Slides
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 1 27 August 2026 H1 2026 RESULTS PRESENTATION for the six months ended 30 June 2026 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 2 Important Information Disclaimer The information in this presentation is provided for general information purposes only. It is presented in summary form, may not be complete, and does not take into account individual investment objectives or financial circumstances. It is not investment or financial advice and should not be relied upon as such. 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. This publication may contain climate-related statements, disclosures or targets that are subject to uncertainties, risks, limitations and assumptions, which should be read together with the sustainability reporting and related qualifications in Atlas Arteria’s 2025 Annual Report, available on our website. 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 (including traffic expectations) and distribution guidance. Such forward- looking statements are not guarantees of future performance and involve assumptions, risks and uncertainties. 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 advisers. The words, ‘plan’, ‘will’, ‘expect’, ‘may’, ’should’, ‘forecast’, ‘potential’, ‘estimated’, ‘projected’, ‘likely’, ‘anticipate’, ‘ scheduled’, ‘guidance’, ‘targeting/target’, ‘considering’, ‘progressing’, ‘reviewing’, ‘positioned’, ‘continue’, ‘aim’, ‘believe’, ‘outlook’, ‘intend’ and similar expressions are intended to identify forward looking statements. Investors or prospective investors should not place undue reliance on forward-looking statements. Forward-looking statements include statements regarding the expected outcomes and timing of regulatory processes, rate-setting determinations, litigation and tax matters; expectations relating to concession retenders; guidance on financial performance; funding, refinancing and capital management initiatives; expectations regarding debt maturities, amortisation and repayment profiles, covenant compliance and testing, and future debt service obligations; capital expenditure, interest rate and CPI sensitivity and movement; emission reduction targets; and management's plans, strategies, objectives and assessment of market outlook. 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, there can be no assurance that actual outcomes will not differ materially from these statements. 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.
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 3 Important Information U.S. Ownership Restrictions 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, any “U.S. person” (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) (“U.S. Person”), or in any other jurisdiction in which such an offer would be unlawful. Atlas Arteria securities have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States. In addition, investors should note that neither of the Atlas Arteria entities has been, or will be, registered under the U.S. Investment Company Act of 1940, as amended (the “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 person in the United States or U.S. Person that is not either (i) a “qualified purchaser” (as defined in section 2(a)(51) of the Investment Company Act and the rules and regulations thereunder) (“Qualified Purchaser” or “QP”) that was an existing holder of Atlas Arteria securities on the Atlas Arteria register as at 7.00pm (Melbourne time) on 8 April 2025 and has remained on the Atlas Arteria register as a holder of Atlas Arteria securities continuously since then (an “Existing QP”) or (ii) both a “qualified institutional buyer”, as defined under Rule 144A under the Securities Act (“QIB”) and a QP (together, a “QIB/QP”) at the time of their acquisition. Any person in the United States or U.S. Person that is not an Existing QP or a QIB/QP, or any investor acting for the account or benefit of any U.S. Person that is not an Existing QP or a QIB/QP, is an “Excluded U.S. Person” and may not hold Atlas Arteria securities. Investors should also note that “Eligible U.S. Fund Managers”, which are dealers or other professional fiduciaries organized or incorporated in the United States that are acting for a discretionary or similar account (other than an estate or trust) held for the benefit or account of persons that are not U.S. Persons for which they have, and are exercising, investment discretion, within the meaning of Rule 902(k)(2)( i) under the Securities Act (“EUSFMs”) are by definition not “U.S. Persons”. In order to qualify for an exemption under the Investment Company Act, the provisions of the constitutions of the Atlas Arteria entities provide that where a holder is an Excluded U.S. Person: ( i) Atlas Arteria may refuse to register a transfer of Atlas Arteria securities to that Excluded U.S. Person (as defined below); and (ii) the Excluded U.S. Person may be requested to dispose of such person’s Atlas Arteria securities and, if the Excluded U.S. Person fails to do so within the specified period (which must be not less than 30 business days), to be divested of such securities and to receive the proceeds of sale (net of transaction costs including any applicable brokerage, stamp duty and other taxes) as soon as practicable after the completion of the sale. In addition, the provisions in the constitutions provide that a holder may be required to complete a statutory declaration in relation to whether they (or any person on whose account or benefit it holds Atlas Arteria securities) are not an Excluded U.S. Person or in the United States or a U.S. Person (as applicable). Any holder who does not comply with such a request will be deemed to be an Excluded U.S. Person or otherwise as being in the United States or a U.S. Person in respect of some or all of the Atlas Arteria securities held (as applicable). 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 Atlas Arteria securities as “FOR – Excluded U.S. Person”, and has put in place certain additional monitoring procedures. For further details of the ownership restrictions that apply to residents of the United States and other U.S. Persons that are not Existing QPs, QIB/QPs or EUSFMs, please see our website: https://www.atlasarteria.com/stores/_sharedfiles/US_Ownership/AtlasAr teria-USownershiprestrictions.pdf
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 4 40 cps distribution guidance reaffirmed for 20261 1. Distribution guidance remains subject to continued business performance, changes to current taxes, movements in foreign exchange rates, and other future events. H1 2026 HIGHLIGHTS Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 4 Operating free cash flow per security 19.1 cps (1.5%) vs H1 2025 Distribution guidance1 H1 2026: 20.0 cps 2026: 40.0 cps Progress made on the Dulles Greenway 2025 rate case and positive tolling legislative reform achieved in Virginia Extinguishment of Chicago Skyway put option held by OTPP Assessed as a Leader in the Transportation Industry with MSCI ESG rating lifted to AAA
