Ferrovial SE (FER) 2025 Q2 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 half of 2025. I am joined here today by our CEO, Ignacio Madridejos; and our CFO, Ernesto López Mozo.

大家下午好。我是 Silvia Ruiz，歡迎您參加 Ferrovial 的電話會議，討論 2025 年上半年的財務表現。今天我們的執行長伊格納西奧·馬德里德霍斯 (Ignacio Madridejos) 也來到了這裡。以及我們的財務長 Ernesto López 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. At the end of the presentation, there will be a Q&A session. (Event Instructions)

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。演講結束時，將有一個問答環節。（活動須知）

If you prefer, you can send them through the form included in the webcast, and I will be reading them out loud at the end of the Q&A session.

如果您願意，您可以透過網路廣播中包含的表格發送它們，我會在問答環節結束時大聲朗讀它們。

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

我將把這一切交給伊格納西奧。伊格納西奧，現在輪到你了。

Thank you, Sylvia, and hello, everyone. It is my pleasure to present our first half of 2025 results in which we saw robust performance across all business divisions. In Highways, we delivered strong revenue and EBITDA growth from our North American assets. In Airports, the construction of the New Terminal One and New York's JFK Airport continues to progress. In Construction, we delivered solid profitability with an adjusted EBIT margin of 3.5% for the first half of the year, in line with our long-term target.

謝謝你，西爾維亞，大家好。我很高興地公佈我們 2025 年上半年的業績，所有業務部門都表現強勁。在公路領域，我們透過北美資產實現了強勁的收入和 EBITDA 成長。在機場方面，新一號航站樓和紐約甘迺迪機場的建設正在繼續推進。在建築領域，我們實現了穩健的獲利，上半年調整後的息稅前利潤率為 3.5%，符合我們的長期目標。

And we ended the first half with a net debt position of negative EUR223 million for ex infrastructure project companies, a figure that does not include proceeds from the divestment of Heathrow, which was closed in early July.

截至上半年，我們基礎建設項目公司的淨債務為負 2.23 億歐元，這一數字還不包括 7 月初關閉的希斯洛機場的撤資收益。

In terms of capital allocation, we delivered a good combination of growth in investments, proceeds from divestments and dividends from projects as well as distributions to shareholders. We closed the acquisition of an additional stake in 407 ETR for EUR1.3 billion while divesting our entire stake in the AGS Airports for EUR533 million and injecting an additional EUR244 million of equity in the New Terminal One. We collected EUR323 million from all infrastructure projects and distributed EUR334 million to shareholders in the first half of the year.

在資本配置方面，我們實現了投資成長、撤資收益、專案股利以及股東分配的良好組合。我們以13億歐元完成了對407 ETR額外股份的收購，同時以5.33億歐元出售了我們在AGS機場集團的全部股份，並向新一號航站樓額外注入了2.44億歐元的股權。上半年，我們從所有基礎設施項目中獲得了3.23億歐元的收益，並向股東分配了3.34億歐元。

Turning to main corporate events in the second quarter. In June, we completed the acquisition of an additional 5.06% stake in 407 ETR from AtkinsRéalis for CAD1.99 billion, increasing our stake in this Canadian highway from 43.23% to 48.29%. The investment reflects our confidence in the long-term growth prospects of the Greater Toronto Area and the long-term value of this asset.

談談第二季的主要公司事件。6 月份，我們以 19.9 億加元的價格從 AtkinsRealis 手中收購了 407 ETR 的額外 5.06% 股份，使我們在該加拿大高速公路的持股比例從 43.23% 增至 48.29%。這項投資反映了我們對大多倫多地區長期成長前景和該資產長期價值的信心。

We also completed the divestment of our mining services business in Chile for EUR42 million, one of the few services businesses pending to be sold. And earlier this month, we announced the completion of the sale of our entire remaining 5.25% stake in Heathrow Airport for GBP466 million.

我們還以 4,200 萬歐元的價格完成了對智利採礦服務業務的剝離，這是少數待出售的服務業務之一。本月初，我們宣布以 4.66 億英鎊的價格出售希思羅機場剩餘的全部 5.25% 股份。

Finally, good news on the pipeline as Ferrovial-led consortium has been shortlisted for bidding the I-24 Southeast Choice Lanes in Tennessee. Turning to our Highways business division. Highways revenues grew by 14.9% in the first half on a like-for-like basis while adjusted EBITDA improved 17.1%, driven by a strong performance from US assets. Our US highways grew revenue by 15.9% in the first half and adjusted EBITDA increased 14% both on a like-for-like basis.

最後，關於管道的好消息傳來，由 Ferrovial 牽頭的財團已入圍田納西州 I-24 東南選擇車道競標名單。轉向我們的公路業務部門。受美國資產強勁表現的推動，上半年公路營收年增 14.9%，調整後 EBITDA 成長 17.1%。我們的美國高速公路上半年營收年增 15.9%，調整後 EBITDA 年成長 14%。

US highways represented 88% of total highways revenues and 97% of total adjusted EBITDA. Dividends from our North American highways totaled EUR240 million in the first half of the year compared with EUR339 million in the same period last year when we paid a larger first dividend at the I-77.

美國高速公路佔高速公路總收入的 88% 和調整後 EBITDA 總額的 97%。今年上半年，我們北美高速公路的股息總額為 2.4 億歐元，而去年同期我們在 I-77 支付了更高的首次股息，股息總額為 3.39 億歐元。

Turning to the 407 ETR. The asset has shown a great performance with EBITDA growing at double digit despite the Schedule 22 provision. Revenue grew by 19.7% in the first half of the year compared with the same period last year. Total revenue increased 19.3%, primarily driven by higher toll rates which went into effect on January 1, 2025. Fee revenue grew 25.4% in the first half driven by higher account fees resulting from higher traffic volumes as well as higher lease fees and enforcement fees.

轉向 407 ETR。儘管存在第 22 條規定，但該資產表現仍然出色，EBITDA 仍實現兩位數成長。上半年營業收入較去年同期成長19.7%。總收入成長 19.3%，主要原因是 2025 年 1 月 1 日生效的上調通行費率。上半年費用收入成長了 25.4%，這得益於流量增加導致的帳戶費用增加以及租賃費和執行費增加。

Traffic improved 5.8% in the second quarter driven by more targeted rush hour driving offers beginning in March, partially offset by adverse weather and a delay in construction activities in the alternative Highway 401. In Q2, we accrued a provision of CAD19.3 million for expected Schedule 22 payments with a total of CAD45.2 million in the first half of the year.

受 3 月開始的更有針對性的交通高峰時段駕駛政策的推動，第二季度交通狀況改善了 5.8%，但惡劣天氣和替代公路 401 的施工活動延誤部分抵消了這一改善。在第二季度，我們為預期的第 22 條附表付款提列了 1,930 萬加元的準備金，上半年總計提列了 4,520 萬加元。

Despite higher operating expenses due to the Schedule 22 provision, the 407 was able to deliver double-digit EBITDA growth of 13% in the first half of the year. Promotions are working well, and we will continue improving demand segmentation, which we believe is key to enhance value for users of the 407 and maximize EBITDA growth.

儘管由於附表 22 規定導致營運費用增加，407 公司仍能在今年上半年實現 13% 的兩位數 EBITDA 成長。促銷活動效果良好，我們將持續改善需求細分，我們相信這是提升 407 用戶價值和最大化 EBITDA 成長的關鍵。

In terms of dividends, CAD200 million was paid in the first half and another CAD250 million was approved to be distributed in the third quarter. Combined, this CAD450 million represents an increase of 12.5% compared to the amount distributed in the same period last year.

股利方面，上半年已派發2億加元，第三季另核准派發2.5億加幣。總計 4.5 億加元比去年同期分配的金額增加了 12.5%。

Moving now to the US Managed Lanes. All assets have performed very well in the first half of the year with revenue per transaction continuing to outpace both inflation and GDP. I'd like to highlight that adverse weather events, primarily heavy rain, negatively impacted the performance of these assets in the first half of 2025 compared with the same period last year.

現在轉移到美國管理車道。所有資產在上半年表現都非常出色，每筆交易的收入持續超過通貨膨脹和 GDP。我想強調的是，與去年同期相比，惡劣天氣事件（主要是大雨）對這些資產在 2025 年上半年的表現產生了負面影響。

At NTE, traffic was impacted by the capacity improvement construction works and declined 3.9% in the second quarter and 4.8% in the first half of the year. Revenue per transaction increased by a healthy 13.5% in the first half, benefiting from favorable traffic mix and more mandatory mode events. Adjusted EBITDA, which grew 6.3% in the first half was impacted by $2.7 million of revenue share. NTE distributed $108 million in dividends in the first half at 100%.

