Ferrovial N.v. · BME:FER
Ferrovial — Investor Presentation (May 2026)
142 slides from Ferrovial's investor presentation, May 2026
Slide 1: Investor Presentation: Equity Story & Fact Book
1 Investor Presentation Equity Story & Fact Book May 2026
Slide 2: Equity Story
2 1 EQUITY STORY • Business Model • Why Ferrovial? • Looking ahead
Slide 3: One of North America's leading road and airport infrastructure companies
3 13% One of North Total Shareholder Return 1 (10yr CAGR) America’s $47B Market Cap leading road As of Dec. 31, 2025 and airport BBB Investment grade 2 infrastructure Stable outlook companies 86% equity value in North America 3 22,609 employees As of Dec. 31, 2025 Included in the (1) Total Sharehold
Slide 4: Ferrovial's stock price has outperformed most major indices over the last 10 years
4 Ferrovial’s stock price has outperformed most major indices over the last 10 years TOTAL SHAREHOLDER RETURN 1 S&P 500; 298% FERROVIAL; 255% MSCI World Index; 158% IBEX 35; 167% S&P Global Infra; 147% DJ Brookfield Infra; 112% MSCI World Infra; 56% Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 D
Slide 5: Long-term value creation underpinned by a growing portfolio of infrastructure assets
5 Long-term value creation underpinned by a growing portfolio of infrastructure assets TRANSFORMATION INTO A LEADING INFRASTRUCTURE DEVELOPER €43.3B Key Highlights as of Dec. 2025 1 FERROVIAL’S EQUITY VALUE FROM INFRASTRUCTURE ASSETS 1 4x Equity value of infrastructure assets Ferrovial’s Total Equit
Slide 6: Business model
6 Business model INTEGRATED PLATFORM TO DEVELOP INFRASTRUCTURE PROJECTS WITH HIGH VALUE CREATION Develop and operate innovative, efficient and sustainable infrastructure HIGHWAYS AIRPORTS ENERGY projects with high value Develop congestion Facilitate air transport Develop projects for creation for st
Slide 7: Why Ferrovial?
7 Unique infrastructure assets in North America Growth in new greenfield Why projects in North America Value creation in selected projects in other countries Solid cash flow generation and financial discipline
Slide 8: Unique infrastructure assets in North America
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 8 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Unique infrastructure assets in North America 1 Top performing regions Metros expected to ex
Slide 9: High degree of freedom to set prices
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 9 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE High degree of freedom to set prices 407 ETR DFW Express Lanes I-77 Express Lanes I-66 Expre
Slide 10: Main highways have shown resilient performance in uncertain scenarios
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 10 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Main highways have shown resilient performance in uncertain scenarios Needed assets Pricing
Slide 11: Value creation levers
UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 11 Valuation ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Value creation levers ASSET FEATURES THAT DRIVE COMPOUNDING GROWTH IN LONG-TERM CONCE
Slide 12: Robust pipeline and increased P3 interest in the US
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 12 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Robust pipeline and increased P3 interest in the US Pipeline FER-led consortium is shortlis
Slide 13: Selective investments in high-growth sectors & geographies
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 13 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Selective investments in high-growth sectors & geographies Key Investment Criteria Selectiv
Slide 14: Highways' growing dividend trend: a strong foundation for future CF generation
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 14 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Highways’ growing dividend trend: a strong foundation for future CF generation DIVIDENDS (M
Slide 15: Cash flow growth to fund investments and shareholder distributions
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 15 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Cash flow growth to fund investments and shareholder distributions1 CAPITAL ALLOCATION CRIT
Slide 16: Looking ahead
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 16 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Looking ahead UNIQUE POSITION TO CAPTURE GROWTH FROM GROWTH SUPPORTED BY VALUE-ACCRETIVE BE
Slide 17: Which approach best captures Ferrovial's real value?
17 WHICH APPROACH BEST CAPTURES FERROVIAL’S REAL VALUE?
Slide 18: How to assess Ferrovial's assets value?
18 Valuation How to assess Ferrovial’s assets value? DDM OR DCF OF THE PARTS IS THE BEST WAY TO VALUE THE INFRA BUSINESS Multiples don’t adequately reflect Ferrovial's valuation, GROWTH RISK CAPITAL as they are limited in capturing… DURATION POTENTIAL PROFILE STRUCTURE Some key infra-assets consolid
Slide 19: Highways
HIGHWAYS 19
Slide 20: Complex infrastructure projects with pricing flexibility, long duration and located in congested urban areas
20 HIGHWAYS Complex infrastructure projects with pricing flexibility, long duration and located in highly congested urban areas 17 86% €6.0B 88% 98% CONCESSIONS OF FERROVIAL’S DIVIDENDS REVENUE ADJ. EBITDA ACROSS 11 COUNTRIES1 EQUITY VALUE2 RECEIVED US ASSETS’ CONTRIBUTION TO 2015-20253 HIGHWAYS 202
Slide 21: 407 ETR
407 ETR Toronto (Canada) 21
Slide 22: Asset overview
22 HIGHWAYS | 407 ETR Shareholders: 48.29% Cintra – 44.20% CPPIB - 7.51% PSP Investments Asset overview » 108 km (67 miles) with 24 segments. » Runs parallel to the 401, one of North America’s most congested highways. » 99-year concession term. Opened in 1999. A congestion-free toll road in » 72 yea
Slide 23: Customer Insights
23 HIGHWAYS | 407 ETR Customer Insights1 C$16.46 40% of traffic has 407 ETR as its Avg. revenue per trip preferred alternative.2 80% 121M of customers feel they are treated like a valued 23.3km Annual trips Average trip length customer 2M+ 77.5% transponders in circulation of a population of drivers
Slide 24: Historical financial figures
24 HIGHWAYS | 407 ETR Historical financial figures EBITDA (C$ M) TOTAL REVENUE (C$ M) DIVIDENDS AT 100% (C$ M) 2,009 1,800 1,687 88.0% 1,500 86.8% 87.1% 87.1% 87.0% 86.7% 1,705 1,600 85.8% 85.8% 1,478 87.0% 1,505 1,495 1,400 1,309 1,284 86.0% 1,100 1,390 1,327 1,211 1,050 1,268 1,104 84.0% 1,139 84.
