Transurban's Corporate Report for the financial reporting period of FY24.
Corporate Report
for the year ended 30 June 2025
Transurban Corporate Report FY25 Introduction
Our year in numbers
$2,019M gross distributions to security holders
$2,848M proportional operating EBITDA 1 5.6% increase in proportional toll revenue 1,3
11.3M customers globally 2
2.5M trips on average taken on our roads every day 4.16 road injury crash index, against threshold of 4.15 479,000 average hours saved by customers every workday 5
$3.1M towards community investment
$2.3M estimated fuel saved on average every workday by taking our Australian roads 4
3.0% increase in statutory toll revenue 3
$118M statutory profit before income tax
1 Non-IFRS measure 2 Refers to the number of both account and pass holders in Australia, and individual users in North America each year 3 Figures used for calculating percentage movements are based on whole numbers and relate to percentage movements from the previous corresponding period 4 Australian trips only. Calculation based on the average consumer petrol and diesel prices across Sydney Brisbane and Melbourne for each month in FY25 (price data sourced from the Australian Institute of Petroleum), and customer travel and emissions data methodology detailed in our FY25 Sustainability Basis of Preparation 5 Compared to the toll-free alternative route
West Gate Tunnel Project, Melbourne Cover photograph: the newly built M7-M12 interchange bridges, over the M7 Motorway.
2
Contents
Introduction and overview
Letter from our Chair and CEO
6 8 9
Integrated reporting Strategic context About Transurban Executive Committee
12 13 14 16 18 20
Working with our stakeholders
Our roads and projects
Project updates
Opportunity and delivery pipeline
Business performance
Delivering on strategy
22 25 30
Financial performance highlights
Outlook
Stakeholders
Customers
32 37 41 44 48
Government and industry
Communities Our people
Business partners and suppliers
Climate disclosure
Climate disclosure
52
Governance and risk
Governance
59 62 68
Board of Directors Risk management
Directors’ Report
Directors’ Report
79 81
Remuneration report
Financial statements
103
Assurance statements
212
Security holder information
Security holder information
228 229 232 235
10-year history
Glossary
Key contacts
3
Transurban Corporate Report FY25 Introduction
Forward-looking statements This report contains certain forward-looking statements. The words “continue”, “intend”, “expect”, “forecast”, “potential”, “estimated”, “projected”, “likely”, “anticipate” and other similar expressions are intended to identify forward-looking statements. This report contains certain climate-related statements which are subject to uncertainties, limitations, risks and assumptions associated with climate-related information and the ever-changing environment we operate in. The information in this report should be read in conjunction with the qualifications and guidance included in the FY25 Sustainability Basis of Preparation document. Indications of, and guidance on, future earnings, financial position, distributions, capex requirements and performance, interest rate and CPI sensitivity and emission reduction targets are also forward-looking statements as are statements regarding plans, strategies and objectives of management and internal management estimates and assessments of traffic expectations and market outlook. These statements discuss future expectations concerning the results of asset and/or financial conditions or provide other forward- looking information. The forward-looking statements are based on the information available as at the date of this report and/or the date of Transurban’s planning processes or scenario analysis processes. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks (including the risks set out in the “Risk management” section of this report), uncertainties and other factors, many of which are beyond the control of the Transurban Group, its related bodies corporate, or their respective directors, officers, employees, agents and advisors, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements, noting that information in this report is not intended to provide guidance in relation to the future performance of the Transurban Group.
There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. There can be no assurance that potential opportunities will eventuate on the timetable outlined or at all, or that Transurban will be able to participate in them. Transurban’s ability to participate in any future projects or acquisitions will be subject to, among other things, applicable government and other processes and the receipt of relevant regulatory approvals. Investors should not place undue reliance on forward-looking statements, particularly in light of the current economic climate and significant global volatility, uncertainty and disruption. To the maximum extent permitted by law, none of the Transurban Group, nor its related bodies corporate or affiliates, and none of their respective directors, officers, employees or agents or any other person: (1) accept any responsibility or liability including, without limitation, any liability arising from fault or negligence for any loss arising from any forward-looking statement; (2) make any representation or warranty, express or implied, as to the likelihood of fulfilment of any forward-looking statements or any event or results expressed or implied in any forward-looking statement; or (3) have any obligation to correct or update any forward- looking statement. Non-IFRS information Non-IFRS measures are financial measures other than those defined or specified under any relevant Australian Accounting Standard and may not be directly comparable with other companies' information. We believe that non-IFRS measures provide useful information, however, should not be considered as an indication of, or as a substitute for, statutory financial information and measures. Proportional toll revenue, proportional Earnings Before Interest Depreciation and Amortisation (EBITDA), Proportional Operating EBITDA, Free Cash and Capital Releases are audited. The remaining non-IFRS measures are not audited.
Reporting suite FY25 Corporate Report (this report)
Transurban’s holistic performance for FY25, including our financial statements. FY25 Results Presentation Management presentation of financial and non-financial results, including non- statutory analysis. FY25 Sustainability Data Pack Data sets for sustainability metrics, including Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI), Taskforce on Climate-related Financial Disclosures Index (TCFD), and our alignment with the United Nations (UN) Sustainable Development Goals (SDGs). FY25 Corporate Governance Statement Statement made in accordance with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th Edition). FY24 Tax Transparency Report Overview of our corporate structure, approach to tax and tax position for FY24 – available late 2025. FY25 Modern Slavery Statement Overview of how we identify, manage and mitigate the specific risks of modern slavery in our operations and supply chains – available late 2025.
