Transurban (ASX:TCL) has released its March quarter update, revealing a resilient performance across its international toll road portfolio.
The group reported a 3% increase in average daily traffic compared to the third quarter of the 2025 financial year.
The growth comes despite a complex backdrop of macroeconomic shifts and heightening geopolitical tensions, specifically noted as the conflict in the Middle East, which commenced in late February.
Growth was observed across all major markets, though the drivers varied significantly by region. North America emerged as the strongest performer with a substantial 7.9% ADT surge, bolstered by the successful opening of the 495 Northern Extension in November 2025.
In Australia, Brisbane followed closely with 5.2% growth.
The figure was heavily influenced by a favourable year-on-year comparison, as the prior period was severely impacted by Tropical Cyclone Alfred in March 2025.
Melbourne saw a healthy 3.8% uptick, largely attributed to the additional capacity provided by the West Gate Tunnel, which became operational in December 2025.
However, monthly data suggests a softening in Melbourne’s momentum, with growth tapering from 5.7% in January to 1.4% in March.
Sydney remained the most stable yet modest market, recording a slight 0.6% increase for the quarter.
The report highlights a trend in group performance; while January and February growth remained steady at 2.7% and 2.6%, respectively, March saw a sharp rise to 3.6%.