Ferrovial N.V.

Good afternoon, everybody. This is Sylvia Ruiz speaking, and I would like to welcome you to Ferrovial's conference call to discuss the financial results for the full year 2024. I am joined here today by our chairman, Rafael Del Pino, our CEO, Ignacio Maridejos, and by our CFO, Ernesto Lopez-Mozo. Just as a reminder, both the results report and the presentation are available on our website since yesterday after the U.S. market closed. At the end of the presentation, there will be a Q&A session. As in previous calls, you will have the opportunity to ask questions live. For that, you will need to join the call through the conference call channel and press star 5 on your phone keypad. If you prefer, you can send them through the forum included in the webcast, and I will be reading them out loud at the end of the Q&A session. With all this, I will hand over to Rafael. Rafael, the floor is yours.

Thank you, Silvia, and good afternoon, everyone. Rovial delivered solid growth across all business divisions in 2024. In toll roads, our North American assets experienced robust traffic performance and revenue per transaction growth that significantly outpaced inflation. In airports, the construction of the new Ternary R1 at JFK continued to advance, with the NTO team achieving significant construction milestones in 2024. And in construction, profitability improved significantly with our adjusted EBIT margin reaching 3.9% for the year, surpassing our target of 3.5%. We ended the year with a strong ex-infrastructure net debt position of minus 1.8 billion. We received 947 million in dividends from our infra-assets, an all-time high figure, including the first dividend distributions from I-66 and I-77 of 89 and 205 million, respectively. In addition to that, we collected $2.6 billion from divestments, primarily from the sale of a 19.75% stake in Heathrow Airport for $2 billion, and the sale of a 5% stake in IRB Infrastructure Developers for $211 million. These inflows were combined with growth investments and distributions for shareholders. Investments totaled $1.6 billion and consisted primarily of the acquisition of a 24% stake in IRB Infrastructure Trust for $710 million and $469 million of equity invested in NTO. During the year, we returned $831 million to our shareholders including $271 million from the 2023 program. And in addition to that, the company repurchased shares totaling $272 million. In 2024, we also achieved significant milestones aligned with our strategy. Ferrovial Shares commenced trading on the Nasdaq on May 9, 2024, a crucial step in our increased focus in North America. In India, we acquired a 24% stake in RBI Infrastructure Trust for a total of $728 million, of which $710 was paid in 2024 and was partially financed by the sale of a 5% stake in RBI Infrastructure Developers for $209 million. And we divested a 1975% stake in Heathrow for $2 billion, consistent with our strategy of rotating mature assets. Finally, we completed other asset sales in the year, like the disposal of Umbrella Rose PV for $100 million and the sale of our stake in Surveo for $55 million. In the following slide, We review some of the main figures for the year. Revenues totaled $9.5 billion, a 6.7% year-over-year increase on a like-for-like basis, driven primarily by high revenues in toll roads and construction. Adjusted EBITDA surged to $1.3 billion, a 38.9% year-over-year increase on a like-for-like basis, due mainly to a higher contribution from our U.S. toll road assets and our construction business. The construction order book attained an all-time high of $16.8 billion, with almost 50% coming from North America. Dividends from projects reached a record $947 million and included the first distributions from I-66 and I-77. Net debt position ex-infra projects reached minus $1.8 billion. And finally, total shareholder return in 2024 was 25.7%. Now I will hand it over to Ignacio, who will review Ferrovia's performance on the 2024 results by business division. Ignacio, the floor is yours.