在NTE，交通量受到容量改善建設工程的影響，第二季下降了3.9％，上半年下降了4.8％。受益於有利的客流組合和更多強制模式活動，上半年每筆交易的收入健康成長了 13.5%。調整後的 EBITDA 在上半年成長了 6.3%，但受到 270 萬美元營收份額的影響。NTE上半年派發股利1.08億美元，股利率100%。

LBJ grew transactions 1.3% in the first half despite increasing affection from construction activities in nearby corridors. Revenue per transaction grew 8.8% in the first half while adjusted EBITDA grew 10.8%. The LBJ distributed $52 million in dividends in the first half of 2025.

儘管受到附近走廊建設活動的影響不斷增加，LBJ 上半年交易量仍增加了 1.3%。上半年每筆交易營收成長 8.8%，調整後 EBITDA 成長 10.8%。LBJ 在 2025 年上半年派發了 5,200 萬美元的股息。

NTE 35 West is the only project in Dallas that is not affected by construction works in the area and grew transactions by a solid 3.9% in the first half, while revenue increased 13.5% and revenue per transaction improved 9.2% in the same period. Adjusted EBITDA, which grew 9.7% in the first half, was impacted by $9.9 million of revenue share. Dividends in the first half were $99 million.

NTE 35 West 是達拉斯唯一一個不受該地區建築工程影響的項目，上半年交易量增長了 3.9%，收入增長了 13.5%，每筆交易的收入增長了 9.2%。調整後的 EBITDA 在上半年成長了 9.7%，但受到 990 萬美元營收份額的影響。上半年股利為9,900萬美元。

Moving now to I-66. Transactions increased by a healthy 6.9% in the quarter and 5.5% in the first half while revenue per transaction grew 20.1% in the second quarter and 22.5% in the first half. This robust growth was driven by growth in the corridor, particularly during peak hours despite adverse weather. I-66 distributed $64 million in dividends at 100%.

現在移至 I-66。本季交易量成長 6.9%，上半年成長 5.5%，而每筆交易的營收在第二季成長 20.1%，上半年成長 22.5%。這種強勁的成長是由走廊的成長所推動的，特別是在高峰時段，儘管天氣惡劣。I-66 以 100% 的比例派發了 6,400 萬美元的股息。

The I-77 increased transactions by 2.3% in the second quarter and by 1.4% in the first half despite adverse weather and the positive impact from alternative lane closures observed in previous quarters have been mostly dissipated. Revenue per transaction grew 23.8% in the first half and adjusted EBITDA by 22%. Adjusted EBITDA was impacted by $10.3 million of revenue sharing in the first half, including revenue sharing related to extended vehicles. I-77 distributed $22 million in dividends at 100%.

儘管天氣惡劣，且前幾季關閉替代車道帶來的正面影響已基本消散，但 I-77 公路的交易量在第二季度仍增加了 2.3%，在上半年增加了 1.4%。上半年每筆交易營收成長 23.8%，調整後 EBITDA 成長 22%。調整後的 EBITDA 受到上半年 1,030 萬美元收入分成的影響，其中包括與加長車輛相關的收入分成。I-77 以 100% 的比例派發了 2,200 萬美元的股息。

Turning to Airports. Our New Terminal One project at JFK Airport remains on schedule and on budget with construction having advanced 72% as of the end of the second quarter. 2025 is a crucial year for NTO with key project milestones, system integrations and advanced negotiations with several airlines. We have secured commitments from 21 airlines consisting of 13 executed agreements and eight letters of intent. This month, NTO issued $1.4 billion in long-term green bonds, completing the refinancing of Phase A.

轉向機場。我們位於甘迺迪機場的新一號航站樓專案仍在按計劃和預算進行，截至第二季末，建設進度已達 72%。 2025 年對 NTO 來說是至關重要的一年，這一年將實現關鍵的專案里程碑、進行系統整合並與多家航空公司進行深入談判。我們已獲得 21 家航空公司的承諾，包括 13 份已執行的協議和 8 份意向書。本月，NTO發行了14億美元的長期綠色債券，完成了A階段的再融資。

We have invested EUR244 million in the first half of the year with an additional EUR63 million pending investment to be injected next year. At Dalaman Airport in Turkey, traffic declined slightly by 0.3% in the first half, impacted by lower domestic passenger volumes with international traffic in line with 2024 levels. First half revenue grew 10.4% while adjusted EBITDA increased 10.9%, driven by higher commercial income per passenger, partially offset by higher OpEx due to inflation.

我們在今年上半年已投資 2.44 億歐元，明年還將注入 6,300 萬歐元的投資。土耳其達拉曼機場上半年客運量略為下降 0.3%，受國內客運量下降影響，國際客運量與 2024 年水準持平。上半年營收成長 10.4%，調整後 EBITDA 成長 10.9%，這得益於每位乘客的商業收入增加，但部分被通貨膨脹導致的營運支出增加所抵消。

Moving to Construction, where revenues reached EUR3,453 million in the first half, 2.6% above the same period last year on a like-for-like basis. Adjusted EBITDA was EUR191 million, up 4.2%, and adjusted EBIT totaled EUR119 million, an increase of 11.2% like-for-like.

轉向建築業，上半年營收達到 34.53 億歐元，比去年同期成長 2.6%。調整後 EBITDA 為 1.91 億歐元，較去年同期成長 4.2%，調整後 EBIT 總計 1.19 億歐元，較去年同期成長 11.2%。

The adjusted EBIT margin was 3.5%, in line with our long-term target. Budimex continues a strong performance with a 7.3% adjusted EBIT margin. Webber maintained a stable margin of 2.7%, and Ferrovial Construction improved to 1.6%, up 50 basis points year-over-year.

調整後的息稅前利潤率為3.5%，符合我們的長期目標。Budimex 持續表現強勁，調整後息稅前利潤率為 7.3%。Webber 的利潤率維持穩定在 2.7%，Ferrovial Construction 的利潤率則提高至 1.6%，較去年同期成長 50 個基點。

We ended the first half with a record high order book of EUR17.3 billion, 45% in North America and with EUR2.7 billion in pre-awards or projects awaiting financial close not included in the second quarter. Our operating cash flow was negative EUR104 million in the first half compared with negative EUR53 million in the same period last year due primarily to the lack of advanced payments in the first half of the year. We maintain our average long-term adjusted EBIT margin target of 3.5%.

我們上半年的訂單總額創歷史新高，達到 173 億歐元，其中 45% 來自北美，另有 27 億歐元的預授合約或等待財務結算的項目（未計入第二季度） 。上半年我們的營運現金流為負 1.04 億歐元，而去年同期為負 5,300 萬歐元，主要原因是上半年缺乏預付款。我們維持 3.5% 的長期調整後息稅前利潤率平均目標。

And now Ernesto will continue with the main financial information.

現在，埃內斯托將繼續介紹主要的財務資訊。

Thanks, Ignacio. Yes, I'll be recovering the different lines of the P&L. In the operating part, I will also talk about other businesses. In EBITDA, have the impact of a plant energy from waste plant at Allerton in the UK suffered on planned downtime in the first half of 2025 due to leaks in the super heater in the boiler system.

謝謝，伊格納西奧。是的，我將恢復損益表的不同行。在營運部分我也會講一下其他業務。在 EBITDA 中，英國阿勒頓一家廢棄物能源工廠因鍋爐系統過熱器洩漏而於 2025 年上半年按計畫停工，因此受到影響。

This has been repaired and the plant has returned to operation. We have provided for this stoppage and also for the eventual replacement of the superheater tubes later on.

該問題已修復，工廠已恢復運作。我們已經為這次停工做好了準備，也為以後過熱器管的最終更換做好了準備。

In terms of depreciation, we reflect here the higher traffic of all our operations following the growth of these assets. In terms of disposals and impairments, we have the impact mainly of the divestment of AGS, and also, it has the impact of the divestment of mining services in Chile.

在折舊方面，我們在此反映了隨著這些資產的成長，我們所有業務的流量都增加了。在處置和減損方面，我們主要受到 AGS 資產剝離的影響，同時也受到智利採礦服務資產剝離的影響。

In terms of financial results, regarding the financial results from infrastructure projects, in the first half, we see a slightly higher expense due to a lower net cash position at the project level. In terms of the financial results from ex infrastructure, you see that in the second quarter, you have a growth compared to the last quarter last year.

就財務結果而言，關於基礎設施項目的財務結果，在上半年，由於專案層面的淨現金狀況較低，我們看到費用略有增加。就基礎設施以外的財務結果而言，您會發現第二季與去年第四季相比有所成長。

And the main component here is the taking fee in the divestment of Heathrow that is carried at fair value. The divestment of Heathrow has happened in the beginning of July, but this taking fees reflected since it's carried at fair value in the accounts of the first half.

