Transurban Group (TCL) Q3 2026 TU earnings summary

Executive summary

• Group average daily traffic (ADT) rose 3.0% year-over-year for the March 2026 quarter, with all major markets showing growth.

• Sydney ADT increased 0.6%, Melbourne 3.8%, Brisbane 5.2%, and North America 7.9% compared to Q3 FY25.

• Growth in Melbourne and North America was supported by new infrastructure openings, while Brisbane rebounded from prior weather disruptions.

Segment performance

• Sydney's ADT growth was limited by construction disruptions, with workday traffic up 0.7% and large vehicle traffic up 1.4%.

• Melbourne benefited from the West Gate Tunnel opening, with large vehicle traffic up 17.1% and overall ADT up 3.8%.

• Brisbane's ADT rose 5.2%, with large vehicle traffic up 7.5%, reflecting recovery from Tropical Cyclone Alfred.

• North America saw 7.9% ADT growth, led by a 17.2% increase on the 495 Express Lanes and 4.5% on the 95 Express Lanes.

Significant events and developments

• West Gate Tunnel in Melbourne opened December 2025, contributing to traffic growth and redistribution.

• 495 Northern Extension in North America opened November 2025, driving strong segment growth.

• Tropical Cyclone Alfred impacted Brisbane traffic in March 2025, with current results reflecting recovery.

• Ongoing construction on Sydney's Warringah Freeway and progressive opening of widened M7 sections expected to influence future traffic.