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Atlas Arteria → 2025 Macquarie Australia Conference → 1 8 May 2025 MACQUARIE AUSTRALIA CONFERENCE2025 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 2 Important Information Disclaimer The information in this presentation is given in good faith and derived from sources believed to be accurate at this date, but no representation or warranty (express or implied) is given as to its accuracy, completeness or reliability. Neither Atlas Arteria, nor its subsidiaries, their officers, employees or any other person accept any responsibility or liability arising in any way whatsoever from or in connection with this presentation or the information it contains, including without limitation any liability arising from any fault, negligence, errors or omissions. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified and Atlas Arteria makes no representation as to the accuracy of such information. This presentation is not an offer or invitation for subscription for or the purchase of, or a recommendation of, securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Information in this presentation should not be considered as advice or a recommendation to investors or potential investors. Before making an investment in Atlas Arteria, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if appropriate. Investments in Atlas Arteria are subject to investment risk, including possible delays in repayment and loss of income and capital invested. Forward Looking Statements This presentation may contain forward-looking statements including statements with respect to Atlas Arteria’s future performance. Such forward-looking statements are not guarantees of future performance. Due care and attention has been exercised in the preparation of forward-looking statements, however actual results may vary as a result of various factors beyond the control of Atlas Arteria, its related bodies corporate or affiliates and their respective officers, employees, agents and advisors. The words, ‘plan’, ‘will’, ‘expect’, ‘may’, ’should’, and similar expressions are intended to identify forward looking statements. Investors or prospective investors should not place undue reliance on forward-looking statements. Before making an investment in Atlas Arteria, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if appropriate. The forward-looking statements made in this report are given in good faith and derived from sources believed to be accurate as at the date of this report. However, to the maximum extent permitted by law, Atlas Arteria, its related bodies corporate and affiliates, and their respective directors, officers, employees and agents give no representation, warranty or other assurance (express or implied) as to the likelihood of any forward-looking statement being fulfilled; and accept no responsibility or liability for or in connection with the accuracy, currency, completeness or reliability of such statements (including, without limitation, any liability arising from fault or negligence). Atlas Arteria accepts no obligation to correct or update any forward-looking statement and, to the maximum extent permitted by law, disclaims any such obligation to correct or update any forward-looking statement. Non-IFRS Information This presentation includes certain financial measures that are not recognised under Australian Accounting Standards (AAS) or International Financial Reporting Standards (IFRS), which are included for the purpose of providing a more comprehensive understanding of Atlas Arteria. Such non-IFRS financial measures do not have a standardised meaning prescribed by AAS or IFRS and may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS.Recipients are cautioned not to place undue reliance on any non-IFRS financial measures included in this presentation. The non-IFRS information has not been subject to audit or review by Atlas Arteria’s external auditor. Basis of Preparation All financial results are presented in Australian dollars unless stated otherwise. Data used for calculating percentage movements has been based on actual numbers. Percentage changes are based on prior comparative period unless otherwise stated. Atlas Arteria has a 31 December financial year end. Refer to the Glossary of Terms for key terms used in this presentation. For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 3 Important Information No Offer This presentation may not be distributed in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of, “US persons” (as defined in Rule 902(k) under the U.S. Securities Act) ("U.S. Person"), or in any other jurisdiction in which such an offer