Ferrovial SE (FER) 2025 Q1 法說會逐字稿

Good afternoon, everybody. This is Silvia Ruiz speaking, and I would like to welcome you to Ferrovial's conference call to discuss the financial results for the first quarter of 2025. I'm joined here today by our CFO, Ernesto Lopez Mozo. Just as a reminder, both the results report and the presentation are available on our website since yesterday evening after the US market was closed. (Operator Instructions).

大家下午好。我是 Silvia Ruiz，歡迎您參加 Ferrovial 的電話會議，討論 2025 年第一季的財務表現。今天，我們的財務長 Ernesto Lopez Mozo 也來到了這裡。提醒一下，自昨天晚上美國市場收盤後，結果報告和簡報都可以在我們的網站上查閱。（操作員指令）。

With all this, I will hand over to Ernesto. Ernesto, the floor is yours.

完成這一切後，我將把權力移交給埃內斯托。埃內斯托，現在請你發言。

Thank you, Sylvia, and welcome, everybody, to the first quarter of 2025 operating results update from Ferrovial. Well, starting with the growth in all business divisions, I would like to highlight the strong revenue performance in highways of the North American assets.

謝謝你，西爾維亞，歡迎大家收看 Ferrovial 2025 年第一季營運業績更新。好吧，從所有業務部門的成長開始，我想強調一下北美資產高速公路的強勁收入表現。

In terms of airports, we highlight that construction advances in NTO. And in construction, we have shown a steady profitability with adjusted EBIT margin reaching 3.3%. At the end of the quarter, we have a solid net debt ex-infra projects really a net cash position of EUR1.9 billion. And the main items in this number are the divestment of ADS of EUR538 million and on the other hand, equity injections in NTO for EUR152 million and the buyback program, where we invested EUR156 million.

在機場方面，我們強調NTO的建設進展。在建築領域，我們表現出穩定的獲利能力，調整後的息稅前利潤率達到 3.3%。截至本季末，我們擁有穩健的淨債務（不包括基礎設施項目），淨現金狀況為 19 億歐元。其中主要項目包括剝離 5.38 億歐元的 ADS，另一方面，向 NTO 注入 1.52 億歐元的股權以及回購計劃，我們向該計劃投資了 1.56 億歐元。

In terms of corporate events this quarter in March, we announced an agreement to acquire up to a 5.06% stake in the 407 ETR from Atkins realities for a maximum of CAD2.9 billion, and the close of this transaction is expected in the second quarter of 2025.

就本季 3 月的公司活動而言，我們宣布了一項協議，以最高 29 億加元的價格從 Atkins realities 收購 407 ETR 的 5.06% 的股份，預計該交易將於 2025 年第二季完成。

In April, we announced the opening of Silvertown Tunnel. This is a highly complex infrastructure project that is expected to really enhance transportation in East London. If we move on to the performance in highways, we see that the division has significant growth, driven, of course, by the US managed lanes, in the revenue growth of 14.1%, we have the influence of the US highways revenue that grew 19.1% versus the first quarter of 2024 is making up close to 90%, 88% of the highways revenue. In terms of adjusted EBITDA, the US highways represent 98%, and they were growing at 14.6%.

四月，我們宣布銀城隧道開通。這是一個高度複雜的基礎設施項目，預計將真正改善東倫敦的交通。如果我們繼續看高速公路的表現，我們會發現該部門取得了顯著的增長，當然，這是受到美國管理車道的推動，在 14.1% 的收入增長中，我們受到了美國高速公路收入的影響，與 2024 年第一季度相比，美國高速公路收入增長了 19.1%，佔高速公路收入的近 90% 至 88%。就調整後的EBITDA而言，美國高速公路佔98%，成長率為14.6%。

Let's move now into each asset summary, starting with the 407 ETR. The 407 ETR had an outstanding performance with double EBITDA growth. Here, I would like to highlight several items, starting with the toll revenue that grew 23.6%. Here, we need to bear in mind that the tolls were raised before the beginning of the year. So we had January with the new toll rates whereas in 2024, we didn't have this effect, right? So January has a favorable comparison vis-a-vis 2024.

現在讓我們進入每個資產摘要，從 407 ETR 開始。407 ETR 表現優異，EBITDA 成長一倍。這裡我想特別強調幾點，首先是通行費收入成長了23.6%。這裡，我們需要記住，通行費是在年初之前就已上調的。因此，我們在 1 月實施了新的收費費率，而在 2024 年，我們並沒有受到這種影響，對嗎？因此，與 2024 年相比，1 月的前景更為有利。

Then in February, we -- I guess we had the effect of that comparison. In March, what we have is that we launched some promotions that affected the March performance. This traffic promotions help also to steer traffic and really are favoring our consumers in the peak hours, that is where most most needed, right? So March has traffic promotions, and this affected the traffic performance.

然後在二月份，我們——我想我們得到了這種比較的效果。3月份，我們推出的一些促銷活動影響了3月份的表現。這種交通促銷也有助於引導交通，並且確實有利於高峰時段的消費者，而這正是最需要的，對嗎？因此三月有流量促銷，影響了流量表現。

If we look into the breakdown of the mostly traffic, I mean, we need to bear in mind that there was substantially worse weather in the first quarter of 2025 than in the first quarter of 2024 that had mild mild weather. And also, we had a leap year with the extra day in February, right? So -- this comparison has to bear that in mind. So the performance in terms of traffic is outstanding.

如果我們研究大部分交通的細目，我的意思是，我們需要記住，2025 年第一季的天氣比 2024 年第一季的天氣要糟糕得多，而 2024 年第一季的天氣較為溫和。而且，我們有閏年，二月多了一天，對嗎？所以——這個比較必須牢記這一點。所以在流量方面的表現非常出色。

In terms of the fee revenue, of course, I mean the weight of the revenues is in total revenues. But in fee revenues, we see a higher growth and here, we have to remind you that in 2024, some of the account fees remained unchanged. So I mean there has been an update in 2025, that brings this additional growth and also other activity has been influenced in the higher fee revenue as we described in the slide.

當然，就費用收入而言，我的意思是收入在總收入中的比重。但在費用收入方面，我們看到了更高的成長，在這裡，我們必須提醒您，到 2024 年，部分帳戶費用保持不變。所以我的意思是，2025 年有一個更新，它帶來了額外的增長，正如我們在幻燈片中所描述的那樣，其他活動也受到了更高費用收入的影響。

So very strong underlying performance. Please bear in mind what I mentioned that really March probably is the month that there will be more business as usual in the coming months because of this comparison I mentioned. Regarding dividend distribution, I mean we didn't receive any dividends in the first quarter of the 407, but CAD200 million dividend was approved and was paid in the second quarter, right? So we already have that cash in the second quarter.

因此，基本表現非常強勁。請記住我所提到的，由於我所提到的這種比較，三月實際上可能是未來幾個月業務更照常的月份。關於股息分配，我的意思是407第一季我們沒有收到任何股息，但是2億加元的股息已獲批准並已在第二季度支付，對嗎？所以我們在第二季已經有了這些現金。

In terms of the Schedule 22, we see that in the EBITDA, we have included close to CAD26 million of Schedule 2 provision. And here, of course, you will have to see other quarters to get a better idea -- but the way it's calculated is that we -- I mean, the 407 does the estimate for the full year. And that estimate as a percentage of the estimated revenues for the for the full year. I mean, that percentage is applied to the first quarter, right? So in terms of percentage, it can be extrapolated, but of course, you will have to wait to see the quarters of higher traffic to get a better idea of the impact.

就附表 22 而言，我們看到在 EBITDA 中，我們已經包含了接近 2,600 萬加元的附表 2 撥備。當然，在這裡，你必須看看其他季度的情況才能有更好的了解 - 但計算的方式是 - 我的意思是，407 對全年進行了估算。此估計值佔全年預計收入的百分比。我的意思是，這個百分比適用於第一季度，對嗎？因此，就百分比而言，可以推斷，但當然，您必須等待看到流量更高的季度才能更好地了解影響。

Moving on to the next slide, in the Dallas Forward managed lanes. Here, we have an outstanding performance in terms of revenue per transaction. Also in January and February, there was a negative weather impact compared to last year. And even with that impact, the traffic performance has been very solid. Of course, NTE is still affected the capacity improvement construction works and this means that traffic in terms of transaction is lower than last year.

