Core Viewpoint - Ferrovial, a leading global infrastructure company, is set to announce its second quarter and first half 2025 results on July 29, 2025, after the U.S. market closes [1]. Company Overview - Ferrovial operates in over 15 countries and employs more than 25,000 people worldwide [3]. - The company is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges, and Nasdaq, and is a member of Spain's blue-chip IBEX 35 index [3]. - Ferrovial is included in globally recognized sustainability indices, such as the Dow Jones Best in Class Index, and adheres to the principles of the UN Global Compact, which it adopted in 2002 [3]. Upcoming Events - A conference call will be hosted by Ferrovial CEO Ignacio Madridejos at 9:00 a.m. ET on July 30, 2025, to discuss the financial and operating results [2]. - The conference call can be attended via webcast or conference call, with registration available on the company's Investor Relations website [2].

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the aim of buying high and selling higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps investors identify effective metrics for assessing momentum in stocks [2] Group 2: Ferrovial SE (FER) Analysis - Ferrovial SE currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [3][4] - Over the past week, FER shares increased by 0.14%, matching the performance of the Zacks Real Estate - Operations industry, while the monthly price change for FER is 3.72%, outperforming the industry's 1.88% [6] - In the last quarter, FER shares rose by 15.44%, and over the past year, they gained 32.27%, significantly outperforming the S&P 500's increases of 8.33% and 12.92% respectively [7] Group 3: Trading Volume and Earnings Outlook - FER's average 20-day trading volume is 136,310 shares, which serves as a bullish indicator when combined with rising stock prices [8] - In terms of earnings outlook, there has been one upward revision in earnings estimates for the full year, increasing the consensus estimate from $0.89 to $0.99 over the past 60 days [10] - For the next fiscal year, one estimate has also moved upwards with no downward revisions, indicating positive sentiment [10] Group 4: Conclusion - Given the strong performance metrics and positive earnings outlook, Ferrovial SE is positioned as a promising investment opportunity with a Momentum Score of B [12]

Group 1: Flotek Industries (FTK) - Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, for clients in the energy, consumer industrials, and food & beverage industries [1] - The company has a Zacks Rank of 1 (Strong Buy) and the Zacks Consensus Estimate for its current year earnings has increased by 12.8% over the last 60 days [1] - Flotek Industries' shares gained 103.4% over the last three months, significantly outperforming the S&P 500's gain of 2.7% [2] Group 2: Harmony Gold (HMY) - Harmony Gold conducts underground and surface gold mining [2] - The company also holds a Zacks Rank of 1 and the Zacks Consensus Estimate for its current year earnings has increased by 3.7% over the last 60 days [2] - Harmony Gold's shares gained 47.8% over the last three months, again outperforming the S&P 500's gain of 2.7% [3] Group 3: Ferrovial SE (FER) - Ferrovial SE is an infrastructure company based in Amsterdam [3] - The company has a Zacks Rank of 1 and the Zacks Consensus Estimate for its current year earnings has increased by 11.2% over the last 60 days [3] - Ferrovial SE's shares gained 17.7% over the last three months, also outperforming the S&P 500's gain of 2.7% [3]

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the strategy of buying high and selling higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps define momentum characteristics, with Ferrovial SE (FER) currently holding a Momentum Style Score of B [2] Group 2: Zacks Rank and Performance - Ferrovial SE has a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance in the market [3] - Stocks rated Zacks Rank 1 or 2 with Style Scores of A or B tend to outperform the market over the following month [3] Group 3: Short-term and Long-term Performance - FER shares increased by 3.01% over the past week, outperforming the Zacks Real Estate - Operations industry, which rose by 1.26% [5] - Over the last quarter, FER shares rose by 17.98%, and over the past year, they increased by 28.68%, while the S&P 500 moved -2.63% and 13.25% respectively [6] Group 4: Trading Volume and Earnings Outlook - FER's average 20-day trading volume is 155,783 shares, which is a useful indicator of market interest [7] - In the past two months, one earnings estimate for FER increased, raising the consensus estimate from $0.89 to $0.99 [9] Group 5: Conclusion - Given the positive momentum indicators and earnings outlook, FER is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a strong candidate for investment [11]

Ferrovial SE & Subsidiaries Unaudited Financial Results Report January-March 2025 For a world on the move DISCLAIMER This presentation has been produced by Ferrovial SE ithe "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 c ...