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 5 IFM TAKEOVER OFFER • On 27 April 2026, Atlas Arteria received an unsolicited Takeover Offer from IFM for the stapled securities of Atlas Arteria that it did not already own. The Takeover Offer opened at a price of $4.75 cash per security and was subject to many conditions • The Independent Directors of Atlas Arteria recommended securityholders reject the Takeover Offer, based on their assessment of the long-term fundamental value of Atlas Arteria’s portfolio. This was supported by the Independent Expert’s conclusion • During the Takeover Offer period, the price increased to $5.10 per security and the Offer became unconditional • The Takeover Offer period closed on 7 July 2026. During the Takeover Offer period, IFM acquired 478 million securities, through a combination of purchasing securities on- market and acceptances of the Takeover Offer. IFM now holds a 67.4% interest in Atlas Arteria ALX Investor Mix 1. Substantial holders (5% or more interest) and remaining investors shown as at 24 April 2026, based on Substantial holders’ notices from IFM Group (for Diamond Infraco 1) on 27 April 2026, Lazard on 10 September 2025 and other Substantial holders. 2. Substantial holders (5% or more interest) and remaining investors shown as at 24 August 2026, based on Substantial holders’ notices from IFM Group (for Diamond Infraco 1) on 8 July 2026 and Lazard on 10 September 2025. Current2Pre-Offer1 Diamond Infraco 1 (IFM) 34.5% Lazard 8.8%Other Substantial holders 13.8% Remaining investors 42.9% 21,373 investors Diamond Infraco 1 (IFM) 67.4% Lazard 8.8% Remaining investors 23.8% 15,221 investors
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 6 ATLAS ARTERIA BOARDS UPDATE The process to determine the next permanent Independent Chair of ATLAX is underway • Following the retirement of Debbie Goodin on 7 July 2026: — John Wigglesworth was appointed as Interim Chair of ATLAX and as a Non-executive Director of ATLIX. Consequently, John stepped down as Chair of Atlas Arteria’s Audit and Risk Committee — Jean-Georges Malcor was appointed Chair of Atlas Arteria’s Audit and Risk Committee — Fiona Beck was appointed Chair of Atlas Arteria’s Nomination and Governance Committee • The Boards have accelerated the process that was already underway to determine the next permanent Independent Chair of ATLAX. Both internal and external candidates will be considered • Interim Chair of ATLAX and Non-executive Director of ATLIX • John is also a member of Atlas Arteria’s Audit and Risk Committee, Nomination and Governance Committee and Safety and Sustainability Committee • John has been a Director of ATLAX since 2023 John Wigglesworth Independent Non-executive Director • Chair of Atlas Arteria’s Audit and Risk Committee • Jean-Georges is also a member of Atlas Arteria’s People and Remuneration Committee and Nomination and Governance Committee • Jean-Georges has been a Director of ATLAX since 2018 Jean-Georges Malcor Independent Non-executive Director • Chair of ATLIX • Fiona is also Chair of Atlas Arteria’s Nomination and Governance Committee and Atlas Arteria’s Safety and Sustainability Committee • Fiona has been a Director of ATLIX since 2019 Fiona Beck Independent Non-executive Director
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 7 OUR STRATEGIC PRIORITIES REMAIN LARGELY UNCHANGED New opportunities Considering new opportunities in OECD countries, leveraging strategic partnerships, to deliver compelling risk-adjusted returns with funding flexibility Brownfield opportunities paused Associated growth Capturing growth across existing businesses Pursuing associated growth opportunities Progressing preparation for French concession retenders Business & portfolio optimisation Operational efficiency and optimising cash flow Team and stakeholder engagement Post Offer governance arrangements Immediate Priorities Post IFM Offer Continued Strategic Priorities Post IFM Offer Preparing for French concessions retenders Dulles Greenway fibre project Associated growth in France such as A412 Chicago Skyway value optimisation Dulles Greenway rate cases French concessions cash flow optimisation Asset sales paused Strategic and operational review Continuing to deliver value for all investors
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 8 Sept/Oct Evidentiary hearing 2026 2027+ Rate Case Submission Federal Litigation June Defendants’ motion to dismiss granted DULLES GREENWAY UPDATE Continued progress on multi-faceted strategy to unlock cash flows • Virginia legislation: In April 2026, the Commonwealth of Virginia adopted a bill providing greater visibility and certainty on timeframe of toll rate case process (see right box) • 2025 rate case: Responses from TRIP II1, SCC Staff, VDOT and Loudoun County have been published. Evidentiary hearing anticipated to be held in coming months — SCC Staff Report found that TRIP II’s primary and secondary requests satisfied the three statutory tests under the Virginia Highway Corporation Act (refer to slide 34) • Federal litigation: TRIP II is appealing the grant of the defendants’ motion to dismiss with respect to alleged violations by defendants of the Virginia and United States constitutions • Tolling system and fibre project: Progressing project to upgrade the existing tolling network with corridor-wide fibre optics to enhance resilience and optimise collection with surplus capacity to be commercialised *The timeline above reflects the current outlook for the workstreams relating to Dulles Greenway as of August 2026 and is subject to change based on evolving circumstances. 1. TRIP II is a limited partnership which owns the concession to operate Dulles Greenway. Future rate case submissions Virginia legislation update • Effective from 1 July 2026, legislative reform streamlines the rate case regulatory process: • Allowing flexibility to request toll rate increase for up to two years, increased from one year • Requiring the SCC to issue a decision within 12 months of a two-year application and 9 months of a one-year application being filed. Previously there was no deadline • Provides greater certainty on timeframe of process and cashflows • Alleviates administrative burden for stakeholders Outcome of rate case anticipated June Public hearing July SCC staff report released August TRIP II response released H1 SCC discovery July TRIP II filed Notice of Appeal October TRIP II’s opening brief due
