Ferrovial N.v. · BME:FER
Ferrovial — Investor Presentation (July 2026)
142 slides from Ferrovial's investor presentation, Jul 31, 2026
Slide 1: Investor Presentation Equity Story & Fact Book May 2026
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 One of North America’s leading road and airport infrastructure companies (1) Total Shareholder Return (TSR): calculated considering dividends received and change in share price. Bloomberg data as of December 31, 2025. (2) Parent company. Fitch and S&P ratings. (3) Analysts’ consensus as of Decembe
Slide 4: Stock price has outperformed most major indices over 10 years
4 Ferrovial’s stock price has outperformed most major indices over the last 10 years TOTAL SHAREHOLDER RETURN1 (1) Total Shareholder Return (TSR): calculated considering dividends received and change in share price. Bloomberg data as of December 31, 2025. FERROVIAL; 255% S&P Global Infra; 147% DJ Br
Slide 5: Long-term value creation from growing infrastructure assets
5 DEC'16 DEC'17 DEC'18 DEC'19 DEC'20 DEC'21 DEC'22 DEC'23 DEC'24 DEC'25 4x Equity value of infrastructure assets 89%2 Contribution from infrastructure assets’ valuation (70% in Dec’16) Airports Other Highways I-77 I-66 DFW Express Lanes 407 ETR Ferrovial’s Total Equity Value1 (Analysts) €15.2B FERRO
Slide 6: Integrated platform to develop infrastructure projects
6 INTEGRATED PLATFORM TO DEVELOP INFRASTRUCTURE PROJECTS WITH HIGH VALUE CREATION (1) Business unit valuation breakdown (%) based on analysts’ consensus as of December 2025. Valuations are based on external assumptions and expectations. Construction represents 7% of Analysts’ equity value, Airports
Slide 7: Why
7 Why Unique infrastructure assets in North America Growth in new greenfield 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
8 Unique infrastructure assets in North America (1) Refers to growth for the Greater Toronto Area (GTA). Ontario population projections | ontario.ca (2) Charlotte Regional Transportation Planning Organization (CRTPO). Refers to growth for the Charlotte region. The Charlotte Region 2025-2050 Growth P
Slide 9: High degree of freedom to set prices
9 High degree of freedom to set prices (1) This percentage reflects the agreement announced on March 13, 2025, by Ferrovial to acquire up to a 5.06% stake from AtkinsRéalis, considering the exercised put-call option (2) CPI growth calculated as the average yearly growth of the consumer price index i
Slide 10: Main highways resilient performance in uncertain scenarios
10 1.5% 7.2% 12.6%10.7% 9.8% 9.3% 10.6% 14.2% 17.3% 12.1% 9.7% 8.1% -43.5% 16.1% 32.6% 12.7% 15.1% 14.2% 1.1% -1.7% 5.5% 4.6% 3.1% 2.3% 4.4% 4.6% 4.0% 4.3% 4.3% 3.9% -2.1% 11.0% 9.8% 6.9% 5.1% 3.2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 EBITDA growt
Slide 11: Value creation levers
Value creation levers ASSET FEATURES THAT DRIVE COMPOUNDING GROWTH IN LONG-TERM CONCESSIONS DERISKING ROLLING FORWARD NPV OF REMAINING CASH FLOW ‘CONCESSION TERM | CONSTRUCTION RAMP-UP GROWTH / MATURITY. ’ MATURITY Design & Construction - RAMP UP. Conenionmental, RoW : = H Trafic Revenue Talc / Reve
Slide 12: Robust pipeline and increased P3 interest in the US
12 Atlanta, GA I-285 E I-285 W Charlotte, NC I-77S Nashville,TN I-24 | I-65 Pipeline 6 PROJECTS Alexandria, VA I-495 SW PRIVATE SECTOR KEY TO NARROW THE FUNDING GAP Population growth in cities & increased congestion leads to new infrastructure project needs US airport traffic expected to grow +43% b
Slide 13: Selective investments in high-growth sectors & geographies
13 UNIQUE INFRASTRUCTURE ASSETS IN NORTH AMERICA VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA Why Selective investments in high-growth sectors & geographies Ferrovial’s approach: Leveraging
Slide 14: Highways' growing dividend trend
14 DIVIDENDS FROM HIGHWAYS PROJECTS € M UNIQUE INFRASTRUCTURE ASSETS IN NORTH AMERICA VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA Why Highways’ growing dividend trend: a strong foundation
Slide 15: Capital allocation criteria
15 CAPITAL ALLOCATION CRITERIA Investing for growth while keeping sound shareholder distributions1. The latter would be expected to increase if capital is not deployed. New equity investments - Top priority: MLs projects in the US Committed to BBB rating Execute committed investments in ongoing proj
Slide 16: Looking ahead
16 Looking ahead UNIQUE INFRASTRUCTURE ASSETS IN NORTH AMERICA VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA Why UNIQUE POSITION TO CAPTURE GROWTH FROM VALUE-ACCRETIVE PIPELINE GROWTH SUPPOR
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 How to assess Ferrovial’s assets value? Valuation Multiples don’t adequately reflect Ferrovial's valuation, as they are limited in capturing… GROWTH POTENTIAL DURATION RISK PROFILE CAPITAL STRUCTURE Some key infra-assets consolidated under equity method are not included in adj. EBITDA…although re
Slide 19: Highways
19 HIGHWAYS
Slide 20: Complex infrastructure projects with pricing flexibility and long duration
