Silvia Ruiz
Investor Relations Director

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 full year of 2025.

I’m joined here today by our Chairman, Rafael del Pino; our CEO, Ignacio Madridejos; and our CFO, Ernesto Lopez Mozo. Just as a reminder, both the results report and the presentation are available on our website since yesterday evening after the U.S. market was closed. At the end of the presentation, there will be a Q&A session run by our CEO and our CFO.

[Operator Instructions] Before starting, please take a moment to look at the safe harbor statement included in the presentation. And please bear in mind that the presentation contains forward-looking statements and expectations that are subject to certain risks and uncertainties, so actual figures may differ. Other than as required by law, the company assumes no obligation to update forward-looking statements.

During this call, we will discuss non-IFRS financial measures, which are defined and reconciled to the most comparable IFRS measures in our results report. With all this, I will hand over to Rafael. Rafael, the floor is yours.

The New York Times’ popular word-grouping game Connections delivered a brain-teasing puzzle on Saturday, February 28, 2026, with #993 rated moderately difficult at 2.8 out of 5 by the official Connections Companion. Featuring 16 words that required sharp pattern recognition and lateral thinking, today’s board tested players’ ability to spot synonyms, occupational links, sound-alikes and clever wordplay involving celestial terms.

Connections, launched in 2023 as a daily companion to Wordle, tasks solvers with grouping 16 words into four themed categories of four words each. Categories range from straightforward (yellow) to fiendishly obscure (purple), with no repeats and perfect groupings needed to win. Puzzle #993 proved tricky for many, particularly in the blue and purple groups, where misdirection and homophones played key roles.

The 16 words in today’s puzzle were: START, KNEEL, TAILOR, SALESMAN, COMETH, PILOT, EARNEST, ITCH, DESIRE, ROADIE, RUSTLE, SUNG, NOVAK, THIRST, CRUISE DIRECTOR, URGE.

Hints circulated widely on gaming sites and social media to guide players without full spoilers. Mashable suggested “Yearning” for the easiest group and “On the road again” for another. CNET advised looking for “When you really want something” and “Flight attendants also.” Rock Paper Shotgun offered “Magnetic pulls” and “Those who gather no moss,” while Tom’s Guide noted “Crave astronomical jobs, Rustle” as a larger clue. Forbes provided one-word teasers: ITCH for yellow, PILOT for green, KNEEL for blue and SUNG for purple.

The solution broke down as follows:

– **Yellow (easiest):** Craving — DESIRE, ITCH, THIRST, URGE. These words all represent strong wants or yearnings, a classic synonym category that many solved first.

– **Green:** Jobs that involve traveling — CRUISE DIRECTOR, PILOT, ROADIE, SALESMAN. Each profession requires frequent movement: cruise directors sail oceans, pilots fly planes, roadies tour with bands, and salesmen hit the road for clients.

– **Blue:** Name homophones — EARNEST, KNEEL, RUSTLE, TAILOR. These sound like common first names: Ernest, Neil, Russell and Taylor. The auditory twist made this group deceptive, as players often grouped them by appearance before catching the pronunciation link.

– **Purple (hardest):** Astronomical terms plus a letter — COMETH, NOVAK, START, SUNG. Adding one letter transforms them into celestial words: COME + TH = COMETH (as in “Here cometh the sun”), NOVA + K = NOVAK (nova is a star explosion), STAR + T = START (star is a celestial body), SUN + G = SUNG (sun is the star we orbit). This category demanded creative thinking and knowledge of astronomy basics.

The puzzle’s difficulty stemmed from overlapping themes — travel words mixed with names, cravings with urges — and the purple group’s wordplay requiring an extra step. Many players reported four or five attempts, with some losing streaks on missteps like grouping names literally or missing the added-letter mechanic.

Social media buzzed with reactions. On Reddit’s r/NYTConnections, users praised the blue homophone group for cleverness but grumbled at purple’s obscurity. “That astronomical one got me — who thinks of adding letters like that?” one commenter wrote. Others celebrated perfect solves, sharing grids with the signature colored squares: four yellow, green, blue and purple rows.

Connections Companion noted the average solve time hovered around 3-4 minutes for experts, longer for casual players. The game’s streak counter and shareable results (with emoji grids) kept engagement high, as friends compared performances.

The New York Times continues to evolve Connections with fresh themes and increasing variety. Saturday’s edition rewarded vocabulary breadth, cultural knowledge and lateral thinking, making it a standout in the daily rotation.

Players access the free puzzle at nytimes.com/games/connections, with a new challenge resetting at midnight local time. No subscription is needed for basic play, though Times membership unlocks additional games like Wordle, Strands and the Mini Crossword.

As February ends, Connections remains a daily ritual for millions, blending logic, language and surprise. Puzzle #993 reminded solvers that connections often hide in plain sight — or sound — waiting to be discovered.

