Ferrovial N.V. (FER) 2025 Q4 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 full year of 2025. I'm joined here today by our Chairman, Rafael del Pino, our CEO, Innate Maridejos; and our CFO, Ernesto.

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 年全年的財務表現。今天與我一同出席的有我們的董事長拉斐爾·德爾·皮諾、首席執行官伊納特·馬里德霍斯和首席財務官埃內斯托。

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 run by our CEO and our CFO. As in previous calls, you will have the opportunity to ask questions live. (Event Instructions)

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，我們的執行長和財務長將主持問答環節。與之前的電話會議一樣，您將有機會現場提問。（活動須知）

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.

在開始之前，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。除法律要求外，本公司不承擔更新前瞻性陳述的義務。

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

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。綜上所述，我將把工作交給拉斐爾。拉斐爾，現在輪到你發言了。

Thank you, Silvia, and good afternoon, everyone. Ferrovial delivered a robust performance at all business divisions in 2025. In Highways, our North American assets continue to deliver outstanding revenue and EBITDA growth. In airports, we continue to make progress at new Terminal 1 at New York's JFK Airport, where our focus is now on operational readiness.

謝謝你，西爾維婭，大家下午好。2025年，Ferrovial所有業務部門均取得了強勁的業績。在公路業務方面，我們在北美的資產持續帶來卓越的收入和 EBITDA 成長。在機場方面，我們在紐約甘迺迪機場新建的 1 號航站樓繼續取得進展，目前我們的重點是營運準備工作。

And in construction, our line so business achieved an understanding performance. On the financial side, we closed the year with a solid cash position. With negative net debt, excluding infra projects of $1.3 billion. This was supported by record dividends received from our infra assets that reached EUR968 million.

在建築領域，我們的業務線取得了令人滿意的業績。財務方面，我們年底現金狀況良好。不包括13億美元的基礎建設項目，淨債務為負數。這得益於我們從基礎設施資產中獲得的創紀錄股息，股息達到 9.68 億歐元。

In addition, we collected proceeds of EUR533 million from the sale of AGS and EUR539 million from the divestment of a 5% stake in Heathrow Airport. These cash flows were combined with investments for growth that included the acquisition of an additional 5% stake in Ferrovial for EUR1.3 billion. as well as EUR236 million of equity injections in MTO.

此外，我們從出售 AGS 獲得了 5.33 億歐元的收益，從出售希思羅機場 5% 的股份中獲得了 5.39 億歐元的收益。這些現金流與成長投資相結合，其中包括以 13 億歐元收購 Ferrovial 的額外 5% 股份，以及向 MTO 注入 2.36 億歐元股權。

At the same time, we returned to shareholders $156 million in cash and repurchased shares totaling EUR501 million. We also achieved significant milestones in 2025. We were shortlisted for the bidding of the I2-85 East Express Lanes in Georgia and the i24 Southeast Choice line in Tennessee, both of which are expected to be awarded this year. And in February 2026, Ferrovial's consortium was shortlisted for the I-77 Salt Express Lanes project.

同時，我們向股東返還了 1.56 億美元現金，並回購了總計 5.01 億歐元的股票。我們在 2025 年也取得了重大的里程碑式成就。我們入圍了喬治亞州 I2-85 東快速車道和田納西州 i24 東南優選線的投標，這兩個項目預計都將在今年授標。2026 年 2 月，Ferrovial 財團入圍了 I-77 鹽湖快速通道計畫。

Following our US listing in 2024, Ferrovial joined the NASDAQ 100 index in December, a key milestone that reflects our growing presence in the North American market and the confidence investors place in our long-term strategy. In the following slide, we review some of the key figures for the year.

繼 2024 年在美國上市之後，Ferrovial 於 12 月加入了納斯達克 100 指數，這是一個重要的里程碑，反映了我們在北美市場日益增長的影響力以及投資者對我們長期策略的信心。下一張投影片，我們將回顧本年度的一些關鍵數據。

Revenue reached EUR9.6 billion, up 8.6% year-over-year on a like-for-like basis. driven mainly by higher revenues in highways and construction. Adjusted EBITDA stood at EUR1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis, supported by the growing contribution from our portfolio of managed claims in the US and a very solid year in our construction business.

營收達96億歐元，年增8.6%（以可比口徑計算），主要得益於公路和建築業務營收的成長。經過調整後的 EBITDA 為 15 億歐元，年增 12.2%（以可比口徑計算），這得益於我們在美國管理的索賠組合貢獻不斷增長，以及我們建築業務的穩健發展。

The construction order book reached a new all-time high of EUR17.4 billion with almost 50% coming from North America. Dividends from projects reached a record EUR968 million, showing a 2.2% increase year-over-year, led by contributions from Managed Lanes and Peru ETR.

建築訂單總額達到歷史新高 174 億歐元，其中近 50% 來自北美。計畫分紅達到創紀錄的 9.68 億歐元，較去年同期成長 2.2%，主要得益於 Managed Lanes 和 Peru ETR 的貢獻。

As mentioned before, a solid cash position with negative net debt ex infra projects reached EUR1.3 billion. And finally, total shareholder return in 2025 reached an outstanding 38.6%. I will now hand it over to Ignacio, who will review Ferrovial's performance in 2025 by business position. Ignacio the floor is yours.

如前所述，公司現金狀況穩健，扣除基礎設施項目後淨債務為負，現金儲備達 13 億歐元。最後，2025 年股東總回報率達到了驚人的 38.6%。現在我將把這項工作交給伊格納西奧，他將根據業務狀況評估 Ferrovial 在 2025 年的表現。伊格納西奧，現在輪到你發言了。

Thank you, Rafael, and hello, everyone. Let me begin with an update on our strategy. Our key North American infrastructure assets, the 407 ETR and the US Managed Lanes continue to perform strongly. The 407ETR delivered double-digit EBITDA growth while the managed lanes reported revenue growth significantly above inflation.

謝謝你，拉斐爾，大家好。首先，讓我向大家報告我們的策略進展。我們在北美的主要基礎設施資產，407 ETR 和美國管理車道，持續保持強勁表現。407ETR 實現了兩位數的 EBITDA 成長，而管理的航線的收入成長也顯著高於通貨膨脹率。

In MTO, we advanced in the construction of the new Terminal 1 at JFK and invested EUR236 million in equity over the year. In terms of growth opportunities in North American highway assets, we increased our stake in 407 ETR to 48.29% showing our confidence in the long-term prospects of the Greater Toronto area and the long-term value creation of the asset.

在MTO，我們推進了甘迺迪機場新1號航站樓的建設，並在一年內投資了2.36億歐元的股權。就北美高速公路資產的成長機會而言，我們已將 407 ETR 的股份增至 48.29%，這表明我們對大多倫多地區的長期前景和該資產的長期價值創造充滿信心。

During 2025, we also made significant progress in our US pipeline. We were shortlisted for I-25 East in Georgia and I-24 in Tennessee, both of which are expected to be awarded this year. Additionally in February 2026, Ferrovial's consortium was listed for the I-77 South Express Lanes project in North Carolina with a war estimated for 2027.

2025年，我們在美國的研發管線也取得了重大進展。我們入圍了喬治亞州 I-25 東線和田納西州 I-24 的候選名單，預計這兩個項目都將在今年授予獎項。此外，2026 年 2 月，Ferrovial 財團被列入北卡羅來納州 I-77 南快速車道計畫的投標名單，預計工期為 2027 年。

All three are Managed Lanes projects in fast-growing metro regions. We are facing a record pipeline of infrastructure projects in the US, larger than anything we have seen before. As cities continue to expand and congestion intensifies, managed express lanes and toll based systems have proven to be reliable and highly efficient solutions.

這三個項目都是位於快速發展的大都會地區的「管理車道」計畫。美國目前面臨創紀錄的基礎建設項目儲備，規模之大前所未見。隨著城市不斷擴張和交通擁堵加劇，管理式快速車道和收費系統已被證明是可靠且有效率的解決方案。

Beyond highways, we continue to monitor opportunities across other infrastructure segments including airports like MTO, with capacity expansion needs, greenfield and data centers and energy infrastructure projects. Recent examples include the development of solar portable tech projects in Texas and the acquisition of land plots for data center development in Spain and Poland.

除了高速公路之外，我們還將繼續關注其他基礎設施領域的機遇，包括像 MTO 這樣的機場，其容量擴張需求、新建項目和資料中心以及能源基礎設施項目。近期的例子包括在德克薩斯州開發太陽能便攜式技術項目，以及在西班牙和波蘭收購土地用於資料中心開發。

We remain selective when pursuing only those opportunities where our capabilities provide a clear competitive advantage and the risk return profile aligns with our strategic priorities. Our capital rotation strategy, focus on mature assets continues to provide flexibility to invest in the most attractive opportunities.

我們始終保持謹慎，只選擇那些我們的能力能夠提供明顯競爭優勢，且風險回報狀況與我們的策略重點相符的機會。我們的資本輪動策略，即專注於成熟資產，能夠持續為投資最具吸引力的機會提供彈性。

Our divestments in Hydro and AGS in 2025 are good examples of this. This growth strategy will be funded by solid cash flow expected from our current portfolio in the following years, while we continue to maintain our financial discipline with a focus on delivering value creation for our shareholders.

我們在 2025 年撤資 Hydro 和 AGS 就是很好的例子。這項成長策略將由我們現有投資組合在未來幾年預計產生的穩健現金流提供資金，同時我們將繼續保持財務紀律，專注於為股東創造價值。

Turning to highways. 2025 was another outstanding year for the business division especially in North America. Highways revenue grew 13.7% like-for-like in the year, while adjusted EBITDA was up 12.2%, driven by a strong double-digit growth from our US assets.

再來說說高速公路。 2025年對業務部門來說又是豐碩的一年，尤其是在北美地區。公路業務營收年增 13.7%，調整後 EBITDA 成長 12.2%，這主要得益於我們美國資產的強勁兩位數成長。

In the fourth quarter, the adjusted EBITDA declined by 2.9% compared to previous year, impacted by foreign exchange and higher bidding costs. US highways revenue grew 14.2% in like-for-like terms in 2025 compared to previous year, and adjusted EBITDA increased by 12.4% versus 2024.

