Ferrovial N.V. (FER) 2026 Q2 法說會逐字稿

Good afternoon, everybody. This is Silvia Ruiz speaking, and I would like to thank you and welcome you to Ferrovial's conference call to discuss the company's financial results for the first half of 2026. I'm joined here today by our CEO, Ignacio Madridejos; and our CFO, Ernes Lopez Mozo.

各位下午好。我是Silvia Ruiz，感謝各位並歡迎參加Ferrovial的電話會議，我們將在此討論公司2026年上半年財務業績。今天與我一同出席的有我們的執行長Ignacio Madridejos，以及財務長Ernes Lopez Mozo。

Just as a reminder, both the results report and presentation were made available on our website yesterday evening after the US market was closed. At the end of the presentation today, there will be a Q&A session. (Operator Instructions)

提醒各位，業績報告與簡報已於昨晚美國市場收盤後公布於我們的網站。今天簡報結束後將有問答環節。(接線員指示)

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.

在開始之前，請花點時間查看簡報中所載的安全港聲明。並請注意，簡報包含前瞻性陳述與預期，可能受到特定風險與不確定性影響，因此實際數字可能有所差異。

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 and in our website. With all this, I will hand over to Ignacio. Ignacio, the floor is yours.

在本次電話會議中，我們將討論非IFRS財務衡量指標；其定義以及與最可比的IFRS指標之調節，已載於我們的業績報告與網站。接下來我把時間交給Ignacio。Ignacio，請。

Thank you, Silvia, and hello, everyone, and thank you for joining us today to review Ferrovial's results for the first half of 2026. Overall, the semester saw a strong performance driven by our North American highways that show an outstanding revenue growth and our Construction business, which delivered revenue growth while maintaining its profitability target.

謝謝你，Silvia。各位好，感謝各位今天加入我們，一同回顧Ferrovial 2026年上半年的業績。整體而言，本期表現強勁，主要由北美公路業務帶動，營收成長亮眼；同時我們的營建業務在維持獲利目標的同時也實現了營收成長。

In airports, New Terminal One at JFK has submitted a completion remedial plan with March 2027 as the date for Phase A DBO. In terms of cash, we closed the first six months of the year with a net cash position of EUR1.3 billion, excluding infrastructure projects.

在機場方面，JFK的新一號航廈（New Terminal One）已提交完工補救計畫，並以2027年3月作為A期DBO的日期。就現金而言，我們在今年前六個月結束時的淨現金部位為13億歐元（不含基礎建設專案）。

The primary sources of cash included construction, operating cash flow of EUR329 million, dividends collected from projects of EUR378 million and divestments of EUR96 million, mainly from Silvertown Tunnel in the UK and transmission lines in Chile.

現金的主要來源包括：營建業務、3.29億歐元的營運現金流、從專案收取的3.78億歐元股利，以及9,600萬歐元的資產處分收益，主要來自英國的Silvertown Tunnel與智利的輸電線路。

The cash outflows consisted mainly of the equity injection in NTO that amounted to EUR63 million, together with EUR398 million of cash dividends and treasury purchases. Regarding recent developments, we submitted bids for two new managed lanes projects. The I-24 in Tennessee and the I-285 in Georgia. We'll know the results in the third quarter of the year. Additionally, our bid for the D35 highway in the Czech Republic, an availability project was noted as the most cost-effective and the bid's technical evaluation process is currently ongoing.

現金流出主要包括：對NTO的股權注資6,300萬歐元，以及3.98億歐元的現金股利與庫藏股買回。就近期進展而言，我們已就兩個新的管理車道（managed lanes）專案提交投標。分別為田納西州的I-24與喬治亞州的I-285。我們將在第三季得知結果。此外，我們對捷克共和國D35高速公路（可用性付費專案）的投標被評為最具成本效益，目前正進行技術評估程序。

Moving now to our main infrastructure assets and starting with 407 ETR. The 407 ETR grew revenue by 18.7% in the first half of the year compared with the same period last year. Toll revenue increased 20.2%, primarily driven by higher toll rates, which went into effect on January 1, 2026. The traffic grew by 1.8% in the first half of the year, driven by targeted commercial promotions. As a result, EBITDA increased by 24.4% versus the first half of 2025, including a Schedule 22 provision of CAD5.5 million, significantly lower than the CAD45.2 million in 2025.

接下來談我們的主要基礎建設資產，先從407 ETR開始。407 ETR在今年上半年營收較去年同期成長18.7%。通行費收入成長20.2%，主要受惠於較高的通行費率，該費率已於2026年1月1日生效。今年上半年車流量成長1.8%，主要由精準的商業促銷活動帶動。因此，EBITDA較2025年上半年成長24.4%，其中包含Schedule 22提列5.5百萬加幣，顯著低於2025年的4,520萬加幣。

In the second quarter of 2026, traffic was 2.7% lower than in 2025, reflecting softer economic activity, reduced rehabilitation construction on alternative highways and adverse weather conditions, while commercial promotions continue with a more targeted approach that enhances customer value while supporting EBITDA. In terms of dividends, CAD500 million was paid in the first half and another CAD550 million was approved to be distributed in the third quarter of the year.

2026年第二季車流量較2025年下降2.7%，反映經濟活動轉弱、替代道路上的復健工程減少，以及不利天候；同時商業促銷仍在進行，但採取更精準的方式，在支持EBITDA的同時提升客戶價值。股利方面，上半年已支付5億加幣，另有5.5億加幣已核准於第三季發放。

Moving on to Dallas-Fort Worth managed lanes, in terms of traffic, the area remains strong, while traffic in our managed lanes was impacted by construction works and less favorable weather. 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.

接著談達拉斯—沃斯堡（Dallas-Fort Worth）管理車道。就車流而言，該區域整體仍然強勁，但我們管理車道的車流受到施工與較不利天候影響。營運成果方面，儘管收入分成比例提高，三個專案相較去年在營收與EBITDA方面仍呈現穩健成長。

Looking at each of the assets at NTE, traffic was impacted by the capacity improvement construction works and declined 0.6% in the second quarter and 2% in the first half of the year. Adjusted EBITDA grew by 14.7% in the first half, and it was impacted by $6.5 million of revenue share.

就各資產來看，在NTE方面，車流受到容量改善工程影響，第二季下降0.6%，上半年下降2%。調整後EBITDA在上半年成長14.7%，但受到650萬美元收入分成的影響。

LBJ grew transactions by 2.9% in the first half of the year with traffic increasing by 6.9% in the second quarter reflecting greater utilization of the managed lanes as construction works on the I-635 East feeder corridor approach completion. Adjusted EBITDA grew by 15.2% in the first half.

LBJ在上半年交易量成長2.9%；第二季車流成長6.9%，反映隨著I-635 East匯入走廊的施工接近完工，管理車道使用率提高。調整後EBITDA在上半年成長15.2%。

NTE35 West traffic was affected by the increased congestion and managed lanes entry/exit points, which created bottlenecks as well as by the finalization of capacity restrictions due to construction works on nearby road 121.

NTE35 West的車流受到壅塞加劇以及管理車道出入口點影響，造成瓶頸；同時也受到鄰近121號道路施工所致的容量限制解除（施工完結）的影響。

Transactions decreased by 0.2% in the second quarter and grew by 0.4% in the first half of the year. Adjusted EBITDA, which grew by 18.6% in the first half was impacted by $15.8 million of revenue share. All our Dallas-Fort Worth managed lanes registered double-digit growth in revenue per transaction well above inflation.

交易量在第二季下降0.2%，但在上半年成長0.4%。調整後EBITDA在上半年成長18.6%，但受到1,580萬美元收入分成的影響。我們所有達拉斯—沃斯堡管理車道的每筆交易營收皆錄得雙位數成長，且遠高於通膨。

This was driven by several factors: a favorable traffic mix with higher heavy vehicles volumes, thanks mostly to technology enhancements in camera recognition that started to be implemented in 2025 with improved vehicle classification as well as higher number of mandatory mode events at NTE and NTE35 West.

這主要由多項因素帶動：較佳的車流組合（重型車輛占比提高），多半歸功於自2025年開始導入的相機辨識技術升級、車輛分類改善；以及NTE與NTE35 West強制模式事件（mandatory mode events）次數增加。

In the first half of 2026, revenue per transaction grew by 18.9% in NTE, 11.7% in LBJ and 17.3% in NTE35 West. Following this robust operating performance, all three Dallas-Fort Worth managed lanes deliver higher dividend distributions in the first half of the year. NTE distributed $118 million, LBJ $61 million and NTE35 West, $143 million. All these figures are at 100% level.

