Ferrovial SE (FER) 2025 Q3 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 third quarter of 2025. I'm joined here today by our CFO, Ernesto López Mozo.

大家下午好。這裡是西爾維亞‧魯伊斯，我謹代表 Ferrovial 公司歡迎各位參加本次電話會議，共同探討 2025 年第三季的財務表現。今天和我一起來到這裡的是我們的財務長埃內斯托·洛佩斯·莫佐。

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) Before starting, please take a moment to look at the safe harbor statement included in the presentation. And please bear in mind that the presentation contains forward-looking statements and expectations that are subject to certain risks and uncertainties, so actual figures may differ. Other than as required by law, the company assumes no obligation to update forward-looking statements. During this call, we will discuss non-IFRS financial measures, which are defined and reconciled to the most comparable IFRS measures in our results report.

再次提醒大家，業績報告和簡報已於昨晚美國股市收盤後發佈在我們的網站上。演講結束後，將進行問答環節。在（活動說明）開始之前，請花點時間查看簡報中包含的安全港聲明。請注意，本簡報包含前瞻性陳述和預期，這些陳述和預期受到某些風險和不確定性的影響，因此實際數字可能會有所不同。除法律另有規定外，本公司不承擔更新前瞻性聲明的義務。在本次電話會議中，我們將討論非 IFRS 財務指標，這些指標已在我們的業績報告中定義並與最可比較的 IFRS 指標進行了核對。

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

綜上所述，我將把工作交給埃內斯托。埃內斯托，現在輪到你發言了。

Thank you, Silvia, and hello, everyone. Thank you for joining us today for Ferrovial's third quarter 2025 operating earnings conference call.

謝謝你，西爾維婭，大家好。感謝您今天參加 Ferrovial 2025 年第三季營運收益電話會議。

Starting with the overview. I mean, in the first nine months of 2025, we saw continued strong momentum across our business divisions. Our highways delivered outstanding revenue and EBITDA growth, fueled by our North American assets. Airports saw continued progress at New Terminal One at JFK. Here, we are now intensely focused on operational readiness. Construction maintained solid profitability with the adjusted EBIT margin reaching 3.7% in the first nine months.

首先是概述。我的意思是，在 2025 年的前九個月裡，我們看到我們各個業務部門都保持了強勁的成長勢頭。由於我們在北美的資產，我們的高速公路帶來了卓越的收入和 EBITDA 成長。機場方面，甘迺迪機場一號航廈的新工程持續推進。目前，我們正全力以赴地進行作戰準備。建築業維持了穩健的獲利能力，前九個月調整後的息稅前利潤率達到 3.7%。

On the financial side, net debt, excluding infrastructure projects, stood at negative net debt or net cash, let's say, EUR706 million. The main cash inflows included EUR406 million in dividends collected from projects and proceeds of EUR534 million from the sale of AGS Airports in the UK and EUR539 million from the sale of a 5.25% stake in AGS Airports. This was closed in July.

從財務方面來看，不包括基礎設施項目在內，淨債務為負值，或說淨現金為 7.06 億歐元。主要現金流入包括從專案中獲得的 4.06 億歐元股息，以及出售英國 AGS Airports 所得的 5.34 億歐元和出售 AGS Airports 5.25% 股份所得的 5.39 億歐元。這家店七月就關門了。

The main cash outflows related to the acquisition of an additional 5.06% stake in the 407 ETR for the equivalent of EUR1.3 billion and also equity injections of EUR239 million in NTO. Shareholder distributions reached EUR426 million in the first nine months. We also announced a second scrip dividend and expect to submit the RFQ for the I-77 South Express project in North Carolina in December.

主要的現金流出與收購 407 ETR 的額外 5.06% 股份（價值相當於 13 億歐元）以及向 NTO 注入 2.39 億歐元的股權有關。前九個月，股東分紅達 4.26 億歐元。我們也宣布了第二次股票分紅，並預計將於 12 月提交北卡羅來納州 I-77 南快速路計畫的詢價申請。

As a reminder, we have already been shortlisted for bidding on the I-24, Southeast Choice Lanes in Tennessee and the I-285 East Express Lanes in Georgia. We expect to submit these bids in the first half of 2026.

再次提醒大家，我們已經入圍了田納西州 I-24 東南優選車道和喬治亞州 I-285 東快速車道的投標名單。我們預計將於 2026 年上半年提交這些投標書。

Let's move now into the operations with the slide on highways. And here, the US highway revenue grew 16.4% in like-for-like terms in the first nine months of the year and compared to last year, and adjusted EBITDA was up nearly 15.1%. 97% of the highways adjusted EBITDA and 88% of the highways' revenue come from the North American assets.

現在我們來看看高速公路上的土石流作業狀況。今年前九個月，美國公路業務營收年增16.4%，調整後EBITDA年增近15.1%。其中，97%的公路業務調整後EBITDA和88%的公路業務收入來自北美資產。

Dividends from these North American assets in the first nine months of 2025 totaled EUR312 million, versus the EUR420 million in the same period last year. I mean this reflects the strong growth and the cash generation of these concessions. As a reminder, in the first nine months of 2024 included the first dividend from the I-77, which was an extraordinary amount of EUR195 million.

2025 年頭九個月，這些北美資產的股息總額為 3.12 億歐元，而去年同期為 4.2 億歐元。我的意思是，這反映了這些特許經營權的強勁成長和現金流。提醒一下，2024 年前九個月包括了 I-77 的第一筆股息，金額高達 1.95 億歐元。

Let's move to the specific assets, the 407 ETR that delivered another outstanding performance this quarter. The traffic in the quarter grew strongly, 9.4%, and it grew 6.2% in the first nine months of the year compared to last year. This growth reflects the success of targeted rush hour driving offers as well as the increase in mobility in the region from return to office mandates. The strong underlying traffic trends was the cost driving 18.6% revenue growth in the third quarter and 19.3% in the first nine months. EBITDA surged 20.1% in the third quarter and 15.8% in the first nine months.

讓我們來看看具體的資產，407 ETR 在本季度再次取得了優異的業績。本季流量強勁成長，達到 9.4%，今年前九個月的流量與去年同期相比成長了 6.2%。這一增長反映了有針對性的高峰時段駕車優惠活動的成功，以及該地區因復工復產而帶來的出行量增加。強勁的潛在流量趨勢推動了第三季營收成長 18.6%，前九個月營收成長 19.3%。第三季 EBITDA 成長 20.1%，前九個月成長 15.8%。

In terms of Schedule 22, 407 ETR reduced the 2025 Schedule 22 Payment Estimate. Given the new estimate is markedly lower than the previous estimate, the provision for the first nine months is lower than the one recorded up to June. As a result, the 407 ETR recorded a CAD9.8 million provision recovery in the third quarter, bringing the accrued provision for the nine months to CAD35.4 million.

