Transurban Group — road, concession and project record

What this five-year record covers

This record concerns Transurban Group (ASX: TCL) for the five financial years ended 30 June 2021 through 30 June 2025. It is a record of the group and the toll-road, Express Lanes and Canadian-concession portfolio that Transurban itself describes in its corporate reports. It is not a valuation, a traffic forecast, or a statement that every road shown in an issuer map is owned by Transurban.

Transurban reports through a stapled-security group, rather than through one road-operating company. The group identified in the FY21 through FY25 Appendix 4E material comprises Transurban Holdings Limited, Transurban Holding Trust and Transurban International Limited. The FY23 and FY25 reports give the corresponding identifiers as ABN 86 098 143 429, ARSN 098 807 419 and ABN 90 121 746 825. The group says it has issued stapled securities and that it has been listed on the Australian Securities Exchange since 1996. Those corporate and security facts define the reporting boundary; the portfolio tables below define a separate ownership, length and concession-end boundary.

The issuer’s description of its activities was materially consistent across the five reports: development, operation and maintenance of toll roads in Australia and North America, together with investments in toll roads in Sydney, Montréal and the Greater Washington Area. FY21 called it a global toll-road developer and operator, with 21 roads under operation and seven projects in development or delivery. FY22 described operation, development and government partnership in road-transport infrastructure. FY23 reported 22 assets in operation and more than 340 km of roads; FY24 reported 22 operating assets and more than 360 km; FY25 described 22 toll roads across Melbourne, Sydney, Brisbane, the Greater Washington Area and Montréal. These are issuer headline counts, not a recalculation from the individual rows in this report. In particular, an operating concession, an extension within that concession, a delivery project, a managed road and a tolling-service relationship can each be shown separately in the reports without all being separate operated-asset count units.

Fiscal calendar, reporting suite and measurement boundary

Each annual record covers the 12 months ended 30 June. Reporting year and publication date must not be conflated: FY2021 is the year ended 30 June 2021, through to FY2025, the year ended 30 June 2025. Financial amounts are Australian dollars unless Transurban labels a project amount in another currency. Road ownership, length and concession end in the portfolio register are the issuer’s displayed, period-specific fields; an ownership percentage is not silently converted into legal title, economic interest, statutory consolidation or a proportional-financial-reporting percentage.

The reports deliberately use both statutory and issuer-defined proportional measures. FY21 defined proportional EBITDA as asset performance multiplied by Transurban’s ownership percentage, plus central Group-function contribution. FY23 stated that Free Cash is its primary cash-performance measure and generally represents cash available for distribution. FY24 and FY25 continued to separate statutory results from proportional results. FY25 specifically warned that proportional/non-IFRS information may not be directly comparable with other companies’ information, and said that its proportional EBITDA and Free Cash calculation bases were revised from 1 July 2024. Therefore a statutory financial-statement number, a portfolio ownership percentage and a proportional measure are retained as different bases throughout this report.

Several report-suite boundaries also changed during the period. FY22 integrated material formerly included in a standalone sustainability supplement while pointing readers to a separate Climate Change Disclosure and Sustainability Data. FY25 identified a Corporate Report, Results Presentation, Sustainability Data Pack, Corporate Governance Statement, Modern Slavery Statement and Sustainability Basis of Preparation. The corporate reports are the common five-year primary source for this section; the existence of a report-suite document does not mean every sustainability or methodological detail is contained in the Corporate Report alone.

Five-year boundary changes that affect reading of the register

The register should be read with the following dated changes and qualifications in mind.

FY21 statutory result tables also reclassified Transurban Chesapeake as discontinued operations in FY21 and the prior comparative period. FY23’s 10-year-history disclosure separately warns that CityLink traffic uses average daily transactions whereas other traffic uses average daily trips, and notes restated historical statutory presentation for Transurban Queensland. These distinctions matter when later sections compare traffic or financial series; they do not alter the road/concession identity record below.

Scope limits retained in the public record

The current FY25 portfolio table is the anchor for current concessions. It does not prove that an omitted row was sold, closed or ceased to be managed. In particular, Inner City Bypass and Toowoomba Bypass were explicitly described in earlier reports as management/tolling-service arrangements, without a Transurban ownership percentage. Their absence from the FY25 current table is recorded as not separately disclosed in that table, not as a disposal.

Similarly, FY25 opportunity pages name potential widenings, policy discussions and possible future markets. These are not put in the current portfolio merely because they appear in the report. The historical register distinguishes an operating road from an extension within an existing concession, a government-delivered connection, a delivery project and an early-stage opportunity. Forward-looking timing, costs, scope and participation statements retain the company’s conditions and are not treated as completed outcomes.

Register conventions

This is a complete issuer-named five-year road, concession, operating-extension, delivery and managed/service register within the FY2021–FY2025 Corporate Report portfolio and project lanes. It uses FY25 as the current anchor, then preserves material historical names, status changes and ownership changes. Percentage, kilometre and concession-end figures are exactly the issuer’s particular annual-report table basis. “N/D” means not separately disclosed, not zero. A current operating road is listed once in the current register; associated historic project names are cross-referenced rather than duplicated as a second operating asset.

Current operating toll-road and concession register at 30 June 2025

The FY25 current operating list contains the issuer’s 22 toll roads. It should not be expanded by counting Project NEXT, Fredericksburg Extension, an M7–M12 project, a managed-road arrangement or an opportunity as another operating concession. Conversely, the table should not be read to erase those material historical and delivery items. They are retained in the following chronology.

Status and name chronology: WestConnex, M5 West and North American partnership boundaries

WestConnex current and historic labels. FY21 listed M4, M8 and M5 East as operating WestConnex components at 25.5%, and listed the M4–M5 Link as a delivery project at 25.5%. FY22 presented a 50% proportional ownership basis after STP acquired the remaining WestConnex interest on 29 October 2021. The Link was still reported as a project with a stated anticipated Q3 2023 opening. It opened in January 2023 and FY23/24 called the operating road M4–M8 Link; FY25 calls it WestConnex M4–M8 Link. The 7.5-km/2060 field remains the common identity bridge. It is not appropriate to add its former project and current road labels together.

