Full Year 2024 Ferrovial SE Earnings Call Transcript
Key Points
- Ferrovial SE (FER) delivered solid growth across all business divisions in 2024, with significant revenue increases in toll roads and construction.
- The company achieved a record high construction order book of EUR16.8 billion, with almost 50% coming from North America.
- Ferrovial SE (FER) successfully divested a 19.75% stake in Heathrow Airport for EUR2 billion, aligning with its strategy of rotating mature assets.
- The company commenced trading on the Nasdaq, marking a crucial step in its increased focus on North America.
- Ferrovial SE (FER) reported a strong ex-infrastructure net debt position of minus EUR1.8 billion, reflecting robust financial health.
- Traffic on the NTE toll road decreased by 2.2% due to capacity improvement construction works.
- The I-77 toll road's revenue per transaction was impacted by a temporary subsidy of toll rates following Hurricane Helene.
- The company faces potential risks from tariffs under the US administration, which could impact economic growth in Canada and the US.
- Ferrovial SE (FER) has a cautious approach to shareholder remuneration, with only a 2% year-on-year growth in ordinary shareholder remuneration for 2025.
- The construction division's growth is heavily reliant on the US market, particularly Texas, which may pose a risk if market conditions change.
Good afternoon, everybody. This is Silvia 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 Madridejos; 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 US market close. (Operator Instructions)
With all this, I will hand over to Rafael. Rafael, the floor is yours.
Thank you, Silvia, and good afternoon, everyone. Ferrovial 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 Terminal One at JFK continued to advance, with the NTO team achieving
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