第四季度，受匯率波動和投標成本上升的影響，調整後 EBITDA 較上年同期下降 2.9%。2025 年美國公路收入以可比口徑計算比上年增長 14.2%，調整後 EBITDA 比 2024 年增長 12.4%。

Dividends from our North American highways totaled EUR855 million in 2025, reflecting the strong growth and cash generation of these concessions. The figure is slightly below the EUR860 million in 2024, but remember that 2024 includes the first dividend from I-77 after five years of operation which was an extraordinary amount of EUR205 million.

2025 年，我們北美高速公路的股息總額達到 8.55 億歐元，反映了這些特許經營權的強勁成長和現金流。該數字略低於 2024 年的 8.6 億歐元，但請記住，2024 年包括 I-77 運營五年後的第一筆股息，這是一筆高達 2.05 億歐元的巨額股息。

Turning to the 407ETR. The asset delivered an outstanding performance in 2025. Traffic increased by 6.1% in 2025. This growth reflects the success of targeted as our driving offers as well as the increase in mobility from return to office mandates partially offset by unfavorable winter weather in 2025.

轉向407ETR。該資產在 2025 年取得了優異的業績。2025年交通流量成長6.1%。這一增長反映了我們定向推廣活動的成功，以及因重返辦公室的要求而帶來的出行增加，但部分被 2025 年不利的冬季天氣所抵消。

Revenue grew 7.8% year-over-year, with total revenue increasing 17.6% primarily due to the higher toll rates that came into effect on January 1, 2025. Looking at fourth quarter figures, revenue per trip grew by 7.1% compared to 11.7% for the full year, this last quarter's performance was mainly due to seasonality and a softer contribution from heavy vehicles, which pay higher toll rates.

營收年增 7.8%，總營收成長 17.6%，這主要是由於 2025 年 1 月 1 日生效的更高通行費率所致。從第四季的數據來看，每次行程的收入成長了 7.1%，而全年為 11.7%。上個季度的業績主要是由於季節性因素以及重型車輛貢獻的減少，因為重型車輛支付更高的通行費。

In terms of EBITDA, it grew 14.2%, impacted by the Schedule 22 expense provision that was CHF14.9 million in 2025, along with an extraordinary higher provision for lifetime expected credit losses. Looking at promotions, they work very well in incentivizing more efficient use of the road throughout 2025.

就 EBITDA 而言，成長了 14.2%，受到 2025 年 1,490 萬瑞士法郎的附表 22 費用準備金以及終身預期信用損失的特別較高準備金的影響。從促銷活動來看，它們在激勵人們更有效地利用道路方面發揮了非常積極的作用，尤其是在 2025 年。

The targeted offers continue to provide us valuable insights into customer behavior. We expect our focus on demand segmentation to continue enhancing value for users and maximizing EBITDA growth. Regarding dividends in 2025, the 407ETR distributed a total of CAD1.5 billion. Lastly, on January 1 of this year, the new to rate and fee scheme was implemented.

定向推廣活動持續為我們提供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。關於 2025 年的股息，407ETR 共發放了 15 億加幣。最後，今年1月1日，新的費率和收費方案正式實施。

Moving now to our Dallas forwards Managed Lanes. In terms of traffic, the corridor remains strong. while traffic in our managed claims was impacted by construction works. In terms of operating results, the three projects posted solid growth versus last year, both in terms of revenue and EBITDA despite the increase in revenue share.

現在轉到我們達拉斯前鋒的管理通道。就交通流量而言，該走廊依然強勁。而我們管理的理賠案件的交通流量則受到施工的影響。從經營業績來看，儘管收入份額有所增加，但這三個項目與去年相比，無論從收入還是 EBITDA 來看，都實現了穩健成長。

Remember that revenue sharing is a consequence of the overperformance of the assets. At NTE, traffic declined 4.7% compared to 2024 due to the ongoing impact from capacity improvement construction works. These works are expected to be completed by year-end except for two additional ramps that began construction last year.

請記住，收益分成是資產超額報酬的結果。由於擴容建設工程的持續影響，NTE 的交通量與 2024 年相比下降了 4.7%。除去年開工的兩條匝道外，這些工程預計將於年底前完工。

Despite lower traffic, revenue increased by 8.1% in 2025 and adjusted EBITDA grew by 5.5% year-over-year, including $8.1 million of revenue share in 2025. At LBJ, traffic was flat in 2025 despite the impact of construction works affecting near by connecting highways.

儘管客流量下降，但 2025 年營收成長了 8.1%，調整後的 EBITDA 年成長了 5.5%，其中包括 2025 年 810 萬美元的營收分成。儘管附近連接高速公路的施工工程造成了影響，但 2025 年 LBJ 的交通流量保持穩定。

In the fourth quarter, traffic performance was affected by changes in the staging of adjacent projects. Revenue grew 8.6% in the year, while adjusted EBITDA grew 9.2% versus 2024. At NT 35 West traffic increased by 2.9% in 2025 and reflecting solid demand across the corridor.

第四季度，交通狀況受到鄰近工程施工階段變化的影響。本年度營收成長8.6%，調整後EBITDA較2024年成長9.2%。2025 年，NT 35 西線的交通量增加了 2.9%，反映出該走廊的強勁需求。

When looking into the fourth quarter performance, the traffic was down by 0.4%, impacted by bottlenecks at Managed Lane access exit points and the finalization of capacity restriction linked to construction works on competing nearby road 1:1.

從第四季度的表現來看，交通量下降了 0.4%，受到管理車道出入口瓶頸的影響，以及與附近競爭道路 1:1 的施工相關的通行能力限制的最終確定。

We are working to identify solutions that relieve congestion and address these bottlenecks that I mentioned. Also any implementation will take a few years. On the financial side, revenue grew a robust 14.7% year-on-year, and adjusted EBITDA rose 10.6% for the year and included $26.4 million of revenue share.

我們正在努力尋找緩解擁塞和解決我提到的這些瓶頸問題的方案。此外，任何實施都需要幾年時間。在財務方面，營收年增強勁，達到 14.7%，調整後的 EBITDA 年成長 10.6%，其中包括 2,640 萬美元的營收分成。

In all, our Dallas Fortworth Managed Lanes revenue per transaction increased well above the soft cap inflation, supported by a favorable traffic mix. NTE and 35-West also benefited from a higher number of mandatory mode events. This cap was updated for 2026, increasing by 2.7%. Revenue per transaction grew year-on-year by 13.4% in NTE, 8.7% in and 11.6% in 35-West. Following this robust operating performance, all three Dallas Forward Managed Lanes delivered higher year-on-year dividend distributions reached $216 million, LBA $123 million and 35-West $215 million.

總體而言，在良好的交通組合支持下，我們達拉斯-沃斯堡管理車道的每筆交易收入成長遠超軟上限通膨率。NTE 和 35-West 也受益於更多強制性模式事件。該上限已於 2026 年更新，增加了 2.7%。NTE 的每筆交易收入年增 13.4%，35-West 的每筆交易收入年增 8.7%，35-West 的每筆交易收入年增 11.6%。憑藉強勁的營運業績，達拉斯前線管理的三條車道均實現了逐年增長的股息分配，分別達到 2.16 億美元、1.23 億美元和 2.15 億美元。

Moving now to I-66. Traffic increased by 7.4% in the year, supported by a strong corridor growth that benefited from greater enforcement of return to the office policies despite worse weather conditions and the federal government shutdown in the last months of the year.

現在駛往I-66號州際公路。在這一年中，交通量增長了 7.4%，這得益於走廊交通的強勁增長，而走廊交通的增長又得益於儘管天氣狀況惡化以及聯邦政府在年底幾個月停擺，但辦公室復工政策的執行力度加大。

Revenue per transaction grew by a healthy 13.3% in 2025. Looking at last quarter's performance, let me highlight that the 1.3% increase in revenue per transaction reflects a singular quarter performance, influenced by an unusual traffic mix and lower Picor volumes mainly due to adverse weather conditions and the temporary shutdown.

2025年，每筆交易的收入實現了13.3%的健康成長。回顧上個季度的業績，我想強調的是，每筆交易收入增長 1.3% 反映的是個別季度的業績，受到異常的交通組合和 Picor 交易量下降的影響，這主要是由於惡劣的天氣條件和暫時停運造成的。

We remain confident on the asset and expect future toll rates to grow above inflation based on the value for users linked to how congestion evolves in the area. Adjusted EBITDA rose an exceptional growth of 25.7% in 2025 and driven by traffic growth and higher toll rates. In 2025, 566 distributed $165 million in dividends at the 100% level compared to $172 million in 2024 when the asset paid its first dividend distribution after two years of operation.

我們仍然對該資產充滿信心，並預計未來的通行費率將高於通貨膨脹率，因為通行費率的提高將與該地區擁堵情況的發展密切相關，並能為用戶帶來價值。2025 年調整後 EBITDA 實現了 25.7% 的驚人成長，主要得益於交通流量成長和通行費上漲。2025 年，566 公司以 100% 的股息率分配了 1.65 億美元的股息，而 2024 年，該公司在營運兩年後首次支付股息時，股息為 1.72 億美元。

Turning to the I-77, or managed lanes in North Carolina, traffic declined in both fourth quarter and full year as the fourth quarter of 2024 traffic benefited from an exceptional uplift caused by hurricane-related alternative lane closures, together with adverse weather conditions throughout 2025.

再來看 I-77 號州際公路，或北卡羅來納州的管理車道，由於 2024 年第四季度交通量因颶風相關的替代車道封閉而出現異常增長，加上 2025 年全年惡劣天氣條件的影響，第四季度和全年交通量均有所下降。

I-77 delivered a very strong revenue per transaction growth, up 24.7% year-on-year. The adjusted EBITDA grew by 16.5% in 2025 including $21 million of revenue share in 2025. I-77 distributed $52 million in dividends at the 100% level compared to $307 million in 2024, which was the first dividend distribution of the asset after five years of operation.

I-77 的單筆交易收入成長非常強勁，較去年同期成長 24.7%。2025 年調整後的 EBITDA 成長了 16.5%，其中包括 2025 年 2,100 萬美元的營收分成。I-77 已以 100% 的股息率分配了 5,200 萬美元的股息，而 2024 年的股息率為 3.07 億美元，這是該資產運營五年後的首次股息分配。

Our North American toll road assets are located in some of the top performing regions in North America, consistently growing above the national average. Starting with Orono, short-term economic growth may be modest, given the geopolitical environment, but the long-term prospects remain solid. The greater Toronto area, population is expected to expand 22% by 2051, and Toronto is forecast to deliver higher 5G GDP growth than both Ontario and Canada.

