Transurban FY26 Corporate Report Remuneration Report
Our business performance Financial highlights for FY26
Transurban’s five year TSR performance against ASX indices 1 Further details of our Group performance are provided in the Business Performance section from page 12
Transurban
ASX50
ASX200
Traffic volumes increased across all markets. This contributed to proportional toll revenue rising 6.7% 1 and Proportional Operating EBITDA up 7.5% to $3,063 million, 1 compared to FY25. Large vehicle traffic increased 6.6% on FY25. EBITDA margins improved by 80 basis points 1 to $3,110 1 million. Our full-year distribution increased 6.2% to 69.0 cents per stapled security (cps) compared to the prior year, and 98.1% covered by Free Cash 1 This financial performance reflects our ongoing strategy to balance disciplined cost management with sustained investment in long-term growth. We continued the focus on internal efficiency and through active cost management, cost growth was contained to 3.3%, compared to FY25.
0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50
2022 2023 2024 2025 2026
Overview of Group performance The following table shows the Group’s performance over the past five financial years.
Five-year performance Proportional EBITDA 1,2,3,4
FY22 1,900
FY23 2,448
FY24 2,651
FY25 2,676
FY26 3,110
$ millions
Proportional Operating EBITDA 1,5
$ millions
1,900
2,460
2,651
2,848
3,063
Free Cash per security (incl Cash Reserves and Capital Releases) 1,2,6 Free Cash per security (excl Cash Reserves and Capital Releases) 1,2,7
Cents
49.9
56.0
81.0
85.6
73.2
Cents
38.3
55.2
60.4
64.7
67.7
Distribution paid per security 1
Cents
41.0
58.0
62.0
65
69
Security price at 30 June 8
$
14.38
14.25
12.40
13.98
14.38
TSR at 30 June 1
%
4.9
3.4
(8.8)
18.2
8.8
Market capitalisation at 30 June
$ billions
44.16
43.90
38.34
43.46
44.87
Group STI outcome
%
85.3
108
92.9
105
96
LTI vesting outcome
%
42.8
35.7
0
0
57
1 Non-IFRS measure 2 FY25 and FY26 Proportional EBITDA and Free Cash based on reporting change announced 8 February 2024. FY24 Proportional EBITDA and Free Cash has been restated to align to the new definition. FY22 and FY23 Proportional EBITDA and Free Cash calculated on previous definition. 3 FY26 Proportional EBITDA includes non-recurring items relating to commercial receipts from third parties in connection with the Group’s construction contracts. FY25 Proportional EBITDA includes non-recurring items relating to the ConnectEast litigation liability (for prior period roaming fees charged) and restructure costs 4 Refer to Note B4 of the audited financial statements 5 Proportional Operating EBITDA excludes non-recurring items, which may include, among other things, transaction, integration and litigation liability costs and is based on reporting change announced 8 February 2024. FY24 Proportional Operating EBITDA restated to align to the new definition. FY22 and FY23 Proportional Operational EBITDA is calculated on previous definition
6 Free Cash includes Cash Reserve and Capital Releases. Refer to Note B9 of the audited financial statements 7 Free Cash excludes Cash Reserve and Capital Releases. Refer to Note B9 of the audited financial statements 8 The opening security price in FY22 was $14.23
96
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