繼續下一張投影片，達拉斯前鋒隊管理的車道。在這裡，我們在每筆交易的收入方面有著出色的表現。此外，與去年相比，一月和二月的天氣影響較為負面。即使受到這種影響，交通表現仍然非常穩定。當然，NTE 仍然受到容量改善建設工程的影響，這意味著交易流量低於去年。

But we have an outstanding performance in terms of revenues helped by Mandatory Modes here. Mandatory Modes and revenues are also benefiting from better traffic mix in terms of a higher percentage of heavy traffic Also, you need to bear in mind that for the likelihood of mandatory mode events that you know that there's kind of traffic threshold. Let's say that for 2 lanes, you have like 3,300 vehicles per hour. The heavy traffic implies like 2x what a light vehicle in place, right? So in that calculation, you can get an idea that if there's higher heavy traffic, you are more likely to get a more Mandatory Mode.

但在強制模式的幫助下，我們的收入表現十分出色。強制模式和收入也受益於更好的交通組合，即更高比例的重載交通。此外，您需要記住，對於強制模式事件的可能性，您知道存在某種交通閾值。假設有 2 個車道，每小時有 3,300 輛車。交通擁堵意味著需要兩倍的輕型車輛，對嗎？因此，透過計算，您可以了解到，如果交通流量較大，則更有可能採用強制模式。

In LBJ, traffic grew the pipe construction activities in the nearby corridors. And in the 35 West, we also had solid traffic growth. And yes, we have a revenue share according to this performance in the first quarter we didn't have any because the accrual was done at the end of the first half, right? So the second quarter 2024 included 6 months of revenue share and now we are doing that quarter by quarter.

在 LBJ，交通量增加了附近走廊的管道建設活動。在西35州，我們的客流量也穩定成長。是的，根據第一季的表現，我們有收入分成，但是我們沒有任何收入分成，因為應計是在上半年末完成的，對嗎？因此，2024 年第二季包括 6 個月的營收分成，現在我們正在逐季進行。

Okay. So I mean here at the bottom of the slide, we have the revenue per transaction growth that is and make sure of all these things are mentioning more activity, more big activity, better traffic mix and more Mandatory Modes this has helped this revenue per transaction performance. We also have the update on the slide of the soft cap that grew by 2.9% in 2025.

好的。所以我的意思是，在幻燈片的底部，我們有每筆交易的收入成長，並確保所有這些事情都提到更多的活動、更多的大活動、更好的流量組合和更多的強制模式，這有助於每筆交易收入的表現。我們也對軟上限的下滑進行了更新，2025 年軟上限增加了 2.9%。

If we move on to the following slides, we have the I-66 that saw increased mobility in peak hours, activity in rush hours is much higher that combined with really dynamic pricing, it means that the revenues grow very healthily and revenue per transaction as well. So a very solid performance from this highway. And also, remember that all the traffic figures compared to 2024 that had one day more, right? So bear that in mind when comparing traffic.

如果我們繼續看下面的幻燈片，我們可以看到 I-66 在高峰時段的流動性有所增加，高峰時段的活動量要高得多，再加上真正動態的定價，這意味著收入增長非常健康，每筆交易的收入也在增長。所以這條高速公路的表現非常穩定。另外，請記住，所有交通數據與 2024 年相比都多了一天，對嗎？因此，在比較流量時請記住這一點。

If we look into I 77, also very strong performance. Traffic is still favored. I mean they're not as much as in the last quarter 2024, but this is still favored by the closure of the alternative I- 40 that has reopened with limited capacity. So I mean, there's more heavy traffic in the I-77 and that's helping the performance of the asset. But also on the negative side, it was affected by severe weather and also you have to compare with the leap-year effect.

如果我們研究 I 77，它的表現同樣非常強勁。交通依然受到青睞。我的意思是，它們不像 2024 年最後一個季度那麼多，但這仍然受到替代公路 I-40 關閉的影響，該公路已重新開放，但容量有限。所以我的意思是，I-77 上的交通更加繁忙，這有助於提高資產的效能。但也有負面的一面，它受到惡劣天氣的影響，也必須與閏年效應進行比較。

So very strong performance from the asset. We also have revenue share here and the same explanation that I commented in Dallas forward applies here. Last year, the revenue share was accounted for in the second quarter for the full first half. Now we're doing it quarter by quarter. So we had $4 million of revenue share. And we have an additional EUR2 million of extended vehicles payments. And here, I would say this is good news because in the last year, we had the extended vehicle agreement that was expiring at the end of 2024. The rental was receiving 50% of the revenues from these extended vehicles that were not part of the original concession agreement.

因此該資產的表現非常強勁。我們在這裡也有收入分成，我在《達拉斯前鋒》中評論的解釋也適用於此。去年，整個上半年的營收份額是在第二季計算的。現在我們按季度進行。因此我們獲得了 400 萬美元的收入分成。我們還有額外的 200 萬歐元延期車輛付款。在這裡，我想說這是個好消息，因為去年我們的延長車輛協議將於 2024 年底到期。該租賃公司從這些不屬於原始特許協議的加長車輛中獲得了 50% 的收入。

Now the agreement to allow extended vehicles has been extended until the end of the concession. And the flip to that is that the granter gets two-thirds of the revenue from extended vehicles. But it goes to the end of the concession. So it's good news. But when you're looking into the comparison, please bear that in mind.

現在，允許延長車輛的協議已延長至優惠期結束。與此相反的是，授權人可獲得延長車輛收入的三分之二。但它走到了特許權的盡頭。所以這是個好消息。但是當您進行比較時，請記住這一點。

Okay. Moving on to to airports at JFK development is ongoing. In the first quarter, we had a physical progress relevant, 6% advancement and also advancement with airlines, there's agreement with 18 airlines, 13 executed and 5 are a little of intent we continue investing. As I mentioned at the beginning, EUR152 million have been invested in the first quarter, and we have pending EUR167 million. So as we mentioned, this is a crucial year for JFK, it's advancing on bullet.

好的。甘迺迪機場的建設工作正在進行中。在第一季度，我們取得了實際進展，成長了 6%，與航空公司的合作也取得了進展，與 18 家航空公司達成了協議，其中 13 家已經執行，還有 5 家是意向性合作，我們會繼續投資。正如我在一開始提到的，第一季我們已經投資了 1.52 億歐元，還有 1.67 億歐元待投資。正如我們所提到的，對於 JFK 來說，這是關鍵的一年，它正在快速前進。

In terms of Dalaman, it's really a quarter that is not that representative because this is an airport activities based around the tourist season that starts in the second quarter. Nevertheless, domestic traffic was also higher than expected and it grew versus last year.

就達拉曼而言，這確實是一個不太具有代表性的季度，因為這是基於第二季度開始的旅遊旺季的機場活動。儘管如此，國內客運量也高於預期，並且比去年有所成長。

Okay. Moving on to Construction. In construction, we see a steady profitability. I mean, across the board, you see that Budimex were Ferrovial construction are showing solid margins. Budimex, the profitability is slightly lower than the previous year. But remember that in 2024, there was updating of the indexation cap in public contracts. So there was like a, let's say, retractive capture of that part, if I may say so. So that was a higher impact, but the margins remain very, very solid. And both [Weber and Progel] construction have higher margins than in the first quarter last year.

好的。繼續進行施工。在建築領域，我們看到了穩定的獲利能力。我的意思是，從總體來看，你會看到 Budimex 和 Ferrovial 建築公司都顯示出了穩健的利潤率。Budimex，獲利能力較前一年略有下降。但請記住，2024 年，公共合約中的指數化上限將進行更新。因此，如果我可以這樣說的話，這就像是對該部分的撤回捕獲。因此，影響較大，但利潤率仍然非常穩固。而且，Weber 和 Progel 兩家建築公司的利潤率都高於去年第一季。

In terms of order book, I mean it's a big level -- and we have a lower weight of large design and build projects with -- I mean, our focus is to be on local markets and with lower weight of large design and build projects that are not with group companies. The order book reflects that, and we'll talk in the closing remarks about the uncertainty that could affect performance. We are comfortable with this order book, more on that in the closing remarks.

就訂單而言，我的意思是這是一個很大的水平——而且我們的大型設計和建造項目的比重較低——我的意思是，我們的重點是本地市場，而不是與集團公司合作的大型設計和建造項目的比重較低。訂單簿反映了這一點，我們將在結束語中討論可能影響業績的不確定性。我們對這份訂單簿感到滿意，更多內容請見結束語。

When you look into the breakdown by geography, we see that is concentrated in the US and Canada and the second Poland. In terms of outlook, we remain with our long-term target of 3.5 million adjusted EBIT margin.

