Ferrovial N.v. · BME:FER
Ferrovial — Investor Day (February 2024)
82 slides from Ferrovial's investor day presentation, Feb 1, 2024
Slide 1: Capital Markets Day 2024
—_ i ferrovial Capital Markets Day 2024 —_—a—_
Slide 2: Disclaimer
2 DISCLAIMER This presentation and any accompanying oral presentation (together, the “presentation”) has • the impact of competitive pressures in our industry and pricing, including the lack of certainty of been prepared by Ferrovial SE (the “Company”, “we” or “us” and, together with its subsidiarie
Slide 3: Non-IFRS Financial Measures
3 Non-IFRS Financial Measures This presentation may contain references to financial measurements that are supplemental to the Company’s financial performance as calculated in accordance with the International Financial Reporting Standards (“IFRS”). These non-IFRS financial measures may include Adjus
Slide 4: Ignacio Madridejos, CEO
Ignacio Madridejos, CEO Capital Markets Day 2024
Slide 5: Today you'll see: Who we are, Why
2 V I S U A L I D E N T I T Y 5 Today you’ll see 1 WHO WE ARE 2 WHY FERROVIAL
Slide 6: One of North America's leading road and airport infrastructure companies
6 12% Total Annual One of North Shareholder Return 10yr 1 America’s $27B Market Cap leading road As of Dec. 31, 2023 and airport BBB Investment grade 2 infrastructure Stable outlook companies 80% equity value in North America 3 24,000 employees As of Dec.31, 2022 22 years present in Dow Jones (1) To
Slide 7: Integrated platform to develop infrastructure projects with high value creation
7 DEVELOP AND OPERATE INNOVATIVE, EFFICIENT AND SUSTAINABLE INFRASTRUCTURE PROJECTS WITH HIGH VALUE CREATION FOR STAKEHOLDERS Integrated platform to develop TOLL ROADS AIRPORTS ENERGY infrastructure Develop congestion relief solutions in North Facilitate air transport growth improving Develop projec
Slide 8: Best-in-class capabilities that support our strategy
8 Best-in-class capabilities that support our strategy Operational Development Stakeholders » REVENUE OPTIMIZATION » INTEGRATED MODEL » LOCAL PARTNERS AND 20-year track record managing with design, bidding, DIVERSIFIED INVESTORS pricing/demand using latest construction and BASE to reinforce local te
Slide 9: Why
9 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 10: Focus on areas with strong economic growth
UNIQUE INFRASTRUCTURE GROWT H IN NEW GREENF IEL D VAL UE CREAT ION IN S EL ECT ED S OL ID CAS H F L OW GENERAT ION 10 ASSETS IN NORTH AMERICA PROJECT S IN NORT H AM ERICA PROJECT S IN OT HER COUNT RIES & F INANCIAL D IS CIPL INE DALLAS-FORT WORTH Revenue » Focus on areas with strong economic Annuall
Slide 11: Value of time saved and flexible pricing
UNIQUE INFRASTRUCTURE GROWT H IN NEW GREENF IEL D VAL UE CREAT ION IN S EL ECT ED S OL ID CAS H F L OW GENERAT ION 11 ASSETS IN NORTH AMERICA PROJECT S IN NORT H AM ERICA PROJECT S IN OT HER COUNT RIES & F INANCIAL D IS CIPL INE TORONTO Freedom to set toll rates Revenue growth » Value of time saved
Slide 12: Long duration assets
UNIQUE INFRASTRUCTURE GROWT H IN NEW GREENF IEL D VAL UE CREAT ION IN S EL ECT ED S OL ID CAS H F L OW GENERAT ION 12 ASSETS IN NORTH AMERICA PROJECT S IN NORT H AM ERICA PROJECT S IN OT HER COUNT RIES & F INANCIAL D IS CIPL INE TORONTO 74 years Revenue » Average time to maturity of to maturity grow
Slide 13: Infrastructure needs in North America
UNIQUE INF RAS T RUCT U R E GROWTH IN NEW GREENFIELD VAL UE CREAT ION IN S EL ECT ED S OL ID CAS H F L OW GENERAT ION 13 AS S ET S IN NORT H AM ERICA PROJECTS IN NORTH AMERICA PROJECT S IN OT HER COUNT RIES & F INANCIAL D IS CIPL INE $4T1 Infrastructure » High deficit levels provide an opportunity f
