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Jose Manuel Arroyo

Research Analyst at Santander

Jose Manuel Arroyo is an Equity Analyst at Santander specializing in European financial services, with a particular focus on large cap banking institutions such as Banco Santander, BBVA, and CaixaBank. He is recognized for delivering insightful coverage and maintaining a strong track record of accurate investment calls, with a success rate above industry average and positive returns documented on independent analyst ranking platforms. Arroyo began his career analyzing equity markets in the early 2010s and has held progressive research roles within Santander since joining the firm, previously supporting sector research at smaller Spanish investment boutiques. He holds professional credentials including securities analyst certifications and is duly registered with regulatory authorities for his advisory functions.

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

Question · Q3 2025

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.

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