Thank you, Rafael, and hello, everyone. Let me start giving an update on our growth strategy. First, our main infrastructure assets in North America, our U.S. managed lanes and the 407 ETR, are expected to continue delivering a strong revenue growth. And next year, we should add a new relevant asset, the new Terminal 1 at JFK Airport. Second, we continue to see significant growth opportunities in North American toll road assets. We have a record pipeline of new managed planes in North America, including the I-85 East in Atlanta and the I-24 in Nashville, which are set for bidding next year. Additionally, four more projects are expected to launch the bidding process within the next three years. We also see good opportunities for other infrastructure projects in the U.S., including airports with capacity expansion needs or greenfield digital and energy infrastructure. We'll continue to be opportunistic in other geographies where we have capabilities and will rotate mature assets when they offer more value to third parties than they do to us. This growth will be funded by solid cash flows expected in the following years, and we will maintain our financial discipline with a focus on value creation for our shareholders. Sustainability is at the core of our strategy and we believe it creates value for the company. To capture that value, we have identified KPIs with the specific targets that we report every year. We are progressing well in all of them, and I want to highlight the 26% reduction in the serious injury and fatality frequency rate versus 2022, the 35.8% reduction in scope 1 and 2 CO2 emissions versus 2020, and the 26.7% reduction in water consumption versus 2017. We have defined new CO2 reduction targets aligned with the science-based target initiative's 1.5 Celsius degrees trajectory, aiming to reduce our scope 1 and 2 absolute emissions by 42% by 2030 compared to 2020, and our scope 3 absolute emissions by 25%. Our high sustainability ratings are a consequence of the implementation of our strategy. and we are very well positioned in all of them, leading our industry. Last year, we increased our Toros like-for-like revenues by 19.6% and EBITDA by 19.5%. This data does not include equity-accounted assets. In the case of our North American assets, revenues increased by 22.8% and EBITDA by 22.2%. Total toll road dividends in 2024 were 895 million euros, 191 million euros more than the previous year. And all our North American assets distributed dividends last year. with the 407 ETR contributing 321 million euros. The Texan managed lanes 244 million euros, and for the first time the I-77 and I-66 distributed 205 million euros and 89 million euros respectively. Moving now to the 407 and Toronto area, traffic grew 4.8% last year, supported by increased mobility in the area. The impact from construction activities on the 401, fewer winter weather events, and more promotional offers, mainly in the last quarter of the year. Revenue grew 14% year over year, and EBITDA 15.1%. The new toll rate was implemented on January 1st with the goal of providing more demand segmentation through more toll zones and new vehicle classification along with an increase in fees for the first time in five years. Last year, the 407 had a record dividend distribution of $1,100 million for the 100%, a 15.8% increase compared to the previous year. The Greater Toronto Area in Hamilton has a strong long-term growth prospect with an expected population growth of 48%, reaching 11.4 million by 2046, compared to 7.7 million in 2021. This growth is driven by continued migration and a favorable economic climate. Most of this new population is expected to be located along the 407 corridor, where multiple urban growth centers are planned. enhancing connectivity and driving economic growth. All these prospects give us confidence on the value proposition of the 407, serving as a reliable solution to congestion in the area. Moving now to the Texan managed lanes, average revenue per transaction grew by 6% at NTE compared to 2023, 8.8% at LBJ and 12.5% at 35 West, all of which are well above inflation. In January this year, the soft cap was updated for 2025, increasing by 2.9%. We have seen all these assets benefiting from increased mobility in their corridors. Traffic decreased by 2.2% at MTE due to the capacity improvement construction works. increased by 7.3% at LBJ with strong performance due to lower impact from construction works in the area, and increased by 22.3% at 35W, supported by the opening of Segment 3C in June 2023. Additionally adjusted, the bidda grew by 3.3% at MTE, 17.2% at LBJ, and 36.8% at 35W. with the latter including $40 million of revenue served in 2024. This strong performance from our Texas Mandar Plains is underpinned by Dallas Forward's robust business activity, which keeps bringing new businesses and residents to the region. Last year, the area was the number one destination for moving and the number one location for