Governance and risk
Directors' Report
Financial statements
Assurance statements
Security holder information
Introduction Business performance Stakeholders Sustainability
Contents
FY26 CEO Performance The CEO’s individual Key Performance Indicators (KPIs) are anchored to Transurban’s strategic pillars, aligning incentive outcomes with the successful execution of our long term strategic priorities and the creation of sustainable security holder value.
Priority
Performance
Creating value for Stakeholders
• Directed strategy, culture and investment toward delivering sustained value for customers, communities and security holders • Led Transurban’s engagement on NSW toll reform, positioning the Company as a constructive partner and progressing outcomes that support customer affordability while protecting long-term shareholder value • Delivered, integrated and opened the West Gate Tunnel Project in December 2025, providing immediate community benefits and demonstrating strong execution and partnership management • Strengthened the customer value proposition through continued investment in personalised experiences, rewards and digital capability • Maintained strong engagement with governments, partners and investors, supporting Transurban’s reputation and trust • Embedded purpose, values and leadership alignment, while maintaining a proactive safety focus, strong diversity and inclusion outcomes and building a strong executive team • Advanced a disciplined development pipeline across key active markets to support next phase of growth • Continued to build the development pipeline, including expanded collaboration with Virginia Department of Transportation with the 95 Express Lanes Bi-Directional Project, widening of the remaining M7 and western M2 and Logan West Upgrade project • Progressed future transport solutions and capability, including approaching Road User Charging in a customer-centred way, and advancement in data, digital and AI • Disciplined cost management, prioritisation and reallocation of resources toward highest-value opportunities, with continued focus on capital discipline • Delivered strong performance across major road and technology projects (e.g. 495 Northern Extension; Project NEXT; M7– M12; cyber investments and improvements; customer system consolidation) • Delivered improved financial outcomes, including step change in North American performance and toll notice reform in NSW to deliver a simpler and easier experience for motorists • FY26 distribution of 69.0 cents per stapled security was up 6.2% on FY25, and 98.1% covered by Free Cash. Proportional toll revenue increased by 6.7%, while total operating costs remained controlled. Proportional Operating EBITDA increased by 7.5% , with a strong balance sheet supported by robust covenants, credit ratings and liquidity • Embedded operating model changes and simplified the business, strengthening core processes, controls and organisational effectiveness, including adoption of AI-enabled tools • Proactively maintained operational discipline across the business amid a challenging macroeconomic environment and heightened geopolitical risk.
Pursue growth
Drive operational efficiency
The Board considers that, as CEO, Michelle Jablko delivered strong performance in FY26, including: • Leading the organisation with discipline and clarity of focus, strengthening performance and long-term positioning • Delivering major milestones, including finalising the Direct Deal with the NSW Government for proposed toll reform, the successful opening of the West Gate Tunnel Project and the M7-M12 Integration Project. • Advancing a high-quality, prioritised growth pipeline, including new market opportunities • Strengthening customer outcomes and stakeholder trust, including through progress on NSW toll reform • Driving innovative safety designs by continuing to deploy proactive technology on our major projects, such as integrated advanced lane detection technology within the West Gate Tunnel • Improving financial performance and operational efficiency through disciplined cost management and execution • Building organisational capability, alignment and culture to support sustained performance and growth Under Michelle’s leadership, Transurban is well positioned to deliver sustainable long-term value, supported by strong capability, disciplined execution and a clear growth pipeline. The Board assessed the CEO’s performance against the overall Group results as well as achievement of her individual KPIs, with a view to aligning outcomes with the experience and expectations of Transurban’s security holders and other stakeholders. This holistic assessment has resulted in a final STI outcome of 108% of her target opportunity (or 72% of her maximum opportunity).
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