Slide 1: 1H25 Results
1H25 Results 20 February 2025 St Peters Interchange, and the entrance to WestConnex M8 tunnel westbound
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 15 19 27 28 1H25 financial Traffic insights Financial results Q&A Supplementary highlights information
Slide 4: 1H25 financial highlights
1H25 financial highlights Unlocking operational performance to drive free cash growth $1,872m Proportional toll revenue 6.2% 32 cps distribution 107% covered by Free Cash $453m 3.0%2 • 65 cps FY25 distribution Proportional operating costs1 guidance reaffirmed • FY25 distribution expected to be 9
Slide 5: Strategic objectives
Strategic objectives Focusing on stakeholders, growth and operational efficiency Creating Driving Pursuing value for operational growth stakeholders efficiency Stronger government partnerships Continued enhancement of existing portfolio Optimising the core Enhancing customer and community value Disc
Slide 6: Good progress against strategic objectives
Good progress against strategic objectives Creating Driving value for Pursuing operational stakeholders growth efficiency Progressing NSW Toll Reform Engagement in Queensland on new projects Starting to see benefits of new Estimated travel time savings in Linkt app including Logan West (QLD) operati
Slide 7: NSW Toll Reform opportunity
NSW Toll Reform opportunity Working towards solutions that improve outcomes for Sydney’s motorists and respect the value of contracts NSW Government – Direct Dealing process • NSW Toll Reform has progressed to Stage 2 of the Direct Dealing process, which is similar to an unsolicited proposal process
Slide 8: Delivering on-road customer value
Delivering on-road customer value Transurban and its investment partners have invested $36 billion in Sydney’s road network over two decades and continue to invest, providing enormous livability, productivity and safety benefits to customers and motorists >$3 & $9 fuel saving/trip2 Up to 39 mins 40
Slide 9: Innovation in tolling and customer experience
Innovation in tolling and customer experience 2025 and beyond All Transurban Linkt Rewards roads using program launched Technology uplift electronic tolling 2007 – • Expanded to include 8 rewards 2019 • Optimisation of business processes 2013 partners by 2025 Linkt Assist launched supporting custome
Slide 10: Enhancing customer experience
Enhancing customer experience Delivering value and transparency in addition to travel time savings and safer journeys Linkt app improvements to enhance Linkt Rewards program provides additional benefits beyond customer experience through core travel time savings and safety improved transparency • Tr
Slide 11: Key projects update
Key projects update Continued progress on all major projects, with delivery timelines tracking to schedule Melbourne Sydney and Brisbane North America West Gate Tunnel Project M7-M12 Integration 495 Northern Extension • Progress throughout the past 12 months • Bridge piling expected to be completed
Slide 12: Growth opportunities across existing markets
Growth opportunities across existing markets1 Stakeholder relationships, customer value and innovation provide the building blocks for potential opportunities across Transurban’s markets Market context Types of opportunities Sydney • NSW Toll Reform process ongoing • Potential monetisation of NSW Go
Slide 13: Assessing new markets and entry strategies
Assessing new markets and entry strategies Leveraging Transurban’s core competencies to grow beyond existing markets, with a disciplined framework for assessing new opportunities1 Disciplined approach to entry into new markets Market characteristics Population and economic growth and existing PPP fr