這裡的主要部分是希思羅機場剝離中的收取費用，該費用以公平價值計算。希思羅機場的資產剝離是在七月初進行的，但收取的費用已反映在上半年帳目中，因為它是按公允價值計價的。

When you look into the overall first half in terms of financial results ex infrastructure projects, you see some lower return on the cash at hand. And this is related to, for instance, the shareholder loans that were lent to AGS and not in place.

當你從基礎建設項目以外的財務表現角度來看上半年整體情況時，你會發現現金報酬率有所下降。例如，這與借給 AGS 但尚未到位的股東貸款有關。

So this is a return on cash at hand in deposits. When we look into the equity accounted affiliates, the 407 has grown its results also down to the bottom line. If you see a slight decline, it's because some other projects are being phased out.

這是存款現金的回報。當我們研究權益法核算的附屬公司時，407 的表現也成長到了底線。如果您看到略微的下降，那是因為其他一些項目正在被淘汰。

An example of that is the maintenance of operation of the M30 in Madrid. But the main component is the 407 keeps growing up to the bottom line.

馬德里 M30 高速公路的維護就是一個例子。但主要成分是 407 不斷成長到底線。

Below that, we have the income tax expense lower than last year. Here, basically, part of the results is not subject to taxes like the capital gains on disposals. We have a net profit from continuing operations and added income below that from discontinued operations, and this is related to earn-outs from services business that were divested but we keep having some earn-outs.

低於此，我們的所得稅支出低於去年。在這裡，基本上，部分結果不需要繳稅，例如處置資本利得。我們從持續經營業務中獲得了淨利潤，並且新增收入低於來自停止經營業務的收入，這與剝離的服務業務的盈利有關，但我們仍保留了一些盈利。

If we move to the next slide to see the net cash position. We see as it was introduced by Ignacio that we have a good performance from dividends from projects. Construction operating cash flow has been, well, affected as Ignacio said, by lack of advanced payments. Working capital also has a seasonality that you know well. In terms of other activities, we also have some cash consumption in terms of tax payments.

如果我們移到下一張投影片來查看淨現金狀況。正如伊格納西奧所介紹的，我們看到專案分紅表現良好。正如伊格納西奧所說，由於缺乏預付款，建築營運現金流受到了影響。眾所周知，營運資金也具有季節性。在其他活動方面，我們在納稅方面也有一些現金消耗。

It's basically related to Budimex. We have invested for growth. That is reflected in the cash flow used in investing activities. The main one here is the acquisition of 5.06% in the 407 ETR and, of course, the investments in NTO. NTO doesn't have -- for the remainder of this year doesn't have any additional capital investment. It will have some in 2026, but not remaining this year.

它基本上與 Budimex 有關。我們為成長進行了投資。這反映在投資活動所使用的現金流中。這裡最主要的是收購 407 ETR 的 5.06%，當然還有對 NTO 的投資。NTO 在今年剩餘時間內沒有任何額外的資本投資。2026年還會有一些，但今年不會剩下。

And then we have the interest received in our cash and divestments. Mainly AGS is the main one here. Then of course, we have a shareholder distributions between cash and share buybacks, and then we have the impact in financing activities of paying down debt, interest and effect of the FX translation of cash in hand.

然後我們從現金和資產剝離中獲得利息。這裡主要以 AGS 為主。當然，我們有現金和股票回購之間的股東分配，然後我們有償還債務、利息和現金外匯轉換對融資活動的影響。

We have at the bottom also shown hedging positions in Canadian and US dollar. We don't show them in the pound sterling. That will be reflected when you see the third quarter results with the sale of the remaining stake in Heathrow, the 5.25%.

我們在底部也顯示了加幣和美元的對沖頭寸。我們不會以英鎊來顯示它們。當您看到希思羅機場剩餘股份（5.25%）出售的第三季業績時，這一點就會得到反映。

So these hedges that we have here for dividends and investment are not part of the P&L and are not part of the net cash position that we show here. So I mean, for your perusal, we show the mark-to-market that they we had at the end of the quarter.

因此，我們在這裡針對股息和投資的對沖不是損益表的一部分，也不是我們在這裡顯示的淨現金狀況的一部分。所以我的意思是，為了方便您仔細閱讀，我們展示了本季末的市價。

Okay. And after reviewing the net cash position, I pass on to Ignacio for the closing remarks.

好的。在審查了淨現金狀況後，我將請伊格納西奧做最後發言。

Thank you, Ernesto. So in summary, we delivered a strong performance in the second quarter and first half of 2025, supported by solid revenue and profitability growth from our North American assets. This growth is driven by increased customer segmentation and the continued underlying growth in the local economies where these assets are located.

謝謝你，埃內斯托。總而言之，在北美資產穩健的營收和獲利成長的支持下，我們在 2025 年第二季和上半年取得了強勁的業績。這一成長是由客戶細分的增加和這些資產所在地經濟的持續成長所推動的。

Looking ahead, we continue to see an attractive pipeline of US highways assets with bids submittals for the I-24 in Nashville and the I-285 East in Atlanta expected in first half of 2026. The composition of our construction order book remains healthy, and we anticipate limited exposure to inflation. And we continue to deliver on our strategic horizon plan, and we'll continue to update you on the progress.

展望未來，我們繼續看到美國公路資產的吸引力，預計 2026 年上半年將提交給納許維爾 I-24 和亞特蘭大 I-285 東段的投標。我們的建築訂單結構依然健康，我們預期通膨影響有限。我們將繼續執行我們的策略願景計劃，並將繼續向你們通報進度。

And now we will turn to the Q&A session and we'll answer any questions that you may have. Thank you.

現在我們進入問答環節，我們將回答大家可能提出的任何問題。謝謝。

Thank you, Ignacio and Ernesto. Let's start with the Q&A. Operator, please, you can go ahead.

謝謝你，伊格納西奧和埃內斯托。讓我們從問答開始。接線員，請您繼續。

(Operator Instructions)

（操作員指示）

Luis Prieto, Kepler Cheuvreux.

路易斯·普列托，開普勒·舍弗勒。

Good afternoon and thanks a lot for taking our questions today. I had a couple of them, if I may, and apologies because I know you commented on this some extent in the previous quarter. But I was wondering if you could shed a bit more light and explain the moving parts of the very strong growth in average revenue per transaction in both the I-77 and I-66.

下午好，非常感謝您今天回答我們的問題。如果可以的話，我有幾個這樣的問題，並且很抱歉，因為我知道您在上一季對此做過一些評論。但我想知道您是否可以進一步解釋 I-77 和 I-66 公路上每筆交易平均收入強勁增長的原因。

And my second question, along the same lines, I'm still quite surprised by the average traffic per -- or average revenue per transaction increase on the NTE despite a 4% decline in traffic. So if you can give us a bit more light on why there are more mandatory events in a declining traffic environment, that would be very useful. Thank you.

我的第二個問題與此類似，儘管流量下降了 4%，但我仍然對 NTE 的平均流量或每筆交易平均收入的成長感到非常驚訝。因此，如果您能向我們進一步解釋為什麼在交通環境惡化的情況下還要舉辦更多強制性活動，那將非常有幫助。謝謝。

Thank you, Luis, for the questions. Yes. I will start with the I-77. This also applies also part of [I-20]. I think that part of the growth is driven by the growth that we are seeing in the metropolis, where we have the assets, economic activity and the population growth and also that we are able to capture the value that we give to users in the sense of traffic savings and reliability, convenience or safety.

謝謝路易斯提出的問題。是的。我將從 I-77 開始。這也適用於[I-20]。我認為部分成長是由我們在大都市中看到的成長所推動的，我們在那裡擁有資產、經濟活動和人口成長，並且我們能夠在節省交通和可靠性、便利性或安全性方面捕捉到我們為用戶提供的價值。

In the more specific case to I-77 and I-66, as you know, in this case, we don't have a soft cap. So we can increase the toll rates according to what we think is the value that we give to customers. So most of the increase is coming from increasing total revenues and also with the dynamic price adjustment. So based on the behavior and the value that we see every minute with the customers, so we adjust the tariff according to that, and with that, we have been able to capture the value that we give to users.

在更具體的情況下，對於 I-77 和 I-66，如您所知，在這種情況下，我們沒有軟上限。因此，我們可以根據我們認為給客戶的價值來提高收費標準。因此，大部分成長來自於總收入的增加以及動態價格調整。因此，根據我們每分鐘看到的客戶行為和價值，我們會據此調整資費，這樣，我們就能夠捕捉到我們給予用戶的價值。

In the case of the NTE, the difference is that we have a soft cap. So in this case, the increase is coming also from mandatory modes. And what we have seen is heavy traffic, especially at peaks, and also what we have seen is a mix of peak hours and more heavy traffic that has been able to increase the revenue per transaction at the NTE. On top of that, as you know, every year in the Managed Lanes we have an increase with inflation and some slightly dynamic pricing. But I think that over the years, we have been able to adjust that more.

