Slide 1: 1H24 Results
1H24 Results 8 February 2024 Gateway Motorway, Brisbane
Slide 2: Disclaimer and basis of preparation
Disclaimer and basis of preparation This publication is prepared by Transurban Holdings Limited (ACN 098 143 429), Transurban International Limited (ACN 121 746 825) and Transurban Infrastructure Management Limited (ACN 098 147 678; AFSL 246 585) as the responsible entity of Transurban Holding Trust
Slide 3: Contents
Contents 4 10 14 23 25 CEO initial focus Project updates Financial results Wrap-up Supplementary areas and key information highlights
Slide 4: CEO initial focus areas
CEO initial focus areas Delivering long-term sustainable value Optimising core business Setting the foundations for Strengthening stakeholder performance growth relationships • Traffic growth achieved across all markets, with • Progressing development opportunities in • Focus on successful delivery
Slide 5: 1H24 financial highlights
1H24 financial highlights $1,763m 6.3% $464m 1.7% $1,331m 7.5% Proportional toll revenue Total proportional costs Proportional EBITDA1 4.3% 20 bps $1,003m 18.6% 30.0 cps 13.2% Distribution per security Weighted average cost of AUD debt 2 Free Cash (excl. Capital Releases) 108% covered by
Slide 6: 1H24 traffic overview
1H24 traffic overview Growth achieved across all markets, with traffic up 2.1% ADT1 (million trips per day) Large vehicle traffic Car traffic Sydney 1.2% ADT Melbourne 2.3% ADT 2.4 2.4 2.5 2.2 2.2 2.3 2.2 2.2 • Impact from construction projects (including • Airport passengers up 18% since last year3
Slide 7: Traffic insights
Traffic insights Traffic growth in Transurban’s markets expected to be supported by long-term macroeconomic trends Forecast growth in core markets through to early 2040s, with existing congestion Brisbane Pop. growth1: ~40% Montreal Employment growth1: ~41% Pop. growth1: ~14% GDP per capita gr
Slide 8: Traffic insights
Traffic insights Transurban’s roads deliver travel-time savings and improve accessibility and connection in cities Illustrative example of average WestConnex travel-time savings post- Traffic on freight routes comprises 40% of Transurban’s revenue2, opening of Rozelle Interchange during AM peak of 6
Slide 9: Delivering value to customers
Delivering value to customers Delivering faster, safer and sustainable Enabling customers to make informed travel Rewarding customers and delivering cost travel choices savings beyond using toll roads 428,000 hours >850,000 >1.2 million >750,000 on average saved by customers every number of times Li
Slide 10: Project updates
Project updates Transurban
Slide 11: Key project updates
Key project updates Melbourne West Gate Tunnel Project EastLink • Major tunnel milestones achieved, with 7km road deck installed and 45% of tunnel cross • Continuing to assess passages complete options in relation to • Mechanical and electrical fit out of tunnels is on track and 15% complete EastLin
Slide 12: Key project updates
Key project updates Brisbane • Working with government to support existing and future congestion challenges • Supporting opportunities on potential enhancements to Queensland assets and the broader road network ahead of the Brisbane Olympics and Paralympics1 North America Fredericksburg Extension 95
Slide 13: Opportunity and delivery pipeline
Opportunity and delivery pipeline EXPECTED NEXT BEYOND REGION PROJECTS IN DELIVERY AND POTENTIAL OPPORTUNITIES1 DELIVERY4 5 YEARS 5 YEARS Sydney Sydney Gateway2 2024 M7-M12 Integration Project 2026 Potential toll reform opportunities Western Harbour Tunnel potential monetisation Sydney Harbour Tunne
