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 First Quarter of 2024. I am joined here today by our CFO, Ernesto López Mozo, and by our Corporate Finance Director, Ignacio del Pino. Just as a reminder, both the results report and the presentation are available on our website since yesterday evening after the U.S. market closed. In addition to that, we are planning to release an updated investors' presentations containing the fact book mentioned at the Capital Markets Day and the excel file with historical data on May 16th. At the end of the presentation, there will be a Q&A session. As in previous calls, you will have the opportunity to ask questions live. For that, you will need to join the call through the conference call channel and press Star 5 on your phone keypad. If you prefer, you can send them through the forum included in the webcast, and I will be reading them out loud at the end of the Q&A session. With all this, I will hand over to Ernesto. Ernesto, the floor is yours. Thank you, Silvia, and hello everyone. It's a pleasure to be here with you today. I mean, the first quarter was really strong, as you have probably seen with our results standing in front of this solid operating performance with toll roads, in particular in the U.S. The managed lanes keep posting outstanding revenue growth and also traffic growth. The 407 ETR as well showed higher traffic and revenue, and also announced a dividend for Q2 increase vis-à-vis last year. Airports, Heathrow's business first quarter ever, and also AGS had a solid quarter, and it closed its refinancing. We'll cover all that later. In construction, profitability improvement across the whole division. Regarding the cash position, we had consumption in the quarter related to our shareholders distributions, EUR 254 million in buybacks, and also we invested equity in the projects, NTO EUR 74 million and EUR 47 million in AGS. In terms of corporate events, on March 18th, we announced an agreement to acquire 24% of IRB Infrastructure Trust for the equivalent of EUR 740 million at the then prevailing exchange rate. And this is pending approval, so it's not yet in anything in these accounts. On the 4th of April, Ferrovial was awarded the Lima Peripheral Ring Road that will entail between $140-$200 million equity from us. On the 3rd of May, well, Ferrovial completed regulatory review process and started trading on the 9th of May in NASDAQ. On May the 7th, Ferrovial submitted the offer for the SR 400 project in Atlanta, Georgia. So let's get down to review the operations. Toll roads as a whole had a very important growth, 30% in revenue, 36% in EBITDA, but really the lion's share of this comes from the U.S. toll roads that grew 34% in revenues and 38% in EBITDA. It represents, in terms of revenues, 87%, and in terms of EBITDA, 98% of the whole division. Let's move on to analyze in more detail the different assets. Well, starting with the 407 ETR, you saw the traffic in terms of kilometers traveled, growing at 7.1%. I would like to spend just some time reviewing the traffic performance, taking out the calendar effects, right? Of course, this is a leap year, and you have that effect in February in terms of workdays. But if we look into March, March really had Easter this year whereas it was later in 2023. So you see a more homogeneous and growing performance when you take out these calendar effects. Another thing that is quite relevant regarding the 407 is that traffic improved in all time periods, so a very homogeneous, I would say, improvement versus 2023. When we look into the revenues, we see that the main driver of the revenue growth is toll revenues. And here, please, remember that the new tariffs are in place on the 1st of February, so one month doesn't come into this equation, and therefore it reflects what I say, that I mean there was overall traffic improvement in all time periods, and we've seen very limited elasticity, I mean, probably nonexistent at this point in time. Other revenues didn't grow as much. I mean, fee revenues in particular, and contract revenues. Well, contract revenues existed last year because there was the detolling of some adjacent roads, and well, that was gone along the year. It's not present this year. And then, fee revenues are lower also. In part, that could be accrued later in the year due to some delay in notices to consumers regarding their fee obligations, right? So this could come later in the year when the system is finally implemented. In terms of dividend announcement, as I mentioned before, there was an announcement of $150 million. That's an increase versus last year, but it's not reflected in cash in this first quarter in our numbers. It will be reflected in the second quarter. Okay, so with that, we can move on to the following slide where we review the managed lanes in Dallas-Fort Worth. And here we see that all the growth in tariffs, I mean, the revenue per transaction, beats