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Atlas Arteria (ALX) investor relations material
Atlas Arteria H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary28 Aug, 2025
Executive summary
Proportional toll revenue and EBITDA increased by over 8% year-over-year, with free cash flow per security up 9% to 19.4 cps.
Net profit after tax declined 32.9% to $73.3 million, mainly due to the French Temporary Supplemental Tax (TST), a one-off impact expected only in 2025.
Distribution guidance for 2025 reaffirmed at 40 cps per security, supported by strong free cash flow and FX hedging.
Strategic focus on unlocking value at Dulles Greenway, optimizing performance, and pursuing growth in France and other OECD countries without raising new equity.
New leadership appointments at Group and asset level aim to strengthen operational excellence and safety culture.
Financial highlights
Proportional toll revenue grew 8.1% to $954.5 million and proportional EBITDA rose 7.8% to $729.2 million year-over-year.
Free cash flow per security increased 9% to 19.4 cps; distributions paid totaled 20.0 cps for H1 2025.
Net profit after tax was $73.3 million, down 32.9% due to TST; total revenue increased 11% year-over-year.
Total revenue from Dulles Greenway and Warnow Tunnel up 11%; business operations costs up 10%.
Excluding TST, NPAT grew 20% year-over-year, reflecting strong underlying business performance.
Outlook and guidance
Distribution guidance of 40 cps per security for 2025 maintained, with payout ratio expected above 110% due to TST timing.
From 2026, payout ratio expected to return to 90%-110%; targeting 4% CAGR in free cash flow per security over four years from 2025.
Priorities include unlocking Dulles Greenway cash flow, addressing French tax challenges, and deepening strategic partnerships.
No current intention to raise new equity for growth; focus on asset recycling, debt headroom, and partnerships.
French motorway concession framework expected to be clarified post-2027 presidential election, with a draft law anticipated in late 2025.
What changes in the 2025 Dulles Greenway rate case?
French political chaos: Impact on concession tenders?
OECD growth: Capital deployment framework?
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Next Atlas Arteria earnings date
H2 202525 Feb, 2026
Next Atlas Arteria earnings date
H2 202525 Feb, 2026
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Frequently asked questions
Atlas Arteria Limited owns, develops, and operates toll roads. Atlas Arteria’s asset portfolio comprises four modern toll road concessions located in Europe and Australia with a total carrying value of approximately $13.2 billion. These assets are highly cash flow generative and have a combined average concession length of 70 years. Atlas Arteria was created to provide shareholders with the opportunity to invest in high quality, long life infrastructure assets underpinned by stable underlying toll road traffic demand. Atlas Arteria Limited was incorporated in 2009 and is based in Melbourne, Australia.
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