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    Cristian Nedelcu • UBS

    Cristian Nedelcu's questions to Ferrovial SE (FER) leadership

    Cristian Nedelcu's questions to Ferrovial SE (FER) leadership • Q2 2025

    Question

    Cristian Nedelcu from UBS Group AG asked about the factors determining the 407 ETR's dividend policy, the annual increase in the Schedule 22 traffic threshold, and whether the capital structures of the I-66 and I-77 highways could be optimized to resemble the more leveraged Dallas assets.

    Answer

    CFO Ernesto López Mozo indicated that both the 407 ETR and I-66 have headroom for potential re-gearing to optimize their capital structures, with less margin on the I-77. CEO Ignacio Madridejos explained that the Schedule 22 threshold increase varies by segment (between 0-3% annually) and is too complex to simplify to a single number, but the goal is to reach a final configuration that ensures the committed level of service.

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    Cristian Nedelcu's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    Cristian Nedelcu requested more detail on the 407 ETR's performance, asking for a month-by-month breakdown of the 22% average revenue per trip growth in Q1. He also asked for the revenue or volume mix between heavy and light vehicles on U.S. lanes and inquired about the duration of the company's FX hedges and when a P&L headwind from translation might appear.

    Answer

    Executive Ernesto Lopez Mozo declined to provide a monthly breakdown for the 407 ETR but confirmed the 22% growth rate is not sustainable and should not be extrapolated. He clarified that the heavy traffic mix is likely a persistent trend on most U.S. lanes, not a one-off. Regarding FX, he explained that hedges are for cash flow and net investment, not accounting results, and therefore help the net debt figures rather than the P&L translation.

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