Core Viewpoint - Sichuan Expressway's 1H25 results show a decline in revenue but an increase in net profit, aligning with expectations, indicating resilience amid challenging conditions [1][2]. Financial Performance - Revenue decreased by 23.14% YoY to Rmb4,126 million in 1H25, with a net profit attributable to shareholders rising by 19.93% YoY to Rmb837 million [1]. - In 2Q25, revenue fell 32.17% YoY to Rmb2.28 billion, while net profit attributable to shareholders increased by 24.2% YoY to Rmb381 million [1]. - Toll revenue slightly decreased by 2.25% YoY to Rmb2.27 billion in 1H25, with mixed performance across core road assets [1][2]. Expense Management - Financial expenses decreased by 31.0% YoY, and general and administrative expenses fell by 14.8% YoY, contributing to profit through cost reduction and efficiency improvements [2]. Growth Potential - The expansion of Chengle Expressway is nearing completion, and Chengya Expressway has secured an expansion bid, expected to allow for higher toll rates and longer tolling periods [3]. - The acquisition of the Second Ring (Western) Expressway is projected to contribute Rmb160 million in profit in 2025, along with a cumulative compensation of Rmb31.48 million for 2023-2024 [4]. Shareholder Returns - The company emphasizes shareholder returns, with a dividend payout ratio not lower than 60% for 2023-2025, leading to a 2024 dividend yield of 6.4%, one of the highest in the highway sector [5]. - Estimated dividend yields for 2025 and 2026 are projected at 7.0% and 7.4%, respectively, indicating attractive returns [5]. Valuation - A-shares are trading at 10.9x 2025e and 10.4x 2026e P/E, while H-shares are at 8.6x 2025e and 8.1x 2026e P/E [6]. - Target prices are set at Rmb6.85 for A-shares (implying 13.3x 2025e P/E) and HK$5.61 for H-shares (implying 10.0x 2025e P/E), with respective upsides of 21.9% and 16.4% [6].

Group 1 - The meeting on August 11 between Agricultural Bank of China (ABC) Hunan Branch and Guizhou Transportation Investment Group focused on financing services for the G9907 Liuyang Shashi to Ningxiang Expressway project, marking significant progress in project implementation after the bid results were announced on July 23 [1][3] - The collaboration emphasizes the strategic synergy of "financial leadership and capital empowerment," establishing a solid financial foundation for the project's successful execution [1][3] - Both parties discussed project initiation and financing needs, expressing intentions to deepen cooperation in key projects and business areas, aiming for mutual benefits and shared development [3] Group 2 - The G9907 Liuyang Shashi to Ningxiang Expressway project spans approximately 92.62 kilometers, starting from Shashi Town in Liuyang and connecting to various highways, designed for a speed of 120 km/h with a dual six-lane standard [5] - The project includes 85 bridges totaling 40,929 meters and 3 tunnels measuring 6,222 meters, with a bridge-tunnel ratio of 51%, and features 13 interchanges, including 7 hub-style interchanges [5] - The project is a key component of the National Highway Network Planning for the Changsha-Zhuzhou-Xiangtan urban agglomeration and is included in Hunan Province's 14th Five-Year Plan for transportation development [5]

Core Points - The Wuhan to Songzi Expressway (Wusong Expressway) has officially opened its Wuhan section, marking a significant milestone in the city's transportation infrastructure with the total expressway mileage in Wuhan exceeding 1,000 kilometers [1][2] - The Wusong Expressway is a key transportation project during the 14th Five-Year Plan in Hubei Province, consisting of five segments with a total length of approximately 222 kilometers [1] - The Wuhan section of the expressway is designed to alleviate traffic pressure on existing highways and promote regional economic development, significantly reducing travel time between Songzi and Wuhan to under three hours [2] Summary by Sections Project Overview - The Wusong Expressway includes the Wuhan section, which is 10.888 kilometers long, connecting various districts and featuring seven bridges, including five major ones [1] - The expressway is built to a standard of a dual six-lane highway with a design speed of 120 kilometers per hour and a roadbed width of 34.5 meters [1] Economic Impact - The completion of the Wusong Expressway is expected to enhance the connectivity of the region, providing new momentum for the development of an expressway corridor along the Yangtze River [2] - The travel time from Wuhan to Honghu has been reduced from two hours to one hour following the opening of the expressway [2]

