Harishankar Ramamoorthy's questions to Ferrovial SE (FER) leadership • Q2 2025
Question
Harishankar Ramamoorthy from Deutsche Bank AG questioned the 407 ETR's promotional strategy, asking if it prioritized volume over pricing and what it implied about demand elasticity. He also inquired about the weak order inflows at BUDIMEX and whether it was more than a timing issue.
Answer
CEO Ignacio Madridejos defended the 407 ETR's promotional strategy, stating it successfully attracts new users without degrading service for regulars, thereby maximizing revenue and EBITDA. He asserted that demand elasticity for regular users remains very low. Regarding BUDIMEX, he acknowledged a slight reduction in the order book in H1 but expressed optimism for future growth driven by European funds, infrastructure investment, and energy projects in Poland.