就附表 22 而言，407 ETR 減少了 2025 年附表 22 的付款估算。鑑於新的估計值明顯低於先前的估計值，前九個月的撥備低於截至 6 月的記錄值。因此，407 ETR 在第三季錄得 980 萬加元的撥備回收，使前九個月的累計撥備達到 3,540 萬加元。

Promotions are working really well in incentivizing more efficient use of the road. Through these targeted offers, we continue to gain valuable insights into customer behavior. We expect our focus on demand segmentation to continue enhancing value for users and maximizing EBITDA growth.

促銷活動在激勵人們更有效地利用道路方面效果顯著。透過這些有針對性的推廣活動，我們不斷獲得有關客戶行為的寶貴見解。我們期望透過專注於需求細分，持續提升用戶價值並最大限度地提高 EBITDA 成長。

In terms of dividends, CAD450 million has been paid in the first nine months of the year. This is up 13% compared with the same period last year. And the 407 Board has approved a dividend of CAD1.05 billion to be distributed in Q4. This is up 50% from last year's fourth quarter dividend. And this would bring the total amount of dividends approved for the 2025 year to CAD1.5 billion. This is up 36% from 2024.

就股息而言，今年前九個月已支付了 4.5 億加元。與去年同期相比成長了13%。407 董事會已批准派發 10.5 億加元的股息，將於第四季發放。這比去年第四季的股息成長了50%。這將使 2025 年批准的股息總額達到 15 億加元。這比 2024 年增長了 36%。

Moving to the Dallas-Fort Worth Managed Lanes, slide 6. We will start with NTE. And here, well, despite we see traffic impact from capacity improvement construction works, really, there's fewer vehicles in the corridor that has affected traffic declining 3.7% in the third quarter and 4.4% in the first nine months of the year. The revenue per transaction has increased by a healthy 14.2% in these first nine months. And this benefits from a favorable traffic mix that means more heavy vehicles in proportion and more mandatory mode events. The asset grew the adjusted EBITDA by 7.4% in the first nine months, and this includes $1.3 million of revenue share in the third quarter and $4 million in the first nine months.

接下來是達拉斯沃斯堡管理車道，第 6 張投影片。我們將從 NTE 開始。雖然我們看到了因道路擴容建設工程而導致的交通影響，但實際上，該走廊的車輛數量減少了，第三季交通量下降了 3.7%，今年前九個月下降了 4.4%。前九個月，每筆交易的收入成長了14.2%，增幅可觀。這得歸功於有利的交通結構，這意味著重型車輛比例增加，以及強制出行方式增加。該資產在前九個月使調整後的 EBITDA 成長了 7.4%，其中包括第三季 130 萬美元的收入分成和前九個月 400 萬美元的收入分成。

In LBJ, traffic grew 1.7% in the quarter and 1.5% in the first nine months of the year. And this despite the impact of continued construction works in the surrounding roads and corridors. The revenue per transaction grew 8.7% in the first nine months and the adjusted EBITDA grew 11.1%.

在 LBJ 地區，本季流量成長了 1.7%，今年前九個月成長了 1.5%。儘管週邊道路和走廊持續進行施工，但仍造成了一定的影響。前九個月，每筆交易的收入成長了 8.7%，調整後的 EBITDA 成長了 11.1%。

Now with NTE 35W is the only Dallas-Fort Worth managed lane that is not impacted by construction works. Traffic in the third quarter grew 4.6% and by 4.1% in the first nine months. This drove outstanding revenue per transaction growth of 12.0% in the third quarter and 10.2% for the first nine months. The adjusted EBITDA that grew 11.8% in the first nine months of the year included $4.9 million of revenue share in the third quarter and $14.8 million in the first nine months of 2025.

現在，NTE 35W 是達拉斯-沃斯堡地區唯一一條不受施工影響的管理車道。第三季流量成長了 4.6%，前九個月成長了 4.1%。這推動了第三季每筆交易收入成長12.0%，前九個月每筆交易收入成長10.2%。今年前九個月調整後的 EBITDA 成長了 11.8%，其中包括第三季 490 萬美元的營收分成和 2025 年前九個月的 1,480 萬美元。

All the Dallas-Fort Worth assets, as you see, recorded solid revenue per transaction growth, and this is above the soft cap, benefiting from the favorable traffic mix that I mentioned, there's more heavy in proportion. And in the case of NTE and NTE 35 West, they are also benefiting from more mandatory mode events, which occur when tolls are temporarily forced above the soft cap to guarantee a minimum level of service.

如您所見，達拉斯-沃斯堡的所有資產都實現了穩健的單筆交易收入增長，並且超過了軟上限，這得益於我提到的有利的交通組合，其中重型車輛的比例更高。而對於 NTE 和 NTE 35 West 來說，它們也受益於更多的強制模式事件，這些事件會在通行費暫時強制超過軟上限以保證最低服務水準時發生。

In terms of dividend distributions for the first nine months, I mean, the figures at 100% participation would be $108 million for the NTE, $52 million for LBJ and $99 million for the NTE 35 West. There's no changes versus June. Please remember that these projects usually distribute dividends in June and December.

就前九個月的股息分配而言，我的意思是，如果 100% 參與，NTE 將獲得 1.08 億美元，LBJ 將獲得 5200 萬美元，NTE 35 West 將獲得 9900 萬美元。與六月相比沒有變化。請注意，這些項目通常在六月和十二月派發股息。

Moving to management outside Dallas Fort Worth, we have the I-66 and the I-77. The I-66 saw exceptional traffic growth, 13.2% in the third quarter and 8.5% in the first nine months of the year. And the revenue per transaction grew 12.1% in the quarter and 18.3% in the first nine months of the year. This strong growth was driven by robust corridor growth, especially during peak times where we are seeing some benefits from greater enforcement of return to office policies. Really, this is happening across the US and also Canada. This strong underlying traffic trends helped to drive the outstanding growth of 32.5% in adjusted EBITDA in the first nine months of the year.

搬到達拉斯-沃斯堡以外的管理職位，我們有 I-66 和 I-77 高速公路。I-66 公路的交通量出現了異常增長，第三季度增長了 13.2%，今年前九個月增長了 8.5%。本季每筆交易的營收成長了 12.1%，今年前九個月成長了 18.3%。這一強勁成長是由走廊業務的強勁成長所推動的，尤其是在高峰期，我們看到了加強執行復工政策帶來的一些好處。事實上，這種情況正在美國各地以及加拿大發生。強勁的潛在客流量趨勢推動了今年前九個月調整後 EBITDA 實現 32.5% 的出色成長。

The I-66 distributed $64 million in dividends in the first nine months. The I-77 also saw traffic growth here, 1.5% in the third quarter despite adverse weather conditions, particularly in August. Revenue per transaction increased by a strong 25.7% in the quarter and 24.4% in the first nine months. Adjusted EBITDA grew 21.1% in the first nine months with $5.4 million of revenue share for Q3 2025, and this includes revenue share from extended vehicles. The revenue sharing, including extended vehicles, totaled $15.7 million for nine months 2025 compared to $6.9 million in the first nine months of 2024. And the I-77 distributed $22 million in dividends -- I mean, since the beginning of the year.

