Core Insights - Ferrovial's strategy focuses on key North American infrastructure assets, achieving "double-digit EBITDA growth" at 407 ETR and revenue growth "significantly above inflation" in U.S. managed lanes [1] - The company reported a strong financial performance for 2025, with revenue of EUR 9.6 billion, up 8.6% year-over-year, and adjusted EBITDA of EUR 1.5 billion, up 12.2% [2][6] - Ferrovial ended the year with negative net debt of EUR 1.3 billion, supported by record dividends from infrastructure assets totaling EUR 968 million [3][6] Financial Performance - Total shareholder return for 2025 was 38.6%, with EUR 156 million returned in cash dividends and EUR 501 million in share repurchases [2] - The construction division reported revenue of EUR 7.7 billion, up 7.5% year-over-year, and adjusted EBITDA of EUR 511 million, up 19.9% [14] - The construction order book reached an all-time high of EUR 17.4 billion, with nearly 50% from North America [15] Infrastructure Projects - The New Terminal One (NTO) at JFK is 82% complete, with Phase A targeted for completion in fall 2026, financed by a $1.4 billion bond [5][11] - Ferrovial is shortlisted for multiple U.S. managed-lane projects, including I-285 East Express Lanes in Georgia and I-24 Southeast Choice Lanes in Tennessee, with awards expected in 2026 [6][8] Highway Performance - Highways revenue rose 13.7% year-over-year, with adjusted EBITDA increasing by 12.2%, driven by U.S. assets [8] - U.S. highways revenue increased 14.2% year-over-year, with adjusted EBITDA rising 12.4% [9] Divestments and Investments - The company reported EUR 533 million from the sale of AGS and EUR 539 million from divesting a 5% stake in Heathrow Airport [3] - Total investments for the year were EUR 1,170 million, primarily driven by the additional stake purchase in 407 ETR and investments in NTO [17] Future Outlook - Management is monitoring opportunities beyond highways, including airports and energy infrastructure projects, while maintaining financial discipline [7] - The company plans to propose EUR 1.0 billion in dividends for the year, which includes a EUR 400 million top-up compared to previous years [17]

Financial Data and Key Metrics Changes - Revenue reached EUR 9.6 billion, up 8.6% year-over-year on a like-for-like basis, driven mainly by high revenues in highways and construction [6][7] - Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis [7] - Dividends from projects reached a record EUR 968 million, showing a 2.2% increase year-over-year [8] - Total shareholder return in 2025 reached an outstanding 38.6% [8] Business Line Data and Key Metrics Changes - Highways revenue grew 13.7% like-for-like in the year, while adjusted EBITDA was up 12.2%, driven by strong double-digit growth from U.S. assets [11] - Construction revenue reached EUR 7.7 billion, up 7.5% in like-for-like terms compared to 2024, with adjusted EBITDA increasing by 19.9% [26] - The construction order book reached a new all-time high of EUR 17.4 billion, with almost 50% coming from North America [7][27] Market Data and Key Metrics Changes - U.S. highways revenue grew 14.2% in like-for-like terms in 2025 compared to the previous year [12] - Traffic in the Greater Toronto Area is expected to expand 22% by 2051, supporting long-term growth prospects [21] - The Dallas-Fort Worth region is projected to surpass Chicago and become the third largest metropolitan area in the U.S. by 2050 [22] Company Strategy and Development Direction - The company focuses on enhancing customer segmentation and maximizing EBITDA through targeted promotions [39] - A capital rotation strategy is in place, focusing on mature assets to reinvest in attractive opportunities [11] - The company remains selective in pursuing opportunities where its capabilities provide a clear competitive advantage [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of North American infrastructure assets, particularly in highways [9] - The company is facing a record pipeline of infrastructure projects in the U.S., larger than anything seen before [10] - The outlook for the construction division maintains an average long-term target of 3.5% adjusted EBIT margin [28] Other Important Information - The company returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million [5] - The New Terminal One project at JFK Airport is progressing towards operational readiness, with a target completion date for the first phase set for fall 2026 [24][25] Q&A Session Summary Question: Can you elaborate on the revenue per transaction for the 407 ETR and its impact on 2026? - Management noted that the fourth quarter's revenue per transaction was affected by seasonality and weather, and it is too early to determine if this trend will continue into 2026 [41][44] Question: What are the reasons behind the provision for lifetime expected credit loss of the 407 ETR? - Management explained that the provision was due to changes in collection processes, but collections have returned to normal levels [49][51] Question: What is the outlook for pricing on the I-66 and I-77? - Management indicated that toll rates for I-66 are expected to increase above inflation, based on user value and economic activity [66] Question: What drove the strong Q4 performance in construction? - Management attributed the strong performance to positive developments in certain markets and change orders that occurred in the fourth quarter [65][68] Question: Will there be any pushback regarding the toll rate increase for the 407? - Management stated that there has been no significant pushback regarding the toll rate increase and that promotions will continue to be a focus [72][73]

