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)

[Disclaimer](index=5&type=section&id=Disclaimer) This section outlines the forward-looking nature of the report, highlighting significant business risks and the use of non-IFRS Alternative Performance Measures for financial analysis [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section emphasizes that forward-looking statements regarding future events, financial position, and business strategy are subject to significant, unpredictable business, economic, and competitive risks - Forward-looking statements are subject to significant business, economic, and competitive uncertainties and risks, many of which are beyond the Company's control and impossible to predict[10](index=10&type=chunk) - Key risks include those related to diversified operations, acquisitions/divestments (e.g., planned Heathrow stake divestment), competitive pressures, general economic conditions (inflation, interest rates, material costs, cybersecurity, conflicts), financing, listing compliance, lawsuits, ESG commitments, and tax regimes[10](index=10&type=chunk) [Alternative Performance Measures (APMs)](index=6&type=section&id=Alternative%20Performance%20Measures) The report utilizes non-IFRS Alternative Performance Measures (APMs) for management review and resource allocation, which complement IFRS but are not standardized or audited - The report includes Alternative Performance Measures (APMs) like Adjusted EBIT Margin, Adjusted EBITDA, Comparable Growth, Order Book, Adjusted EBIT, Infrastructure Liquidity, Consolidated Net Debt, and Ex-Infrastructure Liquidity[11](index=11&type=chunk) - APMs are used by management for reviewing operating performance, profitability, decision-making, and resource allocation, and are considered useful in addition to IFRS financial statements[11](index=11&type=chunk) - These non-IFRS measures do not have a standardized meaning and are unlikely to be comparable to similarly titled measures presented by other companies; they have not been audited, reviewed, or verified by the external auditor[11](index=11&type=chunk) [Management Report January - June 2024](index=7&type=section&id=MANAGEMENT%20REPORT%20JANUARY%20-%20JUNE%202024) This report provides a comprehensive overview of Ferrovial's operational and financial performance for the first half of 2024, highlighting key achievements and strategic developments [Highlights](index=7&type=section&id=Highlights) Ferrovial reported strong H1 2024 performance across Toll Roads, Airports, and Construction, achieving significant revenue growth, improved profitability, and a solid financial position - **407 ETR's** revenue reached **CAD 450 million** in Q2 **2024** (**+11.1%**), driven by increased congestion and new toll rates[13](index=13&type=chunk) - All Managed Lanes posted solid revenue per transaction growth vs. Q2 **2023**, with Texan MLs exceeding **2024** Soft Cap update (**+3.4%**) and I-77 distributing its first dividend (**USD 268 million**)[13](index=13&type=chunk) - Airports traffic improved across all assets vs. Q2 **2023**, with Heathrow passengers up **+5.5%**, AGS traffic up **+7.5%**, and Dalaman showing strong performance at **+12.2%**[13](index=13&type=chunk) - Construction showed significant improvement in profitability, reaching an adjusted EBIT margin of **4.0%** in Q2 **2024**, leading to **3.2%** in H1 **2024**. The order book reached peak levels at **EUR 15,974 million** (**+3.8%** LfL growth)[13](index=13&type=chunk) - Solid financial position with ex-infrastructure project companies liquidity at **EUR 4,255 million** and Consolidated Net Debt at **EUR -35 million**[13](index=13&type=chunk) [Main Corporate Events](index=7&type=section&id=Main%20Corporate%20Events) Key corporate events in H1 2024 included strategic acquisitions, major project awards, Nasdaq listing, and significant divestments, reshaping Ferrovial's portfolio - Ferrovial agreed to acquire a **24%** stake in IRB Infrastructure Trust for **EUR 740 million**, with **EUR 652 million** paid upfront in June[13](index=13&type=chunk) - Awarded Lima's Peripheral Ring Road (Peru) project, with an approximate **USD 140-210 million** equity commitment for Ferrovial[13](index=13&type=chunk) - Ferrovial