如果按地域劃分，我們會發現主要集中在美國和加拿大，其次是波蘭。就前景而言，我們仍維持 350 萬調整後息稅前利潤率的長期目標。

Okay. So the somewhere in the next slide of the main figures, strong growth in revenue, 7.4%, adjusted EBITDA, 19.1% and adjusted EBIT to 8.3%. So very solid start of the year. Moving on to the net debt position. Well, we have the breakdown of the effects on cash. I mean, dividends for projects are very small. I mean the main component in the EUR19 million that we have, there is dividends from Heathrow, and then we have the operating cash flows from construction and other activities and use to have this sort of working capital effect at the beginning of the of the year.

好的。因此，在主要數據的下一張投影片中，營收強勁成長 7.4%，調整後的 EBITDA 成長 19.1%，調整後的 EBIT 成長 8.3%。今年的開局非常穩健。轉向淨債務狀況。好吧，我們已經分析了對現金的影響。我的意思是，專案的分紅非常少。我的意思是，我們擁有的 1900 萬歐元中的主要部分是來自希思羅機場的股息，然後是來自建築和其他活動的經營現金流，並在年初產生這種營運資本效應。

And then we have tax payments that are basically related to our operations in Poland. And then we have the cash flows just in the investment activities, the interest received and divestments that I mentioned at the beginning, together with the treasury serve repurchase, I mean the cash flow invested in financing -- sorry, used in financing activities is related to repayment of external debt that has the counter in the reduction of debt, right? So very solid net cash position and negative net debt at the end of the first quarter.

然後，我們繳納的稅款基本上與我們在波蘭的業務有關。然後，我們就有了投資活動中的現金流，我在開始時提到的收到的利息和撤資，加上國庫券回購，我的意思是投資於融資的現金流 - 抱歉，用於融資活動的現金流與償還外債有關，這與減少債務有抵消作用，對嗎？因此，第一季末的淨現金狀況非常穩固，淨債務為負。

So just concluding before grading into the Q&A. I think this is a very solid set of results where we a benefit from the performance of our North American infrastructure assets. And this performance is benefiting from increased customer segmentation. I mean we are tailoring more to our customer needs. The underlying growth in the assets locations, I mean, this is something that is kind of long-term underlying trends.

因此，在進入問答環節之前先做個總結。我認為這是一組非常可靠的結果，我們從北美基礎設施資產的表現中受益。這種業績得益於客戶細分的加強。我的意思是我們正在根據客戶的需求進行更多客製化。資產位置的潛在成長，我的意思是，這是長期的潛在趨勢。

And then, of course, we are looking forward really to -- with a great appetite for the pipeline that's coming, and I- 24 is still pending the trade qualification results. The I-85, the [preclification] was published and all these buildings are expected in the first half of 2026.

當然，我們真的很期待——對即將到來的管道充滿期待，而 I-24 仍在等待貿易資格結果。I-85 的[預認證]已經公佈，所有這些建築預計將於 2026 年上半年建成。

In terms of construction order book, it has limited exposure to macroeconomic uncertainty. We have a lot of backlog in the US and Canada, but it's in a much more comfortable position. And in the past in the sense that the percentage of design and build projects in the early phases that is basically when you are finalizing design and you need to really quantify what is going to be built by subcontractors and with all the supplies you need to get for the final design, we don't have that. I mean the biggest one in the backlog that is the Ontario line project has price protection, and we don't have any sort of big design and bill like any managed lane in the early stages where really you have to derisk the project with final design and procurement.

在建築訂單方面，其受宏觀經濟不確定性的影響有限。我們在美國和加拿大有大量積壓訂單，但目前的處境要輕鬆得多。而在過去，從某種意義上說，早期階段的設計和建造項目的比例基本上是在你最終確定設計的時候，你需要真正量化分包商將要建造什麼，以及你需要為最終設計獲得的所有供應品，而我們沒有這樣做。我的意思是，積壓項目中最大的一個項目是安大略線項目，它有價格保護，而且我們在早期階段沒有任何大型設計和賬單，就像任何管理車道一樣，你實際上必須通過最終設計和採購來降低項目風險。

So with this condition and also with price indexation in other areas like Poland, Spain and so on, we think that we have limited exposure to the macroeconomic uncertainty Okay. So thanks for bearing with me through the presentation. Let's get into the Q&A.

因此，在這種情況下，以及波蘭、西班牙等其他地區的物價指數化的情況下，我們認為我們受到宏觀經濟不確定性的影響有限。感謝您耐心聽完我的演講。讓我們進入問答環節。

Yeah, thank you very much, Ernesto. So let's go into the DNA operator, please go ahead.

是的，非常感謝，埃內斯托。那麼讓我們進入 DNA 操作符，請繼續。

(Operator Instructions)

（操作員指示）

Luis Prieto from Kepler

開普勒的路易斯·普列托

Today, I had a couple, if I may. The first one I was wondering if you could help us with the math of Schedule 22 Extrapolating the rest of the year on the basis of revenue seasonality leads to a full year payment figure that I suspect is in the lower part of the consensus. Is there anything we need to take into account to better understand what is behind this figure?

今天，如果可以的話，我吃了幾個。第一個問題，我想知道您是否可以幫助我們計算附表 22 中的數字，根據收入季節性推斷今年剩餘時間的支出，得出全年的付款金額，我懷疑這個數字處於共識的較低部分。我們需要考慮什麼才能更好地理解這個數字背後的含義？

And the second question, if I look at US wide construction sector indicators in Q1 of structural macro indicators. Where as double-digit revenue growth suggests very strong outperformance versus the rest of the industry in the context of adverse weather? How should we interpret the situation?

第二個問題是，如果我看第一季美國建築業結構性宏觀指標。在惡劣天氣的背景下，兩位數的收入成長是否意味著其表現比行業其他公司更強勁？我們該如何解讀這種情況？

Thank you.

謝謝。

Luis, thanks for the questions. So I mean basically, what you said is regarding Schedules-22, is probably right. I mean, the consensus is wide. I mean, it's not that it has, let's say, a low variance. It has quite a wide variance. If you look at the just the mean Probably, you are right that, I mean, revenues estimates that -- the Street has with this kind of percentage would be lower than what -- the Street has.

路易斯，謝謝你的提問。所以我的意思是，基本上，你所說的關於 Schedules-22 的內容可能是正確的。我的意思是，共識很廣泛。我的意思是，它並不是具有低方差。它的差異​​相當大。如果您看一下平均值，那麼您可能是對的，我的意思是，華爾街的這種百分比的收入估計會低於華爾街的實際收入。

But as I said, there's a lot of variance -- and as you rightly said, it will depend on performance going forward. But as a percentage of revenues, Yes, I mean, there's nothing to add to your way of reasoning. In terms of the second one, the weather performance, I think that the backlog of weather is what we could call our -- well, bread and butter is a little bit of our exaggeration because it's the typical size of contract in road construction and civil construction that is where we excel.

但正如我所說，存在很大差異——正如你正確指出的那樣，這將取決於未來的表現。但是作為收入的百分比，是的，我的意思是，沒有什麼可以補充你的推理方式。就第二個方面，即天氣表現而言，我認為天氣積壓就是我們可以稱之為的——好吧，麵包和黃油有點誇張，因為這是我們擅長的領域，道路建設和土木工程的典型合約規模。

And probably, it has had less complexities in that regard. And also that relates to, let's say, our perception that the risk in our order book is much more limited than maybe in past years.

並且可能在這方面它的複雜性較低。這也與我們認為訂單中的風險比過去幾年要有限得多有關。

Thank you.

謝謝。

Graham Hunt from Jefferies

傑富瑞的格雷厄姆·亨特

Just 2 from me. First one, I just wanted to dig into this exceptionally strong pricing you've reported in Q1 across both 407 and the Managed Lanes. And you referenced customer segmentation as being a a key driver of being able to achieve this. Can you just speak to a little bit more color on that in terms of maybe what you're doing differently? And also how you're seeing elasticity if it's changed at all for those assets given the very strong pricing we saw.

我只有 2 個。首先，我只是想深入了解您在第一季報告的 407 和管理車道中異常強勁的定價。您提到客戶細分是實現這一目標的關鍵驅動因素。您能否更詳細地講一下您所做的不同之處？而且，考慮到我們看到的非常強勁的定價，如果這些資產的彈性改變，您會看到什麼變化？

And then second question, just on the US line sort of seeing volumes starting to pick up more meaningfully there from a low level, I guess. But -- is there anything that you're seeing on the ground you're hearing from US investors that you can speak to in terms of getting more interactions there? And also given we're, I guess, around 12 months away from new Terminal 1, starting to open? Is there a Capital Markets Day that we could look forward to in 2026?