Financial Data and Key Metrics Changes - Revenue reached EUR 9.6 billion, up 8.6% year-over-year on a like-for-like basis, driven mainly by high revenues in highways and construction [6][7] - Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis [7] - Total shareholder return in 2025 reached an outstanding 38.6% [8] Business Line Data and Key Metrics Changes - Highways revenue grew 13.7% like-for-like in the year, while adjusted EBITDA was up 12.2%, driven by strong double-digit growth from U.S. assets [11] - Construction revenue reached EUR 7.7 billion, up 7.5% in like-for-like terms compared to 2024, with adjusted EBITDA increasing by 19.9% [27] - Dividends from projects reached a record EUR 968 million, showing a 2.2% increase year-over-year [8] Market Data and Key Metrics Changes - The construction order book reached a new all-time high of EUR 17.4 billion, with almost 50% coming from North America [7][28] - Traffic in the 407 ETR increased by 6.1% in 2025, reflecting the success of targeted rush-hour driving offers [12] - North American toll road assets are located in top-performing regions, with the Greater Toronto Area population expected to expand 22% by 2051 [21][23] Company Strategy and Development Direction - The company focuses on selective growth opportunities in North American highway assets and continues to monitor opportunities across other infrastructure segments [10][11] - A capital rotation strategy focuses on mature assets, providing flexibility to reinvest in attractive opportunities [11] - The company aims to maintain financial discipline while delivering value creation for shareholders [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of North American infrastructure assets, particularly in the Greater Toronto Area and Dallas-Fort Worth [21][23] - The company is facing a record pipeline of infrastructure projects in the U.S., larger than anything seen before [10] - Management noted that the economic environment remains challenging but expects continued growth supported by solid cash flow from the current portfolio [38] Other Important Information - The company returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million [5] - The company was shortlisted for several significant infrastructure projects, including I-285 East in Georgia and I-24 in Tennessee [5][10] - The New Terminal One project at JFK Airport is progressing towards operational readiness, with a target completion date for the first phase set for fall 2026 [25] Q&A Session Summary Question: Insights on ETR revenue per transaction and pricing impact - Management noted that the fourth quarter revenue per transaction was affected by seasonality and weather, with promotions helping to maximize EBITDA [41][44] Question: Provision for lifetime expected credit loss and EBIT margin outlook - Management explained that the provision was due to changes in collection processes and reiterated a long-term EBIT margin outlook of 3.5% for construction [49][50] Question: Impact of AI and autonomous vehicles on discretionary lane plans - Management indicated that autonomous vehicles may lead to increased traffic and congestion in the short term, which could be beneficial [56][57] Question: Pricing on I-66 and I-77 and construction performance - Management stated that toll rates on I-66 are expected to increase above inflation, while construction margins were positively impacted by change orders and project completions [63][64]

Financial Data and Key Metrics Changes - Revenue for 2025 reached EUR 9.6 billion, an increase of 8.6% year-over-year on a like-for-like basis, primarily driven by highways and construction [5][6] - Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis [5][6] - The construction order book reached a record high of EUR 17.4 billion, up 10.1% year-over-year [26] Business Line Data and Key Metrics Changes - Highways revenue grew 13.7% year-over-year, with adjusted EBITDA up 12.2%, driven by strong performance from U.S. assets [10] - In the construction division, revenue reached EUR 7.7 billion, up 7.5% year-over-year, with adjusted EBITDA increasing by 19.9% [25] - Airports, particularly the New Terminal One at JFK, are progressing towards operational readiness, with 82% construction completion by year-end [23] Market Data and Key Metrics Changes - North American highways reported significant growth, with U.S. highways revenue increasing by 14.2% year-over-year [11] - The Greater Toronto Area is projected to see a population increase of 