Ferrovial N.v. · BME:FER
Ferrovial — Q4 2025 Earnings Presentation
21 slides from Ferrovial's earnings presentation, Feb 26, 2026
Slide 1: FY 2025 Financial Results
Picture: 407 ETR (Canada) FY 2025 FINANCIAL RESULTS February 25, 2026 FY 2025 1 Financial Results
Slide 2: Disclaimer
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 thi
Slide 3: FY 2025 Overview
FY 2025 OVERVIEW 2025 results showing robust performance in all business units • Highways: North American portfolio keeps delivering solid revenue & EBITDA growth • Airports: Continued progress at New Terminal One (NTO) with a focus on operational readiness • Construction: Outstanding performance ac
Slide 4: 2025 Main Figures
2025 MAIN FIGURES (VARIATION VS. 2024) REVENUE ADJ. EBITDA2 ORDERBOOK €9,627M €1,457M €17,438M +8.6% LfL +12.2% LfL +10.1% LfL DIVIDENDS FROM NET DEBT OF 2025 TSR4 PROJECTS EXINFRA3 €968M -€1,341M +38.6% +2.2% Picture: LBJ (USA) -€1,794M in 2024 (1) Percentages expressed on a Like-for-Like Growth ba
Slide 5: Focused on Growth
FOCUSED ON GROWTH • 407 ETR EBITDA growing at double digit • US MLs: Revenue significantly outpacing Growth with our current portfolio in North American assets inflation • €236M invested in NTO in 2025 • Acquisition of 5.06% stake of 407ETR Alexandria, VA • Record pipeline in the US with six near Fo
Slide 6: Highways: North America Drives Highways Results
HIGHWAYS NORTH AMERICA DRIVES HIGHWAYS RESULTS 2025 PERFORMANCE vs. 2024 (Q4 & YTD) EUR M Q4 2025 % VAR FY 2025 % VAR LfL1 Revenue 353 3.9% 1,374 13.7% 1 Adj. EBITDA 239 -2.9% 990 12.2% 1 Adj. EBITDA mg 67.7% 72.0% • Q4 2025 Adj. EBITDA variation impacted by FX and higher bidding costs STRONG DOUBLE
Slide 7: 407 ETR
407 ETR PROMOTIONS & INCREASED MOBILITY DRIVING STRONG EBITDA GROWTH 2025 PERFORMANCE vs. 2024 (Q4 & YTD) CAD M Q4 2025 VAR. FY 2025 VAR. Traffic (VKT M) 716 5.7% 2,819 6.1% CAD M Q4 2025 VAR. FY 2025 VAR. Revenue 497 13.5% 2,009 17.8% Toll Revenue 464 12.5% 1,893 17.6% EBITDA 404 9.2% 1,687 14.2% F
Slide 8: DFW Managed Lanes
DFW MANAGED LANES STRONG MOBILITY IN THE CORRIDOR, TRAFFIC IMPACTED BY CONSTRUCTION WORKS 2025 PERFORMANCE vs. 2024 (Q4 & YTD) NTE LBJ NTE35W USD M Q4 2025 VAR. FY 2025 VAR. Q4 2025 VAR. FY 2025 VAR. Q4 2025 VAR. FY 2025 VAR. Transactions (M) 9 -5.5% 37 -4.7% 12 -4.3% 46 -0.1% 13 -0.4% 52 2.9% Reven
Slide 9: DFW Managed Lanes: Revenue per Transaction
DFW MANAGED LANES STRONG GROWTH IN REVENUE PER TRANSACTION OUTPACING INFLATION REVENUE PER TRANSACTION Growth % vs. 2024 FAVORABLE TRAFFIC MIX AND MORE MANDATORY MODE EVENTS IN NTE & NTE35W VS. 2024 Soft Cap update in 2025 15.8% 13.8% 13.3% 15.3% 13.4% +2.9% 11.3% 12.0% 11.6% 10.0% 7.8% 8.4% 8.8% 8.
