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    Álvaro Lenze • Alantra Equities

    Álvaro Lenze's questions to Ferrovial SE (FER) leadership

    Álvaro Lenze's questions to Ferrovial SE (FER) leadership • Q2 2025

    Question

    Álvaro Lenze from Alantra Equities sought further detail on the downward revision of the Schedule 22 provision, asking to understand the primary driver behind the change, such as traffic distribution, revenue mix, or overall volume growth.

    Answer

    CEO Ignacio Madridejos clarified that the revision is a complex calculation based on traffic performance in specific segments during peak hours compared to historical data. He emphasized that the key factor was that promotions are working well, attracting more users during the specific times and in the specific segments that count toward the Schedule 22 calculation, leading to a better-than-expected performance against the thresholds.

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    Álvaro Lenze's questions to Grifols SA (GRFS) leadership

    Álvaro Lenze's questions to Grifols SA (GRFS) leadership • Q2 2025

    Question

    Álvaro Lenze from Alantra Equities asked about margin sustainability in H2 given tougher comparisons and albumin pricing pressure, the go-forward dividend policy and rationale for the interim amount, and the initial sales expectations for the upcoming Fibrinogen launch.

    Answer

    CFO Rahul Srinivasan reiterated that the full-year margin outlook is relatively flat year-over-year due to absorbing the IRA impact and confirmed the dividend policy remains a ~40% payout ratio, with the current payment being an interim dividend. President of BioPharma Roland Wandeler stated that more details on Fibrinogen would come closer to launch, highlighting the significant US market potential of over $800 million.

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