Core Viewpoint - The article highlights three stocks with a buy rank and strong income characteristics, focusing on Kaiser Aluminum as a notable investment opportunity due to its recent earnings estimate increase [1] Company Summary - Kaiser Aluminum (KALU) is a leading producer of semi-fabricated specialty aluminum products, catering to global customers with engineered solutions for aerospace, high-strength general engineering, and custom automotive and industrial applications [1] - The Zacks Consensus Estimate for Kaiser Aluminum's current year earnings has increased by 13% over the last 60 days, indicating positive market sentiment and potential for growth [1]

Financial Data and Key Metrics Changes - Revenues totaled €9.5 billion, a 6.7% year-over-year increase on a like-for-like basis, driven primarily by higher revenues in Toll Roads and Construction [9] - Adjusted EBITDA surged to €1.3 billion, a 38.9% year-over-year increase on a like-for-like basis due mainly to a higher contribution from US Toll Road assets and the Construction business [9] - The construction order book reached an all-time high of €16.8 billion, with almost 50% coming from North America [9] - The net debt position ex-infrastructure projects reached minus €1.8 billion, indicating a strong financial position [5][9] - Total shareholder return in 2024 was 25.7% [9] Business Line Data and Key Metrics Changes Toll Roads - North American assets experienced robust traffic performance and revenue per transaction growth that significantly outpaced inflation [4] - Toll Road revenues increased by 19.6% and EBITDA by 19.5% on a like-for-like basis [15] - Total Toll Road dividends in 2024 were €895 million, €191 million more than the previous year [16] Airports - The new Terminal One at JFK reached 60% physical progress by the end of 2024, remaining on budget and on schedule [31] - Dalaman Airport recorded 5.6 million passengers, a 7.7% increase compared to the previous year, with revenues of €82 million and adjusted EBITDA of €64 million [33] Construction - Construction revenues reached €7.274 billion, a 3.8% increase year-over-year on a like-for-like basis [34] - Adjusted EBITDA was €430 million, a 95.4% increase compared to the previous year [34] - The adjusted EBIT margin improved to 3.9%, surpassing the target of 3.5% [35] Market Data and Key Metrics Changes - Traffic in the Greater Toronto Area grew 4.8%, supported by increased mobility and fewer winter weather events [19] - The Dallas-Fort Worth area was the number one destination for relocations, with a projected population growth of 55% by 2050 [23] Company Strategy and Development Direction - The company aims to focus on growth opportunities in North America, particularly in Toll Roads and airports [11] - Sustainability is at the core of the company's strategy, with specific targets for CO2 emissions reduction and water consumption [14] - The company plans to rotate mature assets when they offer more value to third parties [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth prospects, emphasizing the balance between new investments and shareholder distributions [52] - The company is optimistic about the performance of its North American assets and the potential for new managed lanes [11][12] Other Important Information - The company repurchased shares totaling €272 million and returned $831 million to shareholders, including €271 million from the 2023 program [6] - The company has upgraded its shareholder distribution guidance from €1.7 billion to a minimum of €2.2 billion for the period 2024 to 2026 [48] Q&A Session Summary Question: Current status on investments in other infrastructure projects in the US - The company is looking for opportunities in airports and other infrastructure but has no specific projects to announce yet [58][60] Question: Could the announced additional buyback program be extended to next year? - The company is open to extending the buyback program based on investment opportunities [63] Question: Guidance for higher earnings expectations for the 407 in 2025 - The management is optimistic about the new tariffs and promotions but does not provide specific guidance [66][68] Question: Impact of tariffs under the Trump administration - The company believes it is too early to assess the impact, as most purchases are local [70][71] Question: Conservative approach to the balance sheet - The company is focused on maintaining flexibility for potential investment opportunities while managing shareholder distributions [73][76] Question: Plans for treasury stock - The company has not decided on the cancellation of treasury stock, which could be used for various purposes [88]

2024 TOV ire rial Integrated Annual Report 02 12 mes Tideway Tunnel, London, United Kingdo Consolidated Management Report and Financial Statements The Report MANAGEMENT REPORT The following section and chapters constitute the Management Report in accordance with Article 2:391 of the Dutch Civil Code: The Management Report was prepared by the Board of Directors on February 27, 2025. Remuneration report The Remuneration Report pursuant to article 2:135b of the Dutch Civil Code (and the Dutch Corporate Governa ...

Corporate Reorganization - The Group underwent a corporate reorganization on June 16, 2023, re-domiciling from Spain to the Netherlands through a merger, resulting in the formation of Ferrovial SE[20]. - Ordinary shares began trading on Euronext Amsterdam and Spanish Stock Exchanges on June 16, 2023, and on Nasdaq under the symbol "FER" on May 9, 2024[20]. Financial Reporting - The financial information includes audited consolidated financial statements for the years ending December 31, 2024, 2023, and 2022, prepared in accordance with IFRS-IASB[23]. - The Group's results are reported in accordance with IFRS-IASB, with additional non-IFRS measures used to assess business performance[26]. - The merger involved a "pooling of interest" accounting approach, reflecting the reorganization's substance and providing useful information about the Group's performance[24]. - The Annual Report includes statistical and market data obtained from reliable sources, although the accuracy of third-party data has not been verified[27]. - Transactions in foreign currencies are translated into euros at applicable exchange rates, with monetary assets and liabilities translated at the reporting date[28]. - Amounts in the Annual Report are rounded to the nearest million euros, which may lead to discrepancies in totals due to rounding[29]. - The report contains forward-looking statements that involve risks and uncertainties, and actual results may differ materially from those projected[33]. - The Group's disclosures may change due to revisions in standards, availability of information, or changes in business or government policies[40]. Risks and Challenges - The company faces numerous risks including geographical operational risks, construction issues, and energy price volatility[43]. - Competitive pressures in the industry affect pricing and project funding availability, impacting overall performance[43]. - Economic and political conditions, including inflation and exchange rate fluctuations, pose significant risks to the business[43]. - The company must secure adequate financing in the future to support its operations[43]. - Legal and regulatory risks are heightened due to the company's operations in highly regulated environments[44]. - The company is dependent on a small number of projects, increasing concentration risk[43]. - Cybersecurity threats and digitalization present ongoing challenges for the company[43]. - The company must navigate risks associated with sustainability and ESG expectations[43]. - The international nature of the business requires compliance with various anti-corruption and economic sanctions laws[44]. - Compliance with listing requirements on Nasdaq, Euronext Amsterdam, and Spanish Stock Exchanges is critical for the company[43].

