Ferrovial N.v. · BME:FER
Ferrovial — Investor Presentation (May 2025)
136 slides from Ferrovial's investor presentation, May 2025
Slide 1: Investor Presentation: Equity Story & Fact Book
1 Investor Presentation Equity Story & Fact Book May 2025
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 13% One of North Total Shareholder Return 1 (10yr CAGR) America’s $31B Market Cap leading road As of Dec. 31, 2024 and airport BBB Investment grade 2 infrastructure Stable outlook companies 80% equity value in North America 3 25,501 employees As of Dec.31, 2024 23 years present in Dow Jones (1) To
Slide 4: Stock price has outperformed most major indices over the last 10 years
4 Ferrovial’s stock price has outperformed most major indices over the last 10 years TOTAL SHAREHOLDER RETURN 1 S&P 500; 243% FERROVIAL; 235% MSCI World Index; 158% S&P Global Infra; 78% IBEX 35; 65% DJ Brookfield Infra; 58% MSCI World Infra; 56% Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-
Slide 5: Long-term value creation underpinned by a growing portfolio of infrastructure assets
5 Long-term value creation underpinned by a growing portfolio of infrastructure assets TRANSFORMATION INTO A LEADING INFRASTRUCTURE DEVELOPER FERROVIAL’S EQUITY VALUE FROM €31.1B Key Highlights INFRASTRUCTURE ASSETS 1 91% 91% 91% as of Dec. 2024 1 87% 86% 84% 81% 78% 70% 3x Equity value of infrastru
Slide 6: Business model
6 Business model INTEGRATED PLATFORM TO DEVELOP INFRASTRUCTURE PROJECTS WITH HIGH VALUE CREATION Develop and operate innovative, efficient and sustainable infrastructure HIGHWAYS AIRPORTS ENERGY projects with high value Develop congestion Facilitate air transport Develop projects for creation for st
Slide 7: Why Ferrovial?
7 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 8: Unique infrastructure assets in North America
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 8 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Unique infrastructure assets in North America 1 Top performing regions Strong presence in ar
Slide 9: High degree of freedom to set prices
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 9 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE High degree of freedom to set prices 407 ETR DFW Express Lanes I-77 Express Lanes I-66 Expre
Slide 10: Resilient performance in uncertain scenarios
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 10 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Resilient performance in uncertain scenarios MAIN HIGHWAYS HAVE SHOWN A RESILIENT PERFORMAN
Slide 11: Best-in-class capabilities to pursue sizeable project pipeline
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 11 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Best-in-class capabilities to pursue sizeable project pipeline $4T1 funding gap for US infr
Slide 12: Selective investments in high-growth sectors & geographies
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 12 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Selective investments in high-growth sectors & geographies Key Investment Criteria Investme
Slide 13: Highways' growing dividend trend
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 13 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Highways’ growing dividend trend: a strong foundation for future CF generation DIVIDENDS 20
Slide 14: Future cash flow generation levers
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 14 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Future cash flow generation levers Expected dividends to be received by Ferrovial from exis
Slide 15: Cash flow growth to fund investments and shareholder distributions
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 15 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Cash flow growth to fund investments and shareholder distributions1 CAPITAL ALLOCATION CRIT
Slide 16: Looking ahead 2024-2026
Why UNIQUE INFRASTRUCTURE GROWTH IN NEW GREENFIELD VALUE CREATION IN SELECTED SOLID CASH FLOW GENERATION 16 ASSETS IN NORTH AMERICA PROJECTS IN NORTH AMERICA PROJECTS IN OTHER COUNTRIES & FINANCIAL DISCIPLINE Looking ahead 2024-2026 EXPECTATIONS » GROWTH SUPPORTED BY Dividends from BEST-IN-CLASS ASS
Slide 17: Why don't multiples adequately reflect Ferrovial's valuation? (I)
17 Valuation Why don't multiples adequately reflect Ferrovial's valuation? (I) THEY DON’T REFLECT… GROWTH DURATION RISK PROFILE CAPITAL POTENTIAL STRUCTURE Ferrovial creates value through de-risking of infrastructure projects by reducing the discount rate of future cash flows in the elimination/redu
Slide 18: Why don't multiples adequately reflect Ferrovial's valuation? (II)
Valuation Why don't multiples adequately reflect Ferrovial's valuation? (II) SOME KEY INFRA ASSETS NOT INCLUDED IN ADJ. EBITDA VALUE FROM INFRASTRUCTURE ASSETS vs. ADJ. EBITDA CONTRIBUTION 10% 30% Dividends 48% STAKE from projects: 90% 49% STAKE a better metric to 20% 70% measure FER’s STAKE Ex-Infr
Slide 19: How to assess Ferrovial's assets value?