Slide 14: Financial results
Financial results Transurban
Slide 15: Statutory results
Statutory results1,2 Increase in statutory profit driven by higher toll revenue and lower net finance costs 30 (118) 164 230 34 3 14 48 55 1H23 profit Toll revenue Other revenue Operating expenses Depreciation & Net finance costs Loss from equity Income tax benefit 1H24 profit amortisation accounted
Slide 16: 1H24 financial summary
1H24 financial summary1 1H24 financial performance Summary of key debt metrics 1H24 1H24 vs. 1H23 DEC 23 JUN 23 Gross distributions $927 million 13.7% Group debt4,5 $24,398 million $24,007 million Free Cash (excl. Capital Releases) $1,003 million 18.6% Corporate liquidity6 $3,352 million $3,952 mill
Slide 17: Reporting change: Other revenue reclassification
Reporting change: Other revenue reclassification Reclassification of other revenue Proportional results – line by line impact • From 1H24, reimbursement of management and/or tolling services provided to Joint 1H24 1H24 Ventures (including STP, NWRG, TC and A25) has been reclassified from other reven
Slide 18: Free Cash movement
Free Cash movement1 Growth in Free Cash to $1,003 million driven by higher EBITDA and broadly stable net finance costs Proportional Timing of Proportional Construction distributions net finance EBITDA reserves and other costs Strong EBITDA delivered additional Weighted average cost of AUD Free Cash
Slide 19: Proportional results
Proportional results1 Proportional EBITDA increased 7.5% with margin expansion Excluding new assets and divestments 1 1,339 (6) 5 1,331 (20) 7 (15) 106 1,238 1H23 EBITDA Toll revenue Other revenue Total costs 1H24 EBITDA (ex. new New assets and Benefit from PPA 1H24 EBITDA assets, divestments, dives
Slide 20: Proportional cost movement
Proportional cost movement1 Continued focus on managing operational costs during 1H242 1.7% 7 13 1 (9) (5) 464 13 461 (4) (6) 455 2 Key initiatives to manage costs include: • Ongoing work to optimise maintenance costs • Management of technology and procurement costs 1H23 Total Cost3 Operations & Vol
Slide 21: Cost management
Cost management Active management of operational costs Debt strategy delivering value Weighted average cost of AUD debt broadly stable at Operational cost growth in 1H24 was lower 4.3%3 with the proportional debt book 94.6%4 hedged than Australian inflation and the weighted average maturity at 6.8 y
Slide 22: Balance sheet and funding summary
Balance sheet and funding summary Strong liquidity position and well-funded for growth Completed and upcoming refinancing activities6 $1.2bn 3,000 Expected Capital $2.0bn 2,500 Releases (2H24-25)1 committed projects (FY24-26)3,4 2,000 $M Committed 1,500 growth fully 1,000 $3.4bn funded with headroom
Slide 23: Wrap-up
Wrap-up Transurban
Slide 24: Wrap-up
Wrap-up Optimising core business performance Setting the foundations for growth and maintaining Delivering long-term momentum on projects sustainable value Continuing to strengthen relationships with stakeholders Save the date for Investor Day on 6 May 2024
Slide 25: Supplementary information
Supplementary information Transurban
Slide 26: Analyst notes
Analyst notes Short to medium term Free Cash considerations ITEM / SHORT TERM CONSIDERATIONS ITEM / MEDIUM TERM CONSIDERATIONS OTHER CONSIDERATIONS ASSET ASSET WestConnex • Cash previously held from distribution during West Gate • Broadly neutral impact on Free Cash • Proportional net cost growth: M
Slide 27: Reporting change: Other revenue reclassification