Slide 14: Solid pipeline of new projects for growth
UNIQUE INF RAS T RUCT U R E GROWTH IN NEW GREENFIELD VAL UE CREAT ION IN S EL ECT ED S OL ID CAS H F L OW GENERAT ION 14 AS S ET S IN NORT H AM ERICA PROJECTS IN NORTH AMERICA PROJECT S IN OT HER COUNT RIES & F INANCIAL D IS CIPL INE » Local business development teams GEORGIA SR-400 Infrastructure n
Slide 15: Toll roads in India
VALUE CREATION IN SELECTED UNIQUE INF RAS T RUCT U R E GROWT H IN NEW GREENF IEL D S OL ID CAS H F L OW GENERAT ION 15 AS S ET S IN NORT H AM ERICA PROJECT S IN NORT H AM ERICA PROJECTS IN OTHER COUNTRIES & F INANCIAL D IS CIPL INE GDP growth » Economy with high long term growth expected over Toll r
Slide 16: Selective investments in other assets
VALUE CREATION IN SELECTED UNIQUE INF RAS T RUCT U R E GROWT H IN NEW GREENF IEL D S OL ID CAS H F L OW GENERAT ION 16 AS S ET S IN NORT H AM ERICA PROJECT S IN NORT H AM ERICA PROJECTS IN OTHER COUNTRIES & F INANCIAL D IS CIPL INE Toll roads in » Develop toll roads and energy in India projects in g
Slide 17: Future cash flow generation
UNIQUE INF RAS T RUCT U R E G ROWT H IN NEW GREENF IEL D VAL UE CREAT ION IN S EL ECT ED SOLID CASH FLOW GENERATION 17 AS S ET S IN NORT H AM ERICA PROJECT S IN NORT H AM ERICA PROJECT S IN OT HER COUNT RIES & FINANCIAL DISCIPLINE Future Expected dividends to be received by Ferrovial from existing i
Slide 18: Capital allocation criteria
UNIQUE INF RAS T RUCT U R E GROWT H IN NEW GREENF IEL D VAL UE CREAT ION IN S EL ECT ED SOLID CASH FLOW GENERATION 18 AS S ET S IN NORT H AM ERICA PROJECT S IN NORT H AM ERICA PROJECT S IN OT HER COUNT RIES & FINANCIAL DISCIPLINE Capital allocation criteria Execute committed investments in ongoing p
Slide 19: Why
Why 19 Unique Growth in new Value creation Solid cash flow infrastructure greenfield in selected generation and assets in North projects in projects in other financial America North America countries discipline
Slide 20: Andrés Sacristán, Toll Roads (Cintra)
Andrés Sacristán, Toll Roads (Cintra) Capital Markets Day 2024 20
Slide 21: Today you'll see
2 V I S U A L I D E N T I T Y 21 Today you’ll see 1 UNIQUE ASSET PORTFOLIO 2 DIFFERENTIAL CAPABILITIES 3 GROWTH OPPORTUNITIES IN NEW ASSETS
Slide 22: Unique value creation
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 22 PORTFOLIO CAPABILITIES OUR ASSETS High economic growth regions Congested urban areas UNIQUE Provide only VALUE free flow capacity CREATION Flexible & dynamic pricing Long asset duration
Slide 23: Overview of our main assets
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 23 PORTFOLIO CAPABILITIES OUR ASSETS Overview of our main assets DURATION REVENUES 1 75YRS CAD $1.3B REVENUES 1 DURATION $639M >38YRS (1) Reported revenue for the year ended December 31, 2022
Slide 24: 407-ETR: congestion-free toll road in Greater Toronto Area
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 24 PORTFOLIO CAPABILITIES OUR ASSETS 407-ETR A congestion-free toll road in the Durham heart of Greater Toronto Area York 38% 32% » Record-breaking c.3%1 population growth in Peel 2023 51% » This growth is expected to continue, Toronto mostly along the 407-ETR
Slide 25: The only congestion-free route in the area
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 25 PORTFOLIO CAPABILITIES OUR ASSETS 407-ETR The only congestion-free route in the area » 407-ETR average rush hour speed were 29 mph higher than any other alternative in 2023 1 » 401 at capacity and close to full build- out. Future highway development limited
Slide 26: Pricing flexibility
