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    Graham Hunt • Jefferies Financial Group Inc.

    Graham Hunt's questions to Ferrovial SE (FER) leadership

    Graham Hunt's questions to Ferrovial SE (FER) leadership • Q2 2025

    Question

    Graham Hunt from Jefferies Financial Group Inc. questioned whether stronger-than-expected upstream dividends from projects could lead to an increase in shareholder returns and sought commentary on the impact of U.S. policy changes, including the TIFIA framework expansion and environmental regulations.

    Answer

    CEO Ignacio Madridejos confirmed that project dividends are tied to strong asset performance but reiterated the company's commitment to its existing shareholder distribution guidance of €2.2 billion for the 2024-2026 period. He viewed the TIFIA expansion from 33% to 49% as very positive for financing large projects and noted that while no impact from environmental staffing changes has been seen yet, streamlining permits could be a future benefit.

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    Graham Hunt's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    Graham Hunt asked for more detail on the "customer segmentation" driving exceptionally strong pricing at the 407 ETR and U.S. Managed Lanes, and questioned if demand elasticity had changed. He also inquired about feedback from U.S. investors and the possibility of a Capital Markets Day for the New Terminal One (NTO) project in 2026.

    Answer

    Executive Ernesto Lopez Mozo explained that customer segmentation involves tailored promotions for different user types at the 407 ETR and more accurate pricing for heavy traffic in the U.S. He stated that demand elasticity remains low as the trips are needs-based. Regarding the U.S., he noted positive investor feedback and increased trading volume, but said it's too early to commit to an NTO Capital Markets Day, though it would be natural post-opening.

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    Graham Hunt's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    Graham Hunt asked about Ferrovial's investment allocation priorities between the U.S. and other global markets, and inquired about the company's strategy to stimulate trading volumes in the U.S. to facilitate index inclusion.

    Answer

    CFO Ernesto Lopez Mozo emphasized that the primary focus for capital allocation is the U.S. pipeline, particularly in toll roads, though attractive global assets would be considered. Corporate Finance Director Ignacio Del Pino stated that the strategy to boost U.S. trading volumes involves continuous investor education, proactive engagement across the country, and participation in multiple investor conferences.

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