Slide 25: Pricing framework & revenue structure
25 HIGHWAYS | 407 ETR Pricing framework & revenue structure 407 ETR has flexibility to set toll rates PO PULATION GRO WTH TRAFFIC CONGESTION » Flexible tolling regime designed to provide congestion relief in the corridor. GDP GRO WTH » Rates are structured to keep 407 ETR fast, safe and reliable. »
Slide 26: Congestion Payment (Schedule 22)
26 HIGHWAYS | 407 ETR Congestion Payment (Schedule 22) AT A GLANCE CALCULATING SCHEDULE 22 PAYMENTS » The Contract includes payments to the Province if traffic levels remain below contract-set minimum relief traffic thresholds. If two conditions are met: Schedule 22 Payment is applied if two conditi
Slide 27: Dividends & Financial Structure
27 HIGHWAYS | 407 ETR Dividends & Financial Structure NET DEBT (C$ M) 12000 10,510 10.2 9,901 10000 11.2 9,465 9,050 Dividends Debt 7,963 8,323 8,724 7,448 C$13,4B (100%) C$11.8B 8000 6,650 6,958 7.9 7.4 Equity 6.8 6.3 6.7 6.2 C$6,0B (%FER) 6000 6.2 6.1 C$804.6M (%FER)1 4.33% DSCR 4000 Avg. rate Loc
Slide 28: Mandatory capacity improvements
28 HIGHWAYS | 407 ETR Mandatory capacity improvements Expansion requirements: Schedule 22, Article 4 » An Expandable Segment is defined as a segment that has not reached its Ultimate Number of Core Lanes and the Lane Flow Rate exceeding 1,700 vehicles during a Peak Hour for more than 125 Hours in a
Slide 29: Public information
29 HIGHWAYS | 407 ETR Public information SEDAR- System for Electronic Reported information Document Analysis and Retrieval » Certification of Annual Filings (CEO and CFO) WEB PAGE: SEDAR » Certification of Interim Filings (CEO and CFO) » Annual Information Form o Corporate structure Information o Ge
Slide 30: US Express Lanes
US Express Lanes 30
Slide 31: Asset description (I)
31 HIGHWAYS | US MANAGED LANES Asset description (I) » A solution to congestion on existing urban corridors through active management of newly added capacity through dynamic pricing Express toll way » Every driver has the option to pay for a faster, safer and more reliable trip within an existing »
Slide 32: Asset description (II)
32 HIGHWAYS | US MANAGED LANES Asset description (II) Location Dallas Fort-Worth (Texas) Dallas Fort-Worth (Texas) Dallas Fort-Worth (Texas) Northern Virginia North Carolina Ferrovial Share 62.97% 54.60% 53.67% 55.70% 72.24% 28.33% APG 28.84% APG 29.75% Meridiam 24.58% John Laing Other Shareholders
Slide 33: Asset description (III)
33 HIGHWAYS | US MANAGED LANES Asset description (III) Price adapts in real time with potential toll rate Price adapts in real time with potential toll Price adapts in real time with potential toll Dynamic tolling changes every 5 minutes rate changes every 3 minutes rate changes every 5 minutes Free
Slide 34: NTE | LBJ | NTE 35W
NTE | LBJ | NTE 35W Dallas Fort-Worth
Slide 35: Overview
35 HIGHWAYS | NTE, LBJ & NTE 35W Overview SIGNIFICANT LOGISTICS DEVELOPMENTS IN THE REGION Best driving experience in Dallas-Fort Worth » DFW is a metroplex with a widespread population and multiple employment centers » The area ranked 1st in the US for absolute population growth1 » Estimated popula
Slide 36: Customer Insights
36 HIGHWAYS | NTE, LBJ & NTE 35W Customer Insights1 3.2 Trips per month for the average customer $7.0 224k Average revenue / transaction Average daily trips across three assets 81% of drivers reported positive experience(2) 8.7 miles 73.3% Average trip length (miles) % of transactions with tag (1) T
Slide 37: Historical Financial Figures: NTE
37 HIGHWAYS | NTE Historical Financial Figures TOTAL REVENUE ($M) ADJUSTED EBITDA ($M) DIVIDENDS AT 100% ($M) 88.3% 88.1% 278 87.4% 87.9% 255 264 86.0% 323 84.1% 84.6%84.9% 289 299 213 243 292 187 164 216 153 187 177 116 125 129 155 98 106 100 46 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 202
Slide 38: Historical Financial Figures: LBJ
38 HIGHWAYS | LBJ Historical Financial Figures TOTAL REVENUE ($M) ADJUSTED EBITDA ($M) DIVIDENDS AT 100% ($M) 244 360 225 82.0% 83.3% 81.9% 82.3% 82.7% 193 80.1% 77.0% 202 153 159 185 229 126 133 158 104 127 69.1% 128 107 123 103 102 74 72 60 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 20
Slide 39: Historical Financial Figures: NTE 35W
39 HIGHWAYS | NTE 35W Historical Financial Figures TOTAL REVENUE ($M) ADJUSTED EBITDA ($M) DIVIDENDS AT 100% ($M) 368 266 294 83.4% 83.9% 82.6% 83.1% 83.1% 90% 320 80.1% 505 234 225 74.2% 195 168 139 70% 142 60.1% 119 215 176 90 98 125 82 37 54 27 25 50% 2018 2019 2020 2021 2022 2023 2024 2025 2018
Slide 40: Pricing Framework
40 MANDATORY MODE: HIGHWAYS | NTE, LBJ & NTE 35W Pricing Framework $1.156/mi 1 Toll rate mechanism Soft Cap: The TEXpress Lanes operate with a soft toll cap per mile pegged to US National CPI-U December over December. Under the Cap, Dynamic Mode: Total freedom to charge any amount below the soft cap
Slide 41: Revenue Structure
41 HIGHWAYS | NTE, LBJ & NTE 35W Revenue Structure PO PULATION GRO WTH TRAFFIC CONGESTION Toll revenue (approx. 99% of total revenue): GDP GRO WTH » NTTA (North Texas Tollway Authority) bills customers and performs Main collection services on behalf of the Concession Company with collection risks fu