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 26 PORTFOLIO CAPABILITIES OUR ASSETS 407-ETR Pricing flexibility 2010-2019 Growth 2023-2045 expectation1 +900k +17% +3.9% +10% +3.2M +30% Population 407-ETR VMT2 GDP CAGR Revenue CAGR Population Congestion » 407-ETR will » Pricing framework » Rates are structu
Slide 27: Best driving experience in Dallas-Fort Worth
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 27 PORTFOLIO CAPABILITIES OUR ASSETS LBJ | NTE | NTE35W McKinney Best driving experience in Frisco Dallas-Fort Worth A l l i a nce Plano » DFW is a metroplex with a widespread 35W LBJ population and multiple employment centers DFW A i rpo rt NTE Dallas » The a
Slide 28: Express Lane network best option for free-flow travel
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 28 PORTFOLIO CAPABILITIES OUR ASSETS LBJ | NTE | NTE35W The Express Lane network expected to be the best option for free-flow travel in DFW 35W LBJ » Travel times expected to increase by NTE 61% by 20451 » Tolls designed to ensure a fast and reliable trip Expe
Slide 29: Serving one of the highest-income suburbs in the US
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 29 PORTFOLIO CAPABILITIES OUR ASSETS I-66 Serving one of the highest-income suburbs in the US TRANSPORTATION AND LOGISTICS FACILITIES AS OF 2023 Expected Population growth from 2020 to 2045 1 L es s t han 0 0 to 500 » Future land development, 500 to 1,000 Dull
Slide 30: A key growth enabler for Charlotte region
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 30 PORTFOLIO CAPABILITIES OUR ASSETS I-77 A key growth enabler for Charlotte region Expected % Population growth from 2015 to 2045 1 » I-77 is a high-growth corridor that connects No Change Charlotte with its dynamic northern suburbs 0% to 100% 101% to 2 00% G
Slide 31: Dynamic pricing to deliver sustained value for users
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 31 PORTFOLIO CAPABILITIES OUR ASSETS Dynamic pricing to deliver sustained value for users DALLAS FORT 2010-2021 Growth 2021 to 2045 » Dallas-Fort Worth: WORTH +975k +24% +5.7% CAGR +17% +3.5M +61% pricing subject to soft Population 1 Congestion 1 HWY VMT4 Popu
Slide 32: India | Great prospects
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 32 PORTFOLIO CAPABILITIES OUR ASSETS Expected to be World’s fastest GDP growing economy India | Great prospects +7.2% 6.3% over next 5 yrs1 World’s 5th economy by GDP 2022 (ROW 3.4%) Expected 3rd by 2027-281 POPULATION Middle class expected to grow by 600M 1.4
Slide 33: India | Great prospects with a great player
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 33 PORTFOLIO CAPABILITIES OUR ASSETS India | Great prospects » IRB one of the best positioned companies to capture India's future growth with a great player » In-house EPC capabilities to develop greenfield projects » One of the largest highway infrastructure
Slide 34: A sustainable approach to generating value
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 34 PORTFOLIO CAPABILITIES OUR ASSETS A sustainable COMMUNITY SUSTAINABLE CUSTOMER approach to FOCUSED CENTRIC CONTRACTS generating value Saving Time & Driving Improving Quality of Revenue sharing Mechanism Growth in Local Economies1 Life and Safety When Projec
Slide 35: Best-in-class data set yields high-value insights
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 35 CINTRA PORTFOLIO CAPABILITIES OUR ASSETS Best-in-class data set yields high-value insights ASSETS PRODUCE MODELS AND BENCHMARKS TO HIGH QUALITY BETTER UNDERSTAND CUSTOMERS DATA INSIGHTS BEHAVIOR Reliable performance forecasts Price management to optimize us
Slide 36: Innovation as a value creation tool
