Atlas Arteria · ASX:ALX
Atlas Arteria — Non-Deal Roadshow (March 2025)
30 slides from Atlas Arteria's roadshow presentation, March 2025
Slide 1: Atlas Arteria Roadshow Presentation
ATLAS ARTERIA ROADSHOW PRESENTATION March 2025 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Atlas Arteria → Roadshow Presentation → 1
Slide 2: Important Information
Important Information Disclaimer Forward Looking Statements Atlas Arteria accepts no obligation to correct or update any forward-looking statement and, to the maximum extent The information in this presentation is given in good faith and This presentation may contain forward-looking statements permi
Slide 3: Important Information
Important Information Accordingly, Atlas Arteria securities cannot be held at any time (v) in the case of a U.S. Person, the purchaser is not formed for No Offer by, or for the account or benefit of, any person in the United the purpose of investing in Atlas Arteria securities (except where This pre
Slide 4: Important Information
Important Information (II) acknowledges that neither of the Atlas Arteria entities has been registered under the Investment Company Act and the offer and sale of the securities have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdicti
Slide 5: Contents
CONTENTS THE ATLAS ARTERIA BUSINESS FINANCIAL OVERVIEW BUSINESS STRATEGY DISTRIBUTIONS SUMMARY Atlas Arteria → Roadshow Presentation → 5
Slide 6: The Atlas Arteria Business
THE ATLAS ARTERIA BUSINESS Virginia, United States Ownership: 30.82% Dulles Greenway Luxembourg United States HQ European HQ APRR 2,316km motorway network in Eastern France Rostock, Germany 2035 concession expiry1 Warnow Tunnel Ownership: 30.82% A79 88km east-west transversal link 2068 concession ex
Slide 7: APRR Group – Overview
APRR GROUP – OVERVIEW APRR Group heavy and light vehicle traffic Heavy vehicle VKT Light vehicle VKT Toll revenue 3,001 2,874 2,686 2,468 Toll revenue (€m) Total VKT (m) 2,100 21,100 21,952 22,079 19,284 15,856 3,557 3,911 4,004 4,144 4,118 2020 2021 2022 2023 2024 APRR Group EBITDA & EBITDA margin
Slide 8: ADELAC – Overview
ADELAC – OVERVIEW ADELAC traffic Total trips Toll revenue 74.0 68.1 61.1 47.7 Toll revenue (€m) Total trips (m) 41.4 10.8 11.3 11.6 8.9 7.7 2020 2021 2022 2023 2024 ADELAC EBITDA & EBITDA margin EBITDA EBITDA margin 84.3% 86.7% 81.9% 83.2% 81.4% ADELAC is a 20km road that provides a strategic link b
Slide 9: Chicago Skyway – Overview
CHICAGO SKYWAY – OVERVIEW Chicago Skyway heavy and light vehicle traffic Heavy vehicle trips Light vehicle trips Toll revenue 129.8 120.1 123.3 114.2 Toll revenue (US$m) Total trips (m) 84.9 12.4 12.6 11.7 11.4 9.2 1.2 1.4 1.5 1.4 1.3 2020 2021 2022 2023 2024 Chicago Skyway EBITDA & EBITDA margin EB
Slide 10: Dulles Greenway – Overview
DULLES GREENWAY – OVERVIEW Dulles Greenway traffic Total trips Toll revenue 77.8 72.8 67.1 Toll revenue (US$m) Total trips (m) 59.9 51.6 13.1 13.9 11.6 12.3 10.2 2020 2021 2022 2023 2024 Dulles Greenway EBITDA & EBITDA margin EBITDA EBITDA margin 77.1% 79.8% 78.7% 78.0% 73.8% Dulles Greenway is a 22
Slide 11: Warnow Tunnel – Overview
WARNOW TUNNEL – OVERVIEW Warnow Tunnel traffic Total trips Toll revenue 16.5 14.4 12.7 12.5 13.1 Toll revenue (€m) Total trips (m) 4.9 4.7 4.6 4.5 4.4 2020 2021 2022 2023 2024 Warnow Tunnel EBITDA & EBITDA margin EBITDA EBITDA margin 71.1% 68.3% 69.0% 68.9% 70.9% Warnow Tunnel is a 2km toll road wit
Slide 12: Positively Correlated to Inflation
POSITIVELY CORRELATED TO INFLATION Mechanisms that embed predictability over future toll escalation Toll increases implemented 1.6% APPR APRR / AREA: 70% x CPI + increments agreed 1-Feb-2025 1.1% 1.1% AREA APRR under any Investment Plans1 5.0% 1-Feb-2024 3.1% A79 GROUP A79: 75% x CPI + 15% x TP01 +
Slide 13: Proportional Toll Revenue and EBITDA
PROPORTIONAL TOLL REVENUE AND EBITDA Stable traffic and CPI-linked tolls underpinned revenue growth in 2024; EBITDA growth reduced by the TEILD Proportional toll revenue by business – up 5.1% vs 2023 levels Proportional EBITDA by business – up 0.4% vs 2023 levels 2,500 1,500 APRR Group ADELAC APRR G
Slide 14: Funding and Liquidity
FUNDING AND LIQUIDITY As at 31 December 2024 Weighted Average Proportion of Net Debt/(Cash) Liquidity Credit Rating (Local Currency) Cost of Debt3 Fixed Rate Debt Fitch: A Stable Outlook APRR Group (incl. FE)1,2 €7,589.3m €4,036.2m 2.0% 88.7% S&P: A- Stable Outlook ADELAC €627.8m €27.5m 3.3% 85.5% n
