Ferrovial N.v. · BME:FER
Ferrovial — H1 2024 Earnings Presentation
17 slides from Ferrovial's earnings presentation, Jul 30, 2024
Slide 1: H1 2024 Financial Results
NTE Express, Texas, U.S. H1 2024 FINANCIAL RESULTS July 30, 2024 H1 2024 1 Financial Results
Slide 2: H1 2024 Overview
H1 2024 OVERVIEW Robust performance across all business divisions • Toll Roads: 407ETR continues to benefit from increased congestion in Q2. US MLs posted solid revenue per transaction growth, above CPI • Airports: Record-breaking number of passengers at Heathrow. AGS & Dalaman showed a positive evo
Slide 3: Toll Roads: Significant Growth of US Managed Lanes
TOLL ROADS SIGNIFICANT GROWTH OF US MANAGED LANES 2024 PERFORMANCE vs. 2023 (Q2 & YTD) 1 EUR mn Q2 2024 % Var. H1 2024 % Var. % Ch LfL Revenue 318 18.1% 595 20.9% 25.2% 1 Adj. EBITDA 225 11.4% 428 19.0% 25.3% 1 Adj. EBITDA mg 70.7% 72.0% CONTRIBUTION FROM NORTH AMERICAN ASSETS +29.5% +28.5% US TOLL
Slide 4: 407 ETR: Growth in Traffic, Revenue and Dividend
407 ETR GROWTH IN TRAFFIC, REVENUE AND DIVIDEND 2024 PERFORMANCE vs. 2023 (Q2 & YTD) CAD mn Q2 24 Q2 23 VAR. H1 24 H1 23 VAR. Toll Revenue 427 367 16.2% 736 632 16.4% CAD mn Q2 2024 VAR. H1 2024 VAR. Traffic (VKT mn) 701 4.6% 1,215 5.6% Revenue 450 11.1% 780 11.4% Total Revenue 450 405 11.1% 780 700
Slide 5: DFW Managed Lanes
DFW MANAGED LANES REVENUE/TRANSACTION GROWTH BEATS INFLATION & GDP1 2024 PERFORMANCE vs. 2023 (Q2 & YTD) NTE LBJ NTE35W (3) Q2 24 VAR. H1 24 VAR. Q2 24 VAR. H1 24 VAR. Q2 24 VAR. H1 24 VAR. Revenue Adj. EBITDA2 Adj. EBITDA mg2 NTE LBJ NTE 35W (3) NTE35W traffic excluding 3C: +10.4% vs Q2 2023 & +13.
Slide 6: I-77 and I-66
I-77 I-66 FIRST DIVIDEND DISTRIBUTION STEADY RAMP UP 2024 PERFORMANCE vs. 2023 (Q2 & YTD) 2024 PERFORMANCE vs. 2023 (Q2 & YTD) USD mn Q2 2024 VAR. H1 2024 VAR. USD mn Q2 2024 VAR. H1 2024 VAR. Transactions (mn) 11 1.5% 4.9% Transactions (mn) 9 15.6% 16.6% Revenue 28 12.8% 50 18.0% Revenue 62 54.6% 6
Slide 7: IRB: Attractive Growth Ahead
IRB ATTRACTIVE GROWTH AHEAD 24% STAKE ACQUISITION IN PRIVATE INVIT • Cintra acquired a 24% stake in IRB Infrastructure Trust (IRBIT) for €740mn • In June, FER reached the financial close with an upfront payment of €652mn • Portfolio includes 14 road projects (+1 committed) spanning across 10,567 lan
Slide 8: Heathrow: Record-Breaking Number of Passengers
HEATHROW RECORD-BREAKING NUMBER OF PASSENGERS 2024 PERFORMANCE vs. 2023 (Q2 & YTD) GBP mn Q2 2024 VAR. H1 2024 VAR. Passengers (mn) 21.3 5.5% 39.8 7.3% Revenue 884 -4.7% 1,692 -2.9% Adj. EBITDA 511 -12.8% 951 -11.1% Adj. EBITDA mg 57.8% 56.2% • Aeronautical revenue affected by lower charges set by C
Slide 9: Other Airport Assets
OTHER AIRPORT ASSETS AGS – SOLID GROWTH DALAMAN – BUSIEST HALF-YEAR EVER RECORDED GBP mn Q2 2024 VAR. H1 2024 VAR. EUR mn Q2 2024 VAR. H1 2024 VAR. Passengers (mn) 3.1 7.5% 5.2 7.8% Passengers (mn) 1.7 12.2% 2.0 10.4% Revenue 59 13.6% 101 13.9% Revenue 23 8.8% 26 9.2% 1 1 Adj. EBITDA 24 18.4% 34 24.
Slide 10: Construction: Strong Q2 with Profitability on Track
CONSTRUCTION STRONG Q2 WITH PROFITABILITY ON TRACK FOR 2024 TARGET 2024 PERFORMANCE vs. 2023 (Q2 & YTD) 1 EUR mn Q2 2024 Q2 2023 % VAR. H1 2024 H1 2023 % VAR. % VAR. LfL Revenue 1,895 1,714 10.6% 3,371 3,159 6.7% 4.9% Adj. EBITDA1 116 15 n.s. 184 58 218.9% 194.8% Adj. EBITDA mg1 6.1% 0.9% 5.5% 1.8%
Slide 11: P&L Q2 & H1 2024
P&L Q2 & H1 2024 EUR mn Q2 2024 Q2 2023 H1 2024 H1 2023 Revenue 2,388 2,135 4,267 3,940 Adjusted EBITDA* 349 212 603 401 Period depreciation -116 -106 -218 -201 Adjusted EBIT* 233 106 385 200 Disposals & impairments 166 0 166 0 Operating profit/(loss) 399 106 551 200 Financial Resusts -66 -52 -119 -
Slide 12: H1 2024 Change in Consolidated Net Debt
H1 2024 CHANGE IN CONSOLIDATED NET DEBT EX-INFRASTRUCTURE PROJECT COMPANIES CASH FLOWS €-1,140mn CASH FLOWS FROM (USED IN) CASH FLOWS FROM (USED IN) CASH FLOWS FROM OPERATING ACTIVITIES INVESTING ACTIVITIES (USED IN) FINANCING ACTIVITIES €41mn €-438mn €-743mn CASH CASH DEBT & CHANGE IN DEBT AND OTHE
Slide 13: Closing Remarks
CLOSING REMARKS • Strong performance • Higher profitability in construction • combining growth investments with shareholder distributions • Pipeline Pic: I-77 H1 2024 13 13 Financial Results
Slide 14: Q&A
Q&A H1 2024 14 14 Financial Results
Slide 15: Disclaimer (I)
DISCLAIMER (I) 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. Neithe
Slide 16: Disclaimer (II)
DISCLAIMER (II) Alternative Performance Measures In addition to the financial information prepared under the International Financial Reporting Standards (“IFRS”), this presentation may include certain alternative performance measures (“APMs” or “non-IFRS measures”), as defined in the Guidelines on A
Slide 17: Investor Relations Department
INVESTOR RELATIONS DEPARTMENT +34 91 586 25 65 +31 207 983 724 ir@ferrovial.com www.ferrovial.com Q1 2024 Financial Results