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Annual report

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Proyects

Europe

EUROPE

We manage 336 km of motorways in Europe, divided into three assets.

 

One of them is in Spain, where we manage 64 km on the A-4, a key highway that connects the centre and the south of the country. We are responsible for managing, maintaining and operating this asset.

 

In Portugal, we manage 272 km of highways in 2 concessions that connect major cities in the country, linking important tourist areas and facilitating connections between several main roads.

 

  • A4

    MADRID – OCAÑA

    It is one of the main motorways in Spain and transport artery, as it connects the capital, in the centre of the country, and the south of the peninsula. The concession started operating partially in 2010 and became fully operational by 31 December 2011.

    It is part of the Trans-European Transport Network, and it links Madrid with Castilla-La Mancha and Andalusia.

  • AUTOESTRADAS DO ATLÁNTICO

    A8: LISBOA – LEIRIA A15: CALDAS DE RAINHA-SANTAREM

    170 km of concession, made up of 2 direct toll highways (A8 and A15). It is one of the main entry routes accessing the country's capital and Portugal's most important economic development corridor between Lisbon and Porto.

    The project began in 1998. Progressively, the existing network was completed, with the construction of new segments until 2007.

  • AUTOESTRADAS DO LITORAL OESTE

    NAZARÉ – FÁTIMA Y OURÉM

    102 km of different sections connecting the coast (Nazaré) with Portugal’s interior (Fátima and Ourém). It is a series of motorway sections that connect one of the most important tourist areas in the country and facilitate the region’s connections with Portugal’s main north-south routes.

    • Our European assets exceeded
      forecasts for the year

      Example image

      In 2024, Europe experienced a mild economic recovery after years of stagnation, with Spain and Greece leading growth, while Germany and Sweden were advancing at a slower pace. The European Central Bank began to reverse the aggressive rate hikes, with the aim of balancing the growth stimulus by controlling inflation control. However, the political instability, trade tensions with the US, weak Chinese demand, war in Ukraine, Israeli-Palestinian conflict and the EU's ReArm strategy led to uncertainty in business.

       

       

      Despite this scenario, our European assets exceeded the forecasts for the year, with traffic revenue between 1% and 10% higher than estimated and growth between 1% and 7% with respect to the previous year. Given the limited motorway M&A, we focused on optimising the operation of our assets in the region.

    • The push towards green infrastructure and digital transformation increased

       image

      In 2024, M&A activity on European road infrastructure was marked by sustainability initiatives, technological advances and economic recovery. The momentum towards green infrastructures and digital transformation increased interest in projects aligned with these objectives. In the secondary market, operations such as the sale of Globalvia's stake in Itriere to APG Asset Management in Spain, the acquisition of Autovia del Camino by Abertis, and the purchase of AEDL in Portugal by Igneo Infrastructure Partners stands out. In Italy, ASTM became the majority shareholder of the A58 concession in Milan, while Abertis acquired 51.2% of the A-63 motorway in France.

      In the primary market, the PPP concession package in Aragón for €630 million; the Ghent R4 project in Belgium with a DBFM contract; and the Attiki Odos motorway concession in Greece, awarded to GEK Terna for €3,300 million stand out.

    • *(IN EUR M)

      A4

       

      2024

      2023

      2022

      2022

      2022

      Revenue From Traffic

      21,6

      20,2

       

      19,8

       

      16,7

       

      10,9

       

      EBITDA
       

      16,5

      13,9

      14,5

      11,8

      9,1

      EBT
       

      8,3

      5,5

      5,4

      2,5

      -0,2

      Net Income

      6,0

      4,1

      4,0

      1,9

      -0,2

      Operating CF

      17,1

      16,2

      14,3

      11,3

      6,9

      *(IN EUR M)

      AELO

       

      2024

      2023

      2022

      2022

      2022

      Revenue From Traffic

      6,5

      6,0

       

      5,1

       

      4,5

       

      4,2

       

      EBITDA
       

      1,8

      7,4

      32,2

      -3,1

      -5,7

      EBT
       

      5,1

      9,5

      28,7

      -12,1

      -18,7

      Net Income

      3,7

      7,1

      21,0

      -13,9

      -22,2

      Operating CF

      18,5

      21,2

      111,2

      113,4

      110,9

      *(IN EUR M)

      AEA

       

      2024

      2023

      2022

      2022

      2022

      Revenue From Traffic

      98,2

      90,8

       

      77,7

       

      64,7

       

      57,7

       

      EBITDA
       

      85,7

      77,5

      59,5

      63,0

      45,4

      EBT
       

      64,5

      54,7

      35,7

      36,7

      16,6

      Net Income

      46,0

      39,1

      26,1

      27,2

      12,0

      Operating CF

      67,8

      63,8

      49,3

      47,2

      34,5

    HOW DO WE CREATE VALUE?

    Through a volunteering initiative, we visited schools in Seseña and Valdemoro to raise awareness among little ones of the importance of road safety. The donation of barriers and traffic signs was also made to the Aranjuez Town Hall for the summer festival. During the Christmas campaign, we gave toys and clothes to various charities and made a donation to the Madrid Food Bank.

    In Portugal, we collaborated in the ASECAP campaign "#(S)he Works #Icare" in June 2024. In addition, we donated a recycled toll structure to the Army of Braga, as well as material to the Regional Development Committee of Vila Nova, which included 18 tables, 72 chairs and 4 freezers.

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