然後是第二個問題，我猜只是在美國線上看到交易量開始從低水平更有意義地回升。但是—您在現場看到、聽到美國投資者的哪些消息，可以與您談談如何與美國投資者進行更多互動嗎？而且我猜距離新的 1 號航站樓開始開放還有大約 12 個月的時間？2026 年是否有值得我們期待的資本市場日？

Okay. Thanks, Graham. So yes, when we're talking to customer segmentation, promotions in the 407 are tailored. I mean they are along rush hours, all of them, but for instance, you would have some that you can use, if you have, let's say, a minimum consumption. So heavy users use that. Others that are more infrequent users could have more of possibility to taste and use.

好的。謝謝，格雷厄姆。所以是的，當我們談論客戶細分時，407 中的促銷活動都是量身定制的。我的意思是它們全都在高峰時段，但是例如，如果你有最低消費，你就可以使用一些。所以重度使用者會使用它。其他不經常使用的人可能有更多的機會品嚐和使用。

So we are kind of addressing promotions in a slightly different manner to two different segments. And that's for the 407. In the US managed lanes, also with differentiated more accurately heavy traffic in different components and that also has helped. And as I said, we have a higher percentage of heavies or similars in our roads, and that's also, of course, helping, as I mentioned before, the math around the Mandatory Mode. So that is probably all I want to comment at this point in time.

因此，我們針對兩個不同的細分市場採取了略有不同的促銷方式。這就是 407 的情況。在美國，車道管理也能更準確地區分不同地區的交通擁堵，這也有幫助。正如我所說，我們的道路上重型車輛或類似車輛的比例更高，當然，正如我之前提到的，這也有助於強制模式的數學計算。這可能就是我現在想要評論的全部內容。

In terms of elasticity, really, people make the trips that they need to do, and that's where our capacity is available when it's most needed, right? So I guess that elasticity is low just because of that. I mean it's really needed. The second question that was regarding the US line, I think that several things are coming into position.

就彈性而言，實際上，人們會進行他們需要的出行，而我們的運力在最需要的時候就可以使用，對嗎？所以我猜想彈性低就是因為這個原因。我的意思是這確實是必要的。第二個問題是關於美國立場的，我認為有幾件事正在顯現。

Right now, if you notice the trading that has extended to different platforms in the US is above the levels needed to qualify for NASDAQ indices inclusion and probably also that is positively affecting some kind of circularity there. And together, of course, with a wider outreach, so the feedback from investors remains the same. I mean, they like the business and the pricing dynamics of our assets is.

現在，如果您注意到擴展到美國不同平台的交易已經超過了納斯達克指數納入所需的水平，那麼這可能也會對那裡的某種循環產生積極影響。當然，再加上更廣泛的推廣，投資人的回饋仍然保持不變。我的意思是，他們喜歡我們的業務以及資產的定價動態。

If on top of that, you have the possibility of growing with the pipeline that's that -- I mean, that compounds, right? So regarding the US line, that's already had to comment now. And then regarding NTO, you like, it's a crucial major. We haven't discuss any capital markets day, but sure that in -- I mean after opening and ramping up, I mean more information will be needed to be discussed about NTO.

如果除此之外，您還有隨著管道發展而增長的可能性，那就是——我的意思是，這是複合的，對吧？因此，關於美國的立場，現在已經必須發表評論了。然後關於 NTO，它是一個至關重要的專業。我們還沒有討論任何資本市場日，但可以肯定的是 - 我的意思是在開放和加速之後，需要討論有關 NTO 的更多資訊。

Right now, it's about delivering and just pressing on the schedule and the negotiating with airlines to ramp-up, right? So it's early days to talk about when, but I mean, what you say is natural. I mean, after opening, it would be natural to discuss more of the dynamics of the business.

現在，我們只需要交付並按時交付，以及與航空公司協商增加產量，對嗎？所以現在談論時間還為時過早，但我的意思是，你所說的是自然的。我的意思是，開業之後，討論更多業務動態是很自然的。

Ruairi Cullinane from RBC.

來自 RBC 的 Ruairi Cullinane。

The first question on I-77, would you be able to comment on sort of how revenue or revenue per transaction growth in March compared to the 1Q average, given the reopening of I-40? And secondly, on you for the comments on exposure to geopolitical risk in construction. I was just wondering if you thought -- I was seeing any sort of labor availability issues given the new administration's approach to integration?

關於 I-77 的第一個問題，鑑於 I-40 重新開放，您能否評論一下 3 月份的收入或每筆交易收入的增長與第一季平均水平相比如何？其次，感謝您對建築業地緣政治風險的評論。我只是想知道您是否認為——鑑於新政府的整合方式，我是否看到了任何類型的勞動力可用性問題？

Thank you.

謝謝。

Thanks. Well, the I-77, really the reopening of the I-40 was to, let's say, a full reopening. So we still benefited early on in the quarter of more heavy traffic around the corridor of the I-77 and then, of course, our dynamic pricing took advantage of that, right?

謝謝。嗯，I-77，實際上 I-40 的重新開放可以說是全面重新開放。因此，我們在本季度初期仍然受益於 I-77 走廊周圍交通更加繁忙的情況，當然，我們的動態定價也利用了這一點，對嗎？

And that's what drove the good performance in the revenue per transaction. And overall, the underlying performance of the region. Even though, as I mentioned, all our North American roads had worse weather than in 2024. And of course, they didn't have the February additional day, right?

這就是推動每筆交易收入表現良好的原因。總體而言，該地區的基本表現。儘管如此，正如我所提到的，我們所有北美道路的天氣都比 2024 年更糟。當然，他們沒有二月的額外一天，對嗎？

Regarding what you were talking about geopolitical risk in terms of resources in in construction. Well, we have probably more on resources recently, and we haven't seeing really pressure there. So it certainly this, we will have to see later on. And if there's all activity, and there's some limitations, but not in our workforce that it's all, let's say, validated workforce with all the permits and so on. So we don't see really pressures now? I mean who knows in the future.

關於您所談論的建設資源方面的地緣政治風險。嗯，我們最近可能有更多的資源，但我們並沒有看到真正的壓力。所以這肯定是事實，我們稍後再看。如果存在所有活動，並且存在一些限制，但不在我們的勞動力中，那麼可以說，所有勞動力都是經過驗證的，擁有所有許可證等等。所以我們現在並沒有看到真正的壓力？我的意思是誰知道將來會發生什麼。

Elodie Rall from JPMorgan

摩根大通的 Elodie Rall

Yes, hi, thanks for taking my questions. So I have a couple. First of all, on the 407, I was wondering if you could give us a bit of insight about your overall expectations for the year, if we could be seeing traffic heading back the 2019 level? And still on the 407, we've seen that you increased your stake there, but you still remain below 60% and you don't want to -- you don't seem to want to consolidate the asset whereas maybe it would be helpful for maybe US investors to simplify the structure of the group and have that included in the EBITDA. So I was wondering what your thoughts were on on that if you ever would want to try to consolidate?

是的，你好，謝謝你回答我的問題。所以我有幾個。首先，關於 407，我想知道您是否可以向我們介紹一下您對今年的整體預期，我們是否可以看到交通量回到 2019 年的水平？仍然在 407 上，我們看到您增加了在那裡的股份，但您的持股比例仍然低於 60%，而且您不想 - 您似乎不想合併資產，而也許簡化集團結構並將其納入 EBITDA 對美國投資者會有所幫助。所以我想知道，如果您想嘗試鞏固的話，您對此有何想法？

And then on -- generally on the feedback from US investors, I was wondering how is liquidity progressing with regard to the potential NASDAQ listing? Do you think there's a chance there to be including this year -- and if not, what kind of pushback you're getting from US investors? Are they asking maybe for more forward-looking guidance on your side?

然後——總體來說，根據美國投資者的回饋，我想知道在納斯達克上市的流動性進展如何？您認為今年有可能實現這項目標嗎？如果沒有，您會受到美國投資者什麼樣的阻力？他們是否要求您提供更多前瞻性的指導？

Thanks very much.

非常感謝。

Okay. Thanks, Elodie. So yes will cover them. Hopefully, I won't forget any of them. Well, regarding traffic for the 407, we don't provide guidance here. If it could come back to 2019 levels. I said we don't provide this kind of guidance. It's true that mobility has increased back to the office mandates and also traffic promotions.