[Introduction & Disclaimers](index=2&type=section&id=Introduction%20%26%20Disclaimers) [Disclaimer](index=2&type=section&id=Disclaimer) This section clarifies the report's informational purpose, defines key terms, and states that historical performance does not guarantee future results - The report is for informational purposes only and does not constitute an offer, solicitation, or recommendation regarding any security of the Company[3](index=3&type=chunk) - Historical performance does not guarantee future performance, and there is no assurance that the Group's investment strategy will be successful[4](index=4&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) Forward-looking statements are subject to significant uncertainties and risks, and actual results may materially vary - Statements about future events, financial position, business strategy, plans, and objectives are forward-looking and subject to significant business, economic, competitive, and regulatory uncertainties and risks[5](index=5&type=chunk) - The Company makes no representation or warranty regarding the accuracy or completeness of these statements, and actual results may differ materially[5](index=5&type=chunk) [Alternative Performance Measures (APMs)](index=2&type=section&id=Alternative%20Performance%20Measures%20(APMs)) The report includes non-IFRS Alternative Performance Measures (APMs) used by management, which are not standardized or comparable to other companies - The report includes non-IFRS Alternative Performance Measures (APMs) like **Adjusted EBIT**, **Adjusted EBITDA**, **Comparable Growth**, **Order Book**, **Consolidated Net Debt**, and **Ex-Infrastructure Liquidity**[8](index=8&type=chunk)[171](index=171&type=chunk) - APMs are used by management for reviewing operating performance, profitability, decision-making, and resource allocation, complementing IFRS measures but not replacing them[8](index=8&type=chunk)[9](index=9&type=chunk)[164](index=164&type=chunk) - These non-IFRS measures are not standardized and may not be comparable to similarly titled measures presented by other companies[9](index=9&type=chunk)[164](index=164&type=chunk) [Additional Information](index=2&type=section&id=Additional%20Information) Ferrovial SE is subject to SEC reporting, with filings on EDGAR, and its interim financial statements were reviewed by Ernst & Young, S.L - Ferrovial SE is subject to SEC reporting requirements, and its filings are available on the SEC's EDGAR website[10](index=10&type=chunk) - The condensed consolidated interim financial statements for the six-month period ended June 30, 2024, have been reviewed by Ernst & Young, S.L[11](index=11&type=chunk) [Highlights & Main Corporate Events](index=4&type=section&id=Highlights%20%26%20Main%20Corporate%20Events) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) Ferrovial reported strong 9M 2024 financial performance with significant growth in revenue, Adjusted EBITDA, and Adjusted EBIT, maintaining solid liquidity Reported P&L (EUR million) | (EUR million) | Q3 24 | Q3 23 | 9M 24 | 9M 23 | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,376 | 2,281 | 6,643 | 6,221 | | Adjusted EBITDA® | 405 | 299 | 1,008 | 700 | | Adjusted EBIT* | 282 | 193 | 667 | 393 | | Operating profit/(loss) | 282 | 193 | 833 | 393 | Revenue by Segment (EUR million) | (EUR million) | Q3 24 | Q3 23 | VAR. | 9M 24 | 9M 23 | VAR. | LfL growth* | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Toll Roads | 321 | 289 | 11.4% | 916 | 781 | 17.4% | 21.9% | | Airports | 44 | 41 | 5.0% | 73 | 65 | 6.2% | 12.6% | | Construction | 1,866 | 1,836 | 1.6% | 5,237 | 4,994 | 4.9% | 3.2% | | Energy | 60 | 47 | 27.1% | 174 | 151 | 15.3% | 15.3% | | Others | 85 | 65 | 25.8% | 242 | 226 | 7.2% | 14.7% | | **Total Revenue** | **2,376** | **2,281** | **4.2%** | **6,643** | **6,221** | **6.8%** | **6.2%** | Adjusted EBITDA by Segment (EUR million) | (EUR million) | Q3 24 | Q3 23 | VAR. | 9M 24 | 9M 23 | VAR. | LfL growth* | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Toll Roads | 244 | 217 | 12.5% | 673 | 577 | 16.5% | 22.8% | | Airports | 27 | 24 | 9.4% | 28 | 23 | 24.7% | 24.8% | | Construction | 140 | 69 | 103.9% | 324 | 126 | 156.4% | 148.2% | | Energy | 5 | 0 | n.s. | 0 | 1 | -73.4% | -73.3% | | Others | -10 | -11 | 10.0% | -16 | -27 | 39.8% | 43.9% | | **Adjusted EBITDA*** | **405** | **299** | **35.7%** | **1,008** | **700** | **44.1%** | **50.0%** | Consolidated Net Debt (EUR million) | (EUR million) | SEP-24 | DEC-23 | | :--- | :--- | | Consolidated Net Debt of ex-infrastructure project companies* | 418 | -1,121 | | Consolidated Net Debt of infrastructure project companies* | 7,143 | 7,100 | | **Consolidated Net Debt*** | **7,561** | **5,979** | - Construction profitability improved, reaching an adjusted EBIT margin of **5.1% in Q3 2024** and **3.9% in 9M 2024**, with the order book at an all-time high of **EUR 15,586 million** (**+2.9% LfL vs. Dec 2023**)[21](index=21&type=chunk) - Solid financial position with ex-infrastructure project companies liquidity at **EUR 3,501 million** and Consolidated Net Debt of ex-infrastructure project companies at **EUR 418 million**[21](index=21&type=chunk) [Sustainability Highlights](index=4&type=section&id=Sustainability%20Highlights) Ferrovial was recognized for environmental conservation, joining TNFD and achieving 'A List' status from CDP for Climate Change and Water - Ferrovial joined the Taskforce on Nature-related Financial Disclosures (TNFD) as an 'Earlier