Financial Data and Key Metrics Changes - Proportional toll revenue and EBITDA increased by 8% driven by toll increases and favorable foreign exchange movements [22][26] - Free cash flow per security rose by 9% to $19.4 million, with a distribution of $0.20 related to 2024 performance [23][24] - Statutory net profit after tax decreased by 33% primarily due to the impact of the French temporary supplemental tax (TST) [22][24] Business Line Data and Key Metrics Changes - Traffic at APRR increased by 2.4%, with light vehicle traffic reflecting low unemployment levels in France [27] - Heavy vehicle traffic at APRR grew by 0.7%, but was subdued due to weaker trade conditions [27] - Dulles Greenway experienced strong traffic growth of 8.2%, attributed to congestion on competing routes [21][28] Market Data and Key Metrics Changes - Traffic at Chicago Skyway decreased by 2.8%, while toll revenue increased by 3.4% due to an 8.3% rise in light vehicle tolls [28] - The Varno Tunnel's traffic remained flat, impacted by maintenance works [28] Company Strategy and Development Direction - The company aims to unlock cash from Dulles Greenway, which is positioned in a fast-growing area [12][13] - Strategic partnerships in France, particularly with Air France, are crucial for future growth opportunities [14][18] - The company is focused on maintaining its position in France as major motorway concessions are set to expire between 2031 and 2036 [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of French motorway concessions despite political and regulatory complexities [18][19] - The company is preparing for a new rate case application for Dulles Greenway, emphasizing stakeholder engagement [20][88] - Management noted that the political situation in France could impact the timing of the finance bill and future concession structures [80][81] Other Important Information - The company has maintained its distribution guidance of $0.40 per security for 2025, despite the impact of the TST [24][25] - 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 strategy pivot to consider OECD opportunities without raising equity? - Management clarified that the strategy reintroduction focuses on growth outside the existing portfolio, emphasizing asset recycling and capital light options without current intentions to raise equity [40][41] Question: How is APRR managing its concession in light of SANEF's situation? - Management indicated that APRR is managing its concession consistently with other concessionaires and is engaged in discussions regarding future structures [46][48] Question: What is the status of the bidding process for future concessions? - Management stated that it is early in the process, and while they have flexibility, they are cautious about which concessions to bid for until laws are finalized [55][62] Question: How are the EUR533 million reserves available for return to shareholders? - Management explained that the reserves resulted from a merger and are not current earnings; distribution would require a use for the funds and potential releveraging [68][70] Question: What is the outlook for free cash flow coverage and growth? - Management confirmed that the TST impacts cash flow coverage, but they expect to be back within the 90% to 110% range in 2026, targeting a 4% CAGR growth in free cash flow [76][77] Question: How does the political situation in France affect traffic growth? - Management noted that while freight volumes have decreased, light vehicle traffic has shown strength recently, but the overall impact of political changes remains uncertain [83][84] Question: What changes are being made for the 2025 rate case for Dulles Greenway? - Management highlighted the formation of a working group for stakeholder engagement as a significant change for the upcoming rate case submission [88][89]