Ferrovial

Earnings Release • Feb 28, 2025

FY 2024 Financial Results

FY 2024 February 27, 2025 FINANCIAL RESULTS

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Pic: I-66

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 this presentation nor any of the information contained herein constitute or form part of, and should not be construed as, an offer to purchase, sale or exchange any security, a solicitation of any offer to purchase, sale or exchange any security, or a recommendation or advice regarding any security of the Company.

In this presentation, unless otherwise specified, the terms "Ferrovial," the "Company," "we," "us," and the "Group" refer to Ferrovial SE, individually or together with its consolidated subsidiaries, as the context may require (or, unless stated otherwise, if referring to the period prior to the completion of the cross-border merger on June 16, 2023, to Ferrovial, S.A., the former parent entity of the Group, individually or together with its consolidated subsidiaries, as the context may require). Neither this presentation nor the historical performance of the Group's management team or the Group constitutes a guarantee of the future performance of the Company and there can be no assurance that the Group's management team will be successful in implementing the investment strategy of the Group.

Forward-Looking Statements

This presentation contains forward-looking statements. Any express or implied statements contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding estimates and projections provided by the Company and certain other sources with respect to the Company's financial position, business strategy, plans, and objectives of management for future operations, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "target," "anticipate" and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements may reflect various assumptions by the Company concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company's control and may be impossible to predict. Any forecast made or contained herein, and actual results, will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements, expectations, estimates and projections contained in this presentation or that any forecast made or contained herein will be achieved. Risks and uncertainties that could cause actual results to differ include, without limitation: risks related to our diverse geographical operations; risks related to our acquisitions, divestments and other strategic transactions that we may undertake; the impact of competitive pressures in our industry and pricing, including the lack of certainty and costs in winning competitive tender processes; general economic and political conditions and events and the impact they may have on us, including, but not limited to, increases in inflation rates and rates of interest, increased costs for materials, and other ongoing impacts resulting from the Russia/Ukraine and the Middle East conflicts; the fact that our business is derived from a small number of major projects; cyber threats or other technology disruptions; our ability to obtain adequate financing in the future as needed; our ability to maintain compliance with the continued listing requirements of Euronext Amsterdam, the Nasdaq Global Select Market and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; our ability to comply with our ESG commitments or other sustainability demands; the impact of any changes in existing or future tax regimes or regulations; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") for the fiscal year ended December 31, 2024 which is available on the SEC website at www.sec.gov, assuch factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this presentation speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Forward-looking statements in this press release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of1995. We intend such forward-looking statementsto be covered by relevant safe harbor provisions for forward-looking statements(or their equivalent) of any applicable jurisdiction.

In addition, certain industry data and information contained in this presentation has been derived from industry sources. The Company has not undertaken any independent investigation to confirm the accuracy or completeness of such data and information, some of which may be based on estimates and subjective judgments. Accordingly, the Company makes no representation or warranty as to the accuracy or completeness of such data and information. Other than as specified, the information contained in this presentation has not been audited, reviewed or verified by the external auditor of the Group. The information contained herein should therefore be considered as a whole and in conjunction with all the other publicly available information regarding the Group.

AlternativePerformanceMeasures

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 Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015, that differ from financial information presented by the Group in its financial statements and reports containing financial information. The aforementioned non-IFRS measures include "Adjusted EBIT," "Adjusted EBIT Margin," "Adjusted EBITDA," "Adjusted EBITDA Margin," "Comparable or 'Like-for-Like' ('LfL') Growth," "Order Book," "Consolidated Net Debt," "Cash flows excluding infrastructure projects (Ex-Infrastructure Cash Flows)," Cash flows from infrastructure projects (Infrastructure Cash Flows)," and "Ex-Infrastructure Liquidity." These non-IFRS measures are designed to complement and should not be considered superior to measures calculated in accordance with IFRS. Although the aforementioned non-IFRS measures are not measures of operating performance, an alternative to cash flows, or a measure of financial position under IFRS, they are used by the Group's management to review operating performance and profitability, for decision-making purposes, and to allocate resources. Moreover, some of these non-IFRS measures, such as "Consolidated Net Debt" are used by the Group's management to explain the evolution of our global indebtedness and to assist our management in making decisions related to our financial structure. Furthermore, it is used by analysts and rating agencies to better understand the indebtedness that hasrecourse to the Group. Non-IFRSmeasures presented in this presentation are being provided for informative purposes only and shall not be construed asinvestment, financial, or other advice.

