Atlas Arteria · ASX:ALX
Atlas Arteria — FY2025 Earnings Presentation
44 slides from Atlas Arteria's earnings presentation, Feb 26, 2026
Slide 1: ASX Release
ASX RELEASE 26 February 2026 Atlas Arteria Results Presentation for the year ended 31 December 2025 3 Atlas Arteria (ASX:ALX) is pleased to release the attached results presentation for the year ended 31 December 2025. For further information please contact: Investors: Media: Rachel Storrs Lisa Keen
Slide 2: About Atlas Arteria
Atlas Arteria Limited Atlas Arteria International Limited About Atlas Arteria Atlas Arteria (ASX:ALX) partners to deliver world-class road experiences. We create long-term value for our stakeholders through considered and disciplined management and sustainable business practices. Today the Atlas Art
Slide 3: 2025 Results Presentation
2025 RESULTS PRESENTATION for the twelve months ended 31 December 2025 26 February 2026 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 1
Slide 4: 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 5: Important Information
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 To monitor compliance with these foreign ownership restrictions, the ASX’s settlement facility operator (“ASTC”) has This
Slide 6: Contents
CONTENTS HIGHLIGHTS & STRATEGY FINANCIAL PERFORMANCE OUTLOOK APPENDICES Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 4
Slide 7: Highlights
HIGHLIGHTS Strong results underpinned by continued traffic growth Statutory net profit after tax Proportional toll revenue1 Proportional EBITDA1 $181.8m $2,012.3m $1,509.9m 2024: $300.2m 2024: $1,838.7m 2024: $1,381.1m Operating free cash flow per Distribution guidance2 Proportional EBITDA margin %
Slide 8: Leadership Update
LEADERSHIP UPDATE Streamlined leadership structure to sharpen accountability and enhance delivery of Atlas Arteria’s vision Atlas Arteria Executive Team Business Leadership Update Kara Lawrence appointed as CEO at Dulles Greenway Hugh Wehby Vincent Portal-Barrault Chief Executive Officer Chief Finan
Slide 9: Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 →
Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 7
Slide 10: Value Creation Pillars
VALUE CREATION PILLARS A clear framework for our decision making, how we manage risk and work with our partners CAPITAL STRATEGY PARTNERSHIPS DEVELOPMENT MANAGEMENT Executing with discipline to Investing in high-quality Managing capital efficiently Building and optimising a capture organic and partn
Slide 11: Focused Priorities to Create Long-Term Value
STRATEGY PARTNERSHIPS DEVELOPMENT CAPITAL MANAGEMENT FOCUSED PRIORITIES TO CREATE LONG-TERM VALUE Driving business performance and growth to further diversify our existing portfolio Our Portfolio Business & portfolio optimisation Virginia, United States Dulles Greenway Luxembourg 2056 expiry Europea
Slide 12: Partnering to Optimise Value Creation
STRATEGY PARTNERSHIPS DEVELOPMENT CAPITAL MANAGEMENT PARTNERING TO OPTIMISE VALUE CREATION Deepening long-standing partnerships and building new relationships Atlas Arteria Benefits from Requirements for as a Partner Partnering Partnerships • Experienced pure-play investor in toll roads • Acces
Slide 13: Future Opportunities in France
STRATEGY PARTNERSHIPS DEVELOPMENT CAPITAL MANAGEMENT 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 • Operat
Slide 14: Dulles Greenway Update
STRATEGY PARTNERSHIPS DEVELOPMENT CAPITAL MANAGEMENT DULLES GREENWAY UPDATE Progressing multi-pronged strategy to unlock cash under refreshed leadership Rate case submission • New CEO: Kara Lawrence commenced 6 October 2025, bringing strong leadership and business • Primary request for increase to m
Slide 15: Capital Allocation Framework
STRATEGY PARTNERSHIPS DEVELOPMENT CAPITAL MANAGEMENT CAPITAL ALLOCATION FRAMEWORK Considered approach to balance stable distributions and create long-term value for investors Access to capital Operating free cash flow from existing portfolio (Debt and equity markets; existing portfolio) Debt restruc