22% by 2051, supporting long-term growth prospects [20] - Dallas-Fort Worth is expected to surpass Chicago by 2050, becoming the third largest metropolitan area in the U.S. [21] Company Strategy and Development Direction - The company is focusing on growth opportunities in North American highway assets and has increased its stake in the 407 ETR to 48.29% [8] - A capital rotation strategy is in place, focusing on mature assets to reinvest in attractive opportunities [10] - The company is exploring opportunities in other infrastructure segments, including airports and energy projects [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of North American infrastructure assets, supported by a record pipeline of projects [37] - The company anticipates continued growth driven by enhanced customer segmentation and economic activity in regions where assets operate [37] - There is a focus on maintaining financial discipline while delivering value creation for shareholders [10] Other Important Information - The company returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million [4] - Dividends from projects reached a record EUR 968 million, reflecting strong cash generation [6] - The company plans to propose EUR 1 billion in dividends for the year, marking a significant increase from previous years [34][35] Q&A Session Summary Question: Can you elaborate on the revenue per transaction for the 407 ETR and its impact on 2026? - Management noted that the fourth quarter's revenue per transaction was affected by seasonality and weather, and it is too early to predict if this trend will continue into 2026 [42][43] Question: What are the reasons behind the provision for lifetime expected credit loss of the 407 ETR? - The provision was due to changes in collection processes, but recent collections have returned to normal levels [50] Question: How does the company view the impact of AI and autonomous vehicles on its operations? - Management believes that in the short term, autonomous vehicles may lead to increased traffic and congestion, which could be beneficial for toll revenues [56][57] Question: What is the outlook for dividends from the 407 ETR and managed lanes? - There is potential for increased dividends from the 407 ETR due to comfortable financial ratios, and the company is exploring additional leverage opportunities [59][60]

February 25, 2026 FY 2025 FINANCIAL RESULTS 1 FY 2025 Financial Results Picture: 407 ETR (Canada) DISCLAIMER This presentation has been produced by Ferrovial SE (the "Company", "we" or "us" and, together with its subsidiaries, the "Group") for the sole purpose expressed herein. By accessing this presentation, you acknowledge that you have read and understood the following statements. Neither this presentation nor any of the information contained herein constitute or form part of, and should not be construed ...

Financial Performance - Revenue totaled €9.6 billion, an 8.6% increase in like-for-like terms, while adjusted EBITDA reached €1.5 billion, a 12.2% increase year over year in like-for-like terms [22]. - Ferrovial reported a revenue of EUR 9,627 million for FY 2025, representing an 8.6% increase year-over-year, driven by Highways (+13.7% LfL growth) and Construction (+7.5% LfL growth) [171]. - Adjusted EBITDA reached EUR 1,457 million in FY 2025, reflecting a 12.2% increase from FY 2024, with significant contributions from Highways and Construction [171]. - The company declared dividends of €626 million for 2025, with a dividend per share of €0.872 [67]. - Dividends for Q4 25 increased by 50.0% to CAD 1,050 million compared to Q4 24 [194]. - Toll revenue increased by 17.6% to CAD 1,893 million for FY 25, driven by higher toll rates and traffic volume [200]. - Total revenue for FY 25 rose by 17.8% to CAD 2,009 million compared to FY 24 [189]. - Operating expenses (OPEX) surged by 41.3% for FY 25, primarily due to Schedule 22 Payment expense of CAD 40.9 million [190]. - EBITDA for FY 25 grew by 14.2% compared to FY 24, despite increased expenses related to credit loss provisions [193]. Investments and Acquisitions - The total investment for acquiring an additional 5.06% stake in the Canadian highway company was CAD $1.99 billion (€1.3 billion) [12]. - Ferrovial completed the acquisition of a 5.06% stake in 407 ETR for CAD 1.99 billion (EUR 1.3 billion), raising its total ownership to 48.29% [171]. - The company divested its stake in AGS for GBP 450 million (EUR 533 million), realizing a capital gain of EUR 272 million [171]. - The company committed €2 billion of capital for new investments, primarily in infrastructure projects like the New Terminal One at JFK Airport [23]. - Cintra's investment strategy includes a focus on complex greenfield projects, with a strong pipeline for 2026 in North America and other regions [111]. Market Position and Capitalization - Ferrovial's market capitalization surpassed €40 billion for the first time in December 2025, following its inclusion in the Nasdaq-100 Index [25]. - Ferrovial's market capitalization increased to €40,606 million in 2025, up from €29,620 