2026年上半年，NTE的每筆交易營收成長18.9%，LBJ成長11.7%，NTE35 West成長17.3%。在此強勁的營運表現帶動下，三條達拉斯—沃斯堡管理車道在上半年皆提高了股利分配。NTE分配1.18億美元，LBJ 6,100萬美元，NTE35 West 1.43億美元。以上數字皆以100%口徑計算。

Now moving to I-66. Traffic grew by 8.5% in the first half of the year, driven by increased traffic in the corridor and despite adverse weather conditions. Revenue per transaction grew by 8.7% in the first half of the year, and total revenue increased by 17.9%, driven by higher toll rates with adjusted EBITDA up 20.4%.

接下來談I-66。上半年車流成長8.5%，在不利天候下仍受惠於走廊整體車流增加。上半年每筆交易營收成長8.7%，總營收成長17.9%，主要由較高通行費率帶動；調整後EBITDA成長20.4%。

In terms of dividends, I-66 distributed $80 million at 100% level. At I-77, traffic declined by 4.8% in the second quarter and 5.2% in the first half, primarily reflecting lower congestion in the corridor. Performance was also affected by a challenging comparison against early 2025 when traffic benefited from alternative lane closures following Hurricane Helene as well as adverse weather conditions throughout first half of 2026.

股利方面，I-66以100%口徑分配8,000萬美元。在I-77方面，第二季車流下降4.8%，上半年下降5.2%，主要反映走廊壅塞程度降低。表現亦受到具挑戰性的比較基期影響：2025年初因颶風Helene後替代車道封閉而使車流受惠；此外，2026年上半年整體亦受到不利天候影響。

Despite this, revenue per transaction increased by 11.8% in the first half of the year reflecting higher toll rates. However, adjusted EBITDA declined by 5.4% compared to first half of 2025, negatively impacted by the step-up in revenue share band from 25% to 50%. This is largely a first-year effect and is expected to normalize as revenues continue to grow within the new share band. First half adjusted EBITDA included the accrual of $15.6 million of revenue share. Additionally, I-77 distributed $18 million in dividends.

儘管如此，上半年每筆交易營收仍成長11.8%，反映通行費率提高。然而，調整後EBITDA較2025年上半年下降5.4%，主要受收入分成級距由25%提高至50%所帶來的負面影響。這在很大程度上屬於第一年的效應，預期隨著收入在新的分成級距內持續成長，將逐步回歸正常。上半年調整後EBITDA包含提列1,560萬美元的收入分成。此外，I-77亦分配1,800萬美元股利。

Turning to airports, starting with New Terminal One at JFK. NTO has submitted a completion remedial plan with March 2027 as the date for Phase A Date of Beneficial Occupancy. As of the end of the first half of 2026, the project had reached approximately 92% construction progress.

接著談到機場，先從甘迺迪國際機場（JFK）的新一號航廈（New Terminal One）開始。NTO 已提交完工補救計畫，並將 2027 年 3 月訂為 A 期可受益使用占用日期（Date of Beneficial Occupancy）。截至 2026 年上半年末，該專案施工進度約達 92%。

Remaining activities are mainly systems integration, testing and commissioning. Airline engagement continues with commitments to date from 32 airlines, including 24 executed agreements and 8 letters of intent. In terms of equity, we injected the remaining EUR63 million, completing all equity commitments and bringing total investment to EUR1,041 million.

剩餘工作主要為系統整合、測試與試運轉。與航空公司的洽談仍在持續，目前已有 32 家航空公司承諾，其中 24 份協議已簽署、8 份意向書。就股權而言，我們已注入剩餘的 6,300 萬歐元，完成所有股權承諾，並使總投資達到 10.41 億歐元。

At Dalaman Airport, the first half of the year was impacted by the Middle East conflict resulting in total passengers of 1.8 million, showing a decline of 8.1% compared to the first half of 2025, mainly international passengers. Adjusted EBITDA was 13.7% lower than the first half of last year.

在達拉曼機場（Dalaman Airport），上半年受到中東衝突影響，總旅客量為 180 萬人次，較 2025 年上半年下降 8.1%，主要來自國際旅客。調整後 EBITDA 較去年上半年低 13.7%。

Moving to Construction. The business posted solid results with revenue growing by 7.1% in reported figures and 9.7% in like-for-like terms for the first six months of the year, while margins remained stable at 3.5% adjusted EBIT margin.

接著談建設業務。該業務表現穩健，上半年營收以報表口徑成長 7.1%，以同口徑（like-for-like）成長 9.7%，同時利潤率維持穩定，調整後 EBIT 利潤率為 3.5%。

Budimex maintained healthy margins at 6.9% adjusted EBIT and deliver higher like-for-like revenues. Webber continued to benefit from a strong growth with a 24.2% like-for-like increase in revenues, leading to higher profitability with 3.4% adjusted EBIT margin due to positive operating leverage. Ferrovial Construction margins were stable with higher revenues increasing by 4% in like-for-like terms compared to the first half of last year.

Budimex 維持健康的利潤率，調整後 EBIT 為 6.9%，並交出更高的同口徑營收。Webber 持續受惠於強勁成長，同口徑營收成長 24.2%，在正向營運槓桿帶動下獲利提升，調整後 EBIT 利潤率為 3.4%。Ferrovial Construction 的利潤率保持穩定，同口徑營收較去年上半年成長 4%。

The order book remained at an all-time high of EUR18 billion, up 2.8% like-for-like versus December 2025, excluding approximately EUR2.6 billion of additional pre-awarded contracts pending financial close as of June 2026.

在手訂單維持於歷史新高的 180 億歐元，較 2025 年 12 月以同口徑成長 2.8%；此外，截至 2026 年 6 月，尚有約 26 億歐元的額外預授標合約仍待財務交割（financial close），未計入上述數字。

The operating cash flow of the division was EUR329 million for the first half of the year compared to a negative operating cash flow last year, mainly driven by prepayments and compensations received in North America.

該事業部上半年營運現金流為 3.29 億歐元，相較去年為負的營運現金流，主要受北美收到預付款與補償款所帶動。

Now Ernesto will continue with main financial information.

接下來由 Ernesto 繼續說明主要財務資訊。

Thanks, Ignacio, and hello, everybody attending the call. Well, I shall start with the consolidated P&L. I shall cover the lines below the EBITDA level. Depreciation has increased in line with higher CapEx in construction. Here, we have higher activity and also increasing sales performance and also with a traffic profile in highways where we have higher weight of traffic in the earlier years in the current business plan.

謝謝你，Ignacio，也向所有參與本次電話會議的各位問好。我將先從合併損益表開始。我會說明 EBITDA 以下的各項科目。折舊隨著建設資本支出（CapEx）增加而上升。在這裡，我們的活動量更高、銷售表現也提升；此外，在高速公路業務方面，現行商業計畫中前期年度的車流權重較高，因此車流結構也有所影響。

The line of disposal and impairments, here, we have smaller divestments in 2026 versus 2025. Mainly in '26, we have a transmission line in Chile that was sold and also Silvertown Tunnel and availability payment concession in the UK. In 2025, remember that we had the sale of AGS in airports.

在處分與減損這一行，2026 年的資產處分規模小於 2025 年。主要是在 2026 年，我們出售了智利的一條輸電線路，以及英國的 Silvertown Tunnel 與一項可用性付費（availability payment）特許經營案。而在 2025 年，大家記得我們在機場業務出售了 AGS。

In financial results from infrastructure projects, I mean, that is a number that's pretty much unchanged year-on-year with some small impacts canceling each other. I mean, we have some lower expenses from a lower US dollar FX rate, but we have some higher inflation expense in the Autema concession.

在基礎建設專案的財務結果方面，整體數字與去年相比幾乎沒有變化，僅有一些小幅影響彼此抵銷。例如，美元匯率較低使我們的費用下降，但 Autema 特許經營案的通膨費用則較高。

Ex-Infrastructure Projects financial results were favored in 2025 by the ticking fee of the sale of the last stake in Heathrow that was sold. This stake was accounted for as a financial investment throughout 2025. In the equity accounted affiliate results, we have the growth that is in line with the 407 operating results growth.

非基礎建設專案（Ex-Infrastructure Projects）的財務結果在 2025 年受惠於出售希斯洛（Heathrow）最後一筆持股所產生的 ticking fee。該持股在 2025 年全年度皆以金融投資入帳。在權益法認列之關聯企業損益方面，其成長與 407 的營運成果成長一致。

The line of tax reflects a corporate tax rate of 22% on profit before taxes. Here, I mean, if you exclude the equity accounted line that is already post tax and you take into account that the tax on the US concessions is accrued or accounted for already at the -- at our percentage ownership. You don't need to deduct minorities, you come to this level. The net P&L from discontinued operations reflects earnouts from businesses from the Divested Services division.

稅費一行反映稅前利益適用 22% 的公司稅率。在此，如果你排除已為稅後的權益法認列項目，並考量美國特許經營案的稅負已按我們持股比例計提或入帳——按我們的持股比例——你就不需要再扣除少數股權，便會得到這個水準。停業單位的淨損益反映了已出售服務事業部相關業務的或有對價（earnouts）。

Okay. So let's move on to review the consolidated net debt. We ended the semester with a solid net cash position or negative net debt of EUR1.3 billion roughly. Here, starting from the left, we have dividends from projects that were EUR378 million. This is mainly highways with EUR150 million from the [407], EUR158 million in from the Dallas-Fort Worth managed lanes. And then we have EUR38 million from I-66 and I-77 last comes with EUR11 million of dividends.