就 NTE 而言，不同之處在於我們有一個軟上限。因此在這種情況下，成長也來自於強制模式。我們看到的是交通繁忙，特別是在高峰時段，我們還看到高峰時段和交通繁忙相結合的情況，這能夠增加 NTE 每筆交易的收入。除此之外，如您所知，每年管理航線的運價都會隨著通貨膨脹而上漲，而且價格也會略有波動。但我認為，這些年來，我們已經能夠對此做出更多調整。

So the main effect at NTE has been related to the effect of the mix of traffic, especially heavy and peak hours.

因此，NTE 的主要影響與交通混合的影響有關，尤其是交通繁忙時段。

Super clear. Thank you.

超級清晰。謝謝。

Ruairi Cullinane, RBC Capital Markets.

Ruairi Cullinane，加拿大皇家銀行資本市場。

Yes, good afternoon. First question is earnings from Ferrovial Construction grew in H1 but declined year-over-year in Q2. Was that simply a function of some contracts coming to end? Or was there anything else driving this?

是的，下午好。第一個問題是，Ferrovial Construction 的收益在上半年有所增長，但在第二季度比去年同期有所下降。這僅僅是一些合約即將到期的結果嗎？還是有其他因素導致這現象？

And secondly, could you provide any commentary on the tax rate, some of the factors driving the tax rate seem quite sustainable?

其次，您能否對稅率發表一些評論，推動稅率的一些因素似乎相當可持續？

Thank you and good afternoon. Thank you for the question. I will answer the first one about the Ferrovial Construction, and Ernesto will comment on the tax effect. As in the first half of the year, what we have reached in Construction is a 3.5% EBIT margin. That is what we were -- we communicated that is the long-term average target that we have for this business division. And this 3.5% is above what it was in the first half of the previous year.

謝謝，下午好。謝謝你的提問。我將回答第一個有關 Ferrovial Construction 的問題，Ernesto 將評論稅務影響。與今年上半年一樣，我們在建築領域的息稅前利潤率達到了 3.5%。這就是我們——我們傳達的是我們為該業務部門設定的長期平均目標。這一3.5%高於去年上半年的水準。

It is true that for Ferrovial Construction in the second quarter of the year, the margin was lower than it was previous year. And the main effect is related to some additional costs related to the utilization and some systems and also bidding.

確實，Ferrovial Construction 今年第二季的利潤率低於去年同期。主要影響與利用、一些系統和投標相關的一些額外成本有關。

We are seeing an increase in bidding costs in Ferrovial Construction that has the overhead cost. And it's something that also we'll see in the following quarters, but because we have very good pipeline but is also costly in terms of bidding costs tender for these projects. Ernesto, do you want to.

我們看到 Ferrovial Construction 的投標成本有所增加，其中包括管理費用。我們還將在接下來的幾個季度中看到這種情況，但由於我們擁有非常好的管道，因此這些項目的投標成本也很高。埃內斯托，你想嗎？

Yeah. Thanks. Well, regarding taxes, I mentioned that basically all the capital gains are not taxed. That really influenced the results this first half of the year and this quarter. One thing that is important to understand is that the underlying average probably is around 20%.

是的。謝謝。嗯，關於稅收，我提到基本上所有的資本利得都不徵稅。這確實影響了今年上半年和本季的業績。需要理解的一件重要的事情是，基本平均值可能在 20% 左右。

We have that in more detail in the financial information that we have filed. So you have another where you can see that is more like 20%. But regarding cash, what you expected to see if we keep investing in the US, the US and all these big infrastructure projects allows accelerated depreciation, and that provides a delay in this tax outflows. And that basically works in all our group there.

我們在已提交的財務資訊中對此進行了更詳細的說明。因此，你可以看到另一個數字更像是 20%。但就現金而言，如果我們繼續在美國投資，美國和所有這些大型基礎設施項目都會加速折舊，從而延遲稅收流出。這基本上適用於我們整個團隊。

So I mean just bear in mind, around 20%, as we say in the note, would be the average from an accrual point of view.

所以我的意思是，請記住，正如我們在說明中所說，從應計角度來看，大約 20% 是平均值。

Graham Hunt, Jefferies.

格雷厄姆‧亨特，傑富瑞集團。

Thank you very much for the questions. I've just got two, please. Firstly, on the upstream dividends, those seem to be running ahead of where at least we were expecting them to be. You said that, that typically should track the dividends up to shareholders. So I just wondered if we could expect any kind of increase to your shareholder returns policy or expectations as we go forward as those assets outperform.

非常感謝您的提問。我只有兩個。首先，就上游股息而言，其成長似乎至少超出了我們的預期。您說過，這通常應該追蹤股東的股息。因此，我只是想知道，隨著這些資產表現優異，我們是否可以預期您的股東回報政策或預期會增加。

And then second question, just on US policy. I wondered if you had any comment on both the expansion of the TIFIA framework by the DOT, which I think is helpful for your projects. And also to some extent, what we've been hearing is sort of stripping back of some of the environmental headcount in the administration, if that has any impact on approvals and whether it has any flow-through impact to your projects. I'd just be interested to get your perspective on those administration points.

第二個問題是關於美國政策的。我想知道您對交通部擴展 TIFIA 框架有何評論，我認為這對您的專案很有幫助。而且在某種程度上，我們聽到的是政府部門中一些環境部門人員的裁減，看看這是否會對審批產生影響，以及是否會對您的專案產生任何連鎖影響。我只是想了解您對這些管理要點的看法。

Thank you, Graham, about these questions. I think the dividends coming from our infra projects are related on the performance of the asset, as you have seen as they are improving versus previous year. So that's why we are seeing more dividends, with the exception of the jumbo dividend that we had in the I-77 after five years.

格雷厄姆，謝謝你回答這些問題。我認為來自我們基礎設施項目的股息與資產的表現有關，正如您所看到的，它們與去年相比有所改善。這就是為什麼我們看到更多的股息，除了五年後我們在 I-77 獲得的巨額股息。

It was the first dividend. But for the rest of the assets, dividends coming from the projects will be related mainly to the performance of these assets in the following months, and so far has been positive and increasing.

這是第一筆股息。但對於其餘資產，來自專案的股息將主要與這些資產未來幾個月的表現相關，到目前為止一直是正數且不斷增加的。

In terms of shareholder distribution, as you know, what we gave is guidance a couple of years ago that we increased recently in February. And we mentioned the EUR2.2 billion of dividends for the period of '24 and '26 , and this is what we are targeting at the end of next year.

在股東分配方面，如您所知，我們幾年前就給出了指導，並且最近在二月份提高了該指導。我們提到了 2024 年至 2026 年期間 22 億歐元的股息，這也是我們明年年底的目標。

In terms of TIFIA expansion, I think it's very positive news. The labor CapEx is moving from 33% to 49%. So it's improving the financeability of the large projects that we are doing. We see that as a very positive news for the next projects that we have. And in the terms of the environmental, I think that so far, we have not seen yet any impact.

就 TIFIA 擴展而言，我認為這是非常積極的消息。勞動資本支出從 33% 上升至 49%。因此，它正在提高我們正在進行的大型專案的融資能力。我們認為這對我們接下來的專案來說是一個非常積極的消息。就環境而言，我認為到目前為止我們還沒有看到任何影響。

But we see it as a more positive thing that could happen in the following months especially streamlining some of the environmental permits that we need in our large projects, something that is happening also with digital infra, but we expect to be extended to other infra projects.

但我們認為這是一件更積極的事情，可能會在接下來的幾個月裡發生，特別是簡化我們大型專案中所需的一些環境許可證，數位基礎設施領域也正在發生這樣的事情，但我們預計它將擴展到其他基礎設施項目。

And with that, we'll reduce the timing for the projects and also the cost related to that. So we see that as a positive development. But so far, we have not seen delays because of the lack of personnel at the environmental agencies.

這樣，我們將減少專案時間以及相關成本。因此我們認為這是一個積極的發展。但到目前為止，我們還沒有看到由於環境機構缺乏人員而導致的延誤。

Super helpful. Thank you.

超有幫助。謝謝。

Dario Maglione, BNP Paribas.

法國巴黎銀行的達裡奧·馬廖內 (Dario Maglione)。

I have two questions, one on the I-77 specifically. In Q2, the revenue growth was impressive, was 28% year-on-year. It accelerated compared to Q1, and that's despite that Q1 benefited from closure of alternative roads. So can you maybe explain what drove such a big increase and whether there is a one-off in there? Or it's a sustainable performance?