我們在北美的收費公路資產位於北美一些業績最好的地區，其成長速度一直高於全國平均水平。以奧羅諾為例，考慮地緣政治環境，短期經濟成長可能較為溫和，但長期前景仍穩健。預計到 2051 年，大多倫多地區的人口將成長 22%，而多倫多的 5G GDP 成長率預計將高於安大略省和加拿大。

Moving now to the last fourth quarters. The region continues to show very strong economic and demographic momentum. By 2050, a Dallas FortWorth is projected to surpass and become the third largest metropolitan area in the US with more than 12 million of population. The region benefits from a very diversified economy, and it remains one of the most attractive destinations for both corporate and families relocating within the US.

現在進入最後一個第四季。該地區持續展現出強勁的經濟和人口成長動能。預計到 2050 年，達拉斯-沃斯堡都會區將超越達拉斯-沃斯堡都會區，成為美國第三大都會區，人口超過 1,200 萬人。該地區經濟多元化，因此受益匪淺，並且仍然是美國境內企業和家庭搬遷最具吸引力的目的地之一。

Over the next five years, its GDP growth is projected to exceed the US average. In Northern Virginia, the area stands out for having high household incomes. The Washington Metro area has a higher proportion of households earnings above $100,000 than the US average.

預計未來五年，其GDP成長率將超過美國平均。在維吉尼亞州北部，該地區以家庭收入高而聞名。華盛頓特區都會區家庭年收入超過 10 萬美元的比例高於美國平均。

Over the next five years, the medium household income is forecast to rise by 3.2% in Washington Metro area. Lastly, Charlotte remains one of the fastest-growing metro areas in the Southeastern United States. In 2025, we recorded the highest growth rate among the top 50 metros. At 2.3% versus a national average of 0.9%. Looking ahead, the region's population is projected to increase by more than 50% by 2050 led by Maclinburg County, where the I-77 corridor is located.

預計未來五年，華盛頓特區都會區家庭收入中位數將成長3.2%。最後，夏洛特仍然是美國東南部發展最快的都會區之一。2025年，我們在排名前50的大都會中實現了最高的成長率。為 2.3%，而全國平均為 0.9%。展望未來，預計到 2050 年，該地區人口將增加 50% 以上，其中以 I-77 走廊所在的麥克林堡縣為首。

Turning to our business in India. In 2025, IRB reported decrease in revenues showing lower construction activity following the completion of several projects as well as the one-off positive impact from a claim recorded in 2024.

接下來談談我們在印度的業務。2025 年，IRB 報告收入下降，顯示在幾個項目完成後建築活動減少，以及 2024 年記錄的一項索賠帶來的一次性積極影響。

IRB Private InvIT continued to deliver solid performance with a year-on-year growth in revenues and EBITDA. At the same time, the private InvIT advanced in its capital recycling strategy through the sale of three assets to the public InvIT enhancing portfolio optimization. During the year, IRB Private IBIT was awarded two new TOT concessions, reinforcing the company's leadership in India's toll road monetization program.

IRB Private InvIT 持續保持穩健的業績，營收和 EBITDA 均達到年成長。同時，該私人 InvIT 透過向公共 InvIT 出售三項資產，推進了其資本循環策略，從而優化了投資組合。年內，IRB Private IBIT 獲得了兩項新的 TOT 特許經營權，鞏固了該公司在印度收費公路貨幣化計劃中的領先地位。

Looking ahead, India remains an attractive market, supported by a strong GDP and a significant funding gap in transport infrastructure. In 2025, India GDP grew by 7.7% year-on-year despite ongoing macroeconomic headwinds.

展望未來，印度仍然是一個具有吸引力的市場，這得益於其強勁的GDP和交通基礎設施方面的巨大資金缺口。2025年，儘管面臨持續的宏觀經濟逆風，印度GDP仍較去年同期成長7.7%。

Moving on to airports and new Terminal 1 project at JFK Airport. We continue making steady progress towards operational readiness. The project keeps progressing facing a crucial year. In terms of schedule, the contractor has communicated an updated target completion date for the first phase of construction of all 2026.

接下來我們來談談機場和甘迺迪機場新建的1號航廈工程。我們在實現作戰準備方面持續穩步前進。項目正在穩步推進，即將迎來關鍵的一年。就進度安排而言，承包商已公佈第一階段建設的最新目標完工日期為 2026 年。

The project reached 82% construction progress as of the end of the year. We have secured commitments from 25 airlines, including 16 executed agreements and nine letters of intent. 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.

截至年底，該工程建設進度已達 82%。我們已獲得 25 家航空公司的承諾，其中包括 16 份已簽署的協議和 9 份意向書。提醒一下，在前幾個季度，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。

Turning to our airport in Turkey, Dalaman delivered a steady performance despite macroeconomic headwinds and geopolitical challenges that significantly affected international traffic. In 2025, passenger numbers declined by 1.1%, yet revenue grew 3.6%, driven by better nonarea performance. Adjusted EBITDA increased 2.5%, supported by a strong commercial performance. Ferrovial received EUR7 million in dividends from Dalaman in 2025.

再來看看我們在土耳其的機場，儘管宏觀經濟逆風和地緣政治挑戰嚴重影響了國際客運量，但達拉曼機場仍維持了穩定的營運表現。2025年，客運量下降了1.1%，但營收成長了3.6%，主要得益於非區域業務的良好表現。經調整後的 EBITDA 成長了 2.5%，這得益於強勁的商業表現。Ferrovial 於 2025 年從 Dalaman 獲得 700 萬歐元的股息。

Let's now turn to construction. The division posted an standing year, delivering a strong growth and solid profitability across all business units. Revenue reached EUR7.7 billion, up 7.5% in like-for-like terms compared to 2024.

現在我們來談談施工。該部門業績表現平穩，所有業務部門均實現了強勁成長和穩健獲利。營收達 77 億歐元，與 2024 年相比，以可比較口徑計算成長 7.5%。

Adjusted EBITDA was EUR511 million, up 19.9% and adjusted EBIT totaled EUR352 million, increasing by 24.2% like-for-like. The division delivered a 4.6% adjusted EBIT margin in 2025 above our long-term strategic target. The business performed well across all divisions. Budimex delivered a standard 9.2% adjusted EBIT margin with improvements across all segments and benefiting in fourth quarter from one-off change orders and higher contribution from later-stage contracts with risk already fully mitigated, weather reached a 3.2% adjusted EBIT margin.

調整後的 EBITDA 為 5.11 億歐元，成長 19.9%；經調整後的 EBIT 總額為 3.52 億歐元，較去年同期成長 24.2%。該部門在 2025 年實現了 4.6% 的調整後 EBIT 利潤率，比我們的長期策略目標高出 4.6%。本公司各部門業績表現良好。Budimex 實現了標準的 9.2% 調整後 EBIT 利潤率，所有業務板塊均有所改善，第四季度受益於一次性變更訂單和後期合約的更高貢獻，風險已完全消除，天氣因素導致的調整後 EBIT 利潤率達到 3.2%。

Probal construction improved to 2.4%, supported by risk reduction on late-stage projects and improved execution. -- also profitability in 2025 continue to be impacted by significant design activity in bidding for projects and costs related to digitalization and IT systems.

預計施工成本降至2.4%，這得益於後期專案風險的降低和執行效率的提高。 ——此外，2025年的獲利能力仍將受到專案投標中大量設計活動以及數位化和IT系統相關成本的影響。

We finished 2025 with a record high order book of EUR17.4 billion, up 10.1% like-for-like from December 2024. The composition of the order book remains very healthy. It does not reflect roughly EUR2.5 billion in contracts that are pre-awards or pending financial close. Almost half of our order book is in our core US and Canada market, which we expect will continue to support future growth.

2025 年末，我們的訂單總額達到創紀錄的 174 億歐元，比 2024 年 12 月增加 10.1%。訂單構成依然非常健康。這並未反映約 25 億歐元的尚未授予或尚未完成融資的合約。我們近一半的訂單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。

Our operating cash flow reached EUR597 million in 2025, compared to EUR291 million in the previous year, driven by fourth quarter working capital seasonality in Poland and Spain together with prepayments and compensation received in the US and Canada.

2025 年，我們的營運現金流達到 5.97 億歐元，而前一年為 2.91 億歐元，這主要得益於波蘭和西班牙第四季度營運資金的季節性波動，以及在美國和加拿大收到的預付款和補償。

Lastly, in terms of outlook for the division, we maintain our average long-term target of 3.5% adjusted EBIT margin. Now Ernesto will continue with main financial information.

最後，就該部門的前景而言，我們維持3.5%的調整後EBIT利潤率的平均長期目標。接下來，埃內斯托將繼續介紹主要財務資訊。

Thanks, Ignacio. I'll cover now the main lines of the P&L statement. As you have seen in the previous slides, adjusted EBITDA has grown on the back of US highways and construction operational performance. The EBITDA figure also includes other businesses like waste treatment in the UK.

謝謝你，伊格納西奧。接下來我將介紹損益表的主要內容。正如您在前幾張投影片中所看到的，調整後的 EBITDA 成長得益於美國高速公路和建築業的營運表現。EBITDA 資料還包括英國的其他業務，例如廢棄物處理。

In the fourth quarter, an agreement was reached to exit the Alowi waste treatment contract by the end of March 2026. This agreement had no additional impact on the P&L from what had already been recognized in the first nine months. As we have mentioned in past calls, we aim to fully exit the business in due course.

第四季度，雙方達成協議，將於 2026 年 3 月底終止 Alowi 廢棄物處理合約。該協議對損益表沒有產生任何額外影響，因為前九個月已經確認了損益。正如我們之前在電話會議中提到的，我們的目標是在適當的時候完全退出這項業務。

Depreciation has increased on the back of higher traffic than expected on I-66 and replacement CapEx being brought forward in the Dallas FortWorth Express Lanes. The disposals and impairments in 2025 related mainly to the sale of ADS. During 2024, we had the impact of the sale of 19.25% of Heathrow.

由於 I-66 號州際公路的交通流量超出預期，以及達拉斯-沃斯堡快速車道的更換資本支出提前到位，導致折舊增加。2025 年的處置和減損主要與 ADS 的出售有關。2024 年，我們受到了希思羅機場 19.25% 股份出售的影響。

Financial results infra projects, a slight increase of expense versus previous year due to increased debt in highways along 2024 and lower cash remunerations on lower average cash balances, partially mitigated by US dollar depreciation.

