Financial Data and Key Metrics Changes - Revenue reached EUR 9.6 billion, up 8.6% year-over-year on a like-for-like basis, driven mainly by high revenues in highways and construction [6][7] - Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis [7] - Total shareholder return in 2025 reached an outstanding 38.6% [8] Business Line Data and Key Metrics Changes - Highways revenue grew 13.7% like-for-like in the year, while adjusted EBITDA was up 12.2%, driven by strong double-digit growth from U.S. assets [11] - Construction revenue reached EUR 7.7 billion, up 7.5% in like-for-like terms compared to 2024, with adjusted EBITDA increasing by 19.9% [27] - Dividends from projects reached a record EUR 968 million, showing a 2.2% increase year-over-year [8] Market Data and Key Metrics Changes - The construction order book reached a new all-time high of EUR 17.4 billion, with almost 50% coming from North America [7][28] - Traffic in the 407 ETR increased by 6.1% in 2025, reflecting the success of targeted rush-hour driving offers [12] - North American toll road assets are located in top-performing regions, with the Greater Toronto Area population expected to expand 22% by 2051 [21][23] Company Strategy and Development Direction - The company focuses on selective growth opportunities in North American highway assets and continues to monitor opportunities across other infrastructure segments [10][11] - A capital rotation strategy focuses on mature assets, providing flexibility to reinvest in attractive opportunities [11] - The company aims to maintain financial discipline while delivering value creation for shareholders [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of North American infrastructure assets, particularly in the Greater Toronto Area and Dallas-Fort Worth [21][23] - The company is facing a record pipeline of infrastructure projects in the U.S., larger than anything seen before [10] - Management noted that the economic environment remains challenging but expects continued growth supported by solid cash flow from the current portfolio [38] Other Important Information - The company returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million [5] - The company was shortlisted for several significant infrastructure projects, including I-285 East in Georgia and I-24 in Tennessee [5][10] - The New Terminal One project at JFK Airport is progressing towards operational readiness, with a target completion date for the first phase set for fall 2026 [25] Q&A Session Summary Question: Insights on ETR revenue per transaction and pricing impact - Management noted that the fourth quarter revenue per transaction was affected by seasonality and weather, with promotions helping to maximize EBITDA [41][44] Question: Provision for lifetime expected credit loss and EBIT margin outlook - Management explained that the provision was due to changes in collection processes and reiterated a long-term EBIT margin outlook of 3.5% for construction [49][50] Question: Impact of AI and autonomous vehicles on discretionary lane plans - Management indicated that autonomous vehicles may lead to increased traffic and congestion in the short term, which could be beneficial [56][57] Question: Pricing on I-66 and I-77 and construction performance - Management stated that toll rates on I-66 are expected to increase above inflation, while construction margins were positively impacted by change orders and project completions [63][64]