I-66 在前九個月派發了 6,400 萬美元的股息。儘管天氣條件惡劣，尤其是在 8 月份，但 I-77 公路的交通量在第三季仍增加了 1.5%。本季每筆交易收入強勁成長 25.7%，前九個月成長 24.4%。前九個月調整後的 EBITDA 成長了 21.1%，2025 年第三季營收份額為 540 萬美元，其中包括來自加長型車輛的收入份額。2025 年前九個月的收入分成（包括擴展車輛）總計 1,570 萬美元，而 2024 年前九個月的收入分成總計 690 萬美元。I-77 自年初以來已發放了 2,200 萬美元的股息。

Now let's move to the Airports division. At New Terminal One, we are making a steady progress towards operational readiness. The project remains on budget. In terms of schedule, we are discussing acceleration measures with the contractor to guarantee that the official opening date of June 2026 is achieved. Construction is 78% complete and we have commitments from 21 airlines. As a reminder from previous quarters, we achieved an important milestone in July, completing the refinancing of Phase A through the issuance of a $1.4 billion long-term bond.

現在我們來看看機場部門。新一號航站樓的營運準備工作正在穩步推進。項目仍在預算範圍內。在進度方面，我們正在與承包商討論加速施工的措施，以確保2026年6月正式開幕。建設已完成 78%，我們已獲得 21 家航空公司的預訂承諾。回顧前幾個季度，我們在 7 月實現了一個重要的里程碑，透過發行 14 億美元的長期債券完成了 A 期專案的再融資。

In Dalaman, we saw steady performance. Adjusted EBITDA growth in the first nine months is supported by commercial upgrades and despite softer international traffic during the summer, that was affected by the geopolitical situation in the Middle East. In the first nine months, traffic declined by 1.5%, yet revenue grew 2.9% and EBITDA 1.8%. Dalaman distributed EUR7 million in dividends during the third quarter. This is Ferrovial's share.

在達拉曼，我們看到了穩定的業績。前九個月的調整後 EBITDA 成長得益於商業升級，儘管夏季國際客流量有所下降，但這受到了中東地緣政治局勢的影響。前九個月，客流量下降了 1.5%，但營收成長了 2.9%，EBITDA 成長了 1.8%。Dalaman在第三季派發了700萬歐元的股息。這是Ferrovial的份額。

Now let's move to Construction, that keeps showing solid profitability. The division delivered a 3.7% adjusted EBIT margin for the first nine months of the year, aligned with the long-term target of 3.5%. And it recorded a solid 4.2% adjusted EBIT margin in the third quarter. Budimex and Webber maintained a steady profitability with very healthy adjusted EBIT margins of 7.6% and 3%, respectively, in the first nine months.

現在我們來看看建築業，這個行業一直保持著穩健的獲利能力。該部門今年前九個月的調整後 EBIT 利潤率為 3.7%，與 3.5% 的長期目標相符。第三季度，該公司實現了穩健的4.2%調整後息稅前利潤率。在前九個月中，Budimex 和 Webber 保持了穩定的獲利能力，調整後的 EBIT 利潤率分別達到了 7.6% 和 3%，非常健康。

Ferrovial Construction's adjusted EBIT margin was 1.7% in the nine months, and this is down slightly versus the same period last year due to significant design activity in bidding for projects in the US and costs related to digitalization and IT systems, while partially offset by increased margins in projects approaching completion. So these expenses should be for the good growth that we're seeing ahead.

Ferrovial Construction 前九個月的調整後息稅前利潤率為 1.7%，與去年同期相比略有下降，原因是美國項目投標中的大量設計活動以及與數位化和 IT 系統相關的成本，但部分被即將完工的項目利潤率的提高所抵消。所以這些支出應該是為了我們未來看到的良好成長。

Our order book stands at EUR17.2 billion at the end of September. This is up 9.1% in like-for-like terms from the -- compared to the close of 2024 December. The composition of the order book remains very healthy given the lower weight of large design and build projects with nongroup companies. It does not reflect approximately EUR2.3 billion in contracts that are pre-awards or are pending financial close. And almost half of our -- half of our backlog is in our core US and Canada market, we expect will continue to support future growth.

截至9月底，我們的訂單總額為172億歐元。與 2024 年 12 月底相比，以同等口徑計算，成長了 9.1%。鑑於與非集團公司合作的大型設計建造項目佔比降低，訂單組成依然非常健康。這並未反映約 23 億歐元的尚未授予或尚未完成財務結算的合約。我們近一半的積壓訂單都來自我們的核心市場——美國和加拿大市場，我們預計這將繼續支撐未來的成長。

Now let's move to the next slide, just to have a look at the main figures. You see the strong revenue and profitability performance for the first nine months of the year. I mean, strong across the board, revenue growing 6.2%, adjusted EBITDA, 4.8% and adjusted EBIT by 6.0% in like-for-like terms.

現在我們來看下一張投影片，主要數據見一看。您可以看到今年前九個月強勁的營收和獲利能力表現。我的意思是，各方面都表現強勁，營收成長 6.2%，調整後 EBITDA 成長 4.8%，調整後 EBIT 成長 6.0%（以可比較口徑計算）。

Let's move now into the consolidated net debt position. In the next slide, the net debt, excluding infrastructure project companies, as I mentioned in the introduction, was negative EUR706 million or net cash of EUR706 million at the end of the third quarter. This reflects a strong cash generation also disciplined investment and the impact of recent divestments.

現在我們來看看合併淨債務狀況。下一張投影片顯示，如我在引言中所述，不包括基礎設施項目公司在內，截至第三季末，淨債務為負 7.06 億歐元，淨現金為 7.06 億歐元。這反映了強勁的現金流、嚴謹的投資策略以及近期資產剝離的影響。

Here, we have the bridge where we see that we collected a strong dividends. Please remember, this figure does not include the latest dividend announced by the 407 ETR that will be paid in the fourth quarter. The cash flow from construction is affected by the lack of significant advanced payments during the first nine months. You know that there's usually seasonality in construction. We expect to see a substantial improvement in working capital in the last quarter of the year.

在這裡，我們看到了這座橋，從中我們獲得了豐厚的回報。請注意，該數字不包括 407 ETR 宣布的最新股息，該股息將於第四季度支付。由於前九個月缺乏大量預付款，施工現金流受到影響。你知道建築業通常具有季節性。我們預計今年最後一個季度營運資金狀況將大幅改善。

Then in this operating section, we also have tax payments that are mainly related to Budimex and to a lesser degree, construction projects in Australia and Canada. We also looking into the investment bucket, we see significant activity in terms of investments for growth. I mean, the main one being the 5.06% acquisition, additional stake in the 407 and also the equity injections in NTO. Just a reminder, NTO has no additional equity injections scheduled for the year.

