...November 23, 2023 Ferrovial SE reported solid results in the first nine months of 2023. Revenue increased 12.3% on a like-for-like basis. The company's reported EBITDA also increased 34%. All business segments posted positive developments, but toll roads in particular boosted Ferrovial's performance. Toll road traffic volumes are reaching pre-pandemic levels for some assets, and toll rates are increasing. The company has benefited from the I-66 Managed Lanes opening since end-2022. The NTE 35W Highway also distributed its first dividend, amounting to 216 million. We expect increased dividends from toll roads of over 50% by the end of the year compared with 2022 or 30% compared with 2019. Airport traffic has yet to fully recover, although it has shown strong improvement from a year earlier. In September, traffic at Heathrow exceeded pre-pandemic levels for the first time. The construction segment has suffered in recent years since inflation affected margins. Profitability also suffered from...
