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    Luis Prieto • Kepler Cheuvreux

    Luis Prieto's questions to HOLN leadership

    Luis Prieto's questions to HOLN leadership • H1 2025

    Question

    Luis Prieto from Kepler Cheuvreux asked for a breakdown of the H1 recurring EBIT organic growth, specifically separating the impact of price over cost from volume, and for further detail on the drivers of the price-over-cost performance.

    Answer

    CEO Miljan Gutovic highlighted that Q2 marked the 14th consecutive quarter of positive price over cost. CFO Steffen Kindler added that while overall volumes had a slight negative impact, this was more than offset by positive pricing and cost management progress in areas like distribution. He did not provide a specific numerical breakdown but noted FX was a headwind.

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    Luis Prieto's questions to HOLN leadership • Q2 2025

    Question

    Luis Prieto from Kepler Cheuvreux asked for a breakdown of H1 recurring EBIT organic growth between price/cost and volume, and a further split of the price/cost component.

    Answer

    CEO Miljan Gutovic highlighted the 14th consecutive quarter of positive price over cost. CFO Steffen Kindler added that while volumes had a slight negative impact, this was offset by low single-digit pricing and cost improvements in distribution and support processes, driving double-digit EBIT growth despite FX headwinds.

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    Luis Prieto's questions to HOLN leadership • H1 2025

    Question

    Luis Prieto from Kepler Cheuvreux asked for a breakdown of H1 recurring EBIT organic growth between price-over-cost and volume, and for a further split of the price-over-cost component.

    Answer

    CEO Miljan Gutovic highlighted that Q2 marked the 14th consecutive quarter of positive price-over-cost. CFO Steffen Kindler added that while specific breakdowns are not disclosed, volumes had a slight negative impact, which was more than offset by positive pricing and cost management in areas like distribution, despite some FX headwinds.

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    Luis Prieto's questions to Ferrovial SE (FER) leadership

    Luis Prieto's questions to Ferrovial SE (FER) leadership • Q2 2025

    Question

    Luis Prieto from Kepler Cheuvreux inquired about the drivers behind the significant growth in average revenue per transaction for the I-77 and I-66 highways, and sought clarification on the 13% revenue-per-transaction increase on the NTE highway despite a traffic decline.

    Answer

    CEO Ignacio Madridejos attributed the growth in I-77 and I-66 to strong economic activity in their respective metropolitan areas and dynamic pricing adjustments, as these assets lack a soft cap. For the NTE, he explained the increase was driven by a favorable mix of peak-hour and heavy traffic, triggering more mandatory mode events, in addition to annual inflation-linked adjustments.

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    Luis Prieto's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    Luis Prieto inquired about the calculation methodology for the 407 ETR's Schedule 22 payment, noting that simple extrapolation suggested a figure at the low end of consensus. He also asked for an interpretation of the U.S. construction sector's strong double-digit revenue growth despite adverse weather conditions.

    Answer

    Ernesto Lopez Mozo, an executive, confirmed that while the analyst's reasoning on Schedule 22 was sound, the figure has a wide variance and depends on future performance. Regarding the U.S. construction outperformance, he attributed it to the nature of their backlog, which consists of typical-sized road and civil construction contracts where the company excels, implying lower complexity and risk compared to past years.

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    Luis Prieto's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    Luis Prieto asked about the seasonality of the 407 ETR's traffic performance, the expected timeline for U.S. index inclusion, and the possibility of an early adoption of U.S. GAAP accounting.

    Answer

    CFO Ernesto Lopez Mozo confirmed expectations for seasonal traffic recovery at the 407 ETR, driven by better weather and construction on alternative routes. Regarding U.S. GAAP, he noted that while Ferrovial is a foreign private issuer using IFRS, the company is considering the switch as its U.S. assets already report in GAAP. Corporate Finance Director Ignacio Del Pino stated that growing trading volume in the U.S. is a key focus for index inclusion but provided no specific timeline.

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