20 (1) Figures as of Dec. 2025. The number of concessions includes IRB and IRB Trust as one concession each. (2) Analysts’ consensus valuation as of Dec. 2025. (3) Exchange rate USD/EUR: 1.1736 CAD/EUR: 1.609. Complex infrastructure projects with pricing flexibility, long duration and located in hig
Slide 21: 407 ETR Toronto (Canada)
21 407 ETR Toronto (Canada)
Slide 22: 407 ETR asset overview
22 Asset overview » 407 ETR is located in Toronto, Canada. It stretches from Burlington (in the West) to Pickering (in the East). » A fast-growing area in Canada’s largest economic hub. » Toronto is the 2nd most congested city in Canada and 9th in North America1. » GTA (Greater Toronto Area) is proj
Slide 23: Customer Insights
23 Customer Insights1 (1) Source: 2025 Survey conducted by for 407ETR. The survey was conducted among a representative sample of n=53,808 407ETR customers (2) 40% calculated using 2019 data, as the number of trips using 407ETR with no alternative route divided by the total number of trips using 407E
Slide 24: Historical financial figures 407 ETR
24 Historical financial figures HIGHWAYS | 407 ETR 1,135 1,268 1,390 1,505 909 1,023 1,327 1,495 1,705 2,009 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TOTAL REVENUE (C$ M) 790 845 920 1,050 563 600 750 950 1,100 1,500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 DIVIDENDS AT 100% (C$ M)
Slide 25: 407 ETR has flexibility to set toll rates
25 » Flexible tolling regime designed to provide congestion relief in the corridor. » Rates are structured to keep 407 ETR fast, safe and reliable. » Flexibility to charge different tolls for each segment, direction and time with no cap. » Toll rate changes can be introduced at any time, with a one-
Slide 26: Congestion Payment (Schedule 22)
26 » The Contract includes payments to the Province if traffic levels remain below contract-set minimum relief traffic thresholds. If two conditions are met: » TOLL RATES: Standard rate (toll rate) > Toll rate threshold » TRAFFIC: Average segment flow rate (Traffic Level) < Traffic Threshold Congest
Slide 27: Dividends & Financial Structure 407 ETR
27 56% of debt maturing in more than 15 years. Dividends & Financial Structure HIGHWAYS | 407 ETR DEBT SENIOR BONDS SUBORDINATED BONDS JUNIOR BONDS SYNDICATED CREDIT FACILITY Principal (C$M) 10,478 1,150 164 800 Interest rate 4.23% 4.92% 7.13% Drawn: BA+80pbs Undrawn: 16pbs Maturity 2026-2055 2028-2
Slide 28: Expansion requirements
28 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 calendar year » The designated Expandable Segment e
Slide 29: Information (SEDAR filings)
29 Information » SEDAR is an electronic filing system that allows listed companies to report their securities-related information to Canada’s securities regulation authorities. » SEDAR is the Canadian equivalent of the SEC's EDGAR, the U.S. electronic system for filing securities information. » More
Slide 30: US Express Lanes
US Express Lanes 30
Slide 31: Asset description (I) US Managed Lanes
31 » A solution to congestion on existing urban corridors through active management of newly added capacity through dynamic pricing » Every driver has the option to pay for a faster, safer and more reliable trip » Dynamic pricing guarantees minimum level of service » Free Flow, fully electronic toll
Slide 32: Asset description (II) US Managed Lanes
32 Asset description (II) HIGHWAYS | US MANAGED LANES (1) Pre-Mandatory Capacity Improvement. The project consists of the addition of 1 lane in GPL in each direction on the segment 1 and 1 lane of MLs in each direction on the Segment 2. Please, see more detail on slide 46. Location Dallas Fort-Worth
Slide 33: Asset description (III) US Managed Lanes
33 Asset description (III) HIGHWAYS | US MANAGED LANES Dynamic tolling Price adapts in real time with potential toll rate changes every 5 minutes Price adapts in real time with potential toll rate changes every 3 minutes Price adapts in real time with potential toll rate changes every 5 minutes Toll
Slide 34: NTE | LBJ | NTE 35W Dallas Fort-Worth
NTE | LBJ | NTE 35W Dallas Fort-Worth
Slide 35: Overview NTE, LBJ & NTE 35W
35 » DFW is a metroplex with a widespread population and multiple employment centers » The area ranked 1st in the US for absolute population growth1 » Estimated population growth in the North and West expected to stress the already congested network Overview HIGHWAYS | NTE, LBJ & NTE 35W SIGNIFICANT
Slide 36: Customer Insights
36 Customer Insights1 (1) The figures represent the average across the three assets: NTE, LBJ and NTE35W. Except for daily trips, which represent the sum of the average daily trips across the three assets. (2) Source: 2025 Annual Survey, conducted by Innovative Research Group (INNOVATIVE) for LBJ/NT
Slide 37: Historical Financial Figures NTE
37 Historical Financial Figures HIGHWAYS | NTE MCI construction started 2023 116 153 125 187 243 289 299 323 2018 2019 2020 2021 2022 2023 2024 2025 TOTAL REVENUE ($M) 98 129 106 164 213 255 264 278 84.1% 84.6%84.9% 87.4% 87.9% 88.3% 88.1% 86.0% 2018 2019 2020 2021 2022 2023 2024 2025 ADJUSTED EBITD
Slide 38: Historical Financial Figures LBJ