BLACKPINK’s long-awaited third mini album *DEADLINE* exploded onto the charts, selling 1,461,785 physical copies worldwide on its first day of release February 27, 2026, according to real-time data from South Korea’s Hanteo Chart. The figure sets a new benchmark as the highest single-day album sales ever recorded for a K-pop girl group, surpassing previous records and cementing the quartet’s dominance in the industry.

YG Entertainment confirmed the tally early February 28, stating the EP not only marks BLACKPINK’s personal best but also establishes the group as the first female K-pop act to achieve multiple million-copy first-day sales. Their 2022 full-length *Born Pink* previously crossed 1.01 million on debut day, while *DEADLINE* nearly 50% higher at launch.

The achievement eclipses aespa’s 2023 mini-album *My World* (1.37 million copies on day one), NewJeans’ *Get Up* (1.19 million) and LE SSERAFIM’s *UNFORGIVEN* (1.02 million), making BLACKPINK the undisputed leader among girl groups on Hanteo’s historical rankings. It also ranks as the second-highest first-day total for any K-pop album in 2026 so far, trailing only ENHYPEN’s *THE SIN: VANISH* (over 1.65 million copies).

*DEADLINE* dropped at 2 p.m. KST February 27, ending a three-year-and-five-month hiatus since *Born Pink*. The six-track EP features the lead single “GO,” which quickly climbed to No. 1 on YouTube’s worldwide trending videos within hours and amassed over 21 million views in its first 24 hours. The album topped iTunes Top Albums charts in 32 countries and regions, while “GO” ranked high on domestic platforms like Melon’s Top 100.

Fans, known as BLINKs, drove the massive sales through pre-orders, fan cafe events and global album bundles. Versions including photobooks, posters and exclusive merchandise fueled demand, with Weverse Shop and other platforms reporting swift sell-outs of limited editions. The group’s global appeal — bolstered by solo successes from Jisoo, Jennie, Rosé and Lisa — translated into strong international pre-sales and day-one purchases.

Industry observers hailed the numbers as evidence of BLACKPINK’s enduring commercial power despite the members’ focus on individual projects in recent years. Jisoo has pursued acting, Jennie launched her label ODD ATELIER, Rosé signed with The Black Label and Atlantic Records, and Lisa formed LLOUD while maintaining YG ties. The comeback reunites the quartet for group activities, including planned promotions and potentially a world tour.

Critics and fans praised *DEADLINE* for blending BLACKPINK’s signature fierce sound with fresh production. Early reviews highlight “GO” as an empowering anthem with sharp beats and confident lyrics, while B-sides explore vulnerability and maturity. The visual rollout, including a high-concept music video for “GO,” amassed millions of views and trended worldwide.

The sales milestone arrives amid a competitive K-pop landscape, where physical album numbers remain a key metric of success despite streaming dominance. Hanteo Chart tracks real-time sales from major retailers, providing a reliable gauge of fan support. BLACKPINK’s achievement underscores the group’s loyal global fandom and strategic timing after prolonged anticipation.

YG Entertainment expressed gratitude to BLINKs, promising more content and activities throughout the promotion cycle. The company teased additional music shows, variety appearances and international engagements in coming weeks.

As *DEADLINE* continues climbing charts, analysts project it could surpass 2 million total sales in its first week, potentially securing a spot among the year’s top sellers. The record-breaking debut reaffirms BLACKPINK’s status as one of K-pop’s biggest acts, capable of shattering barriers even after years apart.

With streaming numbers surging and physical copies flying off shelves, *DEADLINE* marks a triumphant return that sets the bar high for 2026 comebacks.

President Donald Trump announced the launch of “major combat operations” against Iran on Saturday, February 28, 2026, in a video message posted to Truth Social, vowing to destroy Tehran’s ballistic missile and nuclear programs while calling on the Iranian people to seize the moment for regime change. The declaration came amid joint U.S.-Israeli strikes targeting Iranian leadership, military sites and nuclear facilities, escalating tensions into what officials described as a multi-day campaign.

“Our objective is to defend the American people by eliminating imminent threats from the Iranian regime, a vicious group of very hard, terrible people,” Trump said in the eight-minute video, filmed behind a podium in a navy suit and “USA” baseball cap. He accused Iran of decades of attacks on U.S. forces and allies, continuing nuclear development and plans for long-range missiles capable of reaching America. Trump warned of potential American casualties but emphasized the operation’s necessity, dubbing it “Operation Epic Fury.”

Addressing Iranians directly, Trump urged, “The hour of your freedom is at hand. When we are finished, take over your government. It will be yours to take. This will be probably your only chance for generations.” He called on Iran’s military to lay down arms and civilians to stay sheltered during the strikes, framing the action as liberation from a “radical dictatorship.”