Reporting change: Other revenue reclassification Background • Charges for services provided by the Group to its non-controlled assets (including STP, NWRG, TC and A25) have historically been presented within ‘other revenue’ of the Group’s proportional results • The Group has provided management and/
Slide 28: WestConnex traffic
WestConnex traffic • The map on the right shows ADT 179k ADT involving a trip on each WestConnex asset during 1H24, as well as total WestConnex ADT • A single WestConnex trip can include multiple assets, with around 8.5% of WestConnex trips qualifying for the toll cap during 1H24 45k ADT 108k ADT To
Slide 29: Market updates
Market updates Transurban
Slide 30: Sydney market update
Sydney market update 1H24 performance • Traffic increased by 1.2% • Car traffic increased by 1.4% and large vehicle traffic decreased by 0.1% • Proportional toll revenue increased by 5.2% to $878 million 5.2% 49.8% Operations, development and delivery Toll revenue Sydney toll revenue • Construction
Slide 31: NSW Toll Review update
NSW Toll Review update NSW Toll Review • The NSW Independent Toll Review provides an opportunity to consider ways to further enhance the value and performance of Sydney’s toll roads Key process milestones • Transurban made a detailed submission to the Independent Toll Review and will continue to wor
Slide 32: Sydney portfolio and pipeline
Sydney portfolio and pipeline Near-term asset enhancement opportunities • Progress at the Elizabeth Drive Connection and M7-M12 Interchange, with ongoing work to install and relocate utilities • Construction of the M7 widening, including the installation of road safety barriers, commenced in late 20
Slide 33: Melbourne market update
Melbourne market update 1H24 performance • Traffic increased by 2.3% • Car traffic increased by 2.3% and large vehicle traffic increased by 2.1% • Proportional toll revenue increased by 6.6% to $475 million 6.6% 27.0% Operations, development and delivery Toll revenue Melbourne toll • Successful mana
Slide 34: Melbourne portfolio and pipeline
Melbourne portfolio and pipeline Victorian road infrastructure project updates • North East Link project – contract awarded for the tunnelling package in late 2021. Major works now underway with preferred bidders for the Eastern Freeway and the completion of the M80 Ring Road announced in 2022. Proj
Slide 35: Brisbane market update
Brisbane market update 1H24 performance • Traffic increased by 2.6% • Car traffic increased by 3.3% and large vehicle traffic increased by 0.3% • Proportional toll revenue increased by 10.5% to $288 million 10.5% 16.3% Operations, development and delivery Toll revenue Brisbane toll revenue • Improve
Slide 36: Brisbane portfolio and pipeline
Brisbane portfolio and pipeline Near-term asset enhancement opportunities • Gateway and Logan Motorway widening Potential market opportunities • Broader road enhancements in relation to Brisbane Olympics and Paralympics1 Other Queensland road infrastructure project updates • Gateway Motorway north a
Slide 37: North America market update
North America market update1 1H24 performance • Traffic increased by 5.3% • Proportional toll revenue increased by 3.5% to $122 million2 Greater Washington Area 3.5% 6.9% • Fredericksburg Extension opened in August 2023, with final access points opened to traffic in December 2023, extending the two-
Slide 38: Greater Washington Area portfolio and pipeline
Greater Washington Area portfolio and pipeline Potential market opportunities • In November 2023, Transurban signed development framework agreements with VDOT to explore the feasibility of bi-directional travel on a segment of the 95 Express Lanes. Currently, on weekdays the lanes run northbound in
