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 nine months of 2023. Just as a reminder, both the results report and presentation are available to you on our website. I am joined here today by Ernesto López Mozo, our CFO, and by the CFOs of the different business divisions. 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 Ernesto. Ernesto, the floor is yours. Thanks, Silvia, and welcome, everybody, to the first nine months of 2023 results from Ferrovial. Well, really, this was another strong quarter. I mean, our infrastructure assets performed really well, starting with the 407 ETR. We had distributions in the first nine months were higher than last year, and also another one was announced post closing of the quarter, and this was done on the back of improved traffic performance. The managed lanes as well posted a strong revenue growth and additional dividends from 35 West. In airports, with a strong summer performance and improvement along the year, Heathrow was outstanding, with September already above pre-pandemic levels. Construction, I mean, with a profitable quarter, the full nine months are affected by the first half year results, with impact from completion of large projects in the US. In terms of net cash position, we closed the first nine months with a net cash of EUR 635 million ex infrastructure level, and this cash evolution is driven by dividends from infrastructure projects, close to EUR 400 million, and in particular, the first one from NTE 35 West. The main cash outflow was the repayment of the... Well, we said the buyback of the hybrid bond, that implied a EUR 511 million outflow. And then we invested in the equity and also in shareholder remuneration, EUR 338 million. Of course, these months were full of corporate events, with the listing in the Euronext Amsterdam. We are also progressing with the U.S. listing. That, of course, depends on SEC approval. We announced the second scrip dividend, expected to be paid at the end of this month. From a U.S. ESG perspective, probably I would like to highlight the issuance of our sustainability-linked bond, our first one, EUR 500 million. Okay, we move to the next slide. We start with the performance, the operating performance from Toll Roads. Here we see the growth, both in revenues and EBITDA. Really, the U.S. assets are contributing to these consolidated numbers, 83% of revenues and 93% of EBITDA. Segment 3C, that opened to traffic at the end of June, implies a 66% additional length to the NTE 35W. It meant EUR 81 million investment on our part, and it has a concession term that ends in 2061. Dividends from the managed lanes, the main one was this 35W, that to 100% of shareholder base was $435 million, but also we got regular dividends from NTE and LBJ. For 100% shareholder base, it was $123 billion. Also in NTE, I mean, the success of performance means the ultimate configuration has been brought forward, and here we will have... We're gonna be building additional lanes, a managed lane in segment two and a general purpose lane in segment one. I mean, this additional capacity that was part of the concession, as I said, was brought forward, is much needed in a corridor that has more growth than expected, and it's important to keep the appeal of the corridor for the long term. This ultimate configuration has been financed fully with debt. In August, we issued $414 million of private activity bonds. Of course, this construction will start soon, and traffic will start to be affected since the start of 2024, next year. If we move on to the next slide, please. Here is the 407 ETR. Dividends, as I mentioned in the introduction, are above the 2022 numbers, and of course, you see that the operational performance has an important increase vis-à-vis 2022. Traffic in terms of VKTs is growing close to 17%, but also revenues and EBITDA are close to 16% growth. Here we have the revenue per trip, fairly stable, with a little increase on the average trip length. In terms of dividends, we only- we do not only have the increase reflected in these numbers of CAD 300 million versus CAD 200 million, so CAD 100 million Canadian dollars increase, but also there was an announcement of an additional CAD 650 million Canadian dollars dividend. When you see the traffic performance, you see that we keep improving. We are, I mean, closing the quarter close to a 4% drop vis-à-vis 2019, and 9.4% increase versus 2022. Clearly, we're seeing increased mobility and commuting patterns, and also we've seen construction activities in Highway 401. I mean, this is usually done in terms of maintenance of the main alternative. If we move to the next slide, here we touch on the long-term drivers that we like to have a look at. Well, the mobility that you see is pretty much shared in comparable terms, in terms of evolution between the main alternatives, the 407, and also urban transits. So you see mobility improving across the board. Toronto really is important, keeps growing in terms of population at a high rate. It's the first of Canada's big three cities to hit a growth rate of 3% in terms of population. And well, the Ontario population grew slightly above 3%, and you see that in general, Canada