好的。接著我們來檢視合併淨負債。我們在本期末維持穩健的淨現金部位，亦即淨負債為負，約 13 億歐元。從左邊開始，專案股利為 3.78 億歐元。這主要來自高速公路，其中 [407] 貢獻 1.5 億歐元，達拉斯—沃斯堡（Dallas-Fort Worth）管理車道貢獻 1.58 億歐元。另外，I-66 與 I-77 分別貢獻 3,800 萬歐元，而 I-77 最後還有 1,100 萬歐元的股利。

Then we have the construction operating cash flows, ex tax payments and ex dividends. This reached EUR329 million. This is driven by prepayments and payments that were pending from Canada, the Ontario line. So prepayments in the US and is catching up in Canada. Tax payments reached EUR48 million. And here, we have the main component, this EUR26 million from Budimex and the corporate income tax there.

接著是建設業務的營運現金流（不含稅款支付與不含股利）。該項達到 3.29 億歐元。主要由預付款以及加拿大安大略線（Ontario line）先前待收款項的支付所帶動。也就是美國有預付款，加拿大則在追趕進度。稅款支付為 4,800 萬歐元。其中主要組成為 Budimex 的 2,600 萬歐元及其公司所得稅。

In terms of investments, we had EUR187 million of investments. The main one as was commented before by Ignacio is the last equity increase here in Phase A of EUR63 million. And we also have investments in energy, some projects in Leon County, in Texas, EUR65 million that we are considering here, EUR35 million are from this solar project that I mentioned. And then in construction, we have EUR49 million.

在投資方面，我們投資了 1.87 億歐元。如 Ignacio 先前所提，最大項目是 A 期最後一次增資 6,300 萬歐元。此外，我們也在能源領域投資，包括德州 Leon County 的一些專案，我們在此計入 6,500 萬歐元，其中 3,500 萬歐元來自我提到的太陽能專案。另外在建設方面，投資為 4,900 萬歐元。

Then we go on with the interest received on other investing activities cash flow. This is EUR57 million, and this is basically cash remuneration on the liquidity we have. Then we have divestments that reached EUR96 million, and this is largely driven by the Silvertown Tunnel. I mentioned in the last slide, and also the transmission in Chile, right? This is the most important part, [EUR78 million] in total, these two divestments.

接著是其他投資活動現金流中的已收利息。該項為 5,700 萬歐元，基本上是我們流動性資金的現金報酬。然後是資產處分，達到 9,600 萬歐元，主要由 Silvertown Tunnel 所帶動。我在上一張投影片提過，還有智利的輸電資產，對吧？這兩項處分合計是最重要的部分，總計 [7,800 萬歐元]。

Then in terms of cash dividend and treasury share purchases. We have EUR398 million. And here, EUR98 million was from the cash dividend and the rest, the EUR300 million is share purchases in the buyback progress that we have since December 2025.

接著是現金股利與庫藏股買回。合計為 3.98 億歐元。其中 9,800 萬歐元為現金股利，其餘 3 億歐元為自 2025 年 12 月以來進行的庫藏股買回計畫之股份回購。

And then we have other cash flows used in financing activities. Here, this is basically a bond that was raised, another one was repaid. And also, we have dividends to minorities in Budimex or financial leases. And last, in this cash breakdown, we have the effect of the exchange rate on cash equivalents of [EUR20 billion].

接著是用於籌資活動的其他現金流。這基本上是一筆債券發行，另有一筆債券償還。此外，還包括 Budimex 的少數股權股利或融資租賃。最後，在這份現金拆解中，我們還有匯率對約當現金的影響，為[200 億歐元]。

Okay. So after this review, then we are ready to open the Q&A session.

好的。在完成上述檢視後，我們就準備開放問答環節。

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

好的。謝謝 Ignacio 與 Ernesto。我們開始進行問答環節。接線員，請開始。

(Operator Instructions)

（接線員指示）

Mark Ip, Citi.

Mark Ip，花旗。

Hi, guys. Thanks for taking my questions. I've got a couple. The first one, just on the JFK New Terminal One delay. Can I ask how much contingency is built into the new March '27 target? And if there are any other critical parts within that time frame that could slip or how prudent are you being with that time line basically?

嗨，各位。謝謝讓我提問。我有幾個問題。第一個是關於甘迺迪機場（JFK）新一號航廈（New Terminal One）延遲。想請問新的 2027 年 3 月目標時程中，納入了多少緩衝（contingency）？以及在這段期間內是否還有其他關鍵環節可能再延後，或是基本上你們對這個時程有多保守？

And then the second one on that is around -- is there any sort of recourse or compensation available from the design builders as a result of this delay? And then I've got another question on the construction business. I've seen the margins have returned, gone to your 3.5% long-term EBIT target -- EBIT margin target.

第二個也跟這件事有關——針對這次延誤，是否可以向設計／建造方尋求任何形式的追索或補償？另外我還有一個關於營造業務的問題。我看到利潤率已經回升，回到你們長期 3.5% 的 EBIT 目標——EBIT 利潤率目標。

Can you share how much in the first half, how much of that margin offset is from the elevated bid costs? And maybe, is there a potential tailwind in the second half if your bids have now gone in for the I-24 and the I-285 tenders? Thank you.

可否分享一下在上半年，這個利潤率的抵銷（offset）有多少是來自偏高的投標成本（bid costs）？另外，如果你們現在已經對 I-24 與 I-285 的標案投標完成，下半年是否可能出現一些正面助力（tailwind）？謝謝。

Thank you for your questions, and we'll take both of them now. Regarding the JFK, what we have is this remedial plan that is with the new schedule of March 2027, is based on the best available information today, so it's what is expected according to the plan, that has been prepared together with the contractor that we have there. So this is the best available information that we have today.

謝謝你的提問，我們現在一起回覆這兩個問題。關於 JFK，我們有一個補救計畫（remedial plan），新的時程為 2027 年 3 月，這是基於目前可得的最佳資訊，因此依照該計畫的預期來看就是如此；這個計畫是我們與現場承包商共同擬定的。所以這就是我們今天所掌握的最佳資訊。

About what we have, as you know, the date was June '26 and starting July, there are LDs that the contractor will pay for because of the delay. This is EUR500,000 per day that will maintain until it is open, and it could be, of course, challenged by the contractor if they think that some of the delays is not because of their cause.

至於你問到的部分，如你所知，原本日期是 2026 年 6 月，從 7 月開始就會有違約金（LDs，liquidated damages）由承包商因延誤而支付。金額是每天 50 萬歐元，會一直持續到開放為止；當然，如果承包商認為部分延誤並非由其原因造成，也可能提出爭議。

In the case of construction, yes, we have been -- we have the effect in this first half of the year of bidding cost for -- especially for the two large projects that we have submitted offers in July, both the I-24 in Nashville and the I-285 in Atlanta. Yet we continue bidding for other projects, and we'll start to have other costs that it will have some effect in the bottom line, but I think that starting will be lower than the spend so far, but we'll see what is the effect at the end of the year. But as usual, the only guidance that we give about the Construction is 3.5% as an average for the long term.

至於營造業務，是的，我們在今年上半年已經反映了投標成本的影響——特別是我們在 7 月針對兩個大型專案提交報價，也就是納許維爾的 I-24 與亞特蘭大的 I-285。不過我們仍持續投標其他專案，接下來也會開始產生其他成本，對損益底線會有一些影響；但我認為之後的支出會低於目前為止的投入，不過年底的整體影響還要再看。但如同以往，我們對營造業務唯一提供的指引，是長期平均 3.5%。

Okay. Thank you.

好的。謝謝。

Cristian Nedelcu, UBS.

Cristian Nedelcu，瑞銀（UBS）。

Hi. Thank you very much for taking my questions. The first one on LBJ. With the construction almost finalized on the I-635 and having in mind the fact that LBJ traffic has been lagging the other US lanes over the last few years. Could you tell us a bit more how do you think about volume support in traffic going forward? And if you can comment if you are anywhere close to triggering mandatory modes in any segments of the LBJ currently?

嗨。非常感謝讓我提問。第一個問題關於 LBJ。I-635 的施工幾乎完成，同時考量到過去幾年 LBJ 的車流量一直落後於其他美國車道。可否多談談你們如何看待未來車流量的支撐（volume support）？以及你能否評論一下，目前 LBJ 的任何路段是否已接近觸發強制模式（mandatory modes）？

The second one, there are some press articles recently suggesting that you may be looking to invest in a data center project in Alcobendas in Madrid at around EUR1 billion. Could you tell us a bit more about these projects? And in general, from the perspective of capital allocation, is this a segment you are willing to allocate more capital on the midterm?