好的。謝謝，Elodie。所以是的，將會涵蓋它們。希望我不會忘記其中任何一個。嗯，關於 407 的交通狀況，我們這裡不提供指導。如果它能回到2019年的水準。我說我們不提供這種指導。確實，流動性已經增加到了辦公室要求和交通促進的程度。

In general, there's more mobility in the region. We'll see. We don't provide guidance and also we'll see how the GDP performs in the remainder of the year, so far, so good, but we'll have to see. Regarding the 407 transaction and participation. Well, there is an opportunity to do a grade investment. I would say a little bit agnostic about the more or less of the 50% because in terms of simplifying to US investors, I think that these assets need to have disclosure of their performance in an independent manner, right? So the 407 [publicism] and MD&A. We give information about it. And with US investors, we really show where to focus on for analyzing these assets.

總體而言，該地區的流動性更強。我們將拭目以待。我們不提供指導，我們也會觀察今年剩餘時間內 GDP 的表現，到目前為止，一切都很好，但我們還得拭目以待。關於407交易和參與。嗯，有機會做等級投資。我想說，對於 50% 的多或少我有點懷疑，因為從簡化美國投資者的角度來看，我認為這些資產需要以獨立的方式披露其表現，對嗎？因此是 407 [公關] 和 MD&A。我們提供有關它的資訊。對於美國投資者，我們確實展示了分析這些資產時應關注的重點。

So I mean this -- I wouldn't say it's a driver just for cosmetic reasons, all our decisions would be based on financial attractiveness of any investment. The -- the asset is in great shape, as you see, but I mean no specific appetite for being above or under 50%. Regarding liquidity in the US, if you follow the liquidity. Yes, we are trading above the minimum required by NASDAQ. Of course, the aim is to increase that much further and there is outreach with US investors.

所以我的意思是——我不會說它只是出於表面原因的驅動，我們所有的決定都將基於任何投資的財務吸引力。如您所見，資產狀況良好，但我的意思是，沒有特定的興趣高於或低於 50%。關於美國的流動性，如果你專注於流動性。是的，我們的交易額高於納斯達克的最低要求。當然，我們的目標是進一步增加這個數字，並與美國投資者接觸。

US investors is true that they focus allowed on dividends, dividend expectations. We have dividend guidance for three years. And probably after that is, let's say, exhausted, we would need to revisit that again going forward. That's probably the likely ask that we get from them, right? So they are really warming up to, let's say, a business that they don't have in any other company in the in the US So I think that the outreach is working, but we need to go much further. So I think I covered everything Elodie, don't know if I missed anything?

美國投資者確實關注股息和股息預期。我們有三年的股利指引。並且可能在那之後，可以說，筋疲力盡了，我們需要再次重新審視這個問題。這很可能是他們可能會問我們的問題，對嗎？所以他們確實在熱身，比如說，他們在美國其他公司都沒有的業務，所以我認為外展工作正在發揮作用，但我們需要走得更遠。所以我認為我已經涵蓋了 Elodie 的所有內容，不知道我是否遺漏了什麼？

No, that's fine. Thanks very much.

不，沒關係。非常感謝。

Thank you.

謝謝。

Marcin Wojtal from Bank of America

美國銀行的 Marcin Wojtal

I have a couple of questions. Again, going back to the acquisition of an additional stake in the 407 ETR. Could you explain if you actually give you anything incremental in terms of governance. Do you get an incremental influence over ETR price increases and dividend payments since you are now the largest shareholder in the assets.

我有幾個問題。再次回顧收購 407 ETR 的額外股份。您能否解釋一下，在治理方面您是否確實給予了您任何增量？由於您現在是資產的最大股東，您是否對 ETR 價格上漲和股息支付產生了增量影響。

And my second question relates to equity IRR. I believe you have previously commented that generally on new projects, you're looking for double-digit equity IRRs. So can you confirm that this transaction at the price that was agreed also generates a double-digit equity IRR for Ferrovial?

我的第二個問題與股權內部報酬率 (IRR) 有關。我相信您之前曾評論過，一般來說，對於新項目，您會尋求兩位數的股權 IRR。那麼，您能否確認，以商定的價格進行的這筆交易也為 Ferrovial 帶來了兩位數的股權內部報酬率 (IRR)？

Thank you.

謝謝。

Thank you, Marcin. Regarding the 407 governance, I mean, the transaction has to be finalized before any sort of common, right? So no comments on the transaction, will wait until it's closed.

謝謝你，Marcin。關於 407 治理，我的意思是，交易必須在任何類型的共同行為之前完成，對嗎？因此對交易不做任何評論，將等到交易結束後再做評論。

In the IRR component, yes, we aim for double digit when there's construction risk, it has to be higher than when it's brownfield, but yes, I can confirm that we were aiming for the levels you were mentioning, but I mean, tighter than when you have a greenfield risk.

在 IRR 組件中，是的，當存在建設風險時，我們的目標是兩位數，它必須高於棕地風險時，但是是的，我可以確認我們的目標是您提到的水平，但我的意思是，比有綠地風險時更嚴格。

Thank you.

謝謝。

[Dario Marione] from BNP

[Dario Marione] 來自法國國家銀行

Hi, good afternoon. Thanks for taking my questions. I have 4. The first one on US managed lane. How sensitive do you think traffic is to US GDP.

嗨，下午好。感謝您回答我的問題。我有 4 個。美國管理車道上的第一條。您認為交通對美國 GDP 有多敏感。

Second question, which is linked to this question before. Could you give us some color on the profile of people who use the US managed lanes?

第二個問題，與先前的問題相關。您能否向我們介紹一下使用美國管理通道的人員的概況？

Third question on the 407 ETR, of course, it's great to see tariff and revenue going up. Is there like a political backlash improving? And if you give us an update on this?

關於 407 ETR 的第三個問題，當然，看到關稅和收入上漲是件好事。政治反彈是否有改善？您能提供我們一下最新進展嗎？

And finally, fourth question on the NTO JFK. Ferrovial might be able to replicate this model in other airports. In terms of financial attractiveness of IRR, how do these projects in airport compared to US managed lanes?

最後，第四個問題是關於 NTO JFK 的。Ferrovial 或許能夠在其他機場複製這種模式。就 IRR 的財務吸引力而言，這些機場專案與美國管理的航線相比如何？

Okay. Thanks for the questions. I mean, the first one was how traffic is related to US GDP. Of course, traffic is always positively correlated to the regional GDP, I would say, more than the and country okay? So I mean we don't provide exact details of how it's -- I mean, that kind of number, but it's positively correlated.

好的。感謝您的提問。我的意思是，第一個問題是交通量與美國 GDP 之間的關係。當然，交通量總是與地區 GDP 呈正相關，我想說，比整個國家都高，好嗎？所以我的意思是我們沒有提供確切的細節來說明它是怎樣的——我的意思是，那種數字，但它是正相關的。

The second one that was regarding the profile of users. Well, it's different on each managed blame, but I would say it covers all the segments, in all of them, right? But I mean, let's say that the 35 West is more related to, let's say, a more commercial heavy traffic that maybe has longer routes. The NT12 has a variety, but also has commercial traffic, probably more and more local and also connectivity to the airport.

第二個是關於使用者的個人資料。嗯，每個管理責任都不同，但我想說它涵蓋了所有部分，對嗎？但我的意思是，假設 35 西線與商業交通更加密切相關，交通更加繁忙，路線可能更長。NT12 有多種類型，但也有商業交通，可能越來越多地是本地交通，也與機場相連。

The LBJ is -- probably has a higher component of people that live in suburbs, but also how many is a ring road that connects to the airport. But I mean, having that sort of let's say more of a profile. I mean they all have a variety of of profiles and usually a high percentage of the customers. And you see several times each week, right, up to 3%. So there's a little bit more information of this on the fact book that I would say that -- I mean, they cover all the spectrum of customers with -- I mean, higher share of some type of customers on each road according to its profile.

LBJ —— 可能有更多人居住在郊區，但有多少環路連接機場。但我的意思是，擁有這樣的形象，可以說更有個性。我的意思是他們都擁有各種各樣的個人資料，並且通常擁有很高比例的客戶。每週你都會看到幾次，高達 3%。因此，事實手冊中對此有更多介紹，我想說的是——我的意思是，它們涵蓋了所有類型的客戶——我的意思是，根據每條道路的概況，某些類型的客戶在每條道路上所佔的份額更高。

Then the 407, you were talking about political backlash. I mean the only thing that is public is that they have asked to start the feasibility study of tunnel under the 401 that is the parallel route to the 407, so that has started. No other public comments that I'm aware of, let's say, in the quarter, in the end of the quarter.