Slide 14: New operating model delivering efficiencies
New operating model delivering efficiencies Asset management and road experience Improving asset co-ordination with a portfolio focus on customer value and trip experiences Efficiency of corporate costs Coordination and streamlining of corporate functions across markets Technology Enabling focused i
Slide 15: Traffic insights
Traffic insights Transurban
Slide 16: 1H25 traffic overview
1H25 traffic overview Growth achieved across all markets, with traffic up 2.4% for 1H25 and 3.6% for 2Q25 ADT1 (million trips per day) Large vehicle traffic Car traffic ( + ) Network enhancements 2.5 Group 2.4% WestConnex benefitting from 2.5 2.4 2.4 2.4 annualistation of Rozelle 2.3 2.2 2.2 Inter
Slide 17: Traffic transitioning through short-term disruption
Traffic transitioning through short-term disruption Long-term fundamentals anticipated to drive traffic growth beyond the near-term cyclical disruption Short-term construction disruption1 Beyond the construction cycle1 Assets particularly impacted include: 2025 2024 Sydney benefiting following recen
Slide 18: Long-term growth drivers and asset fundamentals remain
Long-term growth drivers and asset fundamentals remain Portfolio well positioned to respond to population growth and the evolving mobility needs of communities Population increases (2025-2035) expected in areas within 15min of existing assets1 Australian population Growth (m) Total (m) growth foreca
Slide 19: Financial results
Financial results Transurban
Slide 20: Statutory results
Statutory results1,2,3 53 (138) (40) 230 (2) (15) (241) 14 109 1H24 Profit Toll revenue Other revenue Operating Depreciation & Net finance costs Loss from equity Income tax benefit 1H25 Profit expenses amortisation accounted investments 1. Statutory results bridge excludes construction revenue and c
Slide 21: 1H25 financial summary
1H25 financial summary1 1H25 financial performance Summary of key debt metrics 1H25 1H25 vs. 1H24 DEC 24 JUN 24 Gross distributions $993 million 7.1% Group debt5,6 $25,464 million $25,868 million Free Cash $1,060 million 10.1%2 Corporate liquidity7 $2,799 million $4,196 million Proportional toll rev
Slide 22: Proportional results
Proportional results1 Proportional Operating EBITDA growth supporting margin expansion +9.4% 1,452 14 110 (143) 1,328 1,309 1H24 EBITDA Total revenue Total costs 1H25 Operating EBITDA Litigation liability 1H25 EBITDA FY23 (%) 1H24 (%) FY24 (%) 1H25 (%) Transurban Group Operating EBITDA 73.4 74.0 73.
Slide 23: Proportional operating cost movement
Proportional operating cost movement Continued focus on managing operating costs, targeting below inflation cost outcome for FY25 1H25 operational cost base 1H24 Total operating costs: $467m1 Cost category % Continuing cost opportunities • Refining approach to asset management to improve risk manage
Slide 24: Free Cash movement
Free Cash movement1 Increase in Free Cash to $1,060 million, +10.1% on 1H24 of $963m Proportional Operating EBITDA2 Proportional net finance costs Cash adjustments EBITDA growth delivered additional Weighted average cost of AUD debt Other cash adjustments to Free Cash Free Cash 4.4%3 ADT • 2.4% incr
Slide 25: Balance sheet and funding summary
Balance sheet and funding summary Strong liquidity position Completed and upcoming refinancing activities7 $0.6B 3,000 Expected Capital Releases $0.8B (FY25)1 committed projects3,4,5 2,500 2,000 $0.9B Group distribution2 Committed growth fully 1,500 $M $2.8B funded with Corporate liquidity at 1,000
