Atlas Arteria · ASX:ALX
Atlas Arteria — H1 2025 Earnings Presentation
52 slides from Atlas Arteria's earnings presentation, Aug 28, 2025
Slide 1: ASX Release: Results Presentation for the half year ended 30 June 2025
28 August 2025 ASX RELEASE Atlas Arteria Results Presentation for the half year ended 30 June 2025 Atlas Arteria (ASX:ALX) is pleased to release the attached results presentation for the half year ended 30 June 2025. ___________________________________________________________________________________
Slide 2: Important Information
Atlas Arteria Limited 2 Atlas Arteria International Limited unlawful. Atlas Arteria securities have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States. In addition, investors should note that neither of the At
Slide 3: H1 2025 Results Presentation
H1 2025 RESULTS PRESENTATION for the six months ended 30 June 2025 28 August 2025 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Atlas Arteria → Results Presentation for the six months ended 30 June 2025 → 1
Slide 4: Important Information
Important Information Atlas Arteria accepts no obligation to correct or update any Disclaimer Forward Looking Statements 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 Investors should also note that “Eligible U.S. Fund Managers”, To monitor compliance with these foreign ownership U.S. Ownership Restrictions which are dealers or other professional fiduciaries organized or 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 six months ended 30 June 2025 → 4
Slide 7: Highlights & Strategy
Atlas Arteria → Results Presentation for the six months ended 30 June 2025 → 5
Slide 8: Highlights
HIGHLIGHTS Delivering strong results against our strategic objectives 1 OPTIMISE 2 ENHANCE 3 MANAGE PERFORMANCE COMPETITIVE POSITION CAPITAL EFFICIENTLY Statutory net profit after tax: $73.3m • Pursuing associated growth • 2025 distribution guidance of (H1 2024: $109.2m) projects in partnership with
Slide 9: Enhancing Platform For Long-Term Value Creation
ENHANCING PLATFORM FOR LONG-TERM VALUE CREATION Expanding consideration of growth options, supported by strategic partnerships Business & portfolio optimisation French concession retenders & New opportunities associated growth Considering new opportunities in OECD Capturing growth across existing as
Slide 10: Future Opportunities In France
FUTURE OPPORTUNITIES IN FRANCE France’s major motorway concessions are set to expire between 2031 and 2036 • ‘Ambition France Transports’ conference: Held in May and June with report submitted to Minister of Transport on 9 July 2025: Atlas Arteria - Eiffage Partnership — Reaffirmed importance of tol
Slide 11: Dulles Greenway Update
DULLES GREENWAY UPDATE Moving ahead with rate case application and federal litigation • Supreme Court of Virginia (SCV): affirmed SCC’s 2024 rate case outcome Strong traffic performance at Dulles Greenway • Working Group/Rate Case: three productive stakeholder working group sessions have been held;
Slide 12: Financial Performance
FINANCIAL PERFORMANCE DULLES GREENWAY, US Atlas Arteria → Results Presentation for the six months ended 30 June 2025 → 10
Slide 13: H1 2025 Financial Summary
H1 2025 FINANCIAL SUMMARY Net profit after tax: $73.3m Proportional toll revenue: $954.5m Proportional EBITDA: $729.2m -32.9% vs H1 2024 due to TST1 +8.1% vs H1 2024 +7.8% vs H1 2024 Centralised costs: $19.7m Free cash flow: $281.0m2,3 Paid distributions: 20.0 cps4 vs H1 2024: $17.6m Free cash flow
Slide 14: Distributions Overview
DISTRIBUTIONS OVERVIEW Distribution guidance of 40 cps for 2025 reaffirmed with FX hedge program implemented on APRR distributions Atlas Arteria distributions – by period earned (cps) TEILD TST imposed3 imposed • 2025 distribution guidance of 40 cps reaffirmed1 • FX hedge program implemented over th
Slide 15: Proportional Toll Revenue And EBITDA
PROPORTIONAL TOLL REVENUE AND EBITDA Positive traffic and CPI-linked tolls underpinned revenue growth in H1 2025 Proportional toll revenue by business – up 8.1% vs H1 2024 levels Proportional EBITDA by business – up 7.8% vs H1 2024 levels APRR Group (inc. A79) ADELAC APRR Group (inc. A79) ADELAC 1,2
Slide 16: Atlas Arteria Cash Flow For H1 2025
ATLAS ARTERIA CASH FLOW FOR H1 2025 APRR and ADELAC dividends to Atlas Arteria (€m) Corporate cash flows (A$m) Cash balance (A$m) 281.0 €32m debt bullet repayment in H1 2025 at FE funded by €200m special distribution made by Free cash flow of 19.4 cps APRR to FE (100% basis). €128m remaining after 3