Adopter'[16](index=16&type=chunk) - Recognized by CDP (Carbon Disclosure Project) with **'A List' for Climate Change** and **'A List' for Water**[16](index=16&type=chunk) [Main Corporate Events](index=4&type=section&id=Main%20Corporate%20Events) Key 9M 2024 corporate events included significant investments, divestments, a Heathrow stake sale agreement, Nasdaq trading, and a second scrip dividend - Acquired a **24% stake in IRB Infrastructure Trust** for **EUR 652 million** (total investment **EUR 740 million**)[21](index=21&type=chunk) - Awarded Lima's Peripheral Ring Road (Peru) project with an approximate equity commitment of **USD 140-210 million** for Ferrovial[21](index=21&type=chunk) - Started trading on Nasdaq on May 9[21](index=21&type=chunk) - Sold a **5% stake in IRB Infrastructure Developers** for **EUR 211 million**, generating a pre-tax capital gain of **EUR 133 million**[21](index=21&type=chunk) - Agreed to sell a pro rata portion of shares in FGP Topco (Heathrow) for **GBP 1.7 billion**, retaining a **5.25% stake** (total **10%** with other shareholders)[21](index=21&type=chunk) - Completed the sale of a **24.78% stake in Serveo** for **EUR 55 million**, with a capital gain of **EUR 33 million**[21](index=21&type=chunk) - Announced an additional share repurchase program with a maximum amount of **EUR 300 million**[21](index=21&type=chunk) - Created a JV vehicle with Interogo Holding to transfer economic and voting rights of stakes in several motorways in Ireland, Scotland, Canada, and Spain for **EUR 100 million**[21](index=21&type=chunk) - Announced its second scrip dividend on October 28[21](index=21&type=chunk) [Segment Performance](index=4&type=section&id=Segment%20Performance) [Toll Roads](index=6&type=section&id=Toll%20Roads) The Toll Roads division showed strong 9M 2024 performance with **21.9% LfL revenue growth** and **22.8% LfL Adjusted EBITDA growth**, driven by mobility, toll rates, and project developments Toll Roads Key Financials (9M 2024) | Metric | Value (EUR million) | LfL Growth* | | :--- | :--- | :--- | | Revenues | 916 | +21.9% | | Adjusted EBITDA* | 673 | +22.8% | - Toll Roads revenue increased by **17.4% to EUR 916 million** in 9M 2024, with Adjusted EBITDA up **16.5% to EUR 673 million**[17](index=17&type=chunk)[23](index=23&type=chunk) [407 ETR (Canada)](index=6&type=section&id=407%20ETR%20(Canada)) 407 ETR saw robust 9M 2024 growth, with **VKTs up 4.6%** and revenue increasing **13.2% to CAD 1,267 million**, driven by mobility and a new toll rate scheme 407 ETR Traffic & P&L (CAD million) | Metric | Q3 24 | Q3 23 | VAR. | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | VKTs (million) | 765.0 | 742.7 | 3.0% | 1,980.3 | 1,893.0 | 4.6% | | Revenue | 487 | 419 | 16.1% | 1,267 | 1,120 | 13.2% | | EBITDA | 431 | 370 | 16.4% | 1,108 | 969 | 14.4% | | EBITDA margin | 88.5% | 88.3% | - | 87.4% | 86.5% | - | - A new toll rate schedule was implemented on February 1, 2024, ending a four-year rate freeze and terminating the COVID-19 Force Majeure event for Schedule 22 payments[33](index=33&type=chunk)[34](index=34&type=chunk) - Dividends paid to shareholders in 9M 2024 reached **CAD 400 million** (up from **CAD 300 million in 9M 2023**), with **CAD 700 million** approved for Q4 2024[29](index=29&type=chunk) - Net debt at end of September was **CAD 9,407 million** with an average cost of **4.26%**[30](index=30&type=chunk) [Texas Managed Lanes (USA)](index=8&type=section&id=Texas%20Managed%20Lanes%20(USA)) Texas Managed Lanes showed mixed traffic but strong revenue and EBITDA growth, driven by higher toll rates and new segments, with I-77 distributing its first dividend - Overall, Texas Managed Lanes revenue increased by **23.3% to EUR 796 million** in 9M 2024, with Adjusted EBITDA up **22.1% to EUR 653 million**[159](index=159&type=chunk) [NTE I-2](index=8&type=section&id=NTE%20I-2) NTE I-2 experienced slight traffic decrease due to construction, but higher toll rates led to **1.6% revenue growth** and **1.7% Adjusted EBITDA growth** NTE I-2 Key Financials (USD million) | Metric | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | | Transactions (million) | 28.8 | 29.5 | -2.3% | | Avg. revenue per transaction (USD) | 7.5 | 7.2 | 4.1% | | Revenue | 216 | 213 | 1.6% | | Adjusted EBITDA* | 191 | 188 | 1.7% | | Adjusted EBITDA margin* | 88.2% | 88.2% | - | - NTE Capacity Improvements project commenced construction in 2024, forecasted for completion in early 2027, with Ferrovial Construction and Webber as contractors[45](index=45&type=chunk) [LBJ](index=8&type=section&id=LBJ) LBJ experienced **6.7% traffic increase** in 9M 2024, with average revenue per transaction up **8.2%**, resulting in **15.3% revenue growth** and **15.5% Adjusted EBITDA growth** LBJ Key Financials (USD million) | Metric | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | | Transactions (million) | 34.3 | 32.1 | 6.7% | | Avg. revenue per transaction (USD) | 4.8 | 4.4 | 8.2% | | Revenue | 165 | 143 | 15.3% | | Adjusted EBITDA* | 137 | 119 | 15.5% | | Adjusted EBITDA margin* | 83.1% | 83.0% | - | - LBJ distributed **USD 45 million** in dividends (**100%**) in 9M 2024[51](index=51&type=chunk) [NTE 35W](index=8&type=section&id=NTE%2035W) NTE 35W saw significant **27.9% traffic growth** in 9M 2024, boosted by NTE 3C's opening, leading to **45.6% revenue** and **42.7% Adjusted EBITDA growth** NTE 35W Key Financials (USD million) | Metric | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | | Transactions (million) | 