FY25 Sustainability Basis of Preparation
Description of the key boundaries, methodologies, and references used in the preparation of a selection of sustainability metrics and climate disclosures.
All available on our website transurban.com
4
Letter from our Chair and CEO
6
Integrated reporting
8
Strategic context
9 0
About Transurban
12
Executive Committee
13
Working with our stakeholders
14
Our roads and projects
16
Project updates
18
Opportunity and delivery pipeline
20
CityLink, Melbourne
5
Transurban Corporate Report FY25 Introduction
Letter from our Chair and CEO
We are pleased to present Transurban’s Corporate Report for FY25.
Creating value for stakeholders In FY25, we continued our focus on improving the end-to-end customer experience, bringing together our physical assets with our digital offerings to offer customers even more value. This included the launch of a personalised travel-time savings feature in the Linkt app, which is now helping our Australian customers quantify the value they get from using our roads. In FY25, our customers collectively saved 479,000 hours 2 on average every workday by choosing our roads. Our Linkt Rewards program also continued to expand, with membership growing 55% in FY25, to nearly 1.6 million members who can take advantage of savings from our range of rewards partners. We are focused on where we can take this program in the future, and this year we started trialling an ‘earn and redeem’ Linkt Rewards model, which has received positive feedback so far.
It was a year of great progress for the business, as we focused on creating value for stakeholders, driving operational efficiency and pursuing growth. Real and sustainable value was delivered for all our stakeholders this year through new initiatives and continuous improvement, both on and off the road, positioning us for the significant growth opportunities ahead. Financial highlights In FY25, traffic and revenue increased across all markets, highlighting the value customers see in choosing to take our roads over alternative routes. Proportional toll revenue increased by 5.6% to $3,732 million, underpinned by a 2.2% increase in traffic across the Group. 1
Our continued focus on managing costs and maximising the performance and efficiency of our operations saw FY25 total operating costs remain flat at $947 million. Alongside this, Proportional Operating EBITDA was up 7.4% to $2,848 million compared to FY24, and our EBITDA margin improved by 140 basis points. 1 We also saw an increase in Free Cash to $2,008 million, an increase of 7.6% on FY24 ($1,867 million). 1 Our full-year distribution of 65 cents per stapled security was up 4.8% on FY24, and 99.5% covered by Free Cash, with $2,019 million in gross distributions paid to our security holders. 1 Our ability to convert traffic performance into cash flow, and ultimately into distributions, highlights the quality and defensive characteristics of our portfolio, especially in the current uncertain macroeconomic environment.
1 Non-IFRS measure/s 2 Compared to the fastest toll-free alternative route. All times are averages and estimates modelled based on Deloitte Access Economics (DAE) and Transurban analysis
6
Letter from our Chair and CEO | Contents
We remain focused on environmental, social and governance (ESG) initiatives that support our purpose to ‘be the link between people, places and progress’. Our annual Community Engagement Survey of more than 5,000 people in our Australian markets gives us valuable insight into what matters most to our stakeholders and helps us understand where we can have the greatest impact. Consistent with previous surveys, this year’s findings demonstrated strong support for our road safety initiatives. We were pleased to confirm that the Monash University Accident Research Centre’s latest analysis found that, compared to like roads in each state, our roads are on average at least twice as safe. 1 And our partnership with Kidsafe achieved an exciting milestone this year – our 10,000th free car seat safety check. We were also out in our communities – from fun runs, to driver training programs and community grants – investing more than $3.1 million in initiatives and causes aligned with our values. In NSW, one of our biggest near-term priorities has been working towards a resolution on toll reform. Significant progress is being made on a balanced solution for motorists, investors and the NSW Government as part of collaborative and positive negotiations. Operational efficiencies In FY25, we continued to focus on initiatives to improve efficiency to become a more nimble and dynamic business. As part of this work, we undertook changes to our operating model to streamline operations and remove duplication, without compromising safety and operational excellence. This included a comprehensive organisational review, which resulted in the difficult decision to reduce our workforce. This was not a decision we made lightly, and the change was carried out with the upmost care for everyone impacted.
Our new operating model is already having benefits, allowing us to focus better on, and invest in, the growth opportunities ahead of us. Pursuing growth With $12.8 billion of projects expected to open in the next year, and more than $10 billion in active project discussions underway, we are focused on replenishing our pipeline in both existing and new markets. FY25 was a significant year for our projects in construction. The West Gate Tunnel Project in Melbourne achieved major construction milestones across the tunnel, freeway and shared-user paths. Around 95% of the key components are now complete or entering the final stages of delivery. In Virginia, the northern extension of the 495 Express Lanes in Northern Virginia is approximately 82% complete – with work progressing on paving, signage and transport technology. Both projects are due to open in the coming months, unlocking new journeys and delivering further travel time savings for our customers. The M7-M12 Integration Project in Sydney, which will service the new Western Sydney Airport and the region’s rapidly increasing population, is well progressed towards opening in calendar year 2026. In Brisbane, we recently completed community consultation on a proposed project to upgrade approximately 10 kilometres of the Logan Motorway, one of the region’s most critical transport corridors. Feedback received from community and industry stakeholders during consultation is now helping guide the project’s design. We were also pleased to see Gateway Motorway interchange upgrades listed as a supported project in the Queensland Government’s 2032 Delivery Plan for the Brisbane Olympic and Paralympic Games. 2 We agree this is a much-needed project.