inflation across the board, right? NTE, LBJ, and NTE 35W. It's a good reminder that the soft cap was updated by 3.4%, right? Well, okay, so good increase in this revenue per transaction. Some things are going on here that help. Of course, we've seen mandatory mode events happening in NTE that helps the increase in revenue per transaction. LBJ, in general, the growth is also showing better performance in peak periods, and that drives additional performance in terms of revenue per transaction. NTE 35W, even if we extract out the effect of Segment 3C, we have also a very solid performance north of 9% improvement in revenue per per transaction. I mean, in all these parameters, remember that there were also some tariff increases along the year that were not present in the first quarter. Another stuff that is helping is the fact that in Segment 3C we have a higher proportion of of heavy traffic. So all it's consolidating into a fantastic performance across all all assets. Also in terms of of traffic, NTE, even though the ultimate configuration works have already started, is is performing better than what we expected. It's true that the corridor is is already losing traffic, but I mean, NTE is holding well with with a higher capture rate. Of course, works will intensify in the coming months, and we should expect more of an impact, but, I mean, definitely we should, should be in a better position than what we expected after this first quarter. But please do think that in the coming months there will be more intense construction activity. Okay, so we could move on to the following slides. The remaining managed lanes in the U.S., we have the I-77, also growing very handsomely, 14.8%, the revenue per transaction. Here, it's good to remind you that there's no soft cap here, so very good performance. Also, successful refinancing, $371 million of senior secure notes were financed, and funds will repay the TIFIA loan and will increase the average life of the outstanding debt. In terms of the I-66, it clearly strong ramp-up. We see a 55% growth in revenue per transaction, and in general the whole corridor and, in particular, peak times are performing strongly. So we see a very strong ramp-up here in this route. If we go on to the following slide, Heathrow, and here Heathrow already released their results. You saw how strong the performance was and the prospects for the year. In fact, Heathrow has revised upwards the traffic projections, and Heathrow expects an extremely busy summer. Regulation is finalizing the H7. Even when we are getting close into the H8 initial discussions, we have the finalization of H7 after the CMA asked for some changes. The CAA consulted, and this was closed on May 1st. There could be reviews, but I mean this should be done by the summer. Let's see, it's on the CAA's table to settle this. In terms of divestment that I'm sure is what you're really concerned about, there's no update at this point in time. We'll update in due course. If we move on to the following one, please. I mean, we have other airports assets, and we see as well growth here in Aberdeen, Glasgow, and Southampton, especially in Southampton and Glasgow. Aberdeen is flatish compared to last year, but as I said, it's very good growth, and, of course, this helped to achieve the refinancing this quarter. There's an equity injection. I mean, the reason for this is that, after COVID, leverage in airport assets has come down a little bit, and it's below 7x debt to EBITDA, but this is an equity injection that is expected to have a very handsome return, just looking to the kind of multiples that freehold airport assets are getting. So, an injection that should be a no-brainer. In terms of Dallas managed, of course, this quarter is uneventful given that there's no tourism this part of the year, but the asset is performing well in terms of traffic, and we are looking forward to the summer season. In terms of New Terminal One, I mean, the project currently remains within budget and schedule. This is important. I mean, working towards the finalization in 2026. You have a picture there of how fast the terminal is being deployed, and in terms of progress, always the risks lies more on interaction with other projects in the area, and that, of course, is coordinated by the port authority, and so far we've managed the different interactions with other projects. In terms of revenues, the discussions and negotiations with airlines keep advancing. Right now we could be approximately on 30% of the revenues for the 2027 estimated traffic, agreed. In terms of equity contribution, up to the end of this quarter, we accumulate EUR 347 million euros, still a lot pending, EUR 712 million pending, and this year is probably the year that concentrates most of the investment. If we move on to the following slides, please. In construction, also we are seeing margin expansion here. It has to do with Budimex really performing with additional