37.5 | 29.3 | 27.9% | | Avg. revenue per transaction (USD) | 6.2 | 5.4 | 14.3% | | Revenue | 233 | 160 | 45.6% | | Adjusted EBITDA* | 195 | 137 | 42.7% | | Adjusted EBITDA margin* | 83.7% | 85.3% | - | - NTE 35W distributed **USD 73 million** in dividends (**100%**) in 9M 2024[57](index=57&type=chunk) [I-77](index=10&type=section&id=I-77) I-77 traffic increased **2.0%** in 9M 2024, with average revenue per transaction up **12.4%**, leading to **14.5% revenue** and **3.4% Adjusted EBITDA growth**, and distributed its first extraordinary dividend I-77 Key Financials (USD million) | Metric | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | | Transactions (million) | 31.0 | 30.4 | 2.0% | | Avg. revenue per transaction (USD) | 2.4 | 2.2 | 12.4% | | Revenue | 77 | 67 | 14.5% | | Adjusted EBITDA* | 50 | 48 | 3.4% | | Adjusted EBITDA margin* | 64.8% | 71.8% | - | - I-77 distributed its first extraordinary dividend of **USD 293 million** (**100%**) in 2024[65](index=65&type=chunk) - Issued **USD 371 million** of Senior Secured Notes to refinance TIFIA, increasing average debt life[66](index=66&type=chunk) [I-66](index=10&type=section&id=I-66) I-66 traffic increased **11.9%** in 9M 2024, with average revenue per transaction up **34.4%** due to higher toll rates, leading to **49.7% revenue growth** and **55.1% Adjusted EBITDA growth** I-66 Key Financials (USD million) | Metric | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | | Transactions (million) | 23.7 | 21.2 | 11.9% | | Avg. revenue per transaction (USD) | 7.1 | 5.3 | 34.4% | | Revenue | 174 | 116 | 49.7% | | Adjusted EBITDA* | 137 | 86 | 55.1% | | Adjusted EBITDA margin* | 79.1% | 76.3% | - | [IRB (India)](index=10&type=section&id=IRB%20(India)) Ferrovial's 9M 2024 financials include IRB's H1 contribution, showing **27.9% revenue growth** and **31.6% Adjusted EBITDA growth**, alongside stake sales and acquisitions in IRB entities IRB Key Financials (H1 2024, EUR million) | Metric | H1 24 | H1 23 | VAR. | | :--- | :--- | :--- | :--- | | Revenues | 494 | 386 | 27.9% | | Adjusted EBITDA* | 255 | 193 | 31.6% | | Adjusted EBITDA margin* | 51.6% | 50.1% | - | - Ferrovial sold a **5% stake in IRB Infrastructure Developers** for **EUR 211 million**, generating a pre-tax capital gain of **EUR 133 million**, and retains a **19.9% stake**[73](index=73&type=chunk) - Completed the acquisition of a **24% stake in IRB Infrastructure Trust** for **EUR 652 million**[75](index=75&type=chunk) - IRB successfully completed two refinancing initiatives, securing **USD 740 million** in Senior Secured US Notes in 2024[74](index=74&type=chunk) [Other Toll Roads & Development](index=10&type=section&id=Other%20Toll%20Roads%20%26%20Development) Ferrovial is expanding its toll road portfolio with new concessions and strategic JVs, while key assets under development, Ruta del Cacao and Silvertown Tunnel, near completion [Other Toll Roads](index=10&type=section&id=Other%20Toll%20Roads) Ferrovial, in a consortium, was selected for Lima's Peripheral Ring Road (Peru), a **USD 3.4 billion** urban toll road, and formed a JV to transfer motorway stakes for **EUR 100 million** - Ferrovial, Acciona, and Sacyr consortium selected to develop Lima's Peripheral Ring Road (Peru), a **34.8 km** urban toll road with a **USD 3.4 billion** investment; Ferrovial's equity commitment is approximately **USD 140-210 million**[79](index=79&type=chunk) - Ferrovial and Interogo Holding created a Joint Venture (Umbrella Roads BV) to transfer economic and voting rights of stakes in several motorways in Ireland, Scotland, Canada, and Spain for **EUR 100 million**[79](index=79&type=chunk) [Assets Under Development](index=12&type=section&id=Assets%20Under%20Development) Key assets under development, Ruta del Cacao (Colombia) and Silvertown Tunnel (UK), are **98.7%** and **96.4% complete** respectively, and expected to be operational soon - Ruta del Cacao (Colombia): **152 km** concession, **98.7% complete** as of September 30, 2024[84](index=84&type=chunk) - Silvertown Tunnel (London, UK): **1.4 km** twin bore road tunnel, **96.4% complete** as of September 30, 2024, expected to be completed in 2025[84](index=84&type=chunk) [Tenders Pending](index=12&type=section&id=Tenders%20Pending) Ferrovial, via Cintra, focuses on the USA market for new Managed Lanes projects, with several tenders expected in Georgia, Tennessee, and Charlotte in coming months - Ferrovial is focused on the USA market for new private initiatives, particularly Managed Lanes schemes[82](index=82&type=chunk)[85](index=85&type=chunk) - Upcoming tenders include I-285 East MLs (Georgia DOT, shortlist Q1 2025), I-24 Southeast Choice Lanes Project (Tennessee DOT, RFQ Q4 2024), and I-77 South Express Lanes (Charlotte, tender launched Oct 2024)[85](index=85&type=chunk) [Airports](index=14&type=section&id=Airports) The Airports division showed mixed 9M 2024 performance, with Heathrow's revenue and Adjusted EBITDA declining, while AGS and Dalaman reported strong growth, and NTO at JFK progressed well Airports Key Financials (9M 2024) | Metric | Value (EUR million) | LfL Growth* | | :--- | :--- | :--- | | Revenue | 73 | +12.6% | | Adjusted EBITDA* | 28 | +24.8% | [Heathrow (UK)](index=14&type=section&id=Heathrow%20(UK)) Heathrow recorded its busiest summer with **63.1 million passengers** in 9M 2024, but revenue decreased **3.2%** and Adjusted EBITDA by **9.7%** due to lower H7 charges, with Ferrovial agreeing to sell a significant stake Heathrow Traffic & P&L (GBP