然後是 407，你談到了政治反彈。我的意思是，唯一公開的消息是，他們已經要求啟動 401 號公路下方隧道的可行性研究，該隧道是 407 號公路的平行路線，所以這項研究已經開始了。據我所知，在本季或本季末沒有其他公開評論。

Regarding the NTO, the JFK, well, in the US, there could be opportunities with terminals in other airports along the road, but I mean there's not say anything that could be readily available or public right now closing time. It could be replicated.

關於 NTO、JFK，嗯，在美國，沿途其他機場的航站樓可能也有機會，但我的意思是，目前還沒有任何東西可以隨時使用或公開關閉時間。它可以被複製。

Regarding the attractiveness vis-a-vis managed lanes where they are different. All of them are needed assets and all the attractiveness also moves a long time depending on how much of capacity is used and the demand is coming up, right? So in terms of airports and in particular, in JFK, the medium- to long-term prospects of international travel are very strong and the ICAO and all these agencies are forecasting important growth and that's where a lack of capacity kicks in and makes them were attractive.

至於與管理車道相比的吸引力，它們是不同的。所有這些都是必需的資產，而且所有的吸引力也會隨著產能的使用量和需求的增長而變化，對嗎？因此，就機場而言，特別是甘迺迪機場，國際旅行的中長期前景非常強勁，國際民航組織和所有這些機構都預測會有重要的成長，而這正是容量不足的原因，使它們具有吸引力。

In the managed lanes, normally, the capacity is more limited at the beginning, but I won't comment on IRRs. So this, in the end, depend on this performance regarding offer and demand that I was mentioning.

在管理車道中，通常一開始容量比較有限，但我不會對 IRR 發表評論。所以，這最終取決於我提到的供需表現。

Manuel Arroyas from Grupo Santander.

來自桑坦德集團的曼努埃爾·阿羅亞斯。

I have 3, if I may. On NTO. You mentioned the company has agreements with 18 airlines, which seems a very fine number of contracts. How many more agreements are needed before the airport can be full. I know this can be a bit subjective, but I want to get some kind of assessment from you.

如果可以的話，我有 3 個。在 NTO 上。您提到該公司與 18 家航空公司簽訂了協議，這似乎是一個非常好的合約數量。還需要多少協議才能使機場滿員？我知道這可能有點主觀，但我想從您那裡得到某種評估。

On the managed lanes, you mentioned a number of effects that influence traffic and pricing in the quarter. But I was wondering if there was an unusually high share of heavy vehicle traffic in the quarter. Maybe trucks coming from Mexico in anticipation of higher tariffs and maybe this is something we should consider for the quarters ahead, if there is a normalization in this respect?

關於管理車道，您提到了一些影響本季交通和定價的因素。但我想知道本季重型車輛交通的比例是否異常高。也許卡車來自墨西哥，預計關稅會提高，也許這是我們在未來幾季應該考慮的事情，如果這方面的情況正常化？

And lastly, on the acquisition of 5% stake in 407 ETR, I think in March, you mentioned the transaction included 2 steps. And maybe this is not as clear in yesterday's earnings materials. I mean you mentioned that the closing could happen in the Q2. I was wondering if these 2-step transaction still holds or if it can conclude it in one go? And if it is the former, if it will take up to 18 months what needs to happen before Ferrovial can buy the full 5% stake? Can it be bought out earlier? And if so, considerably by a lower price than the price you quoted?

最後，關於收購 407 ETR 5% 的股份，我記得在三月您提到過該交易包括兩個步驟。也許這在昨天的收益資料中並不那麼明顯。我的意思是您提到交易可能會在第二季完成。我想知道這兩步驟交易是否仍然有效或是否可以一次性完成？如果是前者，那麼如果需要長達 18 個月的時間，Ferrovial 需要做什麼才能購買全部 5% 的股份？可以提前買完嗎？如果是的話，價格會比您報的價格低很多嗎？

Okay. And let's see if I cover them all, if not you you let me know.

好的。讓我們看看我是否涵蓋了所有內容，如果沒有，請告訴我。

Yes, in terms of NTO, yes, 18 is a lot of airlines really new Terminal 1 is not based on a domestic carrier combined with international. It's fully international. So you should expect a bigger number right? And in terms of capacity, I think that the JFK will be more constrained in capacity, some years down the road, not in the -- let's say, 31st years of operation, I would say, probably you will start seeing something closer to capacity beyond that year.

是的，就 NTO 而言，是的，18 家航空公司確實很多，新的 1 號航站樓不是基於國內航空公司與國際航空公司的結合。它是完全國際化的。所以你應該期待一個更大的數字，對嗎？就容量而言，我認為甘迺迪機場的容量在未來幾年會受到更多限制，而不是在——比如說，運營的第 31 年，我想說，在那一年之後，你可能會開始看到更接近容量的情況。

So no, in the initial stages, there's going to be capacity and terminals competing for this international traffic, right?

所以，在初始階段，會有容量和終端爭奪國際流量，對嗎？

In terms of of the managed lanes effects that you were mentioning. I I would say that the Mexico effect that you were commenting, if anything would affect the 35 West, we don't have any specific indication in this regard, would have been flattered a little bit. We haven't seen patterns very different from what we expected, right? So it's difficult to tell.

就您所提及的管理車道效果而言。我想說的是，您所評論的墨西哥效應如果真的會影響西方 35 國，我們在這方面沒有任何具體的跡象，我們會感到有點受寵若驚。我們並沒有看到與我們預期有很大差異的模式，對嗎？所以很難說。

The others are not affected by this type of traffic, right? So the fact that we are seeing more heavies as a percentage is something that I wouldn't see as unusual going forward. Of course, we'll have to monitor. But I mean, the effect you mentioned could if anything, would only have applied to 35 west was but we don't have specific data that I could outline to you.

其他人不會受到這種交通的影響，對嗎？因此，我們看到重量級人物的比例越來越高，我認為這在未來並不是什麼不尋常的事。當然，我們必須監控。但我的意思是，您提到的影響如果有的話，只適用於 35 西，但我們沒有可以向您概述的具體數據。

In terms of the transaction of the 5% or 6% of the yes, what we mentioned is still holds. It's a process. The second one, there is an incentive to pay earlier rather than wait for the 18 months. The details, you will see when it's executed, right? So as I said, there's an incentive once it's approved, you'll see the details when the transaction effectively closes financially. I'm sorry, I cannot comment more at this point in time. But I mean the press release holds still.

就交易的5%或6%而言，我們提到的仍然成立。這是一個過程。第二，人們有動力提前付款，而不是等到 18 個月。詳細信息，執行的時候就會看到，對嗎？正如我所說，一旦獲得批准就會有激勵，當交易在財務上有效結束時您將看到詳細資訊。抱歉，目前我無法發表更多評論。但我的意思是新聞稿仍然有效。

Thank you.

謝謝。

Christian Natalie from UBS.

瑞銀的 Christian Natalie。

Hi, thank you very much. Maybe the first question on the 407. We have the average revenue per trip of 22% in Q1. It's obvious that January was higher, but could you help us a bit, month by month and how did March look in particular in terms of average revenue per trip growth year over year in the context of the discounts that we introduced, just trying to get a better feel going forward how we should think about about this line.

你好，非常感謝。也許是有關 407 的第一個問題。我們第一季每次出行的平均收入為 22%。顯然，一月份的收入較高，但您能否幫助我們逐月了解一下，特別是三月份在我們推出的折扣背景下，每次旅行的平均收入同比增長情況如何，只是想更好地了解未來我們應該如何看待這條路線。

Secondly, for the US lanes, could you give us, could you help us a bit with the mix between heavy and light vehicles on revenues or on volumes for the US lanes and if I understood well coming back to the previous question, so are you saying that what you're seeing in Q2, despite the US tariffs and despite the freight disruptions. You still see the heavy traffic persisting, so it's still sort of the mix is positive. There's more heavy traffic coming in. Is this the message you're trying to convey at the prior question?

其次，對於美國航線，您能否給我們提供一些關於重型和輕型車輛在美國航線上的收入或運輸量組合情況的信息，如果我理解正確的話，回到上一個問題，那麼您是說儘管美國徵收了關稅，並且貨運中斷，但您在第二季度仍然看到了這種情況。你仍然會看到交通擁堵持續存在，因此這種組合仍然是正面的。進來的車輛更加擁擠了。這是您在前一個問題中想要傳達的訊息嗎？

And the last one, if I may. Just on FX, could you talk a little bit about the P&L translation headwind as the dollar and the Canadian dollar depreciated versus the EUR? Now I know you have FX hedges in place that cover you well, but could you elaborate a little bit on the duration of those FX hedges and when do we actually start to see a headwind to your P&L due to the FX translation?