profitability. I mean, this is supported by a profitable order book. We were also advancing with better margins, and here you have improvements both in heavy civil and infra maintenance. Then we have Ferrovial Construction that improves compared to the previous quarter. Basically here, we don't have the losses in the large projects in the U.S. It still shows a slightly negative margin because of bidding costs and new projects in the initial phases not recognizing a margin that could be recognized later on. Okay, so solid performance with also order book at peak levels. Really the order book, it's at peak levels, but it's focused on local markets, and there's a lower weight on large design and build projects that were performed under accelerating inflation and through COVID, right? So, it's a solid order book. In terms of contracts not included, we have $2.4 billion not included in the order book, and the order book reflects the higher activity in the U.S., as we could expect. In terms of outlook, yes, we are in line, or even slightly better regarding our expectations for achieving the 3.5%. So we're in line to achieve the 3.5% adjusted EBIT margin in 2024. Okay, so we move on to the next one. Just a quick summary of this strong quarter with revenue growing 3.5% and adjusted EBITDA more than 37% and EBIT more than 63%. So, as I said, a very strong quarter across the board. If we move to the next slide, here we review the cash flow performance. I mean, really dividends from projects that are the main driver of cash flow generation were little in the first quarter. That's usual. Construction was really not consuming cash. And then, of course, we have tax payments. The tax payments is related mainly to two concepts. One of them is tax payments in Poland and withholding tax on the cash we bring from out of Canada, right? So that's kind of evenly split, slightly more in Poland in this figure of tax payments. Then in terms of investments, the main drivers are NTO and the investment in AGS that I mentioned. Then you have the interest we receive on cash. If we move to the cash flow from financing activities, the main component is cash outflow to shareholders of EUR 254 million, and then you have other interest in the EUR 49 million cash drain that is both interest and leases that are considered in financing. Okay, so net, net a solid, a solid quarter where we have invested and remunerated our shareholders, and in the following quarters we will see more the bulk of dividends from infrastructure from the year coming in. Okay, so if we move on to the next slide, just a summary of this strong quarter, the excellent performance in all North American assets, also strong performance in airports. NTO keeps progressing within expectations. In construction we have higher profitability. And then in terms of cash we have a solid financial position. We have been catching up with shareholder remuneration that was assured last year, and we have some distributions announced that will happen in the second quarter like the 407 I mentioned. Very important, the pipeline is live and we already submitted our bid for the SR 400 in Atlanta, and last but not least, we have started trading on NASDAQ. So, now let's open the Q&A session. Thank you, Ernesto. Q&A session will start shortly. Please stay tuned. Thank you. Ladies and gentlemen, we will now begin the Q&A session. If you'd like to ask the question, please press star five on your telephone keypad. If you change your mind, please press star five again. Please ensure that your device is unmuted locally before proceeding with your question. Our first question comes from the line of Nicolò Pessina from Mediobanca. Please go ahead. Yes, good afternoon all. There has been much talking in the past few weeks about the termination of the contracts of U.S. toll roads. We have seen the Texas authorities triggering this option in the case of the SH 288. So the question is, what kind of risk do you perceive for the assets that you operate, and why should Ferrovial's assets be a different story compared to the SH 288? Second question, on the NTE, I'd like to know if you can provide any traffic figure for the month of March that was the most impacted by the capacity improvement works. Also a question on the I-66, pricing in the quarter looked very strong also compared to the last quarter of last year. I understand this asset is still in a ramp-up phase, and I'm wondering if there is any specific event that impacted specifically on pricing. Thank you. Okay, thanks. Nicolò, Ernesto here. So I will take the first two, and Ignacio will take the third one. Okay, regarding in Texas, the termination for convenience, I mean, I can mention the following: we have not been contacted or indicated from TxDOT, we have not been given any indication on this regard, right? So no news whatsoever. I can comment that you see how the termination works in our contracts, either fair market