Asset & debt overview

All debt information provided is as at 30 June 2025, on a 100% interest basis and reflects facility limits unless stated otherwise.

Corporate Debt Structure

• Transurban Finance Company Pty Ltd is a special purpose financing vehicle used to raise corporate debt on behalf of the Transurban Group
• Corporate debt is secured by a first ranking charge over the assets of the corporate security providers (“Security Providers” in the below diagram)
• Corporate debt also benefits from indirect security over CityLink and Transurban Group’s share of distributions generated by its other assets
• All senior secured lenders/noteholders rank pari passu
• All assets of the Transurban Group other than CityLink are funded by non-recourse project finance debt facilities¹

^1. M5 West Motorway’s non-recourse debt was repaid in FY25.
^2. Transurban Infrastructure Management Limited Is the responsible entity and trustee of Transurban Holding Trust.
^3. Transurban Collateral Security Pty Limited is the trustee of Transurban Finance Trust.
^4. Percentages represent Transurban’s ownership interest as at 30 June 2025

Corporate Debt

Bank Debt

Working Capital Facilities¹

Facility	Facility Limit	Drawn Amount	Maturity
Facility 1	A$825M	-	Apr-2027
Facility 2	A$1,000M	-	Jun-2028
Facility 3	A$825M	-	Jun-2029

Letters of Credit

Facility	Facility Limit	Issued Amount	Maturity
Facility 1	A$6M	A$5M	Dec-2025
Facility 2	US$59M	US$59M	Jun-2026
Facility 3	US$150M	A$182M	Jul-2027
Facility 4	A$40M	A$24M	May-2028
Facility 5	A$40M	US$10M	May-2028
Facility 6	A$40M	A$4M	May-2028

^1. Corporate Working Capital Facilities totalling $2,650m are syndicated facilities and can be drawn in AUD and/or USD. 

Debt Capital Markets

EMTN

Issuance	Amount	Coupon	Maturity	ISIN
Euro Bond 1	€500M	1.75%	Mar-2028	XS1681520786
Euro Bond 2	€600M	1.45%	May-2029	XS1997077364
Euro Bond 3	€750M	3.00%	Apr-2030	XS2152883406
Euro Bond 4	€500M	3.71%	Mar-2032	XS2778764006
Euro Bond 5	€650M	4.23%	Apr-2033	XS2614623978
Euro Bond 6	€350M	1.70%	Jul-2034	XS2021470898
Euro Bond 7	€650M	4.14%	Apr-2035	XS3047435659
Euro Bond 8	€500M	3.97%	Mar-2036	XS2778764188
NOK Bond	NOK750M	3.00%	Jul-2027	XS1449824108
Maple Bond	CAD$650M	4.56%	Nov-2028	CA89400PAJ27
GBP Bond	GBP300M	6.61%	Apr-2040	XS3047435733

144A

Issuance	Amount	Coupon	Maturity	ISIN
144A	US$550M	4.13%	Feb-2026	USQ9194UAG78
144A	US$550M	3.38%	Mar-2027	US89400PAG81
144A	US$900M	2.45%	Mar-2031	USQ9194UBC55

Asset Debt

CityLink

Asset Overview

Network	Melbourne, Victoria
Transurban Ownership Interest	100.0%
FY25 Toll Revenue	A$987M
FY25 EBITDA1	A$702M
Credit Rating / Outlook	N/A

Debt Summary

Not applicable as CityLink is not funded by non-recourse project finance debt facilities. Refer to the Corporate Debt Structure above for further details.

^1. EBITDA includes non-recurring items. In FY25 this includes ConnectEast litigation liability costs recognised of $143m. 

Hills M2

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	100.0%
FY25 Toll Revenue	A$378M
FY25 EBITDA	A$317M
Credit Rating / Outlook1	Moody's – A2 / Stable

Institutional Term Loan Summary 

	Facility Limit	Maturity
Facility 1	A$475M	Apr-2030
Facility 2	A$340M	Jan-2030 – Apr-2035

^1. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.

Cross City Tunnel

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	100.0%
FY25 Toll Revenue	A$81M
FY25 EBITDA	A$50M
Credit Rating / Outlook	N/A

 

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$269M	Sep-2025 – Mar-2026

Lane Cove Tunnel

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	100.0%
FY25 Toll Revenue	A$99M
FY25 EBITDA	A$59M
Credit Rating / Outlook	N/A

Debt Summary

	Facility Limit	Maturity
Private Placement 1	A$160M	May-2028
Private Placement 2	A$40M	May-2028
Private Placement 3	A$40M	May-2031

 

M1 Eastern Distributor

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	75.1%
FY25 Toll Revenue1	A$161M
FY25 EBITDA1	A$116M
Credit Rating / Outlook	N/A

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$265M	Sep-2025 – Dec-2030

^1. 100% interest basis.

