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    Elodie Rall • JPMorgan Chase & Co.

    Elodie Rall's questions to HOLN leadership

    Elodie Rall's questions to HOLN leadership • H1 2025

    Question

    Elodie Rall from JPMorgan Chase & Co. asked about the H2 outlook, noting the annual guidance implies a slowdown from H1, and requested updates on European volume trends and the Nigeria divestment.

    Answer

    CEO Miljan Gutovic clarified that while the guidance from March was maintained for consistency, the company is positive about H2 and expects performance to be 'equally or even better than H1.' He anticipates the Nigeria divestment will close in H2 and projects flattish H2 volumes in Europe with potential for upside.

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    Elodie Rall's questions to HOLN leadership • Q2 2025

    Question

    Elodie Rall from JPMorgan Chase & Co. asked why H2 guidance implies a slowdown, whether European volumes will turn positive, and for an update on the Nigeria divestment.

    Answer

    CEO Miljan Gutovic clarified they are positive on H2, expecting performance to be 'equally or even better than H1.' He projected a flattish H2 for European volumes with potential upside and confirmed the Nigeria divestment is progressing and expected to close in H2 2025.

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    Elodie Rall's questions to HOLN leadership • H1 2025

    Question

    Elodie Rall from JPMorgan Chase & Co. asked if the full-year guidance implied a slowdown in H2 EBIT growth, inquired about H2 volume trends in Europe, and requested an update on the Nigeria divestment.

    Answer

    CEO Miljan Gutovic expressed a positive outlook for H2, expecting performance to be 'equally or even better than H1,' and maintained the guidance set in March. He stated the Nigeria divestment is progressing and expected to close in H2. For European volumes, he conservatively projected a flattish H2 with potential for some upside.

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    Elodie Rall's questions to Ferrovial SE (FER) leadership

    Elodie Rall's questions to Ferrovial SE (FER) leadership • Q2 2025

    Question

    Elodie Rall from JPMorgan Chase & Co. asked for clarification on the lower Schedule 22 provision in Q2, an update on the competitive landscape for the U.S. Managed Lanes pipeline, and the likelihood of Ferrovial's inclusion in the Nasdaq 100 index this year.

    Answer

    CEO Ignacio Madridejos explained the Schedule 22 provision was reduced in Q2 due to having more data, which showed that promotions were successfully attracting new users at peak times, thus lowering expected payments. He described the U.S. pipeline as strong, with competition similar to past levels. CFO Ernesto López Mozo stated that while Ferrovial currently meets the liquidity requirement for Nasdaq 100 inclusion, the final decision depends on relative performance against other companies in November.

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    Elodie Rall's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    Elodie Rall asked about full-year traffic expectations for the 407 ETR and the strategic rationale for not consolidating the asset despite increasing the stake. She also inquired about the progress of trading liquidity for a potential NASDAQ inclusion and what kind of feedback or requests, such as for more guidance, the company is receiving from U.S. investors.

    Answer

    Executive Ernesto Lopez Mozo declined to provide specific traffic guidance for the 407 ETR. He stated that the decision to increase the stake was based on financial attractiveness, not a desire to consolidate, as detailed disclosure is already provided. He confirmed liquidity is meeting NASDAQ's minimums and that U.S. investors are particularly focused on dividend expectations and future guidance.

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    Elodie Rall's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    Elodie Rall asked for the main drivers behind the strong Q1 tariff growth in Texas managed lanes, which exceeded the soft cap, and specifically questioned the reasons for the 19.6% toll rate growth at the NTE 35W.

    Answer

    Corporate Finance Director Ignacio Del Pino explained that the significant revenue per transaction growth at NTE 35W was influenced by the inclusion of the new, longer Segment 3C, a ramp-up in rates post-reopening, and a higher proportion of heavy vehicles. For the other assets, he attributed the above-inflation growth to a combination of inflationary adjustments and toll rate optimizations permitted under the soft cap framework.

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