Slide 1: FY25 Results
FY25 Results The newly built M7-M12 interchange bridges, 20 August 2025 over the M7 Motorway
Slide 2: Disclaimer and basis of preparation
Disclaimer and basis of preparation This publication is prepared by Transurban Holdings Limited (ACN 098 143 429), Transurban International Limited (ACN 121 746 825) and Transurban Infrastructure Management Limited (ACN 098 147 678; AFSL 246 585) as the responsible entity of Transurban Holding Trust
Slide 3: Contents
Contents 4 14 22 24 FY25 highlights Financial results Wrap up Supplementary information
Slide 4: FY25 financial highlights and distribution guidance
FY25 financial highlights and distribution guidance1 Strong operational performance, delivering growth in Free Cash and distributions $3,732m 5.6% 65cps 4.8% Proportional toll revenue Distribution: 99.5% covered by Free Cash FY26 distribution guidance6 $947m 0.0%3 $2,676m 1.0%3 69cps Proportio
Slide 5: Strong momentum on strategic priorities
Strong momentum on strategic priorities Positive progress on NSW Toll Reform Logan West progressing. Discussions of Gateway Motorway upgrades Three major projects planned for delivery in FY26 95 Express Lanes Bi-Directional Project is progressing, Continued technology improvements to suppo
Slide 6: FY25 traffic overview
FY25 traffic overview Traffic growth of 2.2%1 achieved across the portfolio ADT2 (million trips per day) Car Traffic Large Vehicle traffic 2.4 2.5 2.5 2.0 2.0 2.1 2.1 1.7 0.4 0.4 0.4 0.4 FY22 FY23 FY24 FY25 Sydney 2.7% Melbourne 1.2% Brisbane 1.5% North America 6.4% Group • Construction impacts • Gr
Slide 7: Sydney market update
Sydney market update NSW Toll Reform: working towards a resolution in the coming months Congestion building in the north-western corridors of the Sydney road network1 • The NSW Government has stated the importance of respecting the value of existing contracts and revenue to concessionaires • >80% po
Slide 8: Melbourne market update
Melbourne market update Melbourne assets well positioned to support population growth Whittlesea 1.7X average Melbourne growth West Gate Tunnel project update Hume • Work on the project continues to progress at pace with 1.3X average Melbourne growth all parties working towards a smooth and safe ope
Slide 9: Brisbane market update
Brisbane market update Brisbane enhancements in preparation for the 2032 Olympic and Paralympic Games1 Multiple Brisbane Entertainment Centre Sunshine • Queensland Government’s 2032 Delivery Plan Coast Venues identified infrastructure needed for a successful 2032 Olympic and Paralympic Games2 • Disc
Slide 10: North America market update
North America market update Enhanced customer value, including outside peak 495 Northern Extension congestion, supporting stronger financial performance update and network expansion opportunities • 82% complete • Construction to commence on conversion of inner lane ADT ~6% Prop. >20% Free >20% 2 YR
Slide 11: Customer value
Customer value Delivering value to our 11.3 million customers through digital and physical offerings Travel time savings across all markets1 7 reward 1.6m +20 pts Peak travel time • Sydney: 17 min partners customers NPS savings per trip by • Melbourne: 20 min market: • Brisbane: 14 min expanding Lin
Slide 12: Unlocking capital for future growth
Unlocking capital for future growth1 Investing in customer-facing and operational technologies to enhance experience, efficiency, and drive security holder value Growth in operating leverage • Improved operating margins and cost efficiency • Future revenue opportunities Enterprise • Enhanced Free Ca
Slide 13: Opportunities across new and existing markets
Opportunities across new and existing markets1 $12.8B in projects opening in FY26 with greater than $10B in active project discussions2 to support a future growth pipeline Types of Opportunities Milestone Sydney • Potential widening of the remaining M7 and western M2 • Opportunity specific Melbourne
Slide 14: Financial results
Financial results Transurban
Slide 15: Statutory results
Statutory results1,2,3 88 (141) (117) 376 (28) 63 178 (331) 268 FY24 Profit Toll revenue Other revenue Operating Depreciation & Net finance costs Loss from equity Income tax benefit FY25 Profit after tax expenses amortisation accounted after tax investments 1. Statutory results bridge excludes const
Slide 16: FY25 key financial summary
