Ferrovial N.v. · BME:FER
Ferrovial — Investor Presentation (October 2026)
15 slides from Ferrovial's investor presentation, Oct 5, 2026
Slide 1: I-24 Choice Lanes Investor Presentation
I-24 Choice Lanes Investor Presentation October 5, 2026 I-40 terminus towards Inner Loop
Slide 2: Disclaimer
DISCLAIMER This presentation has been produced by Ferrovial N.V. (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 t
Slide 3: I-24 Choice Lanes Project Overview
PROJECT OVERVIEW I-24 Choice Lanes Tennessee's largest-ever capital investment and first public-private partnership (P3) I-24 CORRIDOR NASHVILLE TO MURFREESBORO 26 2x2 50 2034 MILES CHOICE YEAR ESTIMATED SERVICE LANES CONCESSION1 COMMENCEMENT2 CORRIDOR LENGTH 26-mile corridor adding 2 Choice Lanes p
Slide 4: Nashville MSA: one of the fastest-growing metropolitan areas in the U.S.
THE CORRIDOR Nashville MSA: one of the fastest-growing metropolitan areas in the U.S.1 2 A decade of past growth supported by robust demographic and economic fundamentals, consistently beating macro forecast POPULATION 3 GDP GROWTH 4 HOUSEHOLD INCOME 5 Rapid population growth fuels A decade of econo
Slide 5: Gateway corridor serving the Nashville MSA
THE CORRIDOR Gateway corridor serving the Nashville MSA1 Connecting freight, long-haul traffic, commuting and airport demand, with continued development along the corridor NEW DEVELOPMENTS ACROSS THE CORRIDOR FREIGHT & LOGISTICS 178 mn sq ft One of only six US cities where 3 major interstates 12-16%
Slide 6: Congestion continues to intensify across an already constrained corridor
THE CORRIDOR Congestion continues to intensify across an already constrained corridor 10-year evolution shows longer and more widespread congestion beyond peak periods 2026 Westbound 150-190k 2016 Weekdays 2026 AM Peak hour daily traffic1 + 10Y 8-11 hrs. daily congestion2,3 Daily peak: 4 hrs. by dir
Slide 7: 2034 traffic expected to be driven by latent demand and corridor growth
THE CORRIDOR 2034 traffic expected to be driven by latent demand and corridor growth Recent corridor growth muted by capacity constraints Strong regional growth prospects over the next decade Suppressed corridor demand Traffic growth constrained with congested areas exhibiting 1.0% 2.1% 2.8% lowest
Slide 8: Connectivity designed to enhance access and travel convenience
CONNECTIVITY Connectivity designed to enhance access and travel convenience Additional access points and interchanges connected, improving road design serving 95% of corridor trips TDOT Improved design enhances connectivity and elevates service DRIVE TN REFERENCE DESIGN • More direct connectors inst
Slide 9: Dynamic pricing that keeps Choice Lanes reliable
PRICING FRAMEWORK Dynamic pricing that keeps Choice Lanes reliable I-24 priced dynamically to real time demand with no ceiling on rates; above the soft cap revenue shared with TDOT I-24 PRICING FRAMEWORK ($2025) 10% $6.4 Soft cap Most of our Soft toll cap Efficient substantially High heavy Contractu
Slide 10: Outside-Lane design lowers construction impacts and community disruption
CONSTRUCTION & DESIGN Outside-Lane design lowers construction impacts and community disruption Experience-driven engineering, advanced design and appropriate risk allocation reduce delivery risk and potential overruns • Innovative outside-lane design to improve connectivity while reducing constructi
Slide 11: I-24 project: Benchmarked with our portfolio of assets with pricing flexibility
BENCHMARK I-24 project: Benchmarked with our portfolio of assets with pricing flexibility Deep managed lanes expertise provides differentiated know-how and unique operating insights CAPTURE RATES CONNECTIVITY USER ADOPTION DEMAND RELIEF Considering vehicle class Usage supported by Observed users' be
Slide 12: Future enhancements could improve connectivity and relieve congestion
ENHANCEMENTS Future enhancements could improve connectivity and relieve congestion Not included in the bid or in our projections; any development is subject to TDOT approval • The agreement provides a structured path to develop these enhancements with TDOT • I-24 and Project Enhancements expected to
Slide 13: Next steps in the process
NEXT STEPS Next steps in the process Commercial close complete, next milestone Financial close expected in summer 2027 1 2 3 4 SERVICE COMMERCIAL CLOSE FINANCIAL CLOSE GROUNDBREAKING1 COMMENCEMENT3 SEPTEMBER 30, 2026 JULY 2027 EARLY 20292 20342 Contractual deadline INTEREST-RATE PROTECTION AGREED WI
Slide 14: Final Remarks
FINAL REMARKS FINAL REMARKS • Highly congested corridor with multi-purpose demand and favorable pricing framework • Solid demographic, employment, and economic growth prospects expected to position Nashville metro area for continued long-term economic growth • Differentiated design, advanced enginee
Slide 15: Q&A
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