Transurban Corporate Report FY25 Remuneration report
Our business performance
Transurban’s five year TSR performance against ASX indices 1 Further details of our Group performance are provided in the Business Performance section from page 21
Financial highlights for FY25 Traffic volumes increased across all markets with proportional toll revenue rising 5.6%, Proportional Operating EBITDA up 7.4% to $2,848 million and Proportional EBITDA up 1.0% to $2,676 million on FY24. Large vehicle traffic also improved across all markets, up 1.8%. 1 Our full-year distribution of 65.0 cents per stapled security was up 4.8% on FY24, and 99.5% covered by Free Cash. 1 Maintained a robust balance sheet to ensure sufficient capacity to cover near-term liquidity requirements . Our average weighted cost of AUD debt remained at 4.5%. 1 Management initiatives to drive operational efficiency meant that total operating costs remained flat. Cost savings realised throughout the year will be reinvested into new growth and returns.
Transurban
ASX50
ASX200
1.50
1.40
1.30
1.20
1.10
1.00
0.90
0.80
0.70
0.60
2021
2022
2023
2024
2025
Overview of Group performance The following table shows the Group’s performance over the past five financial years.
Five-year performance Proportional EBITDA 1,2,3,4
FY21 1,812 1,836 46.7 7
FY22 1,900 1,900 49.9 8
FY23 2,448 2,460 56.0 9
FY24 2,651
FY25 2,676
$ millions
Proportional Operating EBITDA 1,5
$ millions
2,651
2,848
Free Cash per security (incl Capital Releases) 1,2,6 Free Cash per security (excl Capital Releases) 1,2,12
81.0 10
85.6 11
Cents
Cents
36.6
38.3
55.2
60.4
64.7
Distribution paid per security 1 Security price at 30 June 13
Cents
36.5
41.0
58.0
62.0
65.0
$
14.23
14.38
14.25
12.40
13.98
TSR at 30 June 1
%
3.4
4.9
3.4
(8.8)
18.2
Market capitalisation
$ billions
38.96
44.16
43.90
38.34
43.46
Group STI outcome
%
133.6
85.3
108
92.9
105
LTI vesting outcome
%
50.0
42.8
35.7
0
0
1 Non-IFRS measure 2 FY25 Proportional EBITDA and Free Cash based on reporting change announced 8 February 2024. FY24 Proportional EBITDA and Free Cash restated and consistent with Note B4 and B9. FY21, FY22 and FY23 Proportional EBITDA and Free Cash calculated on previous definition. 3 FY25 Proportional EBITDA includes non-recurring items relating to the ConnectEast litigation liability (for prior period roaming fees charged) and restructure costs 4 Refer to Note B4 of the audited financial statements 5 Proportional Operating EBITDA excludes non-recurring items, which may include, among other things, transaction, integration and litigation liability costs and is based on reporting change announced 8 February 2024. FY24 Proportional Operating EBITDA restated to align to the new definition. FY21, FY22 and FY23 Proportional Operational EBITDA is calculated on previous definition. 6 Free Cash includes capital and cash reserves releases. Refer to Note B9 of the audited financial statements 7 FY21 FCF of 46.7 cents per security included 10.1 cents per security relating to a capital release from WestConnex. Excluding this capital release, FY21 FCF was 36.6 cents per security 8 FY22 FCF of 49.9 cents per security included 8.4 cents per security relating to a capital release from WestConnex and 3.2 cents per security from NorthWestern Roads Group. Excluding these capital releases, the FY22 FCF was 38.3 cents per security 9 FY23 FCF of 56.0 cents per security included 0.8 cents per security relating to a capital release from WestConnex. Excluding these capital releases, FY23 FCF was 55.2 cents per security 10 FY24 FCF of 81.0 cents per security included 16.4 cents per security relating to capital releases from Transurban Queensland, WestConnex and NWRG as well as 4.2 cents per security of cash reserve release. Excluding these capital releases, the FY24 FCF was 60.4 cents per security 11 The FY25 FCF including capital releases of 85.6 cents per security included 20.9 cents per security relating to capital releases from Transurban Queensland, WestConnex and
Transurban Chesapeake. Excluding these capital releases, the FY25 FCF was 64.7 cents per security 12 Free Cash excludes capital and cash reserve releases. Refer to note B9 of the audited financial statements 13 The opening security price in FY21 was $14.13
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