Infrastructure giant Transurban (ASX:TCL) announced a robust set of financial results for the first half of fiscal year 2026, underscored by a 2.5% increase in average daily traffic across all markets.
Despite heavy rainfall in Sydney impacting local traffic by roughly 1%, the group reached a milestone of 2.6 million average daily trips, signaling resilient demand for its global toll road network.
The company reported a statutory profit after tax of $343 million, while proportional total revenue climbed 6.0% to over $2 billion.
The top-line growth filtered down to a strong bottom line, with proportional operating EBITDA rising 6.4% to $1.545 billion.
Management attributed the performance to the combination of increased traffic and disciplined cost management; notably, proportional operating costs grew by only 4.6%.
Transurban declared a H1 FY26 distribution of 34 cents per share, which is 102.5% covered by free cash flow.
The company has raised its full-year distribution guidance to 69 cents per share, representing a 6.2% increase over FY25.
While free cash flow growth was momentarily dampened at 2.4% due to early-refinancing interest costs, the group expects normalisation in the second half of the year.