19 Valuation How to assess Ferrovial’s assets value? EQUITY ANALYSTS’ VALUATION METHODOLOGY - SUM OF THE PARTS HIGHWAYS: Equity value for each asset • 407ETR & MLs (and others): DDM/DCF Equity Value at FER’s stake • IRB at Market Price (listed company) & IRB Infrastructure Trust at transaction pri
Slide 20: Fact Book
Fact Book 20 2 3 4 BUSINESS DIVISIONS FINANCIAL PROFILE STOCK INFORMATION Highways Debt structure Share price performance Airports Cash Flow details Shareholder distribution Construction Historical financial data 5 SUSTAINABILITY Environment Health, safety & wellbeing People Governance
Slide 21: Business Divisions
21 2 BUSINESS DIVISIONS
Slide 22: Highways
HIGHWAYS 22
Slide 23: Complex infrastructure projects with pricing flexibility and long duration
23 HIGHWAYS Complex infrastructure projects with pricing flexibility, long duration and located in highly congested urban areas 18 80% €4.1B 88% 99% CONCESSIONS OF FERROVIAL’S DIVIDENDS REVENUE ADJ. EBITDA ACROSS 10 EQUITY VALUE2 RECEIVED US ASSETS’ CONTRIBUTION TO COUNTRIES1 2015-20243 HIGHWAYS 202
Slide 24: 407 ETR
407 ETR Toronto (Canada) 24
Slide 25: Asset overview
25 HIGHWAYS | 407 ETR Shareholders5: 48.29% Cintra – 44.20% CPPIB - 7.51% PSP Investments Asset overview » 108 km (67 miles) with 24 segments. » Runs parallel to the 401, one of North America’s most congested highways. » 99-year concession term. Opened in 1999. A congestion-free highway in » 73 year
Slide 26: Customer Insights
26 HIGHWAYS | 407 ETR Customer Insights1 C$14.74 7.7% of personal customers traveled Avg. revenue per trip 1-3 trips per week 78% 115M of customers feel they are treated like a valued 23km Daily trips Average trip length customer 1.9M+ 78.4% transponders in circulation of a population of drivers usi
Slide 27: Historical financial figures
27 HIGHWAYS | 407 ETR Historical financial figures TOTAL REVENUE (C$ M) EBITDA (C$ M) MARGIN EBITDA (%) 1,705 1,478 86.8% 87.1% 87.1% 87.0% 1,505 1,495 86.7% 1,309 1,284 1,390 1,211 85.8% 85.8% 1,327 1,268 1,104 1,139 1,135 985 1,002 1,023 83.8% 84.0% 909 840 859 740 81.4% 2015 2016 2017 2018 2019 2
Slide 28: Pricing framework & revenue structure
28 HIGHWAYS | 407 ETR Pricing framework & revenue structure 407 ETR has flexibility to set toll rates PO PULATION GRO WTH TRAFFIC CONGESTION » Flexible tolling regime designed to provide congestion relief in the corridor. GDP GRO WTH » Rates are structured to keep 407 ETR fast, safe and reliable. »
Slide 29: Congestion Payment (Schedule 22)
29 HIGHWAYS | 407 ETR Congestion Payment (Schedule 22) AT A GLANCE » The Contract includes payments to the Province if traffic levels remain below contract-set minimum relief traffic CALCULATING SCHEDULE 22 PAYMENTS thresholds. If two conditions are met: » TOLL RATES: Standard rate (toll rate) > Tol
Slide 30: Dividends & Financial Structure
30 HIGHWAYS | 407 ETR NET DEBT (C$ M) Dividends & Financial Structure 12000 11.2 9,901 12.0 10000 9,465 10.0 8,724 9,050 7,963 8,323 7,448 10.2 Dividends Debt 8000 6,650 6,958 8.0 6,296 7.9 C$12.0B (100%) C$11.1B 6000 7.5 6.8 7.4 6.7 6.0 Equity 6.3 6.2 6.1 C$5.3B (%FER) 4000 4.0 C$804.6M (%FER)1 4.2
Slide 31: Mandatory capacity improvements
31 HIGHWAYS | 407 ETR Mandatory capacity improvements 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
Slide 32: Public information
32 HIGHWAYS | 407 ETR Public information SEDAR- System for Electronic Reported information Document Analysis and Retrieval » Certification of Annual Filings (CEO and CFO) WEB PAGE: SEDAR » Certification of Interim Filings (CEO and CFO) » Annual Information Form o Corporate structure Information o Ge
Slide 33: US Express Lanes
US Express Lanes 33
Slide 34: Asset description (I)
34 HIGHWAYS | US MANAGED LANES Asset description (I) » A solution to congestion on existing urban corridors through active management of newly added capacity through dynamic pricing Express toll way » Every driver has the option to pay for a faster, safer and more reliable trip within an existing »
Slide 35: Asset description (II)
35 HIGHWAYS | US MANAGED LANES Asset description (II) Location Dallas Fort-Worth (Texas) Dallas Fort-Worth (Texas) Dallas Fort-Worth (Texas) North Carolina Northern Virginia Ferrovial Share 62.97% 54.60% 53.67% 72.24% 55.70% 28.33% APG 28.84% APG 24.58% John Laing 29.75% Meridiam Other Shareholders
Slide 36: Asset description (III)