The Group believes that there are certain non-IFRS measures, which are used by the Group's management in making financial, operational and planning decisions, which provide useful financial information that should be considered in addition to the financial statements prepared in accordance with the accounting regulations that applies (IFRS EU), in assessing its performance. These are consistent with the main indicators used by the community of analysts and investors in the capital markets. However, they do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. They have not been audited, reviewed or verified by the external auditor of the Group. For further details on the definition, explanation on the use, and reconciliation of non-IFRS measures, please see the section on "Alternative performance measures" in Ferrovial SE'sIntegrated Annual Report (including the Consolidated Financial Statements and Management Report) for the year ended December 31, 2024.

Additional Information

The Company is subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended, applicable to foreign private issuers and in accordance therewith is required to file reports and other information with the SEC relating to its business, financial condition, and other matters. The Company'sfilings can be accessed by visiting EDGAR on the SEC's website at www.sec.gov.

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 significantly with adjusted EBIT margin reaching 3.9%

-€1.8B Net debt ex-infra projects¹supported by

All-time high dividends & asset rotation…

• €947M in dividends from projects, including first year of dividend distributions from I-66 (€89M) and I-77 (€205M)
• Divestments of €2.6B, primarily 19.75% stake sale in Heathrow (€2.0B) & 5% stake sale in IRB Infrastructure Developers (€211M) …combined with growth investments and shareholder distributions:
• €1.6B investment, primarily acquisition of 23.99% stake in IRB Infrastructure Trust (€710M) & equity invested in NTO (€469M)
• Shareholder distributions of €831M including €271M from 2023 program
• Share repurchase program of €272M

Main corporate events

• FER's shares were listed on Nasdaq on May 9th, 2024
• Acquisition of 23.99% stake in IRB Infrastructure Trust for €728M (€710M paid in 2024), partially financed by the sale of 5% stake in IRB Infrastructure Developers for €211M
• Sale of 19.75% stake in Heathrow for €2.0B
• Other divestments in the year: JV with Interogo to transfer economic rights of several toll roads' projects (€100M) & Serveo sale completion (€55M)

2024 MAIN FIGURES

Revenue €9.1B

+6.7% vs 2023¹

Adj. EBITDA² €1.3B

+38.9% vs 2023¹

Dividends from projects

€947M €741M in 2023

FY 2024 Financial Results

FY 2024 Financial Results Net debt of ex-infra³

-€1.8B vs -€1.1B in 2023 Construction Order book² €16.8B

+7.5% vs 2023¹

TSR⁴

+25.7% vs 2023

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(1) Percentages expressed on a Like-for-Like Growth basis. Like-for-Like Growth is a non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the 2024 Integrated Annual Report 2) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the 2024 Integrated Annual Report

(3) Consolidated Net Debt of ex-infrastructure project companies (4) Total Shareholder Return

FOCUSED ON GROWTH

FY 2024 Financial Results

Airports & Energy)

• Strong revenue growth in US MLs & 407 ETR

• NTO project advancing on budget & on schedule Growth in North American assets

• Short listed in I-285 East (Georgia)

Selected investments in other geographies / activities • Other infrastructure projects in the US (Data Centers, Asset rotation of mature assets Atlanta, GA I-285 E I-285 W Charlotte, NC I-77S Nashville,TN I-24 | I-65 Alexandria, VA I-495 SW Focus on toll road projects in North America • RFQ (Request for Qualification) submission for I-24 (Tennessee) • Record pipeline with six near term opportunities

Solid cash flow generation and financial discipline

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SUSTAINABILITY

Pic: NTE (Texas, USA)

Financial Results and fuel and energy. Previous Scope 3 emission categories excluded from SBTi target: capital goods and purchased goods & services.