然後，在本營運部分，我們還有主要與 Budimex 相關的稅款支付，以及在較小程度上與澳洲和加拿大的建設項目相關的稅款支付。我們也考察了投資領域，發現成長型投資活動十分活躍。我的意思是，最主要的是收購 5.06% 的股份、增持 407 的股份以及向 NTO 注入股權。再次提醒，NTO今年沒有計劃進行額外的股權注資。

Additionally, in this block, we also reflect the interest received in cash and deposits, right? And also here, we reflect the divestments from the sale of Heathrow and AGS primarily. Then we have the shareholder distributions, including cash and share buybacks amounted to EUR426 million. Here, we are on track, remember, to deliver across the years 2024 through 2026, EUR2.2 billion in cash to our shareholders. So we are on that. And then we have the cash flow from financing activities related to external debt repayments, interest and so on and also the FX translation of the cash balances sheet. So it's a very solid net cash position.

此外，在這個模組中，我們也反映了以現金和存款形式收到的利息，對嗎？此外，這裡也反映了希斯洛機場和AGS出售帶來的資產剝離，主要體現在這裡。然後是股東分紅，包括現金和股票回購，總額達 4.26 億歐元。請記住，我們正按計劃推進，在 2024 年至 2026 年期間，向我們的股東交付 22 億歐元現金。所以我們正在著手處理這件事。然後，我們還有與償還外部債務、利息等相關的融資活動所產生的現金流，以及現金資產負債表的外匯折算。因此，其淨現金狀況非常穩健。

So let's move to the -- I mean, closing remarks I would like to make before moving into the Q&A session. Really, the performance in the first nine months of 2025 demonstrates, I mean, shows the strength and resilience of our portfolio, the North American assets continue to drive growth, supported by increased customer segmentation and favorable market dynamics where the assets are located.

那麼，接下來是──我是說，在進入問答環節之前，我想說幾句總結性的話。事實上，2025 年頭九個月的業績表明，我的意思是，展現了我們投資組合的實力和韌性，北美資產繼續推動成長，這得益於客戶細分的增加以及資產所在地有利的市場動態。

Looking ahead, we're really looking forward to the attractive pipeline of opportunities in North American highways mainly. I mean, we expect to have bid submissions for the I-24 in Tennessee, I-25 in Georgia in the first half of 2026. And also at the end -- before the end of this year, the submission of the RFQ for the I-77 South in North Carolina. The construction order book remains healthy and the division ready to enable delivery on the growth opportunities that the infrastructure concession pipeline shows.

展望未來，我們尤其期待北美高速公路領域湧現的眾多極具吸引力的機會。我的意思是，我們預計在 2026 年上半年會收到田納西州 I-24 號州際公路和喬治亞州 I-25 號州際公路的投標書。此外，在今年年底之前，還將提交北卡羅來納州 I-77 南線的詢價函。建築訂單儲備依然充足，該部門已做好準備，掌握基礎設施特許經營項目帶來的成長機會。

Well, thank you, and let's move into the Q&A session.

好的，謝謝，接下來我們進入問答環節。

Thank you very much, Ernesto. Let's start with the Q&A session. Operator, please go ahead.

非常感謝你，埃內斯托。讓我們先從問答環節開始。操作員，請開始。

(Operator Instructions) Ruairi Cullinane, RBC Capital Markets.

（操作員說明）Ruairi Cullinane，RBC Capital Markets。

First question on the NTO. What are the potential financial consequences in a scenario where there is a delay to the launch of Phase A? And secondly, the widening of operating losses in the other segment, was that just driven by the divestment?

關於NTO的第一個問題。如果A階段啟動延遲，可能會造成哪些潛在的財務後果？其次，其他業務部門經營虧損擴大，是否僅是由於資產剝離造成的？

Okay. So well, as I mentioned, we are working with the contractor for the official opening date in June. If there were to be delays below -- I mean, beyond June, then the contractor will have to face liquidated damages. For us, delays in opening would mean that there's delay in the perception of revenues, right? But as I said, we are working on what's needed for the original opening.

好的。正如我之前提到的，我們正在與承包商合作，爭取在六月正式開業。如果工期延誤到6月以後，那麼承包商將面臨違約賠償金。對我們來說，開業延遲意味著收入到帳也會延遲，對嗎？但正如我所說，我們正在努力做好原定開幕式所需的一切準備。

Regarding the other segments, yes, this plant, Isle of Wight was commissioned some months ago. Usually, when -- I mean, you have just commissioned some of the operations could be affected, right? So basically, we needed to invest to improve the ash removal from the chamber.

至於其他部分，是的，懷特島工廠是幾個月前投產的。通常情況下——我的意思是，你剛剛委託了一些操作，這些操作可能會受到影響，對吧？所以基本上，我們需要投資來改善燃燒室的除灰效果。

And also, we delayed a little bit the ramp-up, right? So it's related to this commissioning and start-up of this plant. Remember that when we divested the whole services business. We mentioned that this part of waste treatment in the UK needed overhaul of the plants before divesting. So we've been doing that with all the plants. It was the last to be commissioned. And yes, we are now -- we would be exiting this business, let's say.

而且，我們也稍微推遲了啟動時間，對吧？所以這與該工廠的調試和啟動有關。還記得我們剝離整個服務業務的時候嗎？我們曾提到，英國的這部分廢棄物處理設施在剝離前需要徹底改造。所以我們對所有植物都這樣做了。這是最後一個委託建造的項目。是的，我們現在——或者說，我們將退出這項業務。

Great. Actually, could I just --

偉大的。實際上，我能…--

Yes, go ahead. You're on the line.

好的，請繼續。你正處於關鍵時刻。

Should we expect any impact from the US government shutdown in Q4? Just one more question.

美國政府停擺是否會對第四季產生影響？最後一個問題。

Thanks. I mean, up to date, I mean, we haven't really seen any significant impact on the I-66. That is the one that is closer to Washington, not really maybe some tweak in traffic, but nothing significant in terms on revenue. So up to date, nothing. We'll have to monitor that, but we haven't seen anything.

謝謝。我的意思是，到目前為止，我們還沒有真正看到對 I-66 公路造成任何重大影響。那家離華盛頓更近，交通方面可能略有調整，但收入方面不會有太大變化。所以，目前為止，什麼都沒有。我們會密切關注，但目前還沒有發現任何問題。

And regarding all the bidding processes are mainly carried out at the, let's say, state level. So that's not affected. And the only, let's say, federal agency involved here is (inaudible). So the process goes on as scheduled so far.

而所有招標流程主要都在州一級進行。所以這方面不受影響。而這裡唯一涉及的聯邦機構是…（聽不清楚）目前來看，整個過程都在照計畫進行。

Elodie Rall, J.P. Morgan.

埃洛迪·拉爾，J.P.摩根大通。

My first one is on Schedule 22. The provision reversal in Q3, I think, came a bit as a surprise. Maybe you can come back on what drove this reversal, if it's the fact that underlying traffic was a lot higher, promotions outperformed. And also what that means with regard to how optimistic you are with regard to Schedule 22 penalty decreasing to zero maybe sooner? And what would be the time frame?