value or at 23% IRR on our equity, and the 35W is the only one that have some fixed amounts. If you look at all them, do any sort of calculations, these are very big amounts. That's the only thing I can comment. I won't comment on the SH 288. I just comment on the facts that I mentioned, but as I said, there has been no indication, no contact whatsoever. Regarding the NTE ultimate configuration, March really you had the Easter effect. I mean, looking at how April is performing, I mean, I wouldn't say that, I mean, there's a particular effect that I can basically give to you as an exact percentage. Clearly there's more impact in March, but I cannot give you the exact impact because, as I said, you had Easter and April shows a different performance, right? So we will have to monitor along the year. As I said, we expect that the summer months could have more of an impact, but I wouldn't extrapolate March into April. I think that Easter played a role. Thank you, Nicolo. This is Ignacio del Pino. On your third question on I-66 pricing, there is no one-off event to read into as it relates to the quarter-on-quarter growth in revenue per transaction. This is a reflection of the high willingness to pay in the region as well as the flexible pricing frameworks, including the flexibility to adjust heavy vehicle multipliers of the asset. All clear. Many, many thanks. This question comes from the line of Luis Prieto from Kepler. Please go ahead. Good afternoon, everyone. Thanks a lot for taking the time to help us with questions. I had three, if I could. The first one is, at the 407 we continue to see an unexciting traffic winter performance in Q1. Should we expect a meaningful seasonal recovery during spring and summer? In other words, should we still assume it to be much more seasonal than in the past, the asset? The second question would be what we should expect in terms of index inclusion in the U.S. market. Any guidance in terms of timeframe when this could happen? And the third and final question, super, super quickly, we have seen U.S. GAAP accounting implementation in the case of CRH, which recently listed in the U.S. market. Would it be possible for you to go down this route earlier than we expect? Thank you. Yeah, hi, Luis. Okay, so Ernesto will take the 407 question and the U.S. GAAP, and Ignacio will take the index. So, regarding the 407, seasonality, yes, we expect seasonality. Also, because of a fact we are getting in the first quarter when there's bad weather, work from home is much higher than normally, right? And that is something that happens much less when there's good weather. So yes, we expect more commuting and more trips due to seasonality with good weather. And also you should expect works on the alternative also taking place on the 401 that usually start when the good weather starts, right? So all these components should play a role in 2024. Then the question regarding U.S. GAAP, I mean, well, right now we are a Foreign Private Issuer and therefore we are under IFRS, but definitely we're looking at, at this if it helps to add liquidity, it shouldn't be that complicated, just taking into consideration that our assets in, in the U.S. already do U.S. GAAP reporting, right? So yeah, we are looking into that. It, it could be natural. There's no decision yet. This is Ignacio del Pino again. On index inclusion, having meaningful trading volumes in the U.S. line is a core element for any of the index providers. So growing liquidity in the U.S. line will be a key focus for us this year. Does that mean that you would expect inclusion this year? We cannot provide any guidance on that. Okay. Super useful. Thank you. Next question comes from the line of Sathish Sivakumar from Citi. Please go ahead. Oh, thanks again. I got 3 questions here. First one, like, yeah, you did give an update on SR 400, and any update on Tennessee, how things are progressing there would be helpful. And second, these are on the 407 ETR. Obviously, you did at a tariff hike and post that you launched some incentive schemes, to stimulate traffic. And what has been the response for those schemes, and do you, like, intend to continue them as you go into Q2 and Q3 as you go into the busy period? And then the third one is around the NTE 35, and there is a line you say that traffic excluding 3C is up 17.6% in Q1. Just again, does it imply that without 3C you have seen small growth there, or actually just more clarity on then what is actually driving that excluding 3C, and what has been the how should we think about impact of 3C as you go into quarter two as well? Thank you. Okay, thanks for all the questions, if I may, because the line was not that great, and I don't think we got the first question. If you could ask that again, please. Yeah, sure. Sorry for that. Well, you've given an update on SR 400, and in terms of the other projects in the pipeline, can you comment, specifically to the Nashville? Okay, yes. Sure. Thanks. So, I