如果可以的話，這是最後一個。就外匯而言，您能否談談由於美元和加元兌歐元貶值而對損益表翻譯造成的不利影響？現在我知道您已經採取了外匯對沖措施，可以為您提供良好的保障，但您能否詳細說明一下這些外匯對沖的持續時間，以及我們何時真正開始看到外匯轉換對您的損益造成不利影響？

Thank you.

謝謝。

Okay. So well, the first thing to clarify, -- what I mentioned is when you talk about heavy traffic from Mexico and so on, probably the road that could be more exposed to that is the 35 West, but we don't have the granularity to determine if this was caused by an activity of, let's say, pre-stocking ahead of tariffs, right? So we didn't see anything that really stood out in the data we have, but that would need further analysis.

好的。那麼，首先要澄清的是——我提到的是，當你談到來自墨西哥等地的交通擁堵時，可能受影響最大的道路是 35 號西線公路，但我們無法確定這是否是由關稅前的預先備貨活動造成的，對嗎？因此，我們沒有在現有數據中看到任何真正突出的東西，但這需要進一步分析。

What I say is that probably the NTE A12 and the LBJ don't see that kind of traffic, right? So it's more of the of the normal activity and the types of heavies that we see are not all this kind of heavy long distance, right? So that's what I mentioned that -- I mean this kind of mix probably in LBJ and in T12 is something that could be punctual. It's something that we are probably more likely to see going forward.

我說的是，NTE A12 和 LBJ 可能不會遇到這種交通狀況，對嗎？所以這更多的是一種正常活動，而我們看到的重型運輸類型並不都是這種重型長距離運輸，對嗎？這就是我提到的——我的意思是這種混合可能在 LBJ 和 T12 中是可以準時的。這是我們未來更有可能看到的事情。

And with the 35 West, we will need to monitor data and analyze that going forward. That is what I mentioned. Regarding the FX, basically, do you have in the note, the comparison, the reason the transition was slightly better. Is that the average was slightly appreciated the first quarter of 2025, even though the dollar depreciated at the end, the average was let's say, better this year than last year, in particular in US, that's the reason why translation affects right?

對於 35 West，我們需要監控數據並進行分析。這就是我提到的。關於 FX，基本上，您是否在註釋中、比較中說明了過渡效果稍好一些的原因。2025 年第一季的平均值略有升值，儘管美元在年底貶值，但今年的平均水平比去年要好，尤其是在美國，這就是翻譯受到影響的原因，對嗎？

In terms of of FX hedges. Our FX hedges that hedge cash flow and investment are -- I mean, I'm just giving bulk numbers, like EUR2.2 billion of US dollars and they are around EUR600 million, give or take on Canadian hedges for for dividends, right? But these are forecast and for investment, right? So we don't hedge accounting results. We do that for cash and net investment purposes, right? So that -- I mean those should be helping the, let's say, net debt figures going forward rather than the accounting translation.

就外匯對沖而言。我們對沖現金流和投資的外匯對沖是 - 我的意思是，我只是給出大量數字，例如 22 億歐元的美元，大約是 6 億歐元，包括加拿大對股息的對沖，對吧？但這些都是預測，用於投資，對嗎？所以我們不對會計結果進行避險。我們這樣做是為了現金和淨投資目的，對嗎？所以——我的意思是這些應該有助於未來的淨債務數字，而不是會計翻譯。

On the 407, the average revenue per trip any more color you can --

在 407 號公路上，每次行程的平均收入，你可以--

Okay. Yes, sorry. Well, that -- yes, the 22% is high. Do we don't provide any guidance, but definitely 22% cannot be extrapolated. It has to be something lower. I mean, we providing specific guidance here. Just -- sorry for that, but definitely don't extrapolate the 22%, it has to be definitely lower.

好的。是的，抱歉。嗯，是的，22% 很高。我們沒有提供任何指導，但 22% 肯定不能推論。它必須更低一些。我的意思是，我們在這裡提供具體的指導。只是——對此感到抱歉，但絕對不要推斷出 22%，它肯定要低一些。

Nicolas Mora from Morgan Stanley..

摩根士丹利的 Nicolas Mora......

So just a couple from me, please. Just on looking big picture, the North American motorways I mean, on a proportional basis, you've pushed prices around mid-double digits in Q1. That's again a pretty tough traffic backdrop, do you feel comfortable you can flex -- continue to flex pricing at such levels for a lot longer, even with 0 traffic growth just with mix of traffic with dynamic pricing. I mean, NT's been up for, what, 11 years, LBJ years, 35 years. So we way past the ramp-up here. So just wondering how long we can extrapolate, I cannot perform it.

請允許我分享幾個。僅從總體來看，我的意思是，按比例計算，北美高速公路的價格在第一季已經上漲了大約兩位數。這又是一個非常艱難的流量背景，您是否覺得可以靈活調整 - 繼續在這樣的水平上靈活定價更長時間，即使流量增長為 0，只需將流量與動態定價相結合。我的意思是，NT 已經執政 11 年了，LBJ 執政 35 年了。因此，我們已經遠遠超出了這裡的上限。所以只是想知道我們能推斷多久，我無法做到。

And then question number two, just on dividend stream from the US managed lanes. Where do we stand on potential for any refinancing releveraging? What's your stance right now with US 10-year yields at 4.5%.

第二個問題是關於美國管理航線的股利流。我們對再融資再槓桿的潛力有何看法？目前美國 10 年期公債殖利率為 4.5%，您的立場是什麼？

Thank you.

謝謝。

Thank you, Nicolas. Well, really the pricing dynamics in the managed lanes really are around mandatory remote on top of the, let's say, the inflation of lift that we get every year. Mandatory Modes are not easy to forecast.

謝謝你，尼古拉斯。嗯，實際上，管理車道的定價動態實際上是圍繞強制性遠端控制，再加上我們每年獲得的升力膨脹。強制模式不容易預測。

The truth is that the underlying -- I mean, not getting into the macro uncertainty, but the underlying trends of these areas are for continued population and business growth, right? So that's more activity and our available capacity is more valuable, right? So yes, you could see that going forward, but it's not that you can extrapolate any of these trends, but you're likely to see Mandatory modes because of these underlying trends that I that I mentioned, we're producing in the future.

事實是，潛在的——我的意思是，不涉及宏觀不確定性，但這些地區的潛在趨勢是人口和商業持續增長，對嗎？所以這意味著更多的活動並且我們的可用容量更有價值，對嗎？所以是的，你可以看到未來的發展，但這並不意味著你可以推斷任何這些趨勢，但你可能會看到強制模式，因為我提到的這些潛在趨勢，我們將來會生產這些趨勢。

I guess it's complicated for you guys to forecast this, but it's is the way it is. I mean a lot about the activity in the region and concentrating in peak terms is even more and more valuable, right? So look at the -- always at the long-term trends in terms of population and business and those underlying trends remain strong in Dallas forwards. Of course, now we have this macro uncertainty. We'll see in the coming months how it works. But definitely, the long-term underlying trend is there.

我想你們很難預測這一點，但事實就是如此。我的意思是，該地區的許多活動以及在高峰期的集中活動都越來越有價值，對嗎？因此，請始終關注人口和商業方面的長期趨勢，這些潛在趨勢在達拉斯未來依然強勁。當然，現在我們面臨這種宏觀不確定性。我們將在接下來的幾個月中看到它是如何運作的。但可以肯定的是，長期的潛在趨勢是存在的。

Regarding the gearing, and we usually don't comment on this when there's an opportunity, what we think is feasible, we just take it and communicate that. But at the moment, there's nothing to announce, right? So we will be commenting a long time. Sorry that we don't provide the specific guidance. But the only guidance we have provided here is the dividends from the from projects that we gave in the Capital Markets Day. And of course, that holds. So we will be telling once we do some we will be telling to the market.

關於槓桿，當有機會時，我們通常不會對此發表評論，我們認為可行的事情，我們只是抓住並傳達。但目前還沒有什麼可以宣布的，對嗎？因此我們將會進行長時間的評論。抱歉，我們沒有提供具體的指導。但我們在這裡提供的唯一指導是來自資本市場日給出的項目的紅利。當然，這是成立的。因此，一旦我們採取了一些行動，我們就會告訴市場。

Okay. And if I may, just a follow-up just on the mandatory pricing. So from the pricing you show on the web, I mean you've got NTE and NT 35W switching a few times during the week to monitor pricing. We -- you expect that in the short term to expand, especially LBJ into next year with more feeder traffic -- coming from the Department of Transport management?

