Good afternoon, everybody. This is Silvia Ruiz speaking. I would like to welcome you to this conference call to discuss the recent transaction announcement regarding Ferrovial's agreement to acquire a stake in New Terminal One at JFK Airport in New York. Just as a reminder, the presentation is available to you on our website. I am joined here today by Luke Bugeja, Ferrovial Airports CEO, Ignacio Gastón, Ferrovial Airports CFO, and Ernesto López Mozo, our CFO. If you have any questions, you may ask them through the forum included in the webcast. During the Q&A session at the end of this call, we will be reading out your questions and who they are from. With this, I will hand over to Luke. Luke, the floor is yours. Thanks, Silvia, and good evening or good afternoon to everyone. As Silvia said, my name is Luke Bugeja. I'm the CEO of Ferrovial Airports. I've been with Ferrovial team for almost one year now. I'd like to present to you the acquisition of our stake in New Terminal One, which we're very excited about. Next slide. Thanks, Silvia. Firstly, as you see in the middle section, a bit of detail about the transaction. It's a 38-year concession to build, operate and maintain New Terminal One or the redevelopment of Terminal One at JFK. It is a massive increase in size. It's three times in terms of the size of the terminal. The capacity of that terminal will increase from 8 million passengers up to 23, and the retail space will almost quadruple. A massive increase in terms of size on the offer. The top left-hand corner, I mean, New York is a premium destination. Everyone is fully aware of that. I think it's important to note that JFK is the United States largest international gateway by quite a long way. 34.3 million passengers in 2019 versus the next largest international airport, which is Los Angeles, just over 25 million. Slot demand for international growth is strong. We've spoken to a number of foreign airlines who have unsatisfied demands for slots, international slots into JFK. Heavily constrained airport in terms of wide-body gates, and that's where the demand is, and that's where we're really delighted to be working with the Port Authority going forward. In terms of key figures, massive catchment area, 22 million residents, which is the largest metropolitan area in the United States. 82,000 gross regional product in the U.S., which is also the highest in the U.S. Specifically with regards to JFK, as we mentioned earlier, 63 million passengers in 2019. 83 airlines. That's a lot of airlines. To give you a bit of perspective on that, Heathrow is around 90 airlines, and Los Angeles is around 65. It is a very, very diverse mix of airline capacity and airline demand. NTO capacity for both phases will increase from 8 to 23 million. $9.3 billion investments of both phases. Equity of $2.3 billion and bank facility of $6.6 billion. In terms of the agreements, there's quite a number of them. The lease agreement with the Port Authority is obviously a very important one. The AECOM Tishman design build agreement for phase A has been agreed. Gensler is the architects. Ferrovial Construction, which we'll talk a little bit about later, are providing the construction oversight for the project management office for phase A. Ferrovial Airports will provide management service agreements in the project, which effectively provides operations, route development, commercial and innovation support into NTO. URW will provide the master concession agreement for the retail and the F&B. Some key dates there. Financial close, hopefully tomorrow. Operations will commence on completion of phase A, which is expected in 2026, and end of the lease in 2060. Next slide. Thanks, Silvia. A bit about New York region and JFK specifically. We spoke about the catchment area and the GRP, but this is New York as a destination. It's highly diversified international tourism. There's no dependency on a single region. There is demand across the world for New York as a destination. One of the highest concentrations of Fortune 500 companies, and a really strong demand of VFR, so visiting friends and relatives, which is, you know, due to the diverse population. It's a true international city with its ethnic diversity, so which is very attractive from visiting friends and relatives from around the world. Specifically on JFK, 62.5 million passengers, 84% O&D which is, which basically says there's a very low transfer traffic. Airport is not dependent on transfer traffic. It's very much a destination airport. Just a high number of airlines, and 56% of that's actually international. It has a good mix of leisure business and visiting friends and relatives. It has a fairly low reliance on business traffic, which is probably the segment which is uncertain to recover post-COVID. Leisure and VFR very strong. We've already seen that around the world. JFK is the U.S. largest international gateway. Specifically in New York, it's 66% of market share. Next largest is Newark, which is 28%. It is very much far and away the largest destination for international traffic in New York. JFK is executing a transformational strategy across the whole precinct. It's not just Terminal One, it is across the whole airport. Next slide, please. Just focusing on the project, the existing Terminal One continues to operate and is operated by a group of airlines called TOGA, which is made up of four airlines, Japan Airlines, Korean Air, Lufthansa, and Air France. They will continue to operate that until the completion of phase A. Currently has 20 airlines operating there. 