The strikes began around dawn Tehran time, with explosions reported in the capital and other cities including Isfahan, Qom, Kermanshah and Karaj. Targets included Supreme Leader Ayatollah Ali Khamenei’s compound, President Masoud Pezeshkian’s residence, IRGC headquarters and nuclear sites. Israeli Defense Minister Israel Katz confirmed the “pre-emptive attack” was the result of months of joint planning, aimed at removing an “existential threat.”

A senior U.S. official, speaking anonymously, told reporters the operation involved over 500 aircraft, including carrier-based jets and long-range bombers, and could last several days with multiple waves. The assault followed stalled nuclear negotiations and Iran’s violent crackdown on domestic protests, which reportedly killed thousands.

Iranian state media reported blasts near an elementary school, claiming civilian deaths, though verification was limited amid power outages and communication blackouts. Military spokesman Amir Hatami condemned the “barbaric aggression” and promised a “crushing” response. The IRGC launched a “first wave” of missiles and drones targeting Tel Aviv, northern Israel and U.S. bases in Iraq, Syria, the UAE, Bahrain, Qatar, Kuwait and Saudi Arabia. One civilian was killed in Abu Dhabi from debris, and a man in his 50s was injured by shrapnel in Israel.

Airspaces across the region closed, grounding civilian flights and disrupting global travel. Airlines like IndiGo and British Airways suspended Middle East routes. Gulf states issued emergency alerts, with the UAE condemning the attacks and reserving response rights.

International reactions poured in. Russia and China denounced the strikes as “illegal aggression,” calling for a U.N. Security Council emergency meeting. European leaders urged restraint, while U.N. Secretary-General Antonio Guterres expressed deep concern. In the U.S., congressional leaders were briefed, with bipartisan support emerging but calls for caution to avoid wider war.

Oil prices surged over 15% on fears of Strait of Hormuz disruptions, with Brent and WTI climbing sharply. Global stocks fell, and defense shares rose amid uncertainty.

Humanitarian groups warned of civilian risks in densely populated areas. Amnesty International demanded protections, while the exiled Iranian crown prince urged protests.

Social media captured mixed sentiments, with some Iranians celebrating potential change and others decrying foreign intervention. Analysts like Aaron David Miller predicted a potential full-scale war if regime-change ambitions persist.

The operation’s scope remains fluid, with Trump and Netanyahu planning further updates. As IRGC mobilizes, the Middle East braces for escalation with global ramifications.

Shares of The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) surged more than 25% on February 27, 2026, closing at $23.23 after the insurance distribution company reported fourth-quarter 2025 results that exceeded analyst expectations on adjusted earnings and provided confident guidance for the year ahead, including a new $250 million share repurchase authorization.

The rally, one of the stock’s strongest single-day moves in recent history, came on elevated volume of over 3.1 million shares — more than double the average — as investors cheered improved profitability metrics, strategic partnerships and management’s response to industry headwinds like AI-driven disruption in insurance distribution. The stock opened at $20.17, hit an intraday high of $23.51 and traded well above its previous close of $18.49, recovering ground after earlier 2026 weakness that saw it dip near $16.

For the quarter ended December 31, 2025, Baldwin reported revenue of $347.3 million, up from the prior year but slightly below some Street estimates around $350 million. Adjusted earnings per share came in at $0.31, topping consensus forecasts of $0.29 and reflecting a 15% year-over-year increase. Adjusted EBITDA reached $69.65 million, narrowly beating expectations of $69.23 million.

Full-year 2025 results showed continued scale, with trailing twelve-month revenue approaching $1.5 billion and a net loss narrowing to $33.8 million, or $0.50 per basic share. Management highlighted operational leverage in its Insurance Advisory Solutions (IAS), Underwriting, Capacity & Technology Solutions (UCTS) and Mainstreet Insurance Solutions (MIS) segments, with strong contributions from recent acquisitions like Cobbs Allen and synergies from the CAC Group merger.

CEO Trevor Baldwin addressed recent market volatility during the earnings call, noting AI-powered insurance applications had pressured broker stocks but emphasizing Baldwin’s moat in embedded distribution and personalized advisory services. “We are accelerating AI integration to enhance our platform while maintaining human-centric expertise,” he said. The company outlined a 2026 revenue target near $2 billion, implying robust double-digit growth, and expects adjusted EBITDA margin expansion through efficiency and scale.

The board approved a $250 million share repurchase program, signaling confidence in undervaluation and cash flow generation. Baldwin also announced a strategic partnership with Fairway Independent Mortgage Corporation to launch Fairway Home Insurance Agency, expanding embedded insurance opportunities in the mortgage channel.

