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    José Manuel Arroyas • Banco Santander, S.A.

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

    José Manuel Arroyas's questions to Ferrovial SE (FER) leadership • Q2 2025

    Question

    José Manuel Arroyas from Banco Santander, S.A. sought confirmation that the New Terminal One (NTO) project at JFK is on schedule and budget, asked for the source of a €54 million dividend from the Energy segment, and inquired about the use of proceeds from a recent bond issuance by the NTE 35W project.

    Answer

    CEO Ignacio Madridejos confirmed the NTO project is currently on budget and on schedule for its 2026 opening, while cautioning that the final year is the most challenging. CFO Ernesto López Mozo explained the energy dividend was a return of invested capital following the closing of a project financing. He clarified that the NTE 35W bond issuance was a refinancing of its TIFIA loan to lengthen debt maturities.

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

    Question

    Jose Manuel Arroyas sought clarification on the expected impact of construction on NTE traffic, 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 was about a potential 10% drop in traffic, not EBITDA, and that performance should be better than that. He explained the new buyback is intended to catch up on 2023's lower shareholder remuneration and provides flexibility beyond just neutralizing the scrip dividend. Corporate Finance Director Ignacio Del Pino stated the Lima equity injection would be $140-$210 million but could not provide timing for it or the SR-400.

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