started trading on Nasdaq on May **9**[13](index=13&type=chunk) - Sold a **5%** stake in IRB Infrastructure Developers for **EUR 211 million**, realizing a pre-tax capital gain of **EUR 133 million**[13](index=13&type=chunk) - New agreement to sell a pro rata portion of shares in FGP Topco (HAH) for **GBP 1.7 billion**, with Ferrovial retaining a **5.25%** stake[13](index=13&type=chunk) - Completed the sale of a **24.78%** stake in Serveo to Portobello Capital for **EUR 55 million**, with a capital gain of **EUR 33 million**[13](index=13&type=chunk) [Sustainability Highlights](index=8&type=section&id=Sustainability%20Highlights) Ferrovial received recognition for its sustainability commitment, joining TNFD as an 'Earlier Adapter' and achieving CDP's 'A List' for climate and water performance - Ferrovial joined the Taskforce on Nature-related Financial Disclosures (TNFD) as an 'Earlier Adapter', demonstrating commitment to nature and ecosystem conservation[15](index=15&type=chunk) - Recognized by CDP (Carbon Disclosure Project) as one of the world's leading environmental companies, included in the 'A List' for Climate Change and Water[15](index=15&type=chunk) [Consolidated Financial Summary](index=8&type=section&id=Consolidated%20Financial%20Summary) Ferrovial reported strong H1 2024 financial growth with revenue up 8.3% to EUR 4,267 million and Adjusted EBITDA surging 50.3% to EUR 603 million, driven by robust segment performance Reported P&L (EUR million) | Metric | Q2 24 | Q2 23 | H1 24 | H1 23 | |:---|:---|:---|:---|:---| | Revenue | 2,388 | 2,135 | 4,267 | 3,940 | | Adjusted EBITDA* | 349 | 212 | 603 | 401 | | Fixed asset depreciation | -116 | -106 | -218 | -201 | | Adjusted EBIT* | 233 | 106 | 385 | 200 | | Disposals & impairments | 166 | 0 | 166 | 0 | | Operating profit/(loss) | 399 | 106 | 551 | 200 | | Financial Results | -66 | -52 | -119 | -101 | | Profit/(Loss) before tax from continuing operations | 404 | 105 | 546 | 182 | | Income tax | -67 | -21 | -37 | -20 | | Net profit/(loss) from continuing operations | 337 | 82 | 509 | 162 | | Net profit/(loss) from discontinued operations | 2 | -1 | 9 | 6 | | Net profit/(loss) | 339 | 84 | 518 | 168 | | Net profit/(loss) attributed to non-controlling interests | -59 | -26 | -104 | -54 | | Net/(loss) attributed to the parent company | 280 | 58 | 414 | 114 | Revenue by Segment (EUR million) | Segment | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | LfL growth® | |:---|:---|:---|:---|:---|:---|:---|:---|\n| Toll Roads | 318 | 269 | 18.1% | 595 | 492 | 20.9% | 25.2% | | Airports | 25 | 23 | 8.9% | 30 | 28 | 7.8% | 9.7% | | Construction | 1,895 | 1,714 | 10.6% | 3,371 | 3,159 | 6.7% | 4.9% | | Energy | 61 | 54 | 13.2% | 114 | 104 | 9.9% | 9.9% | | Others | 87 | 74 | 18.0% | 157 | 158 | -0.8% | 7.0% | | Total Revenue | 2,388 | 2,135 | 11.9% | 4,267 | 3,940 | 8.3% | 7.5% | Adjusted EBITDA by Segment (EUR million) | Segment | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | LfL growth® | |:---|:---|:---|:---|:---|:---|:---|:---|\n| Toll Roads | 225 | 202 | 11.4% | 428 | 360 | 19.0% | 25.3% | | Airports | 11 | 0 | 32.4% | 2 | -2 | 186.9% | 186.3% | | Construction | 116 | 15 | n.s. | 184 | 58 | n.s. | 194.8% | | Energy | 0 | 3 | -94.8% | -4 | 1 | n.s. | n.s. | | Others | -2 | -16 | 85.7% | -6 | -16 | 61.2% | 64.1% | | Adjusted EBITDA® | 349 | 212 | 64.8% | 603 | 401 | 50.3% | 56.0% | Adjusted EBIT by Segment (EUR million) | Segment | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | LfL growth® | |:---|:---|:---|:---|:---|:---|:---|:---|\n| Toll Roads | 166 | 144 | 15.3% | 313 | 245 | 28.2% | 34.8% | | Airports | 4 | 2 | 69.6% | -8 | -8 | 23.1% | 23.2% | | Construction | 75 | -18 | n.s. | 107 | -4 | n.s. | n.s. | | Energy | -3 | 1 | n.s. | -10 | -3 | -231.4% | -229.1% | | Others | -9 | -23 | 59.8% | -19 | -29 | 33.6% | 34.9% | | Adjusted EBIT * | 233 | 106 | 119.8% | 385 | 200 | 92.5% | 101.5% | Consolidated Net Debt (EUR million) | Metric | JUN-24 | DEC-23 | |:---|:---|:---|\n| Consolidated Net Debt of ex-infrastructure project companies® | -35 | -1,121 | | Consolidated Net Debt of infrastructure project companies" | 7,546 | 7,100 | | Toll roads | 7,105 | 6,688 | | Others | 441 | 