FY25 key financial summary1,2 FY25 financial performance Summary of key debt metrics FY25 FY25 vs. FY24 JUN 25 JUN 24 Gross distributions $2,019m 5.4% Group debt7,8 $26,821m $25,868m Free Cash $2,008m 7.6%3 Corporate liquidity9 $3,737m $4,196m Proportional toll revenue $3,732m 5.6% Weighted average
Slide 17: Free Cash movement
Free Cash movement1,2 Increase in Free Cash to $2,008m, +7.6% on FY24 of $1,867m Proportional Operating EBITDA3 Proportional net finance costs Cash adjustments EBITDA growth delivered additional Weighted average cost of AUD debt Other cash adjustments to Free Cash Free Cash unchanged at 4.5%4 ADT •
Slide 18: Proportional results
Proportional results1,2 Improved operating leverage supporting Proportional Operating EBITDA growth +7.4% 2,848 0 2,651 197 (172) 2,676 FY24 EBITDA Total revenue Total Operating Costs FY25 Operating EBITDA Non-recurring items3 FY25 EBITDA FY23 (%) FY24 (%) FY25 (%) Transurban Group Operating EBITDA
Slide 19: Proportional Operating Cost movement
Proportional Operating Cost movement1 Continued focus on managing Operating Costs, targeting below inflation cost outcome for FY26, excluding new assets2 FY25 operational cost base FY24 Total Operating Costs: $947m3 Cost category % Continuing cost opportunities • Refining asset management approach t
Slide 20: Balance sheet and funding summary
Balance sheet and funding summary1 Strong liquidity position Completed and upcoming refinancing activities5 • Final Group distribution of $1.0B2 for FY25, supported by strong 3,000 corporate liquidity of $3.7B 2,500 • 1H26 corporate debt maturity of $0.7B refinanced early in June 2025 2,000 • Transu
Slide 21: Aligned capital allocation framework
Aligned capital allocation framework1 Balancing capital allocation to support investment in growth and distributions FY25 distribution Growing balance sheet growth supported by Core growth from existing portfolio capacity supports underlying earnings (price and volume growth) opportunity pipeline 2.
Slide 22: Wrap up
Wrap up Transurban
Slide 23: Wrap up
Wrap up Building on progress and maintaining momentum Driving operational performance, supported by efficiency initiatives Significant progress on NSW Toll Reform Advancement on major projects that is expected to deliver substantial new capacity into Transurban’s portfolio Outperformance in Brisbane
Slide 24: Supplementary information
Supplementary information | sD Transurban
Slide 25: Analyst notes
Analyst notes Short to medium-term Free Cash considerations ITEM / ASSET SHORT-TERM CONSIDERATIONS ITEM / ASSET MEDIUM-TERM CONSIDERATIONS OTHER CONSIDERATIONS M7-M12 • Traffic expected to be down ~5% during the construction ConnectEast • A Supreme Court of Victoria • Targeting below inflation cost
Slide 26: Enhanced investment proposition
Enhanced investment proposition1 Transurban’s strong defensive characteristics and growth profile should outweigh short-term operational impacts Building blocks underpinning Transurban’s future growth Free Cash growth Growth options Other growth Continued Traffic growth within the core options - n
Slide 27: WestConnex traffic
WestConnex traffic • The map on the right shows ADT involving a trip on each WestConnex asset during FY25, as well as 200k ADT total WestConnex ADT • A single WestConnex 117k ADT trip can include multiple assets, with around 14% of WestConnex trips qualifying for the toll cap during FY25 111k ADT To
Slide 28: Market updates
Market updates Transurban
Slide 29: Sydney market update
Sydney market update1 FY25 performance • Transurban supported a visit by the New Zealand Ministry of Foreign Affairs and Trade • Traffic increased by 2.7% to WestConnex and NorthConnex, focused on • Car traffic increased by 2.9% and large vehicle traffic increased by 0.6% infrastructure investment
Slide 30: Sydney portfolio and pipeline
Sydney portfolio and pipeline Near-term asset enhancement • Widening of the existing 41 bridges along the M7 Motorway is 92% complete • 85% of concrete pavement has been completed within the M7 Motorway median • Elizabeth Drive Connection is progressing with opening expected March 2026 • The launche
Slide 31: Melbourne market update
Melbourne market update1 FY25 performance • Significant progress in laying 17km of new low voltage cables within the Burnley Tunnel, • Traffic increased by 1.2% minimising traffic disruption whilst assisting to • Car traffic increased by 1.3% and large vehicle traffic increased by 0.9% future-proof