mean, we'll basically be taking the different questions, the one on the pipeline in Nashville and the different dates. Ignacio will take. Regarding the 407 ETR, yes, we had some incentive schemes, and yes, we should expect to keep on doing that. In the end, it's ways to see propositions that add value to customers and provide us with a good economic performance, like loyalty schemes and so on. So yes, we plan to keep doing that and maybe broaden them along the way. So yes, expect more of that segmentation going forward. Then regarding the question on the NTE 35 West, here we are talking about the segment 3C, yes, adding transactions. So, we take these transactions when we calculate the number. Still ramping up. It's a longer segment, and it's still ramping up, but it's going according to our expectations, right? So it's a very solid ramp-up. The 35 West segments A and B also had the growth that last year they were impacted by works, right? So people were out of the corridor, and now they have come back, right? So that's the reason why you also see, like, that bigger increase. But I would say that we are really happy with the performance of segment 3C. There's no reason to believe it's not according to our expectations. Thank you, Ernesto. This is Ignacio del Pino again. On pipeline, just very quickly, we expect RFPs on the 495 project in Virginia and then Tennessee Choice Lanes to be released either late this year or early next year with a view to submitting RFPs later, soon after that. In the case of I-77 South where we submitted an unsolicited bid, we're still expecting NCDOT to submit a response on how to proceed with that project. Okay. Understood. Thank you. Maybe just some quick follow-up on the 407 incentive scheme. So, like, what has been the overall response like? Did you see increased customer retention because of those incentive schemes, or just brought in more traffic, and that meant that the price you have not seen big impact of price elasticity in the sense that the prices have gone up by 16.7% and that didn't have an impact on tariff traffic? Okay. We are not providing details on the different responses. As we said, we have seen very limited elasticity to the tariff hikes so far. We don't really see an impact worth mentioning. And, regarding these initiatives, yes, I mean, we've seen some customers that value the possibility, but I mean, we are not providing any numbers. It has been subsets that we've done. I mean, we do broader, things, and we will discuss the impact, but not of these, minor tests. Okay. Got it. Thank you. Thanks so much. Thank you. Next question comes from the line of Gregor Kuglitsch from UBS. Please go ahead. Thank you. A few questions, please. So you announced you're going to release the Fact Book. Just want to make sure, or maybe if you can give us a sense, what you'll actually put in there. Is it all known information, or are you going to fully disclose the revenue shares? I think there's a few of the assets missing. That's question one. Question two is, any further guides that you can give us on the dividends by various assets? I mean, you've obviously talked about the 407, but perhaps on the U.S. lanes, any steer you can give us. Maybe question three would be on the NTE. So you kind of flagged, I think, a few times you expect more of an impact. Can you give us a sense what your expectation actually is for, you know, once construction is fully ramping up? Are we talking double-digit impacts, or maybe you just don't know, I guess, but, like, what do you what do you what do you expect internally? And then maybe finally on the SR 400, can you just give us a sense of now that the bids are submitted, perhaps it's less confidential, but what the actual size of the equity check would be, sort of ballpark figure, so we get a bit of a sense? Thank you. Okay. That was many questions, so I'll just be taking some. Maybe I have to come back regarding the fact book that you were asking for. Yes, there's going to be all the information that is not projections, right? So revenue shares, yes, there will be revenue share from all the assets. All these sort of details from the contracts will be clearly there. And well, after release, just provide us feedback if you think that anything additional should be missing that is actual, not forecast. As I said, that won't be part of the fact book, right. Regarding dividends from assets, we are not providing any guidance. The only thing that we mentioned the Capital Markets Day is that we expected first dividends from I-66 and I-77 this year. That was the expectation, and the performance backs the expectation. Hold a second. Let me try to regroup the questions. Then another one was regarding traffic of the NTE, a little bit of guidance. Yeah, so the impact, so. About the ultimate, well, we had a budget that in EMMA was looking for more than 10% drop in traffic. Probably that's exaggerated. We're not