在財務表現方面，基礎設施項目支出較上年略有增加，原因是 2024 年高速公路沿線債務增加，以及平均現金餘額減少導致現金報酬減少，但美元貶值部分抵消了這一影響。

Financial results ex infra projects, the income is driven by net cash balance. The Heathrow airports holding 5%, 25% stick in fee and employee share plan hedges. Last year, we had the fair value positive impact of the 5.25% stake in Heathrow holding that was sold in 2025. Equity accounted affiliates profit growth on the back of the ETR outstanding performance.

剔除基礎設施項目後，財務表現的收入主要取決於淨現金餘額。希思羅機場持有 5% 和 25% 的費用和員工持股計畫對沖金。去年，我們獲得了希思羅機場控股公司 5.25% 股份的公允價值正向影響，該股份將於 2025 年出售。權益法核算關聯公司獲利成長得益於 ETR 的優異表現。

Income tax has a positive impact due to recognition of tax credits in the US and Spain mainly. Results from discontinued operations reflect earnouts from divested services business. Turning to the net cash -- net debt position, the ex infrastructure net debt -- we see that dividends from projects amounted to EUR968 million.

所得稅之所以產生正面影響，主要是因為美國和西班牙承認稅收抵免。終止經營業務的業績反映了剝離服務業務的獲利支付。再來看淨現金——淨債務狀況，不包括基礎設施淨債務——我們看到項目分紅總額為 9.68 億歐元。

On top of the highways dividends already discussed, Energy distributed EUR54 million, corresponding to the return of capital invested in our FortWorth in Texas, and the Airport division distributed EUR30 million, of which Heathrow represented 50%.

除了前面討論過的高速公路分紅之外，能源部門還分配了 5400 萬歐元，相當於對我們在德克薩斯州沃斯堡的投資回報；機場部門分配了 3000 萬歐元，其中希思羅機場佔 50%。

Construction operating cash flow as tax payments ex dividend, reached EUR596 million, driven by the fourth quarter working capital in Poland and Spain, and further enhanced by prepayments and compensations received in the US and Canada as Ignacio just discussed.

除股息外，建築業經營現金流（扣除稅款）達到 5.96 億歐元，這主要得益於波蘭和西班牙第四季度的營運資金，以及正如 Ignacio 剛才所討論的，美國和加拿大收到的預付款和補償金進一步增強了這一數字。

Tax payments reached EUR100 million, including EUR47 million of corporate income tax in Budimex. Investments totaled EUR1,170 million, mainly due to the additional 5.06% stake acquired in the 407 ETR for a price of roughly EUR1.3 billion. And also the EUR236 million of equity invested in NT. Interest received and other invested in activities cash flow amounted to EUR130 million, mainly related to cash remuneration.

稅款繳納額達 1 億歐元，其中包括 Budimex 的 4,700 萬歐元企業所得稅。投資總額達 11.7 億歐元，主要原因是以約 13 億歐元的價格收購了 407 ETR 的額外 5.06% 股份。此外，還有對 NT 的 2.36 億歐元股權投資。收到的利息和其他投資活動現金流為 1.3 億歐元，主要與現金報酬有關。

Day basements reached EUR1,158 million, largely driven by the divestment of Heathrow, EUR539 million and the divestment of AGS, EUR533 million. Cash dividend and treasury share buybacks, purchases at EUR657 million in 2025 includes EUR156 million from cash dividends and EUR501 million of share buybacks.

日間地下室資產達 11.58 億歐元，主要得益於希思羅機場的剝離（5.39 億歐元）和 AGS 的剝離（5.33 億歐元）。2025 年現金股利和庫存股回購，購買額為 6.57 億歐元，其中包括 1.56 億歐元現金股利和 5.01 億歐元股票回購。

Other cash flows from financing activities used in financial activities, you have EUR437 million including the repayment of the revolving credit facility that was EUR250 million, also the reduction of the euro commercial paper to EUR100 million; and financial leases reduction, EUR121 million.

其他用於金融活動的融資活動現金流為 4.37 億歐元，其中包括償還 2.5 億歐元的循環信貸額度，以及將歐元商業票據減少至 1 億歐元；以及減少融資租賃 1.21 億歐元。

Also, we include here the dividend to minorities, that is EUR77 million and interest payment, EUR64 million. All this is partially offset by the issuance of nondilutive convertible bond that is registered here at EUR350 million. We also have the effect of the exchange rates on cash and cash equivalents, a reduction EUR91 million, mainly from the US dollar depreciation, but we don't include here this net cash position, the mark-to-market FX hedges as of December 2025, we had notional foreign exchange hedges of EUR2.847 billion in USD538 million. (sic - see presentation, "USD2.847 billion, CAD538 million") the corresponding mark-to-market of these hedges was EUR147 million, as I mentioned, not included in the net cash position.

此外，我們還包括支付給少數股東的股息，即 7,700 萬歐元，以及利息支付，即 6,400 萬歐元。所有這些都可透過發行3.5億歐元的非稀釋性可轉換債券部分抵銷。匯率波動對現金及現金等價物的影響也不容忽視，現金及現金等價物減少了9,100萬歐元，主要原因是美元貶值。但此處並未計入淨現金部位。截至2025年12月，我們持有名目外匯對沖部位為28.47億歐元（5.38億美元）。 （原文如此，請參閱演示文稿，「28.47億美元，5.38億加幣」）正如我之前提到的，這些對沖頭寸的相應市值調整為1.47億歐元，未計入淨現金頭寸。

Moving to the slide of dividend proposal. This year, we shall propose EUR1 billion in dividends. We can consider this is a EUR400 million top-up of what would be a comparable dividend to past years of EUR600 million. With this, the aggregate dividends for the period 2024 through 2026 would total EUR2.2 billion following market standards where dividends are based on the share price at the time of delivery to shareholders. As obviously, we're looking to break it down probably into dividends along the year.

接下來是股利方案的投影片。今年，我們將提議派發10億歐元的股息。我們可以將其視為對往每年6億歐元股息的4億歐元追加。依照市場標準（股利以交付給股東時的股價為基礎），2024 年至 2026 年期間的股利總額將達到 22 億歐元。很顯然，我們打算將其拆分成全年分紅。

And now let me hand it over to Ignacio for the closing remarks.

現在，我把發言權交給伊格納西奧，請他做總結發言。

To conclude, our North American portfolio continues to deliver solid revenue and profitability growth, driven by enhanced customer segmentation and underlying growth in the locations where our assets operate. Looking ahead, we are well positioned for continued growth, supported by a record pipeline of US infrastructure projects and rising interest in P3 opportunities across the country. Finally, our construction order book remains healthy with anticipated limited exposure to inflation.

總而言之，在客戶細分不斷加強以及我們資產營運所在地的潛在成長的推動下，我們的北美投資組合繼續實現穩健的收入和獲利成長。展望未來，我們已做好充分準備，實現持續成長，這得益於美國基礎設施項目數量創歷史新高，以及全國各地對公私合營（PPP）機會的興趣日益濃厚。最後，我們的建築訂單儲備依然充足，預計受通貨膨脹的影響有限。

Thank you very much all of you. And let's start with a Q&A session. So operator, please go ahead.

非常感謝大家。讓我們先從問答環節開始。操作員，請開始。

Ladies and gentlemen, we will now begin the Q&A session. (Operator Instructions)

女士們、先生們，現在開始問答環節。（操作說明）

Cristian Nedelcu, UBS.

Cristian Nedelcu，瑞銀集團。

The first one on the ETR, the Q4 revenue per transaction up 6%, you mentioned you to some weakness in heavy vehicles. Can you elaborate on this? And is this spilling over into 2026, this headwind?

第一條是關於 ETR 的，第四季每筆交易的營收成長了 6%，你提到重型車輛方面存在一些疲軟。能詳細解釋一下嗎？這種逆風會延續到 2026 年嗎？

The second one -- you had the new pricing in place for the ETR407 from January. Could you talk a bit about what you're seeing, the feedback from customers? Are you seeing demand erosion as a consequence of that? Or are you expecting other negative mix impact here? I'm trying to understand if this 21% growth in price at peak times is representative for the revenue per trip growth in 2026?

第二點－你們從一月開始就對 ETR407 實施了新的定價。您能否談談您觀察到的情況，以及來自客戶的回饋？您是否觀察到由此導致的市場需求下降？或者您預計這裡還會出現其他負面影響？我想了解尖峰時段價格 21% 的成長是否能代表 2026 年每次行程收入的成長？

And the last one, if I may, 35-West you -- during your remarks, you mentioned about the volume weakness in Q4, also due to some bottlenecks, and it sounds that that you expect this to spill over into 2026. Could you elaborate a bit if my understanding is right? And if you can give more details there.

最後一個問題，35-West，您在發言中提到了第四季度銷量疲軟，這也是由於一些瓶頸造成的，聽起來您預計這種情況會延續到 2026 年。如果我理解正確，能否再詳細說明？如果您能提供更多細節就更好了。

Thank you for the questions. I will start with the 407ETR, the revenue per transaction in the fourth quarter of the year. That was lower than the previous quarter. You have to consider that is something that happens usually in the fourth quarter compared to the third that is some seasonality. And in this case, probably more even because of weather that affected.

謝謝大家的提問。我將首先介紹 407ETR，也就是今年第四季的每筆交易收入。低於上一季。你必須考慮到這種情況通常發生在第四季度，與第三季度相比，這有一定的季節性因素。而且在這種情況下，由於天氣的影響，情況可能更糟。

And usually, what happens is that during the summer, you will have longer trips. -- in the corridor and also more type of users that now have transponders and they have a charge because in the video, it's now that we have.

通常情況下，夏季期間，行程會更長。 ——在走廊裡，而且現在有更多類型的用戶配備了應答器，他們需要付費，因為在影片中，我們現在有了。

So it has been repeated this quarter has commented because of weather probably more where some effect that not relevant about the heavies, but it's too early to say if it's something that will continue of course, always is very related to the economic activity of the country and especially about the region of Canada and is continued expected to grow in this year according to third parties, but we have to see how it is evolving.

因此，本季已經多次提到，由於天氣原因，可能對一些與重災區無關的影響，但現在說這種情況是否會持續還為時過早。當然，這始終與國家的經濟活動，特別是加拿大地區的經濟活動密切相關，根據第三方預測，預計今年將繼續成長，但我們必須觀察其發展。

And also what we need to consider always in these things is the effect on -- of promotions. And as you know, we are very positive about the promotions that we did last year. And I think that is helping now with with users with the value that we give to the users, but also it's helping to maximize EBITDA. And this is the main KPI that we are following. Promotions are increasing traffic, but are also reducing revenue per transaction, but it helps us to maximize EBITDA.