Slide 39: Environmental, Social and Governance
Environmental, Social and Governance
Slide 40: ESG investment proposition
ESG investment proposition Transurban is committed to strengthening communities through transport. Providing leadership and taking action on environment al, social and governance factors is fundamental to upholding Transurban’s values and supporting the ongoing success and sustainability of t he bus
Slide 41: Climate Change Framework priority areas
Climate change framework Scope 1 & 2 science-based emission reduction target: 50% reduction by 2030 Scope 1 & 2 emission reduction target: Scope 3 does not Expected initiatives to reach Net Zero Transition to zero-emission Transurban fleet; contractor targets for fuel efficiency and transition to ze
Slide 42: 1H24 ESG progress
1H24 ESG progress Environmental Social Governance • Progress against SBTi Scope 1 and 2 GHG targets • 37 Community Grants provided • Preparation for International Sustainability Standards Board and working towards net zero emissions by 20501 • Linkt Assist and the One Stop One Story and Australian S
Slide 43: HSE and Road Safety
HSE and Road Safety Transurban has an overarching framework and objectives for Health, Safety, Environment and Road Safety. The focus is underpinned by proactive engagement with stakeholders and examining data to identify trends and opportunities for performance improvements Employee safety Contract
Slide 44: Detailed financials
Detailed financials Transurban
Slide 45: Traffic and revenue performance
Traffic and revenue performance DEC 23 QUARTER1 1H241 LARGE PROPORTIONAL ADT ADT VEHICLE PROPORTIONAL ADT ADT LARGE VEHICLE TOLL REVENUE % CHANGE % CHANGE CAR TRAFFIC TRAFFIC TOLL REVENUE % CHANGE % CHANGE CAR TRAFFIC TRAFFIC % CHANGE vs DEC 22 vs DEC 19 % CHANGE % CHANGE % CHANGE vs 1H23 vs 1H20 %
Slide 46: Traffic and revenue data
Traffic and revenue data1 % LARGE DEC 22 DEC 23 VEHICLE ASSET QUARTER QUARTER % CHANGE 1H23 1H24 % CHANGE TRAFFIC2 SYDNEY Hills M2 Total Toll Revenue (M) $95 $93 (1.7%) $186 $188 1.4% N/A Average Daily Trips (‘000) 140 134 (4.1%) 137 135 (2.0%) 8.1% M5 West Total Toll Revenue (M) $86 $86 0.7% $169 $
Slide 47: Traffic and revenue data
Traffic and revenue data1 % LARGE DEC 22 DEC 23 VEHICLE ASSET QUARTER QUARTER % CHANGE 1H23 1H24 % CHANGE TRAFFIC2 MELBOURNE CityLink Total Toll Revenue (M) $227 $238 4.6% $446 $475 6.6% N/A Average Daily Transactions (‘000) 818 825 0.8% 804 823 2.3% 21.5% BRISBANE Gateway Motorway Total Toll Revenu
Slide 48: Traffic and revenue data
Traffic and revenue data1 % LARGE DEC 22 DEC 23 VEHICLE ASSET QUARTER QUARTER % CHANGE 1H23 1H24 % CHANGE TRAFFIC2 NORTH AMERICA 95 Express Lanes Total Toll Revenue (USD M) $38 $43 15.5% $73 $86 17.7% N/A Average Daily Trips (‘000) 60 61 1.2% 60 61 1.5% 1.9%3 495 Express Lanes Total Toll Revenue (US
Slide 49: Traffic data vs 1H20
Traffic data vs 1H201 ASSET DEC 19 QUARTER DEC 23 QUARTER % CHANGE 1H20 1H24 % CHANGE SYDNEY Hills M2 Average Daily Trips (‘000) 131 134 2.0% 132 135 1.9% M5 West Average Daily Trips (‘000) 162 171 5.3% 162 171 5.1% Lane Cove Tunnel/MRE Average Daily Trips (‘000) 89 80 (10.2%) 90 81 (9.7%) Cross Cit
Slide 50: Proportional toll revenue by asset
Proportional toll revenue by asset DEC 23 QUARTER ($M) 1H24 ($M) OWNERSHIP 100% PROPORTIONAL 100% PROPORTIONAL Hills M2 100% $93 $93 $188 $188 M5 West 100% $86 $86 $173 $173 Lane Cove Tunnel/MRE 100% $25 $25 $52 $52 Cross City Tunnel 100% $20 $20 $39 $39 M1 Eastern Distributor 75.1% $43 $32 $86 $64
