Atlas Arteria (ALX) Q1 2025 TU earnings summary

Executive summary

• Weighted average traffic increased 1.6% and weighted average toll revenue rose 6.1% in Q1 2025 year-over-year, aided by toll increases and favorable FX movements.

• APRR traffic rebounded after last year's French farmers' strikes, with toll revenue up 4.0%.

• Leadership changes announced at Chicago Skyway and Dulles Greenway, with new CEOs appointed or interim arrangements in place.

Financial highlights

• APRR toll revenue reached EUR 699.5 million, up 4.0% year-over-year; A79 toll revenue up 15.7% to EUR 9.6 million.

• ADELAC toll revenue increased 3.4% to EUR 18.28 million, despite a 0.3% decline in traffic.

• Warnow Tunnel toll revenue rose 6.0% to EUR 3.70 million, with traffic up 2.0%.

• Chicago Skyway toll revenue increased 4.5% to USD 28.56 million, while traffic declined 1.7%.

• Dulles Greenway toll revenue grew 5.9% to USD 18.41 million, with traffic up 6.4%.

Segment performance

• APRR: Traffic up 1.4%, light vehicles +1.5%, heavy vehicles +1.0%; toll increases effective from 1 Feb 2025.

• A79: Traffic up 11.7%, light vehicles +12.2%, heavy vehicles +10.9%.

• ADELAC: Traffic down 0.3%, toll revenue up 3.4%, impacted by calendar effects.

• Warnow Tunnel: Traffic up 2.0%, toll revenue up 6.0%, aided by public transport strikes and ongoing road works on competing routes.

• Chicago Skyway: Toll price increased ~5.6%, traffic down 1.7%, toll revenue up 4.5%.

• Dulles Greenway: Traffic up 6.4%, toll revenue up 5.9%, supported by congestion on competing routes.