million) | Metric | Q3 24 | Q3 23 | VAR. | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Passengers (million) | 23.2 | 22.3 | 4.2% | 63.1 | 59.4 | 6.2% | | Revenue | 958 | 997 | -3.9% | 2,650 | 2,739 | -3.2% | | Adjusted EBITDA | 585 | 631 | -7.3% | 1,536 | 1,701 | -9.7% | | Adjusted EBITDA margin | 61.1% | 63.3% | - | 58.0% | 62.1% | - | - Aeronautical revenue decreased by **9.2%** due to lower H7 charges, while retail revenue increased by **11.3%** due to higher passenger numbers[101](index=101&type=chunk) - Heathrow revised its 2024 traffic forecast to **83.8 million passengers**[97](index=97&type=chunk) - Ferrovial agreed to sell **19.75% of its stake in FGP Topco** (Heathrow's parent company) for **GBP 1.7 billion**, retaining a **5.25% stake** (total **10%** with other shareholders)[99](index=99&type=chunk) [AGS (UK)](index=16&type=section&id=AGS%20(UK)) AGS airports continued traffic recovery, reaching **8.6 million passengers** in 9M 2024, with revenue increasing **11.2%** and Adjusted EBITDA growing **24.8%**, driven by international capacity and higher yields AGS Traffic & P&L (GBP million) | Metric | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | | Total AGS Passengers (million) | 8.6 | 7.9 | 8.5% | | AGS Revenue | 165 | 149 | 11.2% | | AGS Adjusted EBITDA* | 65 | 52 | 24.8% | | AGS Adjusted EBITDA margin* | 39.4% | 35.1% | - | - International traffic was the main driver of growth due to increased capacity and new routes[105](index=105&type=chunk) - AGS refinanced its debt facility, comprising a **GBP 646.4 million term loan**, a **GBP 50 million capital expenditure facility**, and a **GBP 15 million revolving credit facility**[109](index=109&type=chunk) [Dalaman (Turkey)](index=16&type=section&id=Dalaman%20(Turkey)) Dalaman airport reported strong 9M 2024 performance, with passenger traffic up **7.4%**, revenue growing **8.1%**, and Adjusted EBITDA increasing **14.7%**, driven by capacity and non-aero performance Dalaman Traffic & P&L (EUR million) | Metric | 9M 24 | 9M 23 | VAR. | | :--- | :--- | :--- | :--- | | Traffic (million) | 4.8 | 4.4 | 7.4% | | Revenue | 67 | 62 | 8.1% | | Adjusted EBITDA* | 54 | 47 | 14.7% | | Adjusted EBITDA margin* | 80.6% | 75.9% | - | - The region of Sarigerme has been declared a Tourism development area, expected to support airport growth[112](index=112&type=chunk) - Dalaman's net debt stood at **EUR 58 million** as of September 30, 2024, down from **EUR 96 million** in December 2023[114](index=114&type=chunk) [NTO at JFK (USA)](index=16&type=section&id=NTO%20at%20JFK%20(USA)) The New Terminal One (NTO) project at JFK is **51% complete**, with Ferrovial contributing **USD 641 million** of its equity, expected operational in 2026, and successfully issued **USD 2.55 billion** in green bonds - Ferrovial has contributed **USD 641 million** of its **USD 1,142 million** equity commitment to NTO[115](index=115&type=chunk) - The NTO project is **51% complete**, with substantial completion of weathertight in the Head House and East Pier steel erection completed in Q3 2024[116](index=116&type=chunk) - The terminal is expected to be operational in 2026, with the concession contract ending in 2060[116](index=116&type=chunk) - NTO issued **USD 2.55 billion** in green bonds in June 2024, the largest issuance of tax-exempt airport debt ever[117](index=117&type=chunk) [Construction](index=18&type=section&id=Construction) The Construction division showed significant 9M 2024 profitability improvement, with Adjusted EBIT reaching **EUR 203 million** (**3.9% margin**), revenue growing **3.2% LfL**, and the order book at an all-time high of **EUR 15,586 million** Construction Key Financials (9M 2024) | Metric | Value (EUR million) | LfL Growth* | | :--- | :--- | :--- | | Revenue | 5,237 | +3.2% | | Adjusted EBIT* | 203 | n.s. | | Adjusted EBIT* margin | 3.9% | - | | Order book*/** | 15,586 | +2.9% | - The order book reached an all-time high of **EUR 15,586 million** (**+2.9% LfL vs. Dec 2023**), with Civil Works representing **69%**[125](index=125&type=chunk) - The order book figure does not include c.**EUR 2,250 million** of pre-awarded contracts[126](index=126&type=chunk) [Ferrovial Construction](index=18&type=section&id=Ferrovial%20Construction) Ferrovial Construction's revenue increased **4.7% LfL** in 9M 2024, with Adjusted EBIT significantly improving to **EUR 49 million** due to the absence of US project losses and generalized performance improvements Ferrovial Construction Key Financials (9M 2024) | Metric | 9M 24 | 9M 23 | VAR. | LfL growth® | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,514 | 2,419 | 4.0% | 4.7% | | Adjusted EBIT* | 49 | -97 | 150.2% | -148.7% | | Adjusted EBIT margin® | 1.9% | -4.0% | - | - | | Order book*/** | 6,643 | 7,419 | -10.5% | -10.1% | - Profitability improvement was driven by the absence of losses in completion works of large US projects and performance improvements in other geographies[124](index=124&type=chunk) [Budimex](index=18&type=section&id=Budimex) Budimex revenue decreased **7.0% LfL** in 9M 2024 due to contract delays, but Adjusted EBIT margin improved to **7.8%**, benefiting from price revision indexations and a healthy order book Budimex Key Financials (9M 2024) | Metric | 9M 24 | 9M 23 | VAR. | LfL growth® | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,513 | 1,527 | -1.0% | -7.0% | | Adjusted EBIT* | 117 | 101 | 16.2% | 8.6% | | Adjusted EBIT margin® | 7.8% | 6.6% | - | - | | Order book*/** | 3,898 | 3,301 | 