Financial performance highlights | Contents
Capital management
Transurban’s approach to capital management supports our investment proposition: to balance growth in distributions to investors and investments to create long-term value.
Capital management The underlying strength of the Group’s cashflows supports security holder distributions and allows efficient funding of opportunities through a combination of debt and equity funding. Debt overview 1 Transurban raised $3.5 billion 2 of debt across bank and debt capital markets to support funding initiatives and the delivery of projects across the business. In doing so, the Group’s weighted average cost of AUD debt remained at 4.5%.
The Group’s weighted average tenor is currently 6.6 years. As at 30 June 2025, the Group’s gearing level decreased slightly to 37.8% and Funds from Operations (FFO)/Debt decreased to 10.5%. Prudent management of the debt book remains core to the funding strategy, with a focus on growing the diversity of funding sources while reducing funding and liquidity risk. Funding growth Transurban is well capitalised to support the Group's near-term funding requirements with existing liquidity sources.
Transurban is proactive in maintaining a robust balance sheet to ensure sufficient capacity to cover near-term liquidity requirements. Access to diverse range of funding options is supported by maintaining investment grade credit ratings. Distribution 1 A distribution totalling 33.0 cps will be paid on 22 August 2025 for the six months ended 30 June 2025. This will be made up of a 33.0 cents distribution from Transurban Holding Trust and its controlled entities. This takes the total FY25 distribution to 65.0 cps with Free Cash coverage of 99.5%.
Figure 19 – Group proportional debt diversity 2
Figure 20 – Group debt maturity profile 3,4
FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35
930
1,999
1,558
2,553
2,215
3,462
2,520
1,128
1,332
2,044
1,239
2,399
836
1,463
1,060
2,133
—
1,786
1,742
3,771
1,463
1,884
FY36-40 FY41-45 FY46+
— —
1,407
1,220
Corporate
Non-Recourse
1 This section presents non-IFRS measures 2 Based on 100% drawn debt excluding any letters of credit. AUD equivalent value shown
3 Debt exclusive of issued letters of credit. CAD, CHF, EUR, NOK, GBP and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate (0.6545 at 30 June 2025) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.8938 at 30 June 2025) where no cross currency swaps are in place 4 The full value of debt facilities is shown. Debt is shown in the financial year in which is matures
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