我有兩個問題，一個是關於 I-77 的。第二季度，營收成長令人印象深刻，年增28%。儘管第一季受益於替代道路的關閉，但與第一季相比，其成長速度有所加快。那麼，您能否解釋一下是什麼導致瞭如此大的成長，以及其中是否存在一次性因素？或者說這是一種可持續的表現？

And then the second question is more broadly, if you can just speak about the trends in traffic and revenue on your US. Managed Lanes in July.

第二個問題更廣泛一些，您能否談談美國的流量和收入趨勢？七月管理車道。

Thank you, Dario. Yes. About the I-77, you saw the revenue per transaction grew this second quarter versus -- sorry, the number of transactions and the traffic grew in the second quarter versus the first quarter. but it was a limited number. So most of this 28% that you are mentioning of revenue growth is coming from toll revenue from an increase in the toll rates in the I-77.

謝謝你，達裡奧。是的。關於 I-77，您會看到第二季度每筆交易的收入與第一季相比有所增長 - 抱歉，第二季度的交易數量和流量與第一季相比有所增長。但數量有限。因此，您提到的這 28% 的收入成長大部分來自於 I-77 高速公路通行費率上調帶來的通行費收入。

What we have seen is a lot of additional mobility value for the I-77, and because of that, we have seen an increase in the revenue of transaction that is transforming increase in revenues for the I-77.

我們看到 I-77 的行動價值大幅增加，因此，交易收入增加，這正在改變 I-77 的收入成長。

Still, when you see the toll rates for I-77 are much lower than other assets that we have in our portfolio. And we don't give a guidance about the revenue per transaction. So we're sorry about traffic or revenue for the month of July so we cannot disclose any figure about that. but you have to wait until we have the results of the third quarter to get some information about what's going on in the traffic.

不過，您會發現 I-77 的收費率比我們投資組合中的其他資產低得多。我們沒有給出每筆交易收入的指導。因此，對於七月份的流量或收入，我們感到很抱歉，因此我們無法透露任何相關數據。但您必須等到我們獲得第三季的結果後才能獲得有關流量情況的一些資訊。

Okay, thank you.

好的，謝謝。

Elodie Rall, JPMorgan.

摩根大通的 Elodie Rall。

Hi, good afternoon. Thanks for taking my questions. The first one is on the Schedule 22. The provision was lower in Q2 than it was in Q1 despite revenues being higher. So I was just wondering how to think about that for the full year and what caused the Q2 being lower than Q1.

嗨，下午好。感謝您回答我的問題。第一個是在附表 22 上。儘管收入較高，但第二季的撥備卻低於第一季。所以我只是想知道如何看待全年的情況，以及是什麼原因導致第二季低於第一季。

My second question is on the pipeline on the US Managed Lanes projects. I think you mentioned you have six ongoing. So I was wondering if you could give us a bit of an update there on how the competitive environment is going and how do you see prospects for you?

我的第二個問題是關於美國管理車道專案的管道。我想您提到您有六個正在進行的。所以我想知道您是否可以向我們介紹一下競爭環境的現狀以及您如何看待自己的前景？

And my last question is on the progress on -- with regard to the liquidity on the US line, if you think that the NASDAQ 100 inclusion this year is likely.

我的最後一個問題是關於美國流動性方面的進展，您是否認為今年納斯達克 100 指數有可能被納入。

Thank you, Elodie. I will take the first one. Ernesto will take the last one. So talking about the Schedule 22 provision, as you know, the first quarter, we took a provision based on the best information that we had at that time, but it was only one-month of March that usually comes for Schedule 22 days of peak hours for the year. Now we have more information because it has been three additional months.

謝謝你，Elodie。我將選擇第一個。埃內斯托將獲得最後一個。因此，談到第 22 條時間表的規定，如您所知，在第一季度，我們根據當時掌握的最佳資訊制定了規定，但通常只有三月份是第 22 條時間表規定的全年高峰時段。現在我們獲得了更多信息，因為已經過去了三個月。

And because of that, we have reduced in the quarter, the provision, based on the expectations that we have it will be for the end of the year.and based on the revenues that we are expecting. So

正因為如此，根據我們對年底的預期以及我們預期的收入，我們在本季減少了撥備。所以

I will say that is with better information and the reduction also is coming because promotions are working well in the three months that we had in the second quarter, and we are seeing a positive effect of bringing new users at peak time to the 407 and, because of that, reducing Schedule 22 payments. We have still to confirm these numbers in the following quarters. But as long as we have more information, we'll see how it's evolving.

我想說的是，這是有了更好的信息之後，而且減少也是因為促銷活動在第二季度的三個月中效果很好，我們看到了在高峰時段為 407 帶來新用戶的積極影響，因此減少了第 22 條時間表的付款。我們仍需在接下來的幾季確認這些數字。但只要我們掌握更多信息，我們就能了解它是如何發展的。

In terms of pipeline, as you know, it's very positive that as you mentioned we have six managed lanes in the following years, two of them that we are bidding in the first half of next year. the I-285 East and also the I-24 in which officially we have been prequalified and we are also bidding next year.

在管道方面，如您所知，非常積極的是，正如您所說，我們在接下來的幾年裡將有六條管理車道，其中兩條我們將在明年上半年進行競標。 I-285 東線和 I-24 線我們已經正式獲得預審資格，我們也將在明年進行競標。

We have a similar number of competitors to what we used to have in the past, but I'm sure that they will be competing for those assets that, in our case, have shown that they are very successful and a good value coming from these assets.

我們面臨的競爭對手數量與過去相似，但我相信他們會爭奪那些資產，就我們而言，這些資產已經證明他們非常成功，並且具有很高的價值。

So we expect similar competition as we have in the past. It's going to be expensive as I commented, because we're going to add some bidding costs in order to tender for these projects, but I think there could be a great value for the company if we can win these projects. And now Ernesto will continue with the liquidity.

因此，我們預計未來將面臨與過去類似的競爭。正如我所說，這將是昂貴的，因為我們將增加一些投標成本來投標這些項目，但我認為，如果我們能夠贏得這些項目，對公司來說將有很大的價值。現在埃內斯托將繼續提供流動性。

Yeah. Thanks, Ignacio. Well, Elodie, you know that for Nasdaq, you have different requirements. One of them is the average daily liquidity in the three months up to the rebalancing. That takes place in November.

是的。謝謝，伊格納西奧。嗯，Elodie，你知道對於納斯達克來說，你有不同的要求。其中之一是重新平衡前三個月的平均每日流動性。那件事發生在十一月。

Yes, we are above the liquidity required right now and plan to keep building on that. But then inclusion depends on relative performance and also companies that are part of the NASDAQ 100 Index now, they may drop to even the 125th position and still remain in the index, right? So it's going to be dependent on the relative performance. I mean we are tracking that, but I cannot make any further comment.

是的，我們目前的流動性已經超過了所需的水平，並計劃繼續在此基礎上進一步增強。但是，納入取決於相對錶現，現在屬於納斯達克 100 指數的公司可能會跌至第 125 位，但仍然會留在指數中，對嗎？所以這將取決於相對錶現。我的意思是我們正在跟踪此事，但我無法發表進一步的評論。

And just one last comment in terms of the accrual of the Schedule 22. Please remember that you have to add the provision for the whole half relative to the revenues of the whole half, right? So it's lower in the quarter, but I mean, don't take the percentage of the Schedule 22 the quarter to the revenues of the quarter. It's the whole half that you have to take into account.

關於附表 22 的累積，我還有最後一點評論。請記住，您必須將整個一半的準備金添加到整個一半的收入中，對嗎？因此本季的百分比較低，但我的意思是，不要將該季度的附表 22 的百分比計入本季度的收入。你必須考慮到整個一半。

Okay, thanks very much.

好的，非常感謝。

[Alvaro Lenze from Alantra Equities]

[Alantra Equities 的 Alvaro Lenze]

Hi, thanks for taking my question. Just a follow-up on Schedule 22. In the process of recalculating the estimate for the year, what is it that the decline in the total expected payments that you now see, traffic being more widespread or better distributed across segments and hours?

你好，謝謝你回答我的問題。這只是對附表 22 的後續行動。在重新計算年度預算的過程中，您現在看到的預期總付款額下降的原因是什麼，流量是否更加分散，或者在各個部分和時段的分佈是否更加合理？

Or is it because you see overall high revenues from mix? Or is it because you see overall higher volumes across the board reducing the Schedule 22 payments? So just to understand what is the main driver of that downward revision in Q2.

還是因為您看到混合帶來的整體收入很高？還是因為您看到總體交易量增加，從而減少了第 22 條附表的付款？因此，我們只需要了解第二季下調的主要原因是什麼。

Thank you. Thank you for the question. I think that -- as you know, the way Schedule 22 works is that we have certain hours of the day, both the morning and the afternoon in certain sectors that we need to reach certain thresholds of traffic. So what we are calculating in different sectors of this period of time, how close we are to this threshold. Based on that and the estimates on the days of the month that we have so far, we have been until June.

