Transurban March Quarter ADT Rises 3.0% with Melbourne and North America Gains

Overall Traffic Growth Across Key Markets

Transurban Group (ASX:TCL) released its March quarter 2026 traffic update, reporting a 3.0% increase in average daily traffic (ADT) across its portfolio compared to the prior corresponding period. This growth reflects a combination of new infrastructure openings and recovery from prior disruptions, set against a complex macroeconomic and geopolitical backdrop.

The group-wide ADT rose to approximately 2.6 million trips, with notable contributions from Melbourne and North America. Sydney’s traffic growth was more modest at 0.6%, influenced by ongoing construction works, while Brisbane showed a 5.2% increase, partly recovering from the effects of Tropical Cyclone Alfred in March 2025.

Melbourne Traffic Boosted by West Gate Tunnel

Melbourne’s ADT increased by 3.8% to 1,032,000 trips for the quarter, largely driven by the December 2025 opening of the West Gate Tunnel (WGT). The new tunnel contributed to a redistribution of traffic from CityLink, with CityLink’s large vehicle traffic also growing by 3.1%. Average workday traffic in Melbourne rose by 4.0%, while weekend and public holiday traffic increased by 2.5%. Large vehicle traffic surged 17.1%, reflecting strong freight movement on the network.

The average truck toll was reported at $18.24 per trip, influenced by capped, repeat combined trips on West Gate Tunnel and CityLink. This infrastructure addition aligns with the group’s recent half-year results, which saw revenue climb 8.1% supported by projects including the West Gate Tunnel and Sydney’s M7-M12 integration Transurban’s 1H26 Surge.

North America Sees Strong Traffic Growth

In North America, ADT increased by 7.9% to 164,000 trips, primarily driven by the ramp-up of the 495 Northern Extension (NEXT) project, which opened in November 2025. Traffic on the 95 Express Lanes grew by 4.5%, while the 495 Express Lanes experienced a 17.2% increase. The rolling 12-month peak direction traffic on the A25 reached 2,913 vehicles per hour, indicating robust usage of these toll roads.

Sydney and Brisbane Traffic Trends

Sydney’s ADT increased by 0.6% despite ongoing construction-related disruptions, notably on the Warringah Freeway, which is expected to open by the end of 2026. Car traffic rose by 0.5%, and large vehicle traffic by 1.4%. Widened sections of the M7 are scheduled to progressively open in the June quarter, which may support future traffic growth.

Brisbane’s ADT grew by 5.2% compared to the prior corresponding period, which included the impact of Tropical Cyclone Alfred in March 2025. Underlying traffic performance, excluding cyclone effects, was 0.7%. Large vehicle traffic remained strong, increasing by 7.5%, with car traffic up 4.5%. Average workday and weekend/public holiday traffic increased by 5.1% and 5.6%, respectively.

Macroeconomic and Geopolitical Considerations

Transurban noted the ongoing monitoring of the current geopolitical and macroeconomic environment, including the Middle East conflict that began in late February 2026. The company highlighted that the duration and extent of any impacts will depend on developments in key energy-producing regions, government policy decisions, and broader economic responses.

More than 90% of Transurban’s revenue is CPI-linked or subject to fixed escalations, which has historically provided resilience during periods of market dislocation. The company also emphasised the role of its roads as critical urban infrastructure that supports safer and more fuel-efficient travel alternatives.

To support customers facing financial hardship, Transurban continues to offer assistance through its Linkt Assist program and has expanded its community grants to help organisations dealing with increased demand for emergency relief and transport support. Additionally, payment terms for small suppliers have been accelerated from 30 to 14 days to provide more immediate financial support.