Ferrovial N.v. · BME:FER
Ferrovial — FY2024 Earnings Presentation
25 slides from Ferrovial's earnings presentation, Feb 27, 2025
Slide 1: FY 2024 Financial Results
Pic: I-66 FY 2024 February 27, 2025 FY 2024 Financial Results FINANCIAL RESULTS 1
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 2024 Overview
FY 2024 OVERVIEW Solid growth across all business divisions • Toll Roads: Robust traffic with revenue per transaction from North American assets significantly outpacing inflation • Airports: NTO achieved significant construction milestones in the year • Construction: Profitability improved significa
Slide 4: 2024 Main Figures
2024 MAIN FIGURES Revenue Adj. EBITDA2 Construction Order book2 €9.1B €1.3B +6.7% vs 20231 +38.9% vs 20231 €16.8B +7.5% vs 20231 Dividends Net debt of TSR4 from projects ex-infra3 +25.7% €947M -€1.8B vs 2023 €741M in 2023 vs -€1.1B in 2023 Pic: 407ETR (1) Percentages expressed on a Like-for-Like Gro
Slide 5: Focused on Growth
FOCUSED ON GROWTH • Strong revenue growth in US MLs & 407 ETR Growth in North American assets • NTO project advancing on budget & on schedule • Short listed in I-285 East (Georgia) Focus on toll road projects in • RFQ (Request for Qualification) submission for I-24 (Tennessee) North America Alexandr
Slide 6: Sustainability Performance in 2024
SUSTAINABILITY PERFORMANCE IN 2024 HEALTH ELECTRICITY WATER & SAFETY CLIMATE CONSUMPTION WITHDRAWAL -26.0% -35.8% -18.0% 72.8% -26.7% Serious Injuries & Scope 1&21 Scope 31 from renewable Water consumption2 Fatal frequency rate3 (vs 2020) (vs 2020) sources (vs 2017) (vs 2022) NEW 1.5°C SBTI-VALIDATE
Slide 7: Toll Roads
TOLL ROADS STRONG REVENUE GROWTH & RECORD-BREAKING DIVIDENDS 2024 TOLL ROADS PERFORMANCE vs. 2023 (Q4 & FY) EUR M Q4 2024 % Var. FY 2024 % Var. % Ch LfL1 Revenue 340 11.6% 1,256 15.8% 19.6% Adj. EBITDA1 246 10.9% 918 15.0% 19.5% 1 Adj. EBITDA mg 72.4% 73.1% OUTSTANDING P&L GROWTH FROM NORTH AMERICAN
Slide 8: 407 ETR
407 ETR ROBUST TRAFFIC & REVENUE GROWTH 2024 PERFORMANCE vs. 2023 (Q4 & FY) CAD M Q4 2024 Q4 2023 VAR. FY 2024 FY 2023 VAR. CAD M Q4 2024 VAR. FY 2024 VAR. Toll Revenue 413 353 17.2% 1,610 1,379 16.8% Traffic (VKT M) 678 5.5% 2,658 4.8% Revenue 438 16.5% 1,705 14.0% EBITDA 370 17.3% 1,478 15.1% Tota
Slide 9: Toronto: Strong Long-Term Growth Prospects
TORONTO STRONG LONG-TERM GROWTH PROSPECTS, 407 ETR A RELIABLE SOLUTION TO CONGESTION Continued immigration1 expected to drive sustained Multiple urban growth centers3 planned along the population growth2 in the Greater Toronto & Hamilton 407 ETR, which are expected to transform the corridor, Area (G
Slide 10: DFW Managed Lanes
DFW MANAGED LANES REVENUE/TRANSACTION GROWTH OUTPACES INFLATION 2024 PERFORMANCE vs. 2023 (Q4 & FY) NTE LBJ NTE35W (2) Q4 2024 VAR. FY 2024 VAR. Q4 2024 VAR. FY 2024 VAR. Q4 2024 VAR. FY 2024 VAR. Revenue Adj. EBITDA1 Adj. EBITDA mg1 NTE LBJ NTE 35W REVENUE PER TRANSACTION +2.9% 2025 Soft Cap update
Slide 11: Dallas Fort-Worth
DALLAS FORT-WORTH DALLAS #1 CITY IN U.S. FOR HEADQUARTER RELOCATIONS DFW continues to attract businesses and residents Growth has been spread throughout the DFW region, to the region… driven by robust new business activity5 #1 destination for moving1 in 2024 #1 location for corporate HQ relocations2
Slide 12: I-66
I-66 STRONG PEAK TIME PERFORMANCE 2024 PERFORMANCE vs. 2023 (Q4 & FY) USD M Q4 2024 VAR. FY 2024 VAR. Transactions (M) 9 9.1% 11.1% Revenue 73 41.9% 47.3% Adj. EBITDA1 59 46.2% 52.3% Adj. EBITDA mg1 80.5% 79.5% • Traffic positively impacted by higher mobility observed on the corridor REVENUE PER TRA
Slide 13: I-77
