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]

Core Insights - VINCI reported a consolidated revenue increase of 3.7% to €54.3 billion for the first nine months of 2025, with organic growth of 2.0% and a positive impact from changes in scope of 2.5% [4][5][6] - The order book reached €70.6 billion, up 6% year-on-year, indicating strong business activity and a renewal rate across all business lines [8][38] - The company confirmed its guidance for 2025, expecting continued revenue and earnings growth despite an increase in corporate tax rates in France [24][56] Revenue and Key Indicators - Concessions revenue increased by 5.4% to €9.4 billion, driven by growth in VINCI Airports and VINCI Autoroutes [2][9] - Energy Solutions revenue rose by 6.7% to €20.7 billion, with significant contributions from international markets [11][12] - Construction revenue was slightly up by 0.8% to €24.5 billion, with VINCI Construction showing a 0.9% increase [15][16] Order Intake and Book - Order intake for the first nine months of 2025 was €46.9 billion, a decrease of 3% compared to the previous year, but showed a 4% increase in the third quarter [6][37] - The order book at the end of September 2025 represented 14 months of average business activity, with international business comprising 70% of the total [8][38] Financial Position - VINCI's net financial debt decreased to €21.4 billion, down €0.8 billion year-on-year, reflecting a strong liquidity position [19] - The company maintained stable credit ratings from Standard & Poor's and Moody's, indicating confidence in its financial health [19] Recent Developments - VINCI Energies completed 25 acquisitions in the first nine months of 2025, contributing over €400 million in revenue, primarily in Germany [20][21] - Key contracts won include projects in energy transition and infrastructure, enhancing VINCI's market position [21][23] Outlook - The company anticipates continued growth in revenue and earnings for 2025, with specific expectations for each business line [24][29] - VINCI expects to increase renewable electricity capacity to around 5 GW by the end of 2025 [29]

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]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $4 billion, with consolidated new awards of $5.8 billion, leading to a book to burn ratio of 1.5 [7][8] - Total backlog increased to $28.7 billion, with 79% being reimbursable [8] - Adjusted EBITDA for Q1 was $155 million, compared to $88 million a year ago, and adjusted EPS was $0.73 compared to $0.47 in the previous year [22][23] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $70 million, with new awards of $5.3 billion, up from $4.9 billion a year ago [8][9] - Energy Solutions segment profit decreased to $47 million from $68 million a year ago, with new awards totaling $315 million [15][16] - Mission Solutions reported a profit of $5 million, down from $22 million a year ago, impacted by a $28 million reserve related to a long-standing claim [18] Market Data and Key Metrics Changes - Significant new awards in Urban Solutions were driven by life sciences and infrastructure projects [8] - The company is seeing strong demand in pharmaceuticals, advanced manufacturing, and semiconductor sectors [12][13] - Infrastructure projects include a $682 million construction contract for highway widening in Texas [14] Company Strategy and Development Direction - The company is transitioning from a "fix and build" strategy to a "grow and execute" strategy for 2025 to 2028, focusing on generating cash and earnings [5][6] - There is an emphasis on maintaining strong client relationships and pursuing bolt-on acquisitions to enhance technical capabilities [6][7] - The company aims to leverage its financial foundation for capital allocation opportunities, including share repurchases and reinvestment [27][28] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are looking for clarity in the market before making final investment decisions, particularly in energy and copper projects [20][36] - Despite some clients being sensitive to costs, many projects are proceeding as planned, especially in the ATLS and mission solutions areas [20][36] - The company maintains a positive outlook for new awards, expecting a book to burn ratio above one and revenue growth of approximately 15% [29] Other Important Information - The company repurchased 3.6 million shares for $142 million in Q1, with plans for up to $600 million in repurchases for 2025 [27] - The effective tax rate for Q1 was approximately 20%, expected to rise to around 30% for the full year [30] Q&A Session Summary Question: Client sentiment changes since the last call - Management indicated that projects in urban solutions are moving forward, while energy and copper projects require more certainty [36][37] Question: EBITDA guidance and revenue growth - Management acknowledged that the first quarter's EBITDA was strong but emphasized the need for continued revenue growth to meet annual guidance [44][46] Question: Impact of project delays on second half performance - Management expressed confidence in the quality of the backlog and the ability to convert projects, despite some delays [55][56] Question: Clarification on Urban Solutions segment benefits - The $84 million benefit recognized was not included in segment profit results and was related to equity income [67][69] Question: Cash collection potential from joint ventures - Management expects cash collection from joint ventures to be lower than the previous year, with a focus on recouping profits from Canada [92]