第二個問題，最近有一些媒體報導指出，你們可能正在評估投資馬德里 Alcobendas 的資料中心專案，規模約 10 億歐元。可否多介紹一下這些專案？以及就資本配置（capital allocation）的角度而言，這是否是你們在中期願意投入更多資本的領域？

And maybe the last one, if I could kind of ask you the -- I think over the last few weeks, the Washington Airport Authority gave a green light for $20 billion-plus CapEx program for one of the airports there. I believe you made an unsolicited offer a while ago on this project. Could you tell us a little bit more based on what's publicly available. What are the next steps in this process and the time line from here? Thank you.

最後一個問題，如果我可以再問：我想在過去幾週，華盛頓機場管理局（Washington Airport Authority）已對其中一座機場的 200 億美元以上資本支出計畫（CapEx program）開了綠燈。我相信你們之前曾對這個專案提出過一份非邀約提案（unsolicited offer）。可否根據公開資訊多談一些？接下來這個流程的下一步是什麼，以及從現在起的時間表如何？謝謝。

Thank you, Cristian. Yes, for the questions. I'll start with LBJ. Yes, you commented, yes, we saw some improvement in traffic in the last quarter, thanks to that's two of the segments, note, that are feeding the LBJ and at the [635], we're almost finished. Also the new managed lanes in the 635 will be completed in the first quarter of next year.

謝謝你，Cristian。是的，關於這些問題。我先從 LBJ 開始。是的，如你所說，我們在上一季看到車流量有一些改善，主要是因為有兩個路段（請注意）在導入 LBJ 的車流，而在 [635] 上我們也幾乎完工。此外，635 上新的管制車道（managed lanes）將在明年第一季完工。

But we are seeing some benefit coming from some almost finalization of some segments of these new managed lanes. Also, it's not only impacted by 635 but also 35 East, there were some work and other works in the area that -- all of them will be finalizing in the following months, and we expect not to have any impact from construction activity in the area in the first quarter of next year. Part of this benefit, we are seeing today with some of the segments that have been finalized, but the full effect we'll see in the first quarter of next year.

不過我們已經看到一些效益，來自於這些新管制車道路段的部分幾乎完工。另外，影響不僅來自 635，也包括 35 East；該區域還有一些工程——這些都會在接下來幾個月陸續完工，我們預期到明年第一季，該區域的施工活動將不再造成任何影響。其中一部分效益，我們今天已經在一些已完工路段上看到了，但完整效果會在明年第一季顯現。

Regarding the data center, yes, as we commented previously that we purchased two power lands, one in Alcobendas in Madrid and other was in Warsaw in Poland. The news that you could -- you read in the -- a few weeks ago about this project is a special project as part of the Comunidad de Madrid. And it's a first phase that we are doing first totally 75 megawatts IT. The first part will be close to 45 megawatts IT to start with. And what you have to consider that the total -- this is a total investment for all phases.

關於資料中心，是的，如我們先前提到，我們買了兩塊具備電力條件的土地，一塊在馬德里 Alcobendas，另一塊在波蘭華沙。你幾週前在新聞中讀到的這個專案，是馬德里自治區（Comunidad de Madrid）的一個特殊專案的一部分。第一期我們將先做總計 75 兆瓦 IT（IT 負載）。第一部分起步會接近 45 兆瓦 IT。你需要考量的是，這個總額——這是涵蓋所有階段的總投資。

And on top of that, there will be some leverage and we can bring partners to participate with us and also contribute equity. And for us, in this business, we have a policy of recycling capital and rotating capital once it's a mature asset with a lease.

此外，還會有一些槓桿（leverage），我們也可以引入合作夥伴與我們共同參與並投入股權。對我們而言，在這個業務中，我們的政策是在資產成熟且有租約後進行資本回收（recycling capital）與資本輪動（rotating capital）。

So in total, the total amount of equity that we'll deploy in this business will be limited because of that, especially because of -- we'll rotate once it is mature, that it means once it is finalized, the construction, and then we have a lease in place. We are starting with Madrid and Poland. And depending on -- we'll see later how we progress and how successful we are with these two sites in which we are working first.

因此整體而言，我們在這個業務上將投入的股權總額會受到限制，特別是因為——一旦資產成熟我們就會輪動；所謂成熟，指的是施工完成，並且已有租約到位。我們先從馬德里與波蘭開始。至於後續——我們之後會再看在這兩個先行場址的推進情況與成功程度。

Regarding the Washington Airport, what was announced is that the Washington Airport Authority that they want to develop a new project. It's true that we presented -- we participated in a request for ideas, and we presented some ideas about how to develop this airport with a P3.

關於華盛頓機場，公告內容是華盛頓機場管理局希望開發一個新專案。確實，我們曾提交——我們參與過一個徵求構想（request for ideas），並提出了一些如何以 P3 模式開發該機場的想法。

But finally, it's not going to be done with a P3 project and it's going to be done directly by the Washington Airport Authority. And we are looking at it as a pure construction project, but we don't expect that this will be a P3 project in which we can allocate some capital.

但最後，這不會以 P3 專案來執行，而是由華盛頓機場管理局直接推動。我們將其視為純營造專案來看待，但我們不預期這會是一個我們可以配置資本的 P3 專案。

It's very helpful. Could I just double-check on the LBJ mandatory modes. Are we close on any segment to that or not --

這非常有幫助。我可以再確認一下關於 LBJ 的強制模式（mandatory modes）嗎？目前有任何路段接近觸發嗎，還是沒有？--

Sorry, yes, yes. It's true that in the last month, segment three of LBJ triggered some speed mandatory modes, but I will say that these are non-significant and not relevant affecting the revenues at LBJ. And as we have commented several times before, there is capacity available at LBJ and we don't expect that the mandatory modes will have a significant impact in the following months or years. So we don't expect, although we may have some sporadic events. I think that they will not have a significant impact in the short term.

抱歉，是的，是的。確實在上個月，LBJ 的第三路段觸發了一些強制降速模式，但我要說這些影響不大，且與影響 LBJ 的營收無關。而且如同我們之前多次評論過的，LBJ 仍有可用容量，我們不預期這些強制模式在接下來幾個月或幾年會造成顯著影響。所以我們不預期會有影響，雖然可能會出現一些零星事件。我認為短期內不會造成顯著影響。

Thank you very much.

非常感謝。

Elodie Rall, JPMorgan.

Elodie Rall，摩根大通。

Hi, good afternoon. Thanks for taking my questions. Just to jump back on the NTO. I was wondering if given the delays to Phase 1, you would seek a different contractor to carry out the work in Phase B1 and B2. Second question on the US managed lanes and generally on your tolls exposure. Generally, traffic seems to be quite resilient despite all the macro headwinds.

嗨，下午好。謝謝回答我的問題。我想再回到 NTO。我想請問，鑑於第一階段的延誤，你們是否會尋找不同的承包商來執行 B1 與 B2 階段的工程？第二個問題是關於美國的管理車道，以及更廣泛地關於你們的收費公路曝險。整體而言，儘管面臨各種總體經濟逆風，交通量似乎仍相當具韌性。

What do you think is causing this traffic strength generally? And should we be mindful of gas & oil? I mean, it doesn't seem to have any impact. Can you share your view on correlation there between traffic and oil price for your assets? And lastly, I think you're planning a CMD at some point, but could you give us maybe like your agenda there, if it's going to be and when it's likely to be and what it will be covering? Thank you.

你認為整體交通量強勁的原因是什麼？我們是否需要留意汽油與原油？我的意思是，看起來並沒有任何影響。你能分享一下你們資產的交通量與油價之間相關性的看法嗎？最後，我知道你們計畫在某個時間點舉辦 CMD（資本市場日），但你們能否提供大致的議程，例如可能何時舉辦、會涵蓋哪些內容？謝謝。

Thank you, Elodie. Now about the NTO first, B1, B2, still we are just working with the design and main focus of all the teams are on -- the focus is on DBO of Phase 1. So we have not decided yet about who will be the contractor of the next phases. And just what we are doing today is working on the design. Regarding managed lanes, what we see is good, the economy is performing well and especially in the places in which we have our assets, Dallas-Fort Worth and Washington area and Charlotte, these areas are performing in general from an economic point of view well.

謝謝你，Elodie。先談 NTO，B1、B2 方面，我們目前仍在進行設計工作，所有團隊的主要重點都在——重點是在第一階段的 DBO。因此，我們尚未決定後續階段的承包商會是誰。而我們現在所做的就是進行設計。至於管理車道，我們看到的情況良好，經濟表現不錯，特別是在我們擁有資產的地區：達拉斯—沃斯堡、華盛頓地區以及夏洛特，這些地區整體從經濟角度來看表現良好。

We are not seeing a significant impact from oil prices at least for the time being. Also when you see in the long term, I mean, the main correlation is with the local GDP and oil price is high for a long period of time, it may have an effect in the local GDP. But for the time being, as commented, we have not seen a significant effect or impact from the oil prices. And what we are seeing is a good local activity in the places where we have our assets.

