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

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

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

Financial Data and Key Metrics Changes - In the first nine months of 2025, the company reported a negative net debt of €706 million, indicating a strong cash position [3][16] - Revenue grew by 6.2%, adjusted EBITDA increased by 4.8%, and adjusted EBIT rose by 6.0% in like-for-like terms [15] - Shareholder distributions reached €426 million in the first nine months, with a second scrip dividend announced [4][17] Business Line Data and Key Metrics Changes - Highways revenue grew by 16.4% in like-for-like terms in the first nine months, with adjusted EBITDA up nearly 15.1% [4][5] - The 407 ETR saw traffic growth of 9.4% in the quarter and 6.2% in the first nine months, contributing to an 18.6% revenue growth in Q3 [5][6] - Airports division reported steady performance, with adjusted EBITDA growth supported by commercial upgrades despite a 1.5% decline in traffic [12] Market Data and Key Metrics Changes - The I-66 managed lane experienced exceptional traffic growth of 13.2% in Q3 and 8.5% in the first nine months [10][11] - The Dallas-Fort Worth managed lanes showed varied performance, with NTE traffic declining by 3.7% in Q3 while revenue per transaction increased by 14.2% [7][8] - The overall market dynamics in North America are favorable, driving growth in the company's assets [18] Company Strategy and Development Direction - The company is focused on operational readiness for New Terminal One at JFK, with a target opening date of June 2026 [12] - There is an emphasis on demand segmentation to enhance value for users and maximize EBITDA growth [6][7] - The company plans to submit bids for several projects in North Carolina and Tennessee in the first half of 2026, indicating a proactive approach to growth opportunities [4][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance of North American assets, driven by increased customer segmentation and favorable market dynamics [18] - The company is monitoring the potential impact of the U.S. government shutdown but has not seen significant effects on revenue so far [25] - Future growth is expected to be supported by a healthy construction order book and an attractive pipeline of opportunities [14][19] Other Important Information - The company has a solid cash flow position, with significant cash inflows from dividends and asset sales [3][16] - The adjusted EBIT margin for the construction division was 3.7% for the first nine months, aligning with long-term targets [13][14] - The company is committed to returning €2.2 billion to shareholders through dividends and buybacks by the end of 2026 [17][51] Q&A Session Summary Question: What are the potential financial consequences of a delay in New Terminal One? - Delays would result in liquidated damages for the contractor and a delay in revenue perception for the company [22][23] Question: Will the U.S. government shutdown impact Q4? - No significant impact has been observed on the I-66, and bidding processes remain unaffected [25] Question: What drove the Schedule 22 provision reversal in Q3? - Increased mobility and effective promotions contributed to the reversal, with traffic trends performing better than expected [28][29] Question: What is the outlook for pricing increases on the 407 ETR? - Pricing strategies will be announced in November, with expectations for revenue and EBITDA growth [32][33] Question: How is the competitive landscape in contracting? - The market remains rational with increased activity, and there is no significant tightening in competition [38][39] Question: What is the strategy regarding data centers? - The recent acquisition adds capabilities to the construction division, but the company remains opportunistic in the data center space [56]

Financial Performance Overview - Ferrovial achieved strong performance across all business divisions in 9M 2025[7] - The company's net debt ex-infrastructure projects was -€706 million[7] - Revenue increased to €6,911 million, a 6.2% like-for-like (LfL) increase compared to 9M 2024[47] - Adjusted EBITDA reached €1,031 million, a 4.8% LfL increase compared to 9M 2024[47] - Adjusted EBIT amounted to €691 million, a 6.0% LfL increase compared to 9M 2024[47] Highways Division - US Highways revenue increased by 16.4% LfL compared to 9M 2024[12] - US Highways adjusted EBITDA increased by 15.1% LfL compared to 9M 2024[12] - North American assets contributed €312 million in dividends[12] - 407 ETR's revenue increased by 19.3% to CAD 1,511 million in 9M 2025[15] - 407 ETR's EBITDA increased by 15.8% to CAD 1,283 million in 9M 2025[15] - A Q4 dividend of CAD 1.05 billion was approved for distribution from 407 ETR, a 50% increase compared to CAD 700 million in Q4 2024[21] Construction Division - Construction revenue reached €5,420 million, a 4.6% LfL increase compared to 9M 2024[40] - The construction division's order book stood at €17,168 million, a 9.1% LfL increase[45]

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]

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]