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Remuneration report Introduction from the Chair of the Remuneration, People and Culture Committee
On behalf of the Board, I am pleased to present Transurban’s remuneration report for the year ended 30 June 2026. FY26 was a year in which geopolitical uncertainty impacted many businesses - both big and small. Through this time, we remained focused on disciplined operational management, delivering our major projects, simplifying internal processes and progressing strategic initiatives to create long-term value for our security holders and all stakeholders. That value creation starts with our customers. In FY26, our roads saved our customers an average of 515,200 hours 1 every workday, with average daily traffic (ADT) across the Group increasing by 2.2%, averaging 2.6 million trips per day. 2 This contributed to proportional toll revenue rising 6.7% and proportional operating EBITDA up 7.5% to $3,063 million compared to FY25. 2 We declared $2,151 million of gross distributions to security holders. This financial performance reflects our ongoing strategy to balance disciplined cost management with sustained investment in long-term growth. Critical milestones were achieved across the development portfolio. • The West Gate Tunnel in Melbourne opened to traffic, taking trucks off local streets and saving freight operators significant travel time. • In the US, the 495 Express Lanes Northern Extension was delivered ahead of schedule providing new travel choices and helping to ease congestion for commuters in the Greater Washington Area (GWA). • In Sydney, widened sections of the M7 opened to traffic from March 2026 and the entire M7-M12 Integration Project opened in June 2026. The integrated M7-M12 improves connections into Western Sydney and the new Western Sydney Airport. The Direct Deal with the NSW Government for proposed toll reform was finalised in August 2026. The comprehensive toll reform package is expected to modernise Sydney's motorway system and deliver a simpler and more efficient network, while protecting the $36 billion investment Transurban and its partners have made in the Sydney road network. While implementation of these reforms is subject to definitive agreements and a range of approvals, 3 Sydney motorists are expected to benefit from a simpler toll system that delivers meaningful, everyday savings. Throughout FY26, we remained focused on creating value for all our stakeholders. We continued to invest in our Linkt Rewards program, with our 2.0 million members saving more than $21.6 million through discounts and special offers since the program commenced in FY19. 4 Complementing our customer-focused initiatives, we invested $4.66 million 5 in key community and social programs this year. Transurban continues to stay actively engaged in road user charging reform, contributing to policy discussions in Australia, the US and New Zealand and conducting real-world RUC trials.
Safety remains one of our highest priorities. Monash University Accident Research Centre (MUARC) 6 found that our Transurban Australian roads, compared to like roads in each state, are on average at least twice as safe and all of our operating assets are rated three stars or higher (out of five) by iRAP. We remain focused on environmental, social and governance (ESG) initiatives that support our purpose and continue to report against globally recognised sustainability frameworks, this year transitioning to reporting against ASRS s2 climate-related disclosures in our Sustainability Report (Climate Disclosures). Underpinning our achievements are our people, who remain fundamental to our success. We continue to build an inclusive and high-performing workplace, which includes a focus on achieving gender balance across the workforce, reducing our overall gender pay gap, and maintaining a pay equity gap of less than 1% across like-for-like roles. More details on the following can be found in the Corporate Report: • Purpose and values (see page 7) • Project updates (see page 8) • Business performance (see page 12)
• Customers (see page 24) • Road safety (see page 25) • Sustainability report (Climate Statements) (see page 34)
FY26 remuneration outcomes The success of our business is tied to the value we create for all our stakeholders. This approach is reflected in our Group Performance Scorecard, which we use to determine the Short Term Incentive (STI) pool. The scorecard’s financial and non-financial measures assess our performance in terms of Financials (Proportional EBITDA and Proportional Net Costs) 1 and Non-Financials (Health, Safety, Sustainability and Environment (HSSE)); and Customer and Delivery. The FY26 remuneration outcomes are outlined below and, in the Board’s view, fairly reflect individual and Group performance, taking into consideration market conditions and security holder experience. The current remuneration framework enables the Board to consider any remuneration implications for accountable executives with regard to the outcome of key deliverables at the appropriate time.
1 Travel time savings are calculated using TomTom travel times observed on a tolled route and the corresponding alternative route based on best estimated available alternative route that avoids tolls and favours main roads. The savings are calculated by comparing the difference in time between the routes for each hour and direction and are then weighted based on the volume of tolled traffic. Additionally an adjustment to account for the average trip observed on the various assets is incorporated 2 Non-IFRS measure 3 Subject to the parties entering formal documentation, and the satisfaction of conditions precedent under those agreements, including financier consents and regulatory approvals. Final Government and concession holder approvals and execution of formal transaction documents are expected by the second half of 2026
4 Savings represents the total value of partner discounts redeemed 5 For more information see FY26 Sustainability Basis of Preparation 6 Data from 2017-2024, with analysis and report finalised in 2025
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