Europe

Our assets

We manage 336 km of highways in Europe, divided into three assets. Our concession model focuses on the efficient management of mature infrastructure, with special attention to maintenance, road safety, and service reliability on key corridors for the movement of people and goods.

In Spain, we manage a 64 km concession on the A-4, one of the main arteries connecting the center and the south of the country. We are responsible for the management, maintenance, and operation of this asset.

In Portugal, we manage 272 km of roads across two concessions that connect the country’s main cities, link key tourist areas, and facilitate connections between several major highways.

A4

MADRID – OCAÑA

It is one of Spain’s main highways and a key transport artery, as it connects the capital in the center of the country with the south of the Iberian Peninsula. The concession began partial operations in 2010 and entered full operation on December 31, 2011.

It is part of the Trans-European Transport Network and connects Madrid with Castilla-La Mancha and Andalusia.
AUTOESTRADAS DO ATLÁNTICO

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

170 km concession made up of two direct-toll highways (A8 and A15). It is one of the main access routes to the country’s capital and Portugal’s most important economic development corridor between Lisbon and Porto.

The project was rolled out progressively starting in 1998, completing an existing network with new segments built through 2007.
AUTOESTRADAS DO LITORAL OESTE

NAZARÉ – FÁTIMA Y OURÉM

102 km of roadway in different sections that connect the coast (Nazaré) with inland Portugal (Fátima and Ourém). It is a set of highway segments that serve one of the country’s most important tourist areas and facilitate the region’s connection to the main north–south routes.

Our assets outperformed
initial expectations in 2025

In 2025, Europe’s road sector reaffirmed its role as critical infrastructure for the European Union’s competitiveness, territorial cohesion, and economic resilience, in an environment shaped by geopolitical tensions, moderating economic growth, and the reorganization of supply chains. Roads remained the primary backbone for freight and passenger transport in Europe, serving as a direct indicator of industrial and commercial activity.

Key trends during the year were linked to operational optimization of mature infrastructure, strengthened road safety, traffic management digitalization, and progress toward sustainability and decarbonization goals, amid increasing regulatory pressure and the need for long-term investment.

Our assets outperformed initial expectations in 2025, with moderate traffic growth and a clear focus on operational efficiency, maintenance, road safety, and engagement with local communities—demonstrating how responsible concession management can strengthen the sector’s long-term stability and sustainability.
*(IN EUR M)
A4
2025
2024
2023
Concession activity revenue
20,1
21,6
20,2
EBITDA
13,0
16,5
13,9
EBT
6,3
8,3
5,5
Net income
4,8
6,0
4,1
Operating CF
16,8
17,1
16,2
*(IN EUR M)
AEA
2025
2024
2023
Concession activity revenue
105,2
98,2
90,8
EBITDA
88,7
85,7
77,5
EBT
67,8
64,5
54,7
Net income
48,9
46,0
39,1
Operating CF
72,3
67,8
63,8
*(IN EUR M)
AELO
2025
2024
2023
Concession activity revenue
7,8
6,5
6,0
EBITDA
1,3
1,8
7,4
EBT
3,0
5,1
9,5
Net income
1,6
3,7
7,1
Operating CF
(45,8)
18,5
21,2