million in 2024 [63]. - The company was included in the Nasdaq-100 Index® in December 2025, following its US market debut in May 2024 [171]. Debt and Liquidity - The company closed the year with liquidity of €5.1 billion, including proceeds from asset sales and record dividends received from projects, totaling €968 million [24]. - Consolidated net debt amounted to minus €1.3 billion, excluding infrastructure projects [24]. - Ferrovial's consolidated net debt of ex-infrastructure project companies improved to EUR -1,341 million by December 2025, compared to EUR -1,794 million in December 2024 [173]. - Net debt as of December 2025 was CAD 10,510 million, with 59% maturing beyond 2039 [194]. Construction and Order Book - The construction order book reached a record level, contributing to improved profitability in the construction segment [21]. - The order book reached an all-time high of €17.438 billion, indicating strong future revenue potential [156]. - The order book for Construction stood at an all-time high of EUR 17,438 million, marking a 10.1% LfL growth compared to December 2024 [171]. - In 2025, Ferrovial Construction exceeded the average long-term profitability target, driven by improved risk management and a selective bidding policy [149]. - The Construction Division aims to expand its presence in the United States and actively participate in tender processes in Australia, with a focus on profitability and project diversification [151]. Sustainability and Social Responsibility - Ferrovial achieved 100% of electricity from renewable sources in 2025 [42]. - Ferrovial recognized 399,000 beneficiaries of social projects in 2025 [42]. - The company achieved a score of 83/100 in CDP's Climate Change A List, marking an improvement of +2 points compared to 2024 [47]. - Ferrovial updated its Deep Decarbonization Plan, aiming for a Net Zero target by 2050 or earlier, validated by the Science Based Targets initiative (SBTi) [171]. - Cintra's sustainability initiatives include integrating biodiversity and circular economy principles into operations, enhancing asset performance and reducing lifecycle costs [106]. Workforce and Employment - The workforce at year-end totaled 22,609 employees [43]. - Ferrovial reported revenues of €3,485 million and adjusted EBITDA of €927 million for the year, with a total workforce of 4,948 employees [49].

Corporate Reorganization and Trading - The Group underwent a corporate reorganization on June 16, 2023, resulting in the re-domiciliation from Spain to the Netherlands and the dissolution of Ferrovial, S.A.[19] - The ordinary shares of Ferrovial SE began trading on Euronext Amsterdam and the Spanish Stock Exchanges on June 16, 2023, and on the Nasdaq Global Select Market under the symbol "FER" on May 9, 2024[19]. Financial Reporting and Performance - The financial information in the Annual Report includes audited consolidated financial statements for the years ending December 31, 2025, 2024, and 2023, prepared in accordance with IFRS-IASB[21]. - The Group's performance is reported using both IFRS measures and non-IFRS measures to provide a comprehensive view of its financial health[23]. - The Annual Report includes forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially from those projected[30]. Risks and Uncertainties - The Group faces risks related to geopolitical uncertainty, economic contraction, and reliance on public and private sector projects, which could impact funding availability[40]. - The business is exposed to risks from a small number of major projects, competition in the global market, and potential delays or terminations of these projects[40]. - The Group's operations are subject to risks from accidents, contractual disputes, and the reliability of subcontractors and service providers[40]. - The financial condition and performance of joint ventures and partners pose liquidity-related risks, including limitations in accessing capital markets[40]. - The Group is exposed to complex tax laws and potential volatility in share price, which may affect future dividend payments[40]. - The company faces risks from geopolitical unrest, which could adversely affect business operations and financial condition[48]. - Changes in financial, economic, and tax policies may adversely impact project volume, affecting the company's business and financial results[69]. - Climate change poses physical and transitional risks that could adversely affect infrastructure and project development, impacting financial performance[82]. - The company faces potential penalties or early termination of contracts if expected performance levels are not met, which could adversely affect financial results[122]. - The company is exposed to risks from cyber threats and technology failures, which could materially affect operations and financial results[129]. - The company is subject to risks related to joint ventures and partnerships, which could adversely affect its financial position and results of operations[168]. - The company is exposed to litigation risks that could materially affect its reputation and