Slide 17: Atlas Arteria Income Statement
ATLAS ARTERIA INCOME STATEMENT Net profit after tax impacted by TST despite strong traffic performance A$m H1 2025 H1 2024 % change Driven by traffic growth at Dulles Greenway and FX impact of weakened Toll revenue 77.0 69.2 11% AUD against both the USD and EUR Other revenue 0.5 0.4 n.m Total revenu
Slide 18: Debt Maturity Profile
DEBT MATURITY PROFILE Debt maturity profile as at 30 June 2025 (Euro-denominated for 2025-2036)1,2 APRR Financière Eiffarie Adelac Warnow Tunnel Total debt maturing in the 2025-36 period 2,500 • ADELAC: €641m • Warnow: €28m 589 2,000 1,500 643 €m 1,000 50 70 100 40 1,200 500 939 1,006 1,000 1,000 1,
Slide 19: 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 Distribution paid
Slide 20: Outlook
OUTLOOK CHALON NORD INTERCHANGE, APRR, FRANCE Atlas Arteria → Results Presentation for the six months ended 30 June 2025 → 18
Slide 21: Delivering Value From Our Diverse Portfolio
DELIVERING VALUE FROM OUR DIVERSE PORTFOLIO Distributions Current priorities Accretive opportunities • 2025 distribution guidance of • Unlock Dulles Greenway cash flow • Robust, long-term presence in key 40 cps reaffirmed1 potential markets • FX hedging program over the • Address French tax challeng
Slide 22: Q&A Contact For Investors
Q&A Contact for investors Hannah Higgins Acting Director, Investor Relations +61 (0) 499 972 339 investors@atlasarteria.com Atlas AtlasArteria Arteria→ →Results ResultsPresentation Presentation for forthe thesix sixmonths monthsended ended30 30June 2025 → 20 June2025
Slide 23: Appendix A: Corporate Information
APPENDIX A CORPORATE INFORMATION CALUMET RIVER BRIDGE, CHICAGO SKYWAY, US Atlas Arteria → Results Presentation for the six months ended 30 June 2025 → 21
Slide 24: Proportionate Result By Business
PROPORTIONATE RESULT BY BUSINESS Toll revenue H1 2025 (Local Currency) H1 2025 (A$m)1 Ownership2 100% Proportional 100% Proportional APRR Group3 30.8% 1,484.9 457.6 2,560.7 789.2 ADELAC 30.9% 38.0 11.7 65.5 20.2 Warnow Tunnel 100% 7.9 7.9 13.7 13.7 Chicago Skyway 66.7% 64.7 43.2 102.2 68.1 Dulles Gr
Slide 25: Atlas Arteria Consolidated Balance Sheet
ATLAS ARTERIA CONSOLIDATED BALANCE SHEET As at As at Statutory accounts 30 June 2025 31 December 20241 A$m Current assets 301.9 366.5 Investments accounted for using the equity method Investment in APRR 2,471.5 2,462.2 Investment in Chicago Skyway 2,581.5 2,734.2 Intangible Assets - Tolling concessi
Slide 26: Funding And Liquidity
FUNDING AND LIQUIDITY As at 30 June 2025 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 €7,363.6m €3,471.8m 1.9% 88.7% S&P: A- Stable Outlook ADELAC €620.2m €20.6m 3.1% 85.8% Not R
Slide 27: Free Cash Flow Definition
FREE CASH FLOW DEFINITION 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 are NPAT based + Distributions received from APRR Group • APRR distributions
Slide 28: ESG Investment Proposition
ESG INVESTMENT PROPOSITION Our purpose is to connect communities through transportation. At Atlas Arteria, we lead by example and actively address climate change impacts, while striving to meet all our environmenta l, social and governance goals. This commitment is central to our values and crucial
Slide 29: Atlas Arteria Summary Corporate Structure
ATLAS ARTERIA SUMMARY CORPORATE STRUCTURE as at 30 June 2025 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 Tunnel
Slide 30: Appendix B: Our Businesses
APPENDIX B OUR BUSINESSES DULLES GREENWAY, US Atlas AtlasArteria Arteria→ →Results ResultsPresentation Presentation for forthe thesix sixmonths monthsended ended30 30June 2025 → 28 June2025
Slide 31: The Atlas Arteria Business
THE ATLAS ARTERIA BUSINESS Virginia, United States Dulles Greenway Luxembourg United States HQ European HQ Ownership: 30.82% Rostock, Germany APRR1 1,908km motorway network in Eastern France Warnow Tunnel 2035 concession expiry Ownership: 30.77% AREA1 408km motorway network in Eastern France 2036 co
Slide 32: 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 33: APRR Group – Operational And Financial Update
APRR GROUP – OPERATIONAL AND FINANCIAL UPDATE Financial performance supported by strong traffic and revenue growth Operational and financial performance vs. H1 20241 Traffic Toll revenue EBITDA EBITDA margin +2.4% +3.7% +3.3% -0.2% Financial highlights Operations, development and delivery • Traffic
Slide 34: APRR Group – Operational And Financial Update (Cont.)