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 9 France’s major motorway concessions begin expiring from 2031 • Concession retenders: ‘Framework Law’ supporting continuation of a motorway concession model was adopted by the French Senate in April 2026, currently progressing through the National Assembly. Tax and regulatory environment at time of re-tendering will be reflected in bid submission process • Associated growth: APRR option to acquire remaining interest in A412 from Eiffage1 Nov 2035 APRR Dec 2031 SANEF Sep 2036 AREA2025 Feb 2032 ESCOTA Aug 2033 SAPN Jun 2034 COFIROUTE Apr 2036 ASF APRR Group Abertis VINCI Concession system expected to be defined after 2027 Presidential election Transport conference held Expected concession tendering processGovernment consultation period on future concessions *The timeline above reflects the current outlook for future concessions in France and is subject to change based on evolving circumstances. Beyond 2036, only concessions in which Atlas Arteria holds an interest are listed. 1. 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. Whether this option is exercised will be considered based on the financial and strategic merits of the project with a final decision expected before completion of construction, which is anticipated to take around four to five years. FUTURE OPPORTUNITIES IN FRANCE APRR Group well positioned for concession retenders • Operator of all of Atlas Arteria’s French concessions, jointly controlled by Atlas Arteria and Eiffage • Incumbent concessionaire with highly experienced management team and workforce with deep operational capabilities • Strong balance sheet • Strong relationship with key stakeholders 2026 2027 2028 20302029 2031 2032 2033 2034 2035 2036 2060 ADELAC 2068 A79 2079 A412 1 2060 2068 2079 Operator 2028/29 Expected A412 construction completion 1
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 10 Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 10 ADELAC, FRANCE FINANCIAL PERFORMANCE
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 11 Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 11 1. Underlying results are a non-IFRS measure that is used to assess financial performance and represents statutory profit excluding the impact of items not related to underlying operational performance. 2. Refer to slide 36 for further details on calculation methodology. Proportional toll revenue2 $917.5m (3.9%) vs H1 2025 Proportional EBITDA2 $702.6m (3.6%) vs H1 2025 H1 2026 FINANCIAL SUMMARY Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 11 Proportional EBITDA margin 76.6% vs H1 2025: 76.4% Statutory net loss after tax $(73.3m) (200%) vs H1 2025 Underlying net profit after tax1 $94.3m +29% vs H1 2025
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 12 Optimising free cash flow to drive strong distributions DISTRIBUTIONS 1. Distribution guidance remains subject to continued business performance, changes to current taxes, movements in foreign exchange rates, and other future events. 2026 • H1 2026 distribution guidance of 20.0 cps1 • 2026 distribution guidance of 40.0 cps reaffirmed1 • Retaining distribution policy to pay 90-110% of free cash flow on a full year basis — 2026 distribution expected to be above 90-110% of free cash flow given TST impact, takeover-related costs, change of control costs and OTPP put option extinguishment 2027+ • Focusing on optimising free cash flows to drive strong distributions • Aligning distributions with free cash flow by retaining distribution policy to pay 90-110% of free cash flow on a full year basis • No longer providing a quantified distribution target beyond a one-year period; 2027 guidance expected to be provided in February 2027 Operating free cash flow per security 19.1 cps (1.5%) vs H1 2025 Distribution guidance1 H1 2026: 20.0 cps 2026: 40.0 cps
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 13 New corporate debt facility established to fund OTPP put option settlement payment CAPITAL MANAGEMENT 2026 • $150m 3-year corporate debt facility established in July 2026 to fund the US$100m settlement payment to extinguish the OTPP put option — Managing the timing of drawdowns to minimise interest costs • Pro forma corporate cash position of $100m • Continued availability of flexible $50m working capital facility $149m Corporate debt facility1 $137m Corporate cash balance at 30 June 2026 $100m Pro forma corporate cash balance pre-distributions received from businesses and H1 2026 distributions paid to securityholders $(144m) OTPP put option settlement payment 2027+ • Optionality on the repayment of the $150m corporate debt facility including refinancing • Continued availability of flexible $50m working capital facility 1. Expected drawdown of $150m net of $0.9m borrowing costs. 2. Includes $22.2m takeover-related costs, $13.3m employee change of control costs and $6.8m D&O run-off insurance premiums due to the change in control of Atlas Arteria. $(42m) Takeover-related costs and change of control costs2
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 14 TRAFFIC AND TOLL REVENUE PERFORMANCE APRR Group (incl. A79) Proportional toll revenue up 0.6% excluding FX movements, despite higher fuel prices impacting traffic in France Dulles GreenwayWarnow Tunnel Chicago Skyway • Increased fuel prices (particularly diesel) in France negatively impacted light vehicle traffic • Strong momentum in French and Spanish manufacturing supported heavy vehicle traffic growth • Toll revenue supported by CPI-linked toll increases implemented in February 2026 • Roadworks on sections of the main alternate route (I-94 Bishop Ford Freeway and Frank Borman Expressway) benefitted traffic. Roadworks are scheduled to complete in Q3 2026 • Heavy vehicle traffic was down (although Q2 improved on Q1), with macroeconomic indicators showing signs of recovery • Toll revenue supported by c.3.8% increase in weighted average toll price from January 2026 • Extreme cold weather in January and February negatively impacted traffic • Partly offset by favourable traffic flow from roadworks on key arterial route (completed at the end of July) • Traffic benefitted from increased congestion and longer trip times on free competing routes (Rt. 7 and 28) ADELAC • Traffic disruptions from G7 Summit in Évian • Negative impact of higher fuel prices (particularly diesel) in France (2.4%) (0.2%) Traffic Toll revenue Note: Traffic and toll revenue performance is for the H1 2026 period compared to H1 2025. Traffic measured in individual trips for all businesses except APRR Group, which is measured in vehicle kilometres travelled. +2.7% +4.3% Traffic Toll revenue (1.4%) +1.1% Traffic Toll revenue (3.3%) +0.2% Traffic Toll revenue +6.3% +6.1% Traffic Toll revenue