providing any guidance, but after the first quarter, we shouldn't be that bad. I'm sorry, we're not providing any specific guidance. The only thing that we say is that after the first quarter we should be able to beat that expectations that they had, but not anything specific about the coming months. Other stuff that you asked regarding the SR 400, yeah, we have bid it, but we are not making any specific comment until announcement. Probably this should be announcing the winner in the summer, in August, but let's see. I mean, Atlanta will comment, Georgia DOT will comment on the results later on. I don't know if I missed any, any of the questions. I think that was it. Thank you. Perfect. Thank you very much. Thank you. The next question comes from the line of Graham Hunt from Jefferies. Please go ahead. Thanks very much. Just two questions from me. First one on investment allocation priorities. We've seen Ferrovial investing in India, in Peru, and obviously the ongoing investment in New Terminal One in the U.S.. But going forward, should we expect more of a focused in development pipeline in, in the U.S., or are you still actively pursuing global opportunities, let's say, in, in your existing markets? And then the second question, you mentioned, of course, trading volumes being a key factor in index inclusion. I'd just like to get your thoughts on, on how you can stimulate that. Or if, if you are thinking about how to stimulate that in the U.S., is it just about doing more investor education? Could we see another Capital Markets Day, perhaps at one of your assets later this year or next year? I know everyone is very excited about the Fact Book, but just your thoughts on stimulating volumes in the U.S. would be helpful. Thanks. Okay. Yeah, thanks. Okay. So I will take the one on NTO, and Ignacio will do the one on trading volumes. Well, regarding the sorry, NTO, regarding the capital allocation, definitely the focus is U.S.. We are very happy that we got to beat the SR400. We are looking for the pipeline in the U.S., and the focus is the pipeline in the US. If there's an attractive asset in other geographies, we'll look at it, yes, but I mean, the bulk of our capital, as we said, has to be US, and we are working on that. So, all these next years, we see bidding in toll roads, and then maybe there could be other assets, but basically toll roads. Thank you, Graham. On trading volumes, we will be very much focused on continued investor education in the U.S., proactively engaging with investors throughout the country and attending multiple investor conferences throughout the year. Thanks. Thanks, guys. Next question comes from the line of José Manuel Arroyas from Santander. Please go ahead. Yes. Good afternoon, gentlemen. I have 3, if I may, sorry to come back, on, to the impact on, of the ultimate configuration works on NTE. I think Ernesto, you just said or dismissed, the possibility that EBITDA might decline by 10%. I think you quoted, the budget from EMMA, but in fact, that budget, calls for a 17% reduction. I wanted to make sure what figure you feel most comfortable with. Is it -10% or less than -10% or less than -17% with the budget calls for? That's question number 1. Question number 2 is on the Lima Ring Road project and potentially SR400. You just, provided the equity hit, Ferrovial might have to bear in relation to Lima. But when would these injections happen? Is it 2026, 2027, 2028, and equally for SR400? When would any equity injections happen? My last question is on the new share buyback of EUR 500 million. I must admit I'm having some difficulty reconciling the share buybacks that have been announced. I think in November there was a buyback of EUR 500 million that was suspended in late April, and now we have a new buyback. I wanted to understand as clearly as possible what is really the like-for-like buyback that we have as shareholder remuneration, and what is, if anything, addition. I mean, in on top of that, what is not a scrip dividend? Thank you. Yes. Hi. Okay. So, very quickly, when I talked about more than 10% drop in traffic, I was mentioning traffic, not ABTA, right? So, we should be, I mean, comfortably better than that, right? So we don't provide guidance, but I was mentioning traffic. I didn't talk about ABTA, right? So it was just traffic. Then, regarding all the share buybacks, and Ignacio can talk about when we expect to disburse the equity that is always managed, but I will pass that on to Ignacio. I mean, regarding the share buybacks, what we mentioned in the full year results conference call was that we had been short of remuneration to shareholders in 2023 for external reasons, right? And we ended up, like, in 250 compared to what the market could be expecting in terms of remuneration, that it's always around 500, 500-something, right? So we committed to catch up with that in terms of shareholder remuneration, something that we've done at the beginning