1) Strategy & Leadership - Ferrovial continues to focus on expanding its infrastructure portfolio, recently securing significant projects such as the I-24 Southeast Choice Lanes and I-285 East Express Lanes. - The company aims to maintain a disciplined approach to capital allocation, targeting a double-digit equity IRR for new projects. - Leadership emphasizes the importance of strong cash generation and maintaining a robust balance sheet to support future growth and shareholder returns.

2) Financial & Segment Results - For the first nine months of 2026, Ferrovial reported strong growth, particularly in highways and construction, with adjusted EBIT margin improving to 4.1%. - The 407 ETR experienced an 18.4% revenue growth year-to-date, driven by higher toll rates, despite a 7.1% decline in traffic in Q3. - Construction revenue reached EUR 5.8 billion, up 9.1% year-over-year, with a record order book of EUR 19 billion, reflecting an 8.2% increase from December 2025.

3) Problems / Headwinds - Traffic declines in Q3 were attributed to several factors, including economic slowdown, adverse weather, and changes in promotional strategies, particularly affecting the 407 ETR. - The I-77 corridor faced reduced traffic due to heavy vehicles shifting to alternative routes, impacting revenue. - The overall economic environment in Canada has been soft, which may continue to affect traffic and revenue growth.

4) Operational or Product Plans - Ferrovial is advancing its projects with a focus on the I-285 East Express Lanes, expected to commence construction in early 2028 and open in 2034. - The company is also working on the New Terminal One at JFK, with significant milestones set for completion in 2027. - Ongoing improvements in managed lanes are expected to enhance operational performance, with technology enhancements aiding traffic management.

5) Guidance & Outlook / Investor Angle - Ferrovial's net cash position at the end of September 2026 was EUR 1.66 billion, supporting its ability to fund new projects and shareholder distributions. - The company plans to maintain strong dividend distributions, with a second scrip dividend of EUR 600 million announced. - Future growth is anticipated from the expansion of its managed lanes portfolio and ongoing projects, with a focus on maintaining a solid balance sheet and operational efficiency.

Bottom line: Ferrovial is positioned for continued growth with a strong portfolio of infrastructure projects, despite facing some headwinds in traffic and economic conditions. The company's disciplined capital allocation and robust cash generation support its commitment to shareholder returns and future investments.