1) Strategic Performance and Leadership Updates
- Ferrovial reported a strong overall performance in 2025, with significant contributions from all business divisions, particularly in North America.
- The company has been shortlisted for several major infrastructure projects, including the I-285 East Express Lanes in Georgia and the I-24 Southeast Choice Lanes in Tennessee, with awards expected in 2026.
- Ferrovial's recent inclusion in the NASDAQ-100 Index reflects its growing presence and investor confidence in the North American market.
- The company continues to focus on mature assets and selective growth opportunities, including expansions in airports and energy infrastructure.

2) Financial and Segment Results
- Revenue for 2025 reached EUR 9.6 billion, an 8.6% increase YoY, driven by strong performances in highways and construction.
- Adjusted EBITDA rose to EUR 1.5 billion, a 12.2% YoY increase, supported by U.S. Managed Lanes and construction growth.
- The construction order book hit a record EUR 17.4 billion, with nearly 50% from North America.
- Dividends from infrastructure projects reached a record EUR 968 million, up 2.2% YoY.
- The company maintained a solid cash position with negative net debt of $1.3 billion, excluding infrastructure projects.

3) Operational Challenges and Headwinds
- The fourth quarter saw a 2.9% decline in adjusted EBITDA for highways, attributed to foreign exchange impacts and higher bidding costs.
- Traffic in the U.S. Managed Lanes was affected by construction works, leading to temporary bottlenecks and reduced revenue per transaction.
- The company faced challenges in the I-66 and I-77 corridors due to government shutdowns and adverse weather conditions, impacting traffic and revenue.
- The construction division experienced increased costs related to bidding and digitalization efforts, which may affect margins.

4) Growth Plans and Future Guidance
- Ferrovial plans to continue investing in growth opportunities, including a EUR 1.3 billion acquisition of a 5% stake in 407 ETR and EUR 236 million in equity for New Terminal One (NTO) at JFK Airport.
- The company expects to maintain its long-term EBIT margin target of 3.5% in construction, despite fluctuations in quarterly performance.
- Future toll rates for I-66 are anticipated to grow above inflation, with continued focus on maximizing EBITDA through customer segmentation and promotions.
- The NTO project is progressing towards operational readiness, with a completion target set for fall 2026.

5) Missing Information and Conclusion
- The transcript lacks specific guidance for 2026 financial performance and detailed projections for individual projects beyond the current year.
- Bottom line: Ferrovial's robust performance in 2025, driven by strong North American operations and strategic investments, positions it well for continued growth, despite facing some operational challenges. The focus on maximizing shareholder value through disciplined capital allocation and growth in key infrastructure projects remains a priority.