And in North America, our strategic partnerships are allowing us to explore new cities in a capital-light way, with partners that complement our own expertise. With populations growing in all of our markets, our portfolio is strategically positioned to address growing cities’ evolving mobility needs and support long term value creation and growth in distributions for our security holders. We thank our security holders for their ongoing support of Transurban. We would also like to thank Transurban employees for their dedication and hard work throughout the year. Their commitment has been central to navigating our operating model changes and achieving the many milestones detailed in this report.
Michelle Jablko Chief Executive Officer
Craig Drummond Chair and Independent Non-executive Director
1 Data from 2017-2024, with analysis and report finalised in 2025 2 Transurban is not a sponsor of the Olympic/Paralympic Games, any Olympic/Paralympic Committees or any national Olympic/Paralympic teams
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Transurban Corporate Report FY25 Introduction
Integrated reporting
This report provides an overview of our operations and performance during FY25.
Our sustainability reporting is integrated throughout this report. Content in this report has been informed by our annual sustainability materiality review (see Figure 1). FY25 materiality review Our FY25 review found that the topics identified in FY24 remain relevant, with minor updates. Key stakeholder feedback on our double materiality topics included: • Physical impacts of climate change remain a recognised risk • Safety continues to be a material topic, with potential impacts on our business and our social licence to operate.
• Regulatory reporting and compliance, and biodiversity and nature are emerging as significant areas of interest. • Macro trends including cost of living, political shifts, and geopolitical instability should be monitored (see page 9 for more information on these trends). Sustainability Strategy We continue to update our Sustainability Strategy and prepare for new Australian Sustainability Reporting Standards (ASRS) reporting obligations commencing in FY26. We remain focused on sustainability initiatives and activities that support our purpose to ‘be the link between people, places and progress’.
In FY25, we have provided reporting for our stakeholders using globally recognised sustainability frameworks including GRI, SASB and the UN SDGs. Further information on these frameworks and our double materiality process is available in our FY25 Sustainability Basis
of Preparation document and FY25 Sustainability Data Pack.
Figure 1 – FY25 material topics
TCFD/ SASB relevance
United Nations SDG 1
Material topic
GRI
SASB sector
Physical impacts of climate change
Scope 1 and 2 GHG emissions
Scope 3 GHG emissions and materials
Customer emissions
Sustainable mobility and transport
Community investment and partnerships
Stakeholder engagement
First Nations engagement, partnerships and participation
Road safety
Customer wellbeing
Customer experience and satisfaction
Cybersecurity and data privacy
Government and industry relationships
Responsible supply chain
Nature, biodiversity and ecological impact
ESG Governance and Disclosure
8 1 The content of this publication has not been approved by the United Nations and does not reflect the views of the United Nations or its officials or Member States
Strategic context | Contents
Strategic context The macroeconomic environment – as well as trends in the transport and infrastructure sector – present growth opportunities and potential challenges for our business. These factors shape the way we go about delivering on our strategic objectives to create value for our stakeholders and operate efficiently, to enable continued growth.
As populations grow and infrastructure demand rises, the sector continues to show long-term resilience, consistently performing across economic and geopolitical shifts and offering stable opportunities for investment and growth. Key transport sector trends remained consistent in FY25, even as global instability heightened in the face of growing trade tensions, shifting economic policies and geopolitical conflicts. In the private sector, technologies such as artificial intelligence (AI) and connected and autonomous vehicles (CAVs) continue to gain momentum, while competition to produce lower-emission vehicles such as electric vehicles (EVs) intensifies. Infrastructure supply and demand The cities in which Transurban operates are expected to have population growth between 10% and 38% by 2045. 1 For example, Victoria’s population is forecast to grow by over one million people each decade for the next 30 years. 1 In August 2025, a Transurban survey found that almost 70% of Australian respondents were concerned about current levels of traffic congestion, with 77% fearing it will be worse in a decade’s time. 2 In the United States (US), 58% were worried about congestion now. 2
In Northern Virginia, increasing return-to- office mandates and notorious traffic congestion have seen a revival of coordinated
The shortfall in roads funding is being felt in other countries. In New Zealand, its Infrastructure Commission has identified NZD204 billion of required infrastructure spend, most of which is unfunded. 9 Private investment through public-private partnerships (PPPs) is a funding mechanism that can relieve governments from the burden of up-front infrastructure spending. Following the success of the PPP model in Australia, the New Zealand Government held an infrastructure summit in March this year aiming to attract private investment and partnerships. In NSW alone, Transurban and our partners have invested more than $36 billion 10 into Sydney’s road network and in the US we have PPPs with the Virginian Government with the first Express Lanes project having opened in 2012. Uptake of EVs, hybrid vehicles Governments face declining revenue from what has traditionally been a primary source for road funding – fuel excise (or gas tax in the US) – as the shift to EVs and more fuel-efficient vehicles gains momentum. EVs made up more than 20% of global car sales in 2024 with advances in battery technology and competition among auto manufacturers, particularly from China, underpinning further growth. 11 Despite the US Federal Government revoking a target for EVs to make up 50% of all new vehicles sales by 2030, 12 most Australian State governments – including NSW, Victoria and Queensland – have set a target for 50% of new car sales to be EVs by around 2030. 13