Slide 32: Melbourne portfolio and pipeline
Melbourne portfolio and pipeline Victorian road infrastructure project updates North East Link project1 – contract awarded for the tunnelling package in late 2021. Major works now underway. Two new contracts awarded in December 2023 for additional upgrades to the Eastern Freeway and M80 Ring Road at
Slide 33: Brisbane market update
Brisbane market update1 FY25 performance Customer and community • Traffic increased by 1.5% • Completed the first round of community • Car traffic increased by 0.7% and large vehicle traffic increased by 4.1% consultation on the proposed Logan West Upgrade project in December 2024, with stakeholder
Slide 34: Brisbane portfolio and pipeline
Brisbane portfolio and pipeline Near-term asset enhancement opportunities • Logan West Upgrade project • Gateway Motorway upgrades Potential market opportunities • Broader road enhancements in relation to Brisbane Olympics and Paralympics1 Other Queensland road infrastructure project updates2 • Gate
Slide 35: North America market update
North America market update1,2 FY25 performance Greater Montreal Area • Traffic increased by 6.4% • Roadside toll collection system upgrade 19.8% 8.1% project on budget and on schedule. • Car traffic increased by 6.7% and large Implementation to be finalised in FY26 vehicle traffic increased by 1.5%
Slide 36: Greater Washington Area portfolio and pipeline
Greater Washington Area portfolio and pipeline Potential market opportunities • Discussions continue to progress with VDOT to add bi-directional travel on a segment of the 95 Express Lanes, with early planning currently underway. • Currently, on weekdays the lanes run northbound in the morning and s
Slide 37: Environmental, social and governance
Environmental, social and governance
Slide 38: ESG investment proposition
ESG investment proposition Taking action on environmental, social and governance (ESG) factors is fundamental to upholding Transurban’s values and supporting the ongoing success and sustainability of the business Environmental Social Governance • Action against climate change • Empowering customers
Slide 39: Climate Change Framework priority areas summary
Climate Change Framework priority areas summary1 1 FY25 FY26 FY30 FY50 Transition Scope 1 and 2 science-based emission reduction target: 50% reduction by 2030 Continue to explore initiatives to reach net zero to Net Zero2 Source the equivalent of 100% renewable electricity; where Continue to seek op
Slide 40: FY25 ESG highlights
FY25 ESG highlights Environmental Social Governance ESG benchmarking • Progress against our GHG targets,1 • Research from the Transurban Road • Continued focus on strengthening including: Safety Centre at NeuRA translated to cyber security capabilities in standards and guidelines for child response
Slide 41: Health, Safety and Road Safety
Health, Safety and Road Safety Transurban has a strong overarching framework to support the delivery of health, safety, and road safety objectives. Transurban’s approach is underpinned by proactive engagement with stakeholders and analysis of data to continually evaluate performance and deliver on o
Slide 42: Detailed financials
Detailed financials Transurban
Slide 43: Traffic and revenue performance
Traffic and revenue performance1 JUN 25 QUARTER2 FY252 LARGE LARGE PROPORTIONAL ADT ADT VEHICLE PROPORTIONAL ADT ADT VEHICLE TOLL REVENUE CHANGE CHANGE CAR TRAFFIC TRAFFIC TOLL REVENUE CHANGE CHANGE CAR TRAFFIC TRAFFIC CHANGE (%) vs JUN 24 (%) vs JUN 19 (%) CHANGE (%) CHANGE (%) CHANGE (%) vs FY24 (
Slide 44: FY25 ADT by asset
FY25 ADT by asset1,2 QUARTERLY ADT FULL YEAR ADT JUN 25 JUN 24 LARGE LARGE JUN FY25 JUN FY24 QUARTER QUARTER CHANGE (%) VEHICLE CHANGE (%) VEHICLE (’000) (’000) ASSET OWNERSHIP (%) (’000) (’000) TRAFFIC (%) TRAFFIC (%) M2 100 130 130 0.0 8.2 131 132 (0.8) 8.3 M5 West3 100 173 170 1.5 6.2 173 170 1.7
Slide 45: FY25 Toll revenue by asset
FY25 Toll revenue by asset1,2 QUARTERLY REVENUE FULL YEAR REVENUE OWNERSHIP JUN 25 QUARTER JUN 24 QUARTER JUN FY25 JUN FY24 CHANGE (%) CHANGE (%) ASSET (%) ($M) ($M) ($M) ($M) M2 100 94 92 1.7 378 371 1.8 M5 West 100 88 87 1.4 355 346 2.7 LCT 100 24 25 (2.3) 99 102 (2.5) CCT 100 20 21 (3.9) 81 80 1.