is also growing well, and it was the highest growth rate recorded for a 12-month period since 1957. When we look into the return to the office statistics, we see that that keeps improving. Of course, the 54% is an average of peak days and low days, right? Clearly the trend is more presence in the office. If we moved on to the next one, please. Here we are, looking at the managed lanes in Dallas-Fort Worth, and we see that all three of them grew revenue per transaction, the average revenue per transaction above inflation. That is how the soft cap evolves every year, right? So, with inflation of 6.5%, you had double-digit in two of them and an 8.4% increase in NTE. That has driven this growth in revenues and EBITDA, as I said, across the board, with very solid EBITDA margins. I mean, NTE, clearly, there's a strong performance ongoing with frequent mandatory modes. LBJ is still impacted by construction works in the area, the east entry point of that road. Well, and NTE 35W is showing a positive performance in traffic, independent of the additional Segment 3C, right? I mean, it would have grown at 5.6%, but if we consider the increase in traffic from that segment, that is a 14.4% increase. NTE and LBJ also grew traffic nicely. Okay, so we move on, please, to the next slide. We first look at the I-77. That keeps beating our most optimistic expectations. Transactions growing close to 20%, revenues more than 56%, and EBITDA 87%. So, it's clearly growing more than another. It's a fantastic asset, where you see the revenue per transaction is growing at 31.8%. And on the right, we have the I-66 that is also ramping up. I mean, you have the quarterly revenue per transaction growing up, and Q3 of the year had a 43.6% increase versus Q1 of 2023, and traffic also going up close to 30%, Q3 versus Q1 quarterly transaction. So as we like to say, cautiously optimistic, but clearly a very strong ramp up. Moving into airports, we look at Heathrow. Well, Heathrow results were released last week, so probably you are aware of all these numbers, but if we just stop on some of them, I think that they are remarkable. I mean, we ended September above 2019 levels, but really it has been trading at those at those 2019 levels pretty close throughout the the summer. Clearly, demand is is there, and Heathrow has upgraded the expected traffic for the end of the year to 79.3 million passengers. But it's not only leisure, inbound leisure, that is experiencing a notable increase. I think that all the different segments are increasing, and it's good to see business travel reaching 27% of total traffic, and pre-pandemic, this was 32%. So as I mentioned, all sectors and nationalities are traveling out or through Heathrow. We look into the CMA appeal that finally came to a conclusion. The final determination didn't move much the needle. I mean, they corrected some things, like the K factor, cost of debt and passenger forecast. I mean, Heathrow's expectation is that it doesn't, it shouldn't have a meaningful impact. And the message Heathrow sent is that it's time to move on. It's disappointing, but it's time to move on and with the operation of the airport. If we move to the next slide, please. We see the remainder of the portfolio, all of it is growing. I mean, AGS is growing, not as much as Heathrow compared to 2019 levels, but it's still a very solid performance, and looking for airlines to also come back or sign new flights in the area. I mean, making up for some of the airlines that left operations. If we look into that amount, that's much better in terms of comparison to 2019 and even 2022. So beating both years. It's close to 4% above 2019 levels, and with a good showing of revenues and EBITDA. Last but not least, is a New Terminal One that keeps progressing, and the project remains on budget and schedule. I mean, there was a reaffirmation of the ratings that were done at financial close, and the negotiations with international carriers are ongoing. In May, we had the agreement with Korean Air, but I mean, that negotiation with airlines is in good shape. We have already contributed close to EUR 200 million of the total equity. Remember that this project has investment concentrated in 2023, 2024, and 2025, 2024 being the peak of investment. And moving on to construction, as I mentioned, we had a profitable Q3. I mean, Budimex keeps having a strong showing, where we keeps EBIT margins stable. And for construction, I mean, the first six months were affected by completion works in some large projects. Still, it's finalizing some of them, but I mean, the contribution is more in line with what we saw in a similar quarter last year. Well, order book keeps a strong showing, and you have the breakdown by geography on the slide. If we move on to the discussion of net cash, well, remember that in this quarterly information, we have the operational update. We don't have other lines of results that will come at year-end. So in the net cash evolution, we have the different blocks here, and I would like to again underscore the dividends from projects block. Of course, we have equity investments and investments in other businesses, and this is basically to help sell