36 HIGHWAYS | US MANAGED LANES Asset description (III) Price adapts in real time with potential toll rate Price adapts in real time with potential toll Price adapts in real time with potential toll Dynamic tolling changes every 5 minutes rate changes every 5 minutes rate changes every 3 minutes Free
Slide 37: NTE | LBJ | NTE 35W
NTE | LBJ | NTE 35W Dallas Fort-Worth
Slide 38: Overview
38 HIGHWAYS | NTE, LBJ & NTE 35W Overview SIGNIFICANT LOGISTICS DEVELOPMENTS IN THE REGION Best driving experience in Dallas-Fort Worth » DFW is a metroplex with a widespread population and multiple employment centers » The area ranked 1st in the US for absolute population growth1 » Estimated popula
Slide 39: Customer Insights
39 HIGHWAYS | NTE, LBJ & NTE 35W Customer Insights1 38M+ 8.3M+ Distinct vehicles to date Drivers travel every year 1M 85% 9 miles of drivers reported positive Daily trips experience Average trip length 90%+ 4.9M+ toll tags were seen in the past year out of drivers take 1-3 trips each week of 6.3M ac
Slide 40: Historical Financial Figures
40 HIGHWAYS | NTE, LBJ & NTE 35W Historical Financial Figures TOTAL REVENUE ($M) ADJUSTED EBITDA ($M) ADJUSTED EBITDA Margin (%) 320 266 299 255 264 85% 87% 88% 83% 88% 83% 88% 289 84% 82% 85% 83% 83% 84% 82% 83% 80% 82% 74% 77% 243 213 69% 234 225 195 185 60% 187 193 164 158 153 153 159168 129 127
Slide 41: Pricing Framework
41 MANDATORY MODE: HIGHWAYS | NTE, LBJ & NTE 35W Pricing Framework $1.126/mi 1 Toll rate mechanism Soft Cap: The TEXpress Lanes operate with a soft toll cap per mile pegged to US National CPI-U December over December. Under the Cap, Dynamic Mode: Total freedom to charge any amount below the soft cap
Slide 42: Revenue Structure
42 HIGHWAYS | NTE, LBJ & NTE 35W Revenue Structure PO PULATION GRO WTH TRAFFIC CONGESTION Toll revenue (approx. 99% of total revenue): GDP GRO WTH » NTTA (North Texas Tollway Authority) bills customers and performs Main collection services on behalf of the Concession Company with collection risks fu
Slide 43: Contractual payments to the Department of Transportation
43 HIGHWAYS | NTE, LBJ & NTE 35W Contractual payments to the Department of Transportation (DOT) Revenue share Refinancing gain » TxDOT’s right to a portion of any Refinancing Gain, and to a potential gain from an Initial Financing. » Requirement under the Concession Agreement. » Compares cumulative
Slide 44: Dividends & Financial Structure
44 HIGHWAYS | NTE, LBJ & NTE 35W Dividends & Financial Structure DEBT MATURITY SCHEDULE ($M) Dividends PABs 2019 Taxable Bonds 2019 PABs 2023 120 $957M ($602M %FER) DEBT PABs 2019 PABs 2019 Taxable PABs 2023 100 1.20x DSCR Lock up Bonds 2019 80 Equity $426M ($307M %FER)1 Principal $209M $122.7M $871
Slide 45: NTE - Mandatory Capacity Improvements
45 HIGHWAYS | NTE, LBJ & NTE 35W NTE - Mandatory Capacity Improvements » Contractual obligation to design and build the Mandatory Capacity Improvements once certain revenue thresholds are met. TYPICAL SECTION » The project consists of the addition of 1 GPL per direction on segment 1 and 1 ML per dir
Slide 46: NTE 35W - Mandatory Capacity Improvements
46 HIGHWAYS | NTE, LBJ & NTE 35W NTE 35W - Mandatory Capacity Improvements NTE 35W - 3A 3B 3C - THE GOLDEN TRIANGLE BRAIDED RAMPS » Project Description: The Concession will be responsible to design, build, operate » Project Description: Construction of two bridges and related elements for the and ma
Slide 47: Public Information
47 HIGHWAYS | NTE, LBJ & NTE 35W Public Information EMMA (Electronic Municipal Market Access System) WEB PAGE Information • NTE: https://emma.msrb.org/IssueView/Details/ES398761 • LBJ: https://emma.msrb.org/IssueView/Details/P1404295 • NTE 35W: https://emma.msrb.org/IssueView/Details/ER392132 » The
Slide 48: I-66 Northern Virginia
I-66 Northern Virginia
Slide 49: Overview
49 HIGHWAYS | I-66 Overview Serving one of the highest-income suburbs in the US » I-66 is the main east-west interstate highway in Northern Virginia connecting Washington DC and Arlington with the Northern Virginia suburbs. » Design & Construction of 2 Express Lanes and modification of the existing
Slide 50: Customer Insights
50 HIGHWAYS | I-66 Customer Insights1 30M+ 400k+ Distinct vehicles Distinct drivers every month 74% 1.3M+ of drivers reported positive 11 miles Monthly trips experience Average trip length 3 1.4M+ Trips per month for the Total active tags average customer were seen in 2024 (1) 2024 Annual Survey, co
Slide 51: Historical financial figures