我的第一份文件在附表 22 上。我認為，第三季撥備逆轉有點出乎意料。或許你可以解釋一下是什麼導致了這種逆轉，如果是因為潛在流量更高，促銷活動效果更好。那麼，這對於您認為附表 22 罰款會更快降至零的可能性有多樂觀呢？時間安排是怎樣的？

And my second question is on the NASDAQ 100 inclusion. I was wondering if you could give us some color what you think about your chances to get in and the latest on that.

我的第二個問題是關於納斯達克 100 指數的納入。我想問您能否透露一下您對被錄取幾率的看法以及最新的進展。

Thanks, Elodie. Yes. So with the Schedule 22, several things. I mean, first of all, there's been more mobility in the area. As I mentioned with the US, it's also happening in Toronto. There's a clear mandate of return to the office. And you see in general congestion in the area. I mean one example is the 407 East that was the toll and has seen traffic jumps in the summer every now and then. So clearly, there's more mobility in the area. That's something that has helped.

謝謝你，艾洛蒂。是的。所以，關於附表 22，有幾點需要說明。我的意思是，首先，該地區的流動性增強了。正如我之前提到的美國的情況一樣，多倫多也出現了這種情況。返回辦公室的指令很明確。而且，該地區普遍交通擁擠。舉個例子，407 號公路東行線以前是收費公路，夏天時不時會出現交通流量激增的情況。顯然，該地區的人員流動性更高。那確實很有幫助。

But the main driver has been that we've been positively surprised how accurate promotions have been, right? So all the heavy users remain using it as they were expected or even a little bit more and then the infrequent users are starting to use it, right? So really, the combination of our rush hour preposition being more valuable given what's happening in the area and really this segmentation, it has worked much better.

但主要原因在於，我們對促銷活動的準確性感到非常驚喜，對吧？所以，所有重度使用者都繼續像預期那樣使用它，甚至使用得更多，然後不常使用的使用者也開始使用它，對嗎？所以，考慮到該地區的情況，我們的高峰時段定位更有價值，再加上這種細分策略，效果確實好得多。

I mean we don't make comments on basically how this could pan out in the future because, I mean, the product has to have all the quality that is needed. So maybe we see in the future Schedule 22. What is sure is that it's performing much better than the assumptions we had when we bought the additional stake. So we are super happy with this situation, but we won't comment on the projections of Schedule 22.

我的意思是，我們不會對這件事未來可能的發展方向發表評論，因為產品必須具備所有必要的品質。所以，或許我們將來會看到第 22 號附表。可以肯定的是，它的表現遠遠超出我們增持股份時的預期。所以我們對這種情況非常滿意，但我們不會對第 22 號日程的預測發表評論。

And then regarding the NASDAQ 100, well, it's going to be determined at the end of November with all the relative market cap. So it's not for me to talk about chances. It will be performance and relative performance, right? So I won't comment on chances. I mean the good thing about NASDAQ is that all the criteria are very clear. Everybody can have their own bet, but it's not for me to make any, okay.

至於納斯達克 100 指數，將在 11 月底根據所有相關市值來決定。所以，談論機會不是我該說的。應該是表現和相對錶現，對吧？所以我不會對可能性發表評論。我的意思是，納斯達克的好處是所有標準都非常明確。每個人都可以自己下注，但我不能下注，好嗎？

Cristian Nedelcu, UBS.

Cristian Nedelcu，瑞銀集團。

On the ETR, you have the pricing for next year you will announce in November. I don't know if you can offer any color there. It seems that the backdrop is favorable. You have more mandates to the office, more congestion. And also, if we look at your last five years price increases in the context of the tariffs being frozen, you've been doing smaller price increases on average than pre-COVID levels. So I guess my question is any reason why the price increase will not be comparable with what you've done over the last two years in the ETR for 2026?

關於ETR，你們將在11月公佈明年的定價。我不知道你們那裡能不能提供任何顏色。看來形勢對我很有利。辦公室的任務更多了，工作也更繁忙了。此外，如果我們結合關稅凍結的情況來看您過去五年的價格上漲情況，您會發現您的平均價格漲幅低於新冠疫情前的水平。所以我想問的是，為什麼2026年預計價格上漲幅度不會與過去兩年你們在預期價格調整（ETR）方面所做的調整幅度相當？

The second question on the ETR our estimate, and please correct me if I'm wrong, but I think the discounts you're offering, this represents somewhere around $100 million, $150 million per year in discounts. Now we just discussed the S22 provisions are lower than we thought. Can you give us a bit of a directional steer into 2026? How should we think about these discounts? Should they be flat year-over-year? Or do you see reasons to increase them year-over-year or maybe decrease them?

關於 ETR 的第二個問題，我們的估計是，如果我錯了請糾正我，但我認為你們提供的折扣，每年大約相當於 1 億美元到 1.5 億美元的折扣。我們剛才討論過，S22條款的規定比我們預想的要低。您能否為我們展望2026年的發展方向？我們應該如何看待這些折扣？它們是否應該與上年持平？或者您認為有理由逐年增加或減少這些支出嗎？

And the last one, if you allow me, on the I-66, I mean, we've seen double-digit volume growth in Q3, more returns office mandates. Could you talk a little bit about the development we've seen there on revenue per transaction actually decelerating versus Q2? What caused that? Is it mix or other factors? And to what extent this development in Q3 is sustainable for the next quarters?

最後，如果允許我補充一點，關於 I-66 號州際公路，我的意思是，我們在第三季度看到了兩位數的業務量增長，退貨辦公室的訂單也更多了。您能否談談我們看到的每筆交易收入成長較第二季放緩的情況？是什麼原因造成的？是混合因素還是其他因素？第三季的這種發展勢頭能否在接下來的幾季持續下去？

Thank you. Well, let me -- maybe I'll ask you to come back to some because there was a lot of explanation, very well crafted by the way. I mean let me start with the last one. I mean, with the I-66, we have to go back to 2024 to understand that it was in that quarter that we, let's say, insisted more on the dynamic pricing with the algorithms more flexibly looking at the opportunities there. So there was already, let's say, a bump or growth at that time. And then it seems like a deceleration, but really everything kind of started there has been building up throughout the year, right? But the algorithm keeps improving. Let's see how it performs going forward, but we are optimistic there.

謝謝。嗯，或許我會請你回來再討論一些問題，因為有很多解釋，而且解釋得非常精彩。讓我先從最後一個說起。我的意思是，就 I-66 而言，我們必須回到 2024 年才能明白，正是在那一季度，我們更加堅持動態定價，演算法也更加靈活地考慮了其中的機會。所以，可以說，當時已經出現了某種成長或起伏。然後看起來好像有所放緩，但實際上一切都是從那裡開始的，而且是在過去一年中不斷積累的，對吧？但演算法一直在不斷改進。讓我們看看它未來的表現如何，但我們對此持樂觀態度。

Then regarding the 407, as you say, discounts or so, we probably view it in a different way, right? And we look at the revenue and EBITDA growth, right? So some of these promotions are helpful to incentivize other trips, right? So yes, it could be seen as a discount or just a kind of loyalty or incentive. I mean what we focus in the end is out of all the noise that we have a solid revenue growth, client satisfaction, and we have proper segmentation, right? So I wouldn't be looking into discounts. I would be looking into the revenue growth.

