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    Ruairi Cullinane

    Research Analyst at RBC Capital Markets

    Ruairi Cullinane is an Analyst at RBC Capital Markets, specializing in European transport and infrastructure, with coverage spanning companies such as Jet2 plc, Ferrovial SE, and Deutsche Lufthansa AG. He is noted for contributing to earnings calls and detailed sector research reports, including scenario analyses and price target forecasts for leading airlines, generating actionable investment recommendations. Cullinane began his analyst career at RBC Europe Ltd. in 2015 and continues to deepen his expertise in transportation equities, with professional involvement in multi-company coverage and regular industry presentations. His credentials include institutional-level analyst experience and coverage publication for major European listed companies, evidencing strong sector knowledge and research acumen.

    Ruairi Cullinane's questions to Ferrovial (FER) leadership

    Ruairi Cullinane's questions to Ferrovial (FER) leadership • Q2 2025

    Question

    Ruairi Cullinane of RBC Capital Markets asked about the year-over-year earnings decline in Ferrovial Construction in Q2 and sought commentary on the sustainability of the company's low tax rate.

    Answer

    CEO Ignacio Madridejos explained the Q2 margin decline in Ferrovial Construction resulted from higher costs for IT systems and increased bidding expenses for a strong project pipeline. CFO Ernesto López Mozo clarified that the low tax rate was influenced by non-taxed capital gains and that the underlying average rate is closer to 20%, with U.S. investments providing tax deferrals via accelerated depreciation.

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    Ruairi Cullinane's questions to Ferrovial (FER) leadership • Q1 2025

    Question

    Ruairi Cullinane questioned how revenue per transaction growth on the I-77 in March compared to the Q1 average, considering the reopening of the alternative I-40 route. He also asked about potential labor availability issues in the construction sector related to U.S. immigration policies.

    Answer

    Executive Ernesto Lopez Mozo clarified that the I-40 reopening was not a full reopening, allowing the I-77 to continue benefiting from heavy traffic, which was captured by dynamic pricing. On the topic of labor, he stated that Ferrovial has not experienced significant pressure on resources recently and that its workforce is fully permitted, though they will continue to monitor the situation.

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    Ruairi Cullinane's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership

    Ruairi Cullinane's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q3 2024

    Question

    Ruairi Cullinane asked for an explanation of the notable EUR 75 million positive swing in adjusted EBIT within the 'Other' segment and whether the underlying drivers are expected to persist in future quarters.

    Answer

    CFO Till Streichert attributed the improvement to two main factors: lower project expenses within headquarter functions and favorable foreign exchange effects. He noted that while the company can control project spending, the impact from foreign exchange rates is inherently unpredictable.

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    Ruairi Cullinane's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q3 2024

    Question

    Ruairi Cullinane of RBC Capital Markets asked for an explanation of the notable EUR 75 million positive swing in adjusted EBIT within the 'Other' segment and whether the drivers of this improvement are sustainable.

    Answer

    CFO Till Streichert attributed the positive swing to lower project expenses at the headquarter level and favorable foreign exchange effects. He indicated that while project expenses are controllable, the foreign exchange impact is inherently unpredictable and not necessarily sustainable.

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