Slide 42: Contractual payments to the Department of Transportation (DOT)
42 HIGHWAYS | NTE, LBJ & NTE 35W Contractual payments to the Department of Transportation (DOT) Revenue share Refinancing gain » TxDOT’s right to a portion of any Refinancing Gain, and to a potential gain from an Initial Financing. » Requirement under the Concession Agreement. » Compares cumulative
Slide 43: Dividends & Financial Structure: NTE
43 HIGHWAYS | NTE Dividends & Financial Structure NET DEBT ($ M) – NET DEBT/EBITDA ($M) Dividends1 Equity Debt 15 996 1,234 1,232 1,223 1,223 1,263 1,330 1,480 10.2 9.5 11.6 $1,172M $1,600M 7.5 $426M 10 5.7 $738M %FER 4.46% 5.0 5.0 5.3 $307M %FER2 DSCR Avg. rate 5 1.20x Lock up 0 2018 2019 2020 2021
Slide 44: Dividends & Financial Structure: LBJ
44 HIGHWAYS | LBJ Dividends & Financial Structure NET DEBT ($ M) – NET DEBT/EBITDA ($ M) 1,660 Dividends1 Equity Debt 30 1,448 1,408 23.0 1,998 2,020 2,018 2,028 2,036 19.5 $952M $2,038M 15.8 $672M 20 14.1 12.8 $520M %FER 4.04% 11.0 11.0 10.1 $384M %FER2 DSCR Avg. rate 10 1.20x Lock up 0 2018 2019 2
Slide 45: Dividends & Financial Structure: NTE 35W
45 HIGHWAYS | NTE 35W Dividends & Financial Structure NET DEBT ($ M) – NET DEBT/EBITDA ($ M)4 Dividends1 Debt 20 1,233 1,624 1,637 1,639 Equity 830 915 1,055 $896M $1,598M 15 15.3 $591M 11.2 8.9 8.9 8.3 $481M %FER 5.08% 10 6.1 5.6 $318M %FER2 DSCR Avg. rate 5 1.30x Lock up 0 2019 2020 2021 2022 2023
Slide 46: NTE - Mandatory Capacity Improvements
46 HIGHWAYS | NTE, LBJ & NTE 35W NTE - Mandatory Capacity Improvements » Contractual obligation to design and build the Mandatory Capacity Improvements once certain revenue thresholds are met. TYPICAL SECTION » The project consists of the addition of 1 GPL per direction on segment 1 and 1 ML per dir
Slide 47: NTE 35W - Mandatory Capacity Improvements
47 HIGHWAYS | NTE, LBJ & NTE 35W NTE 35W - Mandatory Capacity Improvements NTE 35W - 3A 3B 3C - THE GOLDEN TRIANGLE BRAIDED RAMPS » Project Description: The Concession will be responsible to design, build, operate » Project Description: Construction of two bridges and related elements for the and ma
Slide 48: Public Information
48 HIGHWAYS | NTE, LBJ & NTE 35W Public Information EMMA (Electronic Municipal Market Access System) WEB PAGE Information • NTE: https://emma.msrb.org/IssueView/Details/P1423055 • LBJ: https://emma.msrb.org/IssueView/Details/P1404295 • NTE 35W: https://emma.msrb.org/IssueView/Details/P2425964 » The
Slide 49: I-66 Northern Virginia
I-66 Northern Virginia
Slide 50: Overview
50 HIGHWAYS | I-66 Overview Serving one of the highest-income suburbs in the US » I-66 is the main east-west interstate highway in Northern Virginia connecting Washington DC and Arlington with the Northern Virginia suburbs. » Design & Construction of 2 Express Lanes and modification of the existing
Slide 51: Customer Insights
51 HIGHWAYS | I-66 Customer Insights1 3.3 Trips per month for the average customer $8.5 46k Average revenue / transaction Average daily trips 84% of drivers reported positive experience 11.4 88% Average trip length (miles) % of transactions with tag (1) 2025 Annual Survey, conducted by Innovative Re
Slide 52: Historical financial figures
52 HIGHWAYS | I-66 Historical financial figures TOTAL REVENUE ($M) ADJUSTED EBITDA ($M) DIVIDENDS AT 100% ($M) 303 1 81.4% 247 79.5% 172 1 246 167 196 1 76.9% 165 1 129 1 2023 2024 2025 2023 2024 2025 2024 2025 TRANSACTIONS (M) TOLL REVENUE PER TRANSACTION ($) CAPEX ($M) 35 8.4 7.4 32 5.5 3 3 29 2 2
Slide 53: Pricing framework
53 HIGHWAYS | I-66 Pricing framework Toll rate mechanism Fee structure: Price on sign * Truck Multiplier * HOV Discount * Video Surcharge Transponder/tag (pre-paid): If a vehicle is equipped with a The 66 Express Lanes offer a dynamic pricing system that adjusts transponder/tag, the driver will pay
Slide 54: Revenue structure
54 HIGHWAYS | I-66 Revenue structure PO PULATION GRO WTH TRAFFIC Toll revenue (approx. 96% of total revenue): CONGESTION GDP GRO WTH » Transponder/tag customers: I-66 collects 100% of Main revenue from VDOT. revenue » Video customers (vehicles without a transponder): I-66 drivers EMP directly bills
Slide 55: Contractual payments to the Department of Transportation
55 HIGHWAYS | I-66 Contractual payments to the Department of Transportation Revenue share Transit funding payments » Requirement under the Concession Agreement. » Dedicated to operate Virginia’s transit system. » Compares the Net Present Value of actual cumulative revenues » Payments started in 2021
Slide 56: Dividends & Financial Structure
FIRST DIVIDEND DISTRIBUTED IN 2024 56 Distributions to shareholders has been made before the 5th anniversary of Substantial HIGHWAYS | I-66 Completion (November 2022), as the contract allows it if the Developer has paid all TIFIA Debt Service due and payable on the three most recent Debt Semi-Annual
Slide 57: Public information