謝謝。謝謝你的提問。我認為——如你所知，第 22 條時間表的運作方式是，我們需要在一天中的某些時段（包括早上和下午）在某些區域達到一定的交通量閾值。因此，我們正在計算這個時間段內不同部門的水平，我們距離這個閾值有多近。根據這一點以及我們迄今為止對該月各天數的估計，我們已經持續到六月了。

But in the following three months, we have another three -- quarter, we have another three months in which we can make that calculation. But based on that and considering previous years, which days of the year were those that were we calculated the Schedule 22 helped us to have an idea of how close we'll be and how much we'll have to pay.

但在接下來的三個月裡，我們還有另外三個季度，我們還有另外三個月的時間來做這個計算。但基於此並考慮到前幾年，我們計算出了哪些日子是一年中的哪些日子，第 22 條時間表幫助我們了解我們離截止日期還有多遠以及我們需要支付多少錢。

So it's not an easy calculation because you have to estimate how these days will happen in the following quarters. But comparing to the performance of previous year and the number that we have of potential Schedule 22 payment last year, we can estimate how much will be for the end of the year.

所以這不是一個容易的計算，因為你必須估計這些日子在接下來的幾季會如何發生。但是，與前一年的表現以及去年我們可能收到的第 22 條附表付款金額相比，我們可以估算今年年底的付款金額。

What we have to say is that the traffic at the peak hours of the specific times we calculate the Schedule 22 is doing better than what we were expecting with the information that we have from March. But it's because part of it, mainly because the promotions are working well and we are able to attract more users in these specific segments. And those specific times of the day, that count for a Schedule 22. So this is the way we are calculating. Of course, it's an estimate.

我們要說的是，根據我們 3 月份掌握的信息，我們計算出的 22 條路線特定時間的高峰時段的交通狀況比我們預期的要好。但部分原因是，主要是因為促銷活動效果很好，我們能夠在這些特定領域吸引更多用戶。而一天中的那些特定時間，則計入第 22 條時間表。這就是我們的計算方式。當然，這只是一個估計。

It may change also in the third quarter of the year. But of course, when we have more and more information is closer to what will be the final figure at the end of the year. But it's based on the information that we have from previous year.and how it's performing this year compared to the previous one. So it's not an easy calculation.

今年第三季也可能會有所變動。但當然，當我們掌握越來越多的資訊時，我們就會更接近年底的最終數字。但它是基於我們從去年獲得的信息，以及今年的表現與前一年相比如何。所以這不是一個簡單的計算。

Okay, thank you, understood.

好的，謝謝，明白了。

Marcin Wojtal, Bank of America.

美國銀行的 Marcin Wojtal。

Yes, thank you very much for the presentation. My first question is on the ETR 407. I believe at the beginning of June, the province of Ontario removed tolls from the road which is called 407 East, which is just essentially an extension and adjacent road. Have you seen any benefit in terms of traffic on the asset that you operate? Do you expect any benefit going forward? Or that is very marginal overall?

是的，非常感謝您的演講。我的第一個問題是關於 ETR 407 的。我記得在六月初，安大略省就取消了 407 東路的收費，這條路本質上只是一條延伸和相鄰的道路。您是否看到您所經營的資產在流量方面有任何好處？您期望未來會有什麼好處嗎？還是整體來說非常邊緣？

And my second question, do you have any further thoughts about potentially a switch to a US -- full US GAAP reporting? And would that help when it comes to your US listing and potentially index membership?

我的第二個問題是，您對轉向美國——完整的美國 GAAP 報告還有什麼進一步的想法嗎？這對您在美國上市以及成為指數會員有幫助嗎？

Thank you, Marcin. I will take the first one, and Ernesto will take the second. Yes, as you commented, toll at the 407 extension were eliminated at the beginning of June. It's still too early to see an effect of how it could contribute to more traffic to the 407. In the past, when we saw some elimination of tolls in other toll roads closer to the 407, we see a positive evolution, but it's too early to say how it will evolve this time.

謝謝你，Marcin。我將選擇第一個，而 Ernesto 將選擇第二個。是的，正如您所說，407 延長線的收費站已於 6 月初取消。現在判斷其對 407 號公路交通量有何影響還為時過早。過去，當我們看到 407 附近的其他收費公路取消收費時，我們看到了積極的變化，但現在判斷這次的變化還為時過早。

Yeah. Thanks, Marcin. So regarding the US GAAP, well, all the US investments that we are meeting now are not really keen on that.

是的。謝謝，Marcin。因此，關於美國公認會計準則，我們現在遇到的所有美國投資都對此不太熱衷。

But you are right that along the way, to be able to be included in most US indices, you need to report in US GAAP. So for the moment, what we are doing is just analyzing the implications and the way to automate that maybe in the future. But we are not having any short-term plan to do that.

但您說得對，為了能夠被納入大多數美國指數，您需要按照美國公認會計準則進行報告。因此，目前我們正在做的只是分析其影響以及未來自動化的方法。但我們沒有任何短期計劃來實現這一目標。

Okay. Well, thank you very much.

好的。嗯，非常感謝。

Harishankar Ramamoorthy, Deutsche Bank.

Harishankar Ramamoorthy，德意志銀行。

Yeah, thanks for taking the questions. A few from my side. On 407 ETR, it indeed looks like the promotions are having a good impact in driving traffic growth. But do you think the pendulum has swung too much in favor of driving volumes over keeping pricing high? So maybe put differently, should we see lower levels of promotions in the coming quarters? Or would you still favor volume growth over pricing?

是的，感謝您回答這些問題。我這邊有幾個。在 407 ETR 上，促銷活動確實對推動流量成長產生了良好影響。但您是否認為，情勢已經過於傾向推動銷售而非維持高價了？那麼，換言之，我們是否應該看到未來幾季的促銷水準下降？或者您仍然更重視銷售成長而不是定價？

And maybe on a tangent, does this reaction to promotions also mean that demand is not as inelastic as we think it is? And does that bother you? And maybe last one on Budimex. It looks like the order inflows are quite weak this half. I get that these can be lumpy, but is there anything beyond timing issues in the inflows here?

或許從另一個角度來說，對促銷的這種反應是否也意味著需求並不像我們想像的那樣缺乏彈性？這讓你困擾嗎？這也許是關於 Budimex 的最後一個。看起來今年下半年的訂單流入相當疲軟。我知道這些可能會很不平衡，但除了時間問題之外，這裡的流入還有其他什麼嗎？

Thank you. About the promotions, first, I mean, what the strategy that we are following, so what we want to do is keeping the level of service to regular users of the 407 in terms of value that we offer to them in terms of the speed, the reliability, safety and so on.

謝謝。關於促銷，首先，我的意思是，我們正在遵循的策略是，我們想要做的就是在速度、可靠性、安全性等方面為 407 的常規用戶保持我們為他們提供的服務水準。

So we want to make sure that we maintain that. We want that the 407 also support the congestion relief a little but congestion in the area using with that Schedule 22 payments and, at the same time, maximizing with that revenues and EBITDA.

因此，我們希望確保維持這一點。我們希望 407 也能在一定程度上緩解交通擁堵，同時利用第 22 條時間表的付款來解決該地區的交通擁堵問題，並同時最大限度地提高收入和 EBITDA。

And promotions, as you commented, are working very well. So I think it's very early days of what we are doing but has been very positive. And we can see in the results that both the revenue and EBITDA is increasing.

正如您所評論的，促銷活動效果很好。所以我認為我們所做的事情還處於早期階段，但進展非常積極。我們可以從結果中看到收入和 EBITDA 都在增加。

What we are trying to achieve with the promotions, at least at the beginning, is bring users that they have never used before the 407 in these specific segments at this specific time of the day. So it's not affecting the regular users because it's not affecting the level of service.

我們試圖透過促銷活動實現的目標是，至少在開始時，將以前從未使用過的用戶在一天中的特定時間帶到這些特定細分市場的 407 中。因此它不會影響普通用戶，因為它不會影響服務水準。

But we are reducing the congestion in the area, bringing some users that will never do at that specific time in those specific segments. And so far, it's working very well. But it's very early days about the promotions and segmentation. We are getting a lot of data, a lot of information from our users, and this may evolve in the future to reach the objectives that I mentioned at the beginning.

但我們正在減少該地區的擁堵，為那些特定時間內永遠不會訪問該區域的用戶帶來一些便利。到目前為止，一切運作良好。但促銷和細分還處於早期階段。我們從用戶那裡獲取了大量數據和信息，未來這些數據和資訊可能會逐漸實現我在一開始提到的目標。

From elasticity, what I have to say for the regular and historical users, it's very similar to what it was in the past. So it's very low elasticity and not a real change compared to what we saw in previous increases during last year. So we are comfortable where we are today. And what we see for promotions is not only that they are working but is opening new opportunities in the future for further segmentation, as I commented previously.

