Financial Results

• Revenue up 42.2% to $2,016.8 million, reflecting a full year of All Aboard America! Holdings, Inc. (‘AAAHI’), and new Sydney contracts.

• Underlying EBITDA (adjusted for one-off costs associated with M&A and abnormal items) up 63.9% to $265.4 million and underlying EBITDA margin increased 180 basis points to 13.2%.

• Underlying EBIT (adjusted for one-off costs associated with M&A and abnormal items) up 44.5% to $122.1 million.

• Underlying Net Profit After Tax and before Amortisation (‘NPATA’) (adjusted for one-off costs associated with M&A and abnormal items), up 32.3% to $92.6 million.

• Earnings per Share before Amortisation expense (‘EPSA’) calculated on underlying NPATA increased by 13.3% to 34 cents per share.

• Statutory Net Profit After Tax (‘NPAT’) up 176.2% to $58.0 million.

• Fully franked final dividend of 9.5 cents per share, taking the full year to 17.5 per share (FY23: 17.0 cents per share).

Key Operational Highlights

• New Sydney bus regions transitioned on time and on budget – Transit Systems now the largest operator in Sydney.

• Major rail replacement projects secured in Perth (LXR), commenced in FY24, and Sydney (Bankstown) to begin in FY25.

• Labour availability issues resolved via well-executed extensive recruitment and training programs (Transit Academy).

• AAAHI retained and extended several major contracts, added new clients in technology, corporate & construction sectors and successful expansion into Austin, Texas.

• Demand held up well in Marine and Tourism business, despite inclement weather in peak trading months of December to February, discretionary spend softened in 2HFY24.

• Successful re-financing completed moving our corporate banking facilities to an unsecured basis with improved tenor and terms.

• Limited recourse asset financing structures established to fund government-backed contracted assets and Battery Electric Buses (‘BEBs’).