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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