Transurban Group (TCL) AGM 2024 summary

Opening remarks and agenda

• Meetings for three entities were opened with acknowledgment of traditional landowners and a focus on stakeholder engagement, both in-person and online.

• AGM scheduled for 22 October 2024 at Melbourne Convention and Exhibition Centre, with hybrid attendance options available.

• Security holders were informed about voting and Q&A procedures, with polls opened on all resolutions at the start.

• Acknowledgement of Country and commitment to incorporating First Nations voices in operations.

Board and executive committee updates

• Gary Lennon was appointed as a non-executive director in March 2024 and stands for election, with Tim Reed, Rob Whitfield, and Craig Drummond standing for re-election.

• The board is actively seeking to strengthen engineering expertise in anticipation of director succession.

• The executive team was refreshed, including hires with significant engineering backgrounds.

• Board includes Chair Craig Drummond, CEO Michelle Jablko, and several non-executive directors.

• Company secretary identified as Fiona Last.

Financial performance review

• Proportional toll revenue rose 6.7% to over AUD 3.5 billion, and EBITDA increased 7.5% to more than AUD 2.6 billion for FY 2024.

• Free cash (excluding capital releases) increased by 15% to over AUD 1.95 billion, supporting gross distributions of more than AUD 1.9 billion.

• Distribution per security increased 7% to AUD 0.62, with FY 2025 guidance set at AUD 0.65 per security.

• AUD 5 billion in debt was raised, with a slight increase in average cost of debt to 4.5% and a weighted average maturity of 6.7 years.

• Distributions declared to security holders totaled $1.9 billion.