TRAUF - Transurban Group Stapled Securities (TRAUF) Q2 2025 Earnings Conference Call Transcript
2025-02-19 21:38:11 ET
Transurban Group Stapled Securities (TRAUF)
Q2 2025 Earnings Conference Call
February 19, 2025, 5:30 PM ET
Company Participants
Craig Stafford - General Manager IR
Michelle Jablko - CEO
Henry Byrne - CFO
Conference Call Participants
Rob Koh - Morgan Stanley
Justin Barratt - CLSA
Andre Fromyhr - UBS
Anthony Moulder - Jefferies Australia
Ian Myles - Macquarie
Cameron McDonald - E&P
Nathan Lead - Morgans Financial
Presentation
Operator
Thank you for standing by and welcome to the Transurban First Half 2025 Results Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Mr. Craig Stafford, General Manager Investor Relations. Please go ahead.
Craig Stafford
Good morning everyone and thank you for joining us for Transurban's 2025 half-year results briefing. Transurban acknowledges the traditional owners of the lands throughout Australia and we pay respects to elders past and present. We acknowledge our roads and infrastructure are built on country and with deep respect we incorporate the voices of First Nations people in our approach supporting equitable access to mobility across communities.
We're joined today by our CEO Michelle Jablko and CFO Henry Byrne and together they'll take you through the presentation that we lodged with the ASX earlier this morning. We realized today is a busy reporting day. The presentation should take about 20 minutes and there'll be plenty of time for Q&A. Depending on the questions we'll look to try and wrap up early and give you back some time.
I'll hand over to Michelle to get us started.
Michelle Jablko
Thanks Craig and good morning to everyone on the call. Today's results reflect the hard work we've undertaken to unlock the operational performance of our business. We've achieved strong momentum in the first half of 2025. Traffic is up across all markets, costs have been well managed driving a 10% increase in free cash for the half. At the same time we've remained focused on investing in tangible benefits for our customers, strengthening our government partnerships and laying the foundations for our long-term growth.
We've reiterated our full year distribution guidance of $0.65 per security for 2025 which we expect to be within our target free cash coverage range of 95% to 105%. If you recall we set this target range with an aim to support a consistent predictable distribution profile. Our strategic objectives continue to guide how we're building our business for the future. The three areas work together. Value in the eyes of our major stakeholders sets us up for new growth. Combining that with efficiency and discipline will grow value and distributions for our security holders.
And we've made really strong progress this half as we've set out on this slide. We've delivered some great new benefits for customers which have resonated really well. We've been working closely and collaboratively with all of our partners from our significant work on toll reform in New South Wales to planning for the opening of major projects and building our pipeline of potential new growth initiatives. We've also worked hard to implement our new operating model and drive efficiency across the business and we're starting to see the benefits play out. We've said before that a successful outcome for all on New South Wales toll reform is one of our biggest priorities and we're optimistic that this is achievable....
Transurban Group Stapled Securities (TRAUF) Q2 2025 Earnings Conference Call Transcript