Slide 51: Statutory results
Statutory results 1H23 ($M) 1H24 ($M) % CHANGE Toll revenue 1,436 1,484 3.3% Construction revenue 508 539 5.9% Other revenue 88 102 16.1% Total revenue 2,032 2,125 4.5% Employee benefits expense (170) (191) 12.5% Road operating costs (195) (190) (1.9%) Construction costs (508) (539) 5.9% Corporate a
Slide 52: Reconciliation of statutory PBT to proportional EBITDA
Reconciliation of statutory PBT to proportional EBITDA 1H23 ($M) 1H24 ($M) % CHANGE Statutory (loss)/profit before income tax (42) 251 N.M. Add: Statutory depreciation and amortisation 570 536 (6.1%) Add: Statutory net finance costs 367 203 (44.7%) Add: Share of loss of equity accounted investments,
Slide 53: Proportional EBITDA margins
Proportional EBITDA margins1 FY22 1H23 2H23 FY23 1H24 Comments • Sydney margin partially impacted by the opening of Sydney 77.2% 80.7% 78.5% 79.6% 79.0% the M4-M8 link in ramp up phase Melbourne 82.2% 85.5% 83.5% 84.5% 84.9% Brisbane 71.0% 72.9% 73.1% 73.0% 73.5% • Impacted following partial divestm
Slide 54: 1H24 proportional result by asset
1H24 proportional result by asset TOLL OTHER EBITDA (excluding transaction and NET FINANCE INCOME REVENUE REVENUE integration costs) EBITDA D&A COSTS NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 188 2 159 159 (39) (11) 109 (11) 98 100% M5 West 173 1 155 155 (133) (2) 20 (42) (22)
Slide 55: 1H23 proportional result by asset
1H23 proportional result by asset EBITDA (excluding transaction NET FINANCE INCOME TOLL REVENUE OTHER REVENUE and integration costs) EBITDA D&A COSTS NPBT TAX NPAT OWNERSHIP ASSET $M $M $M $M $M $M $M $M $M 100% M2 186 2 159 159 (39) (13) 107 (9) 98 100% M5 West 169 2 144 144 (133) (7) 4 (37) (33) 1
Slide 56: 1H24 net finance costs paid
1H24 net finance costs paid NON-CASH ITEMS STATUTORY DISCOUNT PROPORTION- NET FINANCE UNWINDS & INTEREST INTEREST NET INTEREST AL NET COST DEBT FEES REVALUATIONS1 CAPITALISATION2 OTHER3 ACCRUALS4 PAID INTEREST PAID CONTROLLED ENTITIES OWNERSHIP $M $M $M $M $M $M $M $M M2 100% (11) - 1 - - (1) (11) (
Slide 57: 1H23 net finance costs paid
1H23 net finance costs paid NON-CASH ITEMS STATUTORY DISCOUNT NET FINANCE UNWINDS & INTEREST INTEREST NET INTEREST PROPORTIONAL NET COST DEBT FEES REVALUATIONS1 CAPITALISATION2 OTHER3 ACCRUALS4 PAID5 INTEREST PAID CONTROLLED ENTITIES OWNERSHIP $M $M $M $M $M $M $M $M M2 100% (13) - 1 - - (1) (13) (1
Slide 58: Maintenance provision
Maintenance provision MAINTENANCE EXPENSE RECOGNISED1 MAINTENANCE CASH SPEND CONTROLLED ENTITIES 1H23 ($M) 1H24 ($M) 1H23 ($M) 1H24 ($M) M2 (4) (2) (5) (5) M5 West (4) 5 (3) (3) LCT (3) (5) (3) (4) CCT (3) (3) (2) (2) CityLink (12) (14) (22) (22) A252 (2) - - - Total 100% owned controlled entities a
Slide 59: Free Cash calculation
Free Cash calculation FREE CASH CALCULATION SOURCE OF INFORMATION/EXPLANATION Cash flows from operating activities Statutory Transurban Holdings Limited operating cash flow (refer Group Statutory accounts) Add back transaction and integration costs related to acquisitions and Transaction and integra
Slide 60: Free Cash
Free Cash Reconciliation of statutory cash flow from operating activities to Free Cash 1H23 ($M) 1H24 ($M) 1H23 1H24 % CHANGE Cash flows from operating activities 743 797 Free Cash 863M 1,412M 63.5% Add back transaction and integration costs related to acquisitions Weighted average securities eligib
Slide 61: Reconciliation of proportional EBITDA to Free Cash
Reconciliation of proportional EBITDA to Free Cash 1H24 ($M) COMMENTS Proportional EBITDA 1,331 Refer to slide 19 for further detail Transaction and integration costs - Proportional net finance costs paid (cash) (349) Refer to slide 56 for further detail Add back proportional maintenance expense (no