Slide 26: Aligned with capital allocation framework
Aligned with capital allocation framework Balancing capital allocation to support investment in growth and distributions Distribution growth Growing balance sheet supported by Core growth from existing portfolio capacity supports underlying earnings (price and volume growth) opportunity pipeline 2.4
Slide 27: Q&A
Q&A Transurban
Slide 28: Supplementary information
Supplementary information (SD Transurban
Slide 29: Analyst notes
Analyst notes Short to medium-term Free Cash considerations ITEM / ITEM / ASSET SHORT-TERM CONSIDERATIONS MEDIUM-TERM CONSIDERATIONS OTHER CONSIDERATIONS ASSET M7-M12 • Traffic expected to be down ~5% during the construction West Gate • Broadly neutral impact on Free Cash • Targeting below inflation
Slide 30: Enhanced investment proposition
Enhanced investment proposition1 Transurban’s strong defensive characteristics and growth profile should outweigh short-term operational impacts Building blocks underpinning Transurban’s future growth Free Cash growth Growth options Other growth Continued focus on Traffic growth within the core op
Slide 31: West Gate Tunnel Project
West Gate Tunnel Project Supporting Melbourne’s growing freight task New tolling arrangements • Long HCV (LHCV) class will be introduced and charged at 1.5x HCV toll (applicable to CityLink) • Multi-trip discounts available to HCVs and LHCVs making multiple trips per day along West Gate Freeway: – F
Slide 32: WestConnex traffic
WestConnex traffic • The map on the right shows ADT involving a trip on each WestConnex asset during 1H25, as well as 199k ADT total WestConnex ADT • A single WestConnex 111k ADT trip can include multiple assets, with around 13% of WestConnex trips qualifying for the toll cap during 1H25 112k ADT To
Slide 33: Market updates
Market updates Transurban
Slide 34: Sydney market update
Sydney market update 1H25 performance • Traffic increased by 3.1% Customer and community • Transurban held its first EVs for 6.2% 49.8% Everyone community day at Sydney • Car traffic increased by 3.2% and large vehicle Motorsport Park. Over 1,500 community Toll revenue Sydney toll revenue traffic i
Slide 35: Sydney portfolio and pipeline
Sydney portfolio and pipeline Near-term asset enhancement • Two incrementally launched bridges (ILBs) progressing over the M7 Motorway • Progress along the M7 Motorway to widen the existing 41 bridges with all bridge piling completed • 80% of earthworks within the M7 Motorway median, Elizabeth Drive
Slide 36: Melbourne market update
Melbourne market update 1H25 performance Customer and community • Traffic increased by 0.8% • Car traffic increased by 0.8% and large • Transurban provided $50,000 in community grants supporting road safety and learner driver programs, upgrading SES equipment, 4.2% 26.4% vehicle traffic increased by
Slide 37: Melbourne portfolio and pipeline
Melbourne portfolio and pipeline Victorian road infrastructure project updates • North East Link project1 – 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. Two
Slide 38: Brisbane market update
Brisbane market update 1H25 performance Customer and community • Traffic increased by 2.0% • Car traffic increased by 1.4% and large • Introduced a new travel time feature on the Linkt app for Queensland customers, helping drivers calculate how much time they have 5.9% 16.3% vehicle traffic increase
Slide 39: Brisbane portfolio and pipeline
Brisbane portfolio and pipeline Near-term asset enhancement opportunities • Logan West Upgrade project • Gateway Motorway enhancement Potential market opportunities • Broader road enhancements in relation to Brisbane Olympics and Paralympics1 Other Queensland road infrastructure project updates2 • G