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 36 PORTFOLIO CAPABILITIES OUR ASSETS Innovation as a value creation tool FINDING NEW "ROADS" TO VALUE ROAD USAGE FUNDING CONNECTED VEHICLES SEAMLESS USER PARTNERSHIP TO INFRA EXPERIENCE FOR THE FUTURE Smart solution designed to Integrating toll payments As EVs
Slide 37: Project origination
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND 37 PORTFOLIO CAPABILITIES OUR ASSETS GROWTH BEYOND OUR ASSETS Project origination OUR APPROACH TO PROACTIVE DEVELOPMENT Gain support of Local Leveraging Constant scan of Work with State Gain supportwith Stakeholders of Ferrovial Constant scan high-growth of St
Slide 38: Pipeline
UNIQUE ASSET DIFFERENTIAL GROWTH BEYOND CINTRA 38 PORTFOLIO CAPABILITIES OUR ASSETS GROWTH BEYOND OUR ASSETS Pipeline 7 PROJECTS Alexandria, VA Our competitive skills » I-495 SW, 2+2 Express Lanes, 7 mi I-495 SW allow us to: » I-77 South, 2+2 Express Lanes, 9.5 mi » Deliver to stakeholders based on
Slide 39: Closing
Closing » We provide solutions to congestion challenges in areas of high economic growth » Our portfolio is poised to continue creating value for stakeholders » Our asset base provides data and insights that give us a competitive advantage for future projects » We expect a healthy pipeline of projec
Slide 40: Luke Bugeja, Airports
Luke Bugeja, Airports Capital Markets Day 2024
Slide 41: Today you'll see
41 Today you’ll see 1 STRATEGY 2 PORTFOLIO REVIEW 3 DIFFERENTIAL CAPABILITIES 4 HEATHROW 5 JFK NEW TERMINAL ONE
Slide 42: Airports strategy
PORTFOLIO DIFFERENTIAL JFK 42 AIRPORTS STRATEGY HEATHROW REVIEW CAPABILITIES NEW TERMINAL ONE » Focus on North America and Europe » Relationship investments through bilateral transactions » Growth opportunities where Ferrovial’s capabilities can be an advantage » Risk adjusted approach to returns »
Slide 43: Unique assets with long duration and strong growth potential
PORTFOLIO DIFFERENTIAL JFK 43 AIRPORTS STRATEGY HEATHROW REVIEW CAPABILITIES NEW TERMINAL ONE Unique assets with long duration and strong growth potential HEATHROW AIRPORT 1 JFK NEW TERMINAL ONE (NTO) DALAMAN AIRPORT 49% stake 36 year 23M pax 25% stake Freehold 79.2M concession to 60% stake 18 year
Slide 44: Unique assets with long duration and strong growth potential
PORTFOLIO DIFFERENTIAL JFK 44 AIRPORTS STRATEGY HEATHROW REVIEW CAPABILITIES NEW TERMINAL ONE Unique assets with long duration and strong growth potential 50% stake equity ABERDEEN accounted AIRPORT GLASGOW AIRPORT Freehold No concession period GLASGOW AIRPORT SOUTHAMPTON AIRPORT 9.2M Passengers in
Slide 45: Investing, building and managing top global airports
PORTFOLIO DIFFERENTIAL JFK 45 AIRPORTS STRATEGY HEATHROW REVIEW CAPABILITIES NEW TERMINAL ONE DIFFERENTIAL CAPABILITIES Investing, building and managing top global airports 25+ years Long-term Ferrovial Construction US-based team operational expertise investor committed one of the world's provides c
Slide 46: Heathrow: most internationally connected airport
PORTFOLIO DIFFERENTIAL JFK 46 AIRPORTS STRATEGY REVIEW CAPABILITIES HEATHROW NEW TERMINAL ONE HEATHROW LONG TERM DELIVERY HEATHROW Over 18 years we have: The most internationally » Overseen the investment of more than £12B connected airport and Europe’s busiest hub1 » Set a stable cash flow, distrib
Slide 47: We have delivered…
PORTFOLIO DIFFERENTIAL JFK 47 AIRPORTS STRATEGY REVIEW CAPABILITIES HEATHROW NEW TERMINAL ONE HEATHROW TERMINAL 2 KEY FIGURES HEATHROW We have delivered… Capacity to serve 20M Delivered ahead passengers of schedule a year 5M hours of accident-free work 1st facility to receive BREEAM1 Over €3B enviro
Slide 48: …and we will use our expertise again