65,000 square meters, which is less than a third of the future size of the terminal. It was actually at capacity in 2019. We'll be limited in the growth until phase A is opened. New Terminal One, which is the area currently occupied by Terminal One and Terminal Two, which is operated by Delta, which will be vacated. The former Terminal 3, which is for the aviation nostalgic people, is the old Pan Am Worldport site. Expected to operate as one of four terminals going forward. Currently there's six. The redevelopment of JFK will move from six terminals to four terminals. The new Terminal One will be the largest terminal in JFK, which is really the engine for international growth. It is important to note that the focus is for this terminal to be world-class. Okay. This is really focusing on high class. Not just in terms of marble and glass. This is about innovation, customer experience, and is focusing on being in the top five ranking of Skytrax rated airports in the world. This is That's not just rated by the amount of money that's spent on the terminal. It really is about the way in which the customer experience is delivered. The Port Authority. It's important to note the Port Authority will have responsibility for the overall management of JFK, which includes the airfield, central railways, and other core facilities. Some key points there. 23 gates will be delivered after both phases are completed. Capacity of 23 million passengers. 223,000 square meters. That's a similar size to Heathrow Terminal Two. 16,000 square meters concession, which is considerably larger than what is being offered at the moment, and a similar amount of concession area that Heathrow Terminal Two has on offer. You can see the diagram there. The future will be four terminals. New Terminal One, Terminal Four will be the terminal dominated by Delta, and then Terminal Six, JetBlue, and Terminal Eight, American, and BA. Just to give you the table at the bottom sort of shows you the expected increase in wide-body gates. The Terminal One currently has just over 22% or just under 22% of the number of wide-body gates, and expected to increase that to almost 35%. Next slide. In terms of the construction, obviously a major part of the redevelopment and the focus of the project over the next four years. It'll be, firstly, the first phase will run from 2022 to 2026. The next phase B, will be delivered shortly after, and that's based around traffic triggers. Phase B two will then follow that. Phase one is obviously the major construction, which is the head house, so the departures, the arrivals area, and the baggage systems, eastern concourse, and then the associated aprons and roadways. That is the longest project and is the most technical project. That's happening over the next four years. Once phase A is open, as we said, the existing terminal will be demolished, and phase B will then commence. The project has the required environmental approvals. As phase B, as I said earlier, is expected to happen once traffic triggers are met. Focusing a little bit on the design build contractor AECOM Tishman, obviously very well known. I'm sure everyone on the call highly experienced New York City constructor and airport developer. Over 120 years of experience, including the redevelopment of One World Trade Center. Done several projects with the Port Authority and over 65 projects, airport projects, worldwide. The phase A project has been de-risked quite significantly. Design has progressed to 50%. It's important to note we have agreed a guaranteed maximum price that's locked in for the entire phase A project. There's pass through may the majority of the NTO obligations and liability for construction work, through to Tishman. Distinct from the construction, the PMO, so Ferrovial Construction, who I'm sure you all know, will coordinate and supervise the design-build program and provide advice to the NTO and coordinate that with the Port Authority. Effectively, the owner's engineer and providing advice and support and oversight on the construction for phase A. Next slide. Focusing on operations. To give you a bit of a view on how our revenues are generated, aero and non-aero. Aero is 84% total income. That's high relative to what I'm sure you would have seen with other airports. Big difference is on the non-aero side, it is just retail and food and beverage. Typically at an airport, you have property and car parking, which doesn't exist in this situation. On aero, key points, it's unregulated. The main source is per passenger fee on a per departing passenger fee or a cost per enplaned passenger, and it has an inflation link. There are four airline agreements already in place, really proving the attractiveness of the project. The target market is, you know, foreign carriers that you know seeking opportunities for expansion and growth in JFK. In terms of the CPE, you know, the high cost of operations in New York is really contrary with the cost of operations and the quality of service offer that we'll be providing. The new terminal projects across all the JFK terminals are likely to drive CPE higher. Just quickly on the non-aero side, URW have the master concession, very, very well known in the shopping mall world industry around the world. Have, you know, over 1.2 billion annual visitors to their shopping malls. I think they're, in terms of airports, extremely well known for the work they've done in Tom Bradley International Airport in Los Angeles. There's a minimum annual guarantee in place, which is tiered revenues, so it's very much strong incentives for outperformance for URW to deliver. In terms of the breakdown of that revenue, duty-free sales is a key component and largely due to the passenger mix, but also to what we call the cash and carry concept, which in United States, as you know, with shared terminals are shared between domestic international. You buy your duty-free, and you don't receive it until you get to the gate. Here it's 100% international, so you buy your duty-free, and you take it with you on the point of purchase. Lease payments with the Port Authority in terms of the non-aero is shared with the Port Authority. Just on the organization, this is run by NTO based in New York, and we're a fully staffed organization with support from Ferrovial Airports as mentioned earlier. Next slide. Just on the financing, five-year bank facility, capital market takeout assumed in the