Transurban Corporate Report FY25 Business performance
How we measure financial performance Proportional toll revenue 1
Capital releases 1 Capital releases represent the return of previously invested equity from assets, typically following refinancing or asset performance milestones, adjusted for Transurban's ownership interest. These releases provide flexibility for reinvestment or distribution and are a key component of the Group’s capital strategy (see page 29). Proportional drawn debt 1 Proportional drawn debt is used to assess the Group’s share of total debt obligations across the portfolio. The measure represents the aggregate drawn debt from each asset, multiplied by Transurban’s ownership interest. This measure provides insight into the Group’s financial leverage and funding structure. Statutory drawn debt differs to proportional drawn debt as foreign currency debt issuances are translated at the spot rather than hedged rate. In addition, statutory debt does not adjust for proportional ownership and reflects consolidated assets. M7, NorthConnex, WestConnex, 95 Express Lanes, 495 Express Lanes and A25 assets are not consolidated, but instead recognised as equity accounted investments in the financial statements. Note B13 to the Group financial statements presents further detail for statutory drawn debt for the Group.
Ratios and rates 1 Ratios and rates, including gearing, interest coverage and weighted average cost of debt are used to monitor the Group’s financial health, efficiency and risk profile. They also support benchmarking and inform strategic decisions around funding and investment. Traffic performance 1 FY25 saw Group traffic grow in all markets, up 2.2% for the year. Both weekend and weekday average daily traffic (ADT) continued to rise, up 2.5% and 2.0% on FY24 respectively. Large vehicle traffic increased 1.8% on FY24, driven by particularly strong growth in Brisbane, where it was up 4.1%. Construction impacts continue to be felt in Sydney, but are expected to ease as major road projects are completed in the coming years. In Melbourne, ADT increased by 1.2%, supported by increased airport trips on Western Link and reduced construction impacts from the West Gate Tunnel Project. North American traffic increased 6.4%, supported by the full year impact of the Fredericksburg Extension, and to a lesser extent, the new Opitz Boulevard ramp.
Proportional toll revenue is used to assess the Group’s share of customer-generated income across the portfolio, specifically tolls, service, and fee revenue. The measure represents the aggregate toll revenue from each asset, multiplied by Transurban’s ownership interest, providing insight into the Group’s underlying revenue base and operational performance. Note B4 to the Group financial statements presents further detail on the proportional results for the Group, including reconciliations to the statutory result. Proportional EBITDA 1 We consider Proportional 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 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. Proportional Operating EBITDA 1 Proportional Operating EBITDA is a key measure of the Groups operational performance with proportional EBITDA adjusted to exclude non-recurring items. In FY25 this included costs from the ConnectEast litigation liability ($143 million) and restructure costs ($29 million), which were excluded from Free Cash. This measure provides a clearer view of the underlying profitability of the Group’s core operations and supports performance benchmarking across the portfolio. Note B4 to the Group financial statements presents further detail on the proportional results for the Group, including reconciliations to the
Figure 3 – Group ADT by year (millions) FY00 – FY25
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statutory result. Free Cash 1
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 B9 of the Group financial statements. 1 Read more on page 28.
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24 1 Non-IFRS measure
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