至於 407，正如你所說，折扣之類的，我們可能看待它的方式不同，對吧？然後我們關注營收和 EBITDA 的成長，對吧？所以，其中一些促銷活動有助於鼓勵人們進行其他旅行，對嗎？所以，是的，它可以被視為一種折扣，或者只是一種忠誠度獎勵或激勵措施。我的意思是，我們最終關注的是，在各種幹擾因素中，我們實現了穩健的收入成長、客戶滿意度，並且我們進行了適當的市場細分，對吧？所以我不會考慮折扣。我會關注營收成長情況。

And then, I mean, I cannot comment on all the logic that you expressed, so thoughtful. Yes, I mean, we expect the 407 to have in terms of timing and announcement date similar to last year, the rest of the logic, I cannot tell, okay? So we will have to wait for that to be announced.

而且，我無法對您表達的所有邏輯進行評論，您考慮得真周到。是的，我的意思是，我們預計 407 在時間和發布日期方面會與去年類似，至於其他的邏輯，我就不清楚了，好嗎？所以我們只能等待官方宣布。

Ami Galla, Citi Research.

Ami Galla，花旗研究部。

Just a few questions from me. The first one was on NTO. If you could give us some color based on the agreements that you've had with the 21 airlines as to the broad framework of how should we think about fees and the revenue structure when you start operating? I appreciate it's early days, but if you can give us some ballpark estimates of how should we think about that, that could be helpful.

我還有幾個問題。第一篇是關於NTO的。如果您能根據您與 21 家航空公司達成的協議，為我們詳細說明一下在您開始營運時，我們應該如何考慮費用和收入結構等整體框架，那就太好了？我知道現在還處於早期階段，但如果您能給我們一些關於我們應該如何考慮這個問題的大致估計，那將很有幫助。

The second question I had was on the managed lanes business. Where you've been operating -- you've had mandatory mode events. Were there any specific events or disruption in Q3 that drove that? Or was that a general increase in traffic that led to that?

我的第二個問題是關於車道管理業務的。在你運作的環境中－你已經經歷了強制模式事件。第三季是否存在任何具體事件或乾擾導致了這種情況？或者說，是交通流量普遍增加導致了這種情況？

And last one was on the competitive backdrop. Any color as to how do you see competitive intensity across your markets on the contracting side?

最後一點是關於競爭背景的。您能否就合約簽訂方面，對您所在市場各領域的競爭激烈程度進行一些分析？

Okay. Thanks. Let me see if I can address those. If I mean, forget one, I will ask you again, sorry for that. So the first one regarding NTO airlines and ramp-up. I mean, we are really in a commercial sensitive stage, right? Ahead of the opening, you always have airlines coming ahead of some months before the opening. So that's been negotiated now. We cannot comment now. It's true that we -- I mean, we know we have to provide more information to the market that will have to be decided later on right now. As I said, the focus is operational, the first thing and commercial, okay? So we will have to update later on.

好的。謝謝。我看看能不能解決這些問題。如果我的意思是漏掉一個，我會再問你，對此我很抱歉。首先是關於北約航空公司和產能提升的問題。我的意思是，我們現在確實處於商業敏感階段，對吧？在正式開業前，總會有航空公司提前幾個月就開始安排航班。所以這件事已經協商解決了。我們現在不便置評。的確，我們——我的意思是，我們知道我們必須向市場提供更多信息，而這些信息需要在稍後才能決定。正如我所說，重點是營運、首要和​​商業，明白嗎？所以之後我們會進行更新。

Regarding the mandatory modes in the managed lanes, really, it's probably an effect of also more peak hour activity. As I mentioned before, across the US in Toronto, we are seeing a very clear mandate to go back to the offices five days a week, and that drives traffic and also drives peak performance, right? So that also combined with a higher proportion of heavies, as we mentioned, has brought the demand at remote. Even though, as I said, there's less traffic in the corridor on the NTE, not NTE 35 was that is unaffected, right? So I mean, the explanation we have is what I mentioned, right?

至於管理車道上的強制模式，實際上，這可能也是尖峰時段交通流量增加的結果。正如我之前提到的，在美國各地，包括多倫多，我們看到一項非常明確的指令，要求人們每週五天回到辦公室上班，這既能促進人流，也能提高工作效率，對吧？因此，正如我們所提到的，再加上重型車輛比例較高，也帶來了遠程需求。正如我所說，雖然 NTE 走廊的交通流量減少了，但 NTE 35 不受影響，對吧？所以我的意思是，我們得到的解釋就是我剛才提到的那一點，對吧？

And then the last one, sorry, could you say again what was the third question?

最後一個問題，不好意思，您能再說一次第三個問題是什麼嗎？

It was more on construction and the contracting side. If you -- from a competitive perspective, are you finding it more difficult to win contracts at the margins that you are looking for? I mean, how is that backdrop in the current?

主要是在建築和承包方面。從競爭的角度來看，您是否發現越來越難贏得您想要的利潤空間內的合約？我的意思是，在當前情況下，這樣的背景如何？

No, I would say that in contracting, rather the contrary, I mean, there's more activity. I mean, the heavy civil works that is our focus normally remains as active as it has been. You also have on top of that all the data center activity. So the construction sector has more activity and there's no more resources or more competition in that regard, right? So we are not seeing, let's say, tightening in terms of people being super aggressive. It's very -- I think it's a rational market environment, if I may.

不，我認為在收縮方面，情況恰恰相反，我的意思是，活動更多了。我的意思是，我們重點關注的大型土木工程通常會像以前一樣保持活躍。除此之外，你還要考慮資料中心的所有活動。所以建築業活動比較活躍，但資源和競爭卻沒有增加，對嗎？所以，我們並沒有看到，比如說，人們變得非常激進，或者說，社會風氣趨於收緊。我認為這是一個非常理性的市場環境。

Dario Maglione, BNP Paribas Exane.

達裡奧·馬廖內 (Dario Maglione)，法國巴黎銀行 Exane。

Three questions for me. One on the Texas managed lanes. You mentioned in the press release, there was a positive effect due to traffic mix. Can you tell us more about this? Is it both heavy vehicle and light trucks that have a higher share? And if you could tell us why this is happening?

我有三個問題。德州管理車道上的一個。您在新聞稿中提到，交通組合的變化產生了正面影響。能詳細介紹一下嗎？是重型車輛和輕型卡車的份額都較高嗎？請問您能否告訴我們這是為什麼？

Second question, how far is the LBJ from hitting mandatory modes? Third question on the 407 ETR, going back to the incentives working very well. Can you give us some examples of these incentives -- and maybe more color on which ones are working best in your view?