would be illegal. Atlas Arteria’s securities have not been, and will not be, registered under the US Securities Act of 1933, as amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United States or elsewhere. Accordingly, Atlas Arteria’s securities may not be offered or sold, directly or indirectly, in the United States unless they are offered or sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any other applicable US state securities laws. U.S. Ownership Restrictions Investors should note that neither of the Atlas Arteria entities has been, or will be, registered under the U.S. Investment Company Act 1940, as amended (the “U.S. Investment Company Act’), in reliance on the exception in Section 3(c)(7) from the definition of “investment company’. Accordingly, Atlas Arteria securities cannot be held at any time by, or for the account or benefit of, any “U.S. person” (as defined in Rule 902(k) under the U.S. Securities Act of 1933) ("U.S. Person") that is not a "qualified purchaser" (as defined in section 2(a)(51) of the U.S. Investment Company Act and the rules and regulations thereunder) (“Qualified Purchaser” or “QP”) at the time of their acquisition. Any U.S. Person that is not a Qualified Purchaser, or any investor acting for the account or benefit of any U.S. Person that is not a Qualified Purchaser, is an “Excluded U.S. Person” and may not hold Atlas Arteria securities. Atlas Arteria may require an investor to complete a statutory declaration as to whether they (or any person on whose account or for whose benefit it holds Atlas Arteria securities) are an Excluded U.S. Person. Atlas Arteria may treat any investor who does not comply with such a request as an Excluded U.S. Person. Atlas Arteria has the right to: (i) refuse to register a transfer of Atlas Arteria securities to any Excluded U.S. Person; or (ii) require any Excluded U.S. Person to dispose of their securities in Atlas Arteria, and, if the Excluded U.S. Person does not do so within 30 business days, require the securities to be sold by a nominee appointed by Atlas Arteria. To monitor compliance with these foreign ownership restrictions, the ASX’s settlement facility operator (“ASTC”) has classified the Atlas Arteria securities as Foreign Ownership Restricted financial products and designated the Stapled Securities as “FOR – Excluded U.S. Person”, and has put in place certain additional monitoring procedures. For further details of ownership restrictions that apply to residents of the United States and other U.S. Persons that are not Qualified Purchasers, please see our website https://www.atlasarteria.com/stores/_sharedfiles/US_Ownershi p/AtlasArteria-USownershiprestrictions.pdf For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 4 Long term vision and targeted initiatives SAFETY SHARE Building a safety-first culture through ethical leadership, compliance, and transparency Customer safetyWorkforce safety Atlas Arteria is fully committed to enhancing safety with our efforts concentrated in two strategic priority areas: Wholly and majority owned businesses APRR Group Safety steering committees Influence and partnership • Road safety plans • Business employee OHS • Delivery of actions • KPIs and reporting For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 5 France APRR/AREA/A79 A412 (under construction) ADELAC Rostock, Germany Warnow Tunnel Bermuda ATLIX Board Australia Global Corporate HQ ATLAX Board Virginia, United States Dulles Greenway United States HQ Luxembourg European HQ Chicago, United States Chicago Skyway Ownership: 30.82% 1,890km motorway network in Eastern France 2035 concession expiry APRR1 Proportionate toll revenue, up 5.1% vs 2023 levels4 Proportionate EBITDA, up 0.4% vs 2023 levels4 THE ATLAS ARTERIA BUSINESS 82% 2% 1% 8% 7% APRR Group ADELAC Warnow Tunnel Chicago Skyway Dulles Greenway 83% 2% 2% 7% 6% 2024 2024 AREA1 A791 A4122 ADELAC WARNOW TUNNEL CHICAGO SKYWAY DULLES GREENWAY Ownership: 30.77% 408km motorway network in Eastern France 2036 concession expiry Ownership: 30.79% 88km east-west transversal link 2068 concession expiry Eiffage and APRR consortium awarded concession in October 2024 16.5km greenfield motorway currently under construction in the Geneva region 2079 concession expiry Ownership: 30.85% 20km commuter road connecting Annecy to Geneva 2060 concession expiry Ownership: 100% 2.1km road and tunnel in Rostock, Germany 2053 concession expiry Ownership: 66.67% 12.5km toll road connecting Chicago and Northwest Indiana 2104 concession expiry Ownership: 100%3 22km commuter route into the Greater Washington DC area 2056 concession expiry 1. APRR Group includes APRR, AREA and A79 concessions. 