Atlas Arteria Posts 10.9% Toll Revenue Growth, Traffic Gains Across Key Roads

Robust Revenue Growth Across Diverse Toll Road Portfolio

Atlas Arteria (ASX, ALX) has delivered a strong operational update for the third quarter of 2025, reporting a 10.9% increase in proportionate toll revenue compared to the same period last year. This growth reflects a combination of rising traffic volumes, strategic toll price adjustments, and beneficial foreign exchange movements across its portfolio of toll roads in France, Germany, and the United States.

Traffic growth was particularly notable at the Dulles Greenway in Virginia, where congestion on alternative routes has driven commuters to the toll road, resulting in an 11.6% increase in traffic and a 10.2% rise in toll revenue. Similarly, the A79 motorway in France saw an impressive 11.1% traffic increase, supported by both light and heavy vehicle segments, contributing to a 14.5% revenue uplift.

Mixed Traffic Trends and Regional Nuances

While most assets experienced growth, the Warnow Tunnel in Germany saw a slight traffic decline of 1.9%, attributed to a temporary lane closure during September. However, toll revenue still increased by 3.5%, aided by scheduled toll price rises effective November 1, 2025. Chicago Skyway’s traffic grew modestly by 1.8%, with light vehicle use up but heavy vehicle traffic recovering from a weaker second quarter. The company anticipates further revenue gains from planned toll increases in January 2026.

Economic factors underpinning these trends include low unemployment in France supporting light vehicle traffic, stabilised European trade benefiting heavy vehicles, and seasonal commuter patterns in the US. Notably, a US government shutdown commencing October 1, 2025, is expected to dampen weekday traffic volumes at Dulles Greenway by an estimated 5%, introducing some near-term uncertainty.

Leadership Transition at Dulles Greenway

In a significant leadership update, Atlas Arteria announced the appointment of Kara Lawrence as Chief Executive Officer of the Dulles Greenway, effective October 6, 2025. Lawrence brings extensive experience from her prior roles, including CFO and interim CEO at Chicago Skyway. Her move signals a strategic focus on driving growth and operational excellence at one of the group’s key US assets. Meanwhile, a search is underway to fill her previous position at Chicago Skyway.

Overall, Atlas Arteria’s Q3 results underscore the resilience and growth potential of its toll road portfolio amid varying regional dynamics and economic conditions. The company’s ability to implement toll increases while maintaining traffic growth will be critical to sustaining momentum.