performance in construction that helps in unstable environments. Then we have EUR 110 million of shareholder remuneration, and as I mentioned in the introduction, the main cause of cash outflow is the repayment of the Hybrid Bond. In other financing cash flows, the main component here is the positive carry we have with the interest in the cash being higher than the interest we pay in debt. Okay, so if we move on to the last slide, clearly, the portfolio is performing strongly. We have the increasing dividends helping the cash generation here, and the pricing flexibility is providing to be very valuable in these assets. We are still looking to a very interesting investment pipeline ahead, in particular in the U.S. We are progressing with the U.S. listing application and of course, advancing on the decarbonization roadmap. Okay, so thanks for bearing with us for the presentation, and now we open the floor to the Q&A session. Thank you. Thank you very much, Ernesto. The Q&A session will begin shortly. Please stay tuned.... Okay, so starting with the first set of questions from Nicolò Pecina from Mediobanca. First question: Is 407 ETR's peak traffic strong enough to allow for a tariff increase in 2024? Thank you, Nicolò. This is José Velao, CFO of Cintra. You are right. The peak hours traffic is strong and is growing during this nine months. But at this moment of time, we have not any update about tolling rate increase. We are pointing in the right direction, is what we can say. Next question from Nicolò. Can you provide an update on the tender for the SR 400 project? Of course, the tender is progressing well. We are working hard just to submit our proposal in the coming months, so everything is working under expectation. Last question from Nicolò. Would it be fair to expect a sizable increase of the dividend to Ferrovial shareholders in 2024, considering the increase of dividends received from the underlying assets? Thanks, Nicolò. Well, I mean, you're right to point out that the strong showing of all the infrastructure assets and under dividends. I mean, the board will have to make a call on this. Of course, taking also into account that we are facing quite interesting investments ahead. So, it's not the time to discuss that, but I mean, we're very happy with the performance of the assets, as you mentioned. Next set of questions coming from Filipe Leite from Caixa Bank. First question: Dual listing process. Is the process to be listed in the U.S. stock market delayed? Why, and when do you expect to have the process completed? Okay, well, really, the U.S. stock market listing, we are running as fast as possible. Of course, it's the prerogative of the SEC, so we'll have to see how the process evolves. So, I don't think it's delayed, it just takes the time it takes. Okay, so, the most likely outcome now could be a Q1 listing, but as I said, it's the SEC prerogative. Next question from Filipe. On 407 ETR, until when should the 401 be impacted by expansion, construction, and activity? Hi, Filipe. This is José Velao from Cintra again. The 401 construction works is a normal course of business. It's part of the plans on the MTO that is published. And in the case of the current construction works affect the central section of the 401, we expect it to continue till 2025. Next set of questions coming from Robert Joynson from BNP. First question: With the run rate of 407 ETR workday traffic around 8%-10% below the 2019 baseline during May, September, to what extent would potential toll increases in 2024 be dependent on further traffic improvement? Hi, Robert. As I said before, we are in the right direction in terms of traffic performance. The traffic performance that we're seeing right now in this eight months is above our expectation, but we cannot any update about this toll increase, so we'll see in the future when it makes economic sense. Next question from Robert. With COVID restrictions in Ontario ending almost 18 months ago, is the 407 ETR under any pressure from the MTO to end the 2021 first moratorium agreement? Hi, Robert, again. There's a fluent communication between the concession and MTO, but this is not one of the topics that they are treating. They have a lot of things to speak about. This, not on the table. Last question from Robert: When the U.S. listing is completed, is Ferrovial committed to maintain a listing in Madrid? Hi, Robert. Ernesto here. Well, more than using the word commitment, I think it makes sense to maintain the listing in Madrid for European funds and retail investors alike, right? Yeah, it would make sense to keep the listing in Madrid. Next set of questions coming from Fernando Lafuente, from Alantra. First question: Strong quarter in construction with EBITDA margin of 3.7% versus 1.1% in the Q2, and 2.9% in Q1. What are the reasons for the improvement? Is it sustainable in Q4 and onwards? Thank you, Fernando, for the question. This is Iñaki García from Construction. Yes, it this is basically that Budimex and Webber and are keeping the same trend of profitability that we saw in previous quarters. The result of the rest of the business of Ferrovial Construction that was hugely impacted by the provision of