coming years, investment grade ratings from all three agencies, 75% hedging in place for long-term financing. Fraport will apply an equity consolidation method based on the fact that it's a joint control arrangement. The equity is spread across the construction period up to 2026, as you can see there. In terms of ESG, the target is the LEED Silver certification, which is based around terminal design, construction operations to manage natural resources, use. There's the on-site energy generation of electric power and through solar. For example, the aerobridges will all have preconditioned air and fixed electrical ground power, so no use, no need for ground power units, and all their site vehicles will be electric. It's important to note here, you know, we have ambitious goals for diversity and the local economy. We're committed to reaching the minority women in business enterprise targets of 30% in all categories of work. This is not a nice-to-have. This is something that we're very, very serious about and committed to. Also local inclusion is a priority. You know, we're really focused on local jobs and ensuring that the local community also benefit from this massive development. 10,000 jobs, 6,000 construction union labor jobs for this project is huge. Just for everyone's reference, NTO has already contracted 83 MWBE firms and paid them over $46 million for delivering professional services already. Just final slide. Key points, as it says in the tagline, this investment fits perfectly with our Horizon 24 strategy. You know, the focus is on doubling for double-digit returns. This is the U.S. largest international gateway as mentioned. Strong airline demand for scarce gate capacity, and really adding high quality capacity. This is not just volume. This is a high quality offer for international airlines that New York is a destination. Transformational product or project delivering world-class experience. This is really focusing on top five in the world with unregulated aeronautical charges. Thank you. Questions? Okay. Thank you very much, Luke. The Q&A session will begin shortly. Please stay tuned. Okay. First set of questions comes from Luis Prieto from Kepler Cheuvreux. Could you please shed a bit of light on why Carlyle has so significantly diluted its presence in the consortium? Okay. That was the first question. I think it's important to say that Carlyle has done an outstanding job bringing this project through the development phase. I'm sure during that period has realized that, you know, through the execution phase, it's probably more suited to an industrial partner and a partner with deep construction expertise. We're really pleased that Carlyle is remaining in the project. They have huge amount of institutional knowledge, which is important for us, and it is an important part of our investment to ensure that Carlyle continues on. The next question. Yeah. Sylvia. Has Ferrovial's entry into the consortium been the result of a competitive process? A question you probably need to ask Carlyle on that. We've had discussions with Carlyle for almost a year now. It's a question for them. We're not aware of other suitors. Again, it's a question for Carlyle. How relevant will be Ferrovial Construction's participation in the project from an economic perspective? Very important. As I said earlier, they are providing the PMO services, which is the oversight of the construction. You know, you've got a world-class design build organization, Ferrovial Construction, who are very experienced in doing construction and providing oversight on behalf of the shareholders. They play an enormous role and have already played an enormous role in the DD that we have put together and a key part of what we're doing. I think that's a really important message. Next set of questions coming from Robert Crimes from Insight Investment. First question, any more color on the revenue share in non-aeronautical? Specifically, what percentage of revenues approximately in non-aeronautical are shared with the Port Authority? Yeah. Look, this is a standard lease agreement with the Port Authority, which, I'm sure, is common with many other leases of other P3s in New York, and it is 50% of revenues. That's the revenue share. As I mentioned earlier, the non-aeronautical revenue is around 16% of total revenue. Non-aero. Okay. Next question from Robert Crimes. How does the tiering work in the revenue share? Is that the Port Authority take a higher share as revenues are higher? No. The tiering is based around a high percentage for URW. It's a motivation and incentive for URW to deliver a high level of revenue. The terms of the share from Port Authority doesn't change. It's just an incentive for the operator or the concessionaire, which is URW. Okay. Last question from Robert Crimes. Any approximate indication of revenues or EBITDA contribution in 2027, or help us how to forecast this? Look, I think we're reluctant to give forecast, but you know, the indication of revenues and EBITDA in 2027 will be consonant with, you know, the traffic levels at that time. Unfortunately, we're not in a position to give you a forecast at this stage. Okay. Next set of questions coming from Stephanie Da from RBC. Could you please elaborate on what fee per passenger you'd start charging when you start operating Terminal 1? How does that compare to other terminals in Newark? Obviously commercially sensitive, but I can say that it will be competitive with the other terminals in JFK. I think there is a data point out there in Terminal 4, which I think did a recent bond issuance and indicated cost per enplaned passenger is around $81. I think what's important to note, as I mentioned earlier, we have contracts with four airlines which does validate the expectation on CPE. Okay. Where do you see retail going as a revenue per passenger? What percentage of income do you receive from gross sales? It's you know it's again commercially sensitive so we'll go down that route. You know it's what's