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 48 REVIEW CAPABILITIES NEW TERMINAL ONE NTO NTO KEY FIGURES …and we will use our expertise again Total Phase A Terminal Surface investment Opening in June (Phases A&B) 2026 2.4M 1 $9.5B square feet Capacity from Gates 8 to Concession Term 2060 23
Slide 49: NTO creating value: our roles
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 49 REVIEW CAPABILITIES NEW TERMINAL ONE NTO NTO CREATING VALUE Our roles Construction Airports Lead Investor Operational Construction Support Management Service Agreement Oversight Project Management Office 49%
Slide 50: Value Levers
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 50 REVIEW CAPABILITIES NEW TERMINAL ONE Capturing a higher share of a scarce resource Access to a premium New York market Value Levers Transforming the passenger experience Socio-economic value for local community
Slide 51: NTO the only terminal expected to grow significantly
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 51 REVIEW CAPABILITIES NEW TERMINAL ONE CAPTURING A HIGHER SHARE OF WIDE BODY GATES, A SCARCE RESOURCE NTO the only terminal expected to grow significantly in the coming years1 2023 2045 Terminal 72 Terminal 5 Terminal 5 Terminal 6 Terminal 8 Ter
Slide 52: NTO expected to expand its share of wide body gate capacity
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 52 REVIEW CAPABILITIES NEW TERMINAL ONE CAPTURING A HIGHER SHARE OF WIDE BODY GATES, A SCARCE RESOURCE 49% NTO expected to expand its 22 share of overall wide body 47% gate capacity by 20451 NTO Share 34% 14 10 A quick ramp-up to capacity 9 is ex
Slide 53: Wide-body gate demand expected to outpace global supply
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 53 REVIEW CAPABILITIES NEW TERMINAL ONE CAPTURING A HIGHER SHARE OF WIDE BODY GATES, A SCARCE RESOURCE Wide-body gate demand expected to outpace global supply International demand is expected to grow faster than WB Wide body gates at JFK are gate
Slide 54: Wide body gate access is critical to international carriers
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 54 REVIEW CAPABILITIES NEW TERMINAL ONE ACCESS TO A PREMIUM NEW YORK MARKET Wide body gate access is critical to international carriers NTO has executed long-term agreements 50 out of the 72 with 5 airlines NTO is in advanced airlines operating i
Slide 55: Strong demand for a premium customer experience
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 55 REVIEW CAPABILITIES NEW TERMINAL ONE ACCESS TO A PREMIUM NEW YORK MARKET Strong demand for a premium customer experience New Terminal One’s quality of COST PER ENPLANEMENT BENCHMARK service offering expected to 120 (PUBLIC DATA) 2 $110 surpass
Slide 56: New Terminal One expected to offer a world-class product
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 56 REVIEW CAPABILITIES NEW TERMINAL ONE TRANSFORMING THE PASSENGER EXPERIENCE New Terminal One expected to offer a world-class product that will change the way people fly through JFK 4-Star Skytrax airports 5-Star Skytrax airports New York LaGuar
Slide 57: We endorse collaborative partnerships
PORTFOLIO DIFFERENTIAL JFK AIRPORTS STRATEGY HEATHROW 57 REVIEW CAPABILITIES NEW TERMINAL ONE SOCIO-ECONOMIC VALUE FOR LOCAL COMMMUNITY We endorse collaborative partnerships The project has specific targets in each area as well as contribution to tangible projects Diversity 20% 10% 10% targets 50% M
Slide 58: Closing
Closing » Growth strategy is focused on North America and Europe airports where we can leverage our capabilities » Continue to seek bilateral opportunities where we have a privileged position » New Terminal One is on-time and on- budget. We expect to capture a leading share of the international airl
Slide 59: Ignacio Gastón, Construction