411 | | Consolidated Net Debt* | 7,511 | 5,979 | Traffic Performance (Million) | Asset | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| 407 ETR ** | 701 | 670 | 4.6% | 1,215 | 1,150 | 5.6% | | NTE *** | 10 | 10 | -5.2% | 19 | 19 | -1.8% | | LBJ *** | 12 | 11 | 6.6% | 23 | 21 | 7.0% | | NTE 35W *** | 13 | 10 | 33.6% | 25 | 18 | 38.7% | | I-77 *** | 11 | 11 | 1.5% | 21 | 20 | 4.9% | | I-66 *** | 9 | 7 | 15.6% | 16 | 13 | 16.6% | | Heathrow **** | 21 | 20 | 5.5% | 40 | 37 | 7.3% | | AGS** | 3 | 3 | 7.5% | 5 | 5 | 7.8% | | Dalaman **** | 2 | 2 | 12.2% | 2 | 2 | 10.4% | [Toll Roads](index=9&type=section&id=Toll%20Roads) The Toll Roads division achieved robust H1 2024 growth, with revenues reaching EUR 595 million and Adjusted EBITDA at EUR 428 million, driven by increased traffic and strategic acquisitions - Toll Roads revenues reached **EUR 595 million** (**+25.2%** LfL growth) and Adjusted EBITDA was **EUR 428 million** (**+25.3%** LfL growth) in H1 **2024**[16](index=16&type=chunk) [407 ETR (Canada)](index=9&type=section&id=407%20ETR) 407 ETR reported strong H1 2024 performance with VKTs up 5.6% and revenue increasing 11.4% to CAD 780 million, driven by higher traffic and new toll rates 407 ETR Traffic & Revenue (CAD million) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| VKTs (million) | 701.0 | 670.3 | 4.6% | 1,215.3 | 1,150.4 | 5.6% | | Revenue | 450 | 402 | 11.1% | 780 | 700 | 11.4% | | EBITDA | 398 | 320 | 11.7% | 677 | 598 | 13.1% | | EBITDA margin | 88.3% | 87.8% | | 86.8% | 85.4% | | | EBIT | 373 | 332 | 12.4% | 625 | 549 | 13.7% | | EBIT margin | 82.8% | 81.8% | | 80.1% | 78.5% | | - Toll revenue increased by **16.4%** to **CAD 736 million** in H1 **2024**, due to higher traffic volumes, longer trips, and higher toll rates effective February **1**, **2024**[17](index=17&type=chunk) - A **CAD 175 million** dividend was paid to shareholders in April **2024**, and a **CAD 225 million** dividend was approved for Q3 **2024**[20](index=20&type=chunk) - The new toll rate schedule implemented on February **1**, **2024**, terminated the COVID-**19** Force Majeure event, meaning Schedule **22** Payment will apply for **2025**[24](index=24&type=chunk)[25](index=25&type=chunk) [Texas Managed Lanes (USA)](index=10&type=section&id=TEXAS%20MANAGED%20LANES%20(USA)) The Texas Managed Lanes portfolio showed mixed traffic but strong revenue per transaction growth in H1 2024, benefiting from higher toll rates and I-77's first extraordinary dividend [NTE 1-2 (63.0%)](index=10&type=section&id=NTE%201-2) NTE 1-2 experienced a slight traffic decrease due to construction but saw revenue increase 3.0% to USD 143 million and Adjusted EBITDA rise 2.3% to USD 126 million, driven by higher toll rates NTE 1-2 Performance (USD million) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| Transactions (million) | 9.8 | 10.4 | -5.2% | 19.0 | 19.4 | -1.8% | | Avg. revenue per transaction (USD) | 7.5 | 7.2 | 4.0% | 7.5 | 7.1 | 4.8% | | Revenue | 74 | 75 | -1.3% | 143 | 139 | 3.0% | | Adjusted EBITDA* | 65 | 67 | -2.3% | 126 | 123 | 2.3% | | Adjusted EBIT * | 58 | 59 | -1.5% | 111 | 107 | 3.2% | - NTE distributed **USD 85 million** in dividends (**100%**), with Ferrovial's share at **EUR 50 million**[28](index=28&type=chunk) - Construction works for capacity improvements commenced at the end of **2023**, with completion forecasted for early **2027**[29](index=29&type=chunk) [LBJ (54.6%)](index=12&type=section&id=LBJ) LBJ reported a 7.0% traffic increase and 15.1% revenue growth to USD 107 million in H1 2024, with Adjusted EBITDA up 15.9% to USD 89 million, supported by higher mobility and toll rates LBJ Performance (USD million) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| Transactions (million) | 12.0 | 11.2 | 6.6% | 22.5 | 21.0 | 7.0% | | Avg. revenue per transaction (USD) | 4.8 | 4.5 | 7.3% | 4.7 | 4.4 | 7.8% | | Revenue | 57 | 50 | 14.2% | 107 | 93 | 15.1% | | Adjusted EBITDA* | 48 | 42 | 14.7% | 89 | 77 | 15.9% | | Adjusted EBIT* | 39 | 34 | 14.4% | 72 | 62 | 15.5% | - LBJ distributed **USD 45 million** in dividends (**100%**), with Ferrovial's share at **EUR 23 million**[33](index=33&type=chunk) [NTE 35W (53.7%)](index=12&type=section&id=NTE%2035W) NTE 35W traffic