NorthWestern Roads Group

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	50.0%
FY25 Toll Revenue1	A$663M
FY25 EBITDA1	A$526M
Credit Rating / Outlook2	Moody's – A3 / Stable Fitch – A- / Stable

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$203M	Jun-2027
Facility 2	A$624M	Feb-2028/Feb-2029
Facility 3	A$205M	May-2036

Institutional Term Loan Summary

	Facility Limit	Maturity
Facility 1	A$405M	Nov-2031/Nov-2032

Letters of Credit

	Facility Limit	Issued Amount	Maturity
Facility 1	A$15M	A$14M	Feb-2027

Debt Capital Markets Summary

Issuance	Amount	Coupon	Maturity	ISIN
A$MTN 1	A$100M	BBSW3M + 2.00%	Jul-2026	AU3FN0031563
A$MTN 2	A$435M	4.50%	Mar-2027	AU3CB0243566
A$MTN 3	A$100M	4.50%	Sep-2027	AU3CB0243590
A$MTN 4	A$155M	2.70%	Jun-2030	AU3CB0272920
USPP 2017 A	A$100M	4.47%	Aug-2029	N/A
USPP 2017 B	A$100M	4.65%	Aug-2032	N/A
USPP 2018 C	A$345M	4.46%	Dec-2030	N/A
USPP 2018 D	A$195M	4.65%	Dec-2033	N/A
USPP 2018 E	A$75M	4.80%	Dec-2038	N/A

^1. 100% interest basis.
^2. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia. 

M5 Motorway

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	100.0%
FY25 Toll Revenue	A$355M
FY25 EBITDA	A$289M
Credit Rating / Outlook	N/A

Bank Debt Summary

No remaining debt at M5. The final remaining quarterly amortisation payment was made in June 2025.

WestConnex

Asset Overview

Network	Sydney, New South Wales
Transurban Ownership Interest	50.0%
FY25 Toll Revenue1	A$938M
FY25 EBITDA1	A$724M
Credit Rating / Outlook2	S&P - BBB+ / Stable

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	A$1,200M	Dec-2025
Facility 2	A$900M	Aug-2026
Facility 3	A$800M	Dec-2027
Facility 4	A$300M	May-2028
Facility 5	A$800M	Aug-2029
Facility 6	A$200M	May-2035

Institutional Term Loan Summary

	Facility Limit	Maturity
Facility 1	A$725M	Dec-2032

Government Debt Summary

	Facility Limit	Maturity
WCX M5 Government Debt	A$2,696M	Jul-2034

Debt Capital Markets Summary

Issuance	Amount	Coupon	Maturity	ISIN
A$MTN 1	AUD650M	3.15%	Mar-2031	AU3CB0279057
A$MTN 2	AUD550M	6.15%	Oct-2030	AU3CB0303188
USPP 2021 A	USD350M	2.98%	Sep-2031	N/A
USPP 2021 B	USD350M	3.08%	Jun-2033	N/A
USPP 2021 C	USD400M	3.28%	Jun-2036	N/A
USPP 2021 D	AUD350M	4.48%	Jun-2041	N/A
USPP 2023 E	USD369M	6.49%	Dec-2033	N/A
USPP 2023 F	CAD200M	5.89%	Dec-2033	N/A

Letters of Credit

	Facility Limit	Issued Amount	Maturity
Facility 1	A$220M	A$190M	Aug-2027

^1. 100% interest basis.
^2. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.

Transurban Queensland

Asset Overview

Network	Brisbane, Queensland
Transurban Ownership Interest	62.5%
FY25 Toll Revenue1	A$955M
FY25 EBITDA1	A$725M
Credit Rating / Outlook2	S&P – BBB / Stable

Debt Summary

	Facility Limit	Maturity
Bank Debt Facility 1	A$40M	Jul-2028
Bank Debt Facility 2	A$340M	Jul-2028
Private Placement	A$200M	Apr-2030

Institutional Term Loan Summary

	Facility Limit	Maturity
ITL Facility 1	A$500M	Jun-2033/Jun-2035
ITL Facility 2	A$220M	Oct-2033/Oct-2035

