2022 Corporate Report

Corporate Report for the year ended 30 June 2022

Introduction and overview

Business performance

Governance and risk

Directors’ report

Remuneration report

Financial statements

Sustainability supplement

Security holder information

How we measure financial performance Free Cash Flow Free Cash is the primary measure used to assess the cash performance of the Group and generally represents the cash available for distribution to security holders. Free Cash is calculated in note B10 of the Group Financial Statements. Proportional EBITDA We consider proportional earnings before interest, tax, depreciation and amortisation

Large vehicle traffic has remained resilient across FY22 in all markets with steady freight demand and e-commerce movements remaining elevated.

elements of the result that management can influence to drive improvements in earnings. Note B4 to the Group Financial Statements presents further detail on the proportional results for the Group, including reconciliations to the statutory result.

Delivering for investors

Traffic performance during FY22

Transurban distributed $1,259 million 2 to security holders in relation to FY22. In parallel, we progressed our pipeline of projects in development across Australia and North America, and invested in strategic opportunities with the potential to further grow the pipeline. Through FY22, Transurban has continued to actively manage its balance sheet, providing optionality to pursue near and longer-term growth opportunities. Positive trends in traffic performance and project delivery, together with the strength of the Group’s balance sheet, provides a meaningful base for Free Cash growth over the medium to longer term.

Group traffic was supported by improvement in airport and CBD activity, continued demand for leisure travel, and commissioning of new assets. 1 This contributed to the Group’s 4Q22 performance exceeding 2019 levels, despite COVID-19 impacts and severe weather events earlier in the period. This was further supported by use of private transport and increased mobility and travel. For example, the performance of airport-exposed corridors improved in line with returning passenger volumes on both domestic and international routes.

(EBITDA) to be the best measure of underlying business performance.

Proportional EBITDA aggregates the results from each asset multiplied by Transurban’s percentage ownership as well as the contribution from central Group functions. Proportional EBITDA reflects the contribution from individual assets to the Group’s operating performance and focuses on

1 M 8 and M5 East opened/commenced tolling on 5 July 2020. NorthConnex opened on 31 October 2020 2 F inal distribution will be paid on 23 August 2022

Our investment proposition Balancing growth in distributions and investment to create long-term value

Leading global toll road developer and operator Using a data-driven approach to facilitate safer and faster journeys for more than 2 million trips each day

21 assets in five markets with average

Balance sheet strength supports growth opportunities Robust balance sheet provides optionality to pursue near and longer-term growth opportunities

Inflation benefit with near-term interest rate

Positioned for long-term growth

opportunities Creating innovative transport solutions in partnership with governments and strategic partners, supported by investment in technology and data capabilities

concession life of nearly 30 years​ Averaging more than 28 years in concession life over the last decade through disciplined investments with seven development projects in progress

protection Embedded CPI

escalation across 68% of revenue, together with debt hedging profile, is expected to provide a net benefit in a near-term rising interest rate environment


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