Stock Analysis

• That compares with FY26 underlying EBITDA of $170.1 million, so the guidance implies continued growth rather than a plateau.

• SalesRevenuewas US$2,006 million, compared with US$1.13 billion a year earlier, and freeCash Flowfrom operations was about US$1.07 billion, which the company described as a record.

• Statutory net profit after tax was $205.9 million, down 7.2 per cent, with normalisedEarnings Per Shareof 100.0 cents.

• Cash earnings, the measure the board uses forDividenddecisions, were $1,042 million, compared with $1,452 million in FY25.

• At theAnnual General Meetingon 30 October 2026, management reiterated these results and highlighted operational progress.

• M7 traffic climbed 10.7% following the M7-M12 Integration Project, which opened in June 2026, while WestConnex rose 2.2%.

•Revenuefell 2.7 per cent to $3,582.5 million, and EBITDA before significant items fell 1.8 per cent to $736.1 million.