Slide 16: Financial Performance
FINANCIAL PERFORMANCE WARNOW TUNNEL, GERMANY Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 14
Slide 17: Capital Management Overview
CAPITAL MANAGEMENT OVERVIEW 40 cps distribution guidance for 2025 and 2026 Atlas Arteria distributions – by period earned (cps) Distribution guidance TEILD3 • 2025 distribution guidance of 40 cps reaffirmed1 • 2026 distribution guidance of 40 cps1 TST TST imposed extended • FX hedge program implemen
Slide 18: Traffic Performance
TRAFFIC PERFORMANCE Steady traffic growth driven by performance in France and increased congestion on Dulles Greenway’s competing routes APRR Group (incl. A79) traffic Chicago Skyway traffic • Strong employment and household earnings across France supporting • Tarriff announcements impacted US (0.3)
Slide 19: Proportional Toll Revenue and EBITDA
PROPORTIONAL TOLL REVENUE AND EBITDA Traffic performance, CPI-linked toll increases and favourable FX underpinned revenue growth in 2025 Proportional toll revenue by business – up 9.4% vs 2024 Proportional EBITDA by business – up 9.3% vs 2024 2,500 APRR Group (incl. A79) ADELAC 2,500 APRR Group (inc
Slide 20: Cash Flow Summary
CASH FLOW SUMMARY Strong cash position supporting delivery of stable distributions to investors Distributions from businesses Net corporate cash outflows Distributions paid to ALX investors $549m ($44m) ($580m) $12m decrease vs 2024 $91m decrease vs 2024 no change vs 2024 APRR $14m decrease mainly d
Slide 21: Atlas Arteria Income Statement
ATLAS ARTERIA INCOME STATEMENT Net profit after tax impacted by TST despite strong traffic performance $m 2025 2024 % change Driven by traffic growth at Dulles Greenway, toll increases at Warnow Tunnel and FX Toll revenue 158.9 145.0 10% impact of weakened AUD against both the USD and EUR Other reve
Slide 22: Outlook
OUTLOOK WARNOW TUNNEL, GERMANY Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 20
Slide 23: Delivering Value from Our Diverse Portfolio
DELIVERING VALUE FROM OUR DIVERSE PORTFOLIO Distributions Current priorities Accretive opportunities • 2025 distribution guidance • Unlock Dulles Greenway cash • Drive portfolio efficiency of 40 cps reaffirmed1 flow potential with multi-pronged • Pursue associated growth approach • 2026 distribution
Slide 24: Q&A Contact for investors
Q&A Contact for investors Rachel Storrs Acting Director, Investor Relations +61 (0) 499 972 339 investors@atlasarteria.com Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 22
Slide 25: Appendices
APPENDICES APRR, FRANCE Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 23
Slide 26: Appendices Contents
APPENDICES CONTENTS A. CORPORATE INFORMATION Proportional Result by Business, Atlas Arteria Consolidated Balance Sheet, Funding and Liquidity, Debt Maturity Profile, Atlas Arteria Cash Flow 2025, Free Cash Flow Definition, 2025 Safety and Sustainability Performance B. OUR BUSINESSES APRR Group – Fin
Slide 27: Appendix A Corporate Information
APPENDIX A CORPORATE INFORMATION AREA, FRANCE Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 25
Slide 28: Proportional Result by Business
PROPORTIONAL RESULT BY BUSINESS Toll revenue 2025 (Local Currency) 2025 ($m)1 Ownership2 100% Proportional 100% Proportional % of ALX APRR Group3 30.8% 3,089.2 952.0 5,414.4 1,668.7 83% ADELAC 30.9% 77.6 24.0 136.1 42.0 2% Warnow Tunnel 100% 16.7 16.7 29.3 29.3 1% Chicago Skyway 66.7% 137.9 91.9 214
Slide 29: Atlas Arteria Consolidated Balance Sheet
ATLAS ARTERIA CONSOLIDATED BALANCE SHEET As at As at Statutory accounts 31 December 2025 31 December 20241 $m Current assets 288.4 366.5 Investments accounted for using the equity method Investment in APRR 2,401.7 2,462.2 Investment in Chicago Skyway 2,468.1 2,734.2 Intangible Assets - Tolling conce
Slide 30: Funding and Liquidity