carpooling with strangers, known as “slugging”, where commuters wait at
designated locations to share a car ride and use our Express Lanes, which are free for vehicles with three or more passengers. Drivers in the Washington DC region are reported to have lost 62 hours in congestion on average throughout 2024. 3 Across the country, it is estimated that more than four billion hours were lost due to congestion, costing USD74 billion. 3 To meet the needs of growing populations, governments face mounting demands for more housing, services and infrastructure, while at the same time they are also under pressure to prioritise renewable energy projects and address ongoing cost-of-living concerns. The International Monetary Fund (IMF) projected that global public debt would exceed $100 trillion in 2024 4 and has forecast an increase in debt of 2.8 percentage points in 2025 – more than twice the estimates for 2024. 5 In the US, the funding gap to maintain and improve roads has been estimated at USD684 billion over the next 10 years 6 while Australia has a $213 billion five-year Major Public Infrastructure Pipeline – planned and active major upgrades to the nation’s infrastructure. 7 Skills shortages, stagnant productivity growth, and rising material costs are also creating challenges for infrastructure delivery in Australia. 8
1 DAE, Land Use Forecasts, September 2024; Oxford Economics, June 2025 2 Transurban, Urban Mobility Trends Industry Report, August 2025 3 INRIX, 2024 Global Traffic Scorecard, accessed May 2025
4 International Monetary Fund, Fiscal Monitor: Putting a Lid on Public Debt, October 2024 5 International Monetary Fund, Fiscal Monitor: Fiscal Policy Under Uncertainty, April 2025 6 American Society of Civil Engineers, A Comprehensive Assessment of America’s Infrastructure: 2025 Report Card for America’s Infrastructure, March 2025 7 Infrastructure Australia, 2024 Infrastructure Market Capacity Report, December 2024 8 Infrastructure Australia, Governments shift infrastructure investment priorities while market capacity constraints continue, December 2024 9 The Conversation, Hey big spenders: what foreign investors will really want from the infrastructure summit, 12 March 2025 10 Transurban, NSW Independent Toll Review Interim Report: Transurban response (page 8), 14 May 2024
11 International Energy Agency, Global EV Outlook 2024, April 2024 12 International Energy Agency, Global EV Outlook 2025, May 2025 13 Electric Vehicle Council, State of Electric Vehicles 2024 (page 62), December 2024
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Transurban Corporate Report FY25 Introduction – About this report
Brisbane, Queensland
Sydney, NSW
Road-user charging In Australia, the Federal Government estimates that fuel excise will make up 3.9% of total tax collections in 2024-25, down from 7.4% five years ago. 3 To offset the funding shortfall, road user charging has been recommended by many industry experts as a fairer and more sustainable means to generate revenue. In the US, states including Oregon, California and Utah and a coalition of states on the east coast (known as the Eastern Transportation Coalition), are trialling road-user charging systems based on vehicle miles travelled as an alternative to gas taxes. Transurban has long been an advocate for road-user charging and partnered with the Eastern Transportation Coalition to assess the feasibility of transitioning to a distance- based road user funding approach. In Australia, the Federal Government has acknowledged that declining fuel revenue is a challenge that needs to be addressed through tax reform including a charge for electric vehicles. 3 It is one of the options the Government is expected to propose as a part of its review into the nation’s productivity.
In Australia, the take up of EVs declined in the first quarter of 2025 to a two-year low, with plug-in hybrids gaining in popularity. 1,2 The rise in hybrid sales follows the Australian Federal Government introducing the New Vehicle Efficiency Standard, which came into effect on 1 January 2025. The Standard aims to reduce transport emissions and incentivise car manufacturers to supply more fuel- efficient and low-emission vehicles such as hybrids and EVs. The legislation applies to new car sales and gives automakers an annual emission ceiling to help Australia reach its net zero by 2050 emissions target. Targets will become stricter over time. Recent Transurban research found that while 37% of respondents in the Australian cities surveyed would like for their next car to be an EV, upfront costs are still considered the largest barrier to take up.
However, implementing a road-user charge for EVs appears challenging after the Victorian Government was forced to repeal its tax, which was deemed unconstitutional by the Federal High Court in 2023. The NSW Government is planning to introduce an EV road usage charge in July 2027 – or when EVs comprise 30% of all new vehicle sales – whichever comes first. In New Zealand, the government recently announced legislative changes to transition all 3.5 million light vehicles from a petrol excise duty to electronic road-user charges. As part of the change, road-user charge licences will shift from paper to digital, enabling broader use of in-vehicle devices and flexible payment models. The government will open the system to third- party providers by 2027, encouraging innovation and user-friendly solutions. Transurban continues to stay actively engaged on this issue, contributing to policy discussions and exploring technology solutions in Australia, New Zealand, and North America.
