Good afternoon, everybody. I'm Silvia Ruiz and I would like to welcome you to Ferrovial's Conference Call to discuss the Financial Results for the First Quarter of 2022. Just as a reminder, both the results report and presentation are available to you on our website. As in previous results and although and of domain restrictions to mobility have been lifted during the first quarter for the year, we would like to highlight the financial information included in our report is still impacted by the COVID-19 outbreak. Given the uncertainty regarding the speed and the extent of the full resumption in activity, it is not possible to predict how the health crisis will affect Ferrovial's group information and performance in 2022. In addition the uncertainty caused by the Ukraine-Russia crisis is expected to affect global markets. Ferrovial will continue to closely monitor trading conditions and further evidence of wider economic impacts. I am joined here today by Ernesto Lopez 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.

Thank you, Silvia and hello everybody. Probably you have noticed by our results released a little bit shorter than we will be focusing on the operational results and trends and led the floor for discussion on those topics. And we will be publishing as required the full consolidated results in June and December as usual. So starting with the overview the first slide, we see that operational recovery on track across the board. In toll revenues, we saw strong growth in the U.S. assets, despite Omicron and weather impact. The 407 ETR was also highly impacted by Omicron at the beginning of the year and is starting to recover as the restrictions are eased. In airports we had a slower start to the year, but demand recovered strongly in March in particular in the Easter season once the U.K. travel restrictions were removed. In Construction, we continue to have a record level backlog and producing in all our different geographies. We closed the quarter with a strong cash position €2.2 billion net cash ex-infrastructure projects. And as an introduction last but not least, some ESG awards that basically reflect top performance in the sector in terms of sustainability. This is one of our main priorities. Of course it is a business savvy decision. And we are looking forward to improvements along the way. If we move to the following slide, we can see that in Toll Roads, there was a very strong growth as I mentioned before. I mean, revenues more than 38% and EBITDA 41%. But in particular, I would like to highlight the U.S. performance, north of 50% both lines, revenues and EBITDA. Also it's very important that we are advancing well in the development of very important infrastructure that is fast approaching opening. The first one the…

Thank you very much, Ernesto. The Q&A session will begin shortly. Please stay tuned.

Okay. So starting with Q&A session. First set of questions comes from Nicolo Pessina from Mediobanca. First question, can you provide an update on the negotiations with Blackstone on JFK new terminal 1? Ignacio Gastón: Thank you, Nicolo. This is Ignacio Gaston, Ferrovial Airport, CFO. Just one first in negotiations are taking place with Carlyle not with Blackstone. Carlyle could be the counterparty. And there it would be that the negotiations under the exclusivity agreement signed with Carlyle back in February of this year are still ongoing and happening. Thank you.

Next question. Can you provide an update on traffic for April for 407 ETR and the Texas managed lanes?

Hi, Nicolo. This is [indiscernible] from Cintra, CFO. All information related to April will be provided in the next quarter, but I can give you some flavor about some mobility trends in Dallas and Toronto. Dallas mobility is reaching pre-pandemic levels due to some economic reopening after Omicron in part thanks to they experienced mild lockdowns during 2021 and allow them to return to the office earlier. Toronto reopening was completely different. They've just lifted the restrictions and they returned to the office for the first time and in a voluntary basis that's an important part -- voluntary basis, this is almost one year later than Dallas. And for that reason we think that they need more time to gradually recover senior levels of mobility. Thanks.

Okay. Next set of questions comes from Luis Prieto from Kepler Cheuvreux. First question how should we think about the impact of cost inflation on the pending investments in Toll Roads concessions? Is the higher cost being assumed by the Group's Construction division with no impact on the total division? Would cost inflation trigger any form of concession rebalancing?

Hi, Luis, this is Ernesto here. Okay so the construction is independent on the concession here, right? So the concession, of course, would benefit from an uplift on prices from what was expected, right? I mean all this inflation probably provides a base that is higher than what was discounted in the model. But then construction is independent. Construction usually does have fixed price contracts with suppliers. Not always fixed in the I-66 and also you need to balance a long time if suppliers of contractors will deliver, right? And usually, I mean, if there's pending prices that could impact that would be a possibility and would affect the Construction division. Also for subcontractors it's important if they see the opportunity of business going forward that is usually something that means that could be more and more flexible. So yes, it's independent. Concession is clearly benefiting from a better start in Construction. We'll need to see how this finalization pans out. But there is no, let's say, formula to rebalance the concession.

Next question. What is the rationale behind the positive working capital performance this early in the year?

Okay. So Luis it's going be even though this -- I mean comprises different divisions, I mean Services and Construction probably there was less of let's say, advanced payments in some countries at the end of 2021. That has helped a healthier start to 2022. And in the case of Services in the UK, I mean, good payment terms still are there -- and really ended the year also with a tight days of payment that can be relaxed a little bit, right? So there's been no, let's say, kind of very symbolic or one-off payment or advanced payment that could have helped this working capital it has been a mixture of all these things that I mentioned.

Okay. Next set of questions come from Elodie Rall from JPMorgan. First question on Heathrow. Are you still in the view there is no need for equity injection? Ignacio Gastón: Thank you, Elodie. This is Ignacio from Ferrovial Airports. I think we have learned in the past two years that uncertainty can be really brutal. COVID is still there and there is a war in Europe. Having said all that Heathrow's increasing and upgrading the traffic outlook for this year, and has a massive amount of liquidity. So in our base case for this year we are not anticipating any equity injection in the asset.