57 HIGHWAYS | I-66 Public information EMMA (Electronic Municipal Market Access System) WEB PAGE https://emma.msrb.org/IssueView/Details/ES381888 Information » The information to be reported is collected in the 15c2- Reported information 12 "Municipal securities disclosure" regulation of the Exchange
Slide 58: I-77 Charlotte | North Carolina
I-77 Charlotte | North Carolina
Slide 59: Overview
59 HIGHWAYS | I-77 Overview A key growth enabler for Charlotte region » I-77 is a high-growth corridor that connects Charlotte with its dynamic northern suburbs » Express lanes opening since the end of 2019 has improved speed across the entire corridor » It serves a mix of local and long-distance in
Slide 60: Customer Insights
60 HIGHWAYS | I-77 Customer Insights1 3.5 Trips per month for the average customer $3.1 42.5k Average revenue / transaction Average daily trips 75% 8.9 of drivers reported positive experience 62% Average trip length (miles) % of transactions with tag (1) 2025 Annual Survey, conducted by Innovative R
Slide 61: Historical financial figures
61 HIGHWAYS | I-77 Historical financial figures TOTAL REVENUE ($M) ADJUSTED EBITDA ($M) 130 DIVIDENDS AT 100% ($M) 66 69 81 107 1 100.00 91 38 72.0% 307 1 20 65.1% 62.9% 62.2% 61 0 54.9% 10.00 36 4 18 0 24.9% 52 0 1.00 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2024 2025 TRANSACTION
Slide 62: Pricing framework
62 HIGHWAYS | I-77 Pricing framework Toll rate mechanism Fee structure: Price on sign * Extended vehicles Multiplier * HOV Discount * Video Surcharge Dynamic pricing system that adjusts toll rates based on real-time traffic conditions NC QUICK PASS (PRE-PAID): If vehicle is equipped with an electron
Slide 63: Revenue structure
63 HIGHWAYS | I-77 Revenue structure PO PULATION GRO WTH TRAFFIC Revenue structure CONGESTION Toll revenue (approx. 99% of total revenue): GDP GRO WTH Main » NCDOT bills customers and performs collection services on behalf of the Concession Company. Collection risk is fully borne by NCDOT, which rev
Slide 64: Contractual payments to the Department of Transportation
64 HIGHWAYS | I-77 Contractual payments to the Department of Transportation Revenue share Refinancing gain » Requirement under the Concession Agreement. » DOT’s right to a portion of any Refinancing Gain, including a gain from an Initial Financing. » Compares cumulative actual revenues from the open
Slide 65: Dividends & Financial Structure
65 FIRST DIVIDEND DISTRIBUTED IN 2024 Distributions to shareholders has been made after the 5th anniversary of Substantial HIGHWAYS | I-77 Completion day (2019). Dividends & Financial Structure NET DEBT ($ M) – NET DEBT/EBITDA ($ M) Dividends2 Debt 80 245 272 263 257 202 466 465 $471M 60.7 $358M (10
Slide 66: Public information
66 HIGHWAYS | I-77 Public information EMMA (Electronic Municipal Market Access System) WEB PAGE https://emma.msrb.org/IssueView/Details/ER368770 Information » The information to be reported is collected in the 15c2-12 "Municipal Reported information securities disclosure" regulation of the Exchange
Slide 67: IRB Infrastructure Developers LTD (India)
IRB Infrastructure Developers LTD (India)
Slide 68: IRB investment rationale
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 68 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD IRB investment rationale • Value creation in selected investments outside North America where Ferrovial can find high long-term growth prospects • Population grow
Slide 69: Company Overview
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 69 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Company Overview 1998 2004 2008 2017 2020 2021 2024 IRB Infrastructure Mumbai Pune Successful launch of India’s 1st public INVIT » GIC raised INR 40B » Cintra acq
Slide 70: Asset description
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 70 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Asset description $9.4B+ c. 21 years Toll price linked to Highway asset Weighted 17,355 lane KM inflation and base, one of the average residual Road portfolio con
Slide 71: Asset description
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 71 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Asset description Shareholders: 30.42% Promoter entities - 19.86% Cintra – 16.94% GIC – 32.78% Others Engineering, Procurement and InvIT Investments Wholly Owned
Slide 72: Asset description - Wholly Owned Concessions (100%)
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 72 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Asset description - Wholly Owned Concessions (100%) Project cost Project State Lane KM Type Status Concession End Date (INR B) CONCESSIONS 4 Mumbai Pune Maharasht
Slide 73: Asset description - Private InvIT (51%)
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 73 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD CONCESSIONS Lane Kms 14 AVG. REMAINING Asset description - Private InvIT (51%) 10,674 CONCESSION LIFE Project State Project cost (INR bn) Lane KM Status Type Conc
Slide 74: Asset description - Public InvIT (16%)
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 74 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Asset description – Public InvIT (16%) Project cost Concession Project State (INR bn) Lane KM Status Type End Date1 Talegaon - Amravati Maharashtra 8.9 267 Tollin
