Ferrovial N.V. (FER) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone. We just released our financial results for 2025. I'm here today with our CEO, Ignacio Madrilejos. Ignacio, thank you very much for being with us today and congratulations for another great set of results. Let's start with the highlights. How would you summarize the year? Thank you, Silvia. Yes, and as you say, it was a very good year for Ferrovial. All our business divisions grew both revenues and EBITDA. In the case of our toll roads in North America, I will highlight especially revenue per transaction, growing well above inflation in all our assets. In the case of construction, very solid results. And I will highlight the record backlog that we have in this business. In terms of the NASCAR position, a very good year, 1.3 billion euros at the end of the year. Several milestones that we achieved during 2025. One of them is the rotation of mature assets, in this case, 5% that we have left of Hydro. Also, the 50% of our airports in the UK, AGS, and other minor investments. We also invested last year an additional 5% of the 407. Also, continue investing in NTO. We were also shortlisted to be two important manned assailants projects in the US this year, in Nashville and Atlanta. And also it was a good year for our investors with a TSR above 38% and also with the Nasdaq 100 inclusion at the end of the year that reinforces our strategy in the US. No doubt, very good year. Let's move into totals, starting with 407 ETR. A lot of discussions about traffic, promotions. What can you tell us here? Well, also a very good year for the 407 ETR. Traffic grew last year above 6%, supported by promotions and also by increased mobility in the Great Toronto area, with more people going back to work at the office. It was a good financial year, 18% increase in revenues, 14...