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    Nicolò Pessina • Mediobanca

    Nicolò Pessina's questions to Ferrovial SE (FER) leadership

    Nicolò Pessina's questions to Ferrovial SE (FER) leadership • Q1 2025

    Question

    Nicolò Pessina asked for qualitative details on the 407 ETR's promotional activities, such as the number of users targeted and their acceptance rate. He also sought to clarify if the positive impact from the January toll increase was greater than the dilutive effect of the March promotions, given the high 22% average ticket growth.

    Answer

    Executive Ernesto Lopez Mozo revealed that promotions have targeted around 1 million customers and will continue to be rolled out across the customer base. He declined to provide specific data on the utilization rate or to weigh the impact of the toll hike versus promotions, but noted that any revenue cannibalization from promotions has been small and often offset by induced traffic.

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    Nicolò Pessina's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    Nicolò Pessina inquired about the potential risk of contract termination for Ferrovial's U.S. toll roads, the specific traffic impact on the NTE from March construction, and the drivers behind the strong Q1 pricing performance of the I-66.

    Answer

    CFO Ernesto Lopez Mozo stated that Ferrovial has received no indication of contract termination for its Texas assets and noted the high cost of such an event. He explained that while March NTE traffic was impacted, the Easter holiday complicates a direct analysis. Corporate Finance Director Ignacio Del Pino attributed the strong I-66 pricing to high regional willingness to pay and flexible pricing frameworks, not a one-off event.

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