Slide 75: Other Assets
Other Assets 75
Slide 76: Summary
76 HIGHWAYS | OTHER ASSETS €284M (1) TOTAL INVESTED EQUITY IN OTHER ASSETS Summary Dividends and Kms Invested equity Committed equity Location Ferrovial Share Shareholders capital returns Concession term Opening date Remaining life Type of asset (highway (M€) (M€) (M€) length) T-M:Jun-89 / S-T: Aute
Slide 77: Airports
Airports
Slide 78: Ferrovial is one of the world's leading private airport investors and operators
AIRPORTS 78 Ferrovial is one of the world's leading private airport investors and operators 25+ years Long-term investor airport expertise, committed to long-term managing airport • Concentrate on North America and other regions where partnerships investments worldwide Ferrovial operates • Invest in
Slide 79: Contents
Contents 79 1 New Terminal One - JFK 2 Dalaman Airport
Slide 80: New Terminal One - JFK
80 1 New Terminal One - JFK
Slide 81: Overview (I)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 81 Overview (I) Largest terminal at JFK, when completed Location New York (USA) Ferrovial Share – Equity Accounted 49% One of the largest 2% Carlyle infrastructure Other Shareholders 30% JLC 19% ULLICO projects in the US New Terminal One Concession Term Until
Slide 82: Overview (II)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 82 Overview (II) Phase A Total expected to Terminal Surface Uses2 open in (Phase A) 2026 2.6M $9.0B square feet Gates Concession Term 231 2060 (14 WB Phase A; 8 WB & 1 NB Phase B) (1) 22 Widebody gates and 1 Narrowbody gate (2) This figure includes: CAPEX $5.
Slide 83: Overview (III)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 8383 Overview (III) Our Roles Construction Airports Operational Construction Lead Investor Support Management Service Agreement (MSA) Oversight Project Management Office (PMO) 49%
Slide 84: Overview (IV)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 84 Overview (IV) JFK after capacity expansion Terminal 5 Terminal 6 Expected Key Dates of the NTO Project Terminal 2 +4 WB End of Terminal 8 closure Phase B1 1 +1NB concession 2023 Gates 2060 2022 2026 Financial Opening of 14 WB2 Phase B2 1 +4 WB Terminal 4 G
Slide 85: Overview (V)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 85 Overview (V) NTO is the only terminal expected to grow significantly in the coming years1,2 2023 JFK after capacity expansion Terminal 7 Terminal 5 Terminal 5 Terminal 6 Terminal 8 Terminal 8 Terminal 4 Terminal 4 Terminal 2 The New Terminal 1 Existing Ter
Slide 86: Construction. Phase A
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 86 Construction. Phase A DB CONTRACT Single guaranteed maximum price Tishman: highly experienced NYC and airport builder locked in for the » 120 years of experience including One World Trade Center Phase A design and construction scope » 18 PANYNJ projects an
Slide 87: Phase A. 2025 Milestones Achieved
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 8787 Phase A. 2025 Milestones Achieved 82% Construction Progress 1 Data centers energized Commercial units handed over to operator for fit- out works Commercial units' procurement well advanced Lounge construction underway (1) As of December 2025
Slide 88: Phase B
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 88 Phase B Phase B1 and B2 are based on defined triggers set by the Lease and need to go through design, construction, and PANYNJ and other governmental approvals Obligations regarding Phase B1 The Lessee is required to use commercially reasonable efforts to
Slide 89: Airline agreements
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 89 Airline agreements Non-US long-haul airlines As of Ferrovial’s Fact Book release (May 2026), Ferrovial has agreements with 30 airlines, which consist of 21 executed agreements and 9 Letters of Intent (LOIs). (1) Korean Air and Asiana Airlines are counted s
Slide 90: Cost per enplanement: Benchmark of other competing terminals
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 90 Cost per enplanement Benchmark of other competing COST PER ENPLANEMENT BENCHMARK (PUBLIC DATA) 1 terminals 88 $86 87 86 85 84 $82 83 82 81 80 79 Expected T4 Expected T6 (2026) (2028) (1) Data from third party source: Steer Report (2025). Note: Ferrovial do
Slide 91: Revenue
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 91 Revenue Other Advertising Aero Revenue Breakdown (1%) Non-aero Revenue Breakdown (2%) Common Use Facility Charges (75%) - Cost Per Concessions (12%) Enplanement (CPE) Concessions » The gross rent paid by the master BASED ON THE AMOUNT OF SPACE » Gross reve
Slide 92: OPEX
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 92 OPEX OPEX – other than PANYNJ payments1 Payments to PANYNJ OPEX VARIABLE PAYMENTS Operations Exclusive Use Space Rent, Common baggage, PRM2 & general Use Lounges, and concessions ramp operations (such us Other Operations includes the staff and labor revenu
Slide 93: OPEX / Revenue sharing mechanisms