51 HIGHWAYS | I-66 Historical financial figures TOTAL REVENUE ($M) ADJUSTED EBITDA ($M) - ADJUSTED EBITDA MARGIN (%) 247 196 1 1 79% 167 129 1 1 1 77% 1 2023 2024 2023 2024 Adjusted EBITDA MARGIN EBITDA TRANSACTIONS (M) TOLL REVENUE PER TRANSACTION ($) 7.8 32 3.6 29 2023 2024 DEC'22 DEC'24
Slide 52: Pricing framework
52 HIGHWAYS | I-66 Pricing framework Toll rate mechanism Fee structure: Price on sign * Truck Multiplier * HOV Discount * Video Surcharge Transponder/tag (pre-paid): If a vehicle is equipped with a The 66 Express Lanes offer a dynamic pricing system that adjusts transponder/tag, the driver will pay
Slide 53: Revenue structure
53 HIGHWAYS | I-66 Revenue structure PO PULATION GRO WTH TRAFFIC Toll revenue (approx. 96% of total revenue): CONGESTION GDP GRO WTH » Transponder/tag customers: I-66 collects 100% of Main revenue from VDOT. revenue » Video customers (vehicles without a transponder): I-66 drivers EMP directly bills
Slide 54: Contractual payments to the Department of Transportation
54 HIGHWAYS | I-66 Contractual payments to the Department of Transportation Revenue share Transit funding payments » Requirement under the Concession Agreement. » Dedicated to operate Virginia’s transit system. » Compares the Net Present Value of actual cumulative revenues » Payments started in 2021
Slide 55: Dividends & Financial Structure
55 HIGHWAYS | I-66 Dividends & Financial Structure Dividends Debt $172M (100%) Equity $1,966M FIRST DIVIDEND DISTRIBUTED IN 2024 $96M (%FER) $1,523M (100%) Distributions to shareholders has been made before the 5th anniversary of Substantial $984M (%FER)1 3.58% Completion (November 2022), as the con
Slide 56: Public information
56 HIGHWAYS | I-66 Public information EMMA (Electronic Municipal Market Access System) WEB PAGE https://emma.msrb.org/IssueView/Details/ES381888 Information » The information to be reported is collected in the 15c2- Reported information 12 "Municipal securities disclosure" regulation of the Exchange
Slide 57: I-77 Charlotte | North Carolina
I-77 Charlotte | North Carolina
Slide 58: Overview
58 HIGHWAYS | I-77 Overview A key growth enabler for Charlotte region » I-77 is a high-growth corridor that connects Charlotte with its dynamic northern suburbs » Express lanes opening since the end of 2019 has improved speed across the entire corridor » It serves a mix of local and long-distance in
Slide 59: Customer Insights
59 HIGHWAYS | I-77 Customer Insights1 6M+ 375k+ Distinct drivers every Distinct vehicles to date month 75% 1.3M of drivers reported positive experience 9 miles Monthly trips Average trip length 3 907k+ Trips per month for the toll tags were seen in the past year out of average customer 2M active NC
Slide 60: Historical financial figures
60 HIGHWAYS | I-77 Historical financial figures TOTAL REVENUE ($M) ADJUSTED EBITDA ($M) - ADJUSTED EBITDA MARGIN (%) 107 72% 65% 1 91 63% 1 69 55% 66 1 61 1 38 0 36 25% 0 20 18 0 0 4 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Adjusted EBITDA MARGIN EBITDA TRANSACTIONS (M) TOLL REVENUE PER T
Slide 61: Pricing framework
61 HIGHWAYS | I-77 Pricing framework Toll rate mechanism Fee structure: Price on sign * Extended vehicles Multiplier * HOV Discount * Video Surcharge Dynamic pricing system that adjusts toll rates based on real-time traffic conditions NC QUICK PASS (PRE-PAID): If vehicle is equipped with an electron
Slide 62: Revenue structure
62 HIGHWAYS | I-77 Revenue structure PO PULATION GRO WTH TRAFFIC Revenue structure CONGESTION Toll revenue (approx. 99% of total revenue): GDP GRO WTH Main » NCDOT bills customers and performs collection services on behalf of the Concession Company. Collection risk is fully borne by NCDOT, which rev
Slide 63: Contractual payments to the Department of Transportation
63 HIGHWAYS | I-77 Contractual payments to the Department of Transportation Revenue share Refinancing gain » Requirement under the Concession Agreement. » DOT’s right to a portion of any Refinancing Gain, including a gain from an Initial Financing. » Compares cumulative actual revenues from the open
Slide 64: Dividends & Financial Structure
64 HIGHWAYS | I-77 Dividends & Financial Structure Dividends Debt $307M (100%) Equity $471M FIRST DIVIDEND DISTRIBUTED IN 2024 Distributions to shareholders has been made after the 5th anniversary of Substantial $222M (%FER) $248M (100%) Completion day (2019). $330M (%FER)1 6.24% DSCR Weighted avg.