M5 West is still a separate current concession. Throughout FY21–FY25, the current portfolio field was 100%, 22 km and 2026. The reports separately describe a future inclusion in the WestConnex M5 concession through December 2060 after expiry of the current concession. FY21 shows a prospective 25.5% basis; FY22–FY25 show 50% based on then-current WestConnex ownership. The different prospective percentages follow the later WestConnex ownership change. Neither disclosure says the current M5 West concession had become a 50%-owned WestConnex operating row by the FY25 balance date.

Rozelle’s delivery versus operation boundary. It was a delivery/future-handover item in FY21–FY23, with Transport for NSW identified as funder and delivery party. It opened in November 2023. FY24 and FY25 current portfolio tables include it as a 50%, 5.0-km-equivalent, 2060 operating WestConnex component, while preserving the government-delivery distinction.

Chesapeake / Express Lanes boundary. In FY21 Transurban sold 50% of Transurban Chesapeake, with financial close on 31 March 2021, gross proceeds of AUD2.7bn and the retained 50% equity accounted from that date. The report’s Express Lanes rows retain 50% ownership; this reporting boundary is distinct from whether an extension is operational. 95 includes 395 and the Fredericksburg Extension according to the relevant table notes, and 495 includes the Northern Extension/Project NEXT. The report therefore retains the visible corridor labels while not treating the included extension as a new concession.

A25’s reconciliation is not optional. A25 was 100%/7.2 km/2042 in FY21 and FY22. The FY23 Corporate Report says Transurban divested a 50% interest to CDPQ, and the asset moved from 100%-consolidated to equity-accounted on 1 March 2023. FY23, FY24 and FY25 display 50%/7.2 km/2042. The observed 100% to 50% change is therefore recorded as a timed transaction and accounting boundary, rather than retrospectively “correcting” either report table.

Complete related delivery, completed-extension, service and historical register

Qualified opportunity boundary retained, not added to the asset count

FY25 named possible M2, M4, M5 and M7 widenings; NSW toll reform, road-user charging, concession modernisation and portfolio-optimisation discussions; Gateway/Logan and Brisbane enhancement possibilities; Melbourne opportunities; 95 Bi-Directional and 495 Southside; future Montréal, brownfield and new-market procurements. These have not been put into the operating or delivery table. The issuer’s status language is opportunity-specific, subject to government, regulatory, commercial or procurement processes, and its FY25 report warns that timing, participation and eventuation are not assured. The same qualification applies to earlier Western Harbour Tunnel, Sydney Harbour Tunnel, M6, North East Link, EastLink and comparable opportunity references.

3.1 Reporting boundary and the operating network

This section follows the issuer's Sydney road and project framing. It is not a second concession register: the complete road, ownership, length and expiry record is in Section 2. At 30 June 2025, Transurban's Sydney operating-road register comprised M2, M5 West, Lane Cove Tunnel, Cross City Tunnel, Eastern Distributor, Westlink M7, NorthConnex, WestConnex M4, M8, M5 East, WestConnex M4–M8 Link and Rozelle Interchange. The M7–M12 Integration Project was separately displayed as a project. Sydney Gateway, although connected with WestConnex, was not an issuer-owned Transurban road: it was a New South Wales Government project for which Transurban reported delivery and customer-preparation support.

The long-lived road terms shown in the FY25 portfolio table were M2 2048; M5 West December 2026; Lane Cove Tunnel 2048; Cross City Tunnel 2035; Eastern Distributor 2048; M7 2048; NorthConnex 2048; and the WestConnex M4, M8, M5 East, M4–M8 Link and Rozelle components 2060. M2, M5 West, Lane Cove Tunnel and Cross City Tunnel were displayed at 100%; Eastern Distributor at 75% in FY25 (75.1% in FY21–FY24 tables); M7 and NorthConnex at 50%; and the current WestConnex components at 50%. The 75.1%/75% presentation change for Eastern Distributor is retained as a rounding/display difference, not treated as a transaction.

M5 West remains a distinct operating concession through FY25. Its then-current concession ended in December 2026. The reports separately state that, after that expiry, it will form part of the WestConnex M5 concession to December 2060; the displayed prospective Transurban proportional interest changed from 25.5% in the FY21 disclosure to 50% in FY22–FY25. That is a future transition statement, not an FY21–FY25 completed transfer, and M5 West is therefore not merged retrospectively into M5 East or a generic WestConnex line.

3.2 WestConnex: ownership, opening sequence and operating boundary

FY21 reported the then-operating M4 and the M8/M5 East components with a 25.5% Transurban basis. M8 opened to traffic and tolling on M5 East commenced in July 2020. In the FY21 description, the M8 opening doubled M5-corridor capacity to four lanes in each direction; the report described this as improving the operation and resilience of M5 East. These are the issuer's road/project descriptions, not a group-wide performance conclusion.

On 29 October 2021, Sydney Transport Partners acquired the remaining 49% interest in WestConnex from the NSW Government. The FY22 report says Transurban's total proportional interest became 50%, through its interest in Sydney Transport Partners; it does not say that Transurban directly acquired the 49%. The FY22 Chair and CEO letter described a $4.2bn equity raising as underpinning the acquisition. The FY22 financial-statement segment note describes M4, M8/M5 East and M4–M5 Link as the WestConnex grouping, and says M8/M5 East will include M5 West from December 2026. Later reports describe Transurban as holding 50% of Sydney Transport Partners and operating WestConnex assets.

The link's name and status changed across the five reports and should be read as a single, dated sequence:

Rozelle Interchange follows a different delivery boundary. It was funded and delivered by Transport for NSW in FY21–FY23, with planned handover to WestConnex for operation upon completion. It opened in November 2023 after more than four years of construction; the FY24 report says WestConnex operates and maintains it. The FY25 current register then lists Rozelle as a 50%-owned 5.0 km-equivalent operating component to 2060. The public record therefore distinguishes an operating WestConnex component from the NSW Government's project-delivery role.

The FY23 report described the WestConnex motorway as 33 km of traffic-light-free motorway supporting more than 270,000 trips a day. It also recorded more than 64,000 workers and hundreds of apprentices over the project, up to 18 hectares of open space and about 23 km of new or improved cycleways/walkways. These are issuer-reported project-to-date figures, not FY23-only output. The same report described a St Peters WestConnex control centre as overseeing the 33 km network including 22 km of tunnels and reported completion of the transition to a single WestConnex control room.