18.1% | 16.4% | - Order book increased by **16.4% LfL** compared to December 2023[125](index=125&type=chunk)[127](index=127&type=chunk) [Webber](index=18&type=section&id=Webber) Webber's revenue increased **15.5% LfL** in 9M 2024, driven by Civil Works awards, with Adjusted EBIT margin improving to **3.0%** Webber Key Financials (9M 2024) | Metric | 9M 24 | 9M 23 | VAR. | LfL growth® | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,210 | 1,048 | 15.4% | 15.5% | | Adjusted EBIT* | 37 | 29 | 25.1% | 32.2% | | Adjusted EBIT margin® | 3.0% | 2.8% | - | - | | Order book*/** | 5,046 | 4,459 | 13.2% | 14.3% | - Order book increased by **14.3% LfL** compared to December 2023[125](index=125&type=chunk)[127](index=127&type=chunk) [Financial Position & Cash Flows](index=19&type=section&id=Financial%20Position%20%26%20Cash%20Flows) [Consolidated Net Debt](index=20&type=section&id=Consolidated%20Net%20Debt) Ferrovial's Consolidated Net Debt increased to **EUR 7,561 million** in September 2024, primarily due to ex-infrastructure project companies shifting from a net cash to a net debt position Consolidated Net Debt (EUR million) | (EUR million) | SEP-24 | DEC-23 | | :--- | :--- | | Cash and cash equivalents from ex-infrastructure project companies | -2,689 | -4,584 | | Short and long-term borrowings from ex-infrastructure project companies | 3,113 | 3,449 | | Others from ex-infrastructure project companies ** | -6 | 15 | | **Consolidated Net Debt of ex-infrastructure project companies*** | **418** | **-1,121** | | Cash and cash equivalents from infrastructure project companies | -222 | -204 | | Short and long-term borrowings from infrastructure project companies | 8,044 | 7,915 | | Others from infrastructure project companies *** | -678 | -612 | | **Consolidated Net Debt of infrastructure project companies*** | **7,143** | **7,100** | | **Consolidated Net Debt*** | **7,561** | **5,979** | Consolidated Borrowings Characteristics (SEP-24) | (EUR million) | Ex-infrastructure project companies | Infrastructure project companies | Consolidated | | :--- | :--- | :--- | :--- | | Short and long-term borrowings | 3,113 | 8,044 | 11,157 | | % fixed | 91.8% | 99.2% | 97.2% | | % variable | 8.2% | 0.8% | 2.8% | | Average rate | 2.4% | 4.5% | 3.9% | | Average maturity (years) | 2 | 19 | 14 | [Liquidity & Debt Maturities](index=20&type=section&id=Liquidity%20%26%20Debt%20Maturities) Ferrovial maintained strong ex-infrastructure liquidity of **EUR 3,501 million** in September 2024, with stable **BBB** credit ratings from Standard & Poor's and Fitch Ratings Ex-Infrastructure Liquidity (EUR million, SEP-24) | (EUR million) | SEP-24 | | :--- | :--- | | Cash and cash equivalents | 2,689 | | Undrawn credit lines | 790 | | Others | 22 | | **Total Liquidity ex-infrastructure projects** | **3,501** | Debt Maturities (EUR million) | 2024 | 2025 | 2026 | 2027 | | :--- | :--- | :--- | :--- | | 501 | 753 | 791 | 1,076 | Credit Ratings | | Rating | | :--- | :--- | | Standard & Poor's | BBB / stable | | Fitch Ratings | BBB / stable | [Cash Flows](index=22&type=section&id=Cash%20Flows) Cash and cash equivalents for ex-infrastructure project companies decreased to **EUR 2,689 million** in September 2024, primarily due to investments and shareholder distributions, partially offset by project dividends and divestments Change in Consolidated Net Debt of Ex-Infrastructure Project Companies (EUR million) | Item | 9M 2024 | | :--- | :--- | | Cash flow from operating activities | 135 | | Cash flow from/ (used in) investing activities | -602 | | Cash flow from/ (used in) financing activities | -1,413 | | Dividends from projects | 490 | | Investments | -1,207 | | Divestments | 468 | | Shareholder Distribution | -749 | | Other treasury shares acquisition | -75 | | Other cash flows from (used in) financing activities | -594 | | Cash and cash equivalents at beginning of year | 4,584 | | Cash and cash equivalents at end of half year | 2,689 | - Main investment drivers included IRB Infrastructure Trust stake acquisition (**EUR -652 million**) and equity injection in NTO (**EUR -319 million**)[143](index=143&type=chunk) - Divestments included the sale of a **5% stake in IRB Infrastructure Developers** (**EUR 211 million**) and collection of vendor loan from Amey divestment (**EUR 176 million**)[143](index=143&type=chunk) - Shareholder distributions included cash dividends (**EUR -48 million**) and treasury share repurchases (**EUR -701 million**)[143](index=143&type=chunk) [Shareholder Information](index=24&type=section&id=Shareholder%20Information) [Scrip Dividend](index=24&type=section&id=Scrip%20Dividend) Ferrovial SE announced an interim scrip dividend of **EUR 0.3033 per share** in May 2024, issuing **4,719,782 new shares**, and declared a second interim scrip dividend in October 2024 - Interim scrip dividend of **EUR 0.3033 per share** was announced on May 9, 2024, with a ratio of **1 new share for every 120.2110 existing shares**, leading to the issuance of **4,719,782 new shares**[145](index=145&type=chunk)[146](index=146&type=chunk) - A second interim scrip dividend was declared on October 28, 2024, payable in cash or shares, with the dividend per share to be announced on November 7, 2024[147](index=147&type=chunk) [Share Buy-Back and Cancellation of Shares](index=24&type=section&id=Share%20Buy-Back%20and%20Cancellation%20of%20Shares) Ferrovial completed two share buy-back programs in 2024, repurchasing **21.5 million shares**, cancelled **13.2 million treasury