1 Drive, Australian electric car market wanes as more buyers flock to hybrids and plug-ins, 6 February 2025 2 The Guardian, Electric vehicle sales hit two-year low in Australia as hybrid cars boom, 22 May 2025 3 The Financial Review, Chalmers flags action on EV road user charge, 7 February 2025
10
Strategic context | Contents
Melbourne, Victoria
Climate change Extreme weather events and the impacts of climate change continue to be felt globally. Our roads are major traffic corridors so it is vital they can withstand severe weather such as storms, floods and high temperatures. By 2030, the transport sector is projected to be Australia’s largest source of GHG emissions, the leading cause of climate change, unless action is taken. 1 Our response to this challenge, including details around our net zero target, is detailed in our climate disclosure on page 51. AI and technology Technology advances continue to offer new ways to improve road efficiency and safety. CAV technology may offer major safety benefits with human error a factor in almost 95% of crashes. 2 The technology is also expected to reduce congestion, with CAVs programmed to stay a safe and consistent distance apart.
Our purpose and strategy With Transurban at the nexus of infrastructure, mobility, technology and policy trends, we are in a unique position to respond to these global opportunities. This is why our purpose is “be the link between people, places and progress” (read more on page 47). Delivering on our purpose means that we are creating positive impacts for our
Self-driving vehicles are gaining traction, particularly in some US cities where driverless taxi services are expanding operations. However, the path to wider expansion still faces regulatory hurdles and trust issues with the public. A 2024 survey by the American Automobile Association (AAA) found that most US drivers feared (66%) or were uncertain (25%) about fully self-driving vehicles. 3 The freight industry continues to explore autonomous driving solutions to increase freight capacity, addressing driver shortages and enhancing safety. Testing and pilots are well progressed in markets such as the US. The technology we use to operate our roads has matured to the point where smart road solutions can fill automated driving system (ADS) awareness gaps. AI also continues to play a bigger role in our operations. For example, in our traffic operations centres in Australia, predictive analytics, automation and machine-learning technology are used to anticipate congestion and respond to incidents faster.
customers and stakeholders – both on and off the road – through our
physical infrastructure and digital offerings. It also means that we are thinking about our future. To remain a trusted partner to government, communities and investors, our strategy centres on three interconnected pillars – creating value for stakeholders, driving operational efficiency and pursuing growth. These pillars reinforce one another.
By delivering tangible value and unlocking efficiencies, we earn the right to grow. This growth, in turn, strengthens our partnerships and deepens stakeholder trust.
1 Australian Government Department of Climate Change, Energy, the Environment and Water: Transport and Infrastructure Net Zero Consultation Roadmap, accessed August 2025 2 Alliance for Automotive Innovation, Benefits of Automated Vehicles, accessed May 2025 3 AAA, Fear of Self-Driving Cars Persists as Industry Faces an Uncertain Future, 14 March 2024 Melbourne, Victoria
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Transurban Corporate Report FY25 Introduction
About Transurban
Our business is all about getting people where they want to go, as quickly and safely as possible, now and into the future.
Established in Australia in 1996, we operate 22 toll roads across Melbourne, Sydney and Brisbane, GWA in the United States and Montréal in Canada. Every day millions of people choose to take our roads, and rapidly growing populations mean that many more people and businesses will be seeking the most efficient, safest and easiest ways to get around. That’s why our purpose – “Be the link between people, places and progress” – underpins all that we do. The sophisticated roads, tunnels and bridges that we’ve built and operate are just one part of our story. There’s more to who we are today, and how we are thinking about transport and mobility needs 10 or 20 years from now.
We start with the customer, consistently seeking ways to create more value and the best possible experience for drivers both on and off the road. This includes investing in smart technologies that make our roads safer, and actively contributing to road safety research in Australia and North America. It also means always looking for innovative ways to make travelling on our roads more efficient using technologies such as AI, and data analytics to predict traffic congestion and identify and respond to incidents faster. We’re also preparing for automated vehicles by understanding how they will communicate with road infrastructure. Off-road, it means creating an easy and seamless customer experience and adding value through our rewards program offers.
We work in partnership with governments and communities to create legacies that go beyond the road for our increasing populations – including local jobs, open spaces and quieter, safer neighbourhood streets. We’re also focused on social and environmental issues, investing in programs such as driver training and community safety education. We design and build our roads using methods that help reduce their environmental impacts and advocate for more sustainable road transport. Whether it’s now, or in the long term, we’re helping to keep people and places moving ahead.
