Atlas Arteria Q4 Toll Revenue Climbs 9.5%, Full-Year Up 9.4%

Atlas Arteria's Toll Revenue Momentum

Atlas Arteria (ASX – ALX) has delivered a robust performance in the final quarter of 2025, announcing a 9.5% increase in proportionate toll revenue compared to the same period last year. This growth was underpinned by a combination of stable or rising traffic volumes across most of its toll road assets and a series of toll increases implemented during the year.

The company’s portfolio spans key infrastructure in France, Germany, and the United States, with notable contributions from the APRR Group in France and the Dulles Greenway in Virginia. While overall traffic remained steady, some assets experienced distinct trends reflecting local conditions.

Regional Performance Highlights

In France, the APRR Group saw a marginal 0.1% traffic increase in Q4, with toll revenue up 1.5%, supported by toll hikes in early 2025. The A79 motorway stood out with a strong 7.5% traffic rise and an 8.1% revenue increase in the quarter, driven primarily by a surge in light vehicle traffic. Similarly, ADELAC recorded modest traffic growth and a 4.0% revenue uplift, benefiting from increased commuter flows between southeastern France and Geneva.

Across the Atlantic, the Chicago Skyway experienced a 2.3% traffic increase in Q4, rebounding from previous disruptions caused by roadworks. Toll revenue jumped 10.0%, reflecting both traffic recovery and toll adjustments. The Dulles Greenway also posted solid gains, with traffic up 4.8% and revenue rising 4.2%, despite a temporary dip during a six-week US federal government shutdown. Congestion on alternative routes continues to drive demand for the Greenway’s reliable travel times.

Germany’s Warnow Tunnel was the exception, with traffic down 9.8% in Q4 compared to the prior year. This decline followed an unusually high traffic period in 2024 caused by roadworks on competing routes. Despite lower traffic, toll revenue edged up 1.6% for the full year, reflecting toll increases.

Currency and Economic Factors

Atlas Arteria’s reported revenue growth was also positively influenced by favourable foreign exchange movements, particularly the Australian dollar’s relative weakness against the euro and US dollar. Excluding currency effects, underlying toll revenue growth was more modest at 2.2% for Q4 and 3.0% for the full year. Economic factors such as strong employment levels in France and the Chicago area have supported light vehicle traffic, while recovery in European trade boosted heavy vehicle volumes.

Looking ahead, the company’s diverse portfolio and disciplined toll management position it well to capitalise on ongoing traffic growth and inflation-linked toll adjustments. However, temporary disruptions like roadworks and geopolitical events remain variables to watch.