38 Historical Financial Figures HIGHWAYS | LBJ 126 153 104 133 159 193 225 244 2018 2019 2020 2021 2022 2023 2024 2025 TOTAL REVENUE ($M) 103 127 72 102 128 158 185 202 82.0% 83.3% 69.1% 77.0% 80.1% 81.9% 82.3% 82.7% 2018 2019 2020 2021 2022 2023 2024 2025 ADJUSTED EBITDA ($M) 229 360 60 74 107 123
Slide 39: Historical Financial Figures NTE 35W
39 Historical Financial Figures HIGHWAYS | NTE 35W 3C construction started 2023 37 90 98 142 168 234 320 368 2018 2019 2020 2021 2022 2023 2024 2025 TOTAL REVENUE ($M) 27 54 82 119 139 195 266 294 74.2% 60.1% 83.4% 83.9% 82.6% 83.1% 83.1%80.1% 50% 70% 90% 25 125 225 2018 2019 2020 2021 2022 2023 202
Slide 40: Pricing framework
40 $1.156/mi 1 TAG (PRE-PAID): If vehicle is equipped with an electronic tag, driver will pay the price on the sign and no additional fees. HOV Discount: pre-declared HOV’s are entitled to a 50% discount during peak hours. Reimbursed to the concession by the local authority. EXEMPT VEHICLES: Police,
Slide 41: Revenue Structure
41 Toll revenue (approx. 99% of total revenue): » NTTA (North Texas Tollway Authority) bills customers and performs collection services on behalf of the Concession Company with collection risks fully borne by NTTA. TxDot pays within 2-3 business days after the transaction files are received from the
Slide 42: Contractual payments to TxDOT
42 » TxDOT’s right to a portion of any Refinancing Gain, and to a potential gain from an Initial Financing. » Calculation Methodology: Net Present Value (NPV) of the variance between the dividends of the pre- refinancing structure and that of the new financial structure at the refinancing date. In t
Slide 43: Dividends & Financial Structure NTE
43 0 20 40 60 80 100 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 20 41 20 42 20 43 20 44 20 45 20 46 20 47 20 48 20 49 20 50 20 51 20 52 20 53 20 54 20 55 20 56 20 57 20 58 PABs 2019 Taxable Bonds 2019 PABs 2023 Dividends & Financial Structure DEBT MATUR
Slide 44: Dividends & Financial Structure LBJ
44 0 20 40 60 80 100 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 20 41 20 42 20 43 20 44 20 45 20 46 20 47 20 48 20 49 20 50 20 51 20 52 20 53 20 54 20 55 20 56 20 57 20 58 PABs 2020 PABs 2021 Taxable Bonds 2020 TIFIA CAPEX FACILITY Dividends & Financial
Slide 45: Dividends & Financial Structure NTE 35W
45 0 50 100 150 200 250 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 20 41 20 42 20 43 20 44 20 45 20 46 20 47 20 48 20 49 20 50 20 51 20 52 20 53 20 54 20 55 20 56 20 57 20 58 TIFIA PABs 2019 Barclays debt 2023 PABs 2023 Barclays debt 2025 Dividends & Fi
Slide 46: NTE - Mandatory Capacity Improvements
46 » Contractual obligation to design and build the Mandatory Capacity Improvements once certain revenue thresholds are met. » The project consists of the addition of 1 GPL per direction on segment 1 and 1 ML per direction on Segment 2. » Given the asset’s positive performance, the obligation to exe
Slide 47: NTE 35W 3A 3B 3C and braided ramps
47 » Project Description: The Concession will be responsible to design, build, operate and maintain an additional General Purpose Lane (GPL) per direction of segments 3A3B. TxDOT will fully fund the investment and, it will compensate for any revenue loss derived from the construction works or/and th
Slide 48: Information (EMMA reporting)
48 WEB PAGE • 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 Reported information » Audited Financial Statements. » Unaudited Quarterly Financial Statements. » Budget: includes
Slide 49: I-66 Northern Virginia
I-66 Northern Virginia
Slide 50: Overview I-66
50 » 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 design to accommodate 3 general purpose lanes in each direction. » Directiona
Slide 51: Customer Insights I-66
51 Customer Insights1 HIGHWAYS | I-66 (1) 2025 Annual Survey, conducted by Innovative Research Group (INNOVATIVE) for I66 and Cintra. The survey was conducted among a representative sample of n=604 North Virginia area residents with data collection happening between October 17th and November 4th, 20
Slide 52: Historical financial figures I-66
52 Historical financial figures HIGHWAYS | I-66 167 247 303 2023 2024 2025 TOTAL REVENUE ($M) 129 196 246 76.9% 79.5% 81.4% 1 1 1 1 1 2023 2024 2025 ADJUSTED EBITDA ($M) 172 165 2024 2025 DIVIDENDS AT 100% ($M) 29 32 35 2023 2024 2025 TRANSACTIONS (M) 5.5 7.4 8.4 2023 2024 2025 TOLL REVENUE PER TRAN
Slide 53: Pricing framework
53 The 66 Express Lanes offer a dynamic pricing system that adjusts toll rates based on real-time traffic conditions and demand. This dynamic system is designed to prevent congestion, keep traffic flowing in the express lanes at minimum speeds of 55 mph. When demand increases, tolls adjust upward, b
Slide 54: Revenue structure
54 Toll revenue (approx. 96% of total revenue): » Transponder/tag customers: I-66 collects 100% of revenue from VDOT. » Video customers (vehicles without a transponder): I-66 EMP directly bills and performs collection services, and bears the risk related to collecting revenue from video trips. Other