從彈性來看，對於常規用戶和歷史用戶來說，我要說的是，它與過去非常相似。因此，與去年我們看到的成長相比，它的彈性非常低，並不是真正的改變。因此我們對現在的狀況感到滿意。正如我之前所評論的，我們看到促銷不僅有效，而且還為未來的進一步細分開闢了新的機會。

And in the case of a question about Budimex, what we are seeing is yes, we saw that we had reduced number of awards in this first half of the year, a slightly reduction in the total order book since the beginning of the year.

對於 Budimex 的問題，我們看到的答案是肯定的，我們發現今年上半年的授予數量有所減少，自年初以來總訂單量略有減少。

But I mean, in the following quarters, we are optimistic about Poland in general with the European funds, investment in infrastructure and energy, especially data centers, too. And well also in the longer future, maybe Ukraine reconstruction. But I think that we are positive about Poland and the opportunities there.

但我的意思是，在接下來的幾個季度裡，我們對波蘭總體上持樂觀態度，因為波蘭擁有歐洲基金，對基礎設施和能源，尤其是資料中心進行投資。而且從更長遠的未來來看，也許還有烏克蘭重建。但我認為我們對波蘭及其那裡的機會持樂觀態度。

And yes, it's true anyhow that the first half of the year was lower awards compared to the first half of the year last year and also reducing the order book compared to what we have at the beginning of the year, but we are optimistic about Poland in the future.

是的，無論如何，與去年上半年相比，今年上半年的合約金額確實較低，與年初相比，訂單量也有所減少，但我們對波蘭的未來持樂觀態度。

(Operator Instructions)

（操作員指示）

Jose Manuel Arroyas, Santander.

何塞·曼努埃爾·阿羅亞斯，桑坦德銀行。

I have three, please. First one is on NTO. I wanted to confirm that the project remains on time and on budget, on time meaning opening in June 2026. Second question is a clarification on the dividend from the Energy segment. I think there were EUR54 million dividends being paid.

我有三份，謝謝。第一個是關於 NTO 的。我想確認該項目能夠按時、按預算完成，按時意味著將於 2026 年 6 月開業。第二個問題是澄清能源部門的股利。我認為支付的股息為 5400 萬歐元。

There were zero a year ago. Can you explain the source of those dividends and if they may recur? And lastly, on NTE 35W, I noticed there was a bond issuance, about $400 million raised in June. And I wanted to understand if these bonds can be used for general corporate purposes, including the payment of dividends or if it's just a refinancing exercise.

一年前這個數字還是零。您能解釋一下這些股息的來源以及它們是否會重複出現嗎？最後，在 NTE 35W 上，我注意到 6 月發行了債券，籌集了約 4 億美元。我想了解這些債券是否可以用於一般公司用途，包括支付股息，或者只是一種再融資活動。

Thank you, Jose Manuel. I will take the first one and Ernesto will follow with the other two. And about NTO, as we commented during our presentation, NTO is on budget and on schedule. Also as we always comment, the last year is the most difficult for a project like a New Terminal One, and it's where we have a lot of system integration, more resources, working at the same time, coordination of different groups of people. And I think that we are where we would like to be when we started this project.

謝謝你，何塞·曼努埃爾。我將選擇第一個，然後 Ernesto 將選擇另外兩個。關於 NTO，正如我們在演示中所說，NTO 的預算和進度都符合預期。正如我們一直所說，對於新一號航站樓這樣的項目來說，去年是最困難的一年，在這一年中，我們進行了大量系統集成，調動了更多資源，同時開展工作，協調了不同的人員。我認為，當我們開始這個專案時，我們已經達到了我們想要達到的目標。

But anyhow, the last year is the most challenging. So still until we open and we don't close it, we'll never say that we are finally on budget and on schedule. But I think so far, we are in a good position.

但無論如何，去年是最具挑戰性的一年。因此，在我們開業並且不關閉它之前，我們永遠不會說我們最終在預算和計劃之內。但我認為到目前為止，我們處於良好狀態。

So the question on the EUR54 million dividend from Energy, well, we closed the project finance of one of the projects and the invested equity was returned, right? So it's a return of capital. In terms of the refinancing of NTE 35 West, basically, there has been a refinancing of the TIFIA loan. What you get with this refinancing is a lengthening of maturities, TIFIA will have an accelerated repayment schedule, and you will lengthen the maturity of the financing.

關於能源部門 5,400 萬歐元股息的問題，嗯，我們已經結束了其中一個專案的專案融資，並且投資股權已經返還，對嗎？所以這是資本的回報。就 NTE 35 West 的再融資而言，基本上已經對 TIFIA 貸款進行了再融資。透過這種再融資，您可以獲得期限的延長，TIFIA 將有一個加速的還款計劃，並且您將延長融資期限。

Cristian Nedelcu, UBS.

瑞銀的克里斯蒂安‧內德爾庫 (Cristian Nedelcu)。

Hi, thank you very much for taking my questions. The first one on ETR. Can you talk about the factors that are considered when determining the dividend? I think the ETR debt service coverage ratio is coming down. And many years ago, ETR used to pay around 100% of its EBITDA in dividends versus around 75% last year. So I'm trying to understand what is holding ETR back to get to that type of dividend distributions.

你好，非常感謝您回答我的問題。ETR 上的第一個。能談談確定股利時考慮的因素嗎？我認為 ETR 債務償還率正在下降。很多年前，ETR 支付的股息約為其 EBITDA 的 100%，而去年這一比例約為 75%。因此，我試圖了解是什麼阻礙了 ETR 實現這種類型的股息分配。

The second question, coming back to the Schedule 22 provisions. If I understand well that the traffic at the peak of the peak seems to be around 2% below the threshold in Q2, I'm just trying to understand, can you help us how much is this threshold going up every year? I know you have a range. But is it fair that it's more a 1% increase in the threshold every year? I'm just trying to think how many years you may need until you go above that threshold.

第二個問題，回到附表 22 的規定。如果我理解正確的話，峰值時的流量似乎比第二季度的閾值低 2％ 左右，我只是想了解一下，您能幫助我們了解一下這個閾值每年上漲多少嗎？我知道你有一個範圍。但每年門檻增加1%以上公平嗎？我只是想知道你可能需要多少年才能超過這個門檻。

And the last one, if you allow me, on the US Managed Lanes, on the dividends for I-66 and I-77. If I take a step back and I look at the I-66 and I-77 capital structure, the equity represents around 35% to 45%. Is there any reason why the capital structure here will not move midterm closer to what we're seeing in the Dallas Fort Worth lanes where equity is 20%, that is 80%? So can you elaborate a little bit if there's anything restricting that over the midterm?

最後一個，如果你們允許的話，是關於美國管理車道、I-66 和 I-77 的紅利。如果我退一步看看 I-66 和 I-77 的資本結構，股權佔比約為 35% 到 45%。有什麼原因可以解釋為什麼這裡的資本結構在中期不會更接近我們在達拉斯沃斯堡看到的股權結構（即 20% 或 80%）？那麼，您能否詳細說明中期選舉是否有任何限制因素？

Okay. So regarding the -- thanks for all the questions. I mean, regarding the 407 headroom in terms of coverage, actually that has been highlighted by the rating agencies' reports. So yes, they expect that there could -- that part of that headroom could be used. So I mean, it's a natural course of business and discussions in this regard. So yes, there could be some headroom there.

好的。所以關於——感謝大家提出的所有問題。我的意思是，關於覆蓋範圍方面的 407 餘裕，實際上評級機構的報告已經強調了這一點。所以是的，他們預計可以利用那部分空間。所以我的意思是，這是這方面的業務和討論的自然進程。所以是的，那裡可能還有一定的空間。

Regarding the I-66 as well, going forward, yes, you could have some headroom there. So both assets that you mentioned, yes, they have room for some further regearings to a capital structure more in line with others. And well, regarding the I-77, probably there's a little bit less margin there in terms of capital structure. So I would focus more on the opportunities in 407 and I-66.

至於 I-66，展望未來，是的，你可以在那裡有一些空間。所以，您提到的兩種資產，是的，它們都有進一步調整的空間，以達到與其他資產更一致的資本結構。嗯，關於 I-77，從資本結構的角度來看，那裡的利潤率可能稍微低一些。所以我會更關注 407 和 I-66 上的機會。

Regarding the -- I will move now to the Schedule 22, the question that you asked. It's not clear how you calculate this 2% below the peak. The peak is not calculated as that because it depends on the different segments, and some of them are reaching the traffic or threshold or not. So it depends also time of the day. So I think it's much more complicated than that.

