Earnings release
Page 1
Atlas Arteria Limited ACN 141 075 201 Level 1, 180 Flinders Street MELBOURNE VIC 3000 AUSTRALIA Atlas Arteria International Limited EC43828 3rd Floor, 73 Front Street Hamilton HM12 BERMUDA ASX RELEASE 29 July 2026 Q2 2026 Toll Revenue and Traffic Update and New Corporate Debt Facility Atlas Arteria ( ASX:ALX) today announces that proportionate toll revenue for the three months ending 30 June 2026 ( Q2 2026 ) was broadly in line with Q2 2025 , down 0.3% excluding foreign exchange movements. On a reported basis , proportionate toll revenue was 8.1% lower due to foreign ex change movements. Higher fuel prices negatively impacted light vehicle traffic in France, while traffic growth was positive across Atlas Arteria’s businesses in the US and Germany. During April, fuel prices in France and the US increased sharply, however have since come off their peak. Traffic vs prior corresponding period Toll revenue vs prior corresponding period vs. Q2 2025 vs. YTD 2025 vs. Q2 2025 vs. YTD 2025 APRR Total VKT* (3.9%) (2.5%) (1.4%) (0.2%) A79 Total VKT* 0.1% 1.9% 3.3% 4.9% ADELAC Total traffic (3.9%) (1.4%) (1.9%) 1.1% Warnow Tunnel Total traffic 2.3% (3.3%) 5.4% 0.2% Chicago Skyway Total traffic 4.7% 2.7% 6.2% 4.3% Dulles Greenway Total traffic 5.3% 6.3% 5.0% 6.1% Proportionate toll revenue % change excluding impact of FX movements (0.3%) 0.6% Proportionate toll revenue % change1 (8.1%) (3.9%) *Vehicle kilometres travelled New Corporate Debt facility Atlas Arteria has executed a new three-year corporate term loan facility of A$150 million. This facility is in addition to the existing A$50m working capital facility that was extended for a further three years in May 2026. The working capital facility remains undrawn. The proceeds of the corporate debt facility will be used to fund the second instalment of the US$100 million Settlement Payment to extinguish the OTPP Put Option2 and to replenish cash reserves that were used to fund the first instalment of the Settlement Payment. 1 Proportionate toll revenue change is calculated using foreign exchange rates and ownership percentages for Atlas Arteria’s beneficial interest in its businesses during each period. Refer to Appendix 1 (page 5) for further details on foreign exchange rates used. 2 See ASX Announcement 29 June 2026: Chicago Skyway Update.
Page 2
Atlas Arteria Limited Atlas Arteria International Limited ASX RELEASE | 2 Debt drawn under the A$150m term loan bears interest at a rate of 1.90% over BBSY . Interest rates on the A$50m working capital facility remain unchanged, being 0.64% on undrawn balances and 1.60% over BBSY for drawn balances. APRR Group3 APRR recorded a 3.9% decrease in traffic compared to Q2 2025. Light vehicle traffic was down 5.1%, impacted by the sharp increase in fuel prices (particularly diesel) due to the ongoing Middle East crisis. Other macroeconomic drivers that typically influence light vehicle traffic, including French employment and household consumption, remained steady during the period. Heavy vehicle traffic increased 2.3% despite higher fuel prices during the period. French and Spanish trade showed strong momentum in the first quarter of the year , with trade data up 7.0% in the year to March 2026. Toll revenue was 1.4% lower, supported by CPI-linked toll increases implemented in February 2026. A79 traffic was overall flat and toll revenue was positive versus Q2 2025. Light vehicle traffic was impacted by fuel prices, down 2.1%, while heavy vehicle traffic was up 5.0%. ADELAC ADELAC traffic was 3.9% lower than Q2 2025. The G7 Summit was held in Évian (approximately 40km east of Geneva) during the period, resulting in material disruptions to traffic between 12 and 21 June. Traffic was also impacted by higher fuel prices in France. Demand for Swiss cross-border work permits to Geneva continues to be strong, with 5.0% more permits granted in Q1 2026 compared to the prior corresponding period. Warnow Tunnel Warnow traffic was 2.3% higher than Q2 2025, supported by roadworks underway at Mühlendamm, a key arterial route across the Warnow River to the east of the city. These works are due for completion in August. Toll revenue was up 5.4% for the quarter. Chicago Skyway Chicago Skyway recorded a 4.7% increase in traffic compared to Q2 2025, d riven by light vehicle traffic growth of 5.5%, partially offset by a 2.8% fall in heavy vehicle traffic. Toll revenue was up 6.2%. The main factor driving traffic performance for the quarter was roadworks underway on two sections of the main alternate route, with I-94 Bishop Ford Freeway works commencing 25 March and Frank Borman Expressway works (south of Gary, Indiana) commencing early June. Both sets of works are scheduled for completion in Q3 2026. Additional works on the Bishop Ford Freeway are scheduled to commence in early 2027 and complete later in the year. Whilst h eavy vehicle traffic was down, performance improved by approximately 5 percentage points relative to Q1 2026. Macroeconomic conditions for heavy vehicle traffic have also shown positive signs of recovery. 3 APRR Group includes APRR, AREA and A79 concessions.
