Transurban Financial Growth
Transurban reports A$432 million FY26 profit, boosts distribution, guides 72cps for FY27.
Key Points
Statutory profit after tax from ordinary activities attributable to security holders was A$366 million for FY26, up 175.2% year over year.
The FY26 final distribution was 35.0 cents per security (paid 18 August 2026), with an interim of 34.0 cents; the combined full-year distribution is 69.0 cents per security, and the Distribution Reinvestment Plan will not operate for the FY26 final distribution.
Three major projects opened in FY26: 495 Northern Extension (NEXT) opened 23 November 2025, West Gate Tunnel Project opened 14 December 2025, and M7-M12 Integration Project opened 14 June 2026; the West Gate Tunnel is described as the largest addition to Melbourne’s motorway network in decades and reduces trucks on inner west roads by up to 90%.
On a like-for-like basis excluding new assets, proportional operating costs rose 0.7% in FY26 (overall up 3.3%), while proportional EBITDA rose 7.5% to A$3,063 million and the EBITDA margin improved to 75.7%.
A Direct Deal for toll reform with the NSW Government has been finalised, subject to formal documentation, satisfaction of conditions precedent and regulatory approvals, with final approvals expected in the second half of 2026.
Transurban posted a statutory net profit of A$432 million for FY26, delivering a full-year distribution of 69 cents per security and guiding investors to 72 cents per security in FY27, according to Kalkine. The toll road giant opened three major projects during the year and saw average daily traffic climb 2.2% to 2.6 million trips.
Proportional revenue reached A$4.047 billion, while proportional EBITDA — earnings before interest, tax, depreciation and amortisation — rose 7.5% to A$3.063 billion. The EBITDA margin improved to 75.7%, reflecting tight cost discipline across the business, Kalkine reported.
Three Big Road Openings Drive Traffic Growth
Transurban opened three major projects in FY26. The 495 Northern Extension opened on 23 November 2025. The West Gate Tunnel followed on 14 December 2025. The M7-M12 Integration Project opened on 14 June 2026, according to Kalkine.
The West Gate Tunnel is the largest addition to Melbourne's motorway network in decades. It cuts trucks on inner west roads by up to 90%. Commercial traffic across all Transurban roads grew about 6.6% for the year, Grafa reported.
Profit Surges 175% as Toll Revenue Climbs
Statutory profit after tax from ordinary activities attributable to security holders hit A$366 million in FY26. That is a 175.2% jump from the year before. Proportional toll revenue grew 6.7%, driving most of the earnings improvement, according to Kalkine.
Proportional operating costs rose 3.3% overall. But on a like-for-like basis — stripping out new assets — costs were up just 0.7%. That kept the cost base lean even as the network expanded, Kalkine noted.
NSW Toll Reform Deal Nears Final Approval
Transurban finalised a Direct Deal with the NSW Government for toll reform. The deal is still subject to formal documentation, conditions precedent, and regulatory approvals. Final approvals are expected in the second half of 2026, according to Kalkine.
The deal could reshape how tolls are set and collected across New South Wales. It adds a layer of regulatory certainty for Transurban's largest market. No financial terms have been publicly disclosed at this stage.
FY27 Guidance Set at 72cps With a Caution Flag
Transurban guided to a distribution of 72 cents per security for FY27. That is a 4.3% increase on FY26's 69 cents. Free cash coverage for FY27 is expected to land slightly below the company's target range of 95–105%, Grafa reported.
Management flagged traffic volatility and broader macro factors as risks. The company held corporate liquidity of about A$3.7 billion as of 30 June 2026. The Distribution Reinvestment Plan will not operate for the FY26 final distribution of 35 cents per security, paid 18 August 2026.
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