Atlas Arteria (ALX) Q1 2026 TU earnings summary

Executive summary

• Proportionate toll revenue increased 0.1% for Q1 2026 compared to Q1 2025, or 1.6% excluding FX impacts.

• Traffic performance was mixed: France saw higher heavy vehicle traffic but lower light vehicle traffic, while Chicago Skyway had the opposite trend.

• Dulles Greenway and A79 delivered strong growth in both traffic and revenue.

Financial highlights

• APRR toll revenue rose 1.1% to €707.2M despite a 0.9% drop in total vehicle kilometres travelled.

• A79 toll revenue increased 6.6% to €10.2M, with total VKT up 4.1%.

• ADELAC toll revenue grew 4.4% to €19.08M, with traffic up 1.3%.

• Warnow Tunnel toll revenue fell 5.8% to €3.48M, with traffic down 9.3% due to severe winter weather.

• Chicago Skyway toll revenue rose 1.8% to $29.08M, with traffic up 0.1%.

• Dulles Greenway toll revenue increased 7.4% to $19.78M, with traffic up 7.6%.

Outlook and guidance

• No material impacts from global macroeconomic factors or fuel costs observed in Q1 2026; roads have shown resilience to economic changes.

• Most toll regimes are CPI-linked, so inflationary impacts from fuel costs will take time to affect results.