Atlas Arteria (ALX) Q3 2024 earnings summary

Executive summary

• Weighted average traffic for Q3 2024 rose 0.6% and weighted average toll revenue increased 5.0% year-over-year, driven by robust performance at APRR and higher tolls across most assets.

• The Eiffage and APRR consortium signed a 55-year concession agreement for the A412 motorway in France, with project costs expected between €400 million and €500 million.

Financial highlights

• APRR toll revenue increased 4.9% to €843.5 million, with traffic up 0.6% year-over-year; A79 toll revenue rose 8.4% to €10.3 million, with traffic up 5.7%.

• ADELAC toll revenue grew 10.1% to €20.07 million, with traffic up 3.9%; Warnow Tunnel revenue surged 16.4% to €4.71 million, with traffic up 7.4%.

• Chicago Skyway toll revenue increased 1.9% to $36.86 million despite a 6.4% decline in traffic; Dulles Greenway revenue rose 5.7% to $19.88 million, with traffic up 4.9%.

Outlook and guidance

• Toll increases are scheduled for Warnow Tunnel (4.5% on 1 Nov 2024) and Chicago Skyway (8.3% for light vehicles, 7.1% for heavy vehicles on 1 Jan 2025).

• APRR will operate the A412 after construction, expected to take 4–5 years, with a final decision on APRR's ownership stake pending project review.