Transurban Group reported a 2.7% rise in average daily traffic across its portfolio in the September quarter 2025, with growth in all key markets supporting a reaffirmed FY26 distribution forecast.
- Group-wide average daily traffic up 2.7% to 2.6 million trips
- Sydney traffic grows 1.7% despite heavy rainfall
- Melbourne ADT rises 3.2%, boosted by airport and container traffic
- North America traffic surges 6.8%, toll prices increase
- FY26 distribution guidance reaffirmed at 69.0 cents per share
Robust Traffic Growth Across All Markets
Transurban Group has delivered a solid performance in the September quarter of 2025, with average daily traffic (ADT) climbing 2.7% across its toll road network to reach 2.6 million trips per day. This growth was broad-based, spanning its major Australian markets of Sydney, Melbourne, and Brisbane, as well as its North American assets.
In Sydney, ADT increased by 1.7% despite triple the rainfall compared to the prior corresponding period, which dampened growth by an estimated 1%. Key corridors such as WestConnex and NorthConnex saw strong gains of 8.2% and 2.8% respectively, while CBD assets showed signs of recovery with a modest 0.4% growth in September, the first since April 2024. However, heavy vehicle volumes declined slightly, partly due to adverse weather conditions.
Melbourne and Brisbane Show Continued Momentum
Melbourne’s ADT rose 3.2%, driven by a 4.7% increase in Western Link traffic and easing construction impacts that had previously constrained volumes. The uptick was supported by a 4.3% rise in Melbourne Airport passenger numbers and an 8.2% surge in container volumes at the Port of Melbourne, underpinning a 5.4% growth in large vehicle traffic.
Brisbane’s network also recorded healthy growth, with ADT up 2.6%. The Logan Motorway and AirportlinkM7 were key contributors, posting increases of 3.2% and 3.0% respectively. Large vehicle traffic grew by 5.2%, reflecting broader economic activity in the region.
North America Leads with Strong Traffic and Toll Price Growth
North American assets outperformed with a 6.8% increase in ADT, buoyed by a 7.5% rise in workday traffic and a 4.2% increase on weekends and public holidays. Transurban highlighted dynamic toll price hikes, with the 95 Express Lanes average toll rising 17.0% to US$13.18 and the 495 Express Lanes increasing 8.8% to US$8.21. These factors combined to enhance revenue potential despite ongoing assessments of remote work trends and policy shifts in the US.
Financial Outlook and Distribution Guidance
Reflecting the positive operational momentum, Transurban reaffirmed its FY26 distribution guidance at 69.0 cents per share, representing approximately 6% growth over FY25. The company emphasized that this guidance remains subject to traffic performance and broader macroeconomic conditions, with final distributions determined by the Board.
Overall, the quarter’s results underscore Transurban’s resilience and adaptability amid variable weather and evolving traffic patterns, positioning the company well for the year ahead.
Bottom Line?
Transurban’s steady traffic growth and reaffirmed distribution guidance signal confidence, but weather and economic shifts remain watchpoints.
Questions in the middle?
- How will ongoing weather variability impact Sydney traffic growth in coming quarters?
- What are the implications of North America’s toll price increases on long-term traffic volumes?
- Can easing construction in Melbourne sustain the current momentum in ADT growth?