Slide 55: Contractual payments to the Department of Transportation
55 Contractual payments to the Department of Transportation » Requirement under the Concession Agreement. » Compares the Net Present Value of actual cumulative revenues from the opening date, with specific “NPV Bands” defined at Financial Close. » Whenever the Net Present Value of actual cumulative
Slide 56: Dividends & Financial Structure I-66
56 0 20 40 60 80 100 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 20 41 20 42 20 43 20 44 20 45 20 46 20 47 20 48 20 49 20 50 20 51 20 52 20 53 20 54 20 55 20 56 20 57 PABs 2017 TIFIA (including capitalized interest) Virginia Small Business Financing Auth
Slide 57: Information
57 WEB PAGE https://emma.msrb.org/IssueView/Details/ES381888Information » The information to be reported is collected in the 15c2- 12 "Municipal securities disclosure" regulation of the Exchange Act. » In the case of the I66 concession, it is found in the “Continuing Discloser agreement“. » More inf
Slide 58: I-77 Charlotte | North Carolina
I-77 Charlotte | North Carolina
Slide 59: Overview I-77
59 Davidson Uptown Charlotte I-77 Lake Norman Mooresville Overview HIGHWAYS | I-77 Expected % Population growth from 2015 to 2045 1 N o C h a n g e 0 % t o 1 0 0 % 1 0 1 % t o 2 0 0 % G r e a t e r t h a n 2 0 0 % C R T P O P l a n n i n g A r e a A key growth enabler for Charlotte region » I-77 is
Slide 60: Customer Insights I-77
60 Customer Insights1 HIGHWAYS | I-77 (1) 2025 Annual Survey, conducted by Innovative Research Group (INNOVATIVE) for I77 and Cintra. The survey was conducted among a representative sample of n=610 Charlotte area residents with data collection happening between October 17th and November 4th, 2025. $
Slide 61: Historical financial figures I-77
61 Historical financial figures HIGHWAYS | I-77 18 36 61 91 107 130 2020 2021 2022 2023 2024 2025 TOTAL REVENUE ($M) 4 20 38 66 69 81 24.9% 54.9% 62.9% 72.0% 65.1% 62.2% 1.00 10.00 100.00 0 0 0 1 1 2020 2021 2022 2023 2024 2025 ADJUSTED EBITDA ($M) 307 52 2024 2025 DIVIDENDS AT 100% ($M) 20 28 35 41
Slide 62: Pricing framework
62 (1) Even though trucks were not part of the original concession agreement, a final amendment for the Extended Vehicles was agreed in September 2024 with NCDOT (North Carolina Department of Transportation) to allow them to use the ML´s Pricing framework HIGHWAYS | I-77 Dynamic pricing system that
Slide 63: Revenue structure
63 Revenue structure Toll revenue (approx. 99% of total revenue): » NCDOT bills customers and performs collection services on behalf of the Concession Company. Collection risk is fully borne by NCDOT, which pays within 5 business days after the transaction files are received from the Concession Comp
Slide 64: Contractual payments to the Department of Transportation
64 » DOT’s right to a portion of any Refinancing Gain, including a gain from an Initial Financing. » Calculation Methodology: Net Present Value (NPV) of the variance between the dividends of the pre-refinancing structure and that of the new financial structure at the refinancing date. In the event o
Slide 65: Dividends & Financial Structure I-77
65 0 10 20 30 40 50 60 70 80 90 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 20 41 20 42 20 43 20 44 20 45 20 46 20 47 20 48 20 49 20 50 20 51 20 52 20 53 20 54 PABs 2015 USPP 2024 North Carolina Department of Transportation (msrb.org) HIGHWAYS | I-77 Div
Slide 66: Information
66 WEB PAGE https://emma.msrb.org/IssueView/Details/ER368770 Information » The information to be reported is collected in the 15c2-12 "Municipal securities disclosure" regulation of the Exchange Act. » In the case of the I77 concession, it is found in the “Continuing Discloser agreement“. » More inf
Slide 67: IRB Infrastructure Developers LTD (India)
IRB Infrastructure Developers LTD (India)
Slide 68: IRB investment rationale
68 IRB investment rationale HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD • Value creation in selected investments outside North America where Ferrovial can find high long-term growth prospects • Population growth expected to lead the largest middle class in the world • One of the biggest highway co
Slide 69: Company Overview IRB
69 Company Overview HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD BOT: Build-Operate-Transfer - HAM: Hybrid Annuity Model - TOT: Toll, Operate and Transfer Information provided by IRB Corporate Presentation – IRB Infrastructure Developers Ltd. » Cintra acquired a 23.99% stake of IRB Private InVIT (6
Slide 70: Asset description IRB
70 » Focus on developing BOT projects, which offer high return potential. Experienced EPC player with a strong track record of developing roads. » Assets are located in states with high gross state domestic product and healthy traffic growth potential. Strong correlation between traffic growth and I
Slide 71: Asset description IRB shareholders and investments
71 Asset description HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Shareholders: 30.42% Promoter entities - 19.86% Cintra – 16.94% GIC – 32.78% Others InvIT Investments Public InvIT (16%) Project Type Mumbai Pune TOT TOT Ahmedabad Vadodara BOT BOT Pathankot-Mandi NH 154 HAM Chittoor-Thachur NH 716B
