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    Marcin Wojtal • Bank of America

    Marcin Wojtal's questions to Ferrovial SE (FER) leadership

    Marcin Wojtal's questions to Ferrovial SE (FER) leadership • Q2 2025

    Question

    Marcin Wojtal from BofA Securities inquired about any observed traffic benefits on the 407 ETR from the removal of tolls on the adjacent 407 East extension and asked for an update on the company's considerations for a potential switch to U.S. GAAP reporting.

    Answer

    CEO Ignacio Madridejos stated it is still too early to determine the traffic impact from the toll removal on the 407 East extension, though past instances have been positive. CFO Ernesto López Mozo acknowledged that U.S. GAAP reporting is a requirement for inclusion in most U.S. indices and that the company is analyzing the implications, but there are no short-term plans to make the switch.

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    Marcin Wojtal's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    Marcin Wojtal inquired if the acquisition of an additional stake in the 407 ETR provides Ferrovial with any incremental governance or influence over pricing and dividends. He also asked for confirmation that the transaction is expected to generate a double-digit equity IRR for the company.

    Answer

    Executive Ernesto Lopez Mozo deferred commenting on governance changes for the 407 ETR until the transaction is finalized. However, he did confirm that the investment aims for a double-digit IRR, noting that the target for a brownfield asset like this is tighter than for a greenfield project with construction risk.

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    Marcin Wojtal's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    Marcin Wojtal asked what provides the confidence that the Heathrow transaction will be completed by year-end and if there are any hard deadlines in the shareholder agreement.

    Answer

    CFO Ernesto Lopez Mozo declined to provide any new commentary on the Heathrow divestment process, stating that the company would provide updates in due course and referring back to his earlier remarks.

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