Analysts reacted positively. Raymond James upgraded the stock to Strong Buy from Outperform, raising its price target to $30 from $20. TD Cowen initiated coverage with a Buy rating, while Barclays and others maintained overweight or buy views. Consensus targets cluster around $31, suggesting 30-35% upside from recent levels despite mixed opinions, including Wells Fargo’s more cautious equal-weight stance with a $21 target.

The stock has traded in a 52-week range of $15.88 to $47.15, reflecting volatility from acquisition integration, margin pressures and sector concerns over AI disruption. Year-to-date in 2026, shares had been down before the post-earnings surge, but the rally lifted market capitalization above $2.7 billion.

Baldwin Insurance Group operates as an independent distribution platform serving businesses, individuals and institutions with property & casualty, employee benefits and personal risk solutions. Its digitally enabled model and focus on middle-market clients position it to capture share in a fragmented industry.

Challenges include ongoing net losses on a GAAP basis, debt levels from M&A and competition from traditional brokers and insurtech players. Management stressed disciplined capital allocation and AI as tools to drive organic growth and efficiency.

With the earnings momentum and buyback support, Baldwin appears poised for further recovery if execution continues. Investors will watch Q1 results and progress on partnerships for confirmation of the turnaround trajectory.

Shanna Moakler has reignited long-standing tensions with the Kardashian family, asserting in a recent podcast appearance that an alleged “inappropriate relationship” between her ex-husband Travis Barker and Kim Kardashian contributed to the end of their marriage more than 15 years ago.

In an episode of the “When Reality Hits” podcast released February 27, 2026, Moakler revisited claims she first made publicly in 2021 and 2024, stating she received anonymous text messages during her marriage alleging Barker and Kardashian were involved inappropriately. “I had gotten texts from an anonymous number that Travis and Kim were having an inappropriate relationship,” Moakler said. She added that she divorced Barker “for that reason,” suggesting the incident complicated later family dynamics after Barker’s 2022 marriage to Kourtney Kardashian.

Moakler and Barker wed in October 2004 and share two children: son Landon, 22, and daughter Alabama, 19. They separated in 2006, reconciled briefly and finalized their divorce in 2008 after a tumultuous period documented on the reality series *Meet the Barkers*. Barker has been married to Kourtney Kardashian since May 2022, and the blended family includes Kourtney’s three children from her previous marriage to Scott Disick.

The latest comments came amid broader discussion on the podcast about co-parenting challenges and her feelings toward the Kardashian clan. Moakler emphasized she does not “talk to” or “like” the family, attributing the sentiment to the alleged past incident with Kim Kardashian, now 45. “If certain things didn’t happen decades ago… I’d probably really like them,” she said, acknowledging that the history has made transitions “complicated” in the blended family setup.

Moakler has made similar allegations before. In a 2021 interview, she claimed to have discovered explicit text messages between Barker and Kim Kardashian while he was hospitalized following a 2008 plane crash, alleging plans to meet for an encounter. She reiterated in January 2024 that the messages indicated intent “to f—k” at a sister’s house, saying she felt “stupid” for believing Barker when he denied it and deleted the texts. Neither Barker nor Kim Kardashian has publicly responded to or confirmed the claims over the years.

The renewed discussion ties into Moakler’s ongoing commentary about Kourtney Kardashian’s role as stepmother to Landon and Alabama. In the same podcast, Moakler questioned boundaries in the blended family without providing specific examples, saying she felt certain actions were “not respectful” and that she “wouldn’t be doing some of the shit you’re doing with my kids” if roles were reversed.

Public reactions on social media have been mixed. Some supporters praised Moakler for speaking candidly about co-parenting struggles, while critics accused her of stirring drama and failing to move on after nearly two decades. Comments on platforms like Instagram and X included calls for her to “let it go” and observations that the allegations remain unproven.

The Kardashian-Barker family has not issued statements addressing the latest remarks. Kourtney and Travis have largely kept family matters private since their marriage, though occasional social media posts show blended family moments. Kim Kardashian has focused on her business ventures and legal advocacy, rarely engaging in public feuds.

Moakler, a former Miss USA and actress, has maintained visibility through podcasts, social media and occasional media appearances. She has spoken openly about her post-divorce life, including challenges with Barker and the impact on their children. In past interviews, she has described feeling alienated after Barker’s relationship with Kourtney began in late 2020, alleging efforts to limit her involvement.

The situation highlights persistent friction in high-profile blended families within celebrity circles. Co-parenting dynamics often play out publicly, with allegations and counter-narratives fueling tabloid coverage. No legal action or formal disputes have arisen from Moakler’s recent statements.

As of February 28, 2026, neither Barker nor the Kardashians have commented on the podcast episode. Moakler’s remarks appear to stem from personal reflection rather than new developments, but they continue a pattern of occasional public commentary on the past relationship.

The enduring interest in the story reflects ongoing fascination with celebrity relationships, family mergers and unresolved tensions that span decades.