至少就目前而言，我們沒有看到油價帶來顯著影響。另外，從長期來看，主要的相關性在於當地 GDP；若油價在很長一段時間維持高檔，可能會對當地 GDP 造成影響。但就目前而言，如先前所述，我們尚未看到油價帶來顯著效果或影響。我們看到的是在我們擁有資產的地區，當地活動良好。

And regarding the Capital Markets Day, we have not taken a decision when we are going to do it, what we commented is that our strategic plan, Horizon 26, is finalizing this year, and we are internally working about a new horizon plan for the next years, and we have not taken a decision yet about when and how we are going to communicate externally this plan. And we'll let you know as soon as we take a decision about it.

至於資本市場日，我們尚未決定何時舉辦。我們先前提到，我們的策略計畫 Horizon 26 會在今年定案，我們也正在內部研擬未來幾年的新一輪願景／規劃，但我們尚未決定何時以及如何對外溝通這個計畫。一旦我們就此作出決定，會盡快通知各位。

Okay. Thank you.

好的。謝謝。

Ruairi Cullinane, RBC Capital Markets.

Ruairi Cullinane，RBC 資本市場。

Hi. Yes. Good afternoon First question would be, could you provide an update with regards to the I-77 South in the US managed lane pipeline given the media reports on local vote against the project? And secondly, on the 407 ETR, net financial expense increased 25% in Q2. Is that a reasonable run rate into third quarter? Or was there anything one-off in that?

嗨。是的。下午好。第一個問題是，鑑於媒體報導當地投票反對該專案，你能否就美國管理車道管線中的 I-77 South 提供最新進展？第二個問題關於 407 ETR，第二季淨財務費用增加了 25%。這是否可視為第三季的合理運行水準？還是其中有任何一次性因素？

And also on the 407 ETR, the quarterly dividend increased by [CAD300 million] in Q2 and Q3. Is that sort of run rate we should be thinking about potentially into Q4, which would leave the 407 ETR dividend less Q4-weighted than in 2025. Thank you.

另外同樣關於 407 ETR，季度股利在第二季與第三季各增加了 [CAD300 million]。這是否是我們在第四季也應該預期的運行水準？若是如此，將使 407 ETR 的股利在 2025 年相較之下不那麼偏重第四季。謝謝。

Thank you for the questions. I will take the first one about the pipeline, and then Ernesto will answer the two about the 407, the financial expenses and the OpEx. Regarding the I-77 South, we have been communicated about a delay of this project. But as you know, we prequalified together with other three groups and the information that we have today is that this project is delayed for the time being, and we are awaiting news from the North Carolina DOT about next steps about this project and if they are going to issue an RFP and what is going to be the new time line. So we still are waiting about this project.

謝謝你的提問。我先回答第一個關於管線的問題，接著 Ernesto 會回答兩個關於 407 的問題：財務費用與營運費用（OpEx）。關於 I-77 South，我們已收到該專案延後的通知。但如你所知，我們與另外三個團隊一起通過資格預審；目前我們掌握的資訊是，該專案暫時延後，我們正在等待北卡羅來納州交通運輸廳（DOT）就下一步提供消息，包括是否會發布 RFP，以及新的時程會是什麼。因此我們仍在等待該專案的進一步消息。

And Ernesto?

Ernesto？

Okay. Regarding financial expenses on the 407, you have two effects here. One of them is, well, there's additional debt and additional issuance that, of course, drives cost higher. Also, there's been the effect of inflation on the inflation-linked bonds and derivatives of the concession. I wouldn't take like a running rate because of this last effect, I mean there needs to be more detail into that analysis before extrapolating that inflation component.

好的。關於 407 的財務費用，這裡有兩個影響因素。其中之一是，新增負債與新增發行，當然會推升成本。另外還有通膨對特許經營項下的通膨連結債券與衍生性商品的影響。我不會把它當作一個固定的運行水準，因為最後這個影響因素需要更深入的分析，才能外推那個通膨組成。

Regarding dividends, I mean, there's no guidance provided by the 407. We don't provide guidance here. So I'm sorry you have to leave it there. And then the last question, if you could basically rephrase that again, it was about OpEx. Could you please redo that again?

至於股利，我的意思是，407 並沒有提供任何指引。我們在這裡也不提供指引。所以很抱歉，這部分只能先到這裡。然後最後一個問題，如果你能再重新表述一次，那是關於 OpEx 的。可以請你再說一次嗎？

No, you've answered my question. It was linked to the question on the dividends.

不用了，你已經回答我的問題了。那是與股利問題相關的。

Okay. Thank you.

好的。謝謝。

Luis Prieto, Kepler Cheuvreux.

Luis Prieto，Kepler Cheuvreux。

Good afternoon, everyone. Thanks for taking my questions. A couple of them very quickly. The first one is regarding the fact that you've recognized in the past the balance sheet headroom at the 407 ETR on top of which the Q3 dividend grew very significantly year-on-year. Can we extrapolate this step-up in remuneration to the last quarter of 2026?

各位下午好。謝謝回答我的問題。我有幾個問題，很快問完。第一個是關於你們過去曾提到 407 ETR 的資產負債表有餘裕，而在此基礎上，第三季股利年增幅非常顯著。我們是否可以把這次報酬提升外推到 2026 年最後一季？

And the second question is regarding the favorable working capital performance, which seems very meaningful given the seasonality of this variable historically. Are we going to see more of the same in H2? Or this is purely exception? Thank you.

第二個問題是關於有利的營運資金表現；考量到歷史上這個變數的季節性，這看起來相當顯著。我們在下半年還會看到類似情況嗎？還是這純粹是例外？謝謝。

Okay. Luis, I will take those. Well, regarding the dividend is like the last question. I mean, we don't provide any guidance regarding the dividend for the year. The 407 doesn't provide that, right? So we keep it there. Regarding the -- and the other question, if you -- yeah, on the working capital, yeah, regarding the working capital in construction, it's true that the first semester has been favorable from what I mentioned when I was reviewing the cash. I mean there's been some, let's say, collections or payments that have been kind of delayed that were basically cashed in this semester.

好的。Luis，我來回答。關於股利，和上一個問題一樣。我的意思是，我們不提供年度股利的任何指引。407 也不提供，對吧？所以這部分我們就先到這裡。至於——另一個問題，如果你——是的，關於營運資金，是的，關於營建業務的營運資金，確實如我在檢視現金時提到的，上半年表現有利。也就是說，有一些可以說是收款或付款有所延後，而這些基本上是在本期上半年入帳／收現。

So this has been specific for this semester. And yes, the second half of the year usually have some positive working capital effect at the end of the year. I mean we don't provide any guidance, but there's no reason to not expect some sort of seasonality there at the very end of the year as other years.

所以這是針對本學期的特定情況。而且是的，下半年通常在年底會對營運資金帶來一些正面影響。我的意思是我們不提供任何指引，但沒有理由不預期在年底會像往年一樣出現某種季節性。

Super clear. Thank you.

非常清楚。謝謝。

Graham Hunt, Jefferies.

Graham Hunt，Jefferies。

Yeah. Thanks. Thanks, team. And thanks, [Ernesto] on the call. Just two questions. If we go back to the 407, I think historically, you've talked about catching up some of the pricing that was lost during the price freezes over the COVID period. And I wondered, does that still come into your thinking? Or are we in a different price regime now with a different approach with the promotions and things?

是的。謝謝。謝謝，各位團隊。也謝謝[Ernesto]參與這通電話。我有兩個問題。如果回到 407，我記得過去你們曾談到要把 COVID 期間凍漲所流失的部分價格補回來。我想問，這點現在仍會納入你們的考量嗎？還是說，現在我們已經進入不同的定價環境，對促銷等做法也有不同的策略？

I'm just kind of looking for a bit of an update in your thinking there. We've seen multiple years of very high pricing, obviously, with the promotions. But yes, just an update in how you think about the catch-up there in terms of real pricing?

我只是想了解你們在這方面思維的最新進展。我們顯然已經看到好幾年非常高的定價，當然也伴隨促銷。但我想請你們更新一下：就實質價格而言，你們如何看待把先前落後的部分補回來？

And then the second question, I'll go again on dividends, but not for the 407. Maybe just for the group, Ernesto, any help you can give us in terms of how you're thinking about the last part of your overall returns guidance for 2026 in the second half, the shape of that, how we should be modeling it, that would be helpful. Thank you.