surged 38.7% in H1 2024, with revenue growing 62.5% to USD 153 million and Adjusted EBITDA increasing 61.1% to USD 127 million, boosted by new capacity and higher toll rates NTE 35W Performance (USD million) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| Transactions (million) | 13.0 | 9.7 | 33.6% | 24.7 | 17.8 | 38.7% | | Avg. revenue per transaction (USD) | 6.2 | 5.4 | 15.8% | 6.2 | 5.3 | 17.5% | | Revenue | 81 | 52 | 54.3% | 153 | 94 | 62.5% | | Adjusted EBITDA* | 64 | 45 | 41.8% | 127 | 79 | 61.1% | | Adjusted EBIT* | 53 | 39 | 37.1% | 106 | 66 | 59.7% | - NTE **35W** distributed **USD 73 million** in dividends (**100%**), with Ferrovial's share at **EUR 36 million**[38](index=38&type=chunk) [I-77 (72.2%)](index=13&type=section&id=I-77) I-77 traffic increased 4.9% in H1 2024, with revenue up 18.0% to USD 50 million and Adjusted EBITDA rising 4.9% to USD 32 million, notably distributing its first extraordinary dividend I-77 Performance (USD million) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| Transactions (million) | 11.1 | 10.9 | 1.5% | 20.6 | 19.6 | 4.9% | | Avg. revenue per transaction (USD) | 2.5 | 2.2 | 11.4% | 2.4 | 2.1 | 12.7% | | Revenue | 28 | 25 | 12.8% | 50 | 43 | 18.0% | | Adjusted EBITDA* | 16 | 18 | -8.5% | 32 | 31 | 4.9% | | Adjusted EBIT* | 13 | 16 | -16.6% | 26 | 26 | -2.1% | - I-77 distributed its first extraordinary dividend in June, amounting to **USD 268 million** (**100%**), with Ferrovial's share at **EUR 179 million**[42](index=42&type=chunk) - Completed the issuance of **USD 371 million** of senior secured notes to refinance TIFIA, increasing the average life of outstanding debt[43](index=43&type=chunk) [I-66 (55.7%)](index=14&type=section&id=I-66) I-66 traffic increased 16.6% in H1 2024, with revenue growing 65.5% to USD 111 million and Adjusted EBITDA rising 75.7% to USD 88 million, driven by steady ramp-up and higher toll rates I-66 Performance (USD million) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| Transactions (million) | 8.5 | 7.4 | 15.6% | 15.6 | 13.4 | 16.6% | | Avg. revenue per transaction (USD) | 7.1 | 5.3 | 34.5% | 6.9 | 4.8 | 42.5% | | Revenue | 62 | 40 | 54.6% | 111 | 67 | 65.5% | | Adjusted EBITDA® | 51 | 32 | 58.7% | 88 | 50 | 75.7% | | Adjusted EBIT * | 32 | 10 | 220.8% | 53 | 6 | n.s. | [IRB (24.86%, equity-accounted)](index=14&type=section&id=IRB) Ferrovial acquired a 24% stake in IRB Infrastructure Trust for EUR 652 million and sold a 5% stake in IRB Infrastructure Developers for EUR 211 million, generating a EUR 133 million capital gain - Ferrovial completed the acquisition of a **24%** stake in IRB Infrastructure Trust for **EUR 652 million** in Q2 **2024**[48](index=48&type=chunk) - Sold a **5%** stake in IRB Infrastructure Developers for **EUR 211 million**, resulting in a pre-tax capital gain of **EUR 133 million**[48](index=48&type=chunk) - Ferrovial retains a **19.9%** stake in IRB Infrastructure Developers, remaining the second-largest shareholder[48](index=48&type=chunk) [Other Toll Roads](index=14&type=section&id=OTHER%20TOLL%20ROADS) Ferrovial was selected to develop Lima's Peripheral Ring Road in Peru, a USD 3.4 billion urban toll road project with an equity commitment of USD 140-210 million - Ferrovial was selected to develop Lima's Peripheral Ring Road (Peru), a **34.8** km urban toll road with an investment of **USD 3.4 billion**[49](index=49&type=chunk) - Ferrovial's equity commitment for the Lima project is approximately **USD 140-210 million**[49](index=49&type=chunk) [Assets Under Development](index=14&type=section&id=ASSETS%20UNDER%20DEVELOPMENT) Key assets under development, Ruta del Cacao (Colombia) and Silvertown Tunnel (London, UK), are nearing completion, expected in 2025 - Ruta del Cacao (Colombia), a **25**-year concession, is **98.4%** complete as of June **30**, **2024**[50](index=50&type=chunk) - Silvertown Tunnel (London, UK), a **25**-year availability payment project, is **92.9%** complete as of June **30**, **2024**, with works expected to be completed in **2025**[50](index=50&type=chunk) [Tenders Pending](index=14&type=section&id=TENDERS%20PENDING) Ferrovial focuses on the USA for new tenders, submitting an offer for the SR-400 Managed Lanes project