Slide 72: Wholly Owned Concessions (100%)
72 Asset description - Wholly Owned Concessions (100%) HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD IRB has a healthy mix of TOT, BOT, and HAM projects Project State Project cost (INR B) Lane KM Type Status Concession End Date Mumbai Pune Maharashtra 89 1,014 TOT Tolling Apr 2030 Ahmedabad Vadodara
Slide 73: Private InvIT (51%)
73 Asset description - Private InvIT (51%) HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Private InvIT - Capital Structure 51% 25% 24% Private InvIT MMK 10 BOTs 3 TOTs Recent awards 2 TOTs Project State Project cost (INR bn) Lane KM Status Type Concession End Date1 Goa Kundapur Karnataka 37 758 Toll
Slide 74: Public InvIT (16%)
74 Asset description – Public InvIT (16%) HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Project State Project cost (INR bn) Lane KM Status Type Concession End Date1 Talegaon - Amravati Maharashtra 8.9 267 Tolling BOT Jun 2037 Amritsar Pathankot Punjab 14.5 410 Tolling BOT Jan 2038 Jaipur Deoli Rajas
Slide 75: Other Assets
Other Assets 75
Slide 76: Highways Other Assets Summary
76 Summary HIGHWAYS | OTHER ASSETS €284M (1) TOTAL INVESTED EQUITY IN OTHER ASSETS Location Ferrovial Share Shareholders Dividends and capital returns (M€) Invested equity (M€) Committed equity (M€) Concession term Opening date Remaining life Type of asset Kms (highway length) Autema Spain 76.28% Ac
Slide 77: Airports
Airports
Slide 78: Ferrovial is one of the world's leading private airport investors
78 • Concentrate on North America and other regions where Ferrovial operates • Invest in relationships via bilateral transactions and select open-bid opportunities • Identify growth opportunities that leverage Ferrovial’s strengths • Employ a risk-adjusted strategy for returns • Emphasize terminal-r
Slide 79: Contents
79 Contents 1 New Terminal One - JFK 2 Dalaman Airport
Slide 80: New Terminal One - JFK
80 1 New Terminal One - JFK
Slide 81: Overview (I) New Terminal One
81 Location New York (USA) Ferrovial Share – Equity Accounted 49% Other Shareholders 2% Carlyle 30% JLC 19% ULLICO Concession Term Until 2060 Leasehold area (Existing T1/Projected NTO) 37.5 acres / 133.72 acres (1) Terminal area (Existing T1/Projected NTO) 700k sqft / 2.6m sqft (2) Concession area,
Slide 82: Overview (II)
82AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK Overview (II) (1) 22 Widebody gates and 1 Narrowbody gate (2) This figure includes: CAPEX $5.7B, Financing cost $1.5B and Rent, Opex and fees $1.8B . Phase A expected to open in 2026 Concession Term 2060 Total Uses2 (Phase A) $9.0B Gates 231 (14 WB Phase A;
Slide 83: Overview (III) Our Roles
83 Overview (III) AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 49% Lead Investor Operational Support Management Service Agreement (MSA) Airports Construction Construction Oversight Project Management Office (PMO) Our Roles 83
Slide 84: Overview (IV) Key Dates and Gates
84 Expected Key Dates of the NTO Project Planned Number of Wide Body Gates (vs. Previous situation) Area currently occupied by Terminals 1 and former Terminals 2 and 3 (1) Phase B1 and Phase B2 need to go through design, construction, and Port Authority (PANYNJ) and other governmental approvals and
Slide 85: NTO is the only terminal expected to grow significantly
85 NTO is the only terminal expected to grow significantly in the coming years1,2 (1) Source: Own elaboration from PA EA February 2021, public information and Google Earth; hardstands not included (2) Terminal 7: Expected to be demolished to make way for the second phase of construction of new Termi
Slide 86: Construction. Phase A
86 Construction. Phase A AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK Single guaranteed maximum price locked in for the Phase A design and construction scope Terminal 1 will remain in operation during construction of Phase A After Phase A opening, T1 closes and will be demolished Tishman: highly experie
Slide 87: Phase A. 2025 Milestones Achieved
8787AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK Phase A. 2025 Milestones Achieved (1) As of December 2025 Lounge construction underway Commercial units' procurement well advanced Commercial units handed over to operator for fit- out works Data centers energized 82% Construction Progress 1
Slide 88: Investment grade rating and Phase B1 notice to proceed
88 The Lessee is required to use commercially reasonable efforts to obtain an IG rating, not earlier than nine months and not later than six months prior to the anticipated scheduled Phase A DBO, considering also a reduced Phase B1 which would postpone two gates to Phase B2 (pursuant to the Two-Gate
Slide 89: Airline agreements
89 Airline agreements AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK Committed airlines LOI signed 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). (*) The infographi
Slide 90: Cost per enplanement
