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    Dario Maglione • BNP Paribas

    Dario Maglione's questions to Ferrovial SE (FER) leadership

    Dario Maglione's questions to Ferrovial SE (FER) leadership • Q2 2025

    Question

    Dario Maglione from BNP Paribas Exane requested an explanation for the I-77 highway's 28% year-over-year revenue growth in Q2, asking about its sustainability and whether it included one-off factors. He also inquired about traffic and revenue trends for U.S. Managed Lanes in July.

    Answer

    CEO Ignacio Madridejos attributed the I-77's strong revenue growth primarily to increased toll rates, which captured the high mobility value offered by the asset. He noted that while traffic growth was limited, the increase in revenue per transaction was the main driver. He declined to provide specific figures for July, stating that such data would be disclosed in the Q3 results.

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    Dario Maglione's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    Dario Maglione asked four questions: the sensitivity of U.S. Managed Lane traffic to GDP, the user profile of these lanes, if there is any political backlash to 407 ETR tariff increases, and whether the NTO JFK airport model could be replicated elsewhere and how its financial attractiveness compares to Managed Lanes.

    Answer

    Executive Ernesto Lopez Mozo explained that traffic is positively correlated to regional GDP and that user profiles vary by lane but cover all segments. On the 407 ETR, he noted a public request for a feasibility study for a parallel tunnel. He confirmed the NTO model could be replicated and that the attractiveness of airports versus roads depends on capacity and demand dynamics over time, without commenting on specific IRRs.

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