Ferrovial SE Q4 FY2025 earnings call

• All business divisions of Ferrovial grew revenues and EBITDA in 2025.
• Toll roads in North America: Revenue per transaction in toll roads grew well above inflation; construction had record backlog; NASCAR had 1.3 billion euros at year-end.
• 407 ETR: Traffic grew above 6% last year, revenues up 18%, EBITDA up 14%; new toll rate scheme implemented Jan 1, 2025, with promotions helping segmentation and EBITDA maximization.
• US managed lanes: Dallas Forward assets affected by construction but revenue per transaction increase compensated; i77 had strong revenue per transaction; i66 performed well despite year-end shutdown.
• Airports near Terminal 1: NTO 82% physical progress, expected to open in 2026; completed refinancing to green bonds; 16 airline user agreements and 9 letter of intent with airlines.
• Cash position: Net cash of 1.3 billion at year-end, driven by dividends from infra assets, activity cash flows from other divisions, rotation of mature assets, investments in new assets, and remuneration to shareholders; dividends from More Infra Assets reached 968 million euros, increase from previous year; rotation of mature assets like 5% left in Hydro and 50% of AGS; acquired additional 5% of 407 ETR; remuneration to shareholders totaled 658 million euros on track to achieve 2.2 billion euros target for 2024-2026 period.

Toll roads in North America: Revenues and EBITDA grew; revenue per transaction in toll roads above inflation. Construction: Very solid results with record backlog. NASCAR: 1.3 billion euros at year-end. 407 ETR: Traffic grew above 6% last year, supported by promotions and increased mobility in Great Toronto area; revenues up 18%, EBITDA up 14%. US managed lanes: All roads performed well with differences; Dallas Forward assets affected by construction but revenue per transaction increase compensated; i77 had strong revenue per transaction though traffic affected; i66 performed well despite year-end shutdown. Airports near Terminal 1: NTO 82% physical progress at year-end, expected to open in 2026; completed refinancing of bank debt to green bonds; 16 airline user agreements and 9 letter of intent with airlines.

• 2026 expected to be a year of growth.
• Bidding for two large managed lanes projects in the US: 285 in Atlanta and 24 in Nashville.
• NTO expected to open in 2026.
• Continue engaging with new investors in the US attracted by infra assets growing above GDP and inflation and pipeline of new assets.

None mentioned

Q: How would you summarize the year for Ferrovial?

A: It was a very good year for Ferrovial with all business divisions growing revenues and EBITDA; toll roads in North America had revenue per transaction above inflation; construction had record backlog; NASCAR had 1.3 billion euros at year-end; 407 ETR had good financial year; airports near Terminal 1 had progress; TSR above 38% and Nasdaq 100 inclusion.

Q: What can you tell us about 407 ETR?

A: Very good year for 407 ETR; traffic grew above 6% last year, supported by promotions and increased mobility in Great Toronto area; revenues up 18%, EBITDA up 14%; new toll rate scheme implemented Jan 1, 2025, with promotions helping segmentation and EBITDA maximization.

Q: Could you give color on US managed lanes?

A: All roads in US managed lanes performed well with differences; Dallas Forward assets affected by construction but revenue per transaction increase compensated; i77 had strong revenue per transaction though traffic affected; i66 performed well despite year-end shutdown.

Q: What can you share about airports near Terminal 1?

A: NTO is 82% physical progress at year-end, expected to open in 2026; continue negotiating with airlines with 16 user agreements and 9 letter of intent; completed refinancing of bank debt to green bonds.

Q: What are the main drivers for the net cash position?

A: Combination of dividends from infra assets, activity cash flows from other divisions, rotation of mature assets, investments in new assets, and remuneration to shareholders; dividends from More Infra Assets reached 968 million euros; rotation of mature assets like 5% in Hydro and 50% of AGS; acquired additional 5% of 407 ETR; remuneration to shareholders totaled 658 million euros on track to 2.2 billion euros target.

Q: What can you expect for 2026?

A: Very optimistic for 2026; bidding for two large managed lanes projects in US; NTO expected to open in 2026; continue engaging with new investors in US attracted by infra assets and new asset pipeline