Slide 40: North America market update
North America market update1 1H25 performance Greater Montreal Area 15.1% 7.5% • Traffic increased by 7.1% • Electric vehicle traffic increased from 14.2% to 19.1% of total traffic • Car traffic increased by 7.3% and large vehicle traffic increased by 2.4% • Quebec Government has extended the free t
Slide 41: Greater Washington Area portfolio and pipeline
Greater Washington Area portfolio and pipeline Potential market opportunities • Feasibility assessment for bi-directional travel on a segment of the 95 Express Lanes continues. Currently, on weekdays the lanes run northbound in the morning and southbound in the evening • Ongoing evaluation by VDOT o
Slide 42: Environmental, social and governance
Environmental, social and governance
Slide 43: ESG investment proposition
ESG investment proposition Providing leadership and taking action on environmental, social and governance (ESG) factors is fundamental to upholding Transurban’s values and supporting the ongoing success and sustainability of the business Environmental Social Governance • Action against climate chang
Slide 44: Climate Change Framework priority areas
Climate Change Framework priority areas Scope 1 and 2 science-based emission reduction target: 50% reduction by 2030 Expected initiatives to reach Net Zero 100% renewable electricity use; eliminate Transition to electric vehicle fleet; contractor targets for fuel efficiency and transition to electri
Slide 45: ESG key achievements
ESG key achievements Environmental Social Governance ESG benchmarking • Scope 1 and 2 GHG emissions 70% • NeuRA partnership has delivered • Continued focus on strengthening below FY19 levels, well ahead of research to improve car seat safety cyber security capabilities in near-term 2030 SBTi target
Slide 46: 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 47: Detailed financials
Detailed financials Transurban
Slide 48: Traffic and revenue performance
Traffic and revenue performance DEC 24 QUARTER1 1H251 LARGE LARGE PROPORTIONAL ADT ADT VEHICLE PROPORTIONAL ADT ADT VEHICLE TOLL REVENUE CHANGE CHANGE CAR TRAFFIC TRAFFIC TOLL REVENUE CHANGE CHANGE CAR TRAFFIC TRAFFIC CHANGE (%) vs DEC 23 (%) vs DEC 19 (%) CHANGE (%) CHANGE (%) CHANGE (%) vs 1H24 (%
Slide 49: 1H25 ADT by asset
1H25 ADT by asset1 QUARTERLY ADT HALF YEAR ADT DEC 24 DEC 23 LARGE VEHICLE 1H25 1H24 LARGE VEHICLE QUARTER QUARTER CHANGE (%) CHANGE (%) TRAFFIC (%)2 (’000) (’000) TRAFFIC (%)2 ASSET OWNERSHIP (%) (’000) (’000) M2 100 134 134 (0.3) 8.2 133 135 (1.2) 8.4 M5 West 100 175 171 2.5 6.3 174 171 1.9 6.3 LC
Slide 50: 1H25 Toll revenue by asset
1H25 Toll revenue by asset1 QUARTERLY REVENUE HALF YEAR REVENUE DEC 24 QUARTER DEC 23 QUARTER CHANGE 1H25 1H24 CHANGE ASSET OWNERSHIP (%) ($M) ($M) (%) ($M) ($M) (%) M2 100 97 93 3.6 192 188 2.3 M5 West 100 91 86 5.0 180 173 4.2 LCT 100 25 25 (1.4) 51 52 (2.2) CCT 100 21 20 5.8 41 39 5.8 ED 75.1 41
Slide 51: Statutory results
Statutory results 1H25 ($M) 1H24 ($M) CHANGE (%) Toll revenue 1,537 1,484 3.6 Construction revenue 332 539 (38.4) Other revenue (36) 102 N.M. Total revenue 1,833 2,125 (13.7) Employee benefits expense (196) (191) 2.7 Road operating costs (235) (190) 23.3 Construction costs (332) (539) (38.4) Corpora
Slide 52: Reconciliation of proportional EBITDA to statutory PBT