Slide 65: Public information
65 HIGHWAYS | I-77 Public information EMMA (Electronic Municipal Market Access System) WEB PAGE https://emma.msrb.org/IssueView/Details/ER368770 Information » The information to be reported is collected in the 15c2-12 "Municipal Reported information securities disclosure" regulation of the Exchange
Slide 66: IRB Infrastructure Developers LTD (India)
IRB Infrastructure Developers LTD (India)
Slide 67: IRB investment rationale
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 67 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD IRB investment rationale • Value creation in selected investments outside North America where Ferrovial can find high long-term growth prospects • Population grow
Slide 68: Company Overview
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 68 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Company Overview 1998 2004 2008 2017 2020 2021 2024 IRB Infrastructure Mumbai Pune Successful launch of India’s 1st public INVIT » GIC raised INR 40B » Cintra acq
Slide 69: Asset description
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 69 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD 12 States in Asset description India where assets are present $9.6B+ c. 22 years c. 20% Of Golden Highway asset Weighted 15,444 lane KM Quadrilateral owned base,
Slide 70: Asset description
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 70 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Asset description Shareholders: 30.42% Promoter entities - 19.86% Cintra – 16.94% GIC – 32.78% Others Engineering, Procurement and InvIT Investments Wholly Owned
Slide 71: Asset description - Wholly Owned Concessions (100%)
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 71 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Asset description - Wholly Owned Concessions (100%) Project cost Project State Lane KM Type Status Concession End Date (INR B) CONCESSIONS 5 Mumbai Pune Maharasht
Slide 72: Asset description - Private InvIT (51%)
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 72 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Asset description - Private InvIT (51%) CONCESSIONS Project cost Concession 15 Project State Lane KM Status Type Lane Kms AVG. REMAINING (INR bn) End Date1 10,567
Slide 73: Asset description – Public InvIT (16%)
IRB INFRASTRUCTURE IRB INFRASTRUCTURE TRUST PUBLIC INVIT DEVELOPERS, LTD (PRIVATE INVIT) 73 HIGHWAYS | IRB INFRASTRUCTURE DEVELOPERS, LTD Asset description – Public InvIT (16%) Project cost Concession Project State (INR bn) Lane KM Status Type End Date1 Talegaon - Amravati Maharashtra 8.9 267 Tollin
Slide 74: Other Assets
Other Assets 74
Slide 75: Summary
75 HIGHWAYS | OTHER ASSETS €238M TOTAL INVESTED EQUITY IN OTHER ASSETS Summary Dividends Ferrovial Invested Committed Concession Opening Years to Type of Location Other Shareholders and capital Kms Share Equity (€M) Equity (€M) Term Date maturity asset returns (€M) T- M : Jun 89 / Autema Spain 76.28
Slide 76: Airports
Airports
Slide 77: Ferrovial is one of the world's leading private airport investors and operators
AIRPORTS 77 Ferrovial is one of the world's leading private airport investors and operators 25+ years Long-term investor airport expertise, committed to long-term managing airport partnerships • Concentrate on North America and other regions where investments worldwide Ferrovial operates. • Invest i
Slide 78: Contents
Contents 78 1 New Terminal One - JFK 2 Dalaman Airport
Slide 79: New Terminal One - JFK
79 1 New Terminal One - JFK
Slide 80: Overview (I)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 80 Overview (I) Location New York (USA) Largest terminal at JFK, when completed Ferrovial Share – Equity Accounted 49% 2% Carlyle Other Shareholders 30% JLC One of the largest 19% ULLICO infrastructure projects in the US Concession Term Until 2060 New Termina
Slide 81: Overview (II)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 81 Overview (II) Phase A Total expected to Terminal Surface Uses open in June (Phase A&B1&B2) 2026 2.6M $10.8B square feet 2 Capacity Gates Concession Term 23 MPPA2 2060 231 (1) 22 Widebody gates and 1 Narrow gate. Including phases A&B (2) Including phases A&
Slide 82: Overview (III)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 8282 Overview (III) Our Roles Construction Airports Lead Investor Operational Construction Support Management Service Agreement (MSA) Oversight Project Management Office (PMO) 49 %
Slide 83: Overview (IV)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 83 Overview (IV) 2045 Terminal 5 Terminal 6 Expected Key Dates of the NTO Project Terminal 2 Opening of +4 WB End of Terminal 8 closure Phase B1 1 +1NB concession 2023 2028 Gates 2060 2022 2026 2029 Financial Opening of 14 WB2 Opening of +4 WB Terminal 4 Gate
Slide 84: Overview (V)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 84 Overview (V) NTO is the only terminal expected to grow significantly in the coming years1 2023 2045 Terminal 7 Terminal 5 Terminal 5 Terminal 6 Terminal 8 Terminal 8 Terminal 4 Terminal 4 Terminal 2 The New Terminal 1 Old Terminal 1 (Demolished) (1) Source
Slide 85: Overview (VI)
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 85 Overview (VI) Phase A, Phase B1 and Phase B2 (1) Source: Steer Report (2024). Ferrovial does not confirm or endorse such report and takes no responsibility for it.