financial condition, with ongoing legal proceedings being a significant concern[164]. Revenue and Financial Metrics - Revenue generated in Poland accounted for 23.3% of total revenues in 2025, with no material impact from the ongoing conflict in Ukraine[49]. - Clients from the public sector represented 84% of the total Order Book in the Construction Business Division in 2025[73]. - The balance of TIFIA loans as of December 31, 2025, was USD 2,386 million, indicating reliance on government funding for infrastructure projects[72]. - A 10% appreciation in major currencies against the euro would impact equity attributable to shareholders by EUR 382 million, with 43% from the Canadian dollar[59]. - 97% of the company's indebtedness is hedged, with the remaining 3% linked to variable rates, exposing the company to interest rate fluctuations[63]. - High inflation combined with low economic growth could significantly impact demand in airports and highways, affecting revenue from tolls and airfares[54]. - The company reported a revenue of CAD 41 million for Schedule 22 payments due in 2026, reflecting minimum traffic thresholds not being met in 2025[116]. - As of December 31, 2025, the balance of performance guarantees amounted to EUR 7,939 million, down from EUR 8,260 million in 2024[123]. - The company reported total dividends received from infrastructure assets amounted to EUR 968 million for the year ended December 31, 2025, with EUR 467 million from consolidated entities (48.2%) and EUR 501 million from equity-accounted companies (51.8%)[172]. Operational Challenges and Market Conditions - The construction sector is experiencing low profitability margins due to aggressive commercial strategies and cost inflation[95]. - Competition in the U.S. toll road investment market is expected to intensify in 2026-2027, with several projects entering the procurement phase[93]. - The company may experience adverse effects on financial performance due to construction delays and cost overruns in significant projects like NTO[108]. - The lack of investment opportunities in certain geographies has increased competitive pressure, impacting prices and profit margins[94]. - Increased demand for skilled labor in key markets may impact the company's ability to attract and retain talent, potentially affecting competitiveness and profit margins[135]. - The company operates in highly regulated environments, and changes in regulations could lead to increased costs and operational challenges[76]. - The company anticipates ongoing legal complexity regarding international data transfers, which may require changes in business operations and incur additional costs[148]. Financial Management and Capital Structure - The company’s ability to secure financing on favorable terms is critical for its growth, particularly in capital-intensive sectors like airports and highways[178]. - The company’s financial condition may be adversely affected by increased risks of late payments from public sector clients due to financial stress in Europe[180]. - The company’s quarterly financial results may fluctuate significantly due to factors such as seasonality and internal contract reviews, making period-to-period comparisons challenging[202]. - The company has refinanced its revolving credit facility and bond maturing in 2025, extending the maturity to 2031, which is crucial for maintaining liquidity[179]. - The company actively manages credit risk through scoring and insurance, but there is no guarantee that these strategies will fully mitigate exposure[181]. - Future dividend payments will depend on the company's financial condition and results of operations, which could negatively impact the market price of ordinary shares[205]. - The company is a holding entity with no direct cash-generating operations, relying on its operating Group Companies to generate funds for financial obligations and dividend payments[206]. - The Board has discretion over dividend declarations, which may be influenced by capital requirements, earnings levels, cash position, and overall financial condition[207]. - Dividend payments may vary and are contingent on the company's ability to generate profits and cash flow available for distribution[208]. - The Board is authorized to issue shares or grant rights to subscribe for ordinary shares up to 10.0% of issued share capital for corporate purposes and 5.0% for scrip dividends, limiting pre-emptive rights[209]. - Dividends from infrastructure assets may fluctuate significantly due to factors like project debt refinancing and traffic levels[210]. - Shareholders outside the Netherlands and Spain may face restrictions on participating in future equity offerings, potentially leading to dilution[211]. - The company may offer a share dividend election to shareholders, but restrictions may apply based on jurisdiction, affecting the ability to receive dividends in shares[212]. - The company's ordinary shares are listed on multiple exchanges, which may adversely affect liquidity and share price due to trading in different currencies and time zones[213].

