $'000
2025 $'000
Transactions with related parties Other revenue 1
359,384 111,364
368,158 82,786
Net finance income
Other expenses
(74)
—
Outstanding balances with related parties Financial assets at amortised cost 2 NWRG shareholder loan notes (SLNs) 2
507,917
521,500
STP JV SLNs 2
1,543,056 2,050,973
1,503,964 2,025,464
Other liabilities NWRG payable for acquisition of customer base
(56,336)
(54,702)
STP JV other liabilities TC other liabilities A25 other liabilities
(1)
(540)
(6,262)
(13,604) (1,424)
—
Other receivables STP JV SLNs interest receivable STP JV other receivables NWRG JV other receivables
21,524 13,932
20,626 32,498
9,135
8,397
TC other receivables A25 other receivables
23,167
27,084
—
1,874
4,107,105
4,071,137
1. Comparative amounts have been reclassified to present on a gross basis the revenue and the corresponding operating costs for some service recharge arrangements to align with current period presentation. 2. The non-current financial assets at amortised cost disclosed above will not reconcile to the amounts disclosed in the consolidated balance sheet, as the consolidated balance includes non-current financial assets at amortised cost relating to third party reimbursement. Transactions with related parties Other revenue Other revenue relates to tolling and management services provided to related parties. Finance income Finance income relates to the interest recorded on financial assets at amortised cost, unwind of discount and remeasurement of financial assets at amortised cost. Other transactions with key management personnel Following Michael Wright’s appointment as a Non-executive Director (and therefore key management personnel) on 1 November 2025, the Group settled an outstanding balance of $15 thousand for consulting services provided by Mr Wright pursuant to a short term, arm’s length consultancy agreement, which concluded in October 2025. The balance was fully settled in cash under normal commercial terms and no further balance remains outstanding as at 30 June 2026. Financial assets at amortised cost Financial assets carried at amortised cost relate to NWRG and STP JV SLNs. The NWRG and STP JV SLNs are denominated in AUD. NWRG shareholder loan notes The NWRG SLNs consist of a non-interest bearing facility with a maturity date of June 2048 and an interest-bearing SLN facility with a rate equivalent to the weighted average of the interest rate applicable to NWRG’s senior secured debt plus a margin of 50bps with a maturity date of August 2032. The agreement includes a mechanism to capitalise interest should funds not be available to settle accrued interest. The nominal value of the NWRG SLNs as at 30 June 2026 is $563,300 thousand (2025: $585,304 thousand). STP JV shareholder loan notes The STP JV SLNs earn interest at a rate equivalent to the weighted average of the interest rate applicable to WestConnex’s senior secured debt plus a margin. The agreements include a mechanism to capitalise interest should funds not be available to settle accrued interest. The SLNs have a maturity date of September 2028. The nominal value of the STP JV SLNs as at 30 June 2026 is $1,511,521 thousand (2025: $1,480,453 thousand).
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