Financial Data and Key Metrics Changes - Proportional toll revenue and EBITDA increased by 8%, driven by toll increases and favorable foreign exchange movements [21][25] - Free cash flow per security rose by 9% to $19.4 million, with a distribution of $0.20 related to 2024 performance [22][23] - Statutory net profit after tax decreased by 33% due to the impact of the French temporary supplemental tax (TST) [21][22] Business Line Data and Key Metrics Changes - Traffic at APRR increased by 2.4%, with light vehicle traffic reflecting low unemployment levels in France [25] - Heavy vehicle traffic at APRR grew by 0.7%, but was subdued due to weaker trade conditions [25] - Dulles Greenway experienced strong traffic growth of 8.2%, attributed to congestion on competing routes [27][20] Market Data and Key Metrics Changes - Traffic growth at Dulles Greenway has a compound average growth rate of 8.3% since 2021, indicating a strong operational performance [20] - Chicago Skyway saw a 2.8% decrease in traffic, while toll revenue increased by 3.4% due to an 8.3% rise in light vehicle tolls [26] Company Strategy and Development Direction - The company aims to unlock cash from Dulles Greenway, which is positioned in a fast-growing and affluent area [11] - Strategic partnerships, particularly in France with Eiffage, are being leveraged to enhance concession opportunities [7][12] - The company is focusing on maintaining its position in France and exploring growth opportunities in OECD countries without raising new equity [14][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of French motorway concessions, with major concessions set to expire between 2031 and 2036 [15][17] - The political and regulatory environment in France is complex, but the company is well-positioned to navigate these challenges [18] - Management remains optimistic about traffic growth, despite potential economic uncertainties in France [81] Other Important Information - The company has maintained its distribution guidance of $0.40 per security for 2025, supported by growing free cash flows [9][23] - A new Group Executive of People and Culture was appointed to enhance safety culture across the organization [10] Q&A Session Summary Question: Can you provide more details on the pivot in strategy to consider OECD opportunities without raising equity? - Management clarified that the strategy is a reintroduction of considering growth outside the existing portfolio, focusing on asset recycling, debt headroom, and capital-light options [39][40] Question: How is APRR managing its concession in relation to SANEF? - Management indicated that APRR is managing its concession consistently with other concessionaires and is engaged in discussions regarding future structures [44][45] Question: What is the status of the distribution and free cash flow coverage? - Management confirmed that the TST impacts the timing of cash flows, but they expect to be above the payout range for 2025, targeting growth in free cash flows [72][74] Question: How does the political situation in France affect the company? - Management noted that the political environment could delay the finance bill, impacting the timing of future concessions, but they are monitoring the situation closely [78][79] Question: What changes are being made for the 2025 rate case for Dulles Greenway? - Management highlighted the formation of a working group to engage stakeholders, which is expected to improve the submission process for the upcoming rate case [86]