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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