Sir Leo Hielscher Bridges, Gateway Motorway, Brisbane
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Executive Committee | Contents
Executive Committee
Michelle Jablko LLB (Hons), BEc (Hons) Chief Executive Officer
Henry Byrne BCom, LLB Chief Financial Officer
David Clements BBldg (Hons) Group Executive, Operations
Suzette Corr BCom, MBA Group Executive, People and Culture
Nicole Green BCom, LLB Group Executive, Australian Markets
Sarah Hack BA, LLB (Hons), LLM Group Executive, Corporate Affairs
Beau Memory BA President, North America
Simon Moorfield BSc Group Executive, Customer and Technology
Nicole Stoddart BEng Civil (Hons) Group Executive, Delivery and Risk
Read more about our Executive Committee here
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Transurban Corporate Report FY25 Introduction
Working with our stakeholders
How we engage
What we heard was important
Customers
• Customer listening program; customer research; customer panel. • Customer channels: apps; website; phone; social media; retail outlets. • Customer engagement campaigns; advertising; newsletters; social media. • Official and regulator meetings; federal, state and local government submissions; agency submissions. • Industry partnerships; memberships; events. • Partnering on shared issues (e.g. road safety). • Engagement on initiatives and grants; asset milestones; events. • Institutional and retail investor engagement; one-on-one meetings; twice-yearly surveys. • Results briefings (half and full year); AGM; quarterly traffic releases; investor centre website. • Proxy adviser and environmental, social and governance (ESG) engagement. • Community surveys; corporate trust and mobility trends research. • Events; community liaison groups and consultative committees; information sessions; site tours. • Advertising; newsletters; social media; letter drops; door knocking; media coverage. • Partnerships; community grant programs; school and grassroots activities. • Employee listening program. • Internal communications: all-employee meetings; leadership forums; intranet and other digital forums. • Inclusion and wellbeing events and education. • HSE training and observations.
• Customer value and experience. • Road safety and customer welfare. • Cybersecurity and data privacy. • Cost of living pressures and strengthening support for customers in financial hardship.
Government and industry
• Relationships and positive partnerships. • Customer experience and welfare. • Community engagement and investment, including being responsible custodians of our assets.
Investors
• Performance. • Strategy and sustainable growth. • Future and long-term value creation.
Communities
• Road works and construction. • Environmental performance. • Community education and investment. • Being a long-term partner to communities, and contributing to social, economic and environmental value.
Our people
• Growth and development. • Belonging, wellbeing and safety. • Culture and purpose, including an open, collaborative and high-performing environment.
Business partners and suppliers
• Annual supplier survey. • Shared-objective setting; pipeline and future works’ scope engagement. • Decarbonisation and climate change mitigation actions.
• Sustainability and social procurement. • Industry engagement. • Strong relationships and partner engagement, including building strong and mutually beneficial relationships that create sustainable value.
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Working with our stakeholders | Contents
How we responded
• Customer value and experience: personalised travel time savings feature in Linkt app; ‘Lex’ AI customer service tool; special offers and discounts; expanded Linkt Rewards. • Road safety and customer welfare: road safety campaigns and education; car seat fittings; support for customers experiencing hardship including Linkt Assist. • Cybersecurity and data privacy: ongoing scam education information; AI-enabled fraud detection. • Cost of living pressures: Exploring opportunities to improve enforcement processes. • Relationships and positive partnerships: progressed major projects; minimised disruptions; future transport engagement initiatives. • Customer experience and welfare: progressed NSW toll reform; ongoing customer education. • Community engagement and investment: grants, partnership and donations; shared research insights; natural disaster relief efforts.
• Performance: maintained distribution growth; asset quality and diversification. • Strategy and sustainable growth: organisational changes executed to support growth and simplification. • Future and long-term value creation: maintained balance sheet capacity to fund near-term growth opportunities; explored growth opportunities including new markets.
• Road works and construction: engaged communities on project development and maintenance works impacts; minimised impacts on neighbours and environment. • Environmental performance: EV education campaigns; supported emergency response to extreme weather events. • Being a long-term partner to communities: major project consultation; renewed community partnerships; investment in community initiatives; learner driver initiatives.
• Growth and development: investment in leadership capability; delivered interactive in-person workshops to 470 leaders; learning and development sessions; on-demand professional learning courses. • Belonging, wellbeing and safety: mandatory health, safety and environment action plans; counselling and wellbeing benefits. • Culture and purpose: refreshed values and purpose; focus on resilient and adaptive culture; team connection and collaboration.
• Sustainability and social procurement: sustainable procurement program; supporting social enterprises; active client contract management approach. • Industry engagement: hosted contractor safety forum; created opportunities to learn from others. • Strong relationships and partner engagement: improved supplier engagement processes; continued focus on potential modern slavery risks in our supply chain; continued focus on payment time compliance.
