Transurban Group (TCL) H1 2026 earnings summary

Executive summary

• Proportional total revenue rose 6.0% year-over-year to $2,019 million, with proportional operating EBITDA up 6.4% to $1,545 million and margin expansion, reflecting strong operational performance across all markets.

• Statutory profit after tax reached $343 million, reversing a prior loss, with net profit attributable to security holders at $298 million.

• Major projects delivered include the opening of the West Gate Tunnel in Melbourne and the 495 Northern Extension in North America, both ahead of schedule.

• North America delivered a step change in performance, with 22% EBITDA and FCF growth and 3.6% traffic growth.

• Distribution for 1H26 was 34cps, fully covered by Free Cash, with FY26 guidance reaffirmed at 69cps (6.2% growth on FY25).

Financial highlights

• Proportional toll revenue increased 6.4% to nearly $2 billion, driven by underlying traffic and new capacity.

• Proportional operating costs rose 4.6% to $474 million, with cost growth managed below inflation despite new asset ramp-up.

• Free Cash grew 2.4% to $1,085 million, impacted by timing of finance costs and early refinancing, with normalization expected in the second half.

• Statutory total revenue was $1,983 million, with operating expenses down 10.4% to $740 million.

• Distributions per security increased 6.3% to 34.0cps, 102% covered by Free Cash.

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 projects, including the M7–M12 integration in Sydney and Logan West upgrade, are set to open soon, supporting further traffic and revenue growth.

• Guidance subject to traffic performance and macroeconomic factors.