Dario Maglione

Dario Maglione asked about the I-66's Q4 performance, specifically the revenue and traffic trends in December after the government shutdown, and if normalization occurred. He also inquired whether the construction works affecting LBJ's traffic slowdown are expected to continue into 2026. For I-77, he sought an explanation for its strong revenue per transaction in Q4 despite lower traffic volumes and whether this dynamic is sustainable in 2026.

Answer

CEO Ignacio Madridejos explained that I-66's Q4 was impacted by the 43-day government shutdown and adverse weather, affecting peak-time commuters. He expects I-66 toll rates to grow above inflation. For LBJ, he noted that external construction works are difficult to anticipate but are expected to finalize by the end of 2026, after which traffic should normalize. Regarding I-77, he attributed the strong revenue per transaction to capturing value for users, especially during peak hours, and highlighted the Charlotte region's strong growth prospects.

Dario Maglione asked about the I-66's Q4 performance, specifically if revenue and traffic normalized in December after the government shutdown or if weakness persisted. He also inquired if the construction works impacting LBJ's feeding traffic roads are expected to continue into 2026, causing further slowdowns. Lastly, he questioned the sustainability of I-77's surprisingly high revenue per transaction in Q4, despite lower traffic volumes, and the reasons behind this dynamic.

Answer

CEO Ignacio Madridejos explained that I-66's Q4 was affected by the 43-day government shutdown and winter weather, impacting peak-time commuters and leading to a tougher comparison with the previous year's dynamic pricing. He expects I-66 toll rates to grow above inflation. For LBJ, Madridejos noted that construction works around the corridor, not under Ferrovial's control, are expected to finish by year-end, but quarter-to-quarter impacts are hard to predict. Regarding I-77, he attributed the strong revenue per transaction to capturing value for users during peak hours, despite traffic comparisons being affected by prior hurricane-related lane closures, and highlighted Charlotte's strong growth prospects.

Dario Maglione of BNP Paribas Exane asked for an explanation of the I-77's 28% year-over-year revenue growth in Q2 and inquired about recent traffic and revenue trends for U.S. Managed Lanes.

Answer

CEO Ignacio Madridejos attributed the I-77's significant revenue growth primarily to increases in toll rates, reflecting the high value provided to users, rather than a large increase in traffic. He declined to provide specific data for July, stating it would be disclosed with Q3 results.

Dario Maglione asked a series of questions covering the sensitivity of U.S. Managed Lane traffic to GDP, the user profile of these lanes, and any political backlash from 407 ETR tariff hikes. He also inquired about the replicability of the NTO JFK airport model and the long-term outlook for Schedule 22 payments.

Answer

Executive Ernesto Lopez Mozo explained that traffic is positively correlated with regional GDP and that user profiles vary by lane but cover all segments. He noted the only public political development regarding the 407 ETR is a feasibility study for a parallel tunnel. He also stated that the NTO model could be replicated but its attractiveness relative to managed lanes varies. Crucially, he expects Schedule 22 payments to be an ongoing, long-term feature to maintain service quality.