losses in the U.S. projects finishing this year was mainly accounted in Q2 or in the first half of the year. In terms of sustainable for Q4, we expect the same trend in Webber and Budimex. We think that we have accounted for all the losses in these ending projects in the U.S. Thank you. Next question from Fernando: What is the expectation of dividends from concessions in 2023? Yeah. Hi, Fernando. Ernesto here. I mean, we don't provide that kind of information. I mean, there's very strong performance. We don't provide the short-term guidance. Sorry. Thanks. Next question from Luis Prieto from Kepler Cheuvreux. Any hints you could provide us to understand a bit better the potential stream of Schedule 22 payments we should see over the short or medium term? Sorry, I had a problem with my computer, Luis. I can, I can provide you some, some hints about how it's working. I think it's part of the contract, as you know. We have -- depends on the traffic on peak hours and, and, and the threshold, just to calculate the amount of Schedule 22 payments. But as you, as you know, we don't need to reach - because we repeat in previous calls - we don't need to reach 2018 traffic levels to increase toll rates. That means that we can pay a significant amount of Schedule 22 in the future, but with a, with a compound effect of the revenues increase when, when we increase tolls, we will compensate, we will offset, this, this amount of payments. Next set of questions coming from Sathish Sivakumar from Citi. First question, can you recommend what percentage of contracts in the construction segment are still on 2019 to 2022 pricing? Yeah, thank you for the question. All our contracts are with current prices. I mean, the value of the contracts are updated with the current costs. In terms of the sale and in some contracts that there is a intersection of prices, it has also been updated. So, we can say that all the contracts are at current prices. Thank you. Next question from Sathish also. What is the reason for increasing revenue per transaction of I-66? Do you expect it to continue to increase further going forward? Hi, Sathish, this is José again from Cintra. The main reason here is that the asset is ramping up. You know, we and we are seeing a good value for money in peak hours for our customers, and that increase, that is good for our revenue as well. Next set of questions coming from Marcin Wojtal from Bank of America. First question, do you anticipate the 407 ETR to distribute another dividend before the end of calendar year 2023? After the additional distribution approved in October by the board, we reached a level of CAD 950 million. I think it's a good level of dividend for this year, thanks for the good performance of the asset. It's not likely to see an additional dividend during this year. ... Next question from Marcin also. Can you comment if the I-66 is so far performing in line or above your internal forecast? Hi, Marcin. The I-66 is performing quite well according to our expectations and continuing, as I said, the ramping up. The corridor volumes have already reached pre-construction, and some segments are above pre-construction levels. And customers, as I said, are experiencing an attractive time savings during peak hours. And we are seeing a really good performance of heavy vehicles as well. So perspectives are quite good. Next question from Marcin: Do you expect Heathrow to distribute dividends to its ultimate shareholders in 2024? Hi, Marcin. Here, Laura López, CFO, Ferrovial Airports. Heathrow, in last week call, stated that they don't expect dividends in 2023, so no further comments here. What is important is to highlight that the asset has the leverage more than expected, and at the end of the day, operational performance will be key for dividends. As, as Ernesto mentioned before, their performance is being remarkable. Thank you. Next set of questions coming from Elodie Rall from JP Morgan. First question: What is the EUR -18 million reported under others on the EBITDA line, please? Hi, Elodie. Probably it's not minus 18, it's another figure. But, I mean, in the others, we have the costs from the restructuring transaction and the listing in the U.S. So, you have all these sort of fees that goes from the advisors, auditing of PCAOB accounts, lawyers for 20-F. So you have all that main impact over there. Next question from Elodie. Do you have an update on the timing of the U.S. listing? What are the main considerations? And also on timing of your upcoming Capital Markets day? Hi. Well, we commented before, right? That, I mean, timing is probably more likely to have a U.S. listing in Q1 of the year. But, I mean, we cannot be more precise given that it's SEC's prerogative. And, well, the Capital Markets Day, the one we have visibility, will be announced, and we're looking forward to it. Last question from Elodie. If you maintain a listing in Madrid, do you expect to get sufficient liquidity in the U.S. line to move the primary listing to the U.S., or you think the U.S. will be a secondary listing, most likely? Thanks, Elodie. Well, the U.S. initially will... I mean, it's expected to be a secondary listing. But the idea here is