好的。如果可以的話，我想就強制定價問題進行一下跟進。因此，從您在網路上顯示的價格來看，我的意思是您在一周內將 NTE 和 NT 35W 切換幾次以監控價格。我們—您預計短期內會擴大，特別是明年 LBJ 會有更多的支線交通—來自交通部的管理？

Well, as I said, we don't provide guidance here. LBJ still has to see how the adjacent roads are finished to see more of the traffic growth. But still, I mean, the adjacent roads -- they will have a work throughout 2026, if I am correct. So maybe in 2027, we will see the opening. And from there on, we could see some ramp up, right? So right now, we haven't been there. We haven't been close to the mandatory modes. We don't provide guidance, but I mean, definitely, still, there's works around the the , right? So we will need probably to see the reopening to start gauging more the Mandatory Modes.

嗯，正如我所說，我們這裡不提供指導。LBJ 仍需觀察鄰近道路的完工情況才能看到更多的交通成長。但是，我的意思是，如果我沒記錯的話，相鄰的道路將在 2026 年全年進行施工。所以也許在 2027 年，我們就會看到它的開幕。從那時起，我們就能看到一些進步，對吧？所以現在我們還沒去過那裡。我們還沒有接近強制模式。我們不提供指導，但我的意思是，肯定還有相關的工作，對吧？因此，我們可能需要看到重新開放才能開始更多地衡量強制模式。

All right, thank you.

好的，謝謝。

Nicolo Pessina from Mediobanca

來自 Mediobanca 的 Nicolo Pessina

I have a couple of questions again on the 407ETR. I'm wondering if you could provide any qualitative comment on the promotions underway, maybe how many potential users have been targeted so far, and below level of acceptance and utilization of these promotions.

我又對 407ETR 有幾個問題。我想知道您是否可以對正在進行的促銷活動提供任何定性評論，例如到目前為止有多少潛在用戶成為目標，以及這些促銷活動的接受度和利用率如何。

And second question on the -- I understand that the 22% increase of the average ticket that cannot be extrapolated, does it suggest that the positive impact from a double toll increase in January is larger than the dilutive impact from the promotions in March.

第二個問題是——我理解平均票價上漲 22% 這一數字無法推斷，這是否意味著 1 月份通行費翻倍帶來的正面影響大於 3 月份促銷活動的稀釋影響。

Well, let's talk about the first of all, the number of customers under promotions. I mean, we've approach something like I mean, 1 million customers to give you a round number. Okay. So we'll keep covering the customer base along the year. So promotions go on and off. It's not that customers keep having promotions throughout the year. They will come on and off for some, but the idea is to really address the customer base as a whole.

好吧，我們先來談談促銷活動的顧客數量。我的意思是，我們已經接近了 100 萬客戶的數量，可以給你一個大概的數字。好的。因此，我們將全年持續涵蓋客戶群。因此促銷活動時斷時續。並不是客戶全年都不斷有促銷活動。對某些人來說，他們會斷斷續續地提供服務，但我們的真正目的是解決整個客戶群的問題。

In terms of the 22% increase, I mean we don't provide that detail, if one thing is superior to the others. What we really look is that if we forego some revenues because there's some, let's say, cannibalization, is being quite small and many times overtaken by the positive effect of more traffic is in the chat charge, right? So we monitor that. I won't get into if the 22% is more share than the effect of the promotions.

就 22% 的成長而言，我的意思是，如果某件事比其他事更優越，我們就不會提供詳細資訊。我們真正考慮的是，如果我們因為某些因素而放棄一些收入，那麼這種影響會很小，而且很多時候會被聊天費用中更多流量帶來的正面影響所抵消，對嗎？因此我們對此進行監控。我不會討論 22% 的份額是否大於促銷的效果。

Okay. And if I may, how many of those 1 million users, customers targeted with the promotions have used them.

好的。如果可以的話，請問在這 100 萬用戶中，有多少人，也就是促銷活動所針對的客戶，使用了這些產品？

That we are not providing, among other things, because that keeps evolving, they go on and off. And -- and this is something that it's early days. I mean, there's no point in us providing numbers now there.

除此之外，我們沒有提供這些東西，因為它們在不斷發展，它們時斷時續。而且 — — 這還只是早期的事。我的意思是，我們現在提供數字是沒有意義的。

Sure, fair enough. Thanks a lot.

當然，很公平。多謝。

Thank you.

謝謝。

Dario Marione from BNP.

法國國家銀行的 Dario Marione。

Thanks for taking a follow up question. It's actually on the 407 ETR, the Schedule 22 payment. Of course, one comment on the expectation for the full year. But in terms of how it will develop over the next few years, how do you see this developing will at some point stop the payment? Or we should expect a long-term cash outflow.

感謝您回答後續問題。它實際上是在 407 ETR，即附表 22 付款中。當然，對於全年的預期還有一則評論。但就未來幾年的發展而言，您認為這種發展最終會如何停止支付？或者我們應該預期長期現金流出。

Thanks

謝謝

Okay. Even though we don't provide a specific guidance, you should expect a Schedule 22 to keep going on? even just for one reason, I mean, the 407 provides a quality product that they have a speed of travel -- and that means that you cannot overdo that with traffic. We were expecting before the pandemic and the schedule 22 being the flavor of the -- but we were expecting the scale to payments that were substantial just because you have to keep providing that quality product. Otherwise, people will say, why are we paying for something if I'm surrounded by by hundreds of cars, right? So yes, expect Schedule 22 to be an ongoing thing of the nature, at least in the coming years.

好的。即使我們沒有提供具體的指導，您也應該期待第 22 條計劃繼續進行嗎？即使只是出於一個原因，我的意思是，407 提供了優質的產品，它們具有行駛速度——這意味著你不能在交通方面做得過火。我們在疫情爆發之前就預料到了，而第 22 條計畫就是其中的亮點——但我們預計付款規模會很大，因為你必須繼續提供優質產品。否則，人們會說，如果我被數百輛汽車包圍，我們為什麼還要花錢買東西？對吧？所以是的，預計第 22 條計劃將會成為一項持續進行的事務，至少在未來幾年內是如此。

Thank you.

謝謝。

There are no further questions from the conference call at this time. So I'll hand the conference back to Silvia Ruiz.

目前電話會議中沒有其他問題。因此我將把會議交還給 Silvia Ruiz。

Thank you. There's only one question coming from the webcast. Question coming from Fernando Lafuente from Alantra. Can you please provide more details on the pipeline for new assets, specifically motorways and US managed lanes, but also airports and other potential ventures?

謝謝。網路直播只有一個問題。來自 Alantra 的 Fernando Lafuente 提出了問題。您能否提供有關新資產管道的更多詳細信息，特別是高速公路和美國管理的車道，以及機場和其他潛在項目？

Okay. Well, the only thing that we can comment is on what's public pipelines. So the management pipeline that is public, you have in in Atlanta, the I-285 East and I 25 west big projects, you have another 2 in Tennessee, the I-24 is the first one to come out. Then you have the I-77 in North Carolina in Charlotte and also potentially the I-495 in in Virginia, right? And all this is what is kind of the public pipeline. We have details of this in the fact book. there is that hinges around competitive dialogues and so on and bespoke opportunities, I mean, can only be commentary at the moment they become public pipeline, right? So there's nothing to comment beyond that.

好的。好吧，我們唯一可以評論的就是什麼是公共管道。因此，公共管理管道在亞特蘭大有 I-285 東段和 I-25 西段大型項目，在田納西州還有另外兩個項目，I-24 是第一個建成的。那麼在北卡羅來納州夏洛特有 I-77 公路，在維吉尼亞州也有 I-495 公路，對嗎？所有這些都是公共管道。我們在事實書中對此進行了詳細說明。這取決於競爭性對話等以及客製化機會，我的意思是，只有在它們成為公共管道時才能進行評論，對嗎？因此除此之外沒有什麼好評論的。

We are really excited about this managed lanes opportunities. This infrastructure is really needed and the customer appreciation also fits positively into this business building up, and that's what we're looking forward as the main aim.

我們對這個管理車道的機會感到非常興奮。這種基礎設施確實是必要的，客戶的讚賞也對業務建設有積極的促進作用，這也是我們期待的主要目標。

Thank you very much, Ernesto, and everyone. There are no further questions.

非常感謝 Ernesto 和大家。沒有其他問題了。

Okay. Thanks a lot. I hope to see you all in the near future and stay tuned. Thank you. Bye-bye.

好的。多謝。我希望在不久的將來能見到大家，敬請期待。謝謝。再見。