FUNDING AND LIQUIDITY As at 31 December 2025 Weighted Average Proportion of Gross Debt Cash Other Liquidity Credit Rating (Local Currency) Cost of Debt3 Fixed Rate Debt Fitch: A Stable Outlook APRR Group (incl. FE)1,2 €8,967.5m €1,834.1m €1,500.0m 1.9% 88.3% S&P: A- Stable Outlook ADELAC €622.6m €24
Slide 31: Debt Maturity Profile
DEBT MATURITY PROFILE Debt maturity profile (Euro-denominated for 2026-2036)1,2,3 APRR Financière Eiffarie4 ADELAC Warnow Tunnel Total debt maturing in the 2026-36 period 2,500 FE debt • ADELAC: €635m 2,000 extended in • Warnow: €28m January 20264 1,500 589 €m 120 523 1,000 50 70 100 40 500 1,006 1,
Slide 32: Atlas Arteria Cash Flow for 2025
ATLAS ARTERIA CASH FLOW FOR 2025 APRR and ADELAC dividends to Atlas Arteria (€m) Corporate cash flows ($m) Cash balance ($m) €47m debt bullet repayment and amortisation in 2025 at FE funded by €200m special distribution Free cash flow (including capital made by APRR to FE (100% basis). €113m 505.5 r
Slide 33: Free Cash Flow Definition Used in Distribution Payout Ratio
FREE CASH FLOW DEFINITION USED IN DISTRIBUTION PAYOUT RATIO Refined and formalised definition Comparison to previous Notes (Used for distributions from 1 January 2025) approach • APRR amortisation does not currently impact distributions given distributions currently are NPAT based + Distributions re
Slide 34: 2025 Safety and Sustainability Performance
2025 SAFETY AND SUSTAINABILITY PERFORMANCE Performance area and description Target 2025 Performance Assessment Safety - Meet corporate safety targets and - Continue to advance the safety culture across the Minority owned business: LTIFR <=3 LTIFR of 3.51 at APRR Group 1 LTI at Skyway and 1 LTI at Du
Slide 35: Appendix B Our Businesses
APPENDIX B OUR BUSINESSES DULLES GREENWAY, US Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 33
Slide 36: APRR Group – Financial Update
APRR GROUP – FINANCIAL UPDATE €m (100%)1 2025 2024 % change • Growth in operating revenue reflects 1.4% traffic growth in 2025 and the Traffic (VKTm) 26,573 26,197 1.4% c.1.1% toll increase implemented from 1 February 2025 at APRR and AREA Operating revenue 3,244.9 3,152.5 2.9% • Operating expenses
Slide 37: 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 38: Chicago Skyway – United States Federal and State Tax
CHICAGO SKYWAY – UNITED STATES FEDERAL AND STATE TAX US Federal and State income tax rates • The majority of Chicago Skyway’s depreciable / amortisable Upstream tax profile • Chicago Skyway is subject to US Federal and Illinois State assets are depreciated / amortised for tax purposes over a Distrib
Slide 39: 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 40: Appendix C Analyst Notes
APPENDIX C ANALYST NOTES CHICAGO SKYWAY, US Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 38
Slide 41: Analyst Notes
ANALYST NOTES Key considerations Temporary Supplemental Tax (TST) on Large French Companies: 2025 2026 • On 14 February 2025, the Finance Law for 2025 was enacted. This law includes a • On 2 February 2026, the Finance Law for 2026 was adopted by the French new TST for 2025 concerning companies with
Slide 42: Analyst Notes
ANALYST NOTES Key considerations FX hedge program over the next 12 months • Cap and collar FX option arrangement implemented for a proportion of the EUR APRR distributions estimated to be received over the next twelve months (i.e. March 2026 and September 2026 APRR distributions) in order to provide
Slide 43: Appendix D References
APPENDIX D REFERENCES APRR, FRANCE Atlas Arteria → Results Presentation for the twelve months ended 31 December 2025 → 41
Slide 44: Glossary of Terms
GLOSSARY OF TERMS ADELAC The concessionaire of the A41 north motorway Free cash Calculated as distributions received from our RCF Revolving Credit Facility flow businesses less centralised costs paid, FX ALX Atlas Arteria S&P Standard & Poor’s movements and net interest income/expenses. APRR Group I