Atlas Arteria · ASX:ALX
Atlas Arteria — H1 2026 Earnings Presentation
39 slides from Atlas Arteria's earnings presentation, Aug 27, 2026
Slide 1: H1 2026 Results Presentation
H1 2026 RESULTS PRESENTATION for the six months ended 30 June 2026 27 August 2026 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 1
Slide 2: Important Information
Important Information Disclaimer Forward Looking Statements To the maximum extent permitted by law, Atlas Arteria, its related bodies corporate and affiliates, and their respective directors, officers, The information in this presentation is provided for general information This presentation may con
Slide 3: Important Information – U.S. Ownership Restrictions
Important Information U.S. Ownership Restrictions Investors should also note that “Eligible U.S. Fund Managers”, which are dealers or other professional fiduciaries organized or incorporated in the To monitor compliance with these foreign ownership restrictions, the ASX’s settlement facility operato
Slide 4: H1 2026 Highlights
H1 2026 HIGHLIGHTS 40 cps distribution guidance reaffirmed for 20261 Operating free cash flow Distribution guidance1 per security H1 2026: 20.0 cps 19.1 cps 2026: 40.0 cps (1.5%) vs H1 2025 Progress made on the Dulles Extinguishment of Assessed as a Leader in the Greenway 2025 rate case and Chicago
Slide 5: IFM Takeover Offer
IFM TAKEOVER OFFER ALX Investor Mix • On 27 April 2026, Atlas Arteria received an unsolicited Takeover Offer from IFM for the stapled securities of Atlas Arteria that it did not already own. The Takeover Offer opened at a price of $4.75 cash per security and was subject to many conditions Pre-Offer1
Slide 6: Atlas Arteria Boards Update
ATLAS ARTERIA BOARDS UPDATE The process to determine the next permanent Independent Chair of ATLAX is underway • Following the retirement of Debbie Goodin on 7 July 2026: — John Wigglesworth was appointed as Interim Chair of ATLAX and as a Non-executive Director of ATLIX. Consequently, John stepped
Slide 7: Our Strategic Priorities Remain Largely Unchanged
OUR STRATEGIC PRIORITIES REMAIN LARGELY UNCHANGED Continuing to deliver value for all investors Immediate Priorities Team and stakeholder engagement Post Offer governance arrangements Strategic and operational review Post IFM Offer Business & Associated growth New opportunities portfolio optimisatio
Slide 8: Dulles Greenway Update
DULLES GREENWAY UPDATE Continued progress on multi-faceted strategy to unlock cash flows Virginia legislation update • Virginia legislation: In April 2026, the Commonwealth of Virginia adopted a bill providing greater visibility and certainty on timeframe of toll rate case process (see right box) •
Slide 9: Future Opportunities in France
FUTURE OPPORTUNITIES IN FRANCE France’s major motorway concessions begin expiring from 2031 APRR Group well positioned for concession retenders • Concession retenders: ‘Framework Law’ supporting continuation of a motorway concession model • Operator of all of Atlas Arteria’s French concessions, join
Slide 10: Financial Performance
FINANCIAL PERFORMANCE ADELAC, FRANCE Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 10
Slide 11: H1 2026 Financial Summary
H1 2026 FINANCIAL SUMMARY Statutory net loss after tax Underlying net profit after tax1 $(73.3m) $94.3m (200%) vs H1 2025 +29% vs H1 2025 Proportional toll revenue2 Proportional EBITDA2 Proportional EBITDA margin $917.5m $702.6m 76.6% (3.9%) vs H1 2025 (3.6%) vs H1 2025 vs H1 2025: 76.4% 1. Underlyi
Slide 12: Distributions
DISTRIBUTIONS Optimising free cash flow to drive strong distributions 2026 • H1 2026 distribution guidance of 20.0 cps1 Operating free cash flow per security • 2026 distribution guidance of 40.0 cps reaffirmed1 • Retaining distribution policy to pay 90-110% of free cash flow on a full year basis 19.
