Revenue and EBITDA Growth
Proportional toll revenue rose 9.4% and proportional EBITDA increased 9.3% year-over-year, supported by traffic growth, CPI-linked toll increases and favorable FX movements; consolidated total revenue (Dulles + Warnow roll-up) up ~10%.
Stable EBITDA Margin
EBITDA margin remained stable at 75% across the portfolio despite macro uncertainty, reflecting resilient operating fundamentals.
Maintained Distribution Guidance
Company delivered a distribution of $0.40 per security for 2025 (in line with guidance) and announced the same stable distribution of $0.40 per security for 2026.
Strong Traffic Performance at Key Assets
Dulles Greenway traffic grew strongly by 8.2% in 2025 despite a 6-week U.S. government shutdown; APRR traffic up 1.4%; ADELAC (Geneva) traffic up 1.5%.
Balance Sheet and Liquidity Strength
Available corporate cash balance of $151 million at year-end; $1.4 billion of bonds and notes priced at APRR and Chicago Skyway during the year demonstrating strong investor demand; active refinancing assessment planned for 2026.
FX Hedge Program to Protect Euro Distributions
Implemented a rolling 12-month cap-and-collar FX hedge program (zero upfront cost) to reduce volatility risk on euro-denominated distributions.
Capital and CapEx Guidance
Long-term Skyway capex guidance remains ~$11 million per annum (medium term expected slightly above); some 2025 projects were rescheduled into 2026 and management reiterated discipline on capital allocation.