90 Cost per enplanement AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK Benchmark of other competing terminals COST PER ENPLANEMENT BENCHMARK (PUBLIC DATA) 1 (1) Data from third party source: Steer Report (2025). Note: Ferrovial does not confirm or endorse such report and takes no responsibility for it. Th
Slide 91: Revenue
91 Revenue AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK Aero Revenues Non-aero Revenues (15%) (85%) Common Use Facility Charges (75%) Other aero (10%) Concessions (12%) Advertising (2%) Other (1%)Aero Revenue Breakdown BASED ON THE AMOUNT OF SPACE RENTED OUT BY AIRLINES ON AN EXCLUSIVE BASIS Non-aero Re
Slide 92: OPEX
92 OPEX AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK Operations baggage, PRM2 & general ramp operations (such us snow removal) Security building security, checkpoint security and PANYNJ police charges IT includes systems (ex. flight information display), telephone usage, web services, etc Other includes
Slide 93: OPEX / Revenue sharing mechanisms
93AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK OPEX / Revenue sharing mechanisms » NTO aeronautical revenues are not shared with the PANYNJ except for 10% of gross terminal rental revenue for exclusive-use spaces, such as airline offices and lounges Aero Revenue: Exclusive Use Space Rent » There is 50%
Slide 94: Other payments to the PANYNJ
94 Other payments to the PANYNJ AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK Payments to the Port Authority (other than the revenue share) Rent type Annual amount $173.5k per acre in 2022 Annually at the greater of 4% or 50% CPI $28.3m2Ground Rent Escalation Yearly payments* $3.2m Fixed amount $3.2mFirs
Slide 95: Phase A Financial Structure
95 (1) As of December 31, 2025; (2) Source: Steer Report (2025); (3) Includes $0.2B of interest from Construction Cash Fund; (4) During Construction; (5) All-in cost, including swap breakage proceeds 0 500 1000 1500 2022 2023 2024 2025 2026 Equity contributions%FER 100% Phase A Financial Structure A
Slide 96: Debt Service Ratios – Coverage, Investment Grade
96 Debt Service Ratios – Coverage, Investment Grade AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK (1) Total Obligations Coverage Ratio The Lessee must set rates under the Airline Use Agreement to achieve a Projected TOCR1 of 1.25:1.00 for each TOCR Calculation Period starting January 1 of each Fiscal Yea
Slide 97: Cash flow waterfall
97 Cash flow AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK NTO post-completion cashflow waterfall Aero and non-aero revenue Ramp-up account release Income from cash balances and eligible investments Cash inflows Cash outflows OPEX: PANYNJ Revenue Share (deferrable) OPEX: O&M expenses, including MSA (defe
Slide 98: Ferrovial financial obligations related to NTO
98 Ferrovial financial obligations related to NTO AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 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
99 Information » EMMA, United States official source for municipal securities data and documents. It is provided by the Municipal Securities Rulemaking Board » More information is available at the NTO Series 2025 Bonds o Municipal Securities Rulemaking Board::Emma EMMA – Electronic Municipal Market
Slide 100: Dalaman Airport
100 2 Dalaman Airport
Slide 101: Dalaman Airport Asset Overview
101 It is a stable asset for the Airports’ portfolio due to its limited exposure to Turkish GDP and FX One of the most attractive tourist regions in Turkey Location Dalaman (Türkiye) Ferrovial Share – Globally consolidated 60% Other Shareholders 40% YDA Group Concession Term Until 2042 Number of Ter
Slide 102: Demand Profile
102 1.6 0.8 1.4 1.5 1.8 1.9 2.0 3.3 0.8 0.9 3 3.5 3.7 3.6 2019 2020 2021 2022 2023 2024 2025 Domestic International During 2025: • 5.6M passengers passed through the airport, consolidating 2024 figures • International traffic represented close to 65% of the total traffic in 2025 Traffic profile (m p
Slide 103: Revenue and Financial Profile
103AIRPORTS | DALAMAN AIRPORT Revenue and Financial Profile (€ M) 2024 2025 Revenue 82 85 Adjusted EBITDA 64 66 Adjusted EBIT 42 43 Aero Revenue Non-Aero Revenue CORRESPOND TO THE CONCESSIONS AND/OR RENTS RECEIVED FROM THE DUTY-FREE, RETAIL, SERVICES, ADVERTISING, AND FOOD AND BEVERAGE UNITS REVENUE
Slide 104: Public Information
104 Public Information Information » DHMI, General Directorate of State Airports Authority responsible for the management of Turkish airports and the regulation and control of Turkish airspace DHMI WEB PAGE: https://www.dhmi.gov.tr/Sayfalar/EN/DefaultEN.aspx Reported Information » Integrated Annual
Slide 105: Construction
CONSTRUCTION
Slide 106: Construction overview and 2025 figures
106 Key to the development of greenfield projects. Focus on markets with a commitment to infrastructure development CONSTRUCTION f. constructionbudimex webber CONSTRUCTION Capabilities built on footprint, balanced size & risk management Average long-term target : 3.5% Adjusted EBIT margin1 €7.7bn Re
Slide 107: Construction | Budimex