in Atlanta, with an outcome expected in Q3 2024 - Ferrovial submitted an offer for the SR-**400** Managed Lanes project in Atlanta, Georgia, with an outcome expected in Q3 **2024**[51](index=51&type=chunk) - Actively following several projects in other US states (Virginia, Tennessee, North Carolina) and selectively pursuing investments in other geographies[51](index=51&type=chunk) [Airports](index=15&type=section&id=Airports) The Airports division showed strong H1 2024 traffic recovery and improved financial performance, with Heathrow, AGS, and Dalaman reporting significant passenger increases and strategic divestment of Heathrow stake ongoing [Heathrow (25%, equity-accounted) - UK](index=15&type=section&id=HEATHROW) Heathrow welcomed a record 39.8 million passengers in H1 2024, though revenue decreased 2.9% to GBP 1,692 million due to lower charges, while Ferrovial agreed to sell a 19.75% stake Heathrow Passenger Traffic (Million passengers) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| UK | 1.2 | 1.1 | 6.4% | 2.3 | 2.1 | 9.5% | | Rest of Europe | 8.7 | 8.1 | 7.7% | 15.9 | 14.7 | 8.2% | | Intercontinental | 11.4 | 11.0 | 3.9% | 21.6 | 20.3 | 6.6% | | Total | 21.3 | 20.2 | 5.5% | 39.8 | 37.1 | 7.3% | Heathrow P&L (GBP million) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| Revenue | 884 | 928 | -4.7% | 1,692 | 1,742 | -2.9% | | Adjusted EBITDA | 508 | 584 | -12.8% | 951 | 1,070 | -11.1% | | Adjusted EBITDA margin | 57.5% | 62.9% | | 56.2% | 61.4% | | - Aeronautical revenue decreased by **7.9%** in H1 **2024** due to lower H7 charges, while Retail revenue increased by **11.8%** due to higher departing passengers[54](index=54&type=chunk)[55](index=55&type=chunk) - Ferrovial agreed to sell a **19.75%** stake in FGP Topco for **GBP 1.7 billion**, retaining a **5.25%** stake, with the transaction subject to regulatory approvals[61](index=61&type=chunk) [AGS (50%, equity-accounted) - UK](index=18&type=section&id=AGS) AGS Airports reported 5.2 million passengers in H1 2024, a 7.8% increase, despite a reduction in Logan Air flights. Revenue grew by 13.9% to GBP 101 million, and Adjusted EBITDA increased by 24.3% to GBP 34 million, following a debt refinancing AGS Passenger Traffic (Million passengers) | Airport | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| Glasgow | 2.3 | 2.1 | 8.8% | 3.7 | 3.4 | 9.7% | | Aberdeen | 0.6 | 0.6 | 0.8% | 1.1 | 1.1 | 0.6% | | Southampton | 0.2 | 0.2 | 13.9% | 0.4 | 0.4 | 12.9% | | Total AGS | 3.1 | 2.9 | 7.5% | 5.2 | 4.9 | 7.8% | AGS Financial Performance (GBP million) | Metric | Q2 24 | Q2 23 | VAR | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| AGS Revenue | 59 | 52 | 13.6% | 101 | 89 | 13.9% | | AGS Adjusted EBITDA* | 24 | 21 | 18.4% | 34 | 28 | 24.3% | | AGS Adjusted EBITDA margin* | 41.5% | 39.8% | | 34.1% | 31.2% | | - AGS completed the refinancing of its debt facility, which included a **GBP 80 million** equity injection (**GBP 40 million** from Ferrovial)[68](index=68&type=chunk)[69](index=69&type=chunk) [Dalaman (60%, globally consolidated) - Turkey](index=18&type=section&id=Dalaman) Dalaman Airport recorded 2.0 million passengers in H1 2024, a 10.4% increase, with revenue reaching EUR 26 million and Adjusted EBITDA at EUR 18 million, driven by increased capacity Dalaman Traffic & Financials (EUR million) | Metric | Q2 24 | Q2 23 | VAR. | H1 24 | H1 23 | VAR. | |:---|:---|:---|:---|:---|:---|:---|\n| Traffic (million) | 1.7 | 1.5 | 12.2% | 2.0 | 1.8 | 10.4% | | Revenue | 23 | 21 | 8.8% | 26 | 24 | 9.2% | | Adjusted EBITDA* | 20 | 16 | 20.1% | 18 | 15 | 20.8% | | Adjusted EBITDA margin® | 84.1% | 76.2% | | 69.7% | 63.0% | | [NTO at JFK (49%, equity-accounted) - USA](index=18&type=section&id=NTO%20at%20JFK) Ferrovial contributed USD 481 million equity to JFK's New Terminal One project, which is progressing as expected for a 2026 operational launch, and successfully issued USD 2.55 billion in green bonds - Ferrovial has contributed **USD 481 million** of equity to the NTO project, with a total equity commitment of **USD 1,142 million**[72](index=72&type=chunk) - The NTO project is progressing within expectations and is expected to be operational in **2026**[73](index=73&type=chunk) - NTO issued **USD 2.55 