Transurban FY26 Corporate Report Security holder information
10-year history Operational metrics
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Number of operational assets
# #
15
16
17
18
21
21
22
22
22
22
Number of markets Average daily traffic 1 Group
4
5
5
5
5
5
5
5
5
4
thousands thousands thousands thousands thousands $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions
1,946
2,035
2,217
2,026
2,018
2,008
2,408
2,449 1,008
2,503 1,036
2,579 1,048
Sydney
644 813 394
663 824 403 144
814 851 405 147
761 750 383 132
931 566 407 115
802 648 418 140
995 806 457 149
Melbourne
819 464 157
829 471 168
873 483 176
Brisbane
North America
96
Statutory financials Statutory revenue 2
3,169 2
2,886 2 3,272
2,732
3,298
4,166
3,406
4,157
4,119
3,953
3,895
432
Statutory NPAT
209 837
468
170
(153)
16
92
376
178
Statutory cash flows from operating activities
1,053
1,197
1,131
893
982
1,459
1,631
1,515
1,757
Proportional financials Proportional toll revenue 3,4 Group
2,153
2,340
2,581 1,042
2,492 1,072
2,486 1,278
2,626 1,264
3,314 1,668
3,535 1,767
3,732 1,846
3,982 1,928 1076
Sydney
872 687 385 209
944 780 393 223
Melbourne
813 402 324
747 394 279
616 425 167
722 451 189
894 520 232
948 568 252
987 597 302
Brisbane
633 345
North America
Proportional operating EBITDA (excl. non-recurring items) 4,5 Group $ millions
1,629
1,796
2,016
1,888
1,836 1,033
1,955 1,006
2,482 1,345
2,651 1,390
2,848 1,448
3,063 1,517
Sydney
$ millions $ millions $ millions $ millions $ millions $ millions
702 594 268 116
763 688 279 130
856 716 293 210
879 634 286 154
Melbourne
502 314
595 334 133
749 381 159
783 420 188
845 453 221
901 493 264
Brisbane
North America
72
Corporate and other
(51)
(64)
(59)
(65)
(85)
(133)
(152)
(130)
(119)
(112) 2,283
Free Cash (including Capital Releases) 4,6 Free Cash (excluding Capital Releases and cash reserves) 4,6
1,220
1,215
1,527
1,476
1,278
1,491
1,795
2,504
2,659
$ millions
1,046
1,215
1,285
1,156
939
1,136
1,725
1,867
2,008
2,111
Proportional drawn debt 4
$ millions 13,639
14,971
19,394 15,112
22,118
20,763 10,016
23,574
24,007
25,868
26,821
27,131
Gross debt raised 7
$ millions $ millions
4,518
5,865 1,900
7,968
6,715 4,220
7,747
5,034
3,491
7,763
Equity raised
–
4,820
812
–
–
–
–
–
Ratios and rates Group EBITDA margin 4,5
73.7 74.9 8
% 73.9 % 8.5
74.9
75.7
73.3
71.7
72.5
73.4 12.3
75.7
FFO/Debt 4
10.5 11.4 9
8.9 4.9
8.7 4.1
7.0 3.8
9.4 2.8
9.1 3.3
11.5
Corporate SICR 4,10
x
3.9
4.2
4.2
3.6
3.6
Gearing 4
% 35.3
35.2
32.0
35.8
34.3
34.2
35.0
39.9
37.8
37.4
Weighted average cost of debt 4 AUD
% 4.9 % 4.3
4.9 4.4 5.8 8.6
4.6 4.4 4.9 8.3
4.4 4.4 5.0 8.4
4.1 4.5 5.0 7.7
3.9 3.6 5.0 7.1
4.1 3.6 4.9 6.9
4.5 3.6 4.9 6.7
4.5 3.7 4.9 6.6
4.8 4.0 4.6 6.6
USD CAD
%
–
Weighted average debt maturity 4,11 Weighted average concession length 12
years years
9.0
27.3
29.7
28.3
30.8
28.8
26.2
29.1
28.7
28.3
27.9
Corporate information Market capitalisation 13 Total shareholder return 4
$ billions
24.32 26.63 39.43 38.65 38.96 44.16
43.9 38.34 43.46 44.87
8.8
%
4
6
31
(1)
3
4.9
3.4
(8.8)
18.2
Gross distributions
$ millions
1,055
1,174
1,577
1,284
999 36.5
1,259
1,785
1,916
2,019
2,151
Distributions per security 4
cps
51.5
56
59
47
41
58
62
65
69
Securities on issue 14
millions
2,052
2,225
2,675
2,735
2,738
3,071
3,081
3,092
3,108
3,120
1 CityLink and West Gate Tunnel traffic reported as average daily transactions (‘000) 2 Statutory results for FY20 and FY21 have been reclassified to present Transurban Chesapeake as discontinued operations in the current period. FY25 has 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 3 Definition of toll revenue adjusted in FY16 to include fee revenue. Prior to this, the definition of toll revenue was disclosed as toll revenue only, and fee and other revenue 4 Non-IFRS measure 5 In FY25 the Group changed its definition of Proportional EBITDA and Proportional Operating EBITDA. FY22, FY23 and FY24 Proportional EBITDA, Proportional Operating EBITDA and EBITDA margin have been restated to align to the new definition 6 Free Cash movement has been determined using the FY24 restated Free Cash as the starting point. Refer to FY24 Investor presentation, slide 29. Free Cash calculation is based on Proportional EBITDA, excluding non-recurring items 7 Calculated at 100% of debt facility size exclusive of letters of credit. USD and CAD debt are converted at the relevant closing spot exchange rate where no cross currency swaps are in place 8 Group Operating EBITDA margin has been restated to present on a gross basis the revenue and the corresponding operating costs for some service recharge arrangements to align with current period presentation 9 On 17 July 2026, S&P released a Research Update report indicating a change to its calculation of Transurban’s credit metrics to reflect the growing contribution to the Group’s earnings from equity accounted investments. Going forward, S&P now proportionally consolidates all the Group’s toll road investments. S&P affirmed the existing BBB+ credit rating. S&P could lower the rating if FFO/Debt fell below 6.5% on a sustained basis 10 Note the June 2025 ratio has been amended to 3.6x from 3.7x due to a correction made in the current period 11 FY18 to FY25 has been calculated using proportional drawn debt. FY12 to FY17 was calculated on the full value of available debt facilities. Prior to FY19, the previously reported tenor did not reflect the amortisation profile that occurs in the latter years of the USA asset debt facilities 12 Proportional historical revenue-weighted average concession life 13 Market capitalisation calculated using the closing share price on 30 June and total shares on issue 14 Securities on issue based on number of securities as at 30 June
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