3.3 Other Sydney operating roads and observed reporting continuity

M2, Lane Cove Tunnel, Cross City Tunnel, Eastern Distributor, Westlink M7 and NorthConnex appeared as operating assets throughout the five annual registers. The annual-report project lanes did not separately disclose a road-specific delivery or disposal event for M2, Lane Cove Tunnel or Cross City Tunnel during FY21–FY25. Their absence from project-update headlines does not imply inactivity, divestment or a changed concession.

NorthConnex had opened in October 2020 before FY21. In FY21 Transurban described twin nine-kilometre motorways between the M1 at Wahroonga and M2 at West Pennant Hills and reported 39,000 average daily vehicles in FY21 Q4. That quarterly reading is not a full-year average. The issuer also reported more than 6,000 trucks a day removed from local streets, an almost two-thirds reduction in peak-period near misses on local streets and more than halved crashes on the described Pennant Hills Road section. Those are issuer-reported post-opening comparisons and are retained with their stated comparison boundaries; no causal result is generalised beyond them.

Westlink M7 remained a 50%-owned operating road throughout. In FY21, staged M7 widening and the M7–M12 interchange were a non-binding unsolicited proposal that had progressed from Stage 2 in July 2020 after a March 2020 proposal; a final binding offer was still required. The FY21 report's traffic analysis stated that, without widening, capacity constraints could prevent the M7 from effectively accommodating additional M12 traffic by 2026. This was issuer analysis of a future capacity issue, not a realised FY21 result. FY22 continued to describe the work as conditional on development, planning and government documentation. Construction began in August 2023; the project is described separately below rather than being treated as an increase in the operating M7 concession.

3.4 M7–M12 Integration: proposal, construction and stated FY25 position

The FY25 report also gives a modelled, average-weekday estimate that the integrated M7–M12 could reduce Marsden Park-to-Liverpool southbound afternoon-peak travel time by 30%. It is kept as issuer modelling for a future integrated network, not a realised FY25 travel-time outcome.

3.5 Sydney Gateway, toll-reform process and opportunity separation

Sydney Gateway was identified in FY24 as 100% NSW Government-funded and owned. Its final stage opened in FY25, connecting WestConnex and Sydney Airport; Transurban said it supported Transport for NSW/NSW Government delivery and customer preparation. The FY25 report's post-opening comparison says the route offers an alternative for up to 10,000 trucks a day and uses a 17-minute estimated round-trip saving against its stated alternative-route comparison. These are issuer-provided/modelled comparisons; Sydney Gateway is not added to Transurban's road ownership or concession record.

Potential M2, M4, M5 and M7 widening, road-user charging, concession modernisation, portfolio optimisation and NSW toll-reform items were in FY25's opportunity/process lane. NSW toll reform remained in the Government's Direct Dealing process; Transurban and partners had progressed to Stage 2 at the end of 2024 and said they were collaborating on options. None of these statements records a completed toll reform, a concession amendment, an awarded widening or a new operating asset.

3.6 Sydney traffic and proportional revenue record

The following is the issuer's proportional Sydney market series. Average daily traffic (ADT) is traffic; proportional toll revenue is a management/non-IFRS measure and should not be read as statutory revenue.

FY25 workbook quarterly ADT readings (thousands) offer an asset-level reference only: M2 132/134/129/130; M5 West 173/175/171/173; Lane Cove Tunnel 76/77/74/75; Cross City Tunnel 38/40/38/38; Eastern Distributor 51/51/49/48; M7 194/193/186/188; NorthConnex 42/46/44/43; and WestConnex 321/341/335/340 for Q1–Q4. These series have asset and reporting-boundary differences and are not summed into a substitute for the Sydney market ADT.

4.1 Operating and managed-road boundary

CityLink was Transurban's sole Melbourne operating road in the FY2021–FY2025 financial-market presentation: 100% ownership, 22.0 km and concession end 2045 in the FY25 table. The West Gate Tunnel is a separate delivery project with its own disclosed 100%/17 km/2045 project register line; it should not be presented as operating CityLink in a year before the issuer reports opening.

The reports also describe a Melbourne incident-response management footprint. FY21 described approximately 45 km of managed road, including CityLink and specified freeway/tunnel areas. FY23 described CityLink incident-response management covering CityLink, Domain and Burnley tunnels, Bolte Bridge, West Gate Bridge and selected West Gate, Monash and Tullamarine Freeway sections. That work is a management/service boundary; it does not create an ownership or concession interest in every named road.

The six equity-owned Queensland roads remained Gateway Motorway, Logan Motorway, Clem7, AirportlinkM7, Legacy Way and Go Between Bridge. The FY25 table shows 62.5% ownership for each: Gateway 23.1 km to 2051; Logan 39.5 km to 2051; Clem7 6.8 km to 2051; AirportlinkM7 6.7 km to 2053; Legacy Way 5.7 km to 2065; and Go Between Bridge 0.3 km to 2063. AirportlinkM7 is a Queensland asset and must not be confused with Sydney's Westlink M7.

Inner City Bypass was reported in FY21–FY23 as an operations, maintenance and incident-response arrangement, and Toowoomba Bypass as tolling services for Queensland Department of Transport and Main Roads. Neither was an equity-owned Queensland road in those maps. Their absence from the FY25 current portfolio table is recorded as not separately disclosed in that table, not as a sale or cessation of a service arrangement.

4.2 West Gate Tunnel: five-year delivery record

4.3 Melbourne operating series

The annual Melbourne series is a proportional market presentation, not statutory revenue. FY24 CityLink quarterly ADT was 821,000/825,000/818,000/813,000 in Q1–Q4. This is an asset quarterly series and is not substituted for the annual market measure.

4.4 Queensland operating record and Logan/Gateway development boundary

For road-level context, FY23 proportional toll revenue was Gateway $175m, Logan $170m, AirportlinkM7 $88m, Clem7 $42m, Legacy Way $37m and Go Between Bridge $8m. FY24 figures were $191m/$185m/$97m/$47m/$39m/$9m respectively. FY25 workbook figures were Gateway $199m, Logan $196m, AirportlinkM7 $102m, Clem7 $49m and Legacy Way $42m; the visible captured workbook lane did not separately retain the Go Between Bridge FY25 value, so it is not reconstructed here. All figures are issuer workbook proportional values and not statutory revenue.