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 15 Proportional toll revenue by business – down 3.9% vs H1 2025 Proportional EBITDA by business – down 3.6% vs H1 2025 PROPORTIONAL TOLL REVENUE AND EBITDA Underlying performance stable with lower proportional result driven by unfavourable FX movements 0 200 400 600 800 1,000 1,200 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 $m APRR Group ADELAC Warnow Tunnel Chicago Skyway Dulles Greenway 0 300 600 900 1,200 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 $m APRR Group ADELAC Warnow Tunnel Chicago Skyway Dulles Greenway
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 16 CASH FLOW SUMMARY Distributions from businesses Net corporate cash outflows Distributions paid to ALX investors APRR and Chicago Skyway Positive underlying distributions reflecting H2 2025 performance at APRR and Q4 2025 and Q1 2026 performance at Chicago Skyway FX Distributions received in AUD impacted by unfavourable FX movements $296m $(19m) $(290m) Note: Refer to slide 29 for further details on H1 2026 Cash Flow. 1. H1 2026 includes $2.1m for growth-related activities and $0.7m for takeover-related costs. Corporate cost payments1 Stable centralised costs payments year on year. Remaining payments for takeover-related costs, OTPP put option settlement and change of control costs expected in H2 2026 FX / interest Unfavourable FX movements and lower interest income partly offset by proceeds from FX hedge program. Refer to slide 36 for further details H2 2025 distribution Paid stable distributions per security (20 cents) Consistent cash flow from portfolio supported delivery of stable distribution $3m decrease vs H1 2025 $1m decrease vs H1 2025 no change vs H1 2025
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 17 ATLAS ARTERIA INCOME STATEMENT $m H1 2026 H1 2025 % change Toll revenue 73.9 77.0 (4%) Other revenue 0.4 0.5 (20%) Total revenue 74.3 77.5 (4%) Business operations costs (21.9) (21.9) - Centralised costs Corporate and Business unit costs (18.5) (18.2) (2%) CEO transition costs (0.4) (1.5) 73% Growth-related activities (1.9) (1.7) (12%) Change in fair value of financial liability - 0.9 100% Depreciation and amortisation (32.8) (36.1) 9% Share of net profit of equity accounted investments1 119.7 108.1 11% Net finance costs Interest on shareholder loans with CCPI 8.2 9.1 (10%) Other finance income 7.3 10.6 (31%) Finance costs (38.9) (52.8) 26% Income tax expense (0.8) (0.7) (14%) Underlying net profit after tax2 94.3 73.3 29% Takeover-related costs (24.1) - n.a. Employee change of control costs (16.9) - n.a. Change in fair value of financial liability3 (89.1) - n.a. Financial liability settlement expense3 (37.5) - n.a. Net (loss)/profit after tax (73.3) 73.3 (200%) FX impact of strengthened AUD against USD and EUR 1. Includes the equity accounted profit of APRR $144.0m (H1 2025: $134.8m) and the equity accounted loss for Chicago Skyway of $24.3m (H1 2025: loss of $26.7m). 2. Underlying results are a non-IFRS measure that is used to assess financial performance and represents statutory profit excluding the impact of items not related to underlying operational performance. 3. On 28 June 2026, Atlas Arteria and OTPP signed an agreement to extinguish the Chicago Skyway put option for US$100m ($145.1m). The first instalment of US$50m was paid on 1 July 2026 and the second instalment of US$50m was paid on 11 August 2026. The change in the fair value of financial liability represents the difference between the revised carrying value of the put option premium at 30 June 2026 of US$73.7m ($107.0m) less the carrying value at 31 December 2025 of US$11.2m ($16.7m). Financial liability settlement expense represents the difference between the US$100m settlement payment and the fair value of the put option. Costs to extinguish the Chicago Skyway put option for US$100m (less existing carrying value of the put option liability at 31 December 2025) Costs related to the IFM Takeover Offer, including advisor costs. A further c.$1m of costs are expected in H2 2026 Includes payments and vesting of STIs and LTIs for corporate employees due to the change in control of Atlas Arteria. Refer to slide 36 for further details. No further costs are expected Includes $10m mark-to-market gain related to FX hedge program. Refer to slide 36 for further details Primarily costs associated with the Dulles Greenway multi -faceted strategy and fibre project. Full year costs expected to be c.$5m. Previous cost guidance for growth- related activities of $5-10m per year on average over the next 2 -3 years is withdrawn and subject to review Stable underlying performance impacted by non-operating costs
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 18 Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 18 OUTLOOK WARNOW TUNNEL, GERMANY
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 19 DELIVERING VALUE REMAINS OUR PRIORITY Engaging with IFM to deliver benefit for all investors Capturing associated growth opportunities to deliver performance upside Optimising free cash flow to deliver strong distributions Partnering to deliver world-class road experiences
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 20 Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 20 Q&A Contact for investors Tess Palmer Group Director, Investor Relations and External Communications +61 (0) 499 972 339 investors@atlasarteria.com
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 21 APPENDICES Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 21 APRR, FRANCE
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 22 Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 22 A. CORPORATE INFORMATION B. OUR BUSINESSES C. ANALYST NOTES Proportional Result by Business, Atlas Arteria Consolidated Balance Sheet, Capital Allocation Framework, Funding and Liquidity, Debt Maturity Profile, Atlas Arteria Cash Flow for H1 2026 APRR Group – Financial Update and French Taxes, Chicago Skyway – US Federal and State Tax, Dulles Greenway – Toll Regime Glossary of Terms D. REFERENCES Key Considerations APPENDICES CONTENTS
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 23 APPENDIX A CORPORATE INFORMATION AREA, FRANCE Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 23
