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    Ruairi Cullinane • RBC

    Ruairi Cullinane's questions to Ferrovial SE (FER) leadership

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

    Question

    Ruairi Cullinane from RBC Capital Markets asked about the reasons for the year-over-year decline in Ferrovial Construction's Q2 earnings and questioned the sustainability of the company's low tax rate.

    Answer

    CEO Ignacio Madridejos explained the Q2 construction margin dip was due to higher bidding costs for a strong project pipeline and some IT/utilization expenses, while noting the H1 EBIT margin of 3.5% met their long-term target. CFO Ernesto López Mozo clarified that while the reported tax rate is low due to non-taxed capital gains, the underlying average rate is around 20%, and U.S. investments benefit from accelerated depreciation, delaying cash tax outflows.

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

    Question

    Ruairi Cullinane questioned how revenue per transaction growth on the I-77 performed in March compared to the Q1 average, given the reopening of the alternative I-40 route. He also asked if the company was experiencing any labor availability issues in its construction segment due to the new administration's immigration policies.

    Answer

    Executive Ernesto Lopez Mozo stated that the I-77 still benefited from heavy traffic early in the quarter as the I-40 reopening was not a full reopening, and dynamic pricing capitalized on this. On the topic of labor, he reported that the company has not seen any significant pressure on its validated workforce but will continue to monitor the situation.

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    Ruairi Cullinane's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Ruairi Cullinane's questions to Deutsche Lufthansa AG (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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