that, given that our business is in the U.S., we lack U.S. investors, and we have so much growth and ahead, is that it will become more and more relevant. So, I mean, it would be natural to have more weight in the U.S. in the long term, but initially, we shouldn't expect that to happen. Next set of questions coming from José Manuel Arroyas from Santander. First question: On 407 ETR, can you please outline the main factors that matter in defining the dividends that 407 ETR can pay in 2024, and in particular, the interplay of debt maturities, liquidity, and the ability to issue new bonds? Hi, José Manuel. Of course, the main factor is, the performance of the asset, the traffic performance, the revenue is, is the main factor of the 407 ETR. Of course, that we need to deal with other stakeholders, like rating agencies, and that means that, we need to show them how strong is the performance of the asset. Yes, to ask for additional debt or negotiate with them the liquidity at the end of the, of the, of the year. But it's, it's part of the normal course of the business, but this is the main factors. These are the main factors. Next question from José Manuel also. On construction, can you provide an update on cash outflows from construction in full year 2023? Have your expectations changed relative to the first half, when you hinted that outflows of EUR 100-120 million could be possible? Yeah, thank you, José Manuel. Well, as you have seen in September, the working capital in construction has been minus EUR 193 million. As you know, at the—in the last quarter of the year is when usually we have advanced payments from certain clients, particularly in Budimex and specific contracts. So yeah, we can keep this forecast of cash consumption in working capital of between EUR 120 million and EUR 150 million. Next set of questions coming from Pierre Rousseau from Barclays. Heathrow, what's the plan to adapt to the new pricing environment? Hi, Laura again. Currently, Heathrow is working in the update of the business plans. In December, they will share more detailed updates in the investor report, as they have announced in last week's call. Thank you. Next question from Pierre. $1 billion of orders in the U.S. announced in September, are they risky projects? What is the margin outlook? Is it instrumental to get to your construction margin target? Thank you. Thank you, Pierre. Well, as previously mentioned, our backlog in this moment, once we finish the current rates in the U.S. is quite healthy. I mean, with protection against inflation and the bid was in a better situation, no? With knowing the impacts of inflation, COVID, et cetera, no, and prices of the materials. So we expect profitability on those, but remember that they are in early stages, like Ontario or some others. And, probably the margin will be shown more as the projects progress. Last question from Pierre. You mentioned performance for I-66 and I-77 compared well with your most ambitious expectations. Could you share them? Hi, Pierre. And we cannot share with you future projections, so, sorry for that. But I agree with you that the I-66 and I-77 are having a really good performance. Next set of questions coming from Augustin Cendre from Stifel. First question, LBJ. Could you please elaborate on the LBJ traffic recovery in context of work from home trends and of the ongoing works? Do you have any visibility on the timing of a recovery? Hi, Graham. Yes, I can give you... Sorry, Augustin. Thank you for your question. Yeah, I can elaborate. The LBJ is performing quite well. The general mobility and the congestion is improving in the area. Thanks to, in part, this recovery in the presence in the office and the economic growth of the area and the corridor. I think the LBJ performing is in the right direction, and the only issue that we can see in the traffic mobility in the area is the I-635 construction works that is expected to end at the beginning of 2025. But the LBJ, as a conclusion, I can say that is performing quite well. Next question from Augustin. For Ferrovial Construction, I understand that the end of the I-285 project has been delayed to Q1 of 2024 from Q3 of 2023, and that discussions regarding the I-66 contract are still ongoing. Should we then expect further losses from the Ferrovial construction division, or is it mostly behind us? Thank you, Augustin. Well, substantial completion of the I-285 project is going to be in this year. I mean, probably there will be some further works, but they're small in terms of punch lists and other small things. But substantial will be in Q4... Sorry, in Q4, 2023. Regarding losses, I mean, as of September, we have considered all the potential losses that we can have in this contract. So in terms of this particular project, yes, I think that the worst is behind us, and now it's time, I mean, for the... We are in both mediation processes, I mean, with the clients, so we expect that there should be a recovery on claims. Thank you. ... Next set of questions coming from Graham Hunt, from Jefferies. First question: For the I-77, can you talk about the developments you're seeing around the corridor, which is supporting such strong volume and price