TOLL ROADS

STRONG REVENUE GROWTH & RECORD-BREAKING DIVIDENDS

2024 TOLL ROADS PERFORMANCE vs. 2023 (Q4 & FY)

EUR M	Q4 2024	% Var	FY 2024	% Var	LfL1 % Ch
Revenue	340	11.6%	1 256 ,	15.8%	19.6%
EBITDA1 Adj	246	10.9%	918	15.0%	19.5%
mg1 Adj EBITDA	72.4%		73.1%

OUTSTANDING P&L GROWTH FROM NORTH AMERICAN ASSETS…

Total Toll Roads dividends: €895M vs €704M in 2023

FY 2024

(1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the 2024 Integrated Annual Report

407 ETR

ROBUST TRAFFIC & REVENUE GROWTH

2024 PERFORMANCE vs. 2023 (Q4 & FY)

CAD M	Q4 2024	VAR.	FY 2024	VAR.
(VKT M) Traffic	678	5.5%	2 ,658	4.8%
Revenue	438	16.5%	1,705	14.0%
EBITDA	370	17.3%	1,478	15.1%
EBITDA mg	84.5%		86.7%
Avg revenue per trip	14.7	12.3%	14.7	11.4%

• Traffic growth supported by an increase in mobility, impact from construction activities on Highway 401, fewer winter weather events and more promotional offers in Q4 to reduce congestion in the corridor during peak hours

CAD M	Q4 2024	Q4 2023	VAR.	FY 2024	FY 2023	VAR.
Toll Revenue	413	353	17.2%	1,610	1,379	16.8%
Total Revenue	438	376	16.5%	1,705	1,495	14.0%

• Toll revenue positively impacted by higher traffic volumes and new toll rate schedule (2024). Other charges linked to tolling (camera charge, trip toll charge) remained flat
• Fee revenue: impacted by lower late payment charges resulting from a higher reserve provision rate and lower enforcement fees
• Contract revenue: No contribution in 2024 due to the removal of tolls for Highways 412 and 418, that ended in June 2023

NEW RATE SCHEDULE IN 2025

• Effective Jan. 1, 2025
• More demand segmentation:
  • Number of toll zones from 4 to 12
  • New Vehicle Classifications: Introduced new rate classes for Motorcycles and medium-sized vehicles
• Fee Increases for camera charge, account fee, and transponder lease

RECORD DIVIDEND DISTRIBUTION: CAD1,100M dividend paid in 2024 (CAD950M in 2023, +15.8%)

TORONTO

FY 2024 Financial Results

STRONG LONG-TERM GROWTH PROSPECTS, 407 ETR A RELIABLE SOLUTION TO CONGESTION

Continued immigration¹ expected to drive sustained population growth² in the Greater Toronto & Hamilton Area (GTHA)

Regions along the 407 ETR corridor expected to experience significant future growth²

(1) Toronto Global: https://torontoglobal.ca/business-insights/canadian-immigration-numbers/ (2) Government of Ontario: https://data.ontario.ca/dataset/f52a6457-fb37-4267-acde-11a1e57c4dc8/resource/03abe0d5-0995-4ce2-ad9de904d50106a5/download/49_census_divisions_mof_population_projections_2022-2046.xlsx (3) Government of Ontario: https://www.ontario.ca/document/size-and-location-urban-growth-centres-greater-golden-horseshoe/size-and-location-urban-growth-centres-greater-golden-horseshoe

Multiple urban growth centers³ planned along the 407 ETR, which are expected to transform the corridor, enhance connectivity and drive economic growth

Markham: +41k residents and +39k jobs at full build-out

Richmond Hill / Langstaff: +32k residents and +10k jobs by 2031

16Mn 2050E population Vaughan: +17k residents and +6.5k jobs by 2031

Uptown Brampton: +80k residents and +54k jobs by 2040

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

REVENUE PER TRANSACTION NTE 35W +2.9% 2025 Soft Cap update Q1 Q2 Q3 Q4 FY 24 NTE LBJ NTE35W DIVIDEND 177M 107M 176M Q1 Q2 Q3 Q4 FY 24 Q1 Q2 Q3 Q4 FY 24 ³

DISTRIBUTIONS (100%, \$M):

FY 2024 Financial Results (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the 2024 results report (2) NTE35W traffic excluding 3C: +7.9% vs Q4 2023 & +10.8% vs 2023