Logan West is not an operating road in the five-year register. In FY22 it appeared only in emerging opportunity/oversight context. In FY24 Transurban and the Queensland Government were planning a concept to widen nearly 10 km of the western Logan Motorway, with community consultation expected in 2H FY24; Government would consider the proposal after planning and Transurban would work on a funding model. The FY24 report's up-to-20-minute 2031 peak travel-time and about-6,100-vehicle local-street figures were conditional forecasts, not current results.

FY25 retained Logan West as proposal/approval-dependent. The issuer described consultation from September 2024, more than 200 feedback items, and early geotechnical/environmental assessment work. It said construction was expected to start in mid-2027 and finish before the 2032 Games only if Queensland Government approval, regulatory approvals and contractual arrangements were finalised; project cost and opening remained TBC. This is not a committed construction or operating-asset statement.

Gateway interchange upgrades were listed by the issuer as a supported project in the Queensland Government's 2032 Delivery Plan after its feedback to the 100-Day Review. Gateway/Logan widening and broader Brisbane road enhancements were otherwise in FY24–FY25 opportunity/government-plan lanes. They are not treated as Transurban-approved expansions of the operating Gateway or Logan concessions.

5.1 Operating concessions, partnership basis and pricing boundary

The current Greater Washington Area portfolio comprises 95 Express Lanes, 495 Express Lanes and 395 Express Lanes, each shown at 50% ownership and concession end 2087; the FY25 register gives 95 66.0 km, 495 22.0 km and 395 13.0 km. The reports say the 95 concession includes Fredericksburg Extension and the 495 concession includes the Northern Extension/Project NEXT. Those delivery works are therefore not presented as separate independently awarded concessions. The 395 corridor is shown as a separate operating label but remains within the 95 concession boundary.

Transurban agreed in December 2020 to sell 50% of Transurban Chesapeake to AustralianSuper, CPP Investments and UniSuper; financial close occurred 31 March 2021. The issuer reported gross sale proceeds of AUD2.7bn and a AUD3.7bn gain on divestment, and said the retained 50% was equity accounted from that date. Gross proceeds and accounting gain are not interchangeable measures. FY22 financial statements likewise describe Transurban Group ownership in TC reducing from 100% to 50% on 1 April 2021. The operating 95/495/395 partnership basis in FY21–FY25 is presented within this transaction context.

The issuer explicitly described Virginia Express Lanes as dynamically priced in FY21, with pricing affected by congestion on adjacent general-purpose lanes. This is a Virginia Express Lanes operating-model disclosure; it is not applied to Australian roads or to every listed Transurban concession.

5.2 A25: concession continuity and the FY23 ownership/accounting change

A25 is an operating Montréal, Québec concession throughout the five reports. It is 7.2 km with concession end 2042. The table history must be retained as a dated change: FY21 and FY22 portfolio tables displayed A25 at 100%; Transurban then divested a 50% interest to CDPQ and A25 transitioned from 100%-consolidated to equity-accounted from 1 March 2023. FY23–FY25 tables display 50%. The reports therefore support neither rewriting FY21–FY22 as 50% nor treating FY23–FY25 as 100%. FY25 specifically identifies A25 among equity-accounted assets in its discussion of statutory/proportional differences.

FY22 also says the Executive Committee's proportional results include A25 availability payments and guaranteed toll income, while statutory accounting offsets those streams against the A25 concession financial-asset receivable. That accounting/measurement boundary is retained rather than blending A25 operating indicators into statutory revenue.

5.3 Express Lanes, A25 and proportional market record

The series is an issuer-defined proportional, AUD presentation; FY25 chart footnotes state North America values are calculated in AUD. It is not a statutory revenue series. FY24 quarterly ADT readings were 95 Express 61/61/60/71 thousand, 495 Express 41/42/39/46 thousand and A25 54/53/48/55 thousand for Q1–Q4. These are asset-quarter observations and are not added to replace market ADT.

5.4 Fredericksburg Extension within the 95 concession

5.5 495 Northern Extension / Project NEXT and Opitz Boulevard ramp

Project NEXT is the later name for 495 Express Lanes Northern Extension and remains within the 495 concession. FY21 said its binding proposal was accepted, commercial/financial close was expected in mid-FY22 and a just-over-three-kilometre extension was anticipated to open in 2025. FY22 continued to state 2025 expected opening while construction was under way.

FY23 gave an expected USD660m cost and 2025 opening; work included clearing/grubbing, Georgetown Pike Bridge demolition/rebuild and nearly complete design/right-of-way acquisition. FY24 described a four-kilometre extension toward the Maryland border with Dulles Toll Road and George Washington Memorial Parkway connections; roadway, bridge and wall work was progressing, critical utility relocations were nearing completion, and widening/noise-wall installation was under way. The report also described USD2.2m annual toll-revenue-supported public-transit investment and 6.4 km of bicycle/pedestrian connections under construction. The up-to-25-minute peak travel-time figure is an issuer project estimate rather than an operational result.

At 30 June 2025, Project NEXT remained under construction: issuer-estimated USD660m cost, expected opening 2025, and approximately 82% complete. FY25 reported January installation of 70–80 tonne girders over I-495. Its up-to-25-minute peak travel-time statement remains modelled/forward-looking.

The Opitz Boulevard ramp is distinct from the operating 95 concession. It first appeared in FY23 as a USD70m reversible-ramp project expected in 2024, with demolition/reconstruction of the Opitz Boulevard bridge over I-95. In FY25 the issuer reported it as funded by Transurban and delivered with VDOT, opened during FY25. Scope included the connection to 95 Express Lanes, bridge rehabilitation/widening and pedestrian links. It is a completed delivery project inside the 95 concession, not a renamed or separately awarded operating road. FY25 also records Transurban's sixth annual contribution of more than USD17m to the Northern Virginia Transportation Commission Commuter Choice Program, around USD100m cumulatively since 2019, as company-reported programme funding.

In September 2022, Seminary Road access to 395 Express Lanes changed from HOV-only to a tolled connection for all Express Lanes customers rather than HOV-3 carpools only. This is a completed access/tolling change within the 395/95 concession boundary, not a new road.