Slide 46: Statutory results
Statutory results FY25 ($M) FY24 ($M) CHANGE (%) Toll revenue 3,029 2,941 3.0 Construction revenue 668 964 (30.7) Other revenue 73 214 (65.5) Total revenue 3,770 4,119 (8.5) Employee benefits expense (413) (386) 6.9 Road operating costs (537) (421) 27.6 Construction costs (668) (964) (30.7) Corporat
Slide 47: FY25 Reconciliation of Proportional EBITDA to statutory PBT
FY25 Reconciliation of Proportional EBITDA to statutory PBT FY25 ($M) FY24 ($M)3 CHANGE (%) Proportional EBITDA1 2,676 2,651 1.0 Add: EBITDA attributable to non-controlling interests (ED and TQ)1 301 282 6.4 (Less): Intragroup elimination1,2 - (2) N.M (Less): Proportional EBITDA relating to NWRG, ST
Slide 48: Proportional EBITDA margins
Proportional EBITDA margins1,2,3 FY23 (%) 1H24 (%) 2H24 (%) FY24 (%) 1H25 (%) 2H25 (%) FY25 (%) Sydney 80.7 79.7 77.7 78.7 79.7 77.1 78.4 Melbourne 83.8 83.1 82.0 82.6 86.4 84.7 85.6 Brisbane 73.2 72.5 75.4 73.9 77.1 74.8 76.0 North America 68.8 73.7 75.4 74.6 71.7 75.0 73.5 Transurban Group 73.4 74
Slide 49: FY25 proportional result by asset
FY25 proportional result by asset1 OTHER OPERATING NET INTEREST DEBT INCOME TAX TOLL REVENUE REVENUE EBITDA EBITDA2 PAID DEBT FEES AMORTISATION3 PAID4 FREE CASH ASSET OWNERSHIP (%) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) M2 100 378 4 317 317 (22) - - - 295 M5 West 100 355 3 289 289 (1) - 17 - 3
Slide 50: FY24 proportional result by asset
FY24 proportional result by asset1 OTHER OPERATING NET INTEREST DEBT INCOME TAX TOLL REVENUE REVENUE EBITDA EBITDA2 PAID DEBT FEES AMORTISATION3 PAID4 FREE CASH ASSET OWNERSHIP (%) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) M2 100 371 3 300 300 (22) - - - 278 M5 West 100 346 3 296 296 (5) - - - 29
Slide 51: FY25 proportional net interest paid
FY25 proportional net interest paid1 IMPACT TO FREE CASH NO IMPACT TO FREE CASH CAPITALISED CAPITALISED CAPITALISED CAPITALISED INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST NET INTEREST (TO THE (TO THE (TO THE (TO THE PAID RECEIVED PAID2 FACILITY) ASSET) FACILITY) ASSET) ASSET FY25 ($M) FY2
Slide 52: FY25 proportional maintenance spend
FY25 proportional maintenance spend1 ASSET OWNERSHIP (%) FY21 ($M) FY22 ($M) FY23 ($M) FY24 ($M) FY25 ($M) M2 100 (6) (5) (11) (18) (5) M5 West 100 (4) (4) (7) (5) (17) LCT 100 (4) (5) (7) (10) (8) CCT 100 (4) (6) (5) (6) (4) ED 75.1 (4) (5) (6) (8) (7) M7 50 (1) (2) (5) (4) (8) NorthConnex 50 - - -
Slide 53: Free Cash definition
Free Cash definition1 FREE CASH CALCULATION SOURCE OF INFORMATION/EXPLANATION Proportional EBITDA Maintenance expense is removed and replaced with maintenance cash expense, and mark-to-market movements in PPAs are excluded Add back non-recurring items, which may include, among other things, Transact
Slide 54: FY25 Free Cash
FY25 Free Cash1 FY25 ($M) FY24 ($M) FY25 FY24 CHANGE (%) Proportional EBITDA 2,676 2,651 Free Cash ($M) 2,008 1,867 7.6 Add non-recurring items2 172 - Weighted average securities eligible for distribution6(M) 3,106 3,090 0.5 Less proportional net finance costs paid (784) (740) Free Cash per security
