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    José Arroyas • Banco Santander, S.A.

    José Arroyas's questions to Ferrovial SE (FER) leadership

    José Arroyas's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    José Arroyas asked about the New Terminal One (NTO) project, specifically how many more airline agreements are needed for full capacity. He also questioned if the high share of heavy vehicle traffic in Managed Lanes was unusual, possibly due to pre-tariff stocking by trucks from Mexico. Lastly, he sought clarity on the two-step nature of the 407 ETR stake acquisition.

    Answer

    Executive Ernesto Lopez Mozo clarified that NTO is fully international, requiring a larger number of airline agreements, and capacity constraints are not expected for several years. He stated there's no specific data indicating unusual heavy traffic patterns, especially outside the 35 West corridor. He confirmed the 407 ETR deal remains a two-step process with an incentive to close the second part earlier than 18 months.

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    José Arroyas's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    José Arroyas sought clarification on the expected traffic impact on the NTE, the timing of equity injections for the Lima Ring Road and SR-400 projects, and the structure of the new EUR 500 million share buyback program.

    Answer

    CFO Ernesto Lopez Mozo clarified his earlier comment on the NTE, stating he was referring to a traffic drop, not EBITDA, and that performance should be comfortably better than the budgeted drop. He explained the new buyback is intended to catch up on 2023's shareholder remuneration and neutralize scrip dividend dilution, while retaining flexibility. Corporate Finance Director Ignacio Del Pino stated the equity injection for the Lima project is estimated at $140-$210 million, but the timing for it and SR-400 is not yet determined.

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