Ferrovial N.v. · BME:FER
Ferrovial — H1 2026 Earnings Presentation
13 slides from Ferrovial's earnings presentation, Jul 28, 2026
Slide 1: H1 2026 Financial Results
H1 2026 FINANCIAL RESULTS Picture: 407 ETR (Canada) July 28, 2026 H1 2026 1 Financial Results
Slide 2: H1 2026 Overview
H1 2026 OVERVIEW Strong performance driven by Highways and Construction businesses • Highways: Outstanding revenue growth across North American highways • Construction: Solid revenue growth while maintaining profitability target (3.5% adj. EBIT1 mg in H1 2026) • Airports: NTO has submitted a complet
Slide 3: 407 ETR: Sound revenue growth despite macro softening
407 ETR SOUND REVENUE GROWTH DESPITE MACRO SOFTENING 2026 PERFORMANCE vs. 2025 (Q2 & YTD) CAD M Q2 2026 VAR. H1 2026 VAR. Traffic (VKT M) 722 -2.7% 1,289 1.8% CAD M Q2 2026 VAR. H1 2026 VAR. Revenue 616 17.7% 1,108 18.7% Toll Revenue 589 18.7% 1,055 20.2% EBITDA 549 23.7% 952 24.4% Fee Revenue 26 -5
Slide 4: DFW Managed Lanes: Strong underlying demand growth
DFW MANAGED LANES STRONG UNDERLYING DEMAND GROWTH CONTINUES TO SUPPORT TRAFFIC PERFORMANCE 2026 PERFORMANCE vs. 2025 (Q2 & YTD) NTE LBJ NTE35W USD M Q2 2026 VAR. H1 2026 VAR. Q2 2026 VAR. H1 2026 VAR. Q2 2026 VAR. H1 2026 VAR. Transactions (M) 9 -0.6% 18 -2.0% 13 6.9% 23 2.9% 14 -0.2% 26 0.4% Revenu
Slide 5: DFW Managed Lanes: Double-digit growth in revenue per transaction
DFW MANAGED LANES DOUBLE-DIGIT GROWTH IN REVENUE PER TRANSACTION, OUTPACING INFLATION FAVORABLE TRAFFIC MIX AND MORE MANDATORY MODE EVENTS IN NTE & NTE35W VS. 2025 • Favorable traffic mix driven by higher heavy vehicles volumes and the technology enhancements starting in 2025, improving vehicle clas
Slide 6: I-66 and I-77: Traffic and revenue
I-66 I-77 ROBUST TRAFFIC & REVENUE GROWTH LIMITED CONGESTION IN THE CORRIDOR 2026 PERFORMANCE vs. 2025 (Q2 & YTD) 2026 PERFORMANCE vs. 2025 (Q2 & YTD) USD M Q2 2026 VAR. H1 2026 VAR. USD M Q2 2026 VAR. H1 2026 VAR. Transactions (M) 10 8.7% 18 8.5% Transactions (M) 11 -4.8% 20 -5.2% Revenue/transacti
Slide 7: New Terminal One at JFK and Dalaman
NEW TERMINAL ONE AT JFK DALAMAN 92% OF CONSTRUCTION COMPLETED INTERNATIONAL TRAFFIC IMPACTED BY MIDDLE EAST CONFLICT • NTO has submitted a completion remedial plan with March 2027 as the date 2026 PERFORMANCE vs. 2025 (Q2 & YTD) for Phase A DBO EUR M Q2 2026 VAR. H1 2026 VAR. • 92% construction prog
Slide 8: Construction: Solid revenue growth and sustained profitability
CONSTRUCTION SOLID REVENUE GROWTH AND SUSTAINED PROFITABILITY 2026 PERFORMANCE vs. 2025 (Q2 & YTD) EUR M Q2 2026 Q2 2025 % VAR. H1 2026 H1 2025 % VAR. % VAR. LfL1 Revenue 2,075 1,869 11.0% 3,700 3,454 7.1% 9.7% Adj. EBITDA1 128 104 22.8% 223 191 16.6% 18.3% Adj. EBITDA mg 1 6.2% 5.6% 6.0% 5.5% Adj.
Slide 9: P&L Q2 & H1 2026
P&L Q2 & H1 2026 EUR mn Q2 2026 Q2 2025 H1 2026 H1 2025 Revenue 2,603 2,410 4,701 4,469 1 Adjusted EBITDA 425 347 746 655 Depreciation -132 -115 -255 -224 1 293 233 491 431 Adjusted EBIT Disposals & impairments 29 -22 28 275 Operating profit/(loss) 322 211 519 706 Financial Results -84 -29 -214 -146
Slide 10: H1 2026 Change in Consolidated Net Debt ex-infrastructure projects
H1 2026 CHANGE IN CONSOLIDATED NET DEBT 1 EX-INFRASTRUCTURE PROJECT COMPANIES (€ M) CASH FLOWS EUR -356 M OPERATING (EUR +585 M) INVESTING (EUR -33 M) FINANCING (EUR -908 M) 378 329 96 57 (74) (48) (187) 20 (398) (529) 4,070 3,714 CASH CASH Dividends Construction Other cash Tax payments Cash flows f
Slide 11: Q&A
Q&A Picture: NTE (USA) H1 2025 2026 11 Financial Results
Slide 12: Disclaimer
DISCLAIMER This 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 presentation, you acknowledge that you have read and understood the following statements. Neither t
Slide 13: Investor Relations
Picture: NTE (USA) INVESTOR RELATIONS +34 91 586 25 65 +31 207 983 700 ir@ferrovial.com www.ferrovial.com H1 2026 13 Financial Results