107CONSTRUCTION I BUDIMEX » Ferrovial took an initial stake in Budimex in 20001 » Shareholders: 50.1% Ferrovial, 30.4% Free-float, 8.4% Nationale Nederlanden OFE, 8.0% Allianz OFE and 3.1% PZU OFE » The largest company construction industry in Poland » Provides services in the infrastructure sector,
Slide 108: Ferrovial Construction | Webber
108 Ferrovial Construction CONSTRUCTION I F. CONSTRUCTION I WEBBER » Born in 1999 from the merger of the construction businesses of Ferrovial and Agroman (renamed Ferrovial Construction in 2020) » International leader in the Construction Industry » Experts in highly complex projects and added value
Slide 109: Construction order book breakdown
109 69% 11% 11% 9% Civil work Building Industrial Others (1) Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Ferrovial 2025 Integrated Annual Report (2) In 2024, Ferrovial conducted a par
Slide 110: Energy
ENERGY
Slide 111: Energy 2025 figures
111 PHOTOVOLTAIC SOLAR ENERGY 812 MW under construction or in operation TRANSMISSION LINES 994 Km under construction or in operation ENERGY 2025 FIGURES Focus on renewable energy generation, storage, and transmission. Value creation through selective investments and fast rotation of assets €270M Rev
Slide 112: Financial Profile
112 3 FINANCIAL PROFILE Debt structure Cash Flow details Historical financial data
Slide 113: Debt structure
113 RECOURSE DEBT Financial structure: Investment grade at corporate level & non-recourse debt at infrastructure project level CORPORATE: STRONG BALANCE SHEET PROVIDES RESILIENCE AND OPTIONALITY GLOBAL CONSOLIDATION NON-RECOURSE DEBT EQUITY ACCOUNTED INFRASTRUCTURE PROJECT COMPANIES €5.1B Liquidity4
Slide 114: Corporate debt profile and maturities
114 ECP 1.8% Bonds 77.8% Sustainability Linked Bond 17.8% Loans 2.5% Fixed Rate 99.2% Variable Rate 0.8% NAME ISIN NUMBER CURRENCY OUTSTANDING AMOUNT (mn) INTEREST RATE ISSUANCE DATE MATURITY DATE 2025 Bond ES0205032024 EUR 500 1.375% 29-Mar-2017 31-Mar-2025 2026 Bond ES0205032032 EUR 780 1.382% 14-
Slide 115: Credit rating agencies' metrics
115 RATING OUTLOOK BBB STABLE RATING OUTLOOK BBB STABLE NET DEBT EX−INFRASTRUCTURE PROJECTS1 (Adjusted EBITDA ex−infrastructure projects2 + dividends from projects3) NET DEBT/ADJ. EBITDA Rating Agencies measure their debt ratios looking at the ex-infrastructure projects debt Rating Agencies’ Adj. EB
Slide 116: Ex-infrastructure cash flows
116 245 134 16 167 297 97 208 390 291 597 395 396 160 166 388 293 83 -3 1 85 290 277 296 494 340 469 388 704 895 880 134 237 191 183 29 3 10 6 8 30 -69 -46 -90 -65 -126 -124 -60 -152 -146 -207 995 999 572 945 928 738 656 946 1,048 1,385 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Construction
Slide 117: Dividends from projects
117 290 277 296 494 340 469 388 704 895 880 134 237 191 183 29 3 10 6 8 30 4 5 6 5 3 12 34 1 49 33 131 47 89 43 5 31 60 30 4 54 477 553 623 729 458 550 475 741 947 968 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Highways Airports Construction Services Energy 96 153 144 145 16 38 84 39 17 7 21
Slide 118: Cash flows from investing activities
118 -951 -323 -282 -235 -266 -1,101 -850 -226 -1,421 -1,840 340 253 230 484 501 1,621 429 43 2,582 1,158 -611 -70 -52 249 235 520 -421 -184 1,161 -682 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 INVESTMENTS DIVESTMENTS Highways & Airports Investments show equity contribution to the infrastruct
Slide 119: Revenue by division and geography
119 79.5% 14.3% 1.2% 3.5% 1.6% Construction Highways Airports Energy Other 36.2% 19.6%3.9% 23.1% 17.2% USA Spain Canada Poland Other 10,759 12,208 5,737 6,054 6,341 6,778 7,551 8,514 9,147 9,627 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Construction Services Highways Airports Energy Others 2
Slide 120: Adjusted EBITDA by division and geography
120 944 932 484 121 409 596 728 991 1,342 1,457 8.8% 7.6% 8.4% 2.0% 6.5% 8.8% 9.6% 11.6% 14.7% 15.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Construction Services Highways Airports Energy Others SERVICES CLASSIFIED AS DISCONTINUED ACTIVITY IN 2018 € M Adjusted EBITDA & Adj. EBITDA mg1 FINA
Slide 121: Stock Information
121 4STOCK INFORMATION Share Price Performance Dividends Declared
Slide 122: Ferrovial shares at a glance
122 SHAREHOLDER STRUCTURE2 ISIN: NL0015001FS8 Tickers: FER SM, FER NA, FER US Indexes: IBEX 35, Nasdaq-100 Issued Shares3: 733,755,372 Markets: Spain since May 6, 1999, Euronext Amsterdam since June 16, 2023, and Nasdaq since May 9, 2024. Ferrovial shares at a glance STOCK INFORMATION | SHARE PRICE
Slide 123: Dividend per share and dividends declared
123 544 520 520 520 377 463 578 520 575 626 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.719 0.719 0.721 0.719 0.512 0.502 0.692 0.715 0.798 0.872 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Since 2014, Ferrovial has distributed dividends on a scrip dividend scheme, providing flexibilit
Slide 124: Sustainability & Corporate Governance
124 5 SUSTAINABILITY & CORPORATE GOVERNANCE
Slide 125: Sustainability Strategy