Group 1 - Ferrovial SE has secured a new £80 million contract to upgrade the Slough Sewage Treatment Works for Thames Water in the UK [1][6] - The project will be executed through a joint venture with Cadagua, focusing on modernizing the plant to comply with stricter wastewater quality regulations [2] - The upgrade aims to reduce ammonia and phosphorus levels and improve storm overflow management, contributing to cleaner rivers and healthier ecosystems [2][3] Group 2 - The project design commenced in November 2025, with construction expected to start in 2027, aligning with the company's strategy of integrating global expertise with local delivery [3] - Ferrovial SE is recognized as a European infrastructure company involved in building and operating significant transport and energy assets, including roads, airports, and power networks [4]

Core Viewpoint - Listed infrastructure underperformed global equities in Q4, impacted by higher long-term bond yields despite two cuts in short-term rates in the U.S. [2] - European utilities outperformed U.S. utilities, aided by improving regulations, while renewables benefited from their growing relevance in AI and policy derisking [2] Sector Performance - Underperforming sectors included natural gas utilities, energy infrastructure pipelines, communication towers, and North American rails, primarily due to higher production levels and unfavorable weather forecasts [3] - Electric utilities and toll roads were the top contributors to portfolio performance, while renewables and energy infrastructure were the main detractors [12] Regional Highlights - Western Europe was the top portfolio contributor, with U.K. electric utility SSE and Spanish toll road operator Ferrovial leading the performance [4] Company Insights - SSE, the U.K.'s largest renewable energy generator, saw its share price rise as funding risks diminished and macroeconomic concerns eased [5] - Ferrovial's U.S. listing qualified for Nasdaq 100 inclusion, and its core toll road asset in Ontario announced higher-than-expected toll increases for 2026, indicating strong pricing power [6] - WEC Energy and Brookfield Renewable were the largest detractors, with WEC's shares declining after a disappointing annual update and Brookfield's share price falling as the renewables trade cooled [7][8] Outlook - The inflection in electricity demand and solid earnings growth are expected to continue benefiting listed infrastructure performance into 2026, supported by lower nominal bond yields [9] - Electric utilities are positioned to benefit from the energy transition, climate change adaptation, and growing electricity demand, particularly from AI data centers [10] Portfolio Highlights - The strategy outperformed relative to the FTSE Global Core Infrastructure 50/50 Index in Q4, driven by strong stock selection in electric, water, and gas utility sectors [13] - Top contributors included SSE, Ferrovial, U.K. water utility Severn Trent, and U.S. electric utility NextEra Energy, while main detractors were WEC Energy and Brookfield Renewable [14] Investment Actions - Positions were initiated in Brookfield Renewable, Brazilian electric utility Equatorial, and U.S. electric utility Portland General Electric, while positions in Emera and Cheniere were exited [15]

Core Viewpoint - Ferrovial SE (FER) has shown exceptional market performance this year, with a stock increase of over 60%, significantly outperforming major indices, and is set to be added to the Nasdaq 100 Index on December 22 [1][2] Group 1: Company Overview - Ferrovial SE is a global infrastructure operator focused on Europe and North America, with significant interests in toll roads, airports, construction, and services, including a major stake in Heathrow Airport [3] - The company has a market capitalization of nearly $50 billion and is classified as a large-cap stock, recognized as a defensive compounder rather than a cyclical stock [3] Group 2: Stock Performance - FER stock is currently trading around $68, close to its 52-week high of $68.01, having started the year in the low $40s, outperforming the S&P 500 Index during the same period [4] - The stock's relative strength is attributed to continuous accumulation rather than a one-time surge [4] Group 3: Financial Metrics - Ferrovial is valued at a multiple of 5x sales, which is a premium compared to typical industrial stocks, justified by the quality of its assets, concession lengths, and high margins [5] - The company generates a net income of $3.2 billion annually, with $9.1 billion in sales and margins exceeding 35% [5] - In the most recent quarter, Ferrovial achieved approximately $2.44 billion in revenue, indicating a strong trajectory for continued excellent performance [6]