Slide 62: Projects under development or delivery
Projects under development or delivery CAPEX 1H24 SPEND CAPEX 2H24 FY25 FY26 FY27 TO-DATE1 SPEND1 COMMITTED PROJECTS / PROJECTS $5,072M4 $472M WEST GATE TUNNEL PROJECT—Melbourne ($6.1B) UNDER CONSTRUCTION2 USD$329M USD$22M 95 EXPRESS LANES FREDERICKSBURG EXTENSION PROJECT—GWA (USD$343M)5 $116M $59M
Slide 63: Transurban tax groups—estimated timing
Transurban tax groups—estimated timing1 1H24 EBITDA as 1H24 proportion of tax Transurban Group paid2 Tax group proportional EBITDA ($M) FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31+ Timing is indicative only and not shown by month A25 1.5% $26.7 Currently paying tax: Subject to corporate tax in Canada Ai
Slide 64: Treasury
Treasury Transurban
Slide 65: Funding structure as at 31 December 2023
Funding structure as at 31 December 2023 Transurban2 BBB+/Baa1/A- Non-recourse Corporate Sydney Brisbane North America EMTN Working EUR4.0B Capital3 495 Express 95 Express $2.7B M22 LCT CCT ED M72 NCX M5 West STP TQ2 A25 Lanes2 Lanes2 Letter of Maple -/A2/- -/A3/A- BBB/-/- -/Baa1/- BBB/-/BBB CAD0.7B
Slide 66: Group debt as at 31 December 2023
Group debt as at 31 December 2023 FACILITY FACILITY FACILITY TOTAL FACILITY TOTAL DRAWN AMORTISATION PROPORTIONAL STATUTORY (USD M)1 (CAD M)1 ($M)1 ($M)2 ($M)2 SCHEDULE DRAWN ($M)2 DRAWN ($M)3 CORPORATE DEBT Working capital facilities4 - - 2,650 2,650 - - - - EMTN (CAD, NOK and EUR Notes) - 650 6,33
Slide 67: Proportional drawn debt by effective currency
Proportional drawn debt by effective currency1 30 JUN 23 30 DEC 23 MOVEMENT AUD2 ($M) ($M) ($M) EXPLANATION Corporate 8,377 8,377 - Additional net AUD $164 million drawn debt at WCX Group, AUD $292 million drawn debt at TQ, AUD $20 million due Non-recourse 11,882 12,309 427 to capitalised interest o
Slide 68: Key debt metrics
Key debt metrics 30 JUN 23 31 DEC 23 TRANSURBAN GROUP CORPORATE NON-RECOURSE TRANSURBAN GROUP CORPORATE NON-RECOURSE Weighted average maturity (years)1,2 6.9 years 5.7 years 7.7 years3 6.8 years 5.2 years 7.9 years4 Weighted average cost of AUD debt1 4.1% 4.5% 3.8% 4.3% 4.5% 4.2% Weighted average co
Slide 69: Extension of total Group debt maturity profile
Extension of total Group debt maturity profile June 2023 maturity profile1,2 10,000 Existing debt refinanced 8,000 during 1H24 $ MILLION 6,000 4,000 2,000 - FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 - 33 FY34 - 38 FY39+ December 2023 maturity profile1,2 10,000 New debt raised 8,000 during 1H24 $ MILLI
Slide 70: Total corporate debt maturities as at 31 December 2023
Total corporate debt maturities as at 31 December 20231,2 Working capital facilities EMTN 144A Letters of credit facilities 2,000 1,800 219 1,600 266 1,400 866 1,200 833 733 $ MILLION 800 1,000 800 1,686 1,332 600 1,239 1,000 1,060 400 825 825 706 570 200 - 72 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31
Slide 71: Hedging profile of total debt
Hedging profile of total debt Transurban interest rate hedging profile1 36,000 30 JUN 23 31 DEC 23 Interest rate hedged2 96.4% 94.6% 32,000 Currency hedged3 100.0% 100.0% 28,000 24,000 20,000 $ MILLION 16,000 12,000 8,000 4,000 - FY24 FY26 FY28 FY30 FY32 FY34 FY36 FY38 FY40 FY42 FY44 FY46 FY48 FY50
Slide 72: Diversified funding sources
Diversified funding sources Major funding transactions1 during 1H24: Total Group debt as at 31 December 20232 BANK DEBT • A$720 million Institutional Term Loans (ITL) at Transurban Queensland AMTN • A$550 million AMTN at WestConnex Group AUD PRIVATE PLACEMENT • A$250 million AMTN at Transurban Queen