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 24 APRR Group3 30.8% 1,121.0 345.5 1,864.2 574.5 82% ADELAC 30.9% 34.9 10.7 58.0 17.9 2% Warnow Tunnel 100% 5.6 5.6 9.3 9.2 1% Chicago Skyway 66.7% 56.1 37.4 80.0 53.4 8% Dulles Greenway 100% 33.3 33.3 47.5 47.6 7% Atlas Arteria proportional EBITDA n.a. n.a. n.a. n.a. 702.6 100% H1 2026 (Local Currency) H1 2026 ($m)1 Ownership2 100% Proportional 100% Proportional % of ALX APRR Group3 30.8% 1,482.5 456.9 2,465.2 759.7 83% ADELAC 30.9% 38.4 11.9 63.9 19.7 2% Warnow Tunnel 100% 8.0 8.0 13.3 13.2 1% Chicago Skyway 66.7% 67.5 45.0 96.3 64.2 7% Dulles Greenway 100% 42.5 42.5 60.7 60.7 7% Atlas Arteria proportional toll revenue n.a. n.a. n.a. n.a. 917.5 100% Toll revenue EBITDA Note: Total revenue and expenses are presented under IFRS. 1. Calculated using average foreign currency exchange rates in the current period (H1 2026 AUD = 0.7014 USD and AUD = 0.6014 EUR). 2. As at 30 June 2026. 3. APRR Group includes APRR, AREA and A79 concessions. PROPORTIONAL RESULT BY BUSINESS
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 25 Statutory accounts As at 30 June 2026 As at 31 December 2025 $m Current assets 231.2 288.4 Investments accounted for using the equity method Investment in APRR 2,141.5 2,401.7 Investment in Chicago Skyway1 2,373.7 2,468.1 Intangible Assets - Tolling concessions Tolling concession in Dulles Greenway 1,747.7 1,827.0 Tolling concession in Warnow Tunnel 173.1 186.8 Goodwill 14.6 15.4 Other non-current assets 444.1 468.4 Total assets 7,125.9 7,655.8 Current liabilities (308.3) (132.7) Non-current liabilities (1,592.7) (1,720.8) Total liabilities (1,901.0) (1,853.5) Net assets 5,224.9 5,802.3 ATLAS ARTERIA CONSOLIDATED BALANCE SHEET 1. Investment in Chicago Skyway excludes the shareholder loan with Chicago Skyway (CCPI) of $241.4m which is reflected in other non-current assets
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 26 CAPITAL ALLOCATION FRAMEWORK 1. Calculated as distributions received from our businesses less centralised costs paid, FX movements, proceeds from financial assets, 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. 2. The 2026 distribution is expected to be paid above the policy range given TST impact, takeover-related costs, change of control costs and OTPP put option extinguishment. Atlas Arteria free cash flow1 Access to capital (Debt and equity markets; existing portfolio) Distribution paid at 90-110% of free cash flow2 Additional equity investor returns (e.g. security buybacks, special distribution) Reinvestment (e.g. optimisation activities, growth, restructuring) Debt restructuring opportunities (Portfolio regearings to unlock excess capital) Surplus capital including capital releases Operating free cash flow from existing portfolio Proceeds from future capital releases limited to offsetting scheduled debt amortisation Excess proceeds excluding amounts offsetting scheduled debt amortisation
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 27 FUNDING AND LIQUIDITY As at 30 June 2026 (Local Currency) Gross Debt Cash Other Liquidity Weighted Average Cost of Debt2 Proportion of Fixed Rate Debt Credit Rating APRR Group (incl. FE)1 €8,492.0m €1,472.5m €1,500.0m 2.1% 87.9% Fitch: A Stable Outlook S&P: A- Stable Outlook ADELAC €602.8m €15.7m - 3.0% 87.2% Not Rated Chicago Skyway US$1,575.7m US$15.2m US$80.3m 5.2% 92.0% S&P: BBB Stable Outlook Dulles Greenway US$1,076.6m US$165.5m - 6.1% 100.0% Fitch: B+ Negative Outlook S&P: B+ Negative Outlook3 Warnow Tunnel €115.0m €8.4m - 2.5% 75.0% Not Rated Corporate - $137.5m $50.0m Not Rated 1. APRR Group includes APRR, AREA and A79 concessions. 2. Weighted average cost of debt over the six months to 30 June 2026. 3. On 30 July 2026, S&P downgraded rating on TRIP II bonds from B+ to B.
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 28 APRR: 33 1,006 1,000 1,000 1,200 1,000 1,122 700 500 FE:20 50 70 100 120 523 563 0 500 1,000 1,500 2,000 2,500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 €m APRR Financière Eiffarie ADELAC Warnow Tunnel DEBT MATURITY PROFILE Debt maturity profile as at 30 June 2026 (Euro-denominated for 2026-2036)1,2,3 1. All figures are presented at 100% ownership as at 30 June 2026 unless otherwise stated. Refer to Investor Reference Pack for further details. 2. ADELAC debt maturity profile reflects minimum repayment profile, However actual repayment profile is subject to future cash flow performance and corresponding cash sweep mechanism. Refer to Table 14 on page 10 of the Investor Reference Pack for further details. 3. Debt maturity for concessions beyond 2036 not shown. 4. Chicago Skyway bank debt facilities were subsequently refinanced in August 2026. A US$129.1m term loan, US$61.6m capex facility and US$50.2m revolving facility were established with maturity of August 2029. Debt maturity profile as at 30 June 2026 (US dollar-denominated for 2026-2036)1,3 Total debt maturing in the 2026-36 period • ADELAC: €603m • Warnow: €28m 2 74 75 76 77 78 79 80 81 77 70126 115 155 205 325 0 100 200 300 400 500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 US$m Dulles Greenway Chicago Skyway Chicago Skyway debt facilities refinanced in August 20264
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 29 276.5 7.4 11.8 (24.1) 5.5 277.1 174.5 (2.5) 172.0 (6.2) 6.2 2.1 (3.8) 170.3 - (2.8) 167.6 H2 2025 consol NPAT FE debt amortisation FE interest payments/ other Dist. from FE MAF2 taxes / other Dist. from MAF2 Dist. from MAF21 Net centralised costs2 Net interest income / FX translation / hedging / other Free cash flow Free cash flow Opening cash balance H2 2025 distribution Closing cash balance 150.6 277.1 (290.2) 137.5 Warnow distributions APRR proportional cash flows to Atlas Arteria Reflects the outcome of Atlas Arteria’s ownership interest in APRR through FE and MAF2 during the period Atlas Arteria corporate cash flows Represents the cash flows within the Atlas Arteria controlled corporate structure Corporate cash balance Atlas Arteria corporate cash balances post payment of H2 2025 distribution APRR and ADELAC dividends to Atlas Arteria (€m) Corporate cash flows ($m) Cash balance ($m) Chicago Skyway distributions Free cash flow of 19.1 cps ATLAS ARTERIA CASH FLOW FOR H1 2026 1. The spot FX rate at the date of the H2 2025 distribution payment was AUD = 0.606 EUR. 2. Net centralised costs cash flow includes $2.1m for growth-related activities and $0.7m for takeover-related costs. Remove net consol adjust’s & other ADELAC distributions to MAF Use of special reserves to offset FE debt amortisation €20m debt amortisation in H1 2026 at FE funded by €200m special distribution made by APRR to FE (100% basis). APRR company dividend FX FE tax balance
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 30 APPENDIX B Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 30 OUR BUSINESSES DULLES GREENWAY, US