APRR GROUP – OPERATIONAL AND FINANCIAL UPDATE (CONT.) €m (100%)1 H1 2025 H1 2024 % change Traffic (VKTm) 12,579.8 12,285.5 2.4% Operating revenue 1,555.1 1,500.8 3.6% • Growth in operating revenue reflects 2.4% traffic growth in H1 2025 and c.1.1% higher tolls implemented from 1 February 2025 at APR
Slide 35: APRR Group – Contractual Toll Regime
APRR GROUP – 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 ag
Slide 36: 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 table b
Slide 37: ADELAC – Overview
ADELAC – OVERVIEW ADELAC traffic Total trips Toll revenue 74.0 68.1 61.1 Toll revenue (€m) 47.7 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 38: 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$m) Total trips (m) 84.9 12.4 12.6 11.7 11.4 9.2 1.2 1.4 1.5 1.4 1.3 2020 2021 2022 2023 2024 Chicago Skyway EBITDA & EBITDA margin EB
Slide 39: Chicago Skyway – Operational And Financial Update
CHICAGO SKYWAY – OPERATIONAL AND FINANCIAL UPDATE Toll increases continue to provide solid revenue growth Operational and financial performance vs. H1 20241 Traffic Toll revenue EBITDA EBITDA margin -2.8% +3.4% +1.0% -2.0% Financial highlights Operations, development and delivery 35 - 36 cps • Toll
Slide 40: Chicago Skyway – Toll Regime
CHICAGO SKYWAY – TOLL REGIME Toll escalation linked to macroeconomic factors with a 2.0% floor, based on a 2-year look-back Toll escalates at the greater of: • There are six tolled vehicle classes based on vehicle axles: Annual US nominal GDP Annual US CPI growth 2.0% per annum — Class 2 vehicles ar
Slide 41: Chicago Skyway – United States Federal And State Tax
CHICAGO SKYWAY – UNITED STATES FEDERAL AND STATE TAX US Federal and State income tax rates • The majority of Chicago Skyway’s depreciable / amortisable Upstream tax profile • Chicago Skyway is subject to US Federal and Illinois State assets are depreciated / amortised for tax purposes over a Distrib
Slide 42: Dulles Greenway – Overview
DULLES GREENWAY – OVERVIEW Dulles Greenway traffic Total trips Toll revenue 77.8 72.8 67.1 Toll revenue (US$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 43: Dulles Greenway – Operational And Financial Update
DULLES GREENWAY – OPERATIONAL AND FINANCIAL UPDATE Strong traffic performance driving positive revenue outcomes at the business Operational and financial performance vs. H1 20241 Traffic Toll revenue EBITDA EBITDA margin +8.2% +7.4% +9.8% +1.5% Financial highlights Operations, development and delive
Slide 44: 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 in accordance with Section §56-542D: — SCC shall “have the duty
Slide 45: 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 46: Warnow Tunnel – Operational And Financial Update
4 - 5 cps (from 7 - 8 cps) WARNOW TUNNEL – OPERATIONAL AND FINANCIAL UPDATE Toll increases drove revenue and EBITDA growth Operational and financial performance vs. H1 20241 Traffic Toll revenue EBITDA EBITDA margin +0.0% +4.3% +3.2% -0.8% Financial highlights Operations, development and delivery 35
Slide 47: 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 48: Appendix C: Analyst Notes
APPENDIX C ANALYST NOTES CALUMET RIVER BRIDGE, CHICAGO SKYWAY, US Atlas Arteria → Results Presentation for the six months ended 30 June 2025 → 46
Slide 49: Analyst Notes
ANALYST NOTES Key considerations Temporary Supplemental Tax (TST) on Large French Companies: • On 14 February 2025, the Finance Law for 2025 was enacted. This law includes a new TST for 2025 concerning companies with revenue equal to or exceeding €1bn in either 2024 or 2025. The tax applies as follo
Slide 50: Analyst Notes
ANALYST NOTES Key considerations APRR/AREA Participation (AP) merger • On 30 June 2025, AREA Participation (AP) was liquidated through an upstream merger into APRR, which resulted in the transfer of AP’s assets, including its shares in AREA, to APRR. The merger resulted in a €533m reserves consolida
Slide 51: Appendix D: References
APPENDIX D REFERENCES TOLL PLAZA, CHICAGO SKYWAY, US Atlas Arteria → Results Presentation for the six months ended 30 June 2025 → 49
Slide 52: 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