Page 3
Atlas Arteria Limited Atlas Arteria International Limited ASX RELEASE | 3 Dulles Greenway Greenway traffic was 5.3% higher than Q2 2025 due to increased congestion and longer trip times on the free competing route (Route 7 and 28).
Page 4
Atlas Arteria Limited Atlas Arteria International Limited ASX RELEASE | 4 Appendix 1: Traffic and Operating Revenue Category Q2 2026 Change vs 2025 H1 2026 Change vs 2025 France APRR Revenue Total Toll Revenue (EUR millions) 754.0 (1.4%) 1,461.2 (0.2%) Vehicle Kilometres Travelled (millions) Light Vehicles 5,243 (5.1%) 9,979 (3.4%) Heavy Vehicles 1,041 2.3% 2,067 2.4% Total 6,283 (3.9%) 12,046 (2.5%) A79 Revenue Total Toll Revenue (EUR millions) 11.1 3.3% 21.3 4.9% Vehicle Kilometres Travelled (millions) Light Vehicles 84.2 (2.1%) 149.0 (0.1%) Heavy Vehicles 41.8 5.0% 82.5 5.6% Total 126.0 0.1% 231.5 1.9% ADELAC Revenue Total Toll Revenue (EUR millions) 19.33 (1.9%) 38.42 1.1% Traffic Total Traffic (trips millions) 2.88 (3.9%) 5.74 (1.4%) Average Daily Traffic 31,661 (3.9%) 31,708 (1.4%) Germany Warnow Tunnel Revenue Total Toll Revenue (EUR millions) 4.48 5.4% 7.97 0.2% Traffic Total Traffic (trips millions) 1.24 2.3% 2.25 (3.3%) Average Daily Traffic 13,597 2.3% 12,417 (3.3%)
Page 5
Atlas Arteria Limited Atlas Arteria International Limited ASX RELEASE | 5 Note: Figures may not add due to rounding differences Foreign exchange rates Proportionate toll revenue change is calculated by using toll revenue for each business in local currencies and converting to AUD using the average foreign exchange rates for each period: Q2 2026 Q2 2025 H1 2026 H1 2025 AUD/EUR 0.6100 0.5646 0.6014 0.5799 AUD/USD 0.7090 0.6404 0.7014 0.6337 Category Q2 2026 Change vs 2025 H1 2026 Change vs 2025 United States Chicago Skyway Revenue Total Toll Revenue (USD millions) 38.42 6.2% 67.50 4.3% Traffic Light Vehicles (trips millions) 3.21 5.5% 5.40 3.7% Heavy Vehicles (trips millions) 0.31 (2.8%) 0.59 (5.0%) Total (trips millions) 3.52 4.7% 5.99 2.7% Average Daily Traffic 38,683 4.7% 33,089 2.7% Dulles Greenway Revenue Total Toll Revenue (USD millions) 22.77 5.0% 42.55 6.1% Traffic Total Traffic (trips millions) 4.13 5.3% 7.66 6.3% Average Daily Traffic 45,390 5.3% 42,327 6.3%
Page 6
Atlas Arteria Limited Atlas Arteria International Limited ASX RELEASE | 6 Appendix 2: Historical Quarterly Traffic 1.1 1.0 1.0 1.0 1.1 1.0 1.1 1.1 1.1 5.4 6.8 5.1 4.9 5.6 6.9 5.1 4.8 5.3 - 2.0 4.0 6.0 8.0 10.0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Trips (VKTbn) APRR Group Traffic Heavy vehicle VKT Light vehicle VKT 1.2 1.4 1.2 1.1 1.2 1.3 1.1 1.0 1.2 - 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Trips (millions) Warnow Tunnel Traffic 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 3.1 3.4 2.7 2.2 3.0 3.5 2.8 2.2 3.2 - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Trips (millions) Chicago Skyway Traffic Heavy vehicle traffic Light vehicle traffic 3.6 3.5 3.7 3.3 3.9 3.9 3.9 3.5 4.1 - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Trips (millions) Dulles Greenway Traffic
Page 7
Atlas Arteria Limited Atlas Arteria International Limited ASX RELEASE | 7 For further information please contact: Investors: Media: Tess Palmer Group Director, Investor Relations and External Communications +61 (0) 499 972 339 tpalmer@atlasarteria.com David Luff Aix Advisory +61 (0) 419 850 205 david@aixadvisory.com This announcement has been authorised for release by Hugh Wehby, Chief Executive Officer of Atlas Arteria. About Atlas Arteria Atlas Arteria (ASX:ALX) partners to deliver world-class road experiences. We create long-term value for our stakeholders through considered and disciplined management and sustainable business practices. Today the Atlas Arteria Group consists of toll road businesses in France, Germany and the United States. In France, we currently own a 30.8% interest in the 2,424km motorway network located in the country’s east, comprising APRR, AREA, A79 and ADELAC. In the US, we own a 66.67% interest in the Chicago Skyway, a 12.5km toll road in Chicago and have 100% of the economic interest in the Dulles Greenway, a 22km toll road in the Commonwealth of Virginia. In Germany, we own 100% of the Warnow Tunnel in the north-east city of Rostock. www.atlasarteria.com Important Notice: This announcement 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”. 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/AtlasArteria-USownershiprestrictions.pdf