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 31 1. Revenues and expenses are presented on a consolidated basis under IFRS. EBITDA margins exclude impacts of construction services to reflect underlying business performance. The APRR distribution is paid from APRR company NPAT on a standalone basis (accounts prepared under French GAAP). APRR net consolidation adjustments ordinarily reflect the differences between APRR standalone company and APRR consolidated NPAT within the period. 2. TP09 index is a French civil engineering index for asphalt https://www.insee.fr/en/statistiques/serie/001710997?idbank=001710997 APRR GROUP – FINANCIAL UPDATE • Growth in operating revenue reflects a c.0.95% toll increase implemented from 1 February 2026 at APRR and AREA, and growth in other revenue (primarily Fulli revenue), partially offset by weaker light vehicle traffic performance • Operating expenses increased primarily due to an increase in Fulli expenses. Excluding Fulli expenses, operating expenses were broadly flat • APRR group maintenance provisions under IFRS now include civil engineering and hydraulic works, in addition to pavement renewal, resulting in a higher provision in H1 2026 • Net interest expense mainly reflected a decrease in average cash balances • Corporate income tax includes the TST • Net consolidation adjustments reflect accounting differences between IFRS and French GAAP. These adjustments are typically negative in the first half due to timing differences in expense accruals between IFRS and French GAAP o Adjustments included the maintenance provision expense under French GAAP which increased by €22m in H1 2026, reflecting higher oil prices impacting the TP09 index 2. Full year expense subject to movement in oil prices • Net APRR reserve funds distributed in H1 2026 include a €15m temporary release to balance the H1/H2 accounting recognition of the TST at APRR, which is expected to be deducted from H2 2026 distribution; and €20m invested into Routasun to fund solar project commitments to the end of 2027 as well as the A154 bid costs €m (100%)1 H1 2026 H1 2025 % change Traffic (VKTm) 12,277 12,580 (2.4%) Operating revenue 1,564.2 1,555.1 0.6% Construction services revenue 94.3 62.6 50.7% Total revenue 1,658.4 1,617.6 2.5% Operating expenses (443.1) (434.2) (2.0%) Construction services expenses (94.3) (62.6) (50.7%) Total expenses (537.4) (496.8) (8.2%) Total EBITDA 1,121.0 1,120.8 0.0% EBITDA margin % (excl. construction services) 71.7% 72.1% (40bps) EBITDA margin % (excl. construction services & taxes) 84.7% 85.3% (60bps) Provisions and other (24.0) (11.4) (109.6%) Share of profit of associates (incl. ADELAC) 6.6 5.9 11.9% Net interest expense (62.5) (56.3) (11.1%) Depreciation and amortisation (306.4) (300.3) (2.0%) APRR corporate income tax (250.6) (257.1) 2.6% APRR consolidated NPAT 484.2 501.6 (3.5%) APRR net consolidation adjustments & other (27.4) (31.7) 13.4% Net APRR reserve funds distributed/(withheld) 35.0 15.0 133.3% APRR company dividend payable 491.7 484.9 1.4%
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 32 Corporate Income Tax • The current corporate tax rates in France are shown in the table below: Current Tax Rate Current Tax Rate (incl surtax) 25.00% 25.83% Motorway Specific Tax (TAT) • The French Tax Code requires motorway companies to pay a tax based on the number of kilometres driven by motorway user • This tax is indexed to inflation which is set at 70% of the change in the CPI (exc. tobacco) for the month of November, comparing the second year before the revision to the year immediately prior to the revision — For 2025, the tax rate was €8.08 per 1,000 km, and for 2026, it is €8.13 per 1,000 km • In May 2025, APRR's claim for contractual compensation for the increase of TAT was rejected by the Paris Administrative Court of Appeal. The dispute is now at the Council of State, with a decision expected by end of 2026 • The TAT is deductible for corporate income tax determination Long-distance Transport Infrastructure Tax (TEILD) • Effective from 1 January 2024, the TEILD applies to operators of long- distance transport infrastructure with annual revenues exceeding €120m and a historical profit margin3 above 10% over the past seven years. The tax is set at 4.6% of annual revenues above the €120m threshold per legal entity and is not deductible for corporate income tax purposes • APRR is pursuing the following avenues of recourse in respect to the TEILD: — Contractual compensation claim: APRR filed its claim before the Paris Administrative Court in May 2026. Proceedings are now in the written phase, with the French State to respond and APRR to reply; no timeline has been set, and the process may involve several rounds of submissions before a hearing is listed. — European law challenges: proceedings lodged in Q3 2025 before the European Court of Human Rights (fiscal discrimination claim) and with the European Commission (illegal State aid claim) remain ongoing. Territorial economic contribution (CET) • The territorial economic contribution (Contribution Economique Territoriale or CET) is a local tax levied by municipal, departmental and regional councils on businesses to help fund local services and the Chamber of Commerce and Industry. The CET consists of two components: the Cotisation Foncière des Entreprises (CFE) and the Cotisation sur la Valeur Ajoutée des Entreprises (CVAE) • The 2023 Finance Law cut CVAE tax rates by 50% and planned full abolition in 2024. The 2024 Finance Law revised this to a gradual phase-out over four years, ending in 2027. The 2025 Finance Law further altered this approach, now implementing a three-year phase-out starting in 2028, with full abolition scheduled for 2030 Land Tax (Redevance Domaniale) Applicable to highway concession companies via a formula that incorporates: 1. Rental value of the highway as defined by Article 1501 of the French Tax Code 2. Land area based on the total lane kilometres of the APRR network 3. Total turnover • The number of kilometres and total turnover is as at 31 December of the prior year • The Land Tax is deductible for corporate income tax determination Temporary Supplemental Tax (TST) • In February 2025, a temporary supplemental tax (TST) was introduced for companies with revenue equal to or exceeding €1.0bn in either 2024 or 2025. It applied to the 2025 fiscal year. • In February 2026, the TST was extended for the 2026 fiscal year and applies to companies with revenue equal to or exceeding €1.5bn in either 2025 or 2026. 1. Companies with a turnover above €50m, subject to the 0.19% CVAE rate, will face an additional CVAE contribution of 47.4% of the CVAE due for 2025. This results in an effective CVAE rate of 0.28% (i.e., 0.19% + 0.19% x 47.4%). This additional contribution is excluded from the CET cap and is paid on top of the CET cap rate for added value. 2. The company’s added value is calculated based on its turnover, adjusted for certain products (such as immobilised productions, positive inventory changes, other common management products) and charges (such as external services, purchases of stored raw and other supplies, negative inventory changes). For companies with turnover exceeding €7.6m, the added value is capped at 85% of their turnover. 3. Calculated as the average profit margin for the last seven completed accounting years, excluding the two years for which this level is the highest and the two for which it is the lowest. CVAE (Maximum Effective Tax Rate applicable to APRR) CET (CFE plus CVAE) Cap rate of the added value 2 2025 0.28%1 1.438% 2026-27 0.28% 1.531% 2028 0.19% 1.438% 2029 0.09% 1.344% 2030 n.a. 1.250% APRR GROUP – FRENCH TAXES