Ignacio Gastón, Construction Capital Markets Day 2024
Slide 60: Today you'll see
60 Today you’ll see 1 VALUE PROPOSITION 2 KEY TO FERROVIAL STRATEGY 3 DIFFERENTIAL CAPABILITIES 4 PROVEN TRACK RECORD
Slide 61: Our Value Proposition
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION 61 PROPOSITION STRATEGY CAPABILITIES RECORD Our Value Proposition » Key pillar to Ferrovial’s Supporting other divisions on value creation complex infrastructure projects » End-to-end technical, engineering and production capabilities Inv
Slide 62: Delivery of complex infrastructure projects enables value creation
VALUIE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION STRATEGY 62 PROPOSITION CAPABILITIES RECORD Delivery of complex infrastructure projects enables value creation SUPPORTING TOLL ROADS AND AIRPORTS DIVISIONS PROJECTS FROM EARLY STAGES I-66 EXPRESS DALLAS-FORT HEATHROW AIRPORT LANES (US-VA
Slide 63: End-to-end project delivery
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION STRATEGY 63 PROPOSITION CAPABILITIES RECORD End-to-end project delivery PRE-BIDDING BIDDING Technical support for Develop innovative and unsolicited proposals out-of-the-box winning solutions Core activity DESIGN & BUILDING With certainty
Slide 64: Structured to support Ferrovial's strategy
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION 64 PROPOSITION STRATEGY CAPABILITIES RECORD Structured to support Ferrovial’s strategy CAPABILITIES BUILT ON FOOTPRINT, BALANCED SIZE & RISK MANAGEMENT Target to derive at least 25% revenues from other Ferrovial Strong local bases in Texa
Slide 65: Strong international in-house engineering services
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION 65 PROPOSITION STRATEGY CAPABILITIES RECORD Strong international in-house engineering services1 UK POLAND London Warsaw 37 people 113 people SPAIN NORTH AMERICA Madrid (HQ) 81 people Austin 113 people AUSTRALIA LATAM Sydney Santiago & Bog
Slide 66: Operating model focused on risk management and project delivery
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION 66 PROPOSITION STRATEGY CAPABILITIES RECORD Operating model focused on risk management and project delivery » Operating model captures internal know-how and Bidding Phase Construction Phase historical lessons learned Opportunity Bid and P
Slide 67: Sustainability at the core of our work
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION 67 PROPOSITION STRATEGY CAPABILITIES RECORD Sustainability Lead Our Protect the Improve Lives & at the core of Environment Communities Business Responsibly our work » Minimize carbon » Provide our colleagues » Project evaluation footprint
Slide 68: Technology and digitalization as key enablers
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION 68 PROPOSITION STRATEGY CAPABILITIES RECORD Technology and » Processes and project management platforms digitalization as Best-in-class software tools to key enablers support project delivery » Data Management Use of data collected for be
Slide 69: Balanced and selected order book and revenues
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION 69 PROPOSITION STRATEGY CAPABILITIES RECORD Balanced and selected order book and revenues € billion Order Book1,2 14.7 11.3 12.2 9.6 Quality order book leading to safe & profitable prospects » Focused on core markets and other Ferrovial d
Slide 70: Profitable cash generating business
VALUE KEY TO FERROVIAL DIFFERENTIAL PROVEN TRACK CONSTRUCTION 70 PROPOSITION STRATEGY CAPABILITIES RECORD Profitable cash generating business ADJUSTED EBIT % on revenues1,3 Profitable as standalone division 5% 2% » Average long-term target of 3.5% Adjusted EBIT margin3 Avg. Avg. 2010-19 2020-22 € mi