Slide 10: I-66 Outstanding EBITDA Growth
I-66 OUTSTANDING EBITDA GROWTH 2025 PERFORMANCE vs. 2024 (Q4 & YTD) USD M Q4 2025 VAR. FY 2025 VAR. Transactions (M) 9 4.3% 35 7.4% Revenue/transaction 8.3 1.3% 8.4 13.3% Revenue 78 6.5% 303 22.7% Adj. EBITDA1 64 9.9% 246 25.7% Adj. EBITDA mg1 83.1% 81.4% • Traffic evolution driven by corridor growt
Slide 11: I-77 Strong Revenue per Transaction Momentum
I-77 STRONG REVENUE PER TRANSACTION MOMENTUM 2025 PERFORMANCE vs. 2024 (Q4 & YTD) USD M Q4 2025 VAR. FY 2025 VAR. Transactions (M) 11 -11.1% 42 -2.0% Revenue/transaction 3.1 26.0% 3.1 24.7% Revenue 33 11.8% 130 21.9% Adj. EBITDA1 21 4.8% 81 16.5% Adj. EBITDA mg 1 61.8% 62.2% Revenue sharing 2 5.4 74
Slide 12: North American Assets
NORTH AMERICAN ASSETS TOP PERFORMING METROS EXPECTED TO EXCEED NATIONAL AVERAGE TORONTO ▶ Modest short-term growth while 22% population growth by 2051 (Greater Toronto Area)1 mobility increases & long-term Toronto’s average GDP growth (2.3%) to exceed Ontario (1.9%) prospects remain solid and Canada
Slide 13: IRB & IRB Private InvIT
IRB & IRB PRIVATE INVIT LONG TERM GROWTH SUPPORTED BY A STRONG PIPELINE IRB - 2025 PERFORMANCE vs. 2024 (H2 & YTD) (EUR mn) H2 2025 VAR. FY 2025 VAR. LfL Revenue 314 -21.5% 716 -12.8% Adjusted EBITDA1 148 -23.6% 313 -24.1% Adjusted EBITDA margin 1 47.2% 43.7% Net Profit to FER (19.86% stake) 24 n.s.
Slide 14: New Terminal One at JFK and Dalaman
NEW TERMINAL ONE AT JFK DALAMAN TOWARDS OPERATIONAL READINESS STEADY PERFORMANCE • NTO keeps progressing facing a crucial year for construction and integration EUR M Q4 2025 VAR. FY 2025 VAR. • In terms of schedule, the contractor has communicated an updated target Passengers (M) 0.9 1.1% 5.6 -1.1%
Slide 15: Construction: Outstanding Performance Across All Lines of Business
CONSTRUCTION OUTSTANDING PERFORMANCE ACROSS ALL LINES OF BUSINESS 2025 PERFORMANCE vs. 2024 (Q4 & YTD) EUR M Q4 2025 Q4 2024 % VAR. FY 2025 FY 2024 % VAR. LfL1 Revenue 2,233 1,999 11.7% 7,653 7,236 7.5% Adj. EBITDA1 200 106 87.8% 511 430 19.9% Adj. EBITDA mg 1 8.9% 5.3% 6.7% 5.9% 1 Adj. EBIT 150 81
Slide 16: P&L: Significant Adjusted EBITDA Growth on US Highways & Construction
P&L SIGNIFICANT ADJUSTED EBITDA GROWTH ON US HIGHWAYS & CONSTRUCTION EUR M FY 2025 FY 2024 Revenue 9,627 9,148 1 Adjusted EBITDA 1,457 1,342 Depreciation -490 -441 Adjusted EBIT 1 967 901 Disposals & impairments 210 2,208 Operating profit/(loss) 1,177 3,109 Financial Results -365 274 Financial Resul
Slide 17: 2025 Change in Consolidated Net Debt
2025 CHANGE IN CONSOLIDATED NET DEBT1 EX-INFRASTRUCTURE PROJECT COMPANIES (€ M) CASH FLOWS EUR -583 M OPERATING (EUR +1.285 M) INVESTING (EUR -682 M) FINANCING (EUR -1,186 M) 596 968 (179) (100) 1,158 130 (657) (1,970) (437) (91) 4,653 4,070 CASH CASH Dividends Construction Other cash Tax payments C
Slide 18: 2026 Dividend Proposal
2026 DIVIDEND PROPOSAL €2.2B AGGREGATE DIVIDENDS* BETWEEN 2024-2026 Dividends declared Top up Yearly Scrip Dividend 1B 400 575M 626M 600 2024 2025 2026E (1) * Dividends declared include shares delivered + cash. Figures in EUR. CASH OUT (including cash paid in dividends + cash €560M €657M disbursed i
Slide 19: Closing Remarks
CLOSING REMARKS • Revenue and profitability growth of our North American assets driven by: • Increased customer segmentation • Underlying growth in the assets’ locations • Well- positioned for future growth with a robust pipeline and increased P3 interest in the US • Healthy Construction orderbook w
Slide 20: Q&A
Q&A Picture: NTE (USA) FY 2025 H1 20 Financial Results
Slide 21: Investor Relations
Picture: NTE (USA) INVESTOR RELATIONS +34 91 586 25 65 +31 207 983 724 ir@ferrovial.com www.ferrovial.com FY 2025 Financial Results