第二個問題，LBJ距離達到強制模式還有多遠？關於 407 ETR 的第三個問題，回到激勵機制運作良好的問題上來。您能否舉例說明一下這些激勵措施？能否再詳細說明一下您認為哪些措施效果最好？

Well, thanks. Really, in terms of the traffic mix in the managed lanes, that has helped more heavy, that is a combination, probably not of the heaviest, but probably more on the other side, the lighter trucks or commercial vehicles that we can call it. I mean there's more. I mean, I cannot give you like a macro rationale of why this is happening. Maybe they are also keener to basically use our road in peak times given the -- I mean, the more intensity, right, that we are seeing because of the mandate back to the office, right? So I mean, the reality is that there is more. I don't have a cost effect that I can comment now. We keep looking at it. But right now, I cannot give you any specific one.

謝謝。實際上，就管理車道的交通組合而言，這有助於增加重型車輛的通行，這是一種組合，可能不是最重的車輛，而是較輕的卡車或我們可以稱之為商用車輛的車輛。我的意思是，還有更多。我的意思是，我無法從宏觀層面解釋為什麼會發生這種情況。也許他們也更熱衷於在高峰時段使用我們的道路，因為——我的意思是，由於強制返回辦公室，我們看到的道路使用強度越來越大，對吧？所以我的意思是，現實情況是還有更多。目前我無法就成本效益發表評論。我們一直在關注這件事。但目前我無法提供任何具體資訊。

Regarding LPJ, LPJ, really, there's more free lanes. So there's more capacity. And also, you have people that have avoided the corridor because of all the works in the surrounding roads, right? So yes, it's not expected anytime soon because of all these components that I mentioned. We will have to see going forward how much traffic comes back to the corridor and how growth happens. But no, we are not expecting any in the near term to have the mandatory modes.

至於LPJ，LPJ，確實，那裡的免費車道更多。所以產能更大了。而且，由於週邊道路都在施工，有些人也避開了這條走廊，對吧？所以，由於我提到的所有這些因素，預計短期內不會有結果。接下來我們要觀察這條走廊的交通流量會恢復到什麼程度，以及成長情況會如何。但是，我們預期近期內不會有任何一款產品採用強制模式。

And then regarding incentives, I think that anything that has to do with the rush hour now with more the mandate back to the office is really appreciated. So I think that as always, it works well with people that work or live close to the road, right? So this is where the impact is always more effective. But I mean, I don't have any kind of specific segmentation to comment now, and this will keep evolving a long time. So we will be discussing this in the future. At the moment, what I say is just the value of the peak hour promotion is higher than what it was some time ago.

至於激勵措施，我認為任何與現在高峰時段以及更多人被強制返回辦公室相關的措施都將受到大家的歡迎。所以我覺得，和以往一樣，它很適合在馬路附近工作或居住的人，對吧？所以，在這裡，影響力總是會更顯著。但我的意思是，我現在沒有任何具體的細分可以評論，而且這種情況還會持續發展很久。所以我們將來會討論這個問題。目前，我只想說，高峰時段促銷活動的價值比之前更高了。

Jose Manuel Arroyas, Santander.

何塞·曼努埃爾·阿羅亞斯，桑坦德銀行。

Two questions, please. First one is on the potential to deleverage any of the managed lanes. I know there is a limit, which is the need to incur a refinancing gain if you do so, but I wanted to hear from you if you expect any of the managed lanes to pay dividends in excess of their underlying free cash flow anytime soon.

請問兩個問題。第一個問題是降低任何受管通道的槓桿率的可能性。我知道這樣做是有限制的，因為這樣做需要產生再融資收益，但我很想聽聽你的看法，你是否預計任何管理的車道在不久的將來會支付超過其基本自由現金流的股息。

And my second question is again on 407 ETR's promotions. I wanted to understand -- I understood a comment you made earlier, Ernesto. I think you said that the promotions are helping to increase customer segmentation. And I'm not sure how that's happening. And I was wondering if you are just alluding to the fact that the current tariff in 407 ETR has more segments than before. I wanted to understand your comment earlier about this.

我的第二個問題仍然是關於 407 ETR 的促銷活動。我想了解──我理解你之前說的一句話，埃內斯托。我想你說過，促銷活動有助於提高顧客區隔。我不太清楚這是怎麼發生的。我想知道你是否在暗示 407 ETR 目前的關稅比以前包含更多段落。我想了解你之前關於這件事的評論。

Okay. I will start with the -- I mean, yes, well, the first one, right, the leverage on the managed lanes. Yes, there's a possibility of relevering some of them, namely the I-66. Not short term, but also not far away, right? So clearly, in the coming years, there could be an opportunity there. In the 407 -- well, not much about 407 clearly, and that's very obvious. And in the rest of the Express Lanes, not at the project level. Maybe there could be some tweaking just outside the project level that we are exploring. But I mean, we will be commenting to the market when they are closer. I don't expect any short-term news there. Yes, the 407 has more headroom there.

好的。我先從——我的意思是，是的，嗯，第一個，對吧，對託管通道的槓桿作用。是的，有可能對其中一些道路進行重新開發，特別是 I-66 號州際公路。不是短期內，但也不是很久以後，對吧？所以很明顯，在未來幾年裡，那裡可能會出現機會。407——嗯，顯然沒有太多關於407的內容，這一點很明顯。而在其他快速通道中，則不是在專案層面。或許可以在我們正在探索的專案層面之外進行一些調整。但我的意思是，等到更接近市場的時候，我們會向市場發表評論。我預計短期內不會有任何消息。是的，407 在那裡的頭部空間更大。

And then when I'm talking about segmentation, no, it's more than the current time frame and so on. I mean you have some people that have been infrequent users and you end up maybe providing some teasers, some promotions that make them travel more. So yes, you can do that and it's working, right? So if someone that you have understood that won't make more trips than a certain given amount, then the promotions are different for them, right, than for someone that can maybe increase some usage, right? So that's when we talk about segmentation helping is more in that regard. Yes, I think that was it, right?

然後，當我談到細分時，不，它不僅限於當前的時間段等等。我的意思是，有些用戶使用頻率不高，你最終可能會提供一些預告片、一些促銷活動，讓他們更能出行。所以，是的，你可以這樣做，而且效果很好，對吧？所以，如果你了解到某人的出行次數不會超過某個特定次數，那麼對他們的促銷活動就和那些可能會增加出行次數的人的促銷活動不一樣，對吧？所以，當我們談到細分市場在這方面的作用時，就體現出來了。是的，我想就是這樣，對吧？

Marcin Wojtal, Bank of America.

Marcin Wojtal，美國銀行。

So I have a couple of questions. One is on the share buyback. I mean, you committed to return EUR500 million through the buyback. I believe based on the last weekly disclosure, EUR142 million has been spent. So should we still assume that this buyback is on track to be completed in full by the end of the mandate, which I believe is May 2026? And can you explain why is this buyback only being done through the US line? Originally, I believe you were buying both through the European listing and the US listing and now it's only going through the US.