2. The A412 is a 55 year concession and the project cost is expected to be €400-500 million. Eiffage holds 99.9% of the entity and APRR holds 0.1% with an option at its sole discretion to acquire 99.8% from Eiffage. 3. 100% economic ownership. 4. Based on 2024 financials in AUD.For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 6 DELIVERING VALUE FOR ALL INVESTORS Pursuing our strategic objectives with a refocused and consolidated set of priorities Optimise performance • Optimise free cash flow from existing portfolio to maximise value and enhance investor returns • Seek to unlock Dulles Greenway cash flow potential • Ensure a robust, long-term presence in all key markets Enhance competitive position • Invest in strategic partnerships to drive mutual competitive advantage • Capture associated growth and value opportunities Efficient portfolio capital management • Deliver optimal capital structure at each of our businesses, as well as across the portfolio Effective leadership team • Further develop leadership team and integrate business leaders For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 7 0 5 10 15 20 25 30 35 40 2022 2023 2024 2025 Distribution guidance of 40 cps for 2025 and distribution policy implemented DISTRIBUTIONS OVERVIEW 1. Distribution guidance and/or target remains subject to continued business performance, changes to current taxes, movements in foreign exchange rates, and other future events. 2. TST refers to the French Temporary Supplemental Tax, which was legislated in February 2025 and applies to the 2025 fiscal year. It is expected to have a one-year financial impact. 3. Calculated as distributions received from our businesses less centralised costs paid, FX movements and net interest income/expenses, plus future capital releases only to the extent they offset scheduled debt amortisation that impacts distributions to Atlas Arteria, less payments for corporate capital projects and fixed assets. In any given year, capital releases generated in excess of amortisation may be retained and available to include in free cash flow in later years to offset amortisation. 4. TEILD refers to the French long-distance transport infrastructure tax that took effect on 1 January 2024. APRR has adopted a two-step approach to contest the tax. • 2025 distribution guidance of 40 cps1 • Distribution policy implemented to pay 90-110% of free cash flow — 2025 expected to be above this range given 2025 TST impact2 — Current cash on hand (including from 2023 Chicago Skyway regearing capital releases and 2024 MAF2 capital injection proceeds) continues to be available to support any distributions greater than 100% of free cash flow • Free cash flow definition3 refined and future capital release proceeds will be included in the calculation of free cash flow only to the extent they offset debt amortisation • Targeting future distributions of at least 40 cps, supported by growing free cash flow1 Distribution paid Distribution guidance Chicago Skyway acquisition TEILD imposed4 40.040.0 40.0 TST imposed 40.0 Atlas Arteria distributions – by period earned (cps) For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 8 DULLES GREENWAY UPDATE New strategic approach implemented with progress achieved across multiple workstreams Appeal of 2024 Rate Case Decision – Supreme Court of Virginia (SCV) • Appeal is now fully briefed by the parties (January-April 2025) • Oral arguments currently scheduled for the first week of June 2025 • The SCV typically issues orders around 3-4 months after oral arguments Working Group Sessions/New Rate Case Application • First working group session held in March 2025 and the second is scheduled for May • New rate case application anticipated in H2 2025 Federal Litigation • Filed in the Eastern District of Virginia (Richmond) on 21 February 2025 • The court has stayed this case, pending a decision on the SCV appeal DULLES GREENWAY, US For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 9 APRR GROUP UPDATE Clarity on the future of France's toll road concession system expected after 2027 Presidential election Outlook for future concessions • The Transport Minister has launched a national conference on the future of transport in France (Ambition France Transports1), which commenced on 5 May 2025, with initial conference reports expected in Q3 2025 — The conference comprises four commissions, including one focused on the financing of road and motorway infrastructure — The objectives of the conference are to prepare the discussions for the 2026 budget, and with regards to the motorway commission, to define options for the future regulatory system which will be