of this year. We also got the question of, I mean, what was the idea about cash outflow? That it should be equivalent to the scrip dividend to neutralize that. I said that we provided no guidance, and it was a fair assumption, a fair working assumption to have that, but the additional would give us flexibility just in case we felt appropriate, right? So it's a good assumption to look at the dividend, as you mentioned, but we want to retain the flexibility maybe to do more. So I'm sorry I repeat the answer. I know it's a little bit confusing because you have one plan run program expiring and the other starting, but the bulk of the numbers is worked like that. Then on equity investments, as stated earlier, we cannot provide any visibility on SR 400. As it relates to the Anillo Vial Periférico in Lima, we expect our equity contribution to be in the range of $140 million-$210 million, the timing of which we cannot provide at this point. Ladies and gentlemen, as a reminder to ask the question, please press star five on your telephone keypad. Our next question comes from the line of Augustin Cendre from Stifel. Please go ahead. Hello. Thank you for taking my question. I've got one. The question is about your construction business. Sorry. I'd like to understand whether your current backlog implies an improvement in your margin given the target you have for 2024. You namely mentioned that some new projects have a low profitability in this Q1 results, which led to a loss at Ferrovial Construction. So I'm wondering if this will continue to impact your profitability going forward. Thank you. Hi. Thanks. Well, the fact message I wanted to convey that what some projects were at very early stages, and we don't recognize margin at the early stages, or unless we see losses coming up, right? But we expect to have a positive margin. We don't recognize the at the beginning, while the site is being finalized and other stuff, right? So you have some big projects, for instance, like the Ontario Line that we are doing with Vinci as a partner, where we are not recognizing really margin there, right? So that dilutes a little bit the margin, but as the construction progresses, you end up recognizing a margin, right? Regarding the backlog, as I mentioned, well, you have these very big projects, they were contracted, and we have others in the US. They were contracted after this inflationary and COVID period, so they are more in line with the current prices, and therefore we should be in a solid position. Budimex is performing really well, and other locations as well, right? So, yes, when I mentioned the projects, I just wanted to reflect that timing rather than talk about final margin. Thank you. We appear to have no further questions from the conference call at this time. I will now hand the conference back to you. Hey. Apologies. So we have some questions through the webcast. First question coming from Elodie Rall from JP Morgan, Texas Managed Lane Tariffs. First quarter 2024, tariffs were strong, up to between 6%-20% year-on-year, and above the soft cap set at 3.4%. What were the main drivers here for this increase? We saw particularly strong toll rate growth at the 35 West with a 19.6% year-on-year. Can you explain the main reasons for this and how much of this growth is attributed to the new segment, and how much can we extrapolate the current trend for the full year? Thank you, Elodie. This is Ignacio del Pino. On NTE 35W, it is important to note that this figure includes the new segment 3C, which is the longest of the three segments, which is positively influencing this revenue per transaction growth, as well as the ramp-up in rates, post-reopening and a higher proportion of heavy vehicles on this segment relative to the others. For the other two assets, with a growth of 5.9% in the case of NTE and 8.4% in the case of LBJ, above inflation, this is a combination of inflationary adjustments to the soft cap as well as under the soft cap toll rate optimizations. Okay. Next set of questions coming from Álvaro Navarro from Bestinver. First question about 407 ETR. Do you have any news about the developments of the Highway 413? What is your opinion about this alternative? Okay. Regarding the 413, it's back with the regional government, right, after review by the central government. So, the news is that they would look to start the project. This project then should be finalized probably in the mid-2030s. And what we've mentioned about this project is we see it as having kind of neutral effects in the end because, I mean, you have an alternative, but also, it brings development of real estate, right? So in the end, it's like an outer road, and the 407 would be more a road part of the middle of the city, if I may, right? So you can have some sort of compensation between one effect and the other, so it should be quite neutral. Next question from Álvaro. Okay. So apologies. There was some noise behind. Do you