billion** in green bonds in Q2 **2024**, the largest issuance of tax-exempt airport debt, with an all-in interest cost of **4.65%** and a weighted average maturity of **30** years[74](index=74&type=chunk) [Construction](index=20&type=section&id=Construction) The Construction division significantly improved H1 2024 profitability, with Adjusted EBIT reaching EUR 107 million (3.2% margin) and a record order book of EUR 15,974 million - Construction revenue increased by **4.9%** LfL to **EUR 3,371 million** in H1 **2024**, with North America representing **33%** and Poland **26%**[76](index=76&type=chunk) - Adjusted EBIT for Construction stood at **EUR 107 million** in H1 **2024**, reaching a **3.2%** adjusted EBIT margin, a significant improvement from **-0.1%** in H1 **2023**[77](index=77&type=chunk) - The order book reached peak levels at **EUR 15,974 million** (**+3.8%** LfL compared to December **2023**), with Civil Works as the largest segment (**69%**)[79](index=79&type=chunk) Construction Segment Performance (EUR million) | Metric | H1 24 | H1 23 | VAR. | LfL growth® | |:---|:---|:---|:---|:---|\n| Revenue | 3,371 | 3,159 | 6.7% | 4.9% | | Adjusted EBITDA* | 184 | 58 | n.s. | 194.8% | | Adjusted EBITDA margin* | 5.5% | 1.8% | | | | Adjusted EBIT* | 107 | -4 | n.s. | n.s. | | Adjusted EBIT margin* | 3.2% | -0.1% | | | | Order book*/** | 15,974 | 15,179 | 5.2% | 3.8% | Construction Subdivisions H1 2024 Performance (EUR million) | Subdivision | Revenue | Adj. EBITDA | Adj. EBITDA margin | Adj. EBIT | Adj. EBIT margin | Order book | |:---|:---|:---|:---|:---|:---|:---|\n| Budimex | 936 | 86 | 9.2% | 68 | 7.3% | 3,775 | | Webber | 708 | 45 | 6.3% | 20 | 2.8% | 4,790 | | F. Construction | 1,727 | 53 | 3.1% | 19 | 1.1% | 7,409 | [Consolidated P&L](index=21&type=section&id=Consolidated%20P%26L) Ferrovial's H1 2024 consolidated P&L shows significant growth, with revenue up 8.3% to EUR 4,267 million and net profit attributed to the parent company reaching EUR 414 million Consolidated P&L (EUR million) | Metric | Q2 24 | Q2 23 | H1 24 | H1 23 | |:---|:---|:---|:---|:---|\n| Revenue | 2,388 | 2,135 | 4,267 | 3,940 | | Adjusted EBITDA* | 349 | 212 | 603 | 401 | | Fixed asset depreciation | -116 | -106 | -218 | -201 | | Adjusted EBIT* | 233 | 100 | 382 | 200 | | Disposals & impairments | 166 | 0 | 166 | 0 | | Operating profit/(loss) | 399 | 106 | 221 | 200 | | Financial Results | -66 | -52 | -119 | -101 | | Equity-accounted affiliates | 71 | 51 | 114 | 83 | | Profit/(Loss) before tax from continuing operations | 404 | 105 | 546 | 182 | | Income tax | -67 | -21 | -37 | -20 | | Net profit/(loss) from continuing operations | 337 | 85 | 509 | 162 | | Net profit/(loss) from discontinued operations | 2 | -1 | 9 | 6 | | Net profit/(loss) | 339 | 84 | 518 | 168 | | Net profit/(loss) attributed to non-controlling interests | -59 | -26 | -104 | -54 | | Net/(loss) attributed to the parent company | 280 | 58 | 414 | 114 | - Revenue at **EUR 4,267 million** (**+7.5%** LfL growth) driven by higher Toll Roads revenues (**+25.2%** LfL growth) and increased contribution from Construction (**+10.6%** vs. Q2 **2023**)[82](index=82&type=chunk) - Adjusted EBITDA reached **EUR 603 million** (**+56.0%** LfL growth), with strong contributions from Toll Roads (**25.3%** LfL growth) and Construction (**EUR 116 million** in Q2 **2024** vs. **EUR 15 million** in Q2 **2023**)[83](index=83&type=chunk) - Disposals and impairments at **EUR 166 million** related to capital gains from the **5%** stake sale in IRB Infrastructures Developers (**EUR 133 million**) and the **24.78%** stake sale in Serveo (**EUR 33 million**)[84](index=84&type=chunk) - Net profit attributed to the parent company reached **EUR 414 million** in H1 **2024**, significantly up from **EUR 114 million** in H1 **2023**[94](index=94&type=chunk) [Consolidated Statements of Financial Position](index=23&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Ferrovial's total assets increased to EUR 26,626 million at June 30, 2024, driven by infrastructure projects, while cash and cash equivalents decreased and total liabilities rose Consolidated Statements of Financial Position (EUR million) | Metric | JUN-24 | DEC-23 | |:---|:---|:---|\n| **NON-CURRENT