Jose Manuel Arroyo

Jose Manuel Arroyo asked about the revenue sharing payments for NTE and I-77 in Q4, noting they were above average or annual budget, and whether this was due to a recalculation or specific Q4 factors. He also questioned the reason behind the budgeted 50% increase in the revenue sharing provision for I-77 in 2026, asking if it's a conservative assessment.

Answer

CFO Ernesto López Mozo clarified that the Q4 revenue share payments for NTE and I-77 were in line with the budget but reflected a catch-up accrual due to the budget being outperformed, and future reporting will correlate more closely with performance. For I-77's 2026 revenue sharing provision, he explained that the increase is due to the asset moving into a different bracket of revenue sharing, which creates a substantial-looking effect that will not be as pronounced in subsequent years.

Jose Manuel Arroyo asked about the revenue sharing payments for NTE and I-77 in Q4, noting they appeared above average or the annual budget, and inquired if there was a specific reason or recalculation. He also questioned the budgeting of a 50% increase in the revenue sharing provision for I-77 in 2026, asking for the rationale or if it's a conservative assessment.

Answer

CFO Ernesto López Mozo explained that the Q4 revenue share for NTE and I-77 was in line with the budget, but the assets had outperformed, leading to a year-end catch-up accrual. He indicated that future accruals would likely correlate more closely with performance throughout the year. For the I-77's 2026 revenue sharing provision, López Mozo clarified that the budget accounts for a move into a new revenue sharing bracket, which creates a substantial effect in the initial year of that bracket, but this effect will not be as significant in subsequent years.

Jose Manuel Arroyo asked about the potential to leverage managed lanes like I-66 and 407 ETR for dividends exceeding free cash flow, and for clarification on how 407 ETR promotions contribute to customer segmentation.

Answer

CFO Ernesto López Mozo confirmed the possibility of relevering I-66 in the coming years and clearly for 407 ETR, with some exploration for other express lanes but no short-term news. He explained that 407 ETR's segmentation involves tailoring promotions (teasers) differently for infrequent users to encourage more travel versus heavy users, based on their understood travel patterns.