Slide 15: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Access to capital markets Operating free cash flow from existing portfolio (Ability to access debt and equity financing) Debt restructuring opportunities Atlas Arteria free cash flow1 (Portfolio regearings to unlock excess capital) Proceeds from future capital Distributi
Slide 16: Delivering Value for All Investors
DELIVERING VALUE FOR ALL INVESTORS Clear strategic priorities to create investor value Atlas Arteria → Roadshow Presentation → 16
Slide 17: Opportunities to Unlock Value
OPPORTUNITIES TO UNLOCK VALUE Seeking to unlock Dulles Greenway cash flow potential Growing APRR network and addressing French tax challenges • New strategic approach being implemented utilising multiple avenues: • Progressing associated growth opportunities: ‒ Preparing for a new rate case applicat
Slide 18: Distributions Overview
DISTRIBUTIONS OVERVIEW Distribution guidance of 40 cps for 2025 and distribution policy implemented Atlas Arteria distributions – by period earned (cps) • 2024 distribution guidance of 40 cps reaffirmed Chicago Skyway TEILD TST acquisition imposed4 imposed • 2025 distribution guidance of 40 cps1 • D
Slide 19: Summary
SUMMARY Portfolio of high-quality businesses, with robust cash flows Strong partnerships with key global infrastructure players, with scope to deepen and broaden relationships Multiple levers for sustainable long-term value creation under new leadership Atlas Arteria → Roadshow Presentation → 19
Slide 20: Q&A
Q&A Contact for investors Tess Palmer Director, Investor Relations +61 (0) 499 972 339 investors@atlasarteria.com Atlas Arteria → Roadshow Presentation → 20
Slide 21: Appendix: About the Business
APPENDIX ABOUT THE BUSINESS DULLES GREENWAY, US Atlas Arteria → Roadshow Presentation → 21
Slide 22: Proportionate Result by Business
PROPORTIONATE RESULT BY BUSINESS Toll revenue 2024 (Local Currency) 2024 (A$m)1 Ownership2 100% Proportional 100% Proportional APRR Group3 30.8%4 3,001.3 929.6 4,922.7 1,524.8 ADELAC 30.9%4 74.0 22.9 121.3 37.6 Warnow Tunnel 100% 16.5 16.5 27.0 27.0 Chicago Skyway 66.7% 129.8 86.5 196.8 131.2 Dulles
Slide 23: APRR – Contractual Toll Regime
APRR – CONTRACTUAL TOLL REGIME APRR & AREA contractual toll regime ADELAC contractual toll regime • Tolls escalate annually in February by a percentage of French CPI, plus supplemental increases • Under the concession contract, tolls typically increase each year in February by French CPI as agreed w
Slide 24: APRR – French Taxes
APRR – 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 table below:
Slide 25: Warnow Tunnel – Toll Regime
WARNOW TUNNEL – TOLL REGIME • Tolls may be escalated annually and are subject to approval by the Ministry of Energy, Infrastructure and State Development for the State of Mecklenburg-Vorpommern • Toll increases are linked to pre-tax equity IRR of the concession as outlined below • Since 2013, Warnow
Slide 26: Chicago Skyway – Toll Regime
CHICAGO SKYWAY – TOLL REGIME Toll escalation linked to macroeconomic factors with a 2.0% floor, based on a 2-year look-back Toll escalates at the greater of: • There are six tolled vehicle classes based on vehicle axles: Annual US nominal GDP Annual US CPI growth 2.0% per annum — Class 2 vehicles ar
Slide 27: 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) • From 1 Jan 2022 onward, the SCC will determine the toll rates under the VHCA in accordance with Section §56-
Slide 28: Atlas Arteria Summary Corporate Structure
ATLAS ARTERIA SUMMARY CORPORATE STRUCTURE as at 31 December 2024 Stapled ATLAX (Australia) ATLIX (Bermuda) 13.43% Dulles Greenway 86.57% economic interest (via loans)1 100% 66.67%2 Third Party Investors MIBL CCPI 33.36% 61.64% 100% 5.00% Eiffage MAF / MAF2 100% Chicago Skyway 50% + 1 share Warnow Tu
Slide 29: Appendix B: References
APPENDIX B REFERENCES TOLL PLAZA, CHICAGO SKYWAY, US Atlas Arteria → Roadshow Presentation → 29
Slide 30: Glossary of Terms
GLOSSARY OF TERMS ADELAC The concessionaire of the A41 north motorway FX Foreign Exchange TCFD Task Force on Climate-Related Financial Disclosures ALX Atlas Arteria GDP Gross Domestic Product TEILD Long-distance Transport Infrastructures Tax APRR Group Includes APRR, AREA and A79 concessions GHG Gre