ASSETS** | **20,288** | **19,328** | | Goodwill | 486 | 475 | | Fixed assets in infrastructure projects | 13,839 | 13,495 | | Investments in associates | 2,803 | 2,038 | | Non-current financial assets | 983 | 1,148 | | Deferred tax assets | 991 | 1,006 | | **CURRENT ASSETS** | **6,338** | **6,990** | | Short-term trade and other receivables | 2,007 | 1,677 | | Cash and cash equivalents | 3,659 | 4,789 | | Assets held for sale | 78 | 0 | | **TOTAL ASSETS** | **26,626** | **26,318** | | **EQUITY** | **5,774** | **5,879** | | Equity attributable to shareholders | 3,761 | 3,766 | | Equity attributable to non-controlling interests | 2,013 | 2,113 | | **NON-CURRENT LIABILITIES** | **14,066** | **14,664** | | Borrowings | 9,889 | 10,423 | | Deferred taxes | 1,032 | 1,086 | | **CURRENT LIABILITIES** | **6,786** | **5,775** | | Borrowings | 1,800 | 942 | | Short-term trade and other payables | 3,787 | 3,646 | | Liabilities held for sale | 16 | 0 | | **TOTAL LIABILITIES & EQUITY** | **26,626** | **26,318** | - Total assets increased to **EUR 26,626 million** at June **30**, **2024**, from **EUR 26,318 million** at December **31**, **2023**[96](index=96&type=chunk) - Non-current assets increased, driven by fixed assets in infrastructure projects and investments in associates[96](index=96&type=chunk) - Cash and cash equivalents decreased from **EUR 4,789 million** to **EUR 3,659 million**[96](index=96&type=chunk) [Consolidated Net Debt & Liquidity](index=25&type=section&id=Consolidated%20Net%20Debt%20%26%20Liquidity) Ferrovial's Consolidated Net Debt increased to EUR 7,511 million, primarily from infrastructure projects, while ex-infrastructure companies achieved a net cash position of EUR -35 million, maintaining strong liquidity Consolidated Net Debt (EUR million) | Metric | JUN-24 | DEC-23 | |:---|:---|:---|\n| Cash and cash equivalents from ex-infrastructure project companies | -3,445 | -4,584 | | Short and long-term borrowings from ex-infrastructure project companies | 3,440 | 3,449 | | Others from ex-infrastructure project companies ** | -30 | 15 | | Consolidated Net Debt of ex-infrastructure project companies* | -35 | -1,121 | | Cash and cash equivalents from infrastructure project companies | -213 | -204 | | Short and long-term borrowings from infrastructure project companies | 8,249 | 7,915 | | Others from infrastructure project companies *** | -490 | -612 | | Consolidated Net Debt of infrastructure project companies* | 7,546 | 7,100 | | Consolidated Net Debt* | 7,511 | 5,979 | Consolidated Borrowings (EUR million) | Metric | Ex-infrastructure project companies | Infrastructure project companies | Consolidated | |:---|:---|:---|:---|\n| Short and long-term borrowings | 3,440 | 8,249 | 11,689 | | % fixed | 92.5% | 99.5% | 97.5% | | % variable | 7.5% | 0.5% | 2.5% | | Average rate | 2.5% | 4.4% | 3.9% | | Average maturity (years) | 2 | 19 | 14 | Liquidity (EUR million) | Metric | JUN-24 | |:---|:---|\n| Cash and cash equivalents | 3,445 | | Undrawn credit lines | 790 | | Others | 21 | | Total Liquidity ex-infrastructure projects | 4,255 | - Cash outflows were mainly driven by JRB Infrastructure Trust stake acquisition (**EUR -652 million**), shareholder distributions (**EUR -514 million**), and equity injection in NTD (**EUR -173 million**)[13](index=13&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk) - Cash inflows included **EUR 373 million** of dividends from projects and **EUR 211 million** from the **5%** stake sale in IRB Infrastructure Developers[13](index=13&type=chunk)[105](index=105&type=chunk) [Consolidated Cash Flow](index=29&type=section&id=Consolidated%20Cash%20Flow) Ferrovial's H1 2024 operating cash flows decreased to EUR 195 million, while investing activities used EUR 396 million, and financing activities used EUR 952 million, largely due to investments and shareholder remuneration Consolidated Cash Flow (EUR million) | Metric | H1 2024 | H1 2023 | |:---|:---|:---|\n| Adjusted EBITDA | 603 | 401 | | Dividends from projects | 68 | 55 | | Cash flows from (used in) operating activities | 195 | 282 | | Investments | -1,051 | -259 | | Divestments | 437 | -7 | | Cash flows from (used in) investing activities | -392 | 123 | | Ferrovial