此外，我們在考慮這些事情時始終需要考慮的是促銷活動的影響。如您所知，我們對去年進行的促銷活動非常滿意。我認為這不僅有助於提升我們為用戶帶來的價值，還有助於最大化 EBITDA。這就是我們關注的主要KPI。促銷活動雖然增加了流量，但也降低了每筆交易的收入，但這有助於我們實現 EBITDA 最大化。

And this is something that we have to follow this number. For this year 2026, we don't give any guidance. But as commented previously, we'll continue with promotions as we did in 2025. And we expect also that is going to contribute to maximize EBITDA also in this year 2026. Regarding the 35-West, the volumes in the last quarter, yes, I commented about some bottlenecks that we have.

而這正是我們必須遵循的數字。對於2026年，我們不提供任何指導。但如同之前所說，我們將繼續像2025年那樣進行促銷活動。我們也預計這將有助於在 2026 年實現 EBITDA 最大化。關於 35-West，上個季度的銷量，是的，我提到我們遇到了一些瓶頸。

That is affecting the whole corridor. The whole corridor is growing. And what we are seeing is more congestion. And this is something that will continue happening. As you know, more questions could mean that some traffic is moving out of the corridor, but this also will mean that probably we have more mandatory models in the way that we have had until now.

這影響了整條走廊。整個走廊都在擴建。而我們現在看到的是交通擁擠加劇。而且這種情況還會繼續發生。如您所知，更多的問題可能意味著一些交通流量正在從走廊轉移出去，但這同時也意味著我們可能會有更多像以前那樣強制性的模式。

Of course, as I commented, we are looking for solutions -- but I think we have some designs and changes that could improve the situation, but we need several approvals, and it will take time. But as commented in the short term, we may see softer traffic compared to the whole traffic growth in the region, but probably because of more -- of congestion, more mandatory most.

當然，正如我之前所說，我們正在尋找解決方案——但我認為我們有一些設計和改進方案可以改善這種情況，但我們需要獲得多項批准，這需要時間。但正如先前評論所說，短期內，與該地區的整體交通增長相比，我們可能會看到交通流量下降，但這可能是因為擁堵情況增多，強制性措施增多。

Luis Prieto, Kepler Chevreux.

路易斯‧普列托，開普勒‧舍夫勒。

Good afternoon, everyone, and thanks a lot for taking the time to answer our questions. I have three questions, if I may. The first one is, could you please shed a bit of light on the reasons behind the provision for lifetime expected credit loss of the 47 ETR? Should we expect this to happen again?

各位下午好，非常感謝你們抽空回答我們的問題。如果可以的話，我有三個問題。第一個問題是，您能否解釋一下 47 年 ETR 中提列終身預期信用損失準備金的原因？我們是否應該預料到這種情況會再次發生？

The second one is that although you have reiterated your long-term EBIT margin outlook in construction in one of your slides, wouldn't Q4 margins suggest that there is upside risk to this figure over -- at least over the coming year?

第二個問題是，雖然您在其中一張幻燈片中重申了您對建築業長期 EBIT 利潤率的展望，但第四季度的利潤率是否表明，至少在未來一年內，這一數字存在上行風險？

And the third question is if you could provide us, please, some anecdotal evidence on customer segmentation measures in the US management, not before, which I think is widely understood. But what are you doing specifically in the years.

第三個問題是，請您提供一些關於美國管理層客戶細分措施的軼事證據，而不是先前的證據，我認為這一點已被廣泛理解。但這些年你具體都做了什麼？

Thank you, Luis, about this provision for credit loss. Some years ago, we have a change in the processes that we have. And because of that, we have some all accounts that we thought that it was healthy to provision at the end of last quarter.

路易斯，謝謝你提醒我注意信用損失準備金的問題。幾年前，我們的流程發生了一些變化。正因如此，我們在上個季度末對一些帳戶提列了準備金，我們認為這樣做是健康的。

And the new collections after this change of process that we are seeing right now are back to what they were before this change of process, so it's back to normal to what it was before. In terms of EBIT, the only guidance that we gave is that the long-term average EBIT is 3.5% for construction. So sometimes we'll be above or other times will be below. As you know, this is a cyclical business.

而我們現在看到的，經過這次流程變更後的新系列，又回到了流程變更之前的樣子，所以一切都恢復正常了。就 EBIT 而言，我們給出的唯一指導是，建築業的長期平均 EBIT 為 3.5%。所以有時候我們會高於平均水平，有時候我們會低於平均水平。如你所知，這是一個週期性產業。

And this is the only guidance that we are giving. So we mentioned several times that we have a healthy backlog today. But the only guidance that we are giving is about this 3.5% EBIT margin in the long term. And also regarding the fourth quarter, there were some one-offs that were exceptional and related to some change orders that we have in certain countries.

這是我們唯一能給的指導。所以我們多次提到，目前積壓的工作量充足。但我們唯一給的指導意見是，長期來看，息稅前利潤率將達到 3.5%。另外，關於第四季度，有一些特殊情況，與我們在某些​​國家的一些變更訂單有關。

And the last one about the customer segmentation in the US is, of course, something that we are looking at, and we are analyzing. However, it's too early and more difficult than in the -- and it is because we are not doing the collections in the case of the US managed lanes, and it's more difficult to reach customers. But of course, it's something that we are analyzing and seeing that we can create value also maximizing EBITDA with promotions in the future, but it will take longer.

最後一點，關於美國客戶細分的問題，當然是我們正在研究和分析的。然而，現在還為時過早，而且比以前更難——這是因為我們沒有在美國管理的通道中進行收款，而且接觸客戶也更加困難。當然，我們正在分析這個問題，並發現未來我們也可以透過促銷活動來創造價值，從而最大限度地提高 EBITDA，但這需要更長的時間。

Graham Hunt, Jefferies.

格雷厄姆‧亨特，傑富瑞集團。

Yes, thanks very much for the questions. I'll ask two, if that's okay. Firstly, we read a lot at the moment about the impact of AI and both in terms of pressure on white collar industries, but also technologies, which I think are relevant to your portfolio like increased presence of autonomous vehicles.

是的，非常感謝你們的提問。如果可以的話，我想問兩個問題。首先，我們目前讀到許多關於人工智慧影響的文章，包括它對白領行業帶來的壓力，以及我認為與您的投資組合相關的技術，例如自動駕駛汽車的日益普及。

So just wondered your thoughts on how you're thinking about these potential curettes or developments with respect to Ferrovial's discretionary lanes? And is it coming into your thinking as you prepare for bids on the upcoming projects, which you highlight in the pipeline?

所以我想知道您對 Ferrovial 的這些潛在的刮除術或發展有何看法，以及您對這些發展有何見解？在您準備對即將開展的項目進行投標時，您是否也考慮到了這一點？這些項目是您重點關注的。

And the second question, just so dividends upstream dividends. Just where do we stand or where is your thinking in terms of and whether you can increase that to increase upstream dividends across the US and Canada there.

第二個問題，就是上游股利。我們目前的立場是什麼？或者說，您對此有何想法？您是否可以提高美國和加拿大上游股利的增加額度？

Thank you. I will take the first one and Ernesto the second. I mean, we could not hear you very well on the second question, but I will try to answer. Regarding AI and autonomous vehicles, we have some preferred done by third parties about what will be the implications of especially autonomous vehicle because AI is a little bit more difficult and probably new -- but in the case of autonomous vehicles, main conclusion is that at least in the short term, what we see is more traffic.

謝謝。我選第一個，埃內斯托選第二個。我的意思是，關於第二個問題，我們沒聽清楚，但我會盡力回答。關於人工智慧和自動駕駛汽車，我們有一些第三方研究成果，探討了自動駕駛汽車，特別是人工智慧可能更複雜、更新穎，會帶來哪些影響——但就自動駕駛汽車而言，主要結論是，至少在短期內，我們看到的是交通流量增加。

So it will be probably autonomous cars moving more than the cars today, and so will be more traffic and congestion and especially that we get more congestion when they are running at the same time with cars driving by human beings. So I think that the short term, we see that as a positive thing.

因此，自動駕駛汽車的行駛量可能會超過今天的汽車，交通擁堵也會加劇，尤其是當它們與人類駕駛的汽車同時行駛時，擁堵情況會更加嚴重。所以我認為，從短期來看，這是一件好事。

The implication of AI is a little bit more difficult -- and I think there are different versions, now if they will maintain the employment by the people doing different things or there will be a reduction of in general, white collars. Of course, some cities will be stronger depending on the type of workers that they have and the type of industries and the type of things that they do. And as long as we can have some information about this and we can incorporate in the models we'll do.

人工智慧的影響比較複雜——我認為現在有不同的說法，即人工智慧是否會維持從事不同工作的人們的就業，或者總體上是否會減少白領工作。當然，有些城市會更強大，這取決於它們擁有的勞動者類型、產業類型以及它們所從事的活動類型。只要我們能獲得這方面的信息，並將其納入我們要做模型的範疇。

But so far, there are more sales about autonomous vehicle and less about artificial intelligence. But as long as we get more information, of course, we'll incorporate in our models and of course, in the bidding process.

但到目前為止，自動駕駛汽車的銷售量比人工智慧的銷售好。當然，只要我們獲得更多信息，我們就會將其納入我們的模型，當然也會納入競標過程中。

Yes. Thanks, Graham. If I listen well, the question was regarding the possibility of helping uplift dividends from our projects like the 407 and Managed Lanes with some additional leverage. Yes, this is a question you get recurrently asked. I mean clearly, the 407 is very with very comfortable ratio. So we could be seeing some uplift there. I don't expect like a big bank, but yes, I mean, there could be an improvement in dividends just because there's the sample capacity there.

是的。謝謝你，格雷厄姆。如果我沒聽錯，這個問題是關於是否有可能透過一些額外的槓桿作用來提高我們像 407 和 Managed Lanes 這樣的專案的股息。是的，這是一個常被問到的問題。我的意思是，很明顯，407 的座椅比例非常舒適。所以我們可能會看到一些成長。我並不指望像大型銀行一樣，但沒錯，我的意思是，僅僅因為樣本量足夠大，股息就有可能有所改善。

Regarding the managed lanes, you know that always the optimal in terms of delevering is comparing with the business plan that was submitted. So where we could have -- not in the near term, but not too far away, some additional leverage on the I-66, -- those are the main ones for 07, -- we could have some angle in others, but we will update in due across the market. So yes, the summary is that, yes, we have some headroom there.