Slide 13: Capital Management
CAPITAL MANAGEMENT New corporate debt facility established to fund OTPP put option settlement payment 2026 • $150m 3-year corporate debt facility established in July 2026 to fund the US$100m settlement payment to extinguish the OTPP put option $137m Corporate cash balance at 30 June 2026 — Managing
Slide 14: Traffic and Toll Revenue Performance
TRAFFIC AND TOLL REVENUE PERFORMANCE Proportional toll revenue up 0.6% excluding FX movements, despite higher fuel prices impacting traffic in France APRR Group (incl. A79) Chicago Skyway Traffic • Increased fuel prices (particularly diesel) in France Traffic • Roadworks on sections of the main alte
Slide 15: Proportional Toll Revenue and EBITDA
PROPORTIONAL TOLL REVENUE AND EBITDA Underlying performance stable with lower proportional result driven by unfavourable FX movements Proportional toll revenue by business – down 3.9% vs H1 2025 Proportional EBITDA by business – down 3.6% vs H1 2025 APRR Group ADELAC APRR Group ADELAC Warnow Tunnel
Slide 16: Cash Flow Summary
CASH FLOW SUMMARY Consistent cash flow from portfolio supported delivery of stable distribution Distributions from businesses Net corporate cash outflows Distributions paid to ALX investors $296m $(19m) $(290m) $3m decrease vs H1 2025 $1m decrease vs H1 2025 no change vs H1 2025 APRR and Chicago Pos
Slide 17: Atlas Arteria Income Statement
ATLAS ARTERIA INCOME STATEMENT Stable underlying performance impacted by non-operating costs $m H1 2026 H1 2025 % change Toll revenue 73.9 77.0 (4%) FX impact of strengthened AUD against USD and EUR Other revenue 0.4 0.5 (20%) Total revenue 74.3 77.5 (4%) Business operations costs (21.9) (21.9) - Ce
Slide 18: Outlook
OUTLOOK WARNOW TUNNEL, GERMANY Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 18
Slide 19: Delivering Value Remains Our Priority
DELIVERING VALUE REMAINS OUR PRIORITY Engaging with IFM to Optimising free cash Capturing associated deliver benefit for flow to deliver strong growth opportunities to all investors distributions deliver performance upside Partnering to deliver world-class road experiences Atlas Arteria → Results Pr
Slide 20: Q&A Contact for Investors
Q&A Contact for investors Tess Palmer Group Director, Investor Relations and External Communications +61 (0) 499 972 339 investors@atlasarteria.com Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 20
Slide 21: Appendices
APPENDICES APRR, FRANCE Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 21
Slide 22: Appendices Contents
APPENDICES CONTENTS A. CORPORATE INFORMATION Proportional Result by Business, Atlas Arteria Consolidated Balance Sheet, Capital Allocation Framework, Funding and Liquidity, Debt Maturity Profile, Atlas Arteria Cash Flow for H1 2026 B. OUR BUSINESSES APRR Group – Financial Update and French Taxes, Ch
Slide 23: Appendix A Corporate Information
APPENDIX A CORPORATE INFORMATION AREA, FRANCE Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 23
Slide 24: Proportional Result by Business
PROPORTIONAL RESULT BY BUSINESS Toll revenue H1 2026 (Local Currency) H1 2026 ($m)1 Ownership2 100% Proportional 100% Proportional % of ALX APRR Group3 30.8% 1,482.5 456.9 2,465.2 759.7 83% ADELAC 30.9% 38.4 11.9 63.9 19.7 2% Warnow Tunnel 100% 8.0 8.0 13.3 13.2 1% Chicago Skyway 66.7% 67.5 45.0 96.