(3) Q3 2024 rev/transaction growth figure has been restated, which was previously published as 10.0%

DALLAS FORT-WORTH

DALLAS #1 CITY IN U.S. FOR HEADQUARTER RELOCATIONS

DFW continues to attract businesses and residents to the region…

FY 2024 Financial Results

Growth has been spread throughout the DFW region, driven by robust new business activity⁵

Platinum Press: leading packaging solutions company completed \$15M expansion of its Dallas HQ

Embraer: multinational aerospace company announced \$70M service center expansion in Fort Worth

Simplilearn: provider of training for digital skills announced relocation of HQ from California to Plano

Diversified: global tech company moved its HQ from New Jersey to Plano

Conner Industries: leading provider of industrial wood and packaging solutions announced the expansion of its packaging facility in Dallas

GoVerden: Mexico-based supplier of avocados and premium guacamole opened its new U.S. HQ in Plano

• (1) U-Haul: https://dallas.culturemap.com/news/real-estate/uhaul-growth-cities-dfw-2024/
• (2) Dallas Business Journal: Dallas No. 1 city in U.S. for corporate headquarter relocations; Texas slips in standings Dallas Business Journal
• (3) WFAA: https://www.wfaa.com/article/money/business/dfw-has-new-no-1-fortune-500/287-185065ac-b93a-4ac0-8bd1-89629970a31b
  • (4) North Central Texas Council of Governments (NCTCOG): https://www.nctcog.org/getmedia/4e5cb5f2-07ec-46ca-9ce5-135d6693c1c5/agendapacketworkshop07172024_1.pdf?ext=.pdf. Refers to expected population growth for North Texas, the sixteen-county region surrounding Dallas and Fort Worth. (5) Government of Texas: https://gov.texas.gov/business/page/recent-project-announcements

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I-66 STRONG PEAK TIME PERFORMANCE

2024 PERFORMANCE vs. 2023 (Q4 & FY)

USD M	Q4 2024	VAR	2024 FY	VAR
(M) Transactions	9	9.1%		11.1%
Revenue	73	41.9%		47.3%
EBITDA1 Adj	59	46.2%		52.3%
mg1 Adj EBITDA	80.5%		79.5%

• Traffic positively impacted by higher mobility observed on the corridor

REVENUE PER TRANSACTION

FY 2024 Financial Results

55.0%

FIRST DIVIDEND DISTRIBUTION

• Distribution after 2 years of operation. This was possible after fulfilling the TIFIA loan interest payment for 12 months, as permitted by the contract

12 Pic: I-66

(1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the 2024 results report

I-77 SOLID REVENUE/TRANSACTION

2024 PERFORMANCE vs. 2023 (Q4 & FY)

USD M	Q4 2024	VAR	FY 2024	VAR
(M) Transactions	12	12.3%		4.7%
Revenue	30	23.3%	107	16.9%
EBITDA1 Adj	20	11.9%	69	5.7%
mg1 Adj EBITDA	65.9%		65.1%

• Q4 2024 traffic positively impacted by closures of alternative routes (Hurricane Helene), mainly in October
• Q4 Revenue affected by the agreement with NCDOT due to Hurricane effects, subsidizing temporally toll rates (from October to early December) to support recovery efforts
• Adj. EBITDA in Q4 includes \$1.0M of revenue share (\$4.6M in 2024) and \$2.0M of extended vehicles payments (\$5.4M in 2024)

REVENUE PER TRANSACTION

Hurricane Helene, on September 27th, impacted North Carolina, causing the closure of the alternative highways, I-40 and I- 26.

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NORTHERN VIRGINIA

HIGH INCOMES & ROBUST JOB MARKET

High household incomes and robust job market continue to drive strong economic growth

Continued buildout along I-66 corridor: Several projects¹ in key areas accessible to the I-66 corridor are focused on the redevelopment and revitalization of smaller towns in the region

FY 2024 Financial Results

CHARLOTTE

ATTRACTIVE JOB MARKET DRIVING GROWTH

Strong wage and employment growth continue to attract people to Charlotte

2 destination for moving² in 2024

3 fastest growing city³ in 2023

Charlotte attracts companies⁴ in key sectors including technology, finance and transportation

(1) Fairfax County: https://www.