Slide 71: Closing
71 Closing » Key pillar of Ferrovial’s value creation » Structured to support the Company’s strategy » Cash flow generator
Slide 72: Ernesto López Mozo, CFO
Ernesto López Mozo, CFO Capital Markets Day 2024
Slide 73: Today you'll see
73 Today you’ll see 1 LONG-TERM VALUE CREATION & GROWTH 2 FINANCIAL STRUCTURE 3 CAPITAL MANAGEMENT 4 LOOKING AHEAD
Slide 74: Stock price has outperformed major indices over the last 10 years
LONG-TERM VALUE F INANCIAL CAPIT AL L OOKING 74 CREATION & GROWTH S T RUCT URE M ANAGEM ENT AHEAD Ferrovial’s stock price has outperformed major indices over the last 10 years TOTAL SHAREHOLDER RETURN 1 FERROVIAL:+224% S&P 500:+211% MSCI World Index:+128% S&P Global Infra:+75% DJ Brookfield Infra:+6
Slide 75: Long-term value creation underpinned by a growing portfolio
LONG-TERM VALUE F INANCIAL CAPIT AL L OOKING 75 CREATION & GROWTH S T RUCT URE M ANAGEM ENT AHEAD KEY Long-term Ferrovial’s €24.9B Equity Value1 % of valuation from FERROVIAL’S EQUITY VALUE FROM 91% value creation INFRASTRUCTURE ASSETS 1 91% infrastructure assets2 underpinned 87% Airports 86% 84% Ot
Slide 76: Uniquely positioned to deliver growth and future value creation
LONG-TERM VALUE F INANCIAL CAPIT AL L OOKING 76 CREATION & GROWTH S T RUCT URE M ANAGEM ENT AHEAD Uniquely positioned to deliver growth and future value STRONG INFLATION INTEREST RATE creation GROWTH TAILWIND PROTECTION Key component of the Infrastructure assets Long-term maturities logistics networ
Slide 77: Infrastructure assets perform well in inflationary environments
LONG-TERM VALUE F INANCIAL CAPIT AL L OOKING 77 CREATION & GROWTH S T RUCT URE M ANAGEM ENT AHEAD PRICING SUBSTANTIALLY ABOVE INFLATION Infrastructure Flexible Pricing Frameworks Revenue/trip Revenue/transaction assets perform (CAGR 10Y. 2013-2022) (CAGR 5Y. 2018-2022) well in 11.3% inflationary env
Slide 78: Investment grade at corporate level & non-recourse debt at project level
L ONG-T ERM VAL UE FINANCIAL CAPIT AL L OOKING STRUCTURE 78 CREAT ION & GROWT H M ANAGEM ENT AHEAD Investment grade at corporate level & non-recourse debt at infrastructure project level €6.6B GLOBAL CONSOLIDATION CONSOLIDATED NET DEBT1 CORPORATE CONSOLIDATED EQUITY ACCOUNTED INFRASTRUCTURE INFRASTR
Slide 79: Corporate: strong balance sheet provides resilience and optionality
L ONG-T ERM VAL UE FINANCIAL CAPIT AL L OOKING STRUCTURE 79 CREAT ION & GROWT H M ANAGEM ENT AHEAD Corporate: strong balance sheet provides resilience and optionality €6.6B Significant firepower & flexibility for GLOBAL CONSOLIDATION CONSOLIDATED NET DEBT1 new investment opportunities BBB No signifi
Slide 80: Infrastructure projects: financial optimization
L ONG-T ERM VAL UE FINANCIAL CAPIT AL L OOKING STRUCTURE 80 CREAT ION & GROWT H M ANAGEM ENT AHEAD Infrastructure projects: financial optimization avoiding cross contamination between projects €6.6B GLOBAL CONSOLIDATION CONSOLIDATED LONG TERM 26 years 16 years 9 years NET DEBT1 MATURITIES Express La
Slide 81: Cash flow growth to feed investments and shareholder distributions
L ONG -T ERM VAL UE F INANCIAL CAPITAL L OOKING 81 CREAT ION & GROWT H S T RUCT URE MANAGEMENT AHEAD Cash flow growth to OVER THE PAST 10 YEARS 2 : (2013-2022) feed investments and €4.8B €5.0B shareholder Dividends from infrastructure assets Shareholder distributions1 distributions1 €1.8B €2.8B Infr
Slide 82: Looking ahead
L ONG -T ERM VAL UE F INANCIAL CAPIT AL LOOKING AHEAD 82 CREAT ION & GROWT H S T RUCT URE M ANAGEM ENT 2024-2026 EXPECTATIONS Looking ahead Dividends from Shareholder infrastructure assets distribution2 » GROWTH SUPPORTED BY in existing portfolio1 BEST-IN-CLASS ASSETS IN PRIME LOCATIONS » UNIQUE POS