Slide 73: Total non-recourse debt maturities as at 31 December 2023
Total non-recourse debt maturities as at 31 December 20231,2 TQ ED M2 M5 West M7 LCT CCT WCX Group M8 / M5 East M4-M8 Link 495 95 A25 NCX 6,500 6,000 391 5,500 410 5,000 4,500 4,000 2,764 $ MILLION 3,500 3,000 2,500 202 1,100 398 2,000 1,322 1,200 60 200 800 1,500 1,200 900 28 546 545 40 446 1,171 1
Slide 74: Corporate overview
Corporate overview _=Transurban
Slide 75: Summarised Group structure
Summarised Group structure TRANSURBAN HOLDINGS LIMITED TRANSURBAN HOLDING TRUST TRANSURBAN INTERNATIONAL LIMITED CORPORATE ENTITIES ROAD / OPERATING ENTITIES OTHER ENTITIES ROAD/OPERATING ENTITIES CORPORATE ENTITIES Including: Including: Companies operating and Corporate financing Companies operatin
Slide 76: Asset portfolio as at 31 December 2023
Asset portfolio as at 31 December 2023 SYDNEY OVERVIEW M5 WEST1 M2 M4 M82,3 M4-M8 LINK4 M5 EAST LCT CCT Opening date Aug 1992 May 1997 Jul 2019 Jul 2020 Jan 2023 Dec 2001 Mar 2007 Aug 2005 Concession end date Dec 2026 Jun 2048 Dec 2060 Dec 2060 Dec 2060 Dec 2060 Jun 2048 Dec 2035 PHYSICAL DETAILS Le
Slide 77: Asset portfolio as at 31 December 2023
Asset portfolio as at 31 December 2023 SYDNEY MELBOURNE NORTH AMERICA 495 EXPRESS 95 EXPRESS OVERVIEW ED M7 NORTHCONNEX CITYLINK A25 LANES3 LANES4 Opening date Dec 1999 Dec 2005 Oct 2020 Dec 2000 Nov 2012 Dec 2014 May 2011 Concession end date Jul 2048 Jun 20481 Jun 2048 Jan 2045 Dec 2087 Dec 2087 Se
Slide 78: Asset portfolio as at 31 December 2023
Asset portfolio as at 31 December 2023 BRISBANE GATEWAY LOGAN GO BETWEEN LEGACY OVERVIEW CLEM7 AIRPORTLINK M7 MOTORWAY MOTORWAY BRIDGE WAY Opening date Dec 1986 Dec 1988 Mar 2010 Jul 2010 Jun 2015 Jul 2012 Concession end date Dec 2051 Dec 2051 Aug 2051 Dec 2063 Jun 2065 Jul 2053 PHYSICAL DETAILS Len
Slide 79: Future concession assets
Future concession assets MELBOURNE WEST GATE OVERVIEW TUNNEL Concession end date Jan 2045 PHYSICAL DETAILS Length—total 17 km Length—surface 10.2 km Length—tunnel 6.8 km 2x6 on WGF Lanes 2x3 on remaining sections OWNERSHIP 100% TOLLING LCV—1.6x Large vehicle multiplier HCV1 HPFV1 1. HCV and HPFV tol
Slide 80: Tolling escalation
Tolling escalation MOTORWAY ESCALATION MOTORWAY ESCALATION M2 Tolls escalate quarterly by the greater of quarterly CPI or 1% West Gate Tunnel Tolls escalate quarterly by an equivalent of 4.25% per annum to 30 June 2029, and the greater of quarterly CPI or 0% thereafter to LCT Class A tolls escalate
Slide 81: Tolling escalation
Tolling escalation 67% of 1H24 revenue with Sept FY24 Dec FY24 Mar FY24 June FY24 Sept FY25 Dec FY25 Mar FY25 June FY25 Sept FY26 CPI-linked escalations5 55% of 1H24 revenue escalating by at least 4% NSW1 1.4% 0.8% 1.2% 0.6% Mar CPI Jun CPI Sep CPI Dec CPI Mar CPI regardless of inflation Dynamic, Fi
Slide 82: Glossary
Glossary Transurban
Slide 83: Glossary
Glossary TERM DEFINITION TERM DEFINITION 95 95 Express Lanes ESG Environmental, Social and Governance 395 395 Express Lanes EUR Euros 495 495 Express Lanes EV Electric Vehicles 1H/2H First or second half of a financial year (unless specified otherwise) FFO Funds From Operations A25 A25 toll road FFO
Slide 84: Glossary
Glossary TERM DEFINITION TERM DEFINITION M4-M8 M4-M8 link RUC Road user charging M5 EAST M5 East motorway S&P Standard and Poor’s M5 WEST M5 West motorway SA2 ABS geographical standard M7 Westlink M7 SBTi Science Based Targets initiative M8 M8 (previously the New M5) SLN Shareholder Loan Note. An in