5.6 Historical and current opportunities: retained but not upgraded

The FY21 Maryland Express Lanes Phase 1 process named Accelerate Maryland Partners, led by Transurban and Macquarie Capital, as preferred developer subject to Maryland Board of Public Works approval and agreement on terms. The Capital Beltway Accord was a Virginia–Maryland governmental agreement for two Express Lanes in each direction over 4.2 km and replacement of the American Legion Bridge. Neither was an operating road or owned concession. Accelerate Maryland Partners decided not to proceed in March 2023; the issuer cited changing politics, environmental approval delays and unresolved environmental lawsuits. It is retained as a discontinued historical opportunity, not as a held asset or committed project.

FY24 listed possible 95 bi-directional conversion, Express Lanes enhancements/extensions, potential traditional toll-road/Express-Lanes acquisitions and Québec opportunities in its pipeline. FY25 listed 95 Bi-Directional as early development, 495 Southside subject to a federal preferred-alternative decision expected early 2026, future Montréal opportunities, I-285 East Express Lanes in Atlanta, I-24 Southeast Choice Lanes in Nashville, New Zealand and monitored brownfield opportunities. These are opportunity/process disclosures only. The FY25 report explicitly says timing, eventuation and Transurban participation are not assured and government, regulatory and procurement processes apply.

Measurement boundary

The traffic and revenue record uses Transurban's own published series. Average daily traffic (ADT) is an annual average of transactions (or vehicles for CityLink) divided by the days in the relevant period; it is a traffic measure, not a revenue measure. Proportional toll revenue is a non-IFRS, ownership-weighted measure that includes tolls, service and fee revenue. It is not statutory consolidated revenue, customer receipts, Free Cash or a measure that can be added to statutory segments.

The FY25 report republishes the FY21–FY25 Group and market series on one basis and is used below for the comparable five-year table. The report itself presents FY24 Group ADT as 2.52m, while its five-year chart rounds that year to 2.5m; both disclosures are retained. Asset-level quarterly readings are shown separately and are not summed: road inclusion, ownership, period and transaction/vehicle definitions differ from the Group presentation.

Five-year Group and market record

The regional revenue rows are a proportional presentation, not a statutory-revenue bridge. In FY25, Transurban separately reported statutory revenue of $3.770bn, down 8.5% on its statutory basis, while proportional toll revenue was $3.732bn, up 5.6% on the issuer's proportional basis. The different movement and level should not be reconciled without the issuer's stated definitions and disclosures.

Annual operating record

Pricing and tolling mechanisms: separate records, not a universal tariff rule

The annual reports distinguish Australian concession escalation disclosures from the Virginia Express Lanes operating model. They do not establish a single price-setting formula for every Transurban road.

Asset-level workbook observations: retained without aggregation

The issuer's financial-result workbooks provide a more granular traffic view, but it is deliberately not recombined into a synthetic Group measure. FY21 Q4 ADT included Hills M2 135,000, M5 West 165,000, Westlink M7 195,000, NorthConnex 39,000, M8/M5 East 100,000, CityLink 676,000, Gateway 117,000, Logan 195,000, 95 Express Lanes 50,000, 495 Express Lanes 33,000 and A25 54,000. In FY25, quarterly ADT (thousands) was M2 132/134/129/130, M5 West 173/175/171/173, Westlink M7 194/193/186/188 and NorthConnex 42/46/44/43 across Q1–Q4; CityLink was 813/846/834/824, Gateway 131/130/123/130, Logan 213/210/200/212, AirportlinkM7 68/67/63/68 and Clem7 33/32/30/33. These are reported workbook readings, not additions to the market table above.

Customer-population and benefit-measure boundary

Customer counts, daily trips and modelled travel-time figures are different measures. FY25's customer count combines account/pass holders in Australia with individual users in North America. The FY22 report presents more than 9.7m customers in one customer/digital section and separately describes approximately 13m Australian plus 3.7m North American customers elsewhere; the annual-record evidence does not reconcile those presentations. Accordingly, FY22 is not interpolated into a single five-year customer-total series.

Travel-time hours are Transurban estimates compared with specified toll-free alternatives; they are not observed time savings for every customer and are not used as an estimate of customer spending, revenue or project benefit.

Five-year customer, service and digital record

The company-linked associations in the table—such as feature use and fewer notices/invoices—remain company statements. They are not used to claim that a digital product caused a change in Group traffic, toll revenue, safety outcomes or customer spending.

Operations and road-user information timeline

Delivered-road and customer-operating context, kept separate from forecasts

The five-year customer record also captures operational events that should not be reclassified as traffic forecasts. M8 opened and M5 East tolling began in July 2020; NorthConnex opened in October 2020 and recorded 39,000 Q4 daily vehicles in FY21. M4–M5 Link was forecast in FY21 for 2023 and was described as on track for Q3 2023 in FY22; later opening context belongs to the completed-project record, not the FY21/FY22 traffic result. FredEx was under construction in FY21, opened during FY23 and completed construction in June 2024; by FY24 the issuer reported 3.8m trips to date, about 18% HOV3+ use and 1m unique customers. These are cumulative/issuer-labelled figures, not annual revenue or a future demand forecast.

Project NEXT was still under construction at 30 June 2025 (USD660m estimated project cost, 82% complete, expected opening 2025). The Opitz Boulevard ramp was recorded as a USD70m project that opened in FY25. M7–M12 construction, Wallgrove Road realignment and the government-owned Sydney Gateway are treated in Section 8: neither a delivery forecast nor a government asset is counted here as an operating Transurban road.

Status rules

Transurban's annual reports distinguish an operating concession from a delivery project, a government-delivered road, and an early-stage opportunity. This section preserves those categories. Costs and anticipated opening dates are issuer estimates/current at their reporting date; they are not recorded as completed results until the report says a project opened or construction completed. An opportunity, government plan, market engagement or procurement submission is not an owned asset, award or committed project.

Five-year delivery record

Historical opportunities and current opportunity pipeline

Delivery-versus-opportunity boundary at FY25

At 30 June 2025, the annual report identified West Gate Tunnel, M7–M12 and Project NEXT as under construction; Opitz Boulevard Ramp as opened during FY25; FredEx as an operational extension after its 2023 opening/June 2024 construction completion; and Logan West as proposal/approval-dependent. The FY25 opportunity table carries the issuer's explicit no-assurance qualification on timing, eventuation and Transurban participation. Cost, anticipated-opening and travel-time statements retained above are therefore date-stamped issuer estimates, not results or commitments beyond the stated project stage.