shares** in August, and resolved to cancel an additional **10 million shares** in October, launching a new buy-back program for up to **EUR 300 million** - Completed a share buy-back program (Nov 2023 - Apr 2024) repurchasing **12,255,493 shares** (**1.65% of share capital**)[148](index=148&type=chunk) - Completed another buy-back program (Apr 2024 - Aug 2024) repurchasing **9,231,251 treasury shares** (**1.2% of share capital**)[149](index=149&type=chunk) - Cancelled **13,245,104 treasury shares** in August 2024, reducing issued share capital to **EUR 7,321,630.43**[150](index=150&type=chunk) - Resolved to cancel an additional **10,005,504 treasury shares** in October 2024[152](index=152&type=chunk) - Launched a new buy-back program on August 23, 2024, for up to **EUR 300 million**, aiming to repurchase up to **30 million shares** (approx. **4.1% of share capital**) by February 28, 2025[151](index=151&type=chunk)[157](index=157&type=chunk) [Shareholder Structure](index=24&type=section&id=Shareholder%20Structure) As of September 30, 2024, substantial holdings in Ferrovial SE include key family and institutional investors, with a free float of **50.7%** Substantial Holdings (as of Sep 30, 2024) | Shareholder | Stake | | :--- | :--- | | R. del Pino Calvo-Sotelo | 20.6% | | M. del Pino y Calvo-Sotelo | 4.5% | | I. del Pino y Calvo-Sotelo | 8.3% | | Bank of America Corporation | 4.3% | | BlackRock | 3.0% | | The Children's Investment Master Fund | 3.6% | | Free Float | 50.7% | [Appendices](index=26&type=section&id=Appendices) [Toll Roads Details by Asset](index=26&type=section&id=Toll%20Roads%20Details%20by%20Asset) This appendix provides detailed traffic, revenue, Adjusted EBITDA, and net debt figures for consolidated and equity-accounted toll road assets across various geographies Toll Roads - Global Consolidation (9M 2024, EUR million) | Asset | Traffic (million transactions) | Revenue | ADJ. EBITDA * | ADJ. EBITDA MARGIN* | NET DEBT | | :--- | :--- | :--- | :--- | :--- | :--- | | NTE | 29 | 199 | 176 | 88.2% | 1,128 | | LBJ | 34 | 152 | 126 | 83.1% | 1,789 | | NTE 35W ** | 38 | 215 | 180 | 83.7% | 1,425 | | I-77 | 31 | 70 | 46 | 64.8% | 413 | | I-66 | 24 | 160 | 126 | 79.1% | 1,428 | | Autema *** | 16,836 (ADT) | 52 | 46 | 88.3% | 556 | | Aravia *** | 39,682 (ADT) | 34 | 26 | 77.7% | -4 | | Via Livre | - | 12 | 3 | 22.0% | -9 | | **TOTAL TOLL ROADS** | - | **916** | **673** | **73.4%** | **6,731** | Toll Roads - Equity-Accounted (9M 2024, EUR million) | Asset | Traffic (VKT/ADT) | Revenue | EBITDA | ADJ. EBITDA MARGIN* | NET DEBT | | :--- | :--- | :--- | :--- | :--- | :--- | | 407 ETR (VKT million) | 1,980 | 857 | 749 | 87.4% | 6,247 | | M4 (ADT) | 38,406 | 29 | 16 | 54.6% | 36 | | M3 (ADT) | 44,942 | 10 | 5 | 45.5% | - | | A-66 Benavente Zamora | - | 20 | 18 | 83.9% | 146 | | Serrano Park | - | 5 | 3 | 68.2% | 29 | | EMESA | - | 145 | 90 | 61.7% | 163 | | IRB | - | 494 | 255 | 51.6% | 1,298 | | Toowoomba | - | 22 | 5 | 21.2% | 207 | | OSARs | - | 5 | 4 | 85.1% | 208 | | Zero ByPass (Bratislava) | - | 31 | 26 | 85.2% | 785 | [Exchange Rate Movements](index=26&type=section&id=Exchange%20Rate%20Movements) This appendix details last and average exchange rates for key currencies against the Euro, showing year-on-year changes for balance sheet and P&L purposes Exchange Rate Movements (2024/2023 Change) | Currency | LAST EXCHANGE RATE (BALANCE SHEET) | CHANGE 2024/2023 | AVERAGE EXCHANGE RATE (P&L) | CHANGE 2024/2023 | | :--- | :--- | :--- | :--- | :--- | | GBP | 0.8319 | -4.0% | 0.8513 | -2.2% | | US Dollar | 1.1148 | 1.0% | 1.0869 | 0.3% | | Canadian Dollar | 1.5058 | 3.1% | 1.4786 | 1.5% | | Polish Zloty | 4.2813 | -1.4% | 4.3051 | -6.1% | | Australian Dollar | 1.6067 | -0.9% | 1.6418 | 1.3% | | Indian Rupee | 93.7682 | 2.0% | 90.6763 | 1.6% | [Alternative Performance Measures (APMs) Definitions](index=28&type=section&id=Alternative%20Performance%20Measures%20(APMs)%20Definitions) This appendix provides detailed definitions and explanations for the non-IFRS Alternative Performance Measures (APMs) used in the report, clarifying their calculation and purpose - Adjusted EBIT is operating profit/(loss) excluding impairment and disposal of fixed assets, used to analyze operating results[165](index=165&type=chunk) - Adjusted EBITDA is operating profit/(loss) excluding impairment, disposal of fixed assets, depreciation, and amortization, used as an approximation to pre-tax operating cash flow[167](index=167&type=chunk) - Comparable or 'Like-for-like' (LfL) Growth adjusts for exchange-rate effects, fixed asset impairments, disposals, restructuring costs, and material acquisitions/accounting model changes to provide a homogenous measure of underlying profitability[169](index=169&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk) - Order Book represents income pending execution for Construction contracts, calculated by adding new contracts and subtracting recognized income[175](index=175&type=chunk) - Consolidated Net Debt is cash and cash equivalents minus short and long-term borrowings and other financial items, broken down into infrastructure and ex-infrastructure project companies[178](index=178&type=chunk)[182](index=182&type=chunk) - Ex-Infrastructure Liquidity is the sum of cash and cash equivalents from ex-infrastructure projects, restricted cash, undrawn credit lines, and forward hedging cash flows, used to determine liquidity for non-infrastructure commitments[180](index=180&type=chunk)[181](index=181&type=chunk)