gonna be important for us is develop a world-class offer particularly on retail and food and beverage. We think we're gonna expect a strong level of revenue combined with the passenger mix. You know we have a world-class operator to deliver that. We're very confident about us hitting the expected revenue. Next question coming from Frank Riemigo from DWS. You mentioned your partners. Do you think that you will have an opportunity to buy more of the projects from them through time? Would this be something you would welcome? I'll let you get through financial close first. You know, that's really a question for the partners. We're very happy to work alongside our partners and, you know, there are ways to go before we consider that. Next question coming from Daniel Gandoy from JB Capital. Can you elaborate on the aeronautical unregulated revenues? What are the drivers to calculate it? Is there a full pass-through of the inflation? It's important to note it's unregulated, so it is not a building blocks method, like it was in a regulated environment. It really is market forces. The agreements we have in place are inflation linked, so I think they're the key points to understand. There are no real drivers. I mean, the drivers clearly are all about the offer that we have for the airlines, but also the competition amongst the other terminals in JFK. Next question coming from Kenton Moorhead from DWS. What is the lease payment arrangement with Port Authority of New York and New Jersey? Is it a flat fee or is it a percentage of revenue? Does it depend on source of revenue, for example, aero versus non-aero revenue? Okay. Sorry, Sylvia. Which question was that? I just, you went silent for me. Can you replace that or repeat that, please? Are you hearing silent? Sorry, can you hear me now? Yeah, I can hear you now. Okay. Yes, go ahead. Sorry. This question coming from Kenton Moorhead from DWS, which is, what is the lease payment arrangement with Port Authority? Is it a flat fee or is it a percentage of revenue? Does it depend on source of revenue? There are a number of lease payments to the Port Authority. There's initial rents and first and second rents. In terms of the non-aero, it's a flat percentage. There's quite a number of different lease payments across the board. Okay. The next set of questions coming from Nabih Ahmed from Barclays. First question, beyond construction, what's the typical maintenance CapEx per estate? Don't have that detail. I think it's important to note that, in terms of operations, beyond construction, it's you know, operating costs, customer service costs, utilities, and you know, and labor costs in relation to airport security, and general maintenance, but I don't have the exact maintenance CapEx forecast. Next question coming from Nabih Ahmed. Please describe the main terms of the shareholder agreement with other shareholders. Governance, management, nomination, first right of refusal in case of shareholders' willingness to sell? That's commercial in confidence, I'm afraid. I can't share that. Next set of questions coming from Bosco Ojeda from UBS. Could you give some details on the revenue per passenger on aero, non-aero expected and how it compares to peers in JFK and other New York airports? I can talk about non-aero per pax, and it is currently by far and away the strongest in JFK, and also in all New York airports, and largely for the point I mentioned before around passenger mix and on the cash and carry concept. On revenue per pax, you know, you can really kinda compare where it is today to what it will be in the future. I think the metric that is more relevant is the non-aero per passenger, as I mentioned. Next question from Bosco Ojeda. Who sets the landing fees, and is that included in your fees or independent? On how are landing fees set? We charge terminal charges. Landing fees is set by the Port Authority. It is, and the landing fees are not regulated. I think the passenger fees are not regulated, as mentioned, so the landing fees are separate to the passenger terminal fees. Next question coming from Dario Maggiore from BNP. What's the impact of the inflation on CapEx? What is the maximum determinable cost? Through the guaranteed maximum price, inflation risk is passed on to the design-build contractor to Mm-hmm. to Tishman. There is a maximum guaranteed price. That is an important point to note. Another question coming from Robert Crimes from Insight Investment. What were the non-aero revenues per passenger in 2019 in Terminal One? You've got me there. I don't have it to hand, sorry. I'm sure we can try to dig that up, but I don't have that to hand, sorry. Next question coming from Samsonite Jeyaseelan from Aananda Asset Management. How frequently will the passenger fee level be reset? Annually? Every X number of years? Okay. As I said earlier, this is non-regulated, so charges will likely be reviewed on an annual basis. There is no regulatory requirement to do so. I think, actually, it is an important point that we have the contracts that we actually have in place are a contract length of between 15 and 25 years. For the airlines that we have contracts with, which is important to note, is around 20% of the expected traffic numbers from 2027. Their contracts are between 15 and 25 years. Okay. There's a couple of more questions coming from Dario Maggiore from BNP Paribas. First one is, what's the total CapEx to build all phases? What's the expected CapEx after that? Sorry, I was on mute. I mentioned in the presentation before the cost for phases A and B is $9.5 billion. That's covering both phase A and phase B. Okay. Thank you very much, Luke. There are no further questions. Okay. Thank you, everyone's time. Really appreciate you taking the time to listen to our presentation today. As we mentioned, we're very excited about this opportunity. It's a major investment for Ferrovial and Ferrovial Airports. We look forward to commencing the project and delivering this world-class facility.