Reconciliation of proportional EBITDA to statutory PBT 1H25 ($M) 1H24 ($M) CHANGE (%) Proportional EBITDA 1,309 1,328 (1.4) Add: EBITDA attributable to non-controlling interests (ED and TQ) 156 141 4.2 (Less): Intragroup elimination1 - (1) N.M. (Less): Proportional EBITDA relating to NWRG, STP (incl
Slide 53: Proportional EBITDA margins
Proportional EBITDA margins1,2 FY23 (%) 1H24 (%) 2H24 (%) FY24 (%) 1H25 (%) Sydney 80.7 79.7 77.7 78.7 79.7 Melbourne 83.8 83.1 82.0 82.6 86.4 Brisbane 73.2 72.5 75.4 73.9 77.1 North America 68.8 73.7 75.4 74.6 71.7 Transurban Group 73.4 74.0 73.4 73.7 76.2 1. Group EBITDA margin is calculated using
Slide 54: 1H25 proportional result by asset
1H25 proportional result by asset OTHER OPERATING NET INTEREST DEBT INCOME TAX TOLL REVENUE REVENUE EBITDA EBITDA1 PAID DEBT FEES AMORTISATION2 PAID3 FREE CASH ASSET OWNERSHIP (%) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) M2 100 192 2 162 162 (11) - - - 151 M5 West 100 180 1 152 152 (1) - 3 - 154
Slide 55: 1H24 proportional result by asset
1H24 proportional result by asset OTHER OPERATING NET INTEREST DEBT INCOME TAX TOLL REVENUE REVENUE EBITDA EBITDA1 PAID DEBT FEES AMORTISATION2 PAID3 FREE CASH ASSET OWNERSHIP (%) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) ($M) M2 100 188 2 156 156 (11) - - - 145 M5 West 100 173 1 147 147 (3) - - - 144
Slide 56: 1H25 Proportional net interest paid
1H25 Proportional net interest paid IMPACT TO FREE CASH NO IMPACT TO FREE CASH CAPITALISED CAPITALISED CAPITALISED CAPITALISED INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST NET INTEREST (TO THE (TO THE (TO THE (TO THE PAID RECEIVED PAID1 FACILITY) ASSET) FACILITY) ASSET) ASSET 1H25 ($M) 1H24
Slide 57: 1H25 Proportional maintenance spend
1H25 Proportional maintenance spend ASSET OWNERSHIP (%) 1H21 ($M) 1H22 ($M) 1H23 ($M) 1H24 ($M) 1H25 ($M) M2 100 (5) (2) (5) (5) (3) M5 West 100 - (1) (3) (3) (3) LCT 100 (3) (2) (3) (4) (2) CCT 100 (2) (2) (2) (2) (2) ED 75.1 (1) (3) (3) (3) (5) M7 50 (1) (1) (1) (3) (4) NorthConnex 50 - - - - - WC
Slide 58: Free Cash definition
Free Cash definition FREE CASH CALCULATION SOURCE OF INFORMATION/EXPLANATION Proportional EBITDA Maintenance expense is removed and replaced with maintenance cash expense, and mark-to-market movements in PPAs are excluded Add back non-recurring items, which may include, among other things, Transacti
Slide 59: 1H25 Free Cash
1H25 Free Cash 1H25 ($M) 1H24 ($M) 1H25 1H24 CHANGE (%) Proportional EBITDA 1,309 1,328 Free Cash ($M) 1,060 963 10.1 Add back non-recurring items1 143 - Weighted average securities eligible for distribution5 (M) 3,104 3,088 0.5 Less proportional net finance costs paid (364) (349) Free Cash per secu
Slide 60: Projects under development or delivery
Projects under development or delivery CAPEX SPEND 1H25 CAPEX FY25 FY26 FY27 FY28+ TO DATE1 ($B) SPEND1 ($B) Committed projects / 5.74 0.2 WEST GATE TUNNEL PROJECT—Melbourne ($6.1B) projects under construction2 0.3 0.1 M7 – M12 INTEGRATION PROJECT ($589M) USD0.2 <USD0.1 495 EXPRESS LANES NORTHERN EX
Slide 61: Transurban tax groups—estimated timing
Transurban tax groups—estimated timing1 1H25 EBITDA as 1H25 Timing is indicative only and not shown by month proportion of tax Transurban Group paid2 Tax group proportional EBITDA (%) ($M) FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32+ Transurban Cardinal Currently paying tax: Subject to corporate tax in
Slide 62: Treasury
Treasury Transurban
Slide 63: Funding structure as at 31 December 2024
Funding structure as at 31 December 2024 Transurban2 BBB+/Baa1/A- Non-recourse Corporate Sydney Brisbane North America EMTN Working EUR4.4B Capital3 495 Express 95 Express $2.7B M22 LCT CCT ED M72 NCX M5 West STP TQ2 A25 Lanes2 Lanes2 Letter of Maple -/A2/- -/A3/A- BBB/-/- -/Baa1/- BBB/-/BBB CAD0.7B