第二個問題，我再問一次股利，但不是針對 407。也許是針對集團整體，Ernesto，你能否就 2026 年整體股東回報指引中、下半年最後一部分的思考提供一些協助？例如其走勢形狀、我們應該如何建模，這會很有幫助。謝謝。

Thank you, Graham. I will answer the first question about the 407 and then Ernesto will come back to the dividends. So about the 407, the way we see it is about value for users and how we can capture that value for users at the same time with relieving the congestion in the area. And that from a perspective, internal perspective of maximizing EBITDA.

謝謝你，Graham。我先回答第一個關於 407 的問題，然後 Ernesto 會再回來回答股利的部分。關於 407，我們的看法是：重點在於使用者的價值，以及我們如何在紓解該區域壅塞的同時，為使用者創造並捕捉這個價值。而從內部角度來看，則是要最大化 EBITDA。

So we have to take -- when we think about this, you have to take all of this into consideration. And as you know, there are different parts and one of those parts, says about the toll rate that we increased at the beginning of the -- we announced in November, but we implemented in the beginning of the year. But also we offer promotions to different type of users that is helping with the congestion relief, but this also help now with some users that have different point of elasticity.

因此我們在思考時必須把所有因素都納入考量。如你所知，這裡有不同的組成部分，其中之一是通行費率：我們在——我們在 11 月宣布，但在年初開始實施——時提高了費率。但同時我們也對不同類型的使用者提供促銷，這有助於紓解壅塞；而這也能因應部分使用者在需求彈性上的差異。

And all of that combined with maximizing EBITDA and reducing Schedule 22 payments. And that's a different thing that, as you know, is traffic at the peak and is related to the thresholds and the different segments and how we are more effective with promotions, reducing Schedule 22 payments as we have been able to achieve in the second year.

而所有這些都要與最大化 EBITDA 以及降低 Schedule 22 付款相結合。這又是另一件事：如你所知，它與尖峰時段的車流有關，並且與門檻、不同區段，以及我們如何透過更有效的促銷來降低 Schedule 22 付款有關——而我們在第二年已經能做到這一點。

So yes, I think that because all this, we think differently to what we did in the past about pricing. It's not only about one increase, it's also considering how promotions play there. And we maximize different effects of congestion relief of maximizing revenues and EBITDA in different ways.

所以是的，我認為基於上述所有因素，我們對定價的思考方式與過去不同。不只是一次性的調漲，也要把促銷在其中扮演的角色納入考量。我們會以不同方式去最大化壅塞紓解、營收與 EBITDA 的各種效果。

So yes, I think that you should expect that this is the new rationale and how we -- it's where we are going to behave in the future. And it will be based on these variables that I commented previously. And I think that is different to what we used to do in the past. But the focus at the end will be maximizing EBITDA and that's related to value to users and more growth, economic growth in Toronto area and population growth. And population will help us increase the value. Understood?

所以是的，我認為你應該預期這會是新的邏輯，也是我們——未來的行為方式。它將以我先前提到的這些變數為基礎。我認為這與我們過去的做法不同。但最終的重點會是最大化 EBITDA，而這與使用者價值、更高的成長、以及多倫多地區的經濟成長與人口成長相關。人口成長將幫助我們提升價值。明白嗎？

Thanks, Graham. Regarding the question on dividends, I mean, there's no update now. I mean, we'll -- probably the Board in October will -- that takes the decision on the second dividend, we'll update. But until then, we have no updates.

謝謝，Graham。關於股利的問題，我的意思是，目前沒有更新。我的意思是——可能董事會在 10 月會——會就第二次股利做出決定，屆時我們會更新。但在那之前，我們沒有任何更新。

Got it. Thanks, guys. Very helpful.

了解。謝謝各位。非常有幫助。

Dario Maglione, BNP Paribas.

Dario Maglione，BNP Paribas。

Hi. Good afternoon. Three questions from me. The first one on the US Texas managed lanes, which posted quite an impressive revenue growth in Q2, almost 20% for all the three assets, and that was despite bad weather. So you mentioned various drivers for this growth. Could you maybe rank them or give them -- you mentioned, for instance, the tech -- technology to classify heavy vehicles. How significant was this?

嗨。下午好。我有三個問題。第一個是關於美國德州的管理車道（managed lanes），第二季三項資產的營收成長相當亮眼，接近 20%，而且是在惡劣天氣的情況下達成的。你們提到這個成長有多項驅動因素。你們能否把它們排序，或給出相對重要性？例如你們提到用於辨識重型車輛的技術——這項因素有多重要？

The second question related to the first question, and the tech classification for heavy vehicles. My understanding is that it was implemented in 2025 at different dates for the different assets. Could you give us a bit more detail on this? And the third question is on the 407 ETR. Traffic was down in the quarter in Q2, as you mentioned, some various effects.

第二個問題與第一個相關，也就是重型車輛的技術分類。我的理解是，這是在 2025 年針對不同資產於不同日期導入。你們能否提供更多細節？第三個問題是關於 407 ETR。如你所提到，第二季車流量在本季下滑，受到一些不同因素影響。

You didn't mention really the promotion or the different type of promotions impact of the macroeconomic situation and traffic on alternative routes. So with that in mind, what is the implication for the potential for toll increase in 2027 if traffic is not growing? Thanks.

你們沒有特別提到促銷，或不同類型促銷在總體經濟情勢下的影響，以及替代路線的車流情況。在此背景下，如果車流量沒有成長，這對 2027 年可能調漲通行費的空間有何意涵？謝謝。

Thank you, Dario. So I will start by Texas managed lanes and the revenue growth now that we have seen in the three assets. I think in terms of importance, probably the most important has been the classification of vehicles.

謝謝你，Dario。我先從德州管理車道以及我們目前在三項資產看到的營收成長談起。我認為就重要性而言，最重要的可能是車輛分類。

As you know, they have a multiplier. So with this new technology that we have implemented in the different managed lanes, it has helped us to identify more heavy vehicles that are paying more than they were paying before. And this has been the main effect that we had.

如你所知，它們有一個乘數（multiplier）。因此，透過我們在不同管理車道導入的新技術，能幫助我們辨識出更多重型車輛，而這些車輛支付的費用比以前更高。這是我們看到的主要影響。

In the case of also the NTE and the 35 West, also we had more mandatory modes than before that had a positive effect in the revenue per transaction. And of course, always, we have some mix effects and always we have the impact of inflation in which we increased the soft cap at the beginning of the year. So probably I mentioned those in terms of priority, what has been most relevant and then the other effects that also were impacting this revenue per transaction with that 20% growth.

另外，在 NTE 和 35 West 的情況下，我們也有比以前更多的強制模式（mandatory modes），這對每筆交易的營收帶來正面影響。當然，一如既往，我們也有一些組合效應（mix effects），並且也受到通膨影響——我們在年初提高了 soft cap。所以若要按優先順序來說，我大概會先提這些最相關的因素，然後才是其他也會影響每筆交易營收、共同帶來約 20% 成長的因素。

It's relevant also what you mentioned about the classification of vehicles, yes, because we implemented that last year. And we started with implementing new technology and in the different countries, and we started with the 35 West followed with NTE and we'll finalize with LBJ. But some of the information about the classification of these vehicles we use just from the beginning in all the three managed lanes.

你提到的車輛分類也確實很關鍵，因為我們是在去年導入的。我們開始在不同國家導入新技術，並且先從 35 West 開始，其次是 NTE，最後會在 LBJ 完成。但關於這些車輛分類的部分資訊，我們從一開始就已在三條管理車道上使用。

So some of the effect is already included in all of them. But it's true that the comparison in the second half, we like-for-like will be already including this effect that started to -- we started to see at the end of the second half of last year, and you have to take that into consideration.

因此，其中一部分效果已經反映在全部三項資產中。但確實，如你所說，下半年在可比基礎（like-for-like）的比較中，將已經包含這項效果——我們在去年下半年末開始看到——你需要把這點納入考量。

Also, the other effect in the managed lanes, our traffic is construction loss, when we see the ending the construction at LBJ and also at NTE for the capacity improvement, the effects will be in the case of NTE, more traffic and less mandatory modes. In the case of LBJ, once the construction is finished, it is expected that some traffic will come back to the corridor.

另外，受控車道的另一個影響是，我們的交通量受到施工損失影響；當我們看到 LBJ 以及 NTE 的擴容改善工程接近完工時，其影響將是：就 NTE 而言，交通量增加且強制性模式（mandatory modes）減少。就 LBJ 而言，一旦施工完成，預期會有部分交通量回流到該走廊。

And in the case of the 407, the effect of promotions has been very limited, I will say, slightly more than the previous year in terms of traffic affected by promotions in the second quarter of '26 compared to the second quarter of '25. It's true that with slightly more traffic affected promotions, we have been more effective in Schedule 22. So in that sense, we have some sectors in which we have traffic above the threshold. So in those cases, we have reduced promotions.