Reporting basis and comparability boundaries

Transurban is a stapled group. Its statutory consolidated financial statements, its proportional operating presentation and its issuer-defined Free Cash measure answer different questions and are not interchangeable. The statutory columns below are consolidated revenue, net profit after tax (NPAT) and operating cash flow. The proportional columns aggregate asset results at Transurban's stated ownership percentages together with central Group functions. Free Cash is the issuer's cash-performance and distribution measure; it is not statutory operating cash flow. Capital Releases and construction-reserve amounts are retained separately because the issuer does not classify them as toll revenue.

Several events also alter the comparability boundary. FY2021 statutory results were reclassified to show Transurban Chesapeake as discontinued operations; the prior comparative was recast on that basis. The 50% Chesapeake sale closed on 31 March 2021, after which the retained holding was equity accounted. Transurban's proportional WestConnex interest rose from 25.5% to 50% on 29 October 2021. On 1 March 2023, Transurban sold 50% of A25 to CDPQ and the asset changed from 100%-consolidated to a 50%-owned equity-accounted investment. Finally, from 1 July 2024 the issuer revised its definitions of proportional EBITDA, Operating EBITDA and Free Cash; FY22–FY24 EBITDA comparatives presented in the FY25 Corporate Report were restated to that current definition. These are reporting and ownership boundaries, not grounds to merge or replace the original measures.

Statutory results, proportional operating measures and Free Cash

The table intentionally preserves the two views rather than presenting a single revenue or cash series. In FY2021, statutory revenue was A$2.886bn and statutory operating cash flow was A$893m, while proportional toll revenue was A$2.486bn and proportional EBITDA excluding significant items was A$1.836bn. Statutory NPAT was A$3.272bn in that year; the report separately records a A$3.7bn gain on the Chesapeake transaction and A$2.7bn of gross sale proceeds. The gain, sale proceeds and retained equity-accounted interest describe different parts of the transaction and are not recurring toll-road operating measures.

For FY2022, Transurban reported A$3.406bn statutory revenue and A$982m statutory operating cash flow, while proportional toll revenue and EBITDA were A$2.626bn and A$1.900bn. The FY23 comparative table reports statutory NPAT of A$16m. The FY22 report also explains that proportional results include A25 availability payments and guaranteed toll income, whereas statutory accounting treats the related A25 cash streams differently against the concession financial asset. That is one reason a statutory/proportional comparison should retain the issuer's labels.

FY2023 statutory revenue, NPAT and operating cash flow were A$4.157bn, A$92m and A$1.459bn respectively. On the proportional basis, toll revenue was A$3.314bn and EBITDA A$2.448bn. The A25 ownership and equity-accounting change during the year is an additional North American comparability boundary. In FY2024, statutory revenue was A$4.119bn, statutory NPAT A$376m and statutory operating cash flow A$1.631bn; proportional toll revenue and EBITDA were A$3.535bn and A$2.631bn. The FY25 table then records A$3.770bn statutory revenue, A$178m NPAT and A$1.515bn operating cash flow, beside A$3.732bn proportional toll revenue, A$2.676bn proportional EBITDA and A$2.848bn proportional Operating EBITDA. The FY25 Appendix 4E reports statutory revenue down 8.5% and statutory NPAT down 52.4% from FY24; those percentage changes apply to the statutory consolidated presentation.

FY25 proportional EBITDA included a A$143m ConnectEast litigation liability and a A$29m restructuring cost. The report says these were excluded from Free Cash. This is the issuer's treatment of those items within its non-IFRS measures; it does not change the statutory financial-statement lines.

Statutory cash-flow record

The statutory operating-cash-flow series in the first table is not the same measure as Free Cash. The available workbooks provide additional context for the statutory cash-flow statements. FY2021 recorded A$2.529bn customer receipts, A$883m supplier and employee payments, A$926m payments for intangible assets, A$119m for property, plant and equipment, A$446m distributions received from equity-accounted investments and A$2.343bn disposal proceeds net of cash. The net statutory operating cash inflow was A$893m.

For FY2025, the statutory cash-flow workbook records A$3.291bn receipts from customers, A$1.152bn payments to suppliers and employees, A$143m maintenance payments, A$712m interest paid and A$46m tax paid, resulting in A$1.515bn operating cash inflow. The FY25 statutory P&L workbook separately records A$413m employee benefits, A$537m road operating costs, A$668m construction costs, A$121m corporate and other costs, A$1.097bn depreciation and amortisation and A$735m net finance costs. These are consolidated accounting lines and should not be recast as proportional road-level cash flows.

Proportional toll revenue and EBITDA presentation

The FY25 five-year chart presents the proportional toll-revenue series as A$2.486bn, A$2.626bn, A$3.314bn, A$3.535bn and A$3.732bn. The same report restated FY22–FY24 EBITDA comparatives under its current definition. Accordingly, a chart or narrative using this series needs to identify the issuer-defined proportional basis and the FY25 definition change. The fact that FY25 statutory revenue decreased while proportional toll revenue increased is a difference in reporting basis; the two measures are not arithmetically combined here.

Free Cash, Capital Releases and distributions

In FY2021, A$278m of Capital Releases came from Sydney Transport Partners in connection with WestConnex and was retained for general corporate purposes. The report therefore presents both A$1.278bn Free Cash including Capital Releases and A$1.000bn excluding them. The A$999m gross distribution and 36.5 cps security distribution are separate security-holder measures, rather than operating-cost or toll-revenue figures. The FY21 interim distribution was 15.0 cps (record date 31 December 2020; payment 16 February 2021) and the final distribution was 21.5 cps (record date 30 June 2021; payment 23 August 2021). The Appendix 4E specifies a 5.724% franked component for the final distribution/dividend.

For FY2022, the contemporaneous report states that Free Cash including Capital Releases increased 19.8%. The subsequent issuer reconciliation gives A$1.531bn including and A$1.176bn excluding Capital Releases. The FY22 releases subsequently identified in that bridge were A$255m from WestConnex and A$100m from NorthConnex. Gross distributions were A$1.259bn, or 41.0 cps per stapled security. The 26.0 cps final distribution included a 2.7 cps partly franked trust distribution and a 2.0 cps fully franked dividend; the remainder follows the issuer's reported component structure. The FY22 A$4.22bn gross equity raising is distinct from the distribution: it comprised a A$250m AustralianSuper placement and a A$3.97bn entitlement offer, identified as WestConnex funding.