關於—我現在將轉到附表 22，即您提出的問題。目前還不清楚你是如何計算低於峰值的 2% 的。峰值不這樣計算，因為它取決於不同的部分，其中一些部分達到流量或閾值，或者沒有達到。所以這也取決於一天中的時間。所以我認為事情比這複雜得多。

So it's not so easy from a point of view or to calculate that. You can calculate that. You may have some estimates. And now with -- in the following years with information that we are giving you, but it's not so easy, straightforward to calculate in that specific way.

因此從某個角度來看或計算這一點並不容易。你可以計算一下。您可能有一些估計。現在——在接下來的幾年裡，我們會向您提供信息，但以這種特定的方式進行計算並不那麼容易。

The way the thresholds are moving, so it often is different depending on the segments and the traffic, and they can move every year increasing between the 0 and the 3%, but depending on the position that they have in the segment and the increase until they reach the final configuration.

閾值的變化方式通常因細分市場和流量的不同而不同，並且它們每年都會發生變化，增幅在 0 到 3% 之間，但這取決於它們在細分市場中的位置以及增幅，直到達到最終配置。

So they have a certain level of traffic that is the one needed to give the level of service that we are committed to give to our users. So this is the way that it's evolving, I understand that Schedule 22 is not very easy to calculate to all of you, and it's very complicated even for us because it's a lot of estimates that we need to do, and we have more information.

因此，他們擁有一定程度的流量，這是我們向使用者承諾的服務水準所必需的。所以這就是它的發展方式，我知道附表 22 對你們所有人來說都不是很容易計算，甚至對我們來說也很複雜，因為我們需要做很多估算，而且我們有更多資訊。

But I think that the provision that we are giving you and the numbers that you are getting, I think is good enough. This is the best that we have today of what will be this final payment at the end of the year.

但我認為，我們給你們的條件和你們得到的數字已經足夠了。這是我們今天所能得到的關於年底最終付款的最佳金額。

Thank you very much.

非常感謝。

There are no further questions from the conference call at this time. So I will now hand the line back to Sylvia Ruiz for any questions coming from the webcast. Thank you

目前電話會議中沒有其他問題。因此，現在我將把電話線交還給 Sylvia Ruiz，以便回答網路直播中提出的任何問題。謝謝

Thank you. So we have a couple of questions coming from Ami Galla from Citi. First question, can you comment on the recent pricing and traffic trends in the US Managed Lanes business and disruption, if any, from the Texas floods? And the second question is related to Budimex and Webber.

謝謝。我們有幾個來自花旗銀行的 Ami Galla 的問題。第一個問題，您能否評論一下美國管理車道業務的近期價格和交通趨勢，以及德州洪水造成的干擾（如果有的話）？第二個問題與 Budimex 和 Webber 有關。

Can you comment if there are factors influencing phasing of the order book? And any color on what's likely delivered longer term beyond 2026?

您能否評論一下是否存在影響訂單分階段的因素？能透露一下 2026 年以後可能實現的長期目標嗎？

In terms of traffic for the US Managed Lanes, what we saw in the five of them, that the underlying economic growth of the cities and the population and economic activity has been very positive. It was the case also in the 35 West and is showing without construction effects how is the rest of the Dallas Fort Worth is performing and also with I-66 and I-77. Even though we have negative effects in all of them from weather, the second quarter was very rainy all over the US and especially in these places.

就美國管理車道的交通狀況而言，我們在其中五條車道中看到，城市的潛在經濟成長以及人口和經濟活動都非常積極。35 西線也是如此，並且顯示出在沒有施工影響的情況下達拉斯沃斯堡其他地區以及 I-66 和 I-77 的表現如何。儘管所有這些地區都受到了天氣的負面影響，但第二季度美國各地，尤其是這些地方，雨水非常多。

And in Texas, we have flooding. Unfortunately, we have some people passing away. Very sad incident that happened over all Texas, and we're lucky that it was not affecting any of our assets, but we have some disruptions because of weather at some periods of time during that quarter, but also happened in Charlotte and also happened in Virginia. So we had a negative effect in terms of traffic, but positive because of economic activity.

德州則遭遇洪水。不幸的是，我們有一些人去世了。這起事件在整個德克薩斯州都發生了，令人悲傷，幸運的是，它沒有影響到我們的任何資產，但在那個季度的某些時期，由於天氣原因，我們的業務受到了一些幹擾，夏洛特和弗吉尼亞州也發生了類似事件。因此，我們在交通方面產生了負面影響，但由於經濟活動而產生了正面影響。

The only two that the traffic is lower of NTE and LBJ is all related to construction. One is the capacity improvement work that we are doing that probably because of so much traffic, some people are looking for different alternatives, taking different corridors.

NTE 和 LBJ 中僅有的兩個交通流量較低的都與施工有關。一是我們正在進行容量改善工作，可能是因為交通量太大，有些人正在尋找不同的替代方案，走不同的走廊。

And in the case of the LBJ, this construction is because the change of configuration in the construction works that are near by the LBJ is the case of the 35 East. And also the 35 East, that both of them are affecting traffic to the LBJ. And what we have seen in this last quarter is that they change the configuration with the more traffic impact than what we saw before.

而就 LBJ 的情況而言，這次建設是因為 LBJ 附近的建築工程配置發生了變化，就像 35 號東線的情況一樣。還有 35 號公路東段，它們都影響了前往 LBJ 機場的交通。我們在上個季度看到的情況是，他們改變配置對流量的影響比我們以前看到的要大。

But in general, the underlying trends of all our assets in terms of economic activity is positive. And because of that, I mean, the pricing is moving the revenue per transaction and pricing is moving in the right direction, capturing the value to users.

但總體而言，我們所有資產在經濟活動方面的基本趨勢是正面的。正因為如此，定價正在推動每筆交易的收入，定價正在朝著正確的方向發展，為用戶帶來價值。

And I think that in all of the assets are performing very well in terms of revenue per transaction. Some of the assets has commented 35 West and NTE, they are capturing from mandatory modes. And in the case of the I-66 and I-77, we have complete freedom to set tariffs -- toll rates. And because of that, we are able to capture most of the value that we give to users so moving in the right direction.

我認為所有資產在每筆交易的收入方面都表現得非常好。一些資產已評論了 35 West 和 NTE，它們正在從強制模式中捕獲。對於 I-66 和 I-77，我們有完全的自由來設定收費標準——通行費率。正因為如此，我們才能捕捉到我們給予用戶的大部分價值，從而朝著正確的方向前進。

In terms of the order book and how we see that in Budimex and Webber. I commented previously about Budimex, which is temporary as the first half of the year. But the perspective for Poland in general in the future, I see as a positive development. So I think that we'll see hopefully an effect -- a positive effect in the following years. And in the case of Webber, we have record order book.

就訂單簿而言，我們如何看待 Budimex 和 Webber。我之前對 Budimex 做出過評論，但這只是上半年的暫時現象。但總體而言，我認為波蘭未來的前景是積極的發展。因此我認為，我們將有望在未來幾年看到積極的影響。就韋伯而言，我們有記錄訂單。

I think it's very good. And I think in general what we see in the future beyond '25 or '26, I think positive or negative, we see a very good pipeline of managed lanes, that you win some of those very large projects.

我認為這非常好。我認為，總體而言，我們對 25 年或 26 年以後的未來前景的看法，無論是積極的還是消極的，我們都會看到一條非常好的管理航線管道，你會贏得一些非常大的項目。

As you know, we do with Ferrovial construction, but also Webber is supporting some of these large projects. And also what we have to wait to see what happens next year is with the transportation reauthorization bill, how much is going to be the support of funding for infrastructure in general to the US.

如您所知，我們與 Ferrovial 合作建設，但 Webber 也支援其中一些大型專案。我們也要等著看明年交通重新授權法案的進展，看看美國將獲得多少基礎設施資金支持。

But it's too early to say what will happen next year and what effect will have. But in terms of internal pipeline of projects with concession, I think we are very positive about the US and then we are able to win also for weather, and for Ferrovial Construction in the US, we see as a positive development.

但現在談論明年會發生什麼以及會產生什麼影響還為時過早。但就特許權項目的內部管道而言，我認為我們對美國非常樂觀，我們也能夠在天氣方面取勝，對於 Ferrovial Construction 在美國的發展，我們認為這是一個積極的發展。

Okay. Thank you. There are no further questions.

好的。謝謝。沒有其他問題了。

So thank you very much, all of you, for joining our conference call today. And for those who are taking holidays, we'll have a happy summer and happy holidays. And we'll see you next quarter. Thank you very much. Bye.

非常感謝大家今天參加我們的電話會議。對於那些正在休假的人來說，我們將度過一個快樂的夏天和快樂的假期。我們將於下個季度與您見面。非常感謝。再見。