關於受管管道，您也知道，在去槓桿化方面，最佳方案始終是與提交的商業計劃進行比較。因此，雖然短期內可能沒有，但也不會太久，我們可以在 I-66 公路上獲得一些額外的槓桿作用——這些是 07 年的主要目標——我們也可以在其他方面獲得一些機會，但我們會及時更新整個市場的情況。所以，總結起來就是，是的，我們在這方面還有一些提升空間。

Ruairi Cullinane, RBC Capital Markets.

Ruairi Cullinane，加拿大皇家銀行資本市場。

Please, could you provide some commentary on pricing on the I-66 77 at the start of the year? Would it be reasonable to assume another year of double-digit pricing increases in terms of revenue transaction growth on these assets?

請問您能否對年初I-66 77的定價情況做一些評論？假設這些資產的收入交易成長在未來一年內仍將維持兩位數的價格成長，是否合理？

Secondly, you have a strong Q4 across all construction businesses. And I was wondering what drove the more than doubling of EBITDA in Ferrovial Construction. And then finally, on the Schedule 22 provision. It seems like there are a few sort of moving parts that could drive that this year, on the one hand, higher tolls, but also perhaps more rush out traffic and further targeted promotions. Would you be willing to say overall, we could expect a decrease in scheduled 22 payments.

其次，你們所有建築業務在第四季都表現強勁。我想知道是什麼因素推動了 Ferrovial Construction 的 EBITDA 翻了一番以上。最後，關於附表 22 的規定。今年似乎有幾個因素可能會影響到這種情況，一方面是更高的通行費，另一方面可能是更多的趕路車流和更有針對性的促銷活動。您能否說，總體而言，我們可以預期預定的 22 期付款會減少？

As you know, we are not giving any guidance about this year 2026 now in terms of pricing. The only comment that I made during the presentation is that in the I-66, we expect that toll rates will increase above inflation. And the only thing to comment is that, as you know, this is to rates are increasing based on the value to users, and it is better related to to congestion and increase of population and economic activity.

如您所知，目前我們不對2026年的價格給予任何指導。我在演講中唯一提到的一點是，我們預計 I-66 號州際公路的通行費漲幅將高於通膨率。唯一需要說明的是，如您所知，這是因為費率會根據用戶價值而上漲，而且與擁擠、人口成長和經濟活動密切相關。

And as long that is happening and there is value for users, we'll try to capture and especially I and 77 that we have reason to set toll rates -- but as commented, we are not giving any guidance. In the case of the concession business, the margin for the year was 4.6%. EBIT margin -- and I commented that especially in the fourth quarter, we have some positive developments in some markets with change orders or also some projects are at the later stages that the risks are eliminated.

只要這種情況持續發生，並且對用戶有價值，我們就會努力爭取，特別是 I 和 77，這樣我們就有理由設定收費標準——但正如前面所說，我們不會給出任何指導。特許經營業務的年度利潤率為 4.6%。息稅前利潤率——我評論說，尤其是在第四季度，一些市場出現了一些積極的進展，例如變更訂單，或者一些項目已進入後期階段，風險已被消除。

So there were some favor positive things that happened at the end of the fourth quarter. But we are not giving any guidance of following year. So what is going to happen next. And in terms of Schedule 22, again, as as commented previously, what we are trying to do with the promotions is to maximize EBITDA and part of the question, of course, is the traffic is revenue per transaction, but also it's the schedule 22.

所以第四季末發生了一些有利於球隊的正面事情。但我們不會對明年的情況給予任何指導。那麼接下來會發生什麼事呢？至於附表 22，正如先前評論的那樣，我們透過促銷活動的目標是最大化 EBITDA，當然，部分問題在於流量是每筆交易的收入，但同時也與附表 22 有關。

And we consider the three things, whenever we define what is the toll rate increase for the next year and the promotions that we are launching during the year. And as you know, we have different sectors and in some sectors, what makes sense to increase promotions in others.

我們在確定下一年的通行費漲幅以及年內推出的促銷活動時，都會考慮這三件事。如您所知，我們有不同的行業，在某些行業中增加晉升是合理的，而在其他行業中增加晉升則是合理的。

And depending on that, we can pay scheduled in '22, depending on the traffic or not. So the objective is not that, that to be a number that is zero, but to maximize EBITDA. And we consider all things together to take the best decisions in order to maximize EBITDA. Now that is the main KPI that we need to follow in the 407 ETR.

根據交通狀況，我們可以按計劃在 2022 年支付款項。所以目標不是讓 EBITDA 為零，而是最大化 EBITDA。我們會綜合考慮所有因素，做出最佳決策，以達到 EBITDA 最大化。這就是我們在 407 ETR 中需要遵循的主要 KPI。

Elodie Rall, JPMorgan.

埃洛迪·拉爾，摩根大通。

Just -- to come back to the 407, I was wondering if there has been any pushback politically or in the price to the tariff increase that you have announced for '26 in -- and also, I know we've talked a bit on that. But in terms of promotions for 2026, should we expect a similar impact to 25%? Or will you increase the intensity there? And then with regard to the NTO, so you said the opening now is pushed to the fall.

回到 407 號公路的話題，我想知道您宣布的 2026 年關稅上調是否在政治上或價格上受到了任何阻力——而且，我知道我們已經就此談過一些了。但就 2026 年的促銷活動而言，我們是否應該預期會產生與 25% 類似的正面影響？還是你會加大那裡的強度？至於北約，您說現在開幕時間延後到秋季了。

Realistically, when should we start to expect any impact to numbers -- and when will we get a bit more visibility on the financials there? And when would you communicate? And lastly, maybe it would be an opportunity to meet at this stage, but your '24, '26 period on your life guidance or strategic update is ending obviously, this year. So are you planning anything to update the market on strategy, shareholder returns maybe the opening of the NTO.

實際上，我們應該在何時開始預期這些數字會受到任何影響？我們又何時才能更清楚地了解相關的財務狀況？你們何時會聯絡？最後，或許在這個階段這是一個見面的機會，但你人生指導或策略更新的 '24'、'26' 時期顯然將在今年結束。那麼，您是否計劃向市場公佈有關策略、股東回報或新股發行等方面的最新資訊？

About the 407 about the new tolerate announcement. I think that we have to see this about the Toronto in combination with the promotions because I think that many users in the Toronto area are benefiting from some of the promotions that we are doing, and we have to see it all in combination. And I'm not aware about any I mean relevant pushback to the toll rate increase and to the promotions that we are doing. What we are doing or plan to do during this year 2026.

關於 407 號關於新的容忍公告。我認為我們必須將多倫多的情況與促銷活動結合起來看待，因為我認為多倫多地區的許多用戶都從我們正在進行的一些促銷活動中受益，我們必須把所有因素結合起來看待。我目前還沒有收到任何針對通行費上漲和我們正在進行的促銷活動的反對意見。我們在 2026 年正在做或計劃要做的事情。

The focus will continue to be similar to previous year on peak hour as it was the case last year. But also, we'll try to segment more and more looking for better understanding of the customer behavior and how we can contribute to value to them and not so to us to maximize. But about that, we need to learn. So it will be a step-by-step and we'll try to do some promotions and some activity to learn, but most of it, the bulk will be similar to previous year regarding peak hour.

與去年一樣，今年的工作重點仍將放在高峰時段。但同時，我們也會嘗試進行更細緻的細分，以便更好地了解客戶行為，以及我們如何為他們創造價值，而不是為了最大化我們自身的利益。但關於這一點，我們需要學習。所以這將是一個循序漸進的過程，我們會嘗試進行一些推廣活動和學習活動，但大部分內容，尤其是高峰時段，將與去年類似。

But as commented, we'll do other things to see how we can increase value to users and maximize EBITDA. MTO, as commented, yes, it was is now the contractor to us that they expect date in the fall 2026. And yes, we have a review the schedule with the different milestones, and we have to wait on a specific date to opening. We are not going to give any any financial information at least for the time being until they start opening and with the first numbers of MTO. And at that time, I mean, we'll start to communicate a number.

但正如之前所說，我們將採取其他措施，看看如何增加用戶價值並最大化 EBITDA。正如MTO所評論的那樣，是的，它現在是我們的承包商，他們預計在2026年秋天完工。是的，我們已經審核了包含各個里程碑的進度表，還需要等待一個具體的開幕日期。至少目前我們不會透露任何財務信息，直到他們開始營業並公佈第一批訂單數據為止。到那時，我的意思是，我們會開始溝通一個數字。

Now for the time being only communicated opening date and the number of airlines that have signed or are user agreement or a letter of intent, not anything else for the time being. And yes, we are ending the Horizon 26 plan, that is the last year, but it's an important year. It's a '24, '26 plan.

目前隻公佈了開業日期以及已簽署或正在簽署用戶協議或意向書的航空公司數量，其他資訊暫時未公佈。是的，我們將結束「地平線26」計劃，這是最後一年，但也是重要的一年。這是2024年、2026年的計畫。

Many things that we need to deliver during this year and that's the focus that we have today. Of course, after that, well, I mean, think of prepare a new plan that will work during this year. And once it is prepared, we'll think about how we are going to communicate what things or the plan will be communicated externally. But so far, I mean, we have not finalize the plan and not taking any decision about the communication.

今年我們需要完成很多事情，這也是我們今天關注的重點。當然，在那之後，我的意思是，要考慮制定一個能在今年實施的新計劃。一旦準備就緒，我們將考慮如何對外溝通哪些內容或計劃。但就目前而言，我的意思是，我們還沒有最終確定計劃，也沒有就溝通事宜做出任何決定。

Dario Maglione, BNP Paribas.

Dario Maglione，法國巴黎銀行。

Congratulations for MS in 2025. I have three questions on the US Managed Lanes past performance. So on the I-66, Q4 was quite weak compared to Q3, but it was the government shutdown, what kind of, let's say, revenue or traffic that you see in December after the government shutdown has ended?