FY2023 Free Cash was A$1.726bn including and A$1.699bn excluding Capital Releases. The A$27m FY23 Capital Release was attributed to WestConnex. Gross distributions were A$1.785bn, or 58.0 cps; the final 31.5 cps for the six months to 30 June 2023 comprised a 30.5 cps partly franked trust distribution and a 1.0 cps fully franked dividend and was payable 21 August 2023. The Distribution Reinvestment Plan (DRP) participation rate was 10.45% of issued capital and no discount applied to the issue price for that distribution.

In FY2024, the Free Cash bridge records A$505m Capital Releases: A$275m from Transurban Queensland, A$134m from WestConnex and A$96m from North Western Roads Group. It also separately describes a A$132m WestConnex construction-reserve release. The report says Free Cash excluding Capital Releases covered the 62.0 cps distribution by 102%, including approximately 3.1 cps of cash received from WestConnex that had previously been held during construction. The private five-year ledger used for this record does not state a single full-year A$m Free-Cash-excluding-Capital-Releases amount for FY2024; it is not derived here. The final FY24 distribution was 32.0 cps (record date 28 June 2024; payment 13 August 2024). DRP participation was 14.57% of issued capital, with no issue-price discount.

FY2025 Free Cash was A$2.659bn including Capital Releases/reserves and A$2.008bn excluding them. Gross distributions were A$2.019bn, or 65.0 cps. The interim 32.0 cps was paid on 25 February 2025, and the final 33.0 cps was paid on 22 August 2025. The latter is a post-balance-date payment fact, not FY2025 operating activity. The FY25 report also contains an FY26 distribution expectation of 69.0 cps; that is forward guidance and is not included in this FY2021–FY2025 factual record.

Debt, refinancing, cost, tenor, hedging and ratios

\*FY2022 drawn debt is the FY23 comparative presentation. All debt, ratio, cost and coverage measures in this table are reported on the issuer's stated proportional or capital-management basis; they are not substituted for statutory balance-sheet liabilities.

FY2021 proportionate drawn debt was A$20.763bn, compared with A$22.118bn in FY2020. The issuer reported A$10.2bn gross debt raised, a 4.1% weighted average cost of Australian-dollar debt and 7.7-year average tenor. It reported gearing of 34.3%, FFO/debt of 8.9%, corporate SICR of 2.8x and corporate ratings of BBB+ (S&P), Baa1 (Moody's) and A− (Fitch). The consolidated balance-sheet workbook separately records A$4.285bn cash, A$35.671bn total assets, A$5.751bn equity-accounted investments and A$21.177bn other intangibles at 30 June 2021. These statutory balance-sheet categories should not be substituted for the proportional drawn-debt total.

For FY2022, Transurban described more than A$3.4bn refinancing across bank and debt capital markets. Separately, Board reporting identified more than A$7.7bn of bank/debt-capital-market issuance for refinancing and funding of a A$0.5bn WestConnex Capital Release and a A$0.2bn NorthConnex Capital Release. The two amounts have different stated scopes. The issuer reported a 3.9% weighted average debt cost and 6.7-year average tenor absent refinancing; around 98% of the existing debt book was described as fully hedged. The annual-report financial statements say directors considered traffic impacts, interest rates and inflation using scenario analysis and trailing-12-month debt-covenant calculations. The cited material does not provide a comparable five-year covenant-headroom or unused-liquidity series, so none is inferred.

In FY2023, Transurban reported A$5.0bn debt raised on a 100%-drawn-debt basis excluding letters of credit. Its stated weighted average costs were 4.1% for AUD debt, 3.6% for USD debt and 4.9% for CAD debt; weighted average tenor was 6.9 years. The issuer reported 35.0% gearing and 4.2x corporate SICR, with the same BBB+/Baa1/A− ratings. FY2024 records A$5.0bn debt raised across banks and debt capital markets, a 6.7-year tenor and 11.5% FFO/debt. Its stated costs were 4.5% AUD, 3.6% USD and 4.9% CAD, with gearing of 39.9% and corporate SICR of 4.2x.

FY2025 records A$3.5bn debt raised, 6.6-year weighted average tenor and stated debt costs of 4.5% AUD, 3.7% USD and 4.9% CAD. Proportional drawn debt was A$26.821bn, with issuer-reported gearing of 37.8%, FFO/debt 10.5% and corporate SICR 3.7x. The reports' maturity charts show facility values by fiscal-year maturity, split between corporate and non-recourse debt; they exclude letters of credit and translate foreign-currency debt using stated hedged and/or spot-rate conventions. They are a facility-profile presentation, not a forecast of contractual cash repayments. The cited FY22–FY25 disclosures describe capital-plan review, stress testing, treasury frameworks and debt/covenant monitoring; no covenant breach is reported in the cited material.

Capital-structure events affecting the five-year record

The FY2025 10-year-history table gives the FY2021–FY2025 distribution-per-security series as 36.5, 41.0, 58.0, 62.0 and 65.0 cps. It also reports FY2025 proportional drawn debt of A$26.821bn, 6.6-year weighted average debt maturity and A$2.019bn gross distributions. These historical figures document issuer-reported financial measures only; this report does not use them to estimate value, return, rating outlook or a transaction outcome.

10.1 Reading the measures: four different populations and measures

Transurban's FY2021–FY2025 disclosures use separate measures for road users, employees, contractors, community programmes and suppliers. They should not be combined into a single safety or social-performance rate. The Road Injury Crash Index (RICI) measures serious-injury crashes per 100 million vehicle kilometres travelled; contractor RIFR measures recordable injuries per million contractor work hours; employee injury, HSE observation and action-plan series have their own stated populations. Workforce headcount also distinguishes direct people from a wider contractor/partner-organised workforce.

Road-user safety record

FY25 further reported that 41% of crashes were rear-end crashes and described use of analytics for traffic and driver patterns and targeted safety plans. That is a description of the company's approach; the report does not establish an outcome caused by those tools.

10.2 Employee and contractor safety, workforce and culture

The FY25 Corporate Report provides a five-year employee-safety/leading-indicator series: employee injuries were zero in FY21–FY25; HSE observations were 25,434 / 25,522 / 26,918 / 26,111 / 25,672; and HSE action-plan completion was 98% / 99% / 99% / 97% / 98%, respectively. FY23 and FY24 observation values were restated after assurance according to the FY25 disclosure. In FY25, contractor RIFR was 2.46 against a 3.4 threshold, 29% lower than FY24; the company reported 9.92m contractor hours on three major projects and zero contractor fatalities. The contractor-hours scope must not be read as total workforce hours.