至於 407，促銷的影響非常有限；我會說，與 2025 年第二季相比，2026 年第二季受促銷影響的交通量僅略有增加。確實，隨著受促銷影響的交通量略增，我們在 Schedule 22 方面的成效更好。因此，在某些區段，我們的交通量高於門檻。所以在那些情況下，我們降低了促銷力度。

And there were other sectors in which we were below the threshold. And in those cases, well, we have been more effective, bringing some promotions that have helped us in order to reduce Schedule 22 payments. So I will say that this is not a major effect and the major effects that we have in traffic in this quarter compared to previous year is the economic activity.

而在其他一些區段，我們低於門檻。在那些情況下，我們的作法更有效，推出了一些促銷，幫助我們降低 Schedule 22 的付款。所以我會說這不是主要影響；本季相較去年交通量的主要影響因素是經濟活動。

And that's mainly related to some industries that have uncertainty, uncertainty of tariffs. So the whole economy is growing around 1%, but still we see some industries and sectors that are more affected and that will affect traffic.

而這主要與某些產業面臨不確定性有關，尤其是關稅的不確定性。因此整體經濟約成長 1%，但我們仍看到一些產業與部門受影響較大，進而影響交通量。

We have seen also a relevant effect in terms of the delay in the maintenance in some competing highways, especially the 401 because of the FIFA World Cup that they didn't want to do some construction works during that period of time.

我們也看到一個顯著影響：一些競爭高速公路的維護工程延後，特別是 401，因為 FIFA 世界盃期間他們不想進行施工。

And as usually, you can do only this type of maintenance during -- with the good weather of spring and summer. And in this year, all this construction activity was delayed. And third, also weather, we have a negative effect of weather. That was general. It was not only the 407, it was also in the managed lanes and other assets that we have that negative effect.

而且如同往常，這類維護只能在——春夏好天氣期間進行。今年所有這些施工活動都被延後。第三，天氣也帶來負面影響。這是普遍性的。不僅是 407，受控車道以及我們其他資產也都受到這個負面影響。

In the future, well, as you know, we don't give guidance, but increasing prices will depend on the value that we see that the 407 has for the customers, and we'll try to capture as much as we can of this value. And this is what we are doing with a combination of increasing toll rates at the beginning of the year and also with the promotions that we are doing during the year to different segments. So we'll continue to do that, and we'll try to capture the value that we give to users as we have done in the past.

展望未來，如你所知，我們不提供指引，但提價將取決於我們看到 407 對客戶的價值，我們會盡可能多地捕捉這個價值。這也是我們正在做的：結合年初調高通行費率，以及在年內針對不同客群推出促銷。因此我們會持續這麼做，並會像過去一樣，努力捕捉我們為使用者創造的價值。

Okay. Thank you.

好的。謝謝。

Marcin Wojtal, Bank of America.

Marcin Wojtal，美國銀行。

Yes. Hello. Thank you for taking my questions. The first one is on your share buyback. I believe you have an authorization to buy back up to EUR800 million until October of this year. And I believe the latest disclosure points to EUR340 million of this authorization being utilized. So I'm just wondering, do you have an intention to actually fully exercise the authorization of EUR800 million? And is that even feasible considering the liquidity of the stock?

是的。你好。謝謝讓我提問。第一個問題關於你們的庫藏股回購。我相信你們已獲授權在今年 10 月前回購最多 8 億歐元。而我相信最新揭露顯示，這項授權中已有 3.4 億歐元被動用。所以我想請教，你們是否有意圖實際上把 8 億歐元的授權全部用完？考量到股票流動性，這是否可行？

And my question number two, if you allow me, I just wanted to come back to these promotions on the 407 ETR. I'm just wondering, are the promotions that you're offering right now very, very similar to what you were offering at the beginning of the process a year ago? Or there has been a learning curve for the company?

第二個問題，如果可以的話，我想回到 407 ETR 的這些促銷。我想請教，你們目前提供的促銷是否與一年前剛開始時提供的非常、非常相似？還是公司在這方面有學習曲線？

And do you see promotions also going forward as an important tool of yield management and also as a tool that will allow you to extract more revenue and EBITDA over and beyond Schedule 22 management? And could you perhaps continue with promotions in the longer term even if Schedule 22 is no longer an issue? Thank you.

另外，你們是否認為未來促銷仍會是收益管理（yield management）的重要工具，也是一個能讓你們在 Schedule 22 管理之外進一步提取更多營收與 EBITDA 的工具？以及即使 Schedule 22 不再是問題，長期而言你們是否仍可能持續進行促銷？謝謝。

Okay. Thanks, Marcin. Well, regarding the buyback, there's no specific guidance on the buyback. The guidance we have in terms of remuneration is on distributions, remuneration to shareholders eventually. We don't provide any specific guidance on how we manage the buyback. That could be quite sensitive, as you can imagine. But yes, we -- I mean, we have the guidance on delivery to our final investors on distributions. That's all that we have.

好的。謝謝你，Marcin。關於回購，我們沒有提供任何特定的回購指引。我們在報酬（remuneration）方面提供的指引，是關於配發（distributions），也就是最終對股東的回饋。我們不會就如何管理回購提供任何具體指引。如你所想，這可能相當敏感。但我們——我的意思是，我們有關於對最終投資人配發的指引。我們能提供的就只有這些。

And regarding the promotions, yes, the idea is to continue with promotions in the future independently of Schedule 22 and I think it's a very good way to attract new customers and maximize the value that we can capture for the users of the 407. The ones that we do for Schedule 22, I think that are very similar in general.

至於促銷，是的，我們的想法是未來會持續做促銷，且不受 Schedule 22 影響；我認為這是吸引新客戶、並最大化我們能從 407 使用者身上捕捉價值的非常好方式。至於為了 Schedule 22 所做的那些促銷，我認為整體而言非常相似。

I think probably not in the same sectors with the same type of users. So we have learned how they are -- which are the most effective in terms of reducing Schedule 22 in the different segments, and we are more selective in that sense to offer those that generate the most value for us and adding some new users that we were not offering before in some other sectors that we were paying some Schedule 22.

我想可能不是在相同區段、也不是針對相同類型的使用者。因此我們已經學到——哪些促銷在不同客群中、就降低 Schedule 22 而言最有效；在這方面我們更有選擇性，只提供能為我們創造最大價值的方案，同時也在一些其他區段加入我們以前未曾提供、但在那些區段我們曾支付 Schedule 22 的新使用者。

Now from there, I think as you know, some of these promotions are free and the question is how much we can get for these promotions because maybe the users are open to pay something for them. And now we are open to other type, we are piloting and doing other type of different promotions in order to understand the value for the users, and we are trying and testing different things, and we'll continue to do these type of promotions and learning from them and it's a way to do a segmentation and will continue in the future.

接下來，我想如你所知，其中一些促銷是免費的；問題在於我們能從這些促銷中取得多少，因為也許使用者願意為此支付一些費用。目前我們也在嘗試其他類型——我們正在試點並推出不同類型的促銷，以了解使用者的價值認知；我們在嘗試與測試不同做法，並會持續進行這類促銷、從中學習；這也是進行客群分層（segmentation）的一種方式，未來也會持續。

But it's a long journey, which we need to learn from the users. And with that, I think that it will take several years to maximize EBITDA for us using the promotions and to have a good understanding of the value of the 407 for the different users.

但這是一段漫長的旅程，我們需要向使用者學習。因此我認為，可能需要好幾年時間，才能透過促銷為我們最大化 EBITDA，並充分理解 407 對不同使用者的價值。

Harishankar Ramamoorthy, Deutsche Bank.

Harishankar Ramamoorthy，德意志銀行。

Yeah, hi. Good afternoon, everyone. Thanks for taking my questions. Just maybe on the 407 ETR. So it looks like VKTs have been down this quarter year-on-year, but you've still managed to reverse some Schedule 22 provisions.

是的，你好。各位下午好。謝謝讓我提問。可能還是關於 407 ETR。看起來本季 VKT（車輛行駛公里數）年對年下降，但你們仍成功回轉（沖回）了一些 Schedule 22 的準備（provisions）。

So it looks like 407 ETR have become really experts in managing the promotions for maybe peak of peak hours. Is it just that? Or is there any segment where you've hit the maximum throughput possible. And for that reason, you don't really have to expand efforts in managing the promotions. So I couldn't quite square that circle on how you could have VKTs down, but still have reversal of provisions. Is it just you become so good in managing the promotions? Or is there any other component to it? So that's the first one.

所以看起來 407 ETR 可能已經非常擅長在尖峰中的尖峰時段管理促銷。是因為這個原因嗎？還是有任何區段你們已達到可達的最大通行量（throughput）？因此你們其實不需要再加大促銷管理的力度。我有點無法理解：VKT 下降，但仍能沖回準備，這兩者如何同時成立。是因為你們在促銷管理上變得非常厲害嗎？還是還有其他因素？這是第一個問題。

And secondly, when we look at the mix of traffic with promotions and without, is there any plan for publishing or getting some data on color on how this splits between the two segments for 407 ETR? So how much of traffic is without promotions and how much are the promotion volumes?