恭喜您在2025年取得碩士學位。關於美國管理車道過去的業績，我有三個問題。所以，I-66公路第四季的客流量與第三季相比相當疲軟，但這主要是由於政府停擺造成的。那麼，政府停擺結束後，12月的收入或客流量會是什麼樣的呢？

Do you feel like a normalization of the trends or some weakness remain -- then on the LBJ, I was a bit surprised by the slowdown there, and you mentioned construction works 2026. Do you expect this construction works on, I guess, feeding traffic rods to continue in 2026?

您覺得目前的趨勢是否趨於正常化，還是仍存在一些疲軟的跡象？ ——關於 LBJ 項目，我對那裡的放緩感到有些驚訝，您還提到了 2026 年的建設工程。你認為這項建設工程，例如鋪設交通管道的工程，會在 2026 年繼續進行嗎？

Last question on the I-77. you that surprised me on the positive side against tough comps. Here, the revenue per transaction was very high similar to Q3, despite much lower traffic volumes. Can you tell us more about why that is the case and whether this dynamic is sustainable in 2026?

關於I-77的最後一個問題。你讓我感到驚喜的是，在激烈的競爭中，你的表現非常出色。儘管流量大幅下降，但與第三季相比，每筆交易的收入仍然非常高。您能否詳細解釋一下造成這種情況的原因，以及這種趨勢在 2026 年是否還能持續？

Thank you, Dario, regarding the I-66, yes, the fourth quarter was affected by the shutdown, 43 days and also by winter weather that was worse than a previous quarters. It affected mainly that mixed traffic and especially commuters at big time. So that was the main effect was related to that, that we have less commuter had peak that they usually have higher toll rates than other times of the day.

謝謝你，達裡奧。關於 I-66 號州際公路，是的，第四季度受到了政府停工的影響，停工了 43 天，而且冬季天氣也比前幾季更加惡劣。它主要影響了混合交通，尤其是在高峰時段對通勤者造成了很大影響。所以主要影響與此有關，通勤高峰期的人數較少，而高峰期的通行費通常比一天中的其他時間要高。

Also, you have to take into consideration that the comparison of the fourth quarter is that also we have a relevant increase in the fourth quarter last year with the dynamic prices that was communicated before by Ernesto in the quarter's calls. And so it was a tougher comparison also to consider. Again, as I commented before, we expect to grow the toll rates in the ICT about inflation because of the value to users and the activity that we see in the corridor.

此外，您還必須考慮到，第四季度的比較也與去年第四季的動態價格大幅成長有關，這是 Ernesto 在該季度電話會議上之前提到的。因此，這樣的比較也更難抉擇。正如我之前評論的那樣，我們預計 ICT 的通行費將隨著通貨膨脹而增長，因為這對用戶來說很有價值，而且我們看到這條通道的通行量也很大。

The problem is that we have construction that around the LBA in different projects. That is not under our control. So in some cases, you see more impact depending where they are working, how they are affecting the number of lanes and the rest of the traffic.

問題是我們在不同的專案中，LBA 周圍都有施工。那不在我們的控制範圍內。因此，在某些情況下，根據施工地點、施工對車道數量和其他交通狀況的影響程度，你會看到更大的影響。

So -- it's very difficult to anticipate if in one quarter is improving another probably a little bit deteriorating versus the previous one. What we see is that, they expect, because it's not our construction work, that it will be finalized by the end of this year.

所以——很難預測，如果一個季度有所改善，另一個季度可能會比上一個季度略有惡化。我們看到的情況是，他們期望，因為這不是我們承建的工程，所以這項工程將在今年年底前完工。

We don't know exactly when it will happen in phases. So it may happen that suddenly one quarter is better. And then the next, we see some negative affecting our traffic because they are doing something specific. So is it very difficult to anticipate. Also by the end of the year, we expect that it will be back to normal -- and it may happen that some quarters are better, because the way they are doing the work is helping with the traffic. Anyhow, the whole mean traffic back to the corridor will happen once the full construction is finished.

我們尚不清楚它將分階段進行的具體時間表。所以，可能會出現某個季度突然變得更好的情況。然後，接下來，我們發現一些因素對我們的流量產生了負面影響，因為他們正在做一些特定的事情。所以很難預測。我們也預計到年底一切都會恢復正常——而且有些地區的情況可能會更好，因為他們的工作方式有助於緩解交通擁堵。總之，一旦整個施工完成，這條走廊的交通流量就會完全恢復正常。

And in the case of the I-77, remember also with the traffic, we have this comparison with last year. If you remember, we have the closure of lanes because of the hurricane and that increased the traffic in the last quarter of the year.

至於 I-77 號州際公路，也要記住交通狀況，我們可以將其與去年進行比較。如果你還記得的話，由於颶風的影響，我們封閉了一些車道，這導致今年最後一個季度的交通流量增加。

And even we have some effect at the beginning of 2025 that we'll see as a comparison. But in terms of toll rates, revenue per transaction, well, we continue understanding or see the value to users and then try to get that value to us. And I think there has been good in some big hours and the traffic.

甚至到 2025 年初，我們也能看到一些影響，屆時我們將進行比較。但就收費標準和每筆交易的收入而言，我們會繼續了解或看到對用戶的價值，然後努力為我們帶來這種價值。我認為在一些高峰時段和交通狀況方面，情況有所改善。

And because of that, we have been able to increase the revenue per transaction. and at the end, maximizing EBITDA. As I commented, Charlotte is a region that is growing and especially in terms of new jobs in the US, and it looks like it has a good perspective in the following years.

正因如此，我們才能提高每筆交易的收入，最終實現 EBITDA 最大化。正如我之前所說，夏洛特是一個正在發展的地區，尤其是在美國新增就業機會方面，而且看起來未來幾年發展前景良好。

Marcin Wojtal, Bank of America.

Marcin Wojtal，美國銀行。

I have a couple of questions. Firstly, just a follow-up on the NTO project, which is delayed to fall 2026. Is there any increase in the cost of the project for you? Is there any extra equity that you need to contribute? And is there any impact on your equity IRR due to the due to the delay of that project.

我有幾個問題。首先，關於 NTO 項目，需要跟進一下，該項目已推遲到 2026 年秋季。專案成本是否有所增加？您還需要額外投入股權嗎？該專案延期是否會對貴公司的股權內部報酬率產生影響？

Question number two, if we could just perhaps go back to the 407ETR dividend increase, which was very significant, 36%, I believe, in 2025. Could you just remind us how do you think about the dividend policy of that asset? And do you still consider the 407 ETR to be under-levered as it is today?

第二個問題，我們是否可以回到 407ETR 的股息成長計劃，我相信，該計劃在 2025 年實現了非常顯著的 36% 的成長。您能否提醒我們一下，您是如何看待該資產的股利政策的？你仍然認為目前的 407 ETR 槓桿率很低嗎？

And maybe if I can squeeze in one more. Regarding your US listing, I mean that is a recurrent question, but are you considering any further steps on this journey to become more of a US company, perhaps a switch to US GAAP accounting or any other steps that you are considering.

也許我還能擠出一個。關於您在美國上市的問題，這是一個經常被問到的問題，但您是否考慮採取任何進一步措施來成為一家更像美國公司的企業，例如改用美國通用會計準則（US GAAP）或其他您正在考慮的措施。

Thank you, Marcin. I will take the first one, and Honest will take the last two questions that you are asking. Regarding the costs, the project is substantially close to the budget numbers at this point in time. Our expectations is the patio will not be material. And it will depend on how successful are certain claims presented by the contractor. And as of today, we don't expect any additional equity funding for Phase A.

謝謝你，馬爾欽。我來回答第一個問題，Honest 會回答你提出的最後兩個問題。就成本而言，目前該項目已基本接近預算數字。我們預計露台不會是實體物品。這取決於承包商提出的某些索賠能否成功。截至目前，我們預計A階段不會獲得任何額外的股權融資。

The delay that we are seeing today is minor, no, it's a very -- it's a few months. So it's is not affecting us IRR, it's a minimum thing that will not have any effect of the total project. But the negative effect that we have in this period of time is related to the revenues, not that we are not collecting, but no more than that, but the impact is minimal.

我們今天看到的延誤是輕微的，不，只是非常短暫的——也就幾個月而已。所以它不會影響我們的內部報酬率，這只是一個很小的因素，不會對整個專案產生任何影響。但在這段期間，我們所受到的負面影響與收入有關，並不是說我們沒有收到收入，只是收入減少了，但影響微乎其微。

Okay. Regarding the capital structure of the 407, I mean, really, the leverage should reflect the solid financial performance, right? And with the performance it has, it keeps getting headroom and headroom in ratings, and I mean it doesn't make sense, right? The capital structure should be adequate to the current ratings, right? -- not get, let's say, an upgrade, right?

好的。關於407的資本結構，我的意思是，槓桿率真的應該反映出穩健的財務業績，對吧？就它目前的表現而言，它的評分還在不斷提升，這豈不是說不通嗎？目前的資本結構應該與評級相符，對吧？ ——比如說，應該不會獲得評級上調，對吧？

So yes, that would follow that opportunity, as I mentioned in another question that was regarding the dividend for the EUR407 million. Regarding the US listing, if we are looking to do US GAAP or not, the market is not asking for that.

是的，那將抓住這個機會，正如我在另一個關於 4.07 億歐元股息的問題中提到的那樣。關於在美國上市的問題，無論我們是否打算採用美國通用會計準則，市場並沒有提出這樣的要求。

Now of course, we've analyzed that it could make us going forward, and we have done our analysis to try and get ready. But I mean, there's no current demand for that at the moment. So not in the short term, no, we won't be doing US GAAP.

當然，我們已經分析了這可能會對我們未來產生的影響，我們也進行了分析，以便做好準備。但我的意思是，目前還沒有這方面的需求。所以短期內不會，不，我們不會採用美國通用會計準則。

Jose Manuel Arroyas, Santander.

何塞·曼努埃爾·阿羅亞斯，桑坦德銀行。

I have just one question is about the revenue sharing payments in the Q4, particularly at NTE and I-77. I found them a little bit above average. And I think they ended above the annual budget for both highways. Was there anything different in the Q4?

我只有一個問題，是關於第四季的收入分成支付，特別是 NTE 和 I-77 的收入分成支付。我覺得他們比平均略高一些。而且我認為這兩條高速公路的最終完工金額都超過了年度預算。第四季有什麼不同嗎？

Or was it just a recalculation for some particular reason of the annual provision -- and then looking at 2026, I noticed that for I-77, you are budgeting about 50% increase in the in the revenue sharing provision for I-77, -- why would that be? Or is it just a conservative assessment.

