Financial Data and Key Metrics Changes - In the first nine months of 2025, the company reported strong momentum across its business divisions, with net debt standing at negative EUR 706 million, indicating net cash [4][17] - Revenue grew by 6.2%, adjusted EBITDA increased by 4.8%, and adjusted EBIT rose by 6.0% in like-for-like terms [16] Business Line Data and Key Metrics Changes - Highways revenue grew by 16.4% in like-for-like terms in the first nine months, with adjusted EBITDA up nearly 15.1% [5][6] - The Airports division saw steady progress at New Terminal One at JFK, with construction 78% complete and on budget [14] - Construction maintained a solid adjusted EBIT margin of 3.7% in the first nine months, with an order book of $17.2 billion, up 9.1% compared to December 2024 [15][16] Market Data and Key Metrics Changes - North American assets contributed 97% of Highways' adjusted EBITDA and 88% of revenue, with dividends from these assets totaling EUR 312 million in the first nine months [6] - Traffic in the 407 ETR grew by 9.4% in the quarter, reflecting increased mobility due to return-to-office mandates [7] Company Strategy and Development Direction - The company is focused on enhancing value through demand segmentation and maximizing EBITDA growth, particularly in North American highways [7][19] - Future bids are planned for the I-24 in Tennessee and I-25 in Georgia in the first half of 2026, with an RFQ for the I-77 South in North Carolina expected to be submitted in December [5][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance of North American assets and the attractive pipeline of opportunities in highways [19][20] - The geopolitical situation has affected international traffic, but domestic traffic remains robust, supporting growth in adjusted EBITDA [14] Other Important Information - The company announced a second scrip dividend and expects to distribute EUR 2.2 billion in cash to shareholders from 2024 to 2026 [5][18] - The 407 ETR board approved a dividend of CAD 1.05 billion for Q4, up 50% from the previous year [8] Q&A Session Summary Question: What are the potential financial consequences of a delay in the launch of New Terminal One? - Management indicated that delays would result in liquidated damages for the contractor and a delay in revenue perception [24] Question: Will there be any impact from the U.S. government shutdown in Q4? - Management noted no significant impact observed on the I-66 and that bidding processes are mainly at the state level, unaffected by federal shutdowns [29] Question: Can you elaborate on the Schedule 22 provision reversal in Q3? - The reversal was driven by increased mobility and effective promotions, leading to better-than-expected traffic [35] Question: What is the strategy regarding the managed lanes and potential dividends? - Management indicated that there could be opportunities for leveraging managed lanes in the coming years, particularly for the I-66 [58] Question: What is the outlook for the 407 ETR pricing and discounts? - Management emphasized focusing on revenue and EBITDA growth rather than discounts, with expectations for pricing announcements similar to last year [42][59] Question: What is the competitive landscape in contracting? - Management noted that the contracting environment remains rational with no significant tightening in competition, indicating healthy activity levels [48]

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 [5] - 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 [18][19] - 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 a lack of advanced payments [19][24] 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%, driven by strong performance from U.S. assets [7][8] - U.S. Highways represented 88% of total highways revenues and 97% of total adjusted EBITDA, with revenue growth of 15.9% and adjusted EBITDA growth of 14% [8] - The construction segment saw revenues reach €3,453 million, a 2.6% increase year-over-year on a like-for-like basis [18] Market Data and Key Metrics Changes - Traffic improved by 5.8% in the second quarter, driven by targeted rush hour promotions, although adverse weather and construction delays impacted performance [10] - At JFK Airport, the new Terminal 1 project is 72% complete, with construction on schedule and on budget [15] - Dalaman Airport in Turkey experienced a slight traffic decline of 0.3% in the first half, influenced by lower domestic passenger volumes [17] Company Strategy and Development Direction - The company continues to focus on growth investments, divestments, and shareholder distributions, with a healthy pipeline of U.S. highways assets [30] - The strategic horizon plan is being executed, with updates on progress expected [30] - The company is optimistic about future opportunities in Poland, particularly with European funds and potential reconstruction efforts in Ukraine [97] 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 [30] - The company anticipates limited exposure to inflation and a healthy construction order book [30] - Management noted that the competitive environment for U.S. Managed Lanes remains similar to previous years, with expectations for continued success in upcoming bids [70] Other Important Information - The company completed the acquisition of a 5.06% stake in four zero seven ETR for CAD 1.99 billion, increasing its stake from 43.23% to 48.29% [6] - Dividends from North American highways totaled €240 million in the first half, compared to €339 million in the same period last year [9] - The company issued $1.4 billion in long-term green bonds, completing the refinancing of phase A for the NTO project [16] Q&A Session Summary Question: Insights on revenue growth in I-77 and I-66 - Management attributed revenue growth to economic activity and population growth in metropolitan areas, along with the ability to adjust toll rates based on customer value [37][40] Question: Earnings from ProBio Construction - Management noted that the decline in Q2 earnings was due to additional costs related to utilizations and IT systems, with a long-term EBIT margin target of 3.5% [44] Question: Upstream dividends and shareholder returns - Management indicated that dividends from infrastructure projects are tied to asset performance, with a target of €2.2 billion in dividends for the period 2024-2026 [54] Question: Schedule 22 provision and traffic trends - Management explained that the reduction in the Schedule 22 provision was based on updated traffic data and successful promotions attracting more users during peak times [68][80] Question: ETR dividend factors and capital structure - Management confirmed that there is potential for increased dividends from ETR, with room for adjustments in capital structure for I-66 and I-407 [110]