Overview Key strengths Key risks Solid operating performance and strong cash flow generation from a globally diversified portfolio of mature toll road and airport assets. Significant minorities in the group create a risk of cash leakage, due to Mundys? reliance on dividend distributions to repay its €4.3 billion debt as of Sept. 30, 2024. Tariffs are inflation-linked and backed by supportive concession contracts. Concession maturities, particularly at 50% owned subsidiary Abertis, require deleveraging efforts to counter the fall in EBITDA, the increasing number of minorities post 2031, and higher exposure to Latin American soft currency cash flows. Strong credit quality of (almost fully owned) Aeroporti di Roma, with traffic outperforming rated peers. Credit supportive acquisitions at Abertis may require capital