submitted to the next President once elected in 2027 • Historically, both the Finance and Transport Ministers have affirmed their view that the private concession model is the most effective way to operate the French toll road network Nov 2035 APRR Dec 2031 SANEF Sep 2036 AREA 2025 2030 2035 Feb 2032 ESCOTA Aug 2033 SAPN Jun 2034 COFIROUTE Apr 2036 ASF APRR Group Abertis VINCI 2026 2027 2028 2029 2031 2032 2033 2034 2036 Concession system expected to be defined after 2027 Presidential election Conference on the future of transport in France Concession tendering process expected to commence in late 2028 / early 2029 Government expected to undertake consultation on future of the concession system *The timeline above reflects the anticipated outlook for future concessions in France as of April 2025 and is subject to change based on evolving circumstances. 1. Website: https://conference-ambition-france.transports.gouv.fr/ For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 10 PARTNERING AS A STRATEGIC ENABLER Expanding and deepening collaborations to unlock value opportunities and drive mutual competitive advantage Strategic access to resources • Enhance competitive positioning in key markets via shared capabilities and scale • Unlock new revenue opportunities Capital efficiency • Unlock cost efficiencies and benefit from economies of scale • Share investment risk and optimise returns through pooled resources and expertise Risk mitigation • Strengthen resilience through collaborative partnerships • Reduce exposure to market volatility and external shocks Diversification • Broaden access to funding and alternative capital sources • Enhance governance frameworks and strategic decision making For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 11 Portfolio of high-quality businesses, with robust cash flows Strong partnerships with key global infrastructure players, with scope to deepen and broaden relationships Multiple levers for sustainable long-term value creation OUTLOOK Improved clarity and transparency on distribution outlook For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 12 Atlas Arteria → 2025 Macquarie Australia Conference → 12 Q&A Contact for investors Tess Palmer Director, Investor Relations +61 (0) 499 972 339 investors@atlasarteria.comFor personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 13 CALUMET RIVER BRIDGE, CHICAGO SKYWAY, US APPENDIX Atlas Arteria → 2025 Macquarie Australia Conference → 13 For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 14 APRR Group1 Warnow Tunnel % change 2024 vs. 2023 Q1 2025 vs. Q1 2024 Traffic +0.4% +1.6% Toll revenue +4.4% +4.1% EUROPE TRAFFIC OVERVIEW Robust traffic performance at APRR against a softer comparative period APRR Group is a c. 2,400km motorway network in eastern France, providing critical connectivity between major cities like Paris and Lyon Key drivers of LV traffic: • Domestic employment and household consumption • Domestic and international tourist demand Key drivers of HV traffic: • Spanish and French trade with the rest of Europe • Domestic employment Warnow Tunnel is a 2km toll road with two lanes in each direction, including a 0.8km tunnel under the Warnow River Key drivers of traffic: • Short-term: Roadworks on competing routes, such as Am Strande • Long-term: Economic activity in northeastern Germany % change 2024 vs. 2023 Q1 2025 vs. Q1 2024 Traffic +5.6% +2.0% Toll revenue +14.2% +6.0% 1. APRR Group includes APRR, AREA and A79 concessions. For personal use only
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Atlas Arteria → 2025 Macquarie Australia Conference → 15 Chicago Skyway Dulles Greenway % change 2024 vs. 2023 Q1 2025 vs. Q1 2024 Traffic -2.8% -1.7% Toll revenue +5.3% +4.5% UNITED STATES TRAFFIC OVERVIEW Skyway traffic down given elasticity impact of toll increases; Greenway traffic up driven by congestion on free competing route Chicago Skyway is a 12.5km toll road in Chicago, connecting the city to Northwest Indiana Key drivers of LV traffic: • Employment levels in the Chicago region and population growth • Domestic leisure travel, with peak demand during summer Key drivers of HV traffic: • US industrial production Dulles Greenway is a 22km tolled motorway in northern Virginia, running from Dulles International Airport to Leesburg, and serves as a key route in one of the fastest- growing and most affluent counties in the US Key drivers of traffic: • Employment levels in the Washington DC region and Loudon County • Congestion and roadworks on free competing route (Route 7/28) % change 2024 vs. 2023 Q1 2025 vs. Q1 2024 Traffic +5.9% +6.4% Toll revenue +6.9% +5.9% For personal use only