And next question from Elodie on Construction. What is the outlook for margins for 2022? Iñaki García-Bilbao: Thank you, Elodie. This is Iñaki García Ferrovial Construction. Sorry, but now it's very difficult I mean to tell you about the outlook for margins by the end of the year. You know that for some time we said with you that we are moving towards achieving the 3.5% EBIT margin for 2024. I mean, that is in our strategic plan of horizon, but in this moment of uncertainty it's even tougher. The first quarter we have suffer inflation and this is something we are sharing with you. But the uncertainty is more on which are going to be also the movements from the different administrations in Spain in Poland and also what is going to be really the level of inflation that we will finally have now. So, difficult to serve in this moment. We usually don't give you guidance, but in this moment it's particularly difficult. Thank you.

Next set of questions coming from Filipe Leite from CaixaBank BPI. Construction EBITDA margin stood below 3% at first quarter 2022 and EBIT below 1%, which was worse than any quarter of 2021. Can you explain the reason for such low profitability and your expectations for full year 2022? Iñaki García-Bilbao: Thank you Filipe this Iñaki García again. On the margin on the first quarter, we can give you that information that we have suffered we estimate around €10 million in inflation. Basically in Poland, I mean, they are closer to Ukraine and they are having problems with the supply of iron and also with other subcontractors. Also in Spain and with the energy -- in our energy division we are also suffering the cost of energy. So this is what will explain to you what is happening in Ferrovial Construction. In Poland, I tell you, I mean, this reduce in profitability is based on inflation. And in Webber, you know that last year we sold our materials division. As you see it that was very profitable. I mean, probably with a higher profitability than the heavy civil works and this is impacting also in our lower profitability in this year compared with the previous year. Thank you.

Okay. Next set of questions comes from José Arroyas from Santander. First question, 407 ETR paid two dividends since first quarter of 2021 right before Omicron. Only one of these dividends have been announced with the other coming as an add-on. Can you please tell us to what degree Omicron surprised the 407 ETR Board then and what traffic on this is the Board was seeing and expecting? Iñaki García-Bilbao: This is Bilbao again. Thanks Jose Manuel for your questions. Yes, it was completely unexpected Omicron for the 407 ETR Board and for Ferrovial for everyone. That's the reason that this first quarter we think that it's too early to pay dividends considering that Toronto's just lift the restrictions after the Omicron wave. We need more visibility of traffic patterns. About the future, as you know, we do not give any guidance about future dividends payment in our assets. But we will monitor the performance on the following quarters, and the decision will be taken once the Board is comfortable enough. Sure.

Next question. On I-77 could you elaborate on the main factors explaining the plus 50% increase in average revenue per transaction in the first quarter of 2022? Iñaki García-Bilbao: Okay. We need to consider that the I-77 is in ramp-up. So we are seeing some improvement in the performance and the traffic performance. Thanks to this contract that is similar than the I-66 where we have flexible to increase the tariffs we are trying to capture all the value possible. And that's the reason that we are showing this increase in the revenue, which is positive very positive for all these assets. Thanks.

Next set of questions coming from Marcin Wojtal from Bank of America. How close to 2019 levels does the 407 ETR traffic need to be for the asset to increase tariffs?

Thanks for your question. We need to see an economic reopening similar than other US cities and a reasonable levels of mobility and congestion before thinking about toll strategy in 407 ETR. It's too early. Considering that Toronto just -- Toronto just lifted the restrictions and the return to the office is a voluntary basis as I mentioned it before. We will monitor closely mobility patterns and congestion in the free alternatives to raise tariffs, but only when it makes economic sense. Thanks.

Next question. How much cash burn from here do you expect on the legacy US Construction projects previously provisioned? Ignacio Gastón: Thank you, Marcin. Ignacio Gaston from Construction again. We cannot give you guidance till the end of the year. In this quarter, we have burned 100 million in these US projects. Remember that these projects are coming to an end. So I-66 is going to have a big percentage of completion by the end -- by the end of this year. And also I-285 almost the same. But as previously mentioned, I mean it's going to depend also on the performance on final settlement on these two projects. And also what is going to be the impact on inflation that is still uncertain. Thank you.

Next question coming from Nabil Ahmed from Barclays. Please describe your project pipeline as it stands today. Anything on complex turning projects that could happen before year-end or 2023?

This is [indiscernible]. Thanks for your question Nabil. We are optimistic in general about the pipeline in the US. As we saw in the presentation, we are focusing on the Manassas plan announced by Georgia DOT that will start with the SR-400 project prequalification that is expected at the end of the year. Within the next 12 months, we also expect to submit a bid for a large P3 project the I-10. We are waiting for a tech qualification of the Ingle [ph] Group project in California. In LatAm, we are interested in some projects in Chile. We just submitted proposal in Colombia this quarter. Thanks.

Next set of questions coming from Tobias Woerner from Stifel. First question where are you with regard to the Amey divestment?

Okay. We keep advancing. We said we expected it to be a transaction of 2022 and we are still on schedule for that. Yes, we are progressing. We cannot comment on specific dates but we are progressing in the disposal.

Next question from Tobias also. Why the increase in the EBIT loss to minus €11 million in the airport division? Ignacio Gastón: Thank you, Tobias. This is Ignacio from Ferrovial Airports. The increase amounts to around €6 million. Basically an increase in activity of bidding and staff. 2021 was a very low activity year for us given COVID. So basically, this is just coming back to normal activity with respect to Ferrovial Airports. Thank you.

Thank you. There are no further questions.

Okay. Well thank you Sylvia and thank you all for joining us. I mean we'll keep updating as the year goes by and all this reopening happens. Thanks for being with us. See you shortly in person. Thank you. Bye-bye.