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Transurban Corporate Report FY25 Introduction
Our roads and projects
Virginia, GWA 95 Express Lanes 495 Express Lanes 395 Express Lanes
50% 66.0 2087 50% 22.0 2087 50% 13.0 2087
Projects 495 Express Lanes Northern Extension 50% 3.2
2087
95 Express Lanes/Opitz Boulevard Ramp Project
50% N/A 2087
Ownership (as at 30 June 2025)
Transurban road
Length in kilometres
Transurban project
Montréal, Quebec A25
Concession end date
50% 7.2
2042
16
Our roads and projects | Contents
Melbourne, Victoria CityLink Projects West Gate Tunnel Project
Sydney, NSW M5 West
100% 22.0 2045
100% 22.0 2026 100% 21.0 2048
M2
100% 17.0 2045
Lane Cove Tunnel Cross City Tunnel Eastern Distributor
100% 3.8 100% 2.1 75% 6.0
2048 2035 2048
Brisbane, Queensland Logan Motorway
Westlink M7
50% 40.0 2048 50% 14.0 2060
62.5% 39.5 2051 62.5% 23.1 2051
WestConnex M4
Gateway Motorway
WestConnex M4-M8 Link
50% 7.5 50% 5.0
2060 2060
Clem7
62.5% 6.8 62.5% 6.7 62.5% 5.7 62.5% 0.3
2051 2053 2065 2063
Rozelle Interchange
AirportlinkM7 Legacy Way
WestConnex M8
50% 11.0 2060 50% 10.0 2060
M5 East
Go Between Bridge
NorthConnex
50% 9.0
2048
Projects Logan West Upgrade Project 1
Projects M7–M12 Integration Project
50% 26.0 2048 2
TBC TBC TBC
1 Subject to Queensland Government approval and finalisation of contractual arrangements 2 Does not include the concession extension in connection with the M7-M12 Integration Project
17
Transurban Corporate Report FY25 Introduction
Project updates Victoria West Gate Tunnel Project
Queensland Logan West Upgrade 2
TBC
~$10B
Project cost
Project cost
Expected opening TBC Transurban is partnering with the Queensland Government to develop plans to upgrade approximately 10 kilometres of the western section of the Logan Motorway. If approved, the completed project is predicted to improve travel times by up to 20 minutes 3 in peak periods, reduce congestion and enhance safety by removing around 6,100 vehicles from local streets. Community consultation commenced in September 2024, with stakeholders invited to learn more about the proposed project and provide feedback. To date, more than 200 pieces of feedback have been received from the community and industry stakeholders on a range of key topics including congestion, on/off ramps, environmental considerations, noise and active transport. Feedback is being carefully considered by the project team, to help guide the project’s design. Early works have also commenced to assess geotechnical and environmental conditions, which will be used to support the ongoing design of the motorway upgrade. If approved, construction on the project is expected to commence in mid-2027 and be completed prior to the 2032 Brisbane Olympic and Paralympic Games. 4
Expected opening 2025 Construction on the West Gate Tunnel Project continues to progress, with around 95% of key components now complete or entering the final stages of delivery. 1 Over the past year, the project achieved major milestones across the tunnel, freeway and shared-user path sections. New outbound and inbound lanes have improved journeys for drivers on the West Gate Freeway, while connections into CityLink and the CBD are rapidly taking shape, with the structure for the new elevated ramp from CityLink into the tunnel now complete. Fit-out of the tunnel is progressing with 90% of the lighting and 100% of the deluge safety system now complete. All cross passages in the tunnel are complete and all segments of the veloway have been installed. Significant progress has also been made on the project’s shared user paths, delivering safer and more connected routes across Melbourne’s west. The new Freeway Control Centre, which will manage traffic across both CityLink and the West Gate Tunnel, has been structurally completed with teams starting to transition to the new facility while testing and commissioning continues. Work on the project continues to progress at pace with all parties working towards project opening by the end of the year with a focus on a smooth and safe opening for Victorian commuters. The contractor has experienced a number of challenges. We note that claims are not unusual towards the end of a project and any claims if received would be assessed in accordance with the contractual framework.
West Gate Tunnel Project, Melbourne
Logan Motorway, South East Queensland
1 As at August 2025 2 Subject to Queensland Government approval, regulatory approvals and finalisation of contractual arrangements 3 Travel time estimate based on Transurban modelling on Logan Motorway westbound, between Beaudesert Road and Ipswich Motorway 4 Transurban is not a sponsor of the Olympic/Paralympic Games, any Olympic/Paralympic Committees or any national Olympic/Paralympic teams
18
Project updates | Contents
Project updates New South Wales M7-M12 Integration Project
North America 495 Express Lanes Northern Extension Project
$660M
~$1.7B
Project cost (USD)
Project cost
Expected opening 2025 The 495 Express Lanes Northern Extension Project (Project NEXT) is extending our 495 Express Lanes from Virginia towards the Maryland border with new connections at the Dulles Toll Road and George Washington Memorial Parkway. Project NEXT’s four-kilometre extension is expected to reduce peak travel times by up to 25 minutes, and will improve connectivity to key economic hubs, including Tysons and the Dulles Corridor. The project is approximately 82% complete 3 – with work progressing on paving, signage and intelligent transportation systems. In January 2025, we completed ‘Big Beam Weekend’ which involved installing 70 to 80 tonne steel girders over I-495, which will enable access to the Dulles Toll Road. The extension is expected to open in late-2025.
Expected opening 2026 As Sydney continues to expand, the M7 and the new M12 motorway are critical to supporting the region’s growing population and economy. The M7-M12 Integration Project, which includes the widening of 41 bridges along the M7 Motorway, will provide faster, more direct access to key commercial centres and residential growth areas. 78% of works are now complete, 1 and a key milestone was achieved during FY25 with the realigned Wallgrove Road opening to traffic – a major step forward in connecting the M7 to the future M12 corridor. Innovative construction techniques, including building two bridges over live traffic, have enabled progress while keeping the motorway open to customers. The Stage 2 Design and Landscape Plan was also published on the project website this year, showcasing the planned shared user path, rest area upgrades and artwork installations along the M7 corridor. Once completed, the integrated M7-M12 will improve the connection into Western Sydney and the new Western Sydney International Airport, reducing travel times by 30% 2 between Marsden Park and Liverpool.
