Atlas Arteria · ASX:ALX
Atlas Arteria — Non-Deal Roadshow (June 2025)
28 slides from Atlas Arteria's roadshow presentation, June 2025
Slide 1: Atlas Arteria Roadshow Presentation
ATLAS ARTERIA ROADSHOW PRESENTATION June 2025 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Atlas Arteria → Roadshow Presentation → 1
Slide 2: 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 3: Important Information
Important Information U.S. Ownership Restrictions In order to qualify for an exemption under the Investment Company Act, the provisions of the constitutions of the Atlas Arteria entities provide that where a holder is an Excluded This presentation does not constitute an offer to sell, or the solicit
Slide 4: Contents
CONTENTS THE ATLAS ARTERIA BUSINESS FINANCIAL OVERVIEW BUSINESS STRATEGY DISTRIBUTIONS SUMMARY Atlas Arteria → Roadshow Presentation → 4
Slide 5: 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 6: Europe Traffic Overview
EUROPE TRAFFIC OVERVIEW Robust traffic performance at APRR against a softer comparative period APRR Group1 Warnow Tunnel APRR Group is a c. 2,400km Warnow Tunnel is a 2km toll motorway network in eastern road with two lanes in each France, providing critical direction, including a 0.8km connectivity
Slide 7: United States Traffic Overview
UNITED STATES TRAFFIC OVERVIEW Skyway traffic down given elasticity impact of toll increases; Greenway traffic up driven by congestion on free competing route Chicago Skyway Dulles Greenway Chicago Skyway is a 12.5km toll Dulles Greenway is a 22km road in Chicago, connecting the tolled motorway in n
Slide 8: 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 9: 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 10: 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 11: 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 12: Delivering Value for All Investors
DELIVERING VALUE FOR ALL INVESTORS Pursuing our strategic objectives with a refocused and consolidated set of priorities Optimise performance • Optimise free cash flow from existing portfolio to maximise value and enhance investor returns • Seek to unlock Dulles Greenway cash flow potential • Ensure
Slide 13: Dulles Greenway Update
DULLES GREENWAY UPDATE New strategic approach implemented with progress achieved across multiple workstreams Appeal of 2024 Rate Case Decision – Supreme Court of Virginia (SCV) • Appeal is now fully briefed by the parties (January-April 2025) • Oral arguments currently scheduled for the first week o
Slide 14: APRR Group Update
APRR GROUP UPDATE Clarity on the future of France's toll road concession system expected after 2027 Presidential election Outlook for future concessions • The Transport Minister has launched a national conference on the future of transport in France (Ambition France Transports1), which commenced on
Slide 15: Partnering as a Strategic Enabler
PARTNERING AS A STRATEGIC ENABLER Expanding and deepening collaborations to unlock value opportunities and drive mutual competitive advantage Strategic access to resources Capital efficiency • Enhance competitive positioning in key • Unlock cost efficiencies and benefit from markets via shared capab
Slide 16: Distributions Overview
DISTRIBUTIONS OVERVIEW Distribution guidance of 40 cps for 2025 and distribution policy implemented Atlas Arteria distributions – by period earned (cps) • 2025 distribution guidance of 40 cps1 Chicago Skyway TEILD TST acquisition imposed4 imposed • Distribution policy implemented to pay 90-110% of f
Slide 17: Summary
SUMMARY Portfolio of high-quality businesses, with robust cash flows Improved clarity and transparency on distribution outlook Strong partnerships with key global infrastructure players, with scope to deepen and broaden relationships Multiple levers for sustainable long-term value creation Atlas Art
Slide 18: Q&A
Q&A Contact for investors Tess Palmer Director, Investor Relations +61 (0) 499 972 339 investors@atlasarteria.com Atlas Arteria → Roadshow Presentation → 18
Slide 19: Appendix: About the Business
APPENDIX ABOUT THE BUSINESS DULLES GREENWAY, US Atlas Arteria → Roadshow Presentation → 19
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: Appendix B: References
APPENDIX B REFERENCES TOLL PLAZA, CHICAGO SKYWAY, US Atlas Arteria → Roadshow Presentation → 27
Slide 28: 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