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

❓ Q&As on interaction of IFRS 18 with Alternative Performance Measures GLs:🔗 https://t.co/ikIhlILQnd🔗 https://t.co/Y6cwSspcFV🔗 https://t.co/TfklwqrSQl🔗 https://t.co/OljG47Bxh5🔗 https://t.co/3dgrSDePb6 https://t.co/zvGwKrSfZP ...

Core Insights - The company has demonstrated strong client demand and investment performance, leading to significant growth in assets under management (AUM) and fee income [3][4][9] Financial Performance - AUM increased to $124.3 billion, representing a 14% year-on-year growth, while fee-earning AUM rose to $83.8 billion, up 12% [8][9] - Management fee income reached £333.6 million, a 16% increase compared to the previous period, with performance fee income rising to £97.6 million [10][41] - Group profit before tax was £351.6 million, a 77% increase year-on-year, with earnings per share rising to 102.8p, up 78% [10][27] Fundraising and Deployment - The company raised $9 billion in the half-year, driven by European IX and European Infrastructure II funds [9][11] - Deployment of funds totaled $6.1 billion, with realisations amounting to $3.9 billion [11] Strategic Partnerships - A long-term strategic partnership with Amundi was announced to enhance the development and distribution of private market products targeted at wealth investors [6][9] Medium-term Guidance - The company aims to raise at least $55 billion in aggregate fundraising between April 2024 and March 2028, with an operating margin target exceeding 54% [12] Business Activity Overview - Structured Capital and Secondaries raised $4.0 billion, while Real Assets raised $3.3 billion, indicating strong fundraising activity across various strategies [11][31] - The effective management fee rate on fee-earning AUM was 0.98%, reflecting a stable fee structure [41] Investment Company Overview - The Investment Company focuses on seeding new strategies and investing alongside established strategies to align interests among shareholders, clients, and employees [47]

Core Insights - ICG Enterprise Trust reported a NAV per Share Total Return of (0.7)% for the six months ended 31 July 2025, impacted by a negative foreign exchange effect of (2.0)% due to the strengthening of Sterling, while the Share Price Total Return was 12.6% [2][16][30]. Financial Performance - The Portfolio delivered a Return on a Local Currency Basis of 2.1% and earnings growth of 15% over the last twelve months despite a challenging macroeconomic environment [3][30]. - Total Proceeds for the half-year reached £222 million, surpassing the total for FY25 of £151 million, with net cash generation of £109 million compared to a net cash outflow of £(18) million in H1 FY25 [4][18]. - New Investments totaled £113 million, with £42 million allocated to secondary investments, representing 37% of new investments [5][36]. Investment Strategy - The company is focused on investing in profitable, cash-generative private companies primarily in Europe and the US, with a flexible mandate allowing for Primary, Secondary, and Direct Investments [10][27]. - The Portfolio's composition includes 50% Primary, 33% Direct, and 17% Secondary investments as of 31 July 2025 [28]. Shareholder Returns - The Board declared a Q2 dividend of 9p per share, bringing total dividends for the period to 18p, with an intention to pay at least 38p per share for FY26, a 6% increase from FY25 [51][50]. - Share buybacks executed in H1 FY26 totaled £16 million, increasing NAV per Share by 14p [6][52]. Portfolio Composition - At 31 July 2025, the Portfolio was valued at £1,416 million, with the Top 30 companies representing 40% of the Portfolio by value [29][58]. - The Portfolio's sector exposure includes 29% in Technology, Media, and Telecommunications (TMT), 17.1% in Consumer Goods and Services, and 13.3% in Healthcare [55]. Realisations - The Portfolio generated Total Proceeds of £222 million, with significant realisations from companies such as Minimax, Datasite, and European Camping Group [42][45]. - Realisation activity included 13 Full Exits generating proceeds of £62.1 million, completed at a weighted average uplift to carrying value of 14% [43].

Overall Performance - Ferrovial's net debt ex-infrastructure projects reached -€223 million[7] - Highways, Airports and Construction all showed robust performance[7,9] - Dividends collected from projects totaled €323 million[9] - Shareholder distributions amounted to €334 million[9] Highways - US Highways' revenue increased by 15.9% LfL compared to H1 2024[12] - US Highways' Adjusted EBITDA increased by 14.0% LfL compared to H1 2024[12] - 97% of Highways' Adjusted EBITDA and 88% of Highways' revenue came from US assets[12] - Dividends from North American assets reached €240 million (€339 million in H1 2024)[12] 407 ETR - 407 ETR revenue increased by 19.7% to CAD 933 million in H1 2025[14] - 407 ETR EBITDA increased by 13.0% to CAD 765 million in H1 2025[14] - A CAD 45.2 million provision was accrued for Schedule 22 in H1 2025[17] - A CAD 200 million dividend was paid in H1 2025, a 14.3% increase from CAD 175 million in H1 2024[19] Construction - Construction revenue reached €3,453 million in H1 2025, a 2.6% LfL increase[37] - Construction Adjusted EBIT margin reached 3.5% in H1 2025[37]