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    Nicolas Mora • Morgan Stanley

    Nicolas Mora's questions to Ferrovial SE (FER) leadership

    Nicolas Mora's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    Nicolas Mora questioned the sustainability of the mid-double-digit price increases on North American motorways, especially given a tough traffic backdrop, and asked how long this performance could be extrapolated. He also inquired about the potential for refinancing or releveraging the U.S. Managed Lanes, given current U.S. Treasury yields.

    Answer

    Executive Ernesto Lopez Mozo explained that pricing is driven by hard-to-forecast Mandatory Modes, which are fueled by long-term population and business growth in the regions, making the capacity more valuable over time. He cautioned against simple extrapolation but highlighted the strong underlying trends. On refinancing, he stated that the company doesn't comment on opportunities until they are executed and there is nothing to announce at the moment.

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    Nicolas Mora's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    Nicolas Mora asked if new airlines at New Terminal One are signing similar terms, questioned the current impact of truck penetration on Managed Lanes traffic, and inquired about the confidence in hitting the Construction margin guidance for the year.

    Answer

    CFO Ernesto Lopez Mozo expressed confidence in achieving the 3.5% construction margin, citing seasonality, strong performance from Budimex, and progress on various projects, stating there is no special reliance on any single large project. Corporate Finance Director Ignacio Del Pino confirmed that the positive performance of heavy vehicles has supported revenue growth in the DFW region, which benefits from favorable long-term growth prospects like AllianceTexas.

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