Slide 86: Construction. Phase A
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 86 Construction. Phase A DB CONTRACT Construction of headhouse, Tishman: highly experienced NYC and airport builder east concourse, and associated » 120 years of experience including One World Trade Center aprons and roadways » 18 PANYNJ projects and 65+ airp
Slide 87: Construction. Phase A
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 8787 Construction. Phase A 60% construction progress completed as of Dec 31, 20242 (1) Source: ENR New York, New Yorks’s New Getaway: The Overhaul of John F. Kennedy International Airport. August 8, 2024. https://www.enr.com/articles/59093-new-yorks-new-gatew
Slide 88: Phase A. 2024 Milestones Achieved
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 88 88 Phase A. 2024 Milestones Achieved Baggage Bow–tie East Pier Steel 60% Handling System Closure Erection Construction Precommisioned Completion Progress 1 Roof and First Escalator Head House Curtain Wall Installation Weathertight Installation Completion (
Slide 89: Phase B
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 89 Phase B Triggers for Phase B1 Triggers for Phase B2 The trigger for Phase B2 is the earliest of: The trigger for Phase B1 is the earliest of: » Affirmation of an investment grade rating timed such » Affirmation of an investment grade rating timed such that
Slide 90: Revenue
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 90 Revenue Other Advertising Aero Revenue Breakdown (2%) Non-aero Revenue Breakdown (2%) Common Use Facility Charges (76%) - Cost Per Concessions (12%) Enplanement (CPE) Concessions » The rent paid by the master concessionaire: BASED(1) ON THE AMOUNT OF SPACE
Slide 91: Revenue sharing mechanisms
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 91 Revenue sharing mechanisms Aero Revenue: Exclusive Use Space Rent Non-Aero Revenue: Concession term » NTO aeronautical revenues are not shared with the » 50% of the concessions term revenue collected by URW is shared with the PANYNJ PANYNJ except for 10% o
Slide 92: Airline agreements
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 92 Airline agreements Non-US long-haul airlines As of Ferrovial's results release date, February 28th, 2025, Ferrovial has agreements with 16 airlines, which consist of 10 executed agreements and 6 Letters of Intent (LOIs). Committed airlines LOI signed
Slide 93: Cost per enplanement
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 93 Cost per enplanement New Terminal One’s quality of COST PER ENPLANEMENT BENCHMARK (PUBLIC DATA) 2 service offering expected to 120 $110 surpass that of T4 and T6 100 $82 80 $65 $80 60 New Terminal One’s Cost Per 40 Enplanement derived revenues 20 expected
Slide 94: Opex
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 94 Opex Operations Ground rent Ground Rent baggage, PRM & Operations refers to Ground Rent general ramp (13%) and First Additional (21%) Rent payable to the operations (such us snow removal) PANYNJ Other Security (31%) (9%) Other Security building security, I
Slide 95: Other expected financial obligations under the agreements
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 95 Other expected financial obligations under the agreements NTO post-completion cashflow waterfall Payments to the Port Authority (other than the revenue share) Key components Post-Completion Revenues » Ground Rent: Monthly payment. $173.5k per acre per annu
Slide 96: Other expected financial obligations under the agreements
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 96 Other expected financial obligations under the agreements Timeline of the Lessee’s payments Earn-out Lessee Phase A Lease Term Ferrovial agreed with the Carlyle Group on the payment of earn-out Commencement DBO June consideration should Carlyle divest its
Slide 97: Financial structure
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 97 Financial structure Green Bonds Green Bonds DEBT 2023 2024 Committed Equity Net Debt1 Principal ($M) 2,000 2,550 $2,300M (100%) $1,140M (FER%) $3,515M All-in yield to maturity3 4.98% 4.65% 4.80% Avg. all-in yield Equity Injected1 to maturity debt $801M (%F
Slide 98: Debt Service Ratios – Coverage, Investment Grade
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 98 Debt Service Ratios – Coverage, Investment Grade The Lessee must set rates under the Airline Use Agreement to achieve a Rate Covenant for Secured Obligations Projected TOCR(1) of 1.25:1.00 for each TOCR Calculation Period starting January 1 of each Fiscal
Slide 99: Public Information
AIRPORTS | NEW TERMINAL ONE (NTO) AT JFK 99 Public Information Information Reported Information » EMMA, United States official source for municipal securities data » Integrated Annual Reports and documents. It is provided by the Municipal Securities Rulemaking Board » Corporate Structure » More info
Slide 100: Dalaman Airport
100 2 Dalaman Airport
Slide 101: Asset Overview
AIRPORTS | DALAMAN AIRPORT 101 Asset Overview It offers close proximity to tourist attractions, One of the most attractive tourist regions Location Dalaman (Türkiye) contributing to the in Türkiye economic development Ferrovial Share – Globally consolidated 60% of the region by providing leisure opt