corporate headquarter relocations. The population is expected to grow by 55%, reaching 12.4 million by 2050. And this growth is spread throughout the Dallas-Fort Worth region, enhancing mobility and driving economic development. The I-66 saw a significant increase in revenue per transaction by 33.2% last year, continuing its ramp-up after opening in 2022, and benefiting from a strong peak performance. Traffic increased by 11.1%, revenue by 47.3%, and adjusted EBITDA by 52.3%. Additionally, the I-66 paid its first dividend of $172 million at 100% in December. The I-77 delivered a solid performance in 2024, with an 11.7% increase in revenue per transaction, which was impacted in the fourth quarter by the temporary subsidy of toll rates to support recovery efforts after Hurricane Helene. Traffic grew by 4.7% over the previous year, with the last quarter positively impacted by the closure of alternative routes affected by the hurricane. Adjusted debita increased by 5.7%, including $4.6 million of revenue shared in 2024 and $5.4 million of extended vehicle payments. The I-77 paid its first dividend of $307 million at 100% last year. I-66's strong performance is underpinned by northern Virginia's high household incomes and robust job market. The continuum, built out of several projects in key areas along Day 66, should continue to support job growth and high incomes in the region. Meanwhile, Charlotte was the number two destination for moving in 2024 and the number three fastest growing city in 2023. The region continues to attract companies in key sectors, including technology, finance and transportation. Now turning to our business in India, last year we acquired a 24% stake in IRB Infrastructure Trust, the private input, for €728 million, of which we paid €710 million last year. This acquisition includes a portfolio of 15 road projects and provides us with the opportunity to invest directly in new assets in India. The acquisition was partly funded by the sale of a 5% stake in IRB for €211 million, three times the transaction price paid in 2021, resulting in a pre-tax capital gain of €132 million. We still own a 19.9% stake in IRB, making us the SENCO largest shareholder. IRB had a good performance last year with a 9.4% increase in revenues, and a 12% increase in adjusted EBITDA, while the IRB private inbid reached €243 million revenues and €114 million adjusted EBITDA. We continue to see good growth prospects in India, with a robust pipeline of neutral roads and strong real GDP growth. Now moving to the airport business, last December we closed the sale of our 19.75% stake in Hydro for 2 billion euros, resulting in a profit impact of 2.57 billion euros, including the fair value of the retained 5.25% stake, which was registered as a financial investment. On February 26th, we announced the agreement for the sale of the remaining 5.25% to Ardian for 455 million pounds. The transaction is subject to complying with the right of first offer, which may be exercised by shareholders, and to the satisfaction of applicable regulatory conditions. This investment aligns with our value creation strategy through mature asset rotation. Review Terminal 1 reads a physical progress of up to 60% by the end of 2024, remaining on budget and on schedule. The year 2025 is going to be crucial with key project milestones and system integrations. Commercial agreements are progressing with leases signed with 10 airlines, six letters of intention and advanced negotiations with several airlines. Last year, NTO closed at $2.55 billion green bond refinancing and total equity contributions so far have been €742 million with €329 million pending. Dalaman Airport reached a new record last year with 5.6 million passengers, a 7.7% increase compared to the previous year. Revenues were 82 million euros and adjusted EBITDA was 64 million euros, increasing by 16.2% and 16.6% respectively. The AGS divestment was completed last January for 450 million pounds. resulting in a capital gain of 300 million pounds, to be booked in the first quarter of 2025. Our construction revenues reached 7,234 million euros last year, which is 3.8% above the previous year on a like-for-like basis. Adjusted EBITDA was 430 million euros and 95.4% more and adjusted EBIT 284 million euros compared with 77 million euros the previous year. Our adjusted EBIT margin was 3.9%, surpassing our target of 3.5%. Budimes continues a strong performance with an 8% adjusted EBIT margin, Weber maintained a stable margin of 3%, and Ferrovial Construction improved to 1.8% due to the absence of losses from large projects. Our operating cash flow reached 291 million euros last year. We finished 2024 with a record high order book, 49% in North America, and with 2.7 billion euros in pre-awards or projects awaiting financial clause not included in the 2024 figures. We maintain our average long-term target of 3.5% adjusted EBIT margin. And now Ernesto will continue with the main financial information.