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 93 OPEX / Revenue sharing mechanisms Aero Revenue: Exclusive Use Space Rent Non-Aero Revenue: Concession term » NTO aeronautical revenues are not shared with the » 50% of the concessions term revenue collected by URW is shared with the PANYNJ PANYNJ except fo
Slide 94: Other payments to the PANYNJ
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 94 Other payments to the PANYNJ Rents will be depreciated over the life of the lease once the project becomes Payments to the Port Authority (other than the revenue share) operational Subordination / Yearly Rent type Annual amount Escalation Starting at Defer
Slide 95: Phase A Financial Structure
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 95 Phase A Financial Structure DEBT Green Bonds Green Bonds Green Bonds 2023 2024 2025 Principal ($M) 2,000 2,550 1,367 Committed Equity Net Debt1 $2,300M (100%) $4,739M All-in yield to 4.98% 4.65% 5.48% $1,140M (FER%) maturity5 4.90% Avg. all-in yield Equity
Slide 96: Debt Service Ratios – Coverage, Investment Grade
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 96 Debt Service Ratios – Coverage, Investment Grade Except for narrowly defined The Lessee must set rates under the Airline Use Agreement to exempt cases, any refinancing Rate Covenant for Secured Obligations achieve a Projected TOCR1 of 1.25:1.00 for each TO
Slide 97: Cash flow
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 97 Cash flow NTO post-completion cashflow waterfall Aero and non-aero revenue Cash inflows Income from cash balances and Ramp-up account release eligible investments OPEX: PANYNJ Revenue Share (deferrable) OPEX: O&M expenses, Ground rent including MSA (deferr
Slide 98: Ferrovial financial obligations related to NTO
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 98 Ferrovial financial obligations related to NTO Earn-out Ferrovial agreed with the Carlyle Group on the payment of earn-out consideration should Carlyle divest its outstanding indirect 2% interest in NTO. This earn-out payment would be triggered either if C
Slide 99: Public Information
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 99 Public Information Information Reported Information » EMMA, United States official source for municipal securities data » Integrated Annual Reports and documents. It is provided by the Municipal Securities Rulemaking Board » Corporate Structure » More info
Slide 100: Dalaman Airport
100 2 Dalaman Airport
Slide 101: Asset Overview
AIRPORTS | DALAMAN AIRPORT 101 Asset Overview It offers close proximity to tourist attractions, One of the most attractive tourist regions Location Dalaman (Türkiye) contributing to the in Turkey economic development Ferrovial Share – Globally consolidated 60% of the region by providing leisure opti
Slide 102: Demand Profile
AIRPORTS | DALAMAN AIRPORT 102 Demand Profile Traffic profile (m passengers) During 2025: 5.6 5.6 5.2 • 5.6M passengers passed 4.9 4.5 through the airport, consolidating 2024 figures 3.5 3.7 3.6 • International traffic 3.3 2.3 3 represented close to 65% of 1.6 the total traffic in 2025 0.9 0.8 1.6 1
Slide 103: Revenue and Financial Profile
AIRPORTS | DALAMAN AIRPORT 103 Revenue and Financial Profile LIMITED EXPOSURE TO TURKISH GDP AND FX C. 88% OF REVENUES ARE CORRESPOND TO THE CONCESSIONS GENERATED IN EURO Aero Non-Aero AND/OR RENTS RECEIVED FROM THE DUTY-FREE, RETAIL, SERVICES, PASSENGER CHARGES ARE Revenue Revenue ADVERTISING, AND
Slide 104: Public Information
AIRPORTS | DALAMAN AIRPORT 104 Public Information Information Reported Information » DHMI, General Directorate of State Airports Authority » Integrated Annual Reports responsible for the management of Turkish airports and » Corporate Structure the regulation and control of Turkish airspace » General
Slide 105: Construction
CONSTRUCTION
Slide 106: Key to the development of greenfield projects
CONSTRUCTION 106 Key to the development of greenfield projects. Focus on markets with a commitment to infrastructure development 2025 Financial figures €7.7bn 4.6% €17.4bn Capabilities built on Strong local bases in Revenue Adj. EBIT mg Order book footprint, United States, Canada, balanced size & Sp
Slide 107: Budimex overview
CONSTRUCTION I BUDIMEX 107 Budimex overview Budimex stock » Ferrovial took an initial stake in Budimex in 20001 » Shareholders: 50.1% Ferrovial, 30.4% Free-float, 8.4% Nationale €3.8bn +229% Nederlanden OFE, 8.0% Allianz OFE and 3.1% PZU OFE Market Cap (Dec 25) 10y stock performance » The largest co
Slide 108: Ferrovial Construction and Webber LLC
CONSTRUCTION I F. CONSTRUCTION I WEBBER 108 Ferrovial Construction Webber LLC » Born in 1999 from the merger of the construction businesses of » Ferrovial acquired Webber in 2005 Ferrovial and Agroman (renamed Ferrovial Construction in 2020) » Leading U.S. construction company based in Texas » Inter
Slide 109: Historical Data
CONSTRUCTION 109 Historical Data ADJ. EBIT1 & ADJ. EBIT MARGIN 1 ORDER BOOK1,2 €M €M 9% 352 313 11% 284 17,438 16,755 €17,438M 162 15,179 7.5% 127 134 132 14,392 11% 2025 69 77 ORDER BOOK 3.5% 3.9% 4.6% 12,216 69% 2.2% 11,145 10,965 11,424 11,025 2.5% 2.3% 1.1% 1.1% 9,088 Civil work Building Industr
