3 ASX Infrastructure Stocks Making Big Moves in 2026

APA Group, Transurban and Aurizon had a strong FY26 with higher earnings, better shareholder returns and new projects supporting future growth.

APA Group (ASX: APA)

On 20 August 2026, announced FY26 results with underlying EBITDA improved 8.3% to $2,183 million. Cost reductions reached $80 million above the $50 million target. Free Cash Flow rose 3.2% to $1,118 million. Distribution increased to 58.0 cps.

APA invested $546 million in growth projects, including the Brigalow Peaking Power Plant and Pipeline, East Coast Gas Grid expansion and Sturt Plateau Pipeline. Its organic growth pipeline grew to about $3.5 billion from $3.0 billion. Business simplification also continued through divestments, restructuring, lower external spending and streamlined IT delivery. The balance sheet was strengthened through a $1.5 billion hybrid and senior unsecured debt raise.

FY27 underlying EBITDA guidance is $2,260 million to $2,340 million, with midpoint growth of 5.4%. The outlook includes tariff escalation, Sturt Plateau Pipeline, Basslink's regulated conversion and annualised cost savings. FY27 distributions are expected at 59.0 cps, up 1.7%.

Transurban Group (ASX: TCL)

on 13 August 2026, reported FY26 distribution of 69.0 cents per stapled security, up 6.2%, with 98.1% free cash coverage. FY27 distribution guidance is 72 cents, with coverage expected slightly below the 95–105% target. Statutory profit after tax was $432 million, while average daily traffic increased 2.2% to 2.6 million trips. Proportional EBITDA reached $3,110 million, supported by 6.7% toll revenue growth to $3,982 million. Corporate liquidity was $3.7 billion, with 87.8% of debt hedged.

On 20 August 2026, Transurban announced DriveTN as best value proposer for Tennessee’s I-24 Choice Lanes project. The 26-mile project will add lanes in both directions between Nashville and Murfreesboro.

DriveTN, comprising Ferrovial, Transurban and Tikehau Star Infra, will design, build, finance, operate and maintain the project. Construction value is estimated at US$9.2 billion, with total concession value of US$24.8 billion. Financial close is expected in mid-2027.

Aurizon Holdings Limited (ASX: AZJ)

On 25 August 2026, revealed its intention to undertake an on-market share buy back worth up to $250 million. The plan is set to commence from 8 September 2026 and be executed within a year. Shares bought under the program will be cancelled. The move follows FY2026’s strong result, ongoing cash generation and a strong balance sheet.

AZJ secured a new long term coal haulage contract with BMA in Queensland on 17 August 2026. Starting 1 July 2028, the agreement can run for up to 12 years with annual volume flexibility of up to 37 million tonnes. It could extend the relationship to 2040.

For FY2026, underlying EBITDA rose 9% to $1,724 million. The underlying NPAT increased 24% to $433 million. Full year dividends reached 23.0 cents per share, up 46%. For FY2027, underlying EBITDA is expected at $1,725–$1,775 million with dividends forecast at 23.0–24.0 cents per share.

(Source: Company Report)