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    Jose Manuel Arroyas

    European Equity Analyst at Banco Santander

    Jose Manuel Arroyas, CFA, is a European Equity Analyst at Banco Santander, specializing in the coverage of major European listed companies such as Ferrovial and Vinci. He has built a strong reputation for delivering in-depth financial analysis and providing investment recommendations, including 'Sell/Underperform' ratings on companies like Vinci, and has participated in high-profile corporate earnings calls. Since joining Banco Santander as an Equity Analyst in July 2019, Arroyas has drawn on extensive prior experience at firms including Bestinver Gestión, BBVA Bolsa, Exane, Morgan Stanley, and Santander Investment Bolsa. A CFA charterholder, Arroyas holds recognized professional credentials that reinforce his standing as a respected equities analyst in European financial markets.

    Jose Manuel Arroyas's questions to Ferrovial (FER) leadership

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

    Question

    José Manuel Arroyas from Banco Santander sought confirmation on the NTO project's timeline and budget, the source of an Energy segment dividend, and the purpose of a bond issuance by NTE 35W.

    Answer

    CEO Ignacio Madridejos confirmed the NTO project is on schedule and budget. CFO Ernesto López Mozo explained the energy dividend was a one-time return of capital and that the NTE 35W bond issuance was a refinancing of its TIFIA loan to lengthen debt maturities.

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    Jose Manuel Arroyas's questions to Ferrovial (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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