The National Highways Authority of India’s infrastructure investment trust is preparing to list its units through an IPO that may fetch as much as $656 million https://t.co/6RyDkRmWRp ...

Financial Data and Key Metrics Changes - Revenue for 2025 reached EUR 9.6 billion, an increase of 8.6% year-over-year on a like-for-like basis, primarily driven by highways and construction [5][6] - Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis [5][6] - The construction order book reached a record high of EUR 17.4 billion, up 10.1% year-over-year [26] Business Line Data and Key Metrics Changes - Highways revenue grew 13.7% year-over-year, with adjusted EBITDA up 12.2%, driven by strong performance from U.S. assets [10] - In the construction division, revenue reached EUR 7.7 billion, up 7.5% year-over-year, with adjusted EBITDA increasing by 19.9% [25] - Airports, particularly the New Terminal One at JFK, are progressing towards operational readiness, with 82% construction completion by year-end [23] Market Data and Key Metrics Changes - North American highways reported significant growth, with U.S. highways revenue increasing by 14.2% year-over-year [11] - The Greater Toronto Area is projected to see a population increase of 22% by 2051, supporting long-term growth prospects [20] - Dallas-Fort Worth is expected to surpass Chicago by 2050, becoming the third largest metropolitan area in the U.S. [21] Company Strategy and Development Direction - The company is focusing on growth opportunities in North American highway assets and has increased its stake in the 407 ETR to 48.29% [8] - A capital rotation strategy is in place, focusing on mature assets to reinvest in attractive opportunities [10] - The company is exploring opportunities in other infrastructure segments, including airports and energy projects [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of North American infrastructure assets, supported by a record pipeline of projects [37] - The company anticipates continued growth driven by enhanced customer segmentation and economic activity in regions where assets operate [37] - There is a focus on maintaining financial discipline while delivering value creation for shareholders [10] Other Important Information - The company returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million [4] - Dividends from projects reached a record EUR 968 million, reflecting strong cash generation [6] - The company plans to propose EUR 1 billion in dividends for the year, marking a significant increase from previous years [34][35] Q&A Session Summary Question: Can you elaborate on the revenue per transaction for the 407 ETR and its impact on 2026? - Management noted that the fourth quarter's revenue per transaction was affected by seasonality and weather, and it is too early to predict if this trend will continue into 2026 [42][43] Question: What are the reasons behind the provision for lifetime expected credit loss of the 407 ETR? - The provision was due to changes in collection processes, but recent collections have returned to normal levels [50] Question: How does the company view the impact of AI and autonomous vehicles on its operations? - Management believes that in the short term, autonomous vehicles may lead to increased traffic and congestion, which could be beneficial for toll revenues [56][57] Question: What is the outlook for dividends from the 407 ETR and managed lanes? - There is potential for increased dividends from the 407 ETR due to comfortable financial ratios, and the company is exploring additional leverage opportunities [59][60]

February 25, 2026 FY 2025 FINANCIAL RESULTS 1 FY 2025 Financial Results Picture: 407 ETR (Canada) DISCLAIMER This presentation has been produced by Ferrovial SE (the "Company", "we" or "us" and, together with its subsidiaries, the "Group") for the sole purpose expressed herein. By accessing this presentation, you acknowledge that you have read and understood the following statements. Neither this presentation nor any of the information contained herein constitute or form part of, and should not be construed ...

高速公路方面，全省高速公路日均车流量约483.3万辆次，同比增长11.9%，较预测偏高7.2%。其中，新 能源车日均车流量约60.4万辆次，跨省日均车流量约36.8万辆次。缓行拥堵路段主要分布在成都、雅 安、内江、自贡、泸州、广安、凉山等地。 华西都市报讯（记者曹菲）2月24日，记者从四川省交通运输厅获悉，春节假期公众出行活力强劲，四 川高速公路车流量连续5日突破500万辆次，普通国省干线断面流量连续5日超1万辆次。 四川高速公路 ...

Core Insights - Vinci SA is close to finalizing a $2 billion deal for Indian road assets owned by Macquarie Group, marking its return to India after 11 years [1][3][5] Group 1: Deal Details - Macquarie initiated the sale of its highway assets under Safeway Concessions Pvt. in September 2025, aiming for approximately $1.2 billion, having acquired the portfolio in 2018 for around $1.49 billion [2] - The deal involves the transfer of nine toll road projects covering 681 kilometers in Andhra Pradesh and Gujarat, serving 38 million commuters annually and employing over 1,700 people [4] - Vinci is expected to establish a dedicated unit in India for the road assets, avoiding the complexities of an infrastructure investment trust [6] Group 2: Vinci's Background and Strategy - This acquisition would conclude Vinci's efforts to re-enter the Indian market after exiting in 2015 due to policy changes in the road sector [5] - Vinci Highways reported an 11% increase in annual revenue to €543 million for the year ending December 2025, with EBITDA at €282 million, representing 51.9% of revenue [7] Group 3: Market Context and Trends - The interest in road assets is part of a broader trend, with Macquarie also pursuing a stake in the CDPQ-backed Maple Infrastructure Trust, and KKR consolidating its road portfolio [8] - The Indian road monetization outlook is positive, with the National Highways Authority of India identifying 24 assets for monetization, potentially generating ₹21,000-24,000 crore [10][11] - Expected toll rate growth of 2.5-3.9% and traffic growth of 3-5% in 2025-26 could lead to a 7-9% increase in toll collections [11]

