Un mensaje desde 2026

Our Mexican assets showed some moderation versus the prior year, mainly due to COPEXA’s extraordinary figures in 2024. Even so, they sustained a very significant level of activity that reinforces their role as key logistics corridors in the region. Spain and Portugal continued to provide operational stability, solid margins, and financial discipline—essential elements in a changing international environment. Our EBITDA, which reached €197 million, maintained a margin close to 70%, demonstrating efficient management and a clear ability to protect business profitability even in a challenging global context.

Throughout the year, international supply chains continued to adapt to new realities, and toll roads were confirmed as critical infrastructure to ensure continuity in the movement of goods and people.

In India, NH2 became the first highway concession in the country to secure project finance through a U.S. dollar–denominated bond issuance totaling $316.3 million, rated investment grade by Moody’s and Fitch. The transaction included 144 international investors and demand exceeded the issuance volume by more than 10x, reflecting global confidence in the project’s financial viability and long-term growth, as well as the sponsor’s strength.

In Mexico, our assets demonstrated strength, with revenue growth driven by heavy traffic and their key role in international trade—even in adverse political contexts. And in Europe, Spain and Portugal provided operational and financial stability, balancing the higher volatility of emerging markets. However, the maturity of these assets requires anticipating growing maintenance challenges through rigorous planning and proactive management.

In 2025, we completed the 2023–2025 Sustainability Master Plan—a plan that has profoundly transformed the way we work and through which we set ambitious goals so that every kilometer we manage reflects our commitment to innovation, safety, and the development of communities. During this cycle, we strengthened road safety, improved user satisfaction, reduced Scope 1 and 2 emissions by 27%, and increased on-site energy self-generation by more than 70%. We rolled out the 2025–2026 Health and Safety Plan, which ensures ISO 45001 certification across all our assets. In addition, we advanced the management of social, environmental, and ethical risks together with our suppliers.

This strategy has shown that sustainability is a direct source of efficiency, risk mitigation, and value creation for all our stakeholders. That is why we are already fully engaged in the next cycle through the 2026–2028 Sustainability Master Plan, with our sights set on the goals established for 2030 and focused on turning sustainability into a decisive lever for competitiveness and long-term value protection.

In 2025, we confirmed that financial, environmental, and operational progress is only possible thanks to the commitment of our teams and a cohesive corporate culture. We promoted ethics, purpose, and integrity initiatives that reinforce a shared cultural model while respecting the particularities of each geography. Thanks to this solid foundation, we tackled the year’s challenges with determination and strengthened our position as a leading global operator.

We also tested our ability to adapt to technology trends through innovation by implementing a strategic plan: on the one hand, we focused on employees’ adoption of AI tools through a training and enablement program to integrate these tools into their day-to-day work; on the other, we identified use cases to apply AI-based solutions that drive operational efficiency in our internal processes. These are initiatives with visible, measurable impact within the organization, aimed at improving the quality and agility of our operations.

The year 2025 was demanding and unstable, but it also highlighted our strength and maturity in the sector. One year later, the geopolitical environment has become more uncertain, and we face risks that impact our business—especially traffic volumes and exchange rates. To minimize that impact, we rely on a diversified portfolio which, together with long concession terms and a robust debt structure, provides stability to our business.

And now, looking ahead, we face global challenges and instability that directly affect inflation and GDP growth and, therefore, our business. At ROADIS, our roadmap is clear: implement appropriate risk-mitigation strategies, optimize and strengthen our positions in environments where we see long-term structural potential, and deepen our sustainable transformation, moving toward increasingly efficient operations. We approach 2026 with confidence, determination, and a global mindset capable of turning uncertainty into opportunity.

José Antonio Labarra Blanco
March 2026