Ferrovial N.V. (FER) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everybody. This is Silvia Ruiz speaking, and I would like to welcome you to Forovial's conference call to discuss the financial results for the first quarter of 2025. I'm joined here today by your CFO, Ernesto López-Mozo. Just as a reminder, both the results report and the presentation are available on website since yesterday evening after the U.S. market was 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 form 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 Ernesto. Ernesto, the floor is yours. Thank you, Silvia, and welcome everybody to the first quarter of 2025 operating results update from Ferrovial. Well, starting with the growth in all business divisions, I would like to highlight the strong revenue performance in highways of the North American assets. In terms of airports, we highlight that construction advances in NTO. And in construction, we have shown a steady profitability with adjusted EBIT margin reaching 3.3%. At the end of the quarter, we have a solid net debt ex-infra projects, really a net cash position of 1.9 billion euros. and the main items in this number are the divestment of AGS of 538 million euros and on the other hand equity injections in NTO for 152 million euros and the buyback program where we invested 156 million euros. In terms of corporate events this quarter, in March, we announced an agreement to acquire up to a 5.06% stake in the 407 ETR from Atkins Realis for a maximum of 2.09 billion Can...