Slide 55: Projects under development or delivery
Projects under development or delivery CAPEX SPEND FY25 CAPEX FY26 TO DATE1 SPEND ($B)1 Committed projects / 5.84 0.4 WEST GATE TUNNEL PROJECT—Melbourne ($6.1B) projects under construction2 0.4 0.2 M7 – M12 INTEGRATION PROJECT ($618M)5 USD0.3 <USD$0.1 495 EXPRESS LANES NORTHERN EXTENSION PROJECT—GWA
Slide 56: Transurban tax groups—estimated timing
Transurban tax groups—estimated timing1,2 Timing is indicative only and not shown by month % of Transurban Group Proportional FY25 tax paid3 Tax group Operating EBITDA ($M) FY26 FY27 FY28 FY29 FY30 FY31 FY32+ Transurban Cardinal Currently paying tax: Subject to corporate tax in Canada 1 7 Holdings (
Slide 57: Treasury
Treasury __ Transurban
Slide 58: Funding structure as at June 2025
Funding structure as at 30 June 2025 Transurban2 BBB+/Baa1/A- Non-recourse Corporate Sydney Brisbane North America EMTN Working EUR4.5B Capital3 495 Express 95 Express $2.7B M22 LCT CCT ED M72 NCX M5 West STP TQ2 TC A25 Lanes2 Lanes2 Letter of Maple -/A2/- -/A3/A- BBB/-/- -/Baa1/- BBB/-/BBB+ CAD0.7B
Slide 59: Group debt as at June 2025
Group debt as at 30 June 20251 FACILITY FACILITY FACILITY TOTAL FACILITY TOTAL DRAWN AMORTISATION PROPORTIONAL PROPORTIONAL (USD M)2 (CAD M)2 ($M)2 ($M)2 ($M)2 TO FREE CASH DRAWN INTEREST PAID BEGINS3 ($M)2 ($M) CORPORATE DEBT Working capital facilities4 - - 2,650 2,650 - -5 - 13 EMTN (CAD, NOK, GBP
Slide 60: Proportional drawn debt by effective currency
Proportional drawn debt by effective currency1,2 AUD3 30 JUN 24 ($M) 30 JUN 25 ($M) MOVEMENT ($M) EXPLANATION Additional: • AUD1,799 million EMTN issuance Corporate 10,048 10,307 259 Offset by: • AUD1,540 million EMTN repayments Additional: • Net AUD518 million drawn debt at TQ, WCX and M7 Non-recou
Slide 61: Key debt metrics
Key debt metrics1 30 JUN 24 30 JUNE 25 TRANSURBAN TRANSURBAN CORPORATE NON-RECOURSE CORPORATE NON-RECOURSE GROUP GROUP Weighted average maturity (years)2,3 6.7 years 5.4 years 7.8 years4 6.6 years 6.1 years 7.0 years4 Weighted average cost of AUD debt2 4.5% 4.8% 4.3% 4.5% 4.9% 4.2% Weighted average
Slide 62: Total corporate debt maturities as at June 2025
Total corporate debt maturities as at 30 June 20251,2 2,500 Working capital facilities EMTN 144A Letters of credit facilities 2,000 349 1,695 1,500 $ MILLION 866 733 1,000 96 1,742 1,463 1,332 1,239 500 1,000 1,060 834 825 825 836 - FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36-40 FY41-45 F
Slide 63: Total non-recourse debt maturities as at June 2025
Total non-recourse debt maturities as at 30 June 20251,2,3 WCX Group A25 95 495 TC TQ ED M2 M7 LCT CCT NCX M8 / M5 East 4,000 200 3,000 546 60 202 40 2,696 $ MILLION 947 345 2,000 550 303 26 205 269 255 57 29 54 195 75 440 382 487 752 555 31 130 474 203 38 28 31 610 446 403 178 450 618 1,000 70 213
Slide 64: Diversified funding sources
Diversified funding sources1 Major funding transactions2 during FY25: Total Group proportional drawn debt as at 30 June 20253 Corporate GOVERNMENT • Apr 25: €650 million EMTN DEBT, 9% USD NOTES (PABs), 3% ITL, 7% • Apr 25: £300 million EMTN USD NOTES (144a), 10% • Various: A$120 million letter of cr