Slide 64: Group debt as at 31 December 2024
Group debt as at 31 December 2024 FACILITY FACILITY FACILITY TOTAL FACILITY TOTAL DRAWN AMORTISATION PROPORTIONAL PROPORTIONAL (USD M)1 (CAD M)1 ($M)1 ($M)2 ($M)2 TO FREE CASH DRAWN INTEREST PAID BEGINS3 ($M)2 ($M) CORPORATE DEBT Working capital facilities4 - - 2,650 2,650 100 -5 100 5 EMTN (CAD, NO
Slide 65: Proportional drawn debt by effective currency
Proportional drawn debt by effective currency1 AUD2 30 JUN 24 ($M) 31 DEC 24 ($M) MOVEMENT ($M) EXPLANATION Additional: • AUD100 million due to drawdowns on working capital facility Corporate 10,048 9,315 (733) Offset by: • AUD833 million repayment of maturing EMTN Additional: • AUD50 million due to
Slide 66: Key debt metrics
Key debt metrics 30 JUN 24 31 DEC 24 TRANSURBAN TRANSURBAN CORPORATE NON-RECOURSE CORPORATE NON-RECOURSE GROUP GROUP Weighted average maturity (years)1,2 6.7 years 5.4 years 7.8 years3 6.6 years 5.3 years 7.6 years4 Weighted average cost of AUD debt1 4.5% 4.8% 4.3% 4.4% 4.7% 4.2% Weighted average co
Slide 67: Total corporate debt maturities as at 31 December 2024
Total corporate debt maturities as at 31 December 20241,2 2,500 Working capital facilities EMTN 144A Letters of credit facilities 2,000 241 277 1,697 1,500 866 $ MILLION 733 874 1,000 1,332 1,406 1,239 500 1,000 1,060 825 825 836 706 44 - FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35-39 FY4
Slide 68: Total non-recourse debt maturities as at 31 December 2024
Total non-recourse debt maturities as at 31 December 20241,2 WCX Group A25 95 495 TQ ED M2 M5 West M7 LCT CCT NCX M4-M8 Link M8 / M5 East 4,000 5,500 2,726 3,000 200 546 205 202 75 60 40 213 $ MILLION 550 345 2,000 26 269 255 57 947 303 680 54 440 487 752 29 474 195 203 300 31 38 28 66 466 404 385 5
Slide 69: Diversified funding sources
Diversified funding sources Major funding transactions1 during 1H25: Total Group debt as at 31 December 20242 GOVERNMENT DEBT, 9% Transurban Queensland USD NOTES (144a), • A$250 million AMTN 11% ITL, 7% • A$380 million capex and USD NOTES (PABs), 3% AMTN, 6% working capital facility WestConnex Group
Slide 70: Corporate overview
Corporate overview Transurban
Slide 71: 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 72: Asset portfolio as at 31 December 2024 (Sydney)
Asset portfolio as at 31 December 2024 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 73: Asset portfolio as at 31 December 2024
Asset portfolio as at 31 December 2024 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 74: Asset portfolio as at 31 December 2024 (Brisbane)
Asset portfolio as at 31 December 2024 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 75: 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 LHCV1 1. HCV and LHCV tol
Slide 76: 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 77: Tolling escalation
Tolling escalation +90% of FY24 revenue with CPI-linked or fixed escalations (4.25% p.a.5) Sept Dec Mar June Sept Dec Mar June Sept 57% of FY24 revenue FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY26 escalating by at least 4% regardless of inflation SYDNEY1 1.4% 0.8% 1.2% 0.6% 1.0% 1.0% 0.2% 0.2% Mar C
Slide 78: Glossary
Glossary Transurban
Slide 79: 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 80: Glossary
Glossary TERM DEFINITION TERM DEFINITION M4-M8 M4-M8 link RIFR Contractor recordable injury frequency rate measures the number of contractor M5 EAST M5 East Motorway recordable injuries (medical treatment, lost time or fatality) per one (1) million hours M5 WEST M5 West motorway worked by Transurban