Figures

915

KM IN PORTFOLIO

182.745

DAILY VEHICLES

3.081 M€

INVESTMENT

333,6 M€

REVENUE

234,5 M€

EBITDA

1.468

EMPLOYEES

Financial transparency

Our net debt increased in 2025 mainly due to the refinancing of NH2 through a bond issuance, which was needed to complete the asset’s construction, as well as lower cash availability following distributions to the shareholder. Net debt as of December 31, 2025 therefore amounted to €1,120 million.

Of this debt, 99.9% is linked to projects and is non-recourse. Cash on hand as of December 31, 2025 amounted to €309 million (-37.4% versus 2024).

• Regarding maturities, only 4% of the Group’s financial debt as of December 31, 2025 matures in less than twelve months, while 80% of the debt has a maturity of more than 5 years.
• Regarding interest rate risk, 96% of the debt outstanding at year-end 2025 bears a fixed interest rate, with only 4% exposed to interest rate fluctuations.
• Finally, 75% of the debt is denominated in Mexican pesos and 23% in Indian rupees. The remaining amount is denominated in euros.

With this position, the Net Debt/Operating Cash Flow ratio stands at 5.7x, significantly higher than at December 2024 (3.4x). Operating cash generation remains positive, at close to €240 million (€197 million due to the impact of payments to the granting authority in AELO as established in the concession contract), enabling us to meet debt service and also make shareholder distributions totaling €353 million, while maintaining cash on hand of €309 million at year-end.

Consolidated Financial Debt

The average cost of debt decreased to 10% (from 11% in 2024), reflecting improved terms and efficient financial management. The following table shows the evolution of the Group’s net debt compared to year-end 2024.

Virtually all of the Group’s debt (99.9%) is allocated to projects and is also non-recourse debt—i.e., not guaranteed by ROADIS Transportation Holding, S.L.U.

In addition, 96% of ROADIS’s debt accrues at a fixed interest rate (including UDI-denominated debt), which has allowed the Group’s assets to be unaffected—or only very limitedly affected—by global interest rate volatility. Only 4% of total outstanding debt matures within the next 12 months.

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ROADIS

Main figures