第二，當我們看有促銷與無促銷的交通量組合時，你們是否有計畫發布或提供一些資料，說明 407 ETR 這兩個部分的拆分情況？也就是有多少交通量是不含促銷的，以及有多少是促銷帶來的量？

Yeah. Thank you for the questions. We are not going to disclose. [No] traffic that is coming from promotions of traffic that are paying toll rate at the normal price. So this -- I mean, you have to see the whole figures of the traffic and the revenue separately and it's something that we are not going to disclose any additional information about that.

是的。感謝提問。我們不會披露。[沒有] 來自促銷的車流，或以正常價格支付通行費率的車流。所以這個——我的意思是，你必須把車流與收入的整體數字分開來看，而這方面我們不會再披露任何額外資訊。

The other effect that what you have to consider is that comparing the quarter 2 last year to this year, the effect on traffic of the promotions has been slightly positive. So we have a little bit more traffic related to promotions this quarter compared to the quarter last year. And with this slightly more traffic, what we have been able is to reduce significantly the Schedule 22 payments because we have targeted better for those users that are helping to reduce Schedule 22 payment.

你還需要考慮的另一個影響是，將去年第二季與今年相比，促銷對車流的影響略為正面。因此，相較於去年同季，本季與促銷相關的車流略有增加。而在這略增的車流下，我們得以大幅降低《附表22》（Schedule 22）付款，因為我們更精準地鎖定那些有助於降低《附表22》付款的用戶。

And in other cases, in which some segments were more traffic than they needed for the threshold, we reduced the promotion. So we have been more effective in order to address which promotions are helping us to reduce Schedule 22 with almost a similar slightly above number of traffic related to promotions compared to previous year. So we have been more effective. But in general, I think that the effect of the traffic promotion has been slightly more than previous year, but not significant.

而在其他情況下，某些路段的車流已超過達到門檻所需的量，我們就降低了促銷力度。因此，與去年相比，在與促銷相關的車流量幾乎相同、且略高的情況下，我們更有效地判斷哪些促銷有助於降低《附表22》。所以我們的效率更高了。但整體而言，我認為車流促銷的效果比去年略高，但並不顯著。

Makes sense. Maybe just a follow-up there. So none of the segments within the 407 ETR have kind of hit a threshold where the throughput targets are now at the maximum limit, have they?

了解。也許再追問一下。所以在 407 ETR 的各個路段中，沒有任何路段已經達到某個門檻，使得通行量目標現在已到最大上限，對嗎？

Well, I think there is -- you mean we have traffic that is above the thresholds in some segments, the answer to that is yes. Because you have a payment. So the question is in segment, do you have promotions in those segments that you need to have promotions in order to be above the threshold?

嗯，我想是——你的意思是某些路段的車流高於門檻嗎？答案是有的。因為你會有一筆付款。所以問題是：在那些路段，你是否需要透過促銷才能讓車流高於門檻？

Well, that's a different question. And yes, there are some segments like those, but we don't disclose in which ones and how is the mix of that effect of promotions or promotions to reach the threshold, but we only pay Schedule 22 when we are below the threshold and in the rest, we are above. And in some of them, we are above without promotions and we reach that thanks to the promotions.

嗯，那是另一個問題。是的，確實有一些這樣的路段，但我們不會披露是哪一些，也不會披露促銷的影響組合，或為了達到門檻所做的促銷配置；不過我們只有在低於門檻時才支付《附表22》，其餘情況我們都高於門檻。而在其中一些路段，我們即使沒有促銷也高於門檻；也有一些是靠促銷才達到門檻。

Makes sense. Thank you.

明白了。謝謝。

(Operator Instructions)

(接線員指示)

Cristian Nedelcu, UBS.

Cristian Nedelcu，瑞銀（UBS）。

Thank you very much for allowing me to follow up. Could I please ask you on the Texas managed lanes? And you mentioned earlier the mandatory modes on LBJ are not something imminent. And you flagged that on the NTE, the capacity expansion may be a headwind for triggering mandatory modes. So if you have this in mind and we think at '27, can you talk a bit about the levers of growth in pricing for the Texas managed lanes? We know that pricing is at peak close to soft cap or at soft cap for most segments.

非常感謝讓我追問。我想請教德州的管理車道（Managed Lanes）。你先前提到，LBJ 的強制模式（mandatory modes）短期內不會發生。你也指出，在 NTE，擴充容量可能會成為觸發強制模式的不利因素。在這樣的前提下，若我們看 2027 年，你能否談談德州管理車道在定價成長方面的驅動因素？我們知道多數路段在尖峰時段的定價已接近軟上限（soft cap）或已達軟上限。

So can you elaborate what are the levers that are there directionally to improve? Is it off-peak pricing? There is room to increase that? Anything more on trucks or any other levers that could help you grow pricing more than the soft cap next year?

所以你能否說明一下，從方向上看有哪些槓桿可以改善？是離峰定價嗎？那方面還有上調空間嗎？在卡車方面或其他任何槓桿上，是否有助於讓你們明年的定價成長超過軟上限？

And apologies, one follow-up on the ETR 407. I think you've been trialing the loyalty program for frequent users. I believe there were some trials in place the last few months. But I was curious what are the plans for the second half? Will you deploy this loyalty program more widely? And how should we think from the perspective of potential dilution to the revenue per transaction related to the loyalty program? Thank you.

另外抱歉，再追問一個關於 407 ETR 的問題。我想你們一直在為高頻用戶試行忠誠計畫。我相信過去幾個月有一些試點在進行。但我想了解下半年有什麼計畫？你們會更廣泛地推行這個忠誠計畫嗎？以及從忠誠計畫可能導致每筆交易收入（revenue per transaction）稀釋的角度，我們應該如何看待？謝謝。

Thank you for the questions. And yes, in the case of the Managed Lanes, pricing will come several factors. First is the inflation that will increase soft cap at the beginning of the year. So it's something that we do every year.

謝謝你的問題。是的，就管理車道而言，定價將來自幾個因素。第一是通膨，會在年初提高軟上限。這是我們每年都會做的。

Then mandatory modes is something that will help us. But as you mentioned previously, we expect that 35 West will continue to have as long as the congestion is increasing and the economic activity there is increasing, we'll have more mandatory modes in the 35 West. But in the case of NTE, we will not see that. We'll see instead of mandatory modes more traffic.

接著，強制模式也會對我們有幫助。但如你先前提到的，我們預期 35 West 只要壅塞持續加劇、且當地經濟活動增加，就會在 35 West 出現更多強制模式。但在 NTE 的情況下，我們不會看到那樣。相反地，我們會看到更多車流，而不是更多強制模式。

And in the case of LBJ, similar to this year, we don't expect mandatory modes that are going to be significant or relevant, but we'll see more traffic next year in LBJ similar to NTE, all of course, depending on how is the economic activity and other variables that could happen at that time.

至於 LBJ，與今年類似，我們不預期會出現顯著或重要的強制模式，但明年我們會看到更多車流，與 NTE 類似；當然，一切都取決於當時的經濟活動以及其他可能發生的變數。

We may have also some mix effect as usual. And this mix effect is having more traffic at peak. And the other effect is having more trucks not [upto the] that with more economic activity used to have more trucks than in the past. So these are the effects that we'll see next year and that will impact the revenues that they will see in the Texas managed lanes for next year.

我們也可能像往常一樣出現一些組合效應（mix effect）。這種組合效應是指尖峰時段的車流占比提高。另一個影響是卡車增加，不是[到那個程度]，但隨著經濟活動增加，卡車量通常會比過去更多。因此，這些就是我們明年會看到、並將影響德州管理車道明年收入的因素。

And regarding the 407, yes, we did started with some pilots of the loyalty program, and we have not taken a decision yet how we'll continue with these pilots. And we are doing the pilots with different types of promotions. Some of them are working, others not. And based on the results, we take decisions, and we have not decided yet how we will continue with loyalty programs.

至於 407，是的，我們確實已開始進行一些忠誠計畫的試點，但我們尚未決定將如何延續這些試點。我們以不同類型的促銷來進行試點。其中一些有效，另一些則不然。我們會根據結果做出決策，而目前尚未決定接下來忠誠計畫要如何推進。

That's very helpful. Thank you very much.

非常有幫助。非常感謝。

There are no further questions at the conference call at this time. I will now hand the line back to Silvia Ruiz, Head of IR.

目前電話會議沒有其他提問。我現在把線交回給投資人關係主管 Silvia Ruiz。

I'm not Silvia Ruiz, I'm Ignacio, but I have to say -- and give you thank you for following us. And well, I hope those of you are taking vacations. Hopefully, you have a good rest of the summer. Thank you very much for joining us.

我不是 Silvia Ruiz，我是 Ignacio，但我必須說——也要感謝各位持續關注我們。那麼，我希望正在度假的各位，祝你們夏季剩餘時間過得愉快、好好休息。非常感謝各位參與。