Financial Data and Key Metrics Changes - The company reported a net debt position of negative €223 million, excluding infrastructure project companies, which does not include proceeds from the divestment of Hydro [4] - Adjusted EBITDA for the construction segment was €191 million, up 4.2% year-over-year, with an adjusted EBIT margin of 3.5%, in line with long-term targets [16][17] - Operating cash flow was negative €104 million in the first half, compared to negative €53 million in the same period last year, primarily due to the lack of advanced payments [17] Business Line Data and Key Metrics Changes - Highways revenues grew by 14.9% in the first half on a like-for-like basis, with adjusted EBITDA improving by 17.1% [6] - U.S. Highways represented 88% of total highways revenues and 97% of total adjusted EBITDA, with revenues growing by 15.9% and adjusted EBITDA increasing by 14% [6] - The construction segment saw revenues reach €3,453 million, a 2.6% increase on a like-for-like basis [16] Market Data and Key Metrics Changes - Traffic improved by 5.8% in the second quarter, driven by targeted rush hour promotions, despite adverse weather conditions [8] - At JFK Airport, the new Terminal 1 project is 72% complete, with construction on schedule and on budget [14] - Dalaman Airport in Turkey experienced a slight traffic decline of 0.3% in the first half, impacted by lower domestic passenger volumes [15] Company Strategy and Development Direction - The company continues to focus on growth investments, divestments, and shareholder distributions, with a strong pipeline of U.S. highways assets [4][28] - The strategic horizon plan is being executed, with updates on progress expected [29] - The company is optimistic about future opportunities in Poland, particularly with European funds and potential reconstruction in Ukraine [96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects of North American assets, driven by increased customer segmentation and local economic growth [28] - The company anticipates limited exposure to inflation and a healthy construction order book [29] - Management noted that adverse weather events negatively impacted performance but did not foresee significant long-term effects [11] Other Important Information - The company completed the acquisition of an additional 5.06% stake in four zero seven ETR for CAD 1.99 billion, increasing its stake from 43.23% to 48.29% [5] - Dividends from North American highways totaled €240 million in the first half, down from €339 million in the same period last year [7] - The company issued $1.4 billion in long-term green bonds, completing the refinancing of phase A for the NTO project [15] Q&A Session Summary Question: Can you explain the strong growth in average revenue per transaction in I-77 and I-66? - Management attributed the growth to increased toll revenues and dynamic pricing adjustments based on traffic behavior and value provided to users [36] Question: Why did earnings from ProBio Construction decline year-over-year in Q2? - Management indicated that the decline was due to additional costs related to utilizations and IT systems, along with increased bidding costs [43] Question: Can you comment on the recent pricing and traffic trends in the U.S. Managed Lanes business? - Management noted that underlying economic growth has been positive, although adverse weather impacted performance in the second quarter [117]

Overall Performance - Ferrovial's net debt ex-infrastructure projects reached -€223 million[7] - Highways, Airports and Construction all showed robust performance[7,9] - Dividends collected from projects totaled €323 million[9] - Shareholder distributions amounted to €334 million[9] Highways - US Highways' revenue increased by 15.9% LfL compared to H1 2024[12] - US Highways' Adjusted EBITDA increased by 14.0% LfL compared to H1 2024[12] - 97% of Highways' Adjusted EBITDA and 88% of Highways' revenue came from US assets[12] - Dividends from North American assets reached €240 million (€339 million in H1 2024)[12] 407 ETR - 407 ETR revenue increased by 19.7% to CAD 933 million in H1 2025[14] - 407 ETR EBITDA increased by 13.0% to CAD 765 million in H1 2025[14] - A CAD 45.2 million provision was accrued for Schedule 22 in H1 2025[17] - A CAD 200 million dividend was paid in H1 2025, a 14.3% increase from CAD 175 million in H1 2024[19] Construction - Construction revenue reached €3,453 million in H1 2025, a 2.6% LfL increase[37] - Construction Adjusted EBIT margin reached 3.5% in H1 2025[37]

Core Insights - Ferrovial reported solid growth in the first half of 2025, with strong performance across all business divisions, particularly in U.S. highways and Construction [1][2] - The company achieved an adjusted EBITDA of €655 million, a 9.2% increase year-over-year, and revenue of €4.5 billion, reflecting a 5% growth [3][8] - Net profit rose to €540 million from €414 million a year earlier, driven by capital gains from asset rotation [3] Financial Performance - Adjusted EBITDA for H1 2025 was €655 million, up 9.2% from €603 million in H1 2024 [3][8] - Revenue increased to €4.5 billion from €4.27 billion, marking a 5% growth [3][8] - The company reported a consolidated net debt of -€223 million, indicating a strong financial position [4][8] Business Divisions - The Highways division saw a revenue increase of 14.9% to €676 million, primarily due to growth in North America [5][9] - The Construction division achieved a 3.5% adjusted EBIT margin and an all-time high order book of €17.3 billion, with North America contributing 45% [6][10] - In the Airports division, the New Terminal One (NTO) project is progressing well, with 72% construction completion and 21 airline agreements reached [7] Strategic Moves - Ferrovial completed the sale of a 50% stake in AGS Airports for €533 million and acquired a 5.06% stake in the 407 ETR for €1.3 billion [4] - The company allocated €334 million to shareholder distributions and €244 million to equity injections in the NTO project at JFK International Airport [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 2025年6月未經審計營運資料 本集團2025年6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 ...