growth from the corridor? Hi, Graham. Thank you for your question. This is José Velao from Cintra. What we are seeing in the area is, it's very attractive, and it's attracting a lot of new employment. And the population is growing as well, and we and we think that the trend will continue in the future. We have to take into account that there is not a real alternative, and this is part of the reason that has this volume, you know, and strong volume. Thank you. Next question from Jefferies also: For the I-66, can you provide any more color on how the consumer is responding to the ramp-up of pricing? And did you see a meaningful change in heavy vehicle contribution in Q3 versus the second one? Yes. What I can say here is that, there's good, safe travel times during peak hours, and this value is attracting users to use our highway. And at the same time, traffic, the heavy traffic vehicles are having a good behavior during this quarter. So both factors are impulsing our revenue. Last question from Graham: For NTO, what percentage of NTO capacity is now covered by airlines agreements, and have there been any discussions with retail partners for the commercial operation? Hi, Graham, thanks for the question. Out of the 2027 traffic, around 25% is committed with current international carriers contract, Air France, LOT, KLM, Etihad and Korean. In relation with the retail, NTO commercial program is managed by URW through a master concession agreement. URW is progressing along with NTO with the definition of the program, launching the procurement process during next year. Thank you. Next set of questions coming from Nicolas Mora, from Morgan Stanley. First question: Can you help us understand the traffic performance on NTE 35 West? Underlying, it's up only 5% despite end of construction disruption. Why is traffic failing to recover against a very disrupted Q3, 2022 basis? Are you charging the same price per mile on the segment 3C that rest of the segments A and B? Hi, Nicolas. Thank you for your question. First, I don't think that is underperforming. You have to take into account that after a long period of construction disruption in the corridor, you know, there's some ramp up here. And there's still been some construction works in the U.S. 175 connector that is affecting to the general mobility as well in the corridor. So I think that things are going and are progressing well in terms of traffic performance in the three... in the Segment A, B and the Segment C. The Segment C, we are seeing a strong ramp-up. And in terms of tariffs, toll rates, the Segment 3C is in line with toll rates of AB. Next question from Nicolas Mora also: On the U.S. managed lanes overall, are you starting to see some fatigue from the U.S. consumer? No. No, Nicolas, the answer is no. I think there is a lot of value in that the users are evaluating, and we see that in different polls that we are sending to our customers, and we don't see any fatigue from a US consumer. Okay, another set of questions from Stifel, Tobias Woerner. First question: The buyback of the hybrid bond has reduced your NCP quite markedly. Are you comfortable with this level of cash? If not, what are you going to do about this? Yeah. Hi, Tobias. Yes, we are comfortable with the level of cash. Actually, cash should be used to earn double-digit returns or return to shareholders, right? So I mean, we've been holding cash, looking for opportunities, we are in a very comfortable position, so there's no need to raise any additional hybrid or to look for new cash. Next question from Tobias also: Given the CMA decision, have you changed your attitude to your stake in Heathrow? If so, would you consider selling it? Well, thanks. Well, Heathrow, I guess that the answer is like any other asset in the, in the portfolio. I mean, we are open to different alternatives, as with any other in the portfolio. So if an opportunity keeps knocking on our door, we will look at it on financial merits. Thank you. Last question from Tobias: Can you give us a bit of color on the progress seen at NTO, and what this mean in terms of timing of the development of this asset, please? Hi, Tobias, really happy to share the progress in NTO. The project is in good progress, showing in Q3, truly visible at once. The steel of the forefront of the terminal has been erected with the first steel three columns. The total demolition is almost completed, and the Air Train enclosure is well advanced, targeting to be open very soon by Thanksgiving. The design phase is 97% achieved. There's really good progress if you have in mind that we are in a complex context of fully the development of JFK, with interferences, service affected from all the works that are being performed at the same time in different terminals. Though there are effective mitigation plan in collaboration with the Port Authority, and we are confident in the satisfactory delivery of the project. Thank you. Okay, so it seems that there are no further questions. Okay. So, thanks, Silvia, and thank you, everyone. I mean, we're looking forward to what's coming up and the potential U.S. listing and the Capital Markets Day. So hope to see you soon, guys. Thank you. Bye now.