expect conditions to worsen in future bids for managed lanes as a consequence of higher inflation? No, in managed lanes, what we expect is competition. I mean, we've seen it in Atlanta, and we could see other competitors joining the bid for attractive assets. So, we expect more competition given the quality of the projects. Okay. And next set of questions from Filipe Leite from CaixaBank. First question, can you disclose what was the working capital consumption on the first quarter of 2024 and how it compares with the first quarter of 2023? Yes. Okay. So, basically, we had a consumption of EUR 100 million in 2024. I mean, this is basically the cash outflows of the U.S. legacy projects that we mentioned last year. What happened in the first quarter of 2023 is that we had some inflows, both from advance payments, in particular in Canada, if I recall correctly, and also we had claims collected from finalization of works in Oman and Spain. So we had a positive EUR 17 million in 2023 due to these effects. Next question also from Filipe. Can you confirm that you're studying the potential sale of AGS Airports? Okay. Regarding AGS, our partner is in a process, and we could, yeah, we could join that process. No final decision on this yet. Our partner is through that. It's in a process for the potential sale of AGS. Sorry. Another question from Marcin, from Bank of America. What gives you the confidence that the Heathrow transaction will be completed by year-end? Are there any hard deadlines specified in the shareholder agreement that require completion this year? Well, I cannot make any comment different from what I mentioned while I was running through the presentation. I mean, no comments now. We'll update in due time about the transaction. Thank you. There are no more questions through the webcast, but I think there's another one pending on the live chat, so please, operator, go ahead. Thank you. Yes, there is a new question from the line of Nicolas Mora from Morgan Stanley. Please go ahead. Yes. Good afternoon. Three very quick ones. So first one, on New Terminal One at JFK, you've signed a couple more airlines. Are they all signing up with the same price escalation, so CPI +1% and similar terms than the first four ones? That's the first question. Number 2, on the managed lanes, I mean, historically, tolls and traffic have been boosted by truck penetration. Are you, I mean, what are you seeing at the moment? Any benefits from further expansion in AllianceTexas, especially boosting traffic on NTE 35W, or a bit of a moderation on e-commerce driving a bit of a flatlining of trucks? And then very last one, on construction. So you're sticking with the guidance, 3.5% margin for the year. that puts quite a lot of pressure for the rest of the year to deliver. You're confidently hitting the milestones on profit recognition by, let's say, Q3, Q4, especially on the Toronto Metro Line, the San Antonio, the large San Antonio projects because you do seem to need these to hit the 3.5%. Thank you. Okay. Sorry. I mean, the mic was sorry, Nicolas. The mic, I when I couldn't unmute it right away. Okay. Regarding the, the, I mean, I, I will let Ignacio take the managed lanes question on trucks and Alliance. This is in line with a prior question he answered. I will take the margin in construction. Basically, there's seasonality in many parts of our portfolio, right? I mean, it tends to happen in both in the U.S. and Poland. In the U.S., part of the business, from wherever is road maintenance that has better margins along the year, and also, Budimex tends to have better performance and production in the summer months, right? So, that will help. Hopefully, other projects I don't mention specifically, Ontario or the 35W that you were mentioning that, of course, are part of these projects that could have that impact, but there are others, and there's finalization of other projects that would have some provision release, right? So, overall, helped by the good performance of Budimex and seasonality, we should be there. I mean, there's no special reliance on any specific big project that you may imply by your question. Thank you, Nicholas. Ignacio del Pino here on the impact of heavy vehicle performance on revenue per transaction growth. So as you rightfully pointed out, the very positive performance of heavy vehicles in the DFW region has supported the revenue per transaction growth or partially supported the revenue revenue per transaction growth over the last couple of years. And then on top of that, Texas continues to have very favorable long-term growth prospects, and that includes AllianceTexas. Thank you. There are no further questions at this time. I'll hand the conference back to you. Well, thanks a lot for joining us for this conference call. We are ecstatic about our results and being listed in NASDAQ and looking forward to meeting a lot of you guys in the coming weeks. Thank you. Bye-bye. Bye-bye.