10.3 Communities, customer support and First Nations-related activities

The annual ledgers record First Nations and reconciliation-related engagement as part of project/community and supplier-related disclosures, but do not preserve a comparable standalone five-year First Nations or Reconciliation metric. That is a disclosure limitation, rather than a zero value.

10.4 Suppliers, contractor stewardship and modern-slavery disclosures

11.1 Five-year reporting boundary and targets

FY21 directed readers to a separate Sustainability Supplement, FY22 integrated some supplement content while identifying separate Climate Change Disclosure and Sustainability Data, and FY23–FY25 placed progressively more climate material in the Corporate Report. Consequently, a Corporate Report metric is not necessarily the complete reporting-suite data set for a year. FY25 cross-referred metric and target detail to its Sustainability Data Pack and Basis of Preparation and stated FY26 reporting would use Australian Sustainability Reporting Standards (ASRS) climate standards.

11.2 Reported energy, emissions and project-materials record

In FY24, the CDP supplier-engagement panel reported 61 of 108 requested suppliers disclosing via CDP, 70% with absolute/intensity GHG targets, 77% reporting renewable-electricity use, 49% integrating climate into strategy/transition plans and 37% saying such integration was developing/influencing strategy. These were 2023 supplier results, not a Transurban Scope 3 reduction. In FY25, 157 major suppliers representing more than 70% of purchased-goods/services value-chain emissions were engaged through CDP processes. Customer vehicle emissions were not reported under optional Scope 3 Category 11 because the issuer cited limited influence over vehicle choice; the company nevertheless estimated/reported customer travel emissions elsewhere. Omission from Category 11 is not zero customer emissions. Its separately reported 30% lower customer-vehicle-emissions comparison is a traffic-model/fuel-efficiency/fleet-based estimate, rather than an independently verified outcome.

11.3 Climate governance, scenarios, adaptation and resilience

12.1 Governance and leadership record

The five reports describe a Board responsible for strategic guidance and management oversight, with day-to-day management delegated to the CEO and senior executives. They present governance mechanisms and oversight topics rather than guarantees of effective outcomes.

FY24 also describes three lines of defence: operational management; risk/compliance/resilience functions; and internal audit. Internal audit operates under an annually Audit and Risk Committee-approved plan and reports to that committee.

12.2 Five-year risk record, as described by the issuer

12.3 Report-scope, measurement and disclosure boundaries

1. Statutory versus proportional information. The reports distinguish statutory results from issuer-defined proportional measures and Free Cash. These may be audited/reconciled as stated in the applicable reporting material, but are non-IFRS/management measures and may not be directly comparable with another company's information. This report retains their labels and does not combine them.
2. Forward-looking material. FY21–FY25 corporate reports include project timing/cost, traffic, opportunities, earnings, distributions, capital expenditure, climate and strategy statements that depend on assumptions, approvals, government/regulatory processes, contracts and other risks. FY25 says such statements are not guarantees. A reported target, potential opportunity, expected opening or management estimate is therefore retained with its as-of-year and condition rather than treated as a realised result.
3. Risk and assurance. Risk sections are management disclosures, not legal advice or a probability model. An unqualified audit opinion on consolidated financial statements is distinct from selected sustainability assurance; neither assures the whole Corporate Report narrative. FY25 identifies toll-revenue recording and recoverability of concessions/related assets as key audit matters in the financial-report audit material.
4. Commercial sensitivity. The FY25 Directors’ Report says some likely/potential development information was withheld where commercially sensitive, confidential, premature or potentially misleading. A public register in this report therefore records only issuer-disclosed information; omission is not a zero, negative finding or proof of no opportunity.
5. Precision and changes in method. FY25 says financial-report amounts are generally rounded to the nearest million dollars unless otherwise stated. Sustainability metrics have their own basis/assurance and, in FY25, Scope 2 methodology changed and was applied retrospectively to FY24. The report preserves the issuer's methodology warning rather than constructing artificial long-series precision.

Report production, use, source and copyright notice

AI-led production and review

MII Research actively and primarily used artificial-intelligence tools in the evidence-extraction, comparison, calculation, drafting, translation and explanatory-visual production stages of this report. The report was then subjected to a reasonable material-claim and source review before release. AI systems and source materials nevertheless have limitations: facts, figures, dates, translations, classifications, context or interpretation may contain errors, omissions or inconsistencies. Readers should independently verify all material information directly against the linked Transurban documents and obtain appropriately qualified professional advice for decisions that require it.

Informational record only

This is independent, informational company and sector research. It is not investment, financial, legal, tax, accounting or other professional advice; it is not a recommendation, opinion to buy, sell or hold, solicitation, offer, target price, valuation, forecast, credit opinion or transaction advice. It does not consider an individual reader’s objectives, financial situation or needs.

Information, liability and currency

Information is drawn from publicly available issuer materials considered reliable as of the stated date. Accuracy, completeness, timeliness, suitability and continued availability are not guaranteed. Reported figures retain the issuer’s stated definitions, reporting boundaries, rounding, estimates, forward-looking qualifications and methodological changes; comparisons must not be made where those conditions differ. To the maximum extent permitted by applicable law, MII Research disclaims responsibility for reliance on this report or for loss arising from its use. Nothing in this notice excludes, restricts or modifies any liability that cannot lawfully be excluded, restricted or modified.

Independence, sources and copyright

MII Research is independent and is not affiliated with, sponsored by or acting for Transurban Group, its related entities, asset partners or any government agency. This report is a transformative factual analysis: it synthesises, reorganises and compares public-source facts in original prose and tables, and does not reproduce annual reports or other source documents in substantial form. Copyright and trade-mark rights in linked source materials remain with their respective owners. AI-generated images, where used, are identified as such.

Primary sources

• Transurban FY21 Results 4E and Corporate Report
• Transurban FY22 Results 4E and Corporate Report
• Transurban FY23 Results 4E and Corporate Report
• Transurban FY24 Results 4E and Corporate Report
• Transurban FY25 Results 4E and Corporate Report