Slide 102: Demand Profile
AIRPORTS | DALAMAN AIRPORT 102 Demand Profile Traffic profile (M passengers) During 2024: 5.6 5.2 • 5.6M passengers passed 4.9 4.5 through the airport (2023: 5.2M), representing +7.7% 3.7 versus 2023 2.3 3.5 3.3 3 1.6 • International traffic 0.9 represented 70% of the 0.8 total traffic in 2024 1.6 1
Slide 103: Revenue and Financial Profile
AIRPORTS | DALAMAN AIRPORT 103 Revenue and Financial Profile LIMITED EXPOSURE TO TURKISH GDP AND FX C. 88% OF REVENUES ARE CORRESPOND TO THE CONCESSIONS GENERATED IN EURO Aero Non-Aero AND/OR RENTS RECEIVED FROM THE DUTY-FREE, RETAIL, SERVICES, PASSENGER CHARGES ARE Revenue Revenue ADVERTISING, AND
Slide 104: Public Information
AIRPORTS | DALAMAN AIRPORT 104 Public Information Information Reported Information » DHMI, General Directorate of State Airports Authority » Integrated Annual Reports responsible for the management of Turkish airports and » Corporate Structure the regulation and control of Turkish airspace » General
Slide 105: Construction
CONSTRUCTION
Slide 106: Key to the development of greenfield projects
CONSTRUCTION 106 Key to the development of greenfield projects. Focus on markets with a commitment to infrastructure development f. construction webber budimex Experts in the design and construction of civil One of the largest construction companies in Poland. A leading construction works, buildings
Slide 107: Historical Data
CONSTRUCTION 107 Historical Data ADJ. EBIT1 & ADJ. EBIT MARGIN 1 ORDER BOOK1,2 €M €M 11% 16,755 364 3.5% 15,179 9% €16,755M 14,392 313 284 ADJ. EBIT MG 8.5% 7.5% Average long-term 12,216 11% 2024 162 target 11,145 10,965 11,424 11,025 ORDER BOOK 127 134 132 68% 69 77 3.5% 2.3% 3.9% 8,731 9,088 2.5%
Slide 108: Financial Profile
108 3 FINANCIAL PROFILE Debt structure Cash Flow details Historical financial data
Slide 109: Financial structure: Investment grade at corporate level & non-recourse project debt
109 FINANCIAL PROFILE | DEBT STRUCTURE Financial structure: Investment grade at corporate level & non-recourse debt at infrastructure project level CORPORATE: STRONG BALANCE SHEET PROVIDES RESILIENCE AND OPTIONALITY FY 2024 figures EX-INFRASTRUCTURE GLOBAL PROJECT COMPANIES -€1.8B BBB 2 YEARS 91.1%
Slide 110: Corporate rating - debt maturity profile
110 FINANCIAL PROFILE | DEBT STRUCTURE Corporate rating - debt maturity profile DIVERSIFIED FUNDING SOURCES WELL SPREAD OVER TIME FINANCING SOURCES Loans ECP 1,001 12% 9% Sustainability DEBT 2 years Linked Bond PROFILE 789 AVERAGE 17% €M MATURITY 500 500 €2.9B Bonds 72 62% 2025 2026 2027 2028 2029 2
Slide 111: Credit rating agencies' metrics
111 FINANCIAL PROFILE | DEBT STRUCTURE Credit rating agencies’ metrics NET DEBT/ADJ. EBITDA Rating Agencies’ Adj. Rating Agencies measure EBITDA considers their debt ratios looking Construction Adjusted at the ex-infrastructure EBITDA & dividends RATING OUTLOOK projects debt from infrastructure asse
Slide 112: Cash flows from operating activities ex-infrastructure project companies
112 FINANCIAL PROFILE | CASH FLOW DETAILS Cash flows from operating activities ex-infrastructure project companies1 1,048 €M 8 946 995 999 928 945 6 29 889 134 237 183 738 132 340 3 290 572 656 704 895 267 277 10 469 191 494 388 388 395 289 396 296 166 293 83 390 272 297 291 245 208 160 167 134 97 1
Slide 113: Dividends from projects
113 FINANCIAL PROFILE | CASH FLOW DETAILS Dividends from projects DIVIDENDS FROM HIGHWAYS PROJECTS €M 36 89 947 4 26 34 €M 205 8 251 19 87 729 741 85 54 166 28 37 30 103 47 6 45 31 109 5 167 623 46 15 23 92 25 109 25 53 553 183 309 281 321 131 550 242 244 262 273 237 33 160 164 5 477 477 6 43 475 45
Slide 114: Cash flows from investing activities ex-infrastructure project companies
114 FINANCIAL PROFILE | CASH FLOW DETAILS Cash flows from investing activities ex-infrastructure project companies1 INVESTMENTS €M 1,421 €M 108 1,161 1,101 Construction & 951 72 521 68 54 Services Investments 73 850 113 78 include CAPEX 520 and M&A operations 186 864 226 738 364 706 323 282 14 2,582
Slide 115: Revenue
115 FINANCIAL PROFILE | HISTORICAL FINANCIAL DATA Revenue1 2024 REVENUE €M BY BUSINESS DIVISION 12,208 1% 3% 3% SERVICES 10,759 CLASSIFIED AS 14% 9,701 DISCONTINUED ACTIVITY 9,147 IN 2018 8,514 7,551 6,778 79% 6,341 6,054 5,737 Construction Highways Airports Energy Others BY GEOGRAPHY 12% 2015 2016
Slide 116: Adjusted EBITDA
116 FINANCIAL PROFILE | HISTORICAL FINANCIAL DATA Adjusted EBITDA1 2024 ADJUSTED EBITDA BY BUSINESS DIVISION €M 2% SERVICES 1,342 CLASSIFIED AS 31% DISCONTINUED ACTIVITY 14.7% 1,027 991 944 IN 2018 932 11.6% 728 67% 10.6% 596 484 9.6% 121 409 8.8% 8.8% Construction Highways Airports 8.4% 7.6% BY GEO
Slide 117: Stock Information
117 4 STOCK INFORMATION Share Price Performance Shareholder Distribution
Slide 118: Ferrovial shares at a glance
118 STOCK INFORMATION | SHARE PRICE PERFORMANCE Ferrovial shares at a glance FERROVIAL SM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 PRICE AT YEAR-END € 40.60 33.02 24.47 27.56 22.60 26.97 17.70 18.93 17.00 20.86 ANNUAL HIGH € 41.04 33.02 27.72 27.75 30.45 27.21 19.78 20.75 20.71 23.32 ANNUAL
Slide 119: Shareholder distribution
119 STOCK INFORMATION | SHAREHOLDER DISTRIBUTION Shareholder distribution DIVIDEND PER SHARE 0.796 € 0.719 0.719 0.721 0.719 €M 0.702 0.692 0.715 2 0.512 831 0.502 578 532 544 520 520 520 57 463 1 701 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 265 377 111 317 302 280 282 388 Since 2014, Ferro
