Governance and risk
Directors' Report
Financial statements
Assurance statements
Security holder information
Introduction Business performance Stakeholders Sustainability
Contents
Capital management Transurban’s approach to capital management supports our investment proposition: to balance growth in distributions to investors and investments to create long-term value.
Capital management The underlying strength of the Group’s cashflows supports security holder distributions and allows efficient funding of opportunities through a combination of debt and equity funding. Debt overview 1 Transurban raised $7.8 billion of debt across bank and debt capital markets to support funding initiatives and the delivery of projects across the business. 2 In doing so, the Group’s weighted average cost of AUD debt increased marginally to 4.8%. The Group’s weighted average tenor is currently 6.6 years. As at 30 June 2026, the Group’s gearing level decreased slightly to 37.4% and Funds from Operations (FFO)/Debt increased to 11.4%. Prudent management of the debt book remains core to the funding strategy, with a focus on growing the diversity of funding sources while reducing funding and liquidity risk.
Funding growth Transurban is well capitalised to support the Group's near-term funding requirements with existing liquidity sources. Transurban is proactive in maintaining a robust balance sheet to ensure sufficient capacity to cover near-term liquidity requirements. Access to a diverse range of funding options is supported by maintaining investment grade credit ratings. Distribution 1 A distribution totalling 35.0 cps will be paid on 18 August 2026 for the six months ended 30 June 2026. This will be made up of a 35.0 cent distribution from Transurban Holding Trust and its controlled entities. This takes the total FY26 distribution to 69.0 cps with Free Cash coverage of 98.1%.
Figure 15 – Total Group proportional drawn debt as at 30 June 2026 2
GOVERNMENT DEBT, 8%
ITL, 8%
USD NOTES (144a), 10%
USD NOTES (PABs)
3%
AMTN, 10%
CAD NOTES
2%
GBP NOTES
2%
US PRIVATE PLACEMENT, 12%
CHF NOTES
2%
A$27,131m
OTHER, 12%
USD NOTES (REG S) AUD PRIVATE PLACEMENT
1%
1%
NOK NOTES <1%
BANK DEBT, 11%
LETTERS OF CREDIT
1%
EUR NOTES, 29%
1 This section presents non-IFRS measures 2 Based on 100% drawn debt excluding any letters of credit. AUD equivalent value shown
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