Debt Capital Markets Summary

	Amount	Coupon	Maturity	ISIN
A$MTN 1	A$250M	6.35%	May-2030	AU3CB0303964
A$MTN 2	A$300M	3.25%	Aug-2031	AU3CB0279958
A$MTN 3	A$250M	5.62%	Aug-2034	AU3CB0312833
A$MTN 4	A$255M	5.29%	Sep-2032	AU3CB0322196
CHF Bond A3	CHF175M	0.65%	Nov-2026	CH0340912168
CHF Bond B3	CHF200M	1.00%	Dec-2025	CH0409606362
CHF Bond C3	CHF190M	0.88%	Nov-2031	CH1108704839
CHF Bond D	CHF120M	1.43%	Aug-2033	CH1433241184
USPP 2015 A	US$155M	4.16%	Sep-2025	N/A
USPP 2015 B	US$230M	4.26%	Sep-2027	N/A
USPP 2015 C	US$256M	4.41%	Sep-2030	N/A
USPP 2015 D	A$70M	5.78%	Sep-2030	N/A
USPP 2016 E	US$130M	3.45%	Dec-2026	N/A
USPP 2016 F	US$225M	3.55%	Dec-2028	N/A
USPP 2016 G	US$78M	3.70%	Dec-2031	N/A
USPP 2016 H	A$35M	4.64%	Dec-2026	N/A
USPP 2016 I	A$75M	5.00%	Dec-2031	N/A
USPP 2016 J	A$100M	5.17%	Jan-2035	N/A
USPP 2019 K	US$144M	3.96%	May-2029	N/A
USPP 2019 L	US$245M	4.06%	May-2031	N/A
USPP 2019 M	US$180M	4.16%	May-2034	N/A
USPP 2019 N	A$30M	3.94%	May-2029	N/A
USPP 2019 O	A$40M	BBSW3M + 2.15%	May-2034	N/A
Regulation S	US$500M	4.50%	Apr-2028	XS1808838434

^1. 100% interest basis.
^2. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.
^3. Transurban Queensland Group's disclosures and financial statements can be accessed here.

Transurban Chesapeake

Overview

Transurban Chesapeake owns 100% of the entities that developed, built, financed and now operate and maintain the 95 Express Lanes, 395 Express Lanes and 495 Express Lanes. Transurban has a 50% interest in Transurban Chesapeake.

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	US$250M	Mar-2028

495 Express Lanes

Asset Overview

Network	Greater Washington Area
Transurban Ownership Interest	50.0%
FY25 Toll Revenue1,2	A$168M
FY25 EBITDA1,2	A$116M
Credit Rating / Outlook3	Moody’s – Baa1 / Stable Kroll – BBB+ / Stable

Debt Capital Markets Summary

	Amount	Maturity
Private Activity Bond 1	US$54M	Dec-20424
Private Activity Bond 2	US$133M	Dec-20474
Private Activity Bond 3	US$49M	Dec-20524
Private Activity Bond 4	US$63M	Dec-20574

Government Debt Summary

	Amount	Maturity
TIFIA 1	US$840M	Oct-20474
TIFIA 2	US$212M	Jun-2060
VTIB	US$49M	Jun-2060

^1. 100% interest basis.
^2. Income and expenses are translated at average exchange rates.
^3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.
^4. Final maturity.

95 Express Lanes

Asset Overview

Network	Greater Washington Area
Transurban Ownership Interest	50.0%
FY25 Toll Revenue1,2	A$354M
FY25 EBITDA1,2	A$283M
Credit Rating / Outlook3	S&P – Senior: BBB / Stable S&P – TIFIA: BBB / Stable Fitch – Senior: BBB / Stable Fitch – TIFIA: BBB / Stable

Debt Capital Markets Summary

	Amount	Maturity
Private Activity Bond 1	US$177M	Jan-20484
Private Activity Bond 2	US$204M	Jan-20404
Private Activity Bond 3	US$196M	Jan-20404
Private Activity Bond 4	US$62M	Jan-20424

Government Debt Summary

	Amount	Maturity
TIFIA	US$294M	Jul-20474
VTIB	US$46M	Dec-2047

^1. 100% interest basis.
^2. Income and expenses are translated at average exchange rates.
^3. These credit ratings are provided for use by wholesale investors only and must not be used, and the Transurban Group does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail investors in Australia.
^4. Final maturity.

A25

Asset Overview

Network	North America Area
Transurban Ownership Interest	50.0%
FY25 Toll Revenue1,2	A$80M
FY25 EBITDA1,2	A$64M
Credit Rating / Outlook	N/A

Bank Debt Summary

	Facility Limit	Maturity
Facility 1	CAD$348M	Jan-20273

Letters of Credit

	Facility Limit	Issued Amount	Maturity
Facility 1	CAD$15M	CAD$12M	Jan-2027

^1. 100% interest basis.
^2. Income and expenses are translated at average exchange rates.
^3. Final maturity.