Financial Data and Key Metrics Changes - In the first nine months of 2025, the company reported a negative net debt of €706 million, indicating a strong cash position [3][16] - Revenue grew by 6.2%, adjusted EBITDA increased by 4.8%, and adjusted EBIT rose by 6.0% in like-for-like terms [15] - Shareholder distributions reached €426 million in the first nine months, with a second scrip dividend announced [4][17] 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% [4][5] - The 407 ETR saw traffic growth of 9.4% in the quarter and 6.2% in the first nine months, contributing to an 18.6% revenue growth in Q3 [5][6] - Airports division reported steady performance, with adjusted EBITDA growth supported by commercial upgrades despite a 1.5% decline in traffic [12] Market Data and Key Metrics Changes - The I-66 managed lane experienced exceptional traffic growth of 13.2% in Q3 and 8.5% in the first nine months [10][11] - The Dallas-Fort Worth managed lanes showed varied performance, with NTE traffic declining by 3.7% in Q3 while revenue per transaction increased by 14.2% [7][8] - The overall market dynamics in North America are favorable, driving growth in the company's assets [18] Company Strategy and Development Direction - The company is focused on operational readiness for New Terminal One at JFK, with a target opening date of June 2026 [12] - There is an emphasis on demand segmentation to enhance value for users and maximize EBITDA growth [6][7] - The company plans to submit bids for several projects in North Carolina and Tennessee in the first half of 2026, indicating a proactive approach to growth opportunities [4][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance of North American assets, driven by increased customer segmentation and favorable market dynamics [18] - The company is monitoring the potential impact of the U.S. government shutdown but has not seen significant effects on revenue so far [25] - Future growth is expected to be supported by a healthy construction order book and an attractive pipeline of opportunities [14][19] Other Important Information - The company has a solid cash flow position, with significant cash inflows from dividends and asset sales [3][16] - The adjusted EBIT margin for the construction division was 3.7% for the first nine months, aligning with long-term targets [13][14] - The company is committed to returning €2.2 billion to shareholders through dividends and buybacks by the end of 2026 [17][51] Q&A Session Summary Question: What are the potential financial consequences of a delay in New Terminal One? - Delays would result in liquidated damages for the contractor and a delay in revenue perception for the company [22][23] Question: Will the U.S. government shutdown impact Q4? - No significant impact has been observed on the I-66, and bidding processes remain unaffected [25] Question: What drove the Schedule 22 provision reversal in Q3? - Increased mobility and effective promotions contributed to the reversal, with traffic trends performing better than expected [28][29] Question: What is the outlook for pricing increases on the 407 ETR? - Pricing strategies will be announced in November, with expectations for revenue and EBITDA growth [32][33] Question: How is the competitive landscape in contracting? - The market remains rational with increased activity, and there is no significant tightening in competition [38][39] Question: What is the strategy regarding data centers? - The recent acquisition adds capabilities to the construction division, but the company remains opportunistic in the data center space [56]

Financial Performance Overview - Ferrovial achieved strong performance across all business divisions in 9M 2025[7] - The company's net debt ex-infrastructure projects was -€706 million[7] - Revenue increased to €6,911 million, a 6.2% like-for-like (LfL) increase compared to 9M 2024[47] - Adjusted EBITDA reached €1,031 million, a 4.8% LfL increase compared to 9M 2024[47] - Adjusted EBIT amounted to €691 million, a 6.0% LfL increase compared to 9M 2024[47] Highways Division - US Highways revenue increased by 16.4% LfL compared to 9M 2024[12] - US Highways adjusted EBITDA increased by 15.1% LfL compared to 9M 2024[12] - North American assets contributed €312 million in dividends[12] - 407 ETR's revenue increased by 19.3% to CAD 1,511 million in 9M 2025[15] - 407 ETR's EBITDA increased by 15.8% to CAD 1,283 million in 9M 2025[15] - A Q4 dividend of CAD 1.05 billion was approved for distribution from 407 ETR, a 50% increase compared to CAD 700 million in Q4 2024[21] Construction Division - Construction revenue reached €5,420 million, a 4.6% LfL increase compared to 9M 2024[40] - The construction division's order book stood at €17,168 million, a 9.1% LfL increase[45]

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]

Financial Data and Key Metrics Changes - Revenues totaled €9.5 billion, a 6.7% year-over-year increase on a like-for-like basis, driven primarily by higher revenues in Toll Roads and Construction [9] - Adjusted EBITDA surged to €1.3 billion, a 38.9% year-over-year increase on a like-for-like basis due mainly to a higher contribution from US Toll Road assets and the Construction business [9] - The construction order book reached an all-time high of €16.8 billion, with almost 50% coming from North America [9] - The net debt position ex-infrastructure projects reached minus €1.8 billion, indicating a strong financial position [5][9] - Total shareholder return in 2024 was 25.7% [9] Business Line Data and Key Metrics Changes Toll Roads - North American assets experienced robust traffic performance and revenue per transaction growth that significantly outpaced inflation [4] - Toll Road revenues increased by 19.6% and EBITDA by 19.5% on a like-for-like basis [15] - Total Toll Road dividends in 2024 were €895 million, €191 million more than the previous year [16] Airports - The new Terminal One at JFK reached 60% physical progress by the end of 2024, remaining on budget and on schedule [31] - Dalaman Airport recorded 5.6 million passengers, a 7.7% increase compared to the previous year, with revenues of €82 million and adjusted EBITDA of €64 million [33] Construction - Construction revenues reached €7.274 billion, a 3.8% increase year-over-year on a like-for-like basis [34] - Adjusted EBITDA was €430 million, a 95.4% increase compared to the previous year [34] - The adjusted EBIT margin improved to 3.9%, surpassing the target of 3.5% [35] Market Data and Key Metrics Changes - Traffic in the Greater Toronto Area grew 4.8%, supported by increased mobility and fewer winter weather events [19] - The Dallas-Fort Worth area was the number one destination for relocations, with a projected population growth of 55% by 2050 [23] Company Strategy and Development Direction - The company aims to focus on growth opportunities in North America, particularly in Toll Roads and airports [11] - Sustainability is at the core of the company's strategy, with specific targets for CO2 emissions reduction and water consumption [14] - The company plans to rotate mature assets when they offer more value to third parties [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth prospects, emphasizing the balance between new investments and shareholder distributions [52] - The company is optimistic about the performance of its North American assets and the potential for new managed lanes [11][12] Other Important Information - The company repurchased shares totaling €272 million and returned $831 million to shareholders, including €271 million from the 2023 program [6] - The company has upgraded its shareholder distribution guidance from €1.7 billion to a minimum of €2.2 billion for the period 2024 to 2026 [48] Q&A Session Summary Question: Current status on investments in other infrastructure projects in the US - The company is looking for opportunities in airports and other infrastructure but has no specific projects to announce yet [58][60] Question: Could the announced additional buyback program be extended to next year? - The company is open to extending the buyback program based on investment opportunities [63] Question: Guidance for higher earnings expectations for the 407 in 2025 - The management is optimistic about the new tariffs and promotions but does not provide specific guidance [66][68] Question: Impact of tariffs under the Trump administration - The company believes it is too early to assess the impact, as most purchases are local [70][71] Question: Conservative approach to the balance sheet - The company is focused on maintaining flexibility for potential investment opportunities while managing shareholder distributions [73][76] Question: Plans for treasury stock - The company has not decided on the cancellation of treasury stock, which could be used for various purposes [88]