125 Sustainability Strategy SUSTAINABILITY Improving efficiency and helping to lower operational costs Anticipating regulatory trends Contributing to attracting and retaining top talent Helping communities flourish by delivering essential infrastructure Engaging local communities in project developm
Slide 126: Driving Positive Impact Through Environment, People and Governance
126 SUSTAINABILITY Driving Positive Impact Through Environment, People and Governance
Slide 127: Environment, society and responsible business
127 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 our assets in the long-term. Ferrovial sees ne
Slide 128: Highly ranked in sustainability ratings
128 FERROVIAL HIGHLY RANKED IN SUSTAINABLITY RATINGS Sustainability ratings in 2025 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 3rd time in the CDP Water ac
Slide 129: Sustainability targets
129 Sustainability targets SUSTAINABILITY PERFORMANCE INDICATORS 2025 RESULTS 2024 RESULTS TARGET HORIZON 1. GHG emissions: Scope 1&2 absolute emissions (tCO2)1 -45.6% -35.7% -42% (vs. 2020) 2030 2. GHG emissions: Scope 3 absolute emissions (tCO2)2 -17.5% -19.8% -25% (vs. 2020) 2030 3. Renewable ele
Slide 130: Climate strategy goals
130 CLIMATE STRATEGY GOALS 100% renewable electricity consumption annually from 2025 onwards Deep Decarbonization Pathways (DDP) , which establishes the emission-reduction levers Emissions reduction targets according to the Science Based Targets initiative (SBTi) for both near-term (2030) and long-t
Slide 131: SBTi-validated targets aligned with 1.5ºC
131 SBTi-validated targets aligned with 1.5ºC SUSTAINABILITY | ENVIRONMENT (1) Scope 3 category including purchased and transport of goods and services; waste generated in operations and fuel and energy. Scope 1 & 2 in absolute terms -42% by 2030 (vs 2020) -45.6% (2025 TARGET: -21%) -25% by 2030 (vs
Slide 132: Ferrovial's 2025 greenhouse gas emissions
132 SCOPE 1 Direct emissions from Ferrovial’s owned & controlled resources SCOPE 2 Indirect emissions from the generation of purchased energy SCOPE 3 Indirect emissions that occur in the value chain, incl. upstream & downstream emissions 2,200,156 tCO2 e Scope 1 & 2 & 3 in absolute terms 12.86% 0.05
Slide 133: Water footprint indices
133 Ferrovial developed a methodology based on internationally recognized standards for the calculation of the water footprint, which enables water management to be carried out at geographical level. This methodology considers the source of water withdrawal, assigning different weights depending on
Slide 134: Health and safety high potential events
134 Any event with the potential to have caused a fatal or catastrophic accident but which ultimately did not and serves as an opportunity for learning. These events are reported and analyzed by the Management Committee and an executive incident review (EIR) of such events is carried out. As a resul
Slide 135: Developing people to solve future challenges
135 6,562 11,799 4,248 >50 years old 30-50 years old <30 years old 135 BY COUNTRY NUMBER OF EMPLOYEES Developing people to solve future challenges BY AGE SUSTAINABILITY | PEOPLE 19% 52% 29% 628 Chile 6,297 Spain 1,338 Others 6,988 Poland 4,948 USA 1,148 UK 1,262 Canada 24,799 25,501 22,609 2023 2024
Slide 136: Board of Directors
136 RAFAEL DEL PINO Chairman Executive Director IGNACIO MADRIDEJOS CEO Executive Director MARÍA DEL PINO Non- Executive Director ÓSCAR FANJUL Vice Chairman Independent Non- Executive Director JOSÉ FERNANDO SÁNCHEZ-JUNCO Independent Non- Executive Director PHILIP BOWMAN Independent Non- Executive Dir
Slide 137: Experienced Board of Directors
137 Experienced Board of Directors enriching Ferrovial’s strategic decision-making CORPORATE GOVERNANCE | BOARD OF DIRECTORS PROFESSIONAL BACKGROUND INTERNATIONAL EXPERIENCE FUNCTIONAL AREAS INDUSTRY EXPERIENCE
Slide 138: Executive Committee
138 Executive Committee Pursuant to the Board Rules, the Executive Committee may resolve all matters that the Board can resolve, subject to applicable law and the Articles of Association or as explicitly provided otherwise in the Board Rules. All members must be Directors. In 2025, the Executive Com
Slide 139: Annual variable remuneration
139 ANNUAL VARIABLE REMUNERATION CHAIRMAN QUALITATIVE TARGETS & SUSTAINABILITY (20%) • Operations of Board & Executive Committee (20%) • Strategic Plan (20%) • ESG measures (60%) • Strategic Plan (39%) • ESG measures (61%) QUANTITATIVE TARGETS (80%) CEO 55% NET INCOME 45% CASH FLOW 2025 FIXED REMUNE
Slide 140: Non-financial targets and achievement
140 30% QUALITATIVE TARGETS & SUSTAINABILITY NON-FINANCIAL TARGETS METRICS Weight 2025 Degree of achievement QUALITATIVE Operation of the Board & Executive Committee 20% 50% Strategic Planning 20% 75% SUSTAINABILITY FACTORS Corporate Governance 20% 75% Succession plan 20% 100% Institutional Represen
Slide 141: Disclaimer
141 This Investor 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 Investor Presentation, you acknowledge that you have read and understood the following statements
Slide 142: Investor Relations
142 Investor Relations ir@ferrovial.com www.ferrovial.com ferrovial