我有幾個問題。其中一項是股票回購。我的意思是，你承諾透過回購返還 5 億歐元。根據最近一周的披露數據，我認為已經花了 1.42 億歐元。那麼我們是否仍應該假設這項股票回購計畫將在授權期限結束前（我認為是 2026 年 5 月）全面完成？你能解釋為什麼這次回購只透過美國管道進行嗎？我記得之前您是透過歐洲和美國的商品頁面同時購買的，現在只能透過美國頁面購買了。

And my second question is regarding your business plan, which goes from 2024 to 2026. Should we expect a new business plan to be presented at some point in the next, let's say, 18 months?

我的第二個問題是關於您的商業計劃，該計劃涵蓋 2024 年至 2026 年。我們是否可以期待在接下來的大約 18 個月內看到新的商業計劃書出爐？

Yes. Thanks, Marcin. Absolutely, we are committed to the EUR2.2 billion. You mentioned May 2026 is the end of 2026 that we will be delivering on the EUR2.2 billion. We have some catch-up to do. We've also been wondering the mix of distributions and buybacks because we have to also help that liquidity is not, let's say, drained from the market, and you see that the US needs a lot of liquidity. So yes, buybacks have been tiny. We need to catch up. So point taken. And it has been small and has been in the US, but it could be done elsewhere. So short answer is yes, we'll deliver. We have to catch up. It's not May, it's the end of 2026, but we are on it.

是的。謝謝你，馬爾欽。當然，我們承諾投入22億歐元。您提到 2026 年 5 月是我們將交付 22 億歐元的年底。我們得抓緊時間補上一些工作。我們也一直在思考分紅和回購的組合，因為我們也必須幫助市場保持流動性，避免流動性枯竭，而美國顯然需要大量的流動性。是的，回購規模非常小。我們需要迎頭趕上。明白了。雖然規模很小，而且只發生在美國，但其他地方也可以進行這項活動。簡而言之，答案是肯定的，我們會交付。我們必須迎頭趕上。現在還不是五月，而是2026年底，但我們正在努力。

I'm sorry, what about your business plan targets --

抱歉，你的商業計畫目標是什麼？--

I forgot about that. I mean Silvia was pointing that you're missing about the business plan. Well, we'll -- I mean, there's no decision yet, but yes, we will have to update the market. Also bear in mind that we have important bids that will be awarded next year. So yes, definitely, we will have to be getting in touch with you guys. There's no official date, nothing just in the calendar yet, but yes, we will have to update.

我把那件事忘了。我的意思是，西爾維亞指出你對商業計劃的理解有誤。嗯，我們——我的意思是，目前還沒有決定，但是，是的，我們需要向市場更新資訊。另外，請記住，我們還有一些重要的投標項目將於明年授標。所以，是的，我們肯定要和你們聯絡。目前還沒有正式日期，日曆上也還沒有相關信息，但是，是的，我們需要更新。

Alvaro Lenze, Alantra Equities.

Alvaro Lenze，Alantra Equities。

Yes. Just one quick question. We saw last week, I believe, a small acquisition in data centers. Just if you could run us again just to catch up on what's your strategy in data centers? I think you have been not very enthusiastic in the space compared to some of your peers. But I don't know if this acquisition signals that you see more opportunity? Or is there any change to your strategy in data centers?

是的。問個小問題。我記得上週我們看到了一起資料中心的小規模收購案。您能否再給我們做一次問詢，以便我們了解您在資料中心領域的策略？我認為與一些同行相比，你在這個領域的熱情不夠高。但我不知道這次收購是否代表你們看到了更多機會？或者說，你們在資料中心方面的策略有任何改變嗎？

Yes. Thanks. Well, really, the acquisition is tiny. It adds capabilities, let's say, for the Construction division in data centers because it has capabilities -- the company acquired has capabilities in installation, data center maintenance management. So all these kind of works and capabilities are in general scarce in the market, and we are being demanded by our clients to deliver on this. So this is more related to the Construction division. Data centers, we remain opportunistic. It could be a good business. We go on a piecemeal approach so far. So no change there.

是的。謝謝。其實，這次收購規模很小。比方說，它為資料中心建置部門增加了能力，因為它具備能力──被收購的公司具備安裝、資料中心維護管理的能力。因此，這類工作和能力在市場上普遍稀缺，我們的客戶要求我們能夠提供這些服務。所以這與建築部門有關。數據中心領域，我們始終保持機會主義。這可能是一門不錯的生意。目前我們採取的是分階段進行的方式。所以這方面沒有變化。

There are no further questions at the conference call. I will now hand back to the Silvia Ruiz.

電話會議沒有其他問題了。現在我將把麥克風交還給西爾維亞·魯伊斯。

Thank you, operator. So I have one question here from the webcast. This is from Miguel Gonzalez from JB Capital. The question is, could you please explain the reasons behind the acceleration in highways headquarters and other costs? And do you expect this trend to continue in the coming quarters?

謝謝接線生。我這裡有一個關於網路直播的問題。這是來自JB Capital的Miguel Gonzalez。請問，高速公路總部及其他成本加速成長的原因是什麼？您預計這種趨勢會在未來幾季持續下去嗎？

Yes. And maybe I should have covered this in the presentation because I've seen some notes from analysts really highlighting this. Two things. I mean, one of them is comparing to last year, last year, we got the ST spend of roughly EUR12 million from the SR 400 that we lost. So we got the ST spend and that was reflected in the Q3 of '24 overheads from Cintra.

是的。或許我應該在演講中提到這一點，因為我看到一些分析師的報告確實強調了這一點。兩件事。我的意思是，其中之一是與去年相比，去年我們從損失的 400 沙特里亞爾中獲得了大約 1200 萬歐元的 ST 支出。因此，我們獲得了 ST 支出，這反映在 Cintra 2024 年第三季的管理費用。

And now really, what we are doing is two things that are adding. We are spending or investing, you may call it that way, on the engineering for the bidding of the pipeline that is about to come and for bid. And then the other part is also IT that, of course, there's developments with all the evolution that we have in systems with AI and so that is really helping in revenues. But yes, it has this expenditure. So it's IT and bidding costs. And I think that both of them are for the good reason. Yes, I should have picked us in the speech, okay? So thanks for bringing this up.

現在，我們實際上在做兩件相加的事情。我們正在投入資金（或者說投資），用於即將招標的管道的工程設計。另一方面，IT領域也取得了長足發展，人工智慧等系統的進步確實有助於提高收入。是的，它確實有這筆開銷。所以是IT和投標成本。我認為這兩個理由都很充分。是的，我應該在演講中提到我們，好嗎？謝謝你提出這個問題。

Okay. I think there's no further questions. So thanks for being with us. I think that the results are excellent. We're looking forward to meeting you and to the new developments in the business coming up. Thank you, and bye-bye.

好的。我想應該沒有其他問題了。謝謝大家的陪伴。我認為結果非常出色。我們期待與您見面，並期待公司未來的新發展。謝謝，再見。