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 33 US Federal and State income tax rates • Chicago Skyway is subject to US Federal and Illinois State income tax • The combined US income tax rate for Chicago Skyway is 28.5%, comprising Federal tax rate at 21% and Illinois State tax rate at 9.5% Tax profile • Chicago Skyway benefits from a favorable tax profile given significant tax attributes generated since the asset was last acquired in 2016. As at 31 December 2024, Chicago Skyway had: — tax basis in depreciable assets of c. US$1,228m; and — c. US$1,662m of carry forward tax losses which can be applied for Federal tax (applied at tax rate of 21%) and Illinois State tax (applied at effective tax rate of 7.5%) purposes Tax depreciation/amortisation and interest expense • Chicago Skyway is an electing 'real property trade or business' able to fully deduct all interest expenses • Tax depreciation and amortisation in addition to existing carried forward tax losses reduce the cash tax due into the long-term • The majority of Chicago Skyway’s depreciable / amortisable assets are depreciated / amortised for tax purposes over a 15 year period. Generally, the amortisation period starts from 2016 in respect of assets in existence at that time, such as the concession right Tax losses • Chicago Skyway has carry forward tax losses which can be used to offset future taxable income. However these are subject to utilisation limitations and expiry dates • Federal tax losses made during 2016 and 2017 are subject to a 20 year expiry date. Federal tax losses made during or after 2018 are subject to a utilisation limit of around 80% of taxable income per annum, in broad terms. Forecasting indicates this results in some Federal cash tax becoming payable from around the late 2030s, with Federal cash tax payable stepping up further around the mid 2060s once all Federal tax losses have been utilised or expired • All of the Illinois State tax losses are subject to expiry 20 years from the year the loss was generated. Forecasting currently suggests State tax losses (current and future) would be utilised or expire in the early 2050s Upstream tax profile Distributions from Chicago Skyway to Atlas Arteria corporate holding entities are expected to be treated as follows: • Equity distributions are not expected to be taxed in Australia • Based on current ownership, the portion of equity distributions paid to Atlas Arteria that are characterised as dividends for US tax purposes are expected to be subject to 5% dividend withholding tax. The portion subject to dividend withholding tax would broadly be in line with Chicago Skyway’s taxable income prior to utilisation of tax loss carryforwards (as proxy for ‘E&P’). Forecasting indicates Chicago Skyway may start to generate E&P in early 2030s • The reduced dividend withholding tax of 5% is subject to Atlas Arteria meeting certain requirements under the US/Australia tax treaty including the “regularly traded” test. Should Atlas Arteria no longer meet the requirements, the withholding tax applicable is 30% • The non-dividend component of equity distributions paid by Chicago Skyway which do not exceed the amount of Atlas Arteria’s stock base (approximately equal to the purchase price of the shares of Chicago Skyway) for the investment are generally expected to not be subject to US tax. To the extent the non-dividend component of equity distributions exceed purchase price, it is expected that 21% ‘FIRPTA’ tax may apply and is not expected to be taxed in Australia • Following increase in IFM’s ownership of Atlas Arteria, a 30% US withholding tax now applies to interest paid to Atlas Arteria on the shareholder loan. Refer to slide 37 (Analyst Notes) CHICAGO SKYWAY – UNITED STATES FEDERAL AND STATE TAX
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 34 • The SCC determines toll rates under the VHCA: — SCC shall “have the duty and authority to approve or revise the toll rates charged by the operator”. Toll rates should be set at a level that: 1. “is reasonable to the user in relation to the benefit obtained”; and 2. “will not materially discourage use of the roadway by the public”; and 3. “will provide the operator with no more than a reasonable rate of return as determined by the SCC” — “Materially discourage use” means to cause a decrease in traffic of three or more percentage points based on either a change in potential toll road users or a change in traffic attributable to the toll rate charged as validated by (i) an investment-grade travel demand model that takes population growth into consideration or (ii) in the case of an investigation into current toll rates, an actual traffic study that takes population growth into consideration — Effective from 1 July 2026, the SCC may approve up to two years of toll rate increases at a time and must provide a response within 12 months of a two-year application and 9 months of a one-year application being filed — The current maximum toll rates (two-axle vehicles) are as follows: — Peak: US$5.80 (no increase since April 2019) — Off-peak: US$5.25 (no increase since January 2022) • On 16 December 2025, an application was filed with the SCC. The primary, secondary and alternative pricing request in maximum tolls were as follow1: — Primary request: US$0.95 increase for peak and US$0.35 increase for off-peak — Secondary request: US$0.70 increase for peak and US$0.40 for off-peak — Alternative request: US$1.45 increase for peak and US$0.85 increase for off-peak • The SCC’s assessment of the 2025 rate case application remains ongoing as of August 2026. DULLES GREENWAY – TOLL REGIME Tolls on the Dulles Greenway are set on application by the Virginia State Corporation Commission (SCC) under the Virginia Highway Corporation Act (1988) (VHCA) 1. The primary and secondary requests proposed are based on using the methodology for material discouragement used by the SCC. The alternative request is based on using TRIP II’s methodology for material discouragement.