I-77 SOLID REVENUE/TRANSACTION 2024 PERFORMANCE vs. 2023 (Q4 & FY) USD M Q4 2024 VAR. FY 2024 VAR. Transactions (M) 12 12.3% 4.7% Revenue 30 23.3% 107 16.9% Adj. EBITDA1 20 11.9% 69 5.7% Adj. EBITDA mg1 65.9% 65.1% • Q4 2024 traffic positively impacted by closures of alternative routes (Hurricane He
Slide 14: Northern Virginia and Charlotte
NORTHERN VIRGINIA CHARLOTTE HIGH INCOMES & ROBUST JOB MARKET ATTRACTIVE JOB MARKET DRIVING GROWTH High household incomes and robust job market Strong wage and employment growth continue to continue to drive strong economic growth attract people to Charlotte Continued buildout along I-66 corridor: Se
Slide 15: IRB & IRB Private InvIT
IRB & IRB PRIVATE INVIT HIGHER EXPOSURE TO INFRASTRUCTURE PROJECTS TO CAPTURE GROWTH Partially 3x 2024 TRANSACTIONS 23.99% STAKE ACQUISITION IN PRIVATE INVIT financed by 5% STAKE DIVESTMENT IN IRB FOR €211M Transaction price in 2021 • 23.99% stake acquisition in IRB Infrastructure Trust for • Capita
Slide 16: Heathrow Divestment
HEATHROW HEATHROW DIVESTMENT 19.75% STAKE DIVESTMENT COMPLETION - TRANSACTION DETAILS • In December 2024, Ferrovial closed the sale of 19.75% stake in Heathrow for £1.7B (€2.0B) to Ardian and PIF • Ferrovial now holds shares representing 5.25% of FGP Topco • Ferrovial recognized at 2024 year-end a p
Slide 17: New Terminal One (NTO) at JFK
NEW TERMINAL ONE (NTO) AT JFK A GATEWAY TO FUTURE GROWTH • NTO remains on budget & on schedule. Physical progress up to 60% as of the €742M end of 2024. 2025 a crucial year for the construction with integration process starting €469M • Agreements with 16 airlines of which 10 executed contracts and 6
Slide 18: Other Airport Assets
OTHER AIRPORT ASSETS DALAMAN – TRAFFIC AT ALL-TIME HIGH AGS – DIVESTMENT COMPLETE IN Q1 2025 EUR M Q4 2024 VAR. FY 2024 VAR. • On January 28, 2025, Ferrovial announced the completion of the sale Passengers (M) 0.9 9.1% 5.6 7.7% of its 50% stake in AGS to Avialliance UK Limited for GBP 450M Revenue 1
Slide 19: Construction
CONSTRUCTION ADJ. EBIT MARGIN SURPASSED 3.5% TARGET 2024 PERFORMANCE vs. 2023 (Q4 & FY) EUR M Q4 2024 Q4 2023 % VAR. FY 2024 FY 2023 % VAR. % VAR. LfL1 Revenue 1,998 1,875 6.5% 7,234 6,869 5.3% 3.8% Adj. EBITDA1 106 85 25.2% 430 211 103.7% 95.4% Adj. EBITDA mg 1 5.3% 4.5% 5.9% 3.1% Adj. EBIT1 81 43
Slide 20: P&L
P&L SIGNIFICANT ADJUSTED EBITDA GROWTH ON US TOLL ROADS & CONSTRUCTION EUR M Q4 2024 Q4 2023 FY 2024 FY 2023 Revenue 2,504 2,293 9,147 8,514 Adjusted EBITDA* 334 291 1,342 991 Fixed asset depreciation -100 -94 -441 -401 Adjusted EBIT* 234 197 901 590 Disposals & impairments 2,043 35 2,208 35 Operati
Slide 21: 2024 Change in Consolidated Net Debt
2024 CHANGE IN CONSOLIDATED NET DEBT* EX-INFRASTRUCTURE PROJECT COMPANIES CASH FLOWS EUR +68 M OPERATING (EUR +861 M) INVESTING (EUR +1,161 M) FINANCING (EUR -1,954 M) CASH CASH Dividends Construction Other cash Tax payments Cash flows Interest Divestments Shareholder Other treasury Other cash Effec
Slide 22: Shareholder Distributions
SHAREHOLDER DISTRIBUTIONS NEW TARGET 2024-2026 Expected 2024-2026 total shareholder distributions upgrade from €1.7B1 to a minimum2 of €2.2B 2023 Program3 2025 proposal (cash-out in 2024) Share buyback • Total scrip dividend + share program (2023) €271M buyback max. €570M 2024 • Additional buyback p
Slide 23: Closing Remarks
CLOSING REMARKS • • • Pic: I-77 FY 2024 23 FY 2024 Financial Results 23 Financial Results
Slide 24: Q&A
Q&A FY 2024 24 FY 2024 Financial Results 24 Financial Results
Slide 25: Investor Relations Department
INVESTOR RELATIONS DEPARTMENT +34 91 586 25 65 +31 207 983 724 ir@ferrovial.com www.ferrovial.com FY 2024 Financial Results