Slide 110: Energy
ENERGY
Slide 111: Focus on renewable energy generation, storage, and transmission
ENERGY 111 Focus on renewable energy generation, storage, and transmission. Value creation through selective investments and fast rotation of assets PHOTOVOLTAIC SOLAR ENERGY TRANSMISSION LINES 2025 FIGURES €270M €2M 812 MW 994 Km Revenue Adj. EBITDA1 under construction or in operation under constru
Slide 112: Financial Profile
112 3 FINANCIAL PROFILE Debt structure Cash Flow details Historical financial data
Slide 113: Financial structure: Investment grade at corporate level & non-recourse debt at project level
113 FINANCIAL PROFILE | DEBT STRUCTURE Financial structure: Investment grade at corporate level & non-recourse debt at infrastructure project level CORPORATE: STRONG BALANCE SHEET PROVIDES RESILIENCE AND OPTIONALITY FY 2025 figures EX-INFRASTRUCTURE GLOBAL PROJECT COMPANIES -€1.3B BBB 3 YEARS 99.2%
Slide 114: Corporate rating - debt maturity profile
114 FINANCIAL PROFILE | DEBT STRUCTURE Corporate rating - debt maturity profile FINANCING SOURCES Loans ECP DIVERSIFIED FUNDING SOURCES WELL SPREAD OVER TIME 2.5% 1.8% 1,000 Sustainability Linked Bond DEBT 840 3 years 17.8% PROFILE AVERAGE €M MATURITY 500 400 €2.8B 60 Bonds 77.8% 2026 2027 2028 2029
Slide 115: Credit rating agencies' metrics
115 FINANCIAL PROFILE | DEBT STRUCTURE Credit rating agencies’ metrics NET DEBT/ADJ. EBITDA Rating Agencies’ Adj. Rating Agencies measure EBITDA considers their debt ratios looking Construction Adjusted at the ex-infrastructure EBITDA & dividends RATING OUTLOOK projects debt from infrastructure asse
Slide 116: Cash flows from operating activities ex-infrastructure project companies
116 FINANCIAL PROFILE | CASH FLOW DETAILS Cash flows from operating activities ex-infrastructure project companies1 Before taxes 1,385 €M 30 1,048 995 946 8 999 928 880 945 6 134 29 237 183 738 340 3 290 572 656 704 895 277 10 469 85 191 494 388 388 395 396 296 1 597 166 293 83 390 245 297 291 160 1
Slide 117: Dividends from projects
117 FINANCIAL PROFILE | CASH FLOW DETAILS Dividends from projects DIVIDENDS FROM HIGHWAYS PROJECTS 895 €M 880 36 25 89 89 €M 704 33 26 102 205 968 59 947 494 251 4 54 469 87 120 34 1 19 8 30 388 54 85 37 166 340 28 103 290 277 296 31 109 45 167 46 15 23 92 729 741 109 452 30 25 53 47 309 281 321 6 2
Slide 118: Cash flows from investing activities ex-infrastructure project companies
118 FINANCIAL PROFILE | CASH FLOW DETAILS Cash flows from investing activities ex-infrastructure project companies1 1,161 INVESTMENTS 1,840 €M 149 €M 1,421 236 108 520 Construction & 1,101 521 951 Services Investments 68 72 73 54 850 1317 2,582 include CAPEX 113 78 and M&A operations 186 738 864 226
Slide 119: Revenue
119 FINANCIAL PROFILE | HISTORICAL FINANCIAL DATA Revenue1 2025 REVENUE €M BY BUSINESS DIVISION 12,208 SERVICES 1.6% CLASSIFIED AS 1.2% 3.5% 10,759 DISCONTINUED 9,627 14.3% ACTIVITY 9,147 IN 2018 8,514 7,551 6,778 6,341 6,054 79.5% 5,737 Construction Highways Airports Energy Other BY GEOGRAPHY 17.2%
Slide 120: Adjusted EBITDA & Adj. EBITDA margin
120 FINANCIAL PROFILE | HISTORICAL FINANCIAL DATA Adjusted EBITDA & Adj. EBITDA mg1 2025 ADJUSTED EBITDA2 1,457 BY BUSINESS DIVISION 1,342 €M SERVICES 15.1% 2.4% 0.2% CLASSIFIED AS 14.7% 33.2% DISCONTINUED ACTIVITY 991 944 932 IN 2018 11.6% 728 596 9.6% 8.4% 64.2% 8.8% 8.8% 484 409 121 7.6% 6.5% Con
Slide 121: Stock Information
121 4 STOCK INFORMATION Share Price Performance Dividends Declared
Slide 122: Ferrovial shares at a glance
122 STOCK INFORMATION | SHARE PRICE PERFORMANCE Ferrovial shares at a glance FERROVIAL SM FERROVIAL US 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2025 2024* PRICE AT YEAR-END € 55.34 40.60 33.02 24.47 27.56 22.60 26.97 17.70 18.93 17.00 $ 64.61 42.03 ANNUAL HIGH € 57.60 41.04 33.02 27.72 27.7
Slide 123: Dividends Declared
123 STOCK INFORMATION | DIVIDENDS DECLARED Dividends Declared* DIVIDEND PER SHARE 0.872 € 0.798 €M 0.719 0.719 0.721 0.719 0.692 0.715 0.512 0.502 626 578 575 544 520 520 520 520 463 377 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Since 2014, Ferrovial has distributed dividends on a scrip divi
Slide 124: Sustainability & Corporate Governance
124 5 SUSTAINABILITY & CORPORATE GOVERNANCE
Slide 125: Sustainability Strategy
125 SUSTAINABILITY Sustainability Strategy Our sustainability strategy adds value to our business, by... Fostering productivity Improving efficiency and helping to lower operational costs now Anticipating regulatory trends Contributing to attracting and retaining top talent Strengthening our license
Slide 126: Driving Positive Impact Through Environment, People and Governance
126 SUSTAINABILITY Driving Positive Impact Through Environment, People and Governance
Slide 127: Commitments to sustainability
127 SUSTAINABILITY Commitments to sustainability Ferrovial strives to minimize its environmental footprint by using resources efficiently, lowering carbon emissions, reducing water use, and limiting waste through operational excellence. We evaluate severe climate risks to enhance the resilience of o
