[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