Slide 25: Atlas Arteria Consolidated Balance Sheet
ATLAS ARTERIA CONSOLIDATED BALANCE SHEET As at As at Statutory accounts 30 June 2026 31 December 2025 $m Current assets 231.2 288.4 Investments accounted for using the equity method Investment in APRR 2,141.5 2,401.7 Investment in Chicago Skyway1 2,373.7 2,468.1 Intangible Assets - Tolling concessio
Slide 26: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Access to capital Operating free cash flow from existing portfolio (Debt and equity markets; existing portfolio) Debt restructuring opportunities Atlas Arteria free cash flow1 (Portfolio regearings to unlock excess capital) Proceeds from future capital Excess proceeds re
Slide 27: Funding and Liquidity
FUNDING AND LIQUIDITY As at 30 June 2026 Weighted Average Proportion of Gross Debt Cash Other Liquidity Credit Rating (Local Currency) Cost of Debt2 Fixed Rate Debt Fitch: A Stable Outlook APRR Group (incl. FE)1 €8,492.0m €1,472.5m €1,500.0m 2.1% 87.9% S&P: A- Stable Outlook ADELAC €602.8m €15.7m -
Slide 28: Debt Maturity Profile
DEBT MATURITY PROFILE Debt maturity profile as at 30 June 2026 (Euro-denominated for 2026-2036)1,2,3 APRR Financière Eiffarie ADELAC Warnow Tunnel Total debt maturing in the 2026-36 period 2,500 • ADELAC: €603m • Warnow: €28m 2,000 1,500 563 120 523 €m 1,000 50 70 100 500 FE:20 1,006 1,000 1,000 1,2
Slide 29: Atlas Arteria Cash Flow for H1 2026
ATLAS ARTERIA CASH FLOW FOR H1 2026 APRR and ADELAC dividends to Atlas Arteria (€m) Corporate cash flows ($m) Cash balance ($m) €20m debt amortisation in H1 2026 at FE funded Free cash flow of 19.1 cps 277.1 by €200m special distribution made by APRR to FE (100% basis). FX 11.8 276.5 7.4 5.5 277.1 1
Slide 30: Appendix B Our Businesses
APPENDIX B OUR BUSINESSES DULLES GREENWAY, US Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 30
Slide 31: APRR Group – Financial Update
APRR GROUP – FINANCIAL UPDATE €m (100%)1 H1 2026 H1 2025 % change • Growth in operating revenue reflects a c.0.95% toll increase implemented from 1 February 2026 at APRR and AREA, and growth in other revenue Traffic (VKTm) 12,277 12,580 (2.4%) (primarily Fulli revenue), partially offset by weaker li
Slide 32: APRR Group – French Taxes
APRR GROUP – FRENCH TAXES Corporate Income Tax Territorial economic contribution (CET) Motorway Specific Tax (TAT) • The current corporate tax rates in France are shown in the • The territorial economic contribution (Contribution • The French Tax Code requires motorway companies to pay a tax based t
Slide 33: Chicago Skyway – United States Federal and State Tax
CHICAGO SKYWAY – UNITED STATES FEDERAL AND STATE TAX US Federal and State income tax rates Tax losses • Based on current ownership, the portion of equity • Chicago Skyway is subject to US Federal and Illinois State • Chicago Skyway has carry forward tax losses which can be distributions paid to Atla
Slide 34: Dulles Greenway – Toll Regime
DULLES GREENWAY – TOLL REGIME Tolls on the Dulles Greenway are set on application by the Virginia State Corporation Commission (SCC) under the Virginia Highway Corporation Act (1988) (VHCA) • The SCC determines toll rates under the VHCA: — SCC shall “have the duty and authority to approve or revise
Slide 35: Appendix C Analyst Notes
APPENDIX C ANALYST NOTES CHICAGO SKYWAY, US Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 35
Slide 36: Analyst Notes – Key Considerations
ANALYST NOTES Key considerations Proportional toll revenue and EBITDA • Toll revenue and EBITDA is calculated using the actual foreign exchange rates and ownership percentages for Atlas Arteria’s beneficial interests in its businesses during each period. Toll revenue and EBITDA for each business wer
Slide 37: Analyst Notes – Key Considerations
ANALYST NOTES Key considerations Skyway shareholder loan interest withholding tax • Following increase in IFM’s ownership of Atlas Arteria, from 30 June 2026, shareholder loan interest payments from Chicago Skyway to Atlas Arteria (US$11.6m per annum), will be subject to a 30% withholding tax (US$3.
Slide 38: Appendix D References
APPENDIX D REFERENCES APRR, FRANCE Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 38
Slide 39: Glossary of Terms
GLOSSARY OF TERMS ADELAC The concessionaire of the A41 north motorway Free cash Calculated as distributions received from our Rt. Route flow businesses less centralised costs paid, FX ALX Atlas Arteria S&P Standard & Poor’s movements, proceeds from financial assets, APRR Group Includes APRR, AREA an