M7-M12 Integration Project, Sydney
Project NEXT, GWA
1 As at August 2025 2 Travel time savings between Marsden Park and Liverpool on M7 southbound during afternoon peak. All times are averages and are estimates based on Transurban modelling data for an average weekday afternoon peak. 3 As at 30 June 2025
See how these projects fit into our portfolio (page 16)
19
Transurban Corporate Report FY25 Introduction
Opportunity and delivery pipeline 1
Stakeholder relationships, customer value and innovation provide the building blocks for potential opportunities across Transurban’s markets.
Types of opportunities
Milestone
Sydney
• M2, M4, M5 and M7 potential widenings
• Opportunity specific
Melbourne
• Potential opportunities around North East Link • Future opportunities relating to EastLink • Enhancement of freight routes • Logan West Upgrade project • Gateway Motorway enhancement • Broader road enhancements in relation to 2032 Olympic and Paralympic Games 2
• Government managed opportunity • Investor specific timeline • Detailed feasibility assessment
Brisbane
• BUP submission in 2H 2026 • Identified as part of Government’s 2032 Delivery Plan • Pre-2032 Olympic and Paralympic Games • Progress to early development activities • Federal decision on preferred alternative early 2026 • Opportunity specific
North America
• 95 Express Lanes Bi-Directional Project • 495 Southside Express Lanes • Future opportunities in Montréal
New markets
• I-285 East Express Lanes project in Atlanta, Georgia • I-24 Southeast Choice Lanes project in Nashville, Tennessee • New Zealand • Continuing to monitor brownfield opportunities
•• Procurement submitted 4Q26 • Procurement submitted 4Q26
• Opportunity specific • Opportunity specific
Transurban Group
• Road User Charging technology solutions • Portfolio optimisation • Modernisation of concessions
•• Opportunity specific • Opportunity specific • Active discussions with all markets
Logan Motorway, South East Queensland
CityLink, Melbourne
WestConnex, Sydney
A25, Montréal
1 No assurance can be given that these potential opportunities will eventuate on the timetable outlined or at all, or that Transurban will be able to participate in them. Transurban's ability to participate in any future projects or acquisitions will be subject to, among other things, applicable sales processes, applicable government processes and the receipt of relevant regulatory approvals 2 Transurban is not a sponsor of the Olympic/Paralympic Games, any Olympic/Paralympic Committees or any national Olympic/Paralympic teams
20
Business performance | Contents
Delivering on strategy
22
Financial performance highlights
25
Outlook
30 0
AirportlinkM7, Brisbane
21
Transurban Corporate Report FY25 Business performance
Delivering on strategy
In FY25, we continued to progress our strategic priorities of creating value for stakeholders, pursuing growth and driving operational efficiency.
$2,019M gross distributions to security holders 2.5M average trips taken on our roads each day 5.6% increase in proportional toll revenue 1
Creating value for stakeholders
Operational efficiencies
Pursuing growth
Real and sustainable value was delivered for all our stakeholders this year through new initiatives and continuous improvement both on and off the road. Traffic volumes increased across all markets with proportional toll revenue rising 5.6% 1 and Proportional Operating EBITDA up 7.4% to $2,848 million 1 compared to FY24. Proportional EBITDA of $2,676 1 million includes non-recurring costs from ConnectEast litigation liability ($143 million) and restructure costs ($29 million), which were excluded from Free Cash Flow. EBITDA margins improved by 140 basis points. 1 The growth in traffic volumes points to the value our customers see in choosing to take our roads over toll-free alternate routes. In FY25, customers collectively saved 479,000 hours on average every workday and we continue to invest in ways to make their journeys safer and more efficient. Our full-year distribution increased 4.8% to 65.0 cents per stapled security (cps) compared to the prior year, with 99.5% covered by Free Cash, which rose by 7.6%. 1,2 We declared $2,019 million of gross distributions to security holders while continuing to invest in long-term growth and maintain our focus on driving efficiencies across the business. For more on our financial performance, see page 25.
In FY25, we made significant changes to our operating model, removing duplication and streamlining operations across the Group, without compromising safety and operational excellence. The new operating model aims to make Transurban more nimble and dynamic, setting the business up to better focus on and invest in future growth areas. In FY25, a comprehensive workforce review resulted in around 300 job reductions and expected annualised cost savings of more than $50 million, some of which will be reallocated into investment into customer- facing and operational technologies to improve the customer experience and operational effectiveness. As a result of this change, we have started to realise tangible and sustainable efficiencies in many areas of the business. This includes commencing the streamlining of operations and maintenance supplier contracts and implementing technology to reduce costs.
As populations continue to grow in our markets, we are preparing to open the West Gate Tunnel and the 495 Express Lanes Northern Extension later this year. Works on the M7-M12 Integration Project in Sydney are also progressing well, and the project is expected to open in mid-2026. Our North American operations are experiencing steady growth, driven by quality assets, strategic enhancement projects and strong partnerships. Growth has been supported on the 95 Express Lanes by the Fredericksburg Extension and the new Opitz Boulevard ramp (see page 39) which offers additional access and exit points for customers. Longer-term, our presence in North America strategically positions us to address future population growth and evolving mobility needs. Recognising that entering new markets can carry risk, we’re actively exploring opportunities with partners that complement our own expertise. This approach can help us enter new markets in a disciplined and lower risk way, where we can build our presence over time without heavy up-front costs. For more on our opportunity and delivery pipeline, see page 20.
1 Non-IFRS measure 2 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
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