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 35 CHICAGO SKYWAY, US APPENDIX C Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 35 ANALYST NOTES
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 36 Key considerations Proportional toll revenue and EBITDA • Toll revenue and EBITDA is calculated using the actual foreign exchange rates and ownership percentages for Atlas Arteria’s b eneficial interests in its businesses during each period. Toll revenue and EBITDA for each business were converted to AUD from local currencies using the average foreign exchange rates for each period (H1 2026 AUD = 0.7014 USD and AUD = 0.6014 EUR and H1 2025 AUD = 0.6337 USD and AUD = 0.5799 EUR) FX hedge program over the next 12 months • Cap and collar FX option arrangements continue to be implemented for a proportion of the EUR APRR distributions estimated to be received over the next twelve months (i.e. September 2026 and March 2027 APRR distributions) to provide downside protection against material movements in FX rates • Arrangements have a zero upfront cost and effectively set a best and worst rate for converting the EUR to AUD • Appropriate coverage levels and FX rate ranges for future hedging will be continuously assessed • March 2026 cap/collar arrangements settled during H1 2026 for net cash proceeds of $5.8m • Current outstanding blended hedge book presented below: 1. Based on spot AUD/EUR at 30 June of 0.606 2026 centralised costs guidance • Corporate and business unit costs: $38m - $42m • CEO transition costs: $0.4m • Growth-related activities (primarily costs associated with the Dulles Greenway multi-faceted strategy and fibre project): c.$5m. Previous cost guidance for growth-related activities over the next 2-3 years is withdrawn and subject to review • Takeover-related costs: c.$25m • Employee change of control costs: $16.9m, which include: • $12.2m relating to retention payments, pro-rata payment of 2026 STIs, cash settlement of accelerated vesting of LTIs for US domi ciled employees and all relevant oncosts, net of previously accrued STI/LTI expense for relevant employees to 30 June 2026. On a cash basis, $13.3m of payments were made in July and a further $ 1.8m are payable in 2027/2028 • $4.7m relating to acceleration of vesting of remaining LTIs and deferred STIs, net of amounts already expensed • Refer to sections 8.7 and 8.8 of the Target’s Statement for further details of employee change of control costs ANALYST NOTES % Expected distribution hedged Weighted avg call rate (worst rate) Weighted avg put rate (best rate) MTM at 30 June 20261 September 2026 83% 0.592 0.544 $5.1m March 2027 55% 0.610 0.581 $(0.3m) Total $4.8m
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 37 Key considerations Skyway shareholder loan interest withholding tax • Following increase in IFM’s ownership of Atlas Arteria, from 30 June 2026, shareholder loan interest payments from Chicago Skyway to Atlas Arteria (US$11.6m per annum), will be subject to a 30% withholding tax (US$3.5m per annum). CAPEX 1. Includes 2023 Investment Plan ANALYST NOTES H1 2026 CAPEX Guidance APRR Group €142m1 Expected to remain below €350m p.a. on average (€ real as at 31 December 2025) for the remainder of the concession period, no t including the 2023 Investment Plan and excludes capitalised internal and related costs. Chicago Skyway US$3.4m 2026: c.US$18m Dulles Greenway US$0.0m n.a. Warnow Tunnel €0.6m n.a.
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 38 Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 38 APPENDIX D REFERENCES APRR, FRANCE
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Atlas Arteria → Results Presentation for the six months ended 30 June 2026 → 39 ADELAC The concessionaire of the A41 north motorway ALX Atlas Arteria APRR Group Includes APRR, AREA and A79 concessions ATLAX Atlas Arteria Limited ATLIX Atlas Arteria International Limited bps Basis points CCPI Calumet Concession Partners Inc. CEO Chief Executive Officer CET Contribution Economique Territoriale CPI Consumer Price Index CPS Cents per security D&O Directors and officers (insurance) EBITDA Earnings before interest, taxes, depreciation, and amortisation ESG Environmental, social and governance FE Financière Eiffarie SAS Free cash flow Calculated as distributions received from our businesses less centralised costs paid, FX movements, proceeds from financial assets, 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 FX Foreign Exchange H1 First half H2 Second half LTI Long-term incentives m Millions MTM Mark-to-market n.a. Not applicable NPAT Net Profit after Tax OTPP Ontario Teachers’ Pension Plan p.a. Per annum Rt. Route S&P Standard & Poor’s SCC Virginia State Corporation Commission STI Short-term incentives TAT Taxe d’Aménagement du Territoire TEILD Long-distance Transport Infrastructure Tax TRIP II Toll Road Investors Partnership TST Temporary Supplemental Tax US United States of America VDOT Virginia Department of Transportation VHCA Virginia Highway Corporation Act VKT Vehicle kilometres travelled Warnow Tunnel Warnowquerung GmbH & Co., KG GLOSSARY OF TERMS