Leadership Appointments - Alberto González has been appointed as Director of Business Development for Cintra, Ferrovial's Highways division, bringing over 20 years of infrastructure development experience [2][4] - Javier Tamargo has taken on the role of U.S. CEO, overseeing all U.S. highway assets, with more than 20 years of experience in North America and Europe [3][4] - Ricardo Bosch has been named Director of Strategy, focusing on implementing a strategic roadmap for new asset classes and partnerships, with over 25 years of experience in public-private partnerships [4] Strategic Vision - The leadership changes are aimed at enhancing Ferrovial's momentum and expanding its presence in the U.S. and globally, as stated by Cintra CEO Andrés Sacristán [2] - Alberto González will lead efforts to identify strategic opportunities and partnerships to expand the company's portfolio [2] - Ricardo Bosch will focus on structuring and negotiating infrastructure project financing as part of the strategic roadmap [4] Company Overview - Ferrovial operates in more than 15 countries and employs over 25,000 people worldwide, being listed on Euronext Amsterdam, Spanish Stock Exchanges, and Nasdaq [5] - The company is a member of Spain's IBEX 35 index and is included in sustainability indices like the Dow Jones Best in Class Index [5]

| | | | 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 | 277,048 | –6.4% | 1.9% | 288,826 | 1.8% | 83,673 | –2.6% | –0.2% | 417,672 | –0.5% | | 廣西蒼郁高速 | 14,764 | –19.1% | 9.6% | 19,944 | 1.1% | 7,383 | –14.4% | 2.2% | 42,964 | 0.6% | | 湖南長株高速 | 65,007 | –3.3% | 1.8% | 7 ...

Summary of the Conference Call Company Overview - The conference call discusses the annual report of a company operating in the high-speed transportation and real estate sectors, specifically focusing on its performance over the past year and future outlook. Key Financial Metrics - The company reported a revenue of **696.9 billion yuan**, an increase of **12.66 billion yuan** (approximately **1.84%**) from the previous year [1] - Revenue from the high-speed block was **4.5 billion yuan**, down **3.39%** [1][2] - Real estate revenue decreased by **47.34%**, totaling **1.31 billion yuan** [1][2] - Investment block revenue increased by **16.74%**, reaching **0.23 billion yuan** [1] - Construction service revenue surged by **198%**, amounting to **23.15 billion yuan** [1] - Financial costs decreased by **17.15%**, totaling **8.93 billion yuan** due to lower interest rates [3] - Net profit attributable to shareholders increased by **6.27%**, reaching **10.65 billion yuan** [3] Sector Performance High-Speed Block - The high-speed block's revenue decline is attributed to external factors such as weather conditions and market confidence in real estate [2] - The company is focusing on optimizing resource allocation and improving operational efficiency in this segment [4] Real Estate Sector - The real estate sector is facing challenges due to a low market environment and public confidence issues [2] - The company is actively working on cost-cutting measures and has reduced operational costs significantly [2][14] Investment and Construction Services - The investment segment saw a significant increase in revenue, primarily due to successful equity investments [3] - Construction services have benefited from increased demand, leading to a substantial revenue increase [1] Strategic Initiatives - The company is pursuing a valuation improvement plan, which includes accelerating foreign mergers and acquisitions to expand its asset base [5] - Plans to optimize resource configuration and integrate real estate blocks are underway [4][5] - The company aims to maintain a dividend payout ratio of no less than **40%** [10] Future Outlook - The company anticipates continued revenue growth in the communication team, projecting a **10%** increase compared to 2024 [11] - There are expectations for gradual recovery in traffic costs and freight income due to improved weather conditions and operational efficiencies [11][12] - The company is exploring opportunities for further acquisitions and partnerships to enhance its market position [16] Risks and Challenges - The real estate market remains a significant risk, with potential impacts on revenue and profitability due to ongoing market volatility [2][14] - The company is closely monitoring changes in government policies that could affect its operations and financial performance [17][18] Additional Insights - The company has a total capital expenditure planned for **3.98 billion yuan** in 2025, focusing on key projects like the Zhengzhou-Luoyang Expressway [7] - The debt rate is expected to be controlled at around **70%**, with ongoing efforts to manage financial expenses effectively [8] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, sector-specific insights, strategic initiatives, and future outlook.