Slide 120: Sustainability
120 5 SUSTAINABILITY
Slide 121: Sustainability at the core of our strategy
121 SUSTAINABILITY Sustainability at the core of our strategy MITIGATE ENVIRONMENTAL FOOTPRINT & Deliver towards our 2050 net-zero ambition by setting decarbonization targets, developing efficient, low- TAKE ADVANTAGE OF NEW carbon infrastructure and sustainable business opportunities while implemen
Slide 122: Sustainability ratings in 2024
122 SUSTAINABILITY Sustainability ratings in 2024 FERROVIAL HIGHLY RANKED IN SUSTAINABLITY RATINGS 23 years in a row Scored: 81/100 (+6 compared to 2023) Included in this index for the 21st Member of the Euronext-Vigeo 1st in Dow Jones Best-in-Class Europe Index consecutive year Europe 120 index. 2n
Slide 123: Sustainability targets
123 SUSTAINABILITY Sustainability targets 2024 PERFORMANCE IND ICATORS SDG TARGET HORIZON PERFORMANCE -42% 1. GHG e missions: S cope 1&2 absolute e missions (tCO 2 ) -35.78% 2030 (vs 2020) 2. GHG e missions: S cope 3 absolute e missions (tCO 2 ) -18.03% -25% 2030 (vs 2020) 3. Re ne wable e le ctrici
Slide 124: Environment
124 SUSTAINABILITY Environment Emissions reduction Carbon neutrality targets according to the towards net zero Management of risks & Early adopter of TNFD, Science Based Targets 100% renewable by 2050 opportunities regarding seeking to address the initiative (SBTi) for both electricity by the end of
Slide 125: New 1.5°C SBTi-validated targets
125 SUSTAINABILITY | ENVIRONMENT New 1.5°C SBTI-validated targets » Ferrovial was the 1st company in its sector worldwide to set emission reduction targets and have these endorsed by SBTi in 2017. » Since 2021, the company has committed to the ‘Say on Climate’ initiative, which involves presenting F
Slide 126: Ferrovial's 2024 greenhouse gas emissions
126 SUSTAINABILITY | ENVIRONMENT Ferrovial’s 2024 greenhouse gas emissions SCOPE 1 Direct emissions from Ferrovial’s 15.0% owned & controlled resources 2,052,119 SCOPE 2 tCO2 e Indirect emissions 1.4% Scope 1 & 2 & 3 from the generation in absolute terms of purchased energy SCOPE 3 Indirect emission
Slide 127: Water footprint
127 SUSTAINABILITY | ENVIRONMENT Water footprint + Water Treatment Index Water Access Index Ferrovial has developed a methodology to quantify the impact of its activity on water resources. This water footprint -20% Impact of water treatment plant processes on the Impact of water footprint in water s
Slide 128: Striving for a risk-free environment
128 SUSTAINABILITY | HEALTH, SAFETY & WELLBEING Striving for a risk-free environment Frequency Rate Evolution1 SERIOUS & FATAL ACCIDENTS (SIF2) 23.4 -80% FREQUENCY RATE 20 vs 2014 -26.0% 15 vs 2023 13.6 12.2 10.3 9.2 8.8 4.7 4.7 HOURS OF TRAINING 3.2 IN HEALTH & SAFETY 268,967 2014 2015 2016 2017 20
Slide 129: Developing people to solve future challenges
129 SUSTAINABILITY | PEOPLE Developing people to solve future challenges NUMBER OF 25,501 EMPLOYEES 24,799 24,191 2022 2023 2024 BY AGE BY COUNTRY 1,775 Others 4,468 Chile <30 years old 4,787 18.8% 631 6,183 Canada Spain 30-50 years old 12,554 49.2% 1,139 UK >50 years old 8,160 32.0% 6,701 4,604 USA
Slide 130: 75% of independent non-executive directors
130 SUSTAINABILITY | BOARD MEMBERS 75% of independent non-executive directors 12 9 6 NATIONALITIES Every 3 years 31.6%1 DIRECTORS INDEPENDENT BOARD MEMBERS REELECTION VOTING RIGHTS HELD DIRECTORS Spanish, Australian, Danish, BY THE BOARD German, American & Italian RAFAEL ÓSCAR IGNACIO MARÍA JOSÉ FER
Slide 131: Experienced Board Committees and Members to support the Board
131 SUSTAINABILITY | BOARD OF DIRECTORS Experienced Board Committees and Members to support the Board
Slide 132: Diverse & specialized board committees to support the board
132 SUSTAINABILITY | BOARD COMMITTEES Diverse & specialized board committees to support the board in its tasks Executive Committee Audit & Control Committee1 Nomination & Remuneration Committee1 Pursuant to the Board Rules, the Executive Committee may resolve all matters Interaction with the indepen
Slide 133: Remuneration rewards sustainable value creation for shareholders
133 SUSTAINABILITY | SENIOR MANAGEMENT REMUNERATION Remuneration rewards 2024 FIXED REMUNERATION 2024 REMUNERATION VARIABLE REMUNERATION LONG TERM INCENTIVE PLANS sustainable value CHAIRMAN €1,500,000 Long-Term Incentive Fixed 24% Target Max. Max. 150% 125% 190% creation for shareholders 31% Annual
Slide 134: Annual variable remuneration including sustainability performance indicators
134 SUSTAINABILITY | SENIOR MANAGEMENT REMUNERATION Annual variable remuneration including Sustainability performance indicators CHAIRMAN CEO 80% QUANTITATIVE 20% QUALITATIVE 70% QUANTITATIVE 30% QUALITATIVE TARGETS TARGETS & SUSTAINABILITY TARGETS TARGETS & SUSTAINABILITY NET INCOME CASH FLOW NET I
Slide 135: Disclaimer
135 DISCLAIMER This Investor Presentation has been produced by Ferrovial SE (the “Company”, “we” or “us” and, together with its subsidiaries, the “Group”) Any forward-looking statements contained in this Investor Presentation speak only as of the date hereof and accordingly undue reliance for the so
Slide 136: Investor Relations
136 Investor Relations ir@ferrovial.com www.ferrovial.com ferrovial