Slide 65: Corporate overview
Corporate overview __ Transurban
Slide 66: Summarised Group structure
Summarised Group structure TRANSURBAN HOLDINGS LIMITED TRANSURBAN HOLDING TRUST TRANSURBAN INTERNATIONAL LIMITED CORPORATE ENTITIES ROAD / OPERATING ENTITIES OTHER ENTITIES ROAD/OPERATING ENTITIES CORPORATE ENTITIES Including: Including: Companies operating and Corporate financing Companies operatin
Slide 67: Asset portfolio as at June 2025
Asset portfolio as at 30 June 2025 SYDNEY OVERVIEW M5 WEST1 M2 M4 M82,3 M4-M8 LINK4 M5 EAST LCT CCT Opening date Aug 1992 May 1997 Jul 2019 Jul 2020 Jan 2023 Dec 2001 Mar 2007 Aug 2005 Concession end date Dec 2026 Jun 2048 Dec 2060 Dec 2060 Dec 2060 Dec 2060 Jun 2048 Dec 2035 PHYSICAL DETAILS Length
Slide 68: Asset portfolio as at June 2025
Asset portfolio as at 30 June 2025 SYDNEY MELBOURNE NORTH AMERICA 495 EXPRESS 95 EXPRESS OVERVIEW ED M7 NORTHCONNEX CITYLINK A25 LANES3 LANES4 Opening date Dec 1999 Dec 2005 Oct 2020 Dec 2000 Nov 2012 Dec 2014 May 2011 Concession end date Jul 2048 Jun 20481 Jun 2048 Jan 2045 Dec 2087 Dec 2087 Sep 20
Slide 69: Asset portfolio as at June 2025
Asset portfolio as at 30 June 2025 BRISBANE GATEWAY LOGAN GO BETWEEN LEGACY OVERVIEW CLEM7 AIRPORTLINK M7 MOTORWAY MOTORWAY BRIDGE WAY Opening date Dec 1986 Dec 1988 Mar 2010 Jul 2010 Jun 2015 Jul 2012 Concession end date Dec 2051 Dec 2051 Aug 2051 Dec 2063 Jun 2065 Jul 2053 PHYSICAL DETAILS Length—
Slide 70: Future concession assets
Future concession assets MELBOURNE TOLL PRICING2 WEST GATE OVERVIEW SINGLE TRIP HCV LHCV3 TUNNEL SINGLE TRIP Motorcycles Cars LCV Concession end date Jan 2045 West Gate Day: $19.78 $29.67 PHYSICAL DETAILS NO TOLL NO TOLL NO TOLL Freeway Length—total 17 km Night: $13.19 $19.78 Hyde Street $2.05 $4.09
Slide 71: Tolling escalation
Tolling escalation MOTORWAY ESCALATION MOTORWAY ESCALATION M2 Tolls escalate quarterly by the greater of quarterly CPI or 1% West Gate Tunnel Tolls escalate quarterly by an equivalent of 4.25% per annum to 30 June 2029, and the greater of quarterly CPI or 0% thereafter to LCT Class A tolls escalate
Slide 72: Tolling escalation
Tolling escalation +90% of FY25 revenue with CPI-linked or fixed escalations (4.25% p.a.5) Sep Dec Mar Jun Sep Dec Mar Jun Sep FY25 FY25 FY25 FY25 FY26 FY26 FY26 FY26 FY27 55% of FY25 revenue escalating by at least 4% regardless of inflation SYDNEY1 1.0% 1.0% 0.2% 0.2% 0.9% 0.7% Sep CPI Dec CPI Mar
Slide 73: Glossary
Glossary Transurban
Slide 74: Glossary
Glossary TERM DEFINITION TERM DEFINITION 24/ I-24 I-24 Southeast Choice Lanes DTP Department of Transport and Planning 285 / I-285 I-285 East Express Lanes ED Eastern Distributor 95/ I-95 I-95 Express Lanes EMTN Euro Medium Term Note 395/ I-395 I-395 Express Lanes EOFY End Of Financial Year 495/ I-4
Slide 75: Glossary
Glossary TERM DEFINITION TERM DEFINITION M8 M8 (previously the new M5) PROPORTIONAL Proportional EBITDA excluding non-recurring items, which may include, among other MDOT Maryland Department of Transportation OPERATING EBITDA things, transaction, integration and litigation liability costs. MRE Milit