shareholder remuneration | -514 | -52 | | Dividends paid to non-controlling interests of investees | -260 | -292 | | Interest paid | -234 | -213 | | Cash flows from (used in) financing activities | -952 | -982 | | Change in cash and cash equivalents | -1,130 | -445 | | Cash and cash equivalents at end of period | 3,659 | 4,685 | - Cash flows from operating activities decreased to **EUR 195 million** in H1 **2024** (H1 **2023**: **EUR 282 million**), impacted by higher tax payments (**EUR -171 million**) and changes in working capital (**EUR -305 million**)[108](index=108&type=chunk)[180](index=180&type=chunk) - Investments reached **EUR -875 million** in H1 **2024**, mainly for the acquisition of a **24%** stake in IRB Infrastructure Trust (**EUR -652 million**) and equity injection in NTO (**EUR -173 million**)[104](index=104&type=chunk)[118](index=118&type=chunk) - Divestments generated **EUR 437 million** in H1 **2024**, largely from the sale of a **5%** stake in IRB Infrastructure Developers (**EUR 211 million**) and the collection of the Amey vendor loan (**EUR 176 million**)[105](index=105&type=chunk)[118](index=118&type=chunk) - Ferrovial Shareholder remuneration amounted to **EUR -514 million**, including **EUR -48 million** from scrip dividend and **EUR -466 million** from share buy-back programs[106](index=106&type=chunk)[119](index=119&type=chunk) [Ex-Infrastructure Project Cash Flows](index=31&type=section&id=EX-INFRASTRUCTURE%20PROJECT%20CASH%20FLOWS*) Ex-infrastructure cash flows from operating activities (before tax) totaled EUR 211 million in H1 2024, slightly down from EUR 220 million in H1 2023, despite higher dividends from Toll Roads (EUR 356 million), including the first I-77 dividend (EUR 179 million). Tax payments significantly increased to EUR -171 million. Cash flows from investing activities were EUR -438 million, primarily due to investments in IRB Infrastructure Trust and NTO, partially offset by divestments Ex-Infrastructure Cash Flows from Operating & Investing Activities (EUR million) | Metric | H1 2024 Operating | H1 2024 Investing | H1 2024 Total | H1 2023 Operating | H1 2023 Investing | H1 2023 Total | |:---|:---|:---|:---|:---|:---|:---|\n| Toll Roads projects | 356 | -454 | -98 | 342 | -79 | 263 | | Airports projects | 1 | -223 | -221 | 0 | -65 | -66 | | Construction | -53 | -39 | -91 | -12 | -36 | -48 | | Energy | 3 | -37 | -34 | -32 | -12 | -144 | | Others | -96 | 216 | 119 | -78 | -21 | -99 | | Interest received and other investing activities Cash flows | 0 | 99 | 99 | 0 | 108 | 108 | | Total excluding tax payments | 211 | -438 | -226 | 220 | -106 | 114 | | Tax payments | -171 | 0 | -171 | -47 | 0 | -47 | | Total | 41 | -438 | -397 | 173 | -106 | 67 | - Dividends received from projects reached **EUR 373 million** in H1 **2024** (H1 **2023**: **EUR 342 million**), with Toll Roads contributing **EUR 356 million**, including the first I-77 dividend of **EUR 179 million**[114](index=114&type=chunk)[115](index=115&type=chunk) Toll Roads Dividends (EUR million) | Toll Roads Dividends | H1 24 | H1 23 | |:---|:---|:---|\n| 407 ETR | 52 | 44 | | NTE | 50 | 54 | | LBJ | 23 | 16 | | NTE 35W | 36 | 216 | | I-77 | 179 | 0 | | IRB | 5 | 0 | | Irish toll roads | 1 | 1 | | Portuguese toll roads | 1 | 1 | | Australian toll roads | 3 | 5 | | Spanish toll roads | 4 | 3 | | Others | 3 | 2 | | Total | 356 | 342 | [Infrastructure Project Cash Flows](index=34&type=section&id=INFRASTRUCTURE%20PROJECT%20CASH%20FLOWS*) Infrastructure project cash flows from operating activities were EUR 459 million in H1 2024, mainly from toll roads. Cash flows used in investing activities were EUR -90 million, primarily due to capital expenditures in NTE for capacity improvements. Cash flows used in financing activities were EUR -182 million, including interest payments and other financing-related costs Infrastructure Project Cash Flows from Operating Activities (EUR million) | Metric | H1 24 | H1 23 | |:---|:---|:---|\n| Toll roads | 443 | 401 | | Other | 17 | -6 | | Cash flows from (used in) operating activities | 459 | 395 | Infrastructure Project Cash Flows from Investing Activities (EUR million) | Metric | H1 24 | H1 23 | |:---|:---|:---|\n| Total toll roads