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Transurban Group
Transurban Group (TCL) investor relations material
Transurban Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary18 Feb, 2026
Executive summary
Proportional total revenue rose 6.0% year-over-year to $2,019m, with proportional EBITDA up 21.6% to $1,592m and proportional operating EBITDA up 6.4% to $1,545m, reflecting strong operational performance and margin expansion.
Major projects delivered include the opening of the West Gate Tunnel in Melbourne (December 2025) and 495 Northern Extension in North America, both ahead of schedule, adding significant new capacity.
Distribution per security increased 6.3% to 34cps, fully covered by Free Cash, with FY26 distribution guidance of 69cps (up 6.2%) reaffirmed.
North America delivered a step change in free cash, with 1H26 FCF at 93% of FY23 full-year FCF for NA assets, driven by new assets and strong demand.
Net profit after tax improved from a $15M loss to a $343M profit, with profit attributable to security holders at $298M.
Financial highlights
Proportional toll revenue up 6.4% to nearly $2 billion, supported by traffic and new capacity.
Proportional operating costs rose 4.6% to $474 million, with cost growth managed below inflation despite new asset ramp-up.
Statutory profit after tax was $343m, up from a $15m loss in 1H25, driven by higher toll revenue and lower net finance costs.
Free Cash increased 2.4% to $1,085m, impacted by timing of finance costs, expected to normalize in the second half.
Weighted average cost of AUD debt rose to 4.6%, with 88.6% of debt hedged and weighted average maturity at 6.9 years.
Outlook and guidance
FY26 distribution guidance maintained at 69cps, a 6.2% increase, expected to be 95–105% covered by Free Cash.
Cost growth for FY26 expected to remain below inflation, excluding new asset costs.
New assets expected to add 3-4% to cost base, with ongoing focus on efficiency.
Pipeline includes further capacity projects in Australia and North America, with Logan West upgrade and M7–M12 Integration Project progressing.
Three major projects opening in FY26: West Gate Tunnel, M7-M12 integration, and 495 Express Lanes extension.
Quantify non-recurring items' 1H26 EBITDA impact
What is the revenue risk from QLD class action?
How is net current liability funded?
US hot lanes pricing strategy outlook
DRP status and capital management plans
West Gate Tunnel EBITDA ramp-up trajectory
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Next Transurban Group earnings date
H2 202619 Aug, 2026
Transurban Group
Next Transurban Group earnings date
H2 202619 Aug, 2026
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Frequently asked questions
Transurban Group develops, operates, manages, and maintains toll road networks in Australia and the United States. The company operates in three segments: Major Roads, Eastern Roads, and Cross River Rail. Its major roads business manages operations of nine major metropolitan toll roads that connect Brisbane with cities to the south and east; Sydney with cities to the south and west; Melbourne with Geelong and towns along the Great Ocean Road; Newcastle with the Central Coast to its north; Gold Coast with Brisbane to its north; Perth with Bunbury to its south; Adelaide with Melbourne to its east; and Tweed Heads with Brisbane to its north. The company's eastern roads business manages operations of two major metropolitan toll roads in New South Wales, comprising the M2 Motorway from Westlink M7 to Epping and the Pacific Motorway from Tuggerah Lakes To Mountains Motorway in northern coastal New South Wales. The company is based in Malbourne, Australia.
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