转自：衢州日报 本报讯 （记者 徐敏 通讯员 吴鹏 筱琼） 2月5日上午9时许，甬金衢上高速公路衢州段施工现场，桩机轰 鸣、车辆穿梭，建设者们正抢抓工期推进路基与桥梁施工，一派热火朝天的建设景象。数据显示，2025 年我市综合交通有效投资达179.8亿元，同比增长47.5%，连续3个季度同比增速位居全省第一，投资总 量与增速双双创下历史新高。 "项目落地没有捷径，唯有靠脚底板跑出加速度。"市交通运输局总工程师、规划财审处处长姚艳指着办 公桌上标注着密密麻麻对接记录的工作手册说道。为推动甬金衢上、杭淳开两条高速同年开工，市交通 运输局以"枢纽为纲、项目为王"为牵引，组建攻坚团队开启"5+2""白加黑"工作模式，累计赴京赴省对 接百余次，整理相关材料千余卷。在项目前期推进中，联合市发改、资规等相关部门，创造了甬金衢上 高速118天完成从工可核准到正式开工、6个月完成全线土地报批从县级组卷到获部批复的"衢州速度"， 创下全省同类项目开工用时最短纪录。2025年，两条高速分别完成投资42.6亿元和10.9亿元，成为拉动 全市交通投资的核心引擎。 精准管控与贴心服务，为项目建设筑牢坚实保障。我市创新推行在建项目进度红黄 ...

Group 1 - During the "14th Five-Year Plan" period, a total of 93.6 billion yuan was invested in fixed assets for road and waterway transportation, with a total highway mileage of 93,400 kilometers, and 10 inter-provincial expressway passages were opened [1] - The total mileage of expressways (including first-class highways) reached 5,465 kilometers, with 36 counties achieving expressway access, and all counties in Xining, Haidong, Haixi Mongolian and Tibetan Autonomous Prefecture, and others achieved expressway connectivity [1] - Over 76% of the province's total highway mileage is rural roads, with more than 70,000 kilometers of rural roads constructed, significantly improving transportation in pastoral areas and contributing to agricultural efficiency and income growth [1] Group 2 - By 2025, the provincial transportation department plans to address urgent issues related to rural roads, including repairing 4,000 kilometers of damaged roads and enhancing safety measures on 300 kilometers of roads [2] - The initiative includes the construction of 1,500 convenience bridges over three years, with 500 bridges expected to be completed by 2025, benefiting over 300,000 pastoral residents [2] - The focus will also be on integrating transportation and tourism, with projects like the "Five No. 1" ecological scenic roads and other infrastructure improvements [2] Group 3 - In 2026, plans include the reconstruction of 5,000 kilometers of rural roads, adding six towns with access to third-class roads, and constructing 500 new convenience bridges [3] - The initiative aims to support comprehensive rural revitalization and accelerate agricultural modernization through improved road infrastructure [3]

Group 1 - The core point of the article highlights that during the "14th Five-Year Plan" period, the total length of highways in Hebei Province will exceed 9,000 kilometers, enhancing connectivity with 30 interfaces to the Beijing-Tianjin expressway [2] - The expressway network in the Xiong'an New Area will be further strengthened with "four vertical and three horizontal" routes, facilitating direct connections between Xiong'an and Beijing-Tianjin [2] - The travel time between Beijing and Xiong'an will be reduced to one hour, significantly accelerating the integration of transportation in the Beijing-Tianjin-Hebei region [2]

Core Viewpoint - The Jinan to Weishan Expressway, specifically the section connecting Jinan to the new Jining Airport, represents the first expressway in the province built on a 5G intelligent driving foundation, marking a shift from traditional transportation infrastructure to a comprehensive industrial platform supporting logistics, autonomous driving, and low-altitude economy applications [1] Group 1: Infrastructure Development - The expressway employs a new infrastructure construction model that integrates high-speed and 5G communication, enhancing its capabilities [1] - The completion of the Jinan to Weishan Expressway aids in achieving the "dual expressways for every county" goal, effectively connecting regional traffic demands in Jining [1] Group 2: Regional Connectivity - The expressway enhances the regional highway network by creating a north-south corridor linking Jinan, Tai'an, and Jining, thus integrating Jining into Shandong's major highway framework [1] - It establishes seamless connectivity with Jining Daan Airport, forming a comprehensive transportation hub that significantly boosts the traffic radiation capacity of the Jining area [1]

（在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 2025年10月未經審計營運資料 本集團2025年10月 未 經 審 計 的 營 運 資 料 如 下： | | | | 日均收費車流量（輛 次） | | | | | 路 費 收 入（人 民 幣，千 元） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 當月環比 | 當月同比 | 2025年 | 累計同比 | | 當月環比 | 當月同比 | 2025年 | 累計同比 | | 項 目 | 當 月 | 變 動 | 變 動 | 累 計 | 變動 | 當月 | 變 動 | 變 動 | 累 計 | 變 動 | | 附屬公司項目 | | | | | | | | | | | | 廣州北二環高速 | 248,905 | –20.9% | –5.5% | 298,154 | –0.2% | 76,762 | –13.9% | –6.3% | 863,093 | –1.9% | | 廣西蒼郁高速 | 15,280 | –1.6% | ...