或者只是出於某種特殊原因對年度準備金進行了重新計算——然後查看 2026 年，我注意到對於 I-77，你們在 I-77 的收入分成準備金預算中增加了約 50%——這是為什麼呢？或者這只是一個保守的估計？

Mast -- I mean, as you mentioned, -- it was on line with the budget, the revenue share. But the fact was that the budget has been outperformed, right? And there was a catch-up in the accrual at the end. Going forward, it makes sense to do that more along the year, right, rather than reflecting the budget. So we should expect more correlation with the performance. Along the year as we do with the scheduled 22s.

主幹——我的意思是，正如你所提到的，——它符合預算和收入份額。但事實是，預算執行情況已經超出預期，對吧？最後也追加了應計款項。展望未來，與其根據預算來調整，不如在一年中的其他時間進行調整，這樣更有意義，對吧。因此，我們應該預期它與業績​​會有更強的相關性。就像我們全年按計劃進行的 22 項工作一樣。

But it just reflected that. Regarding the I-77 renew share budget for next year, yes, the budget considers that there is, let's say, a move into another bracket of revenue sharing -- when that happens, it's an effect that it looks like a lot that then is not as that going forward, right?

但這正好反映了這一點。關於明年 I-77 更新份額預算，是的，該預算考慮到了，比如說，收入分成比例會上升到另一個級別——當這種情況發生時，看起來很多，但實際上並非如此，對吧？

But when you get into a different bracket of sharing, to kind of get this effect because it looks into the accumulated stuff, right? So you can check that with the XLs. We provide that effect. But as I said, the year -- the following year won't be that that's substantial. It's just an effect of changing into a different bracket.

但是，當你進入不同的分享層面，想要獲得這種效果，是因為它著眼於累積的東西，對吧？所以你可以用 XL 型號來驗證一下。我們能達到這種效果。但正如我所說，明年——或者說下一年——不會有什麼實質的改變。這只是換個括號所帶來的影響。

Cristian Nedelcu, UBS.

Cristian Nedelcu，瑞銀集團。

Could I please check the 407 loyalty plan that you talked about. Could you give us a bit more details does it mean more -- is the purpose to get more traffic, but you could give more discounts? Or how do you think about it? And can I also ask on the NPE that you mentioned the construction works will end at the end of '26. How should we think once that happens, how should we think a traffic accelerating versus less mandatory modes.

請問我能了解您提到的407會員計畫嗎？能提供更多細節嗎？這是否意味著更多——目的是為了吸引更多流量，但同時也能提供更多折扣？還是你是怎麼看待這件事的？另外，關於您提到的 NPE，我能否也問一下，建設工程將於 2026 年底結束？一旦這種情況發生，我們該如何看待交通加速發展與非強制性出行方式之間的關係？

So net-net, you expect revenues still grow once construction ends? And the last one, there's a bunch of tenders for Express Lanes in the US. You made the proposal for the Washington Airport, there's a lot of CapEx there on the midterm and long term. And even if you take a 35%, 40% equity of that CapEx, we're talking about a very large amount.

所以總的來說，您預計施工結束後收入仍會成長嗎？最後，還有美國的一些快速通道招標項目。你提出了華盛頓機場的方案，其中期和長期都需要大量的資本支出。即使你拿走其中 35% 或 40% 的資本支出股權，那也是一筆非常大的數目。

So conceptually, can you tell us to me, how do you think about firepower? There are all these projects, but I guess there is a limit at some point, you cannot do all of them. Could you elaborate a little bit how you think about it.

那麼，從概念上講，您能告訴我，您是如何看待火力的嗎？專案有很多，但我想總會有個限度，你不可能全部完成。能否詳細說說您的想法？

Christian. About the this loyalty plan. As commented, we'll continue with promotions in 2026. It was very positive from our perspective in 2025, helping us to maximize EBITDA and we'll continue to do that this year. Again, the bulk of most of the promotions will be at peak hours, similar to what we did in 2025.

基督教。關於這項會員計劃。正如之前所說，我們將在 2026 年繼續進行促銷活動。從我們的角度來看，這在 2025 年是非常積極的，有助於我們最大限度地提高 EBITDA，今年我們將繼續這樣做。同樣，大部分促銷活動將在高峰時段進行，類似於我們在 2025 年所做的那樣。

Of course, with the learnings now that we had a large year, we continue improving and trying to get more value to users, but also maximizing EBITDA to us. One of the things that will try is a loyalty program, but it's something that we'll see how it works and similar what we'll try to do is try to get some additional segmentation and learning and seeing how the users see the value.

當然，在經歷了過去一年的豐收之後，我們吸取了經驗教訓，將繼續改進並努力為用戶創造更多價值，同時也要最大限度地提高我們的 EBITDA。我們將嘗試推出會員忠誠度計劃，但我們會觀察其效果，類似地，我們也會嘗試進行一些額外的細分和學習，看看用戶如何看待其價值。

And based on that, we can do more segmented type of offers in the future. But again, bulk will be -- portion will be very similar to what we did last year, but with the learnings that we had, because this is just the second year. We are continue learning.

基於此，我們未來可以推出更多細分類型的優惠活動。但同樣，數量和份量將與我們去年所做的非常相似，但會吸取我們去年的經驗教訓，因為這只是第二年。我們仍在不斷學習。

And of course, this is a lot in the during many years. I mean we'll see more and more segmentation, more value to users and maximizing EBITDA for us. In the terms of NTE. Yes, the construction will end by the end of this year. And what we'll see at that point of time is our expectation is directionally is that more traffic will come back to the corridor.

當然，這在很多年裡都是一筆不小的數目。我的意思是，我們將看到越來越多的細分市場，為用戶創造更多價值，並最大限度地提高我們的 EBITDA。就 NTE 而言。是的，這項工程將於今年底完工。屆時，我們預計這條走廊的交通流量將會回升。

As you know, what happened when you have construction and this is a congestion, then some of the traffic takes a different route. That probably for them is shorter and some of the trips that we used to have, they disappear.

如你所知，當道路施工造成擁擠時，部分車輛就會改道行駛。對他們來說，這可能意味著旅行時間會縮短，我們以前經常進行的一些旅行也消失了。

Once the situation is back to normal, then we'll start to see more traffic. It will take some time. Will ramp up, that they learned that probably they have savings, taking this corridor versus the alternative that they are taking today. So we'll see more traffic at also at the same time with this more traffic at the end of the construction, we'll see less congestion because at the end, we are adding one new managed lanes in one sector and one that is not general portfolio in other sectors.

一旦情況恢復正常，我們就會看到車流量增加。這需要一些時間。他們會逐漸意識到，選擇這條路線比選擇他們今天所選擇的其他路線可能更省錢。因此，隨著施工的進行，我們將看到交通流量增加，但同時，交通擁堵情況也會減少，因為在施工結束時，我們將在一個區域增加一條新的管理車道，並在其他區域增加一條非通用車道。

So there is more capacity in the corridor it will bring more traffic, less congestion and probably less mandatory mode. We are not giving any any guidelines about what effect that could have in revenues? And well, you have to wait to see the numbers, how is the effect in the future.

因此，走廊通行能力的提高將帶來更多的交通流量，減少擁堵，並可能減少強制通行模式。我們沒有給出任何關於這可能對收入產生何種影響的指導方針。嗯，你得等等看數據，才能知道未來會產生什麼影響。

And just regarding the the opportunities has commented, we see a quite unique pipeline of opportunities in the US, nothing that we have seen before. It's not -- as you know, we are bidding to managed lanes this year the 77 South next year. We see other managing that will come very soon, hopefully, in Atlanta and Charlotte and the Nashville, sorry, and others that we're working on in the pipeline.

至於他提到的機遇，我們看到美國湧現一系列非常獨特的機遇，這是我們以前從未見過的。不是這樣的——如你所知，我們今年正在競標管理77號南向車道，明年則負責管理這些車道。我們看到其他管理模式很快就會出現，希望在亞特蘭大、夏洛特和納許維爾（抱歉），以及我們正在籌備的其他地區。

Yes, as you know, we want also to expand airports in the US, something similar to NTO, there may be other opportunities. So it's quite unique in terms of pipeline of opportunities. And -- but at the same time, we are not expecting to win all of them. As you know, we are very disciplined from a financial point of view. And for us, it's not only growing, it's creating value while growing -- but the fire power, maybe Ernesto can comment more about that.

是的，如您所知，我們也想在美國擴建機場，類似於北約（NTO）的模式，或許還有其他機會。因此，就發展機會而言，它相當獨特。但同時，我們也不指望贏得所有比賽。如您所知，我們在財務方面非常自律。對我們來說，這不僅僅是成長，而是在成長的同時創造價值——至於火力方面，也許埃內斯托可以多談談這方面。

Thanks, Ignacio. Well, as we presented at the Capital Markets Day and we tend to answer this, we usually don't have leverage at the infrastructure project level. But with good opportunities to grow, we could go to the leverage headroom that the BBB rating allows. We don't comment what are the ratios that rating agencies have.

謝謝你，伊格納西奧。正如我們在資本市場日所展示的，而且我們也傾向於回答這個問題，我們通常不會在基礎設施項目層面進行槓桿操作。但是，憑藉良好的發展機遇，我們可以利用 BBB 評級所允許的槓桿空間。我們不評論評級機構的具體比率。

As a proxy, we have the -- our internal 2 times net debt to EBITDA, and EBITDA is composed of dividends we get from projects that have substantial potential and also the EBITDA from other businesses like construction. So -- that is the kind of proxy we use and we could use that leverage for firepower.

作為參考指標，我們採用內部淨債務與 EBITDA 的 2 倍比率，其中 EBITDA 由具有巨大潛力的項目的股息以及建築等其他業務的 EBITDA 組成。所以——這就是我們使用的代理類型，我們可以利用這種優勢來增強火力。

There are no further questions at this time. I will now hand it back to Sylvia Ruiz, Global Head of IR.

目前沒有其他問題了。現在我將把這份文件交還給全球投資者關係主管西爾維亞·魯伊斯。

Thank you. Well, it seems that there are no questions in the webcast, so I will hand over to Ignacio.

謝謝。看來網路直播中還沒有人提問，那麼我會把發言權交給伊格納西奧。

Thank you, everyone, for your participation in this conference call. And so now we close it. And thank you very much for your participation.

感謝各位參加本次電話會議。那麼，現在我們結束今天的節目。非常感謝您的參與。