Slide 128: Sustainability ratings in 2025
128 SUSTAINABILITY Sustainability ratings in 2025 FERROVIAL HIGHLY RANKED IN SUSTAINABLITY RATINGS Scored: 83/100 (+2 compared to 2024) Included for the 22nd consecutive year Member of the Euronext ESG Rating: A (Scale AAA to CCC)º 16th year in a row in the A List of CDP Climate Change Leading Spani
Slide 129: Sustainability targets
129 SUSTAINABILITY Sustainability targets PERFORMANCE INDICATORS 2025 RESULTS 2024 RESULTS TARGET HORIZON -42% 1. GHG emissions: Scope 1&2 absolute emissions (tCO2)1 -45.6% -35.7% 2030 (vs. 2020) -25% 2. GHG emissions: Scope 3 absolute emissions (tCO2)2 -17.5% -19.8% 2030 (vs. 2020) Annual 3. Renewa
Slide 130: Environment
130 SUSTAINABILITY Environment Emissions reduction targets according to the Deep Decarbonization Management of risks & Early adopter of TNFD, Science Based Targets 100% renewable Pathways (DDP) , opportunities regarding seeking to address the initiative (SBTi) for both electricity consumption which
Slide 131: SBTi-validated targets aligned with 1.5ºC
131 SUSTAINABILITY | ENVIRONMENT SBTi-validated targets aligned with 1.5ºC » Ferrovial was the 1st company in its sector worldwide to set emission reduction targets and have these endorsed by SBTi in 2017. » Since 2021, the company has committed to the ‘Say on Climate’ initiative, which involves pre
Slide 132: Ferrovial's 2025 greenhouse gas emissions
132 SUSTAINABILITY | ENVIRONMENT Ferrovial’s 2025 greenhouse gas emissions SCOPE 1 Direct emissions from Ferrovial’s 12.86% owned & controlled resources 2,200,156 SCOPE 2 tCO2 e Indirect emissions 0.05% Scope 1 & 2 & 3 from the generation in absolute terms of purchased energy SCOPE 3 Indirect emissi
Slide 133: Water footprint
133 SUSTAINABILITY | ENVIRONMENT Water footprint + 2025 results Ferrovial developed a methodology based on internationally recognized standards for the calculation of the -20% Water Treatment Index measures the positive impact of water Water Access Index 2030 TARGET1 assesses the positive impact wat
Slide 134: Striving for a risk-free environment
134 SUSTAINABILITY | HEALTH, SAFETY & WELLBEING Striving for a risk-free environment Frequency Rate Evolution1 SERIOUS & FATAL ACCIDENTS (SIF2) 20 FREQUENCY RATE -76% -17.8% 15 vs 2015 13.6 vs 2022 12.2 10.3 9.2 8.8 4.7 4.7 5.0 3.2 HOURS OF TRAINING IN HEALTH & SAFETY 2015 2016 2017 2018 2019 2020 2
Slide 135: Developing people to solve future challenges
135 SUSTAINABILITY | PEOPLE Developing people to solve future challenges NUMBER 25,501 OF EMPLOYEES 24,799 22,609 2023 2024 2025 1 BY AGE BY COUNTRY 1,338 Others 628 Chile <30 years old 4,248 19% 1,262 Canada 1,148 6,297 UK Spain 30-50 years old 11,799 52% 4,948 USA >50 years old 6,562 29% 6,988 Pol
Slide 136: 73% of independent non-executive directors
136 CORPORATE GOVERANCE | BOARD MEMBERS 73% of independent non-executive directors 11 8 5 NATIONALITIES Every 3 years 30.2%2 DIRECTORS1 INDEPENDENT BOARD MEMBERS REELECTION VOTING RIGHTS HELD DIRECTORS Spanish, Australian, German, BY THE BOARD American & Italian RAFAEL ÓSCAR IGNACIO MARÍA JOSÉ FERNA
Slide 137: Experienced Board of Directors enriching Ferrovial's strategic decision-making
137 CORPORATE GOVERNANCE | BOARD OF DIRECTORS Experienced Board of Directors enriching Ferrovial’s strategic decision-making PROFESSIONAL BACKGROUND FUNCTIONAL AREAS INDUSTRY EXPERIENCE INTERNATIONAL EXPERIENCE
Slide 138: Diverse & specialized board committees to support the board in its tasks
138 CORPORATE GOVERNANCE | BOARD COMMITTEES Diverse & specialized board committees to support the board in its tasks Executive Committee Audit & Control Committee1 Nomination & Remuneration Committee1 Pursuant to the Board Rules, the Executive Committee may resolve all matters Interaction with the i
Slide 139: Remuneration rewards sustainable value creation for shareholders
139 SUSTAINABILITY | SENIOR MANAGEMENT REMUNERATION Remuneration rewards 2025 FIXED REMUNERATION 2025 REMUNERATION Long-Term Fixed VARIABLE REMUNERATION Target Max. LONG TERM INCENTIVE PLANS1 Max. sustainable value CHAIRMAN €1,650,000 Incentive 30% 24% 125% 190% 150% creation for shareholders Annual
Slide 140: Annual variable remuneration including Sustainability performance indicators
140 SUSTAINABILITY | SENIOR MANAGEMENT REMUNERATION Annual variable remuneration including Sustainability performance indicators CHAIRMAN CEO 80% QUANTITATIVE 20% QUALITATIVE 70% QUANTITATIVE 30% QUALITATIVE TARGETS TARGETS & SUSTAINABILITY TARGETS TARGETS & SUSTAINABILITY NET INCOME CASH FLOW NET I
Slide 141: Disclaimer
141 DISCLAIMER This Investor Presentation has been produced by Ferrovial N.V. (the “Company”, “we” or “us” and, together with its subsidiaries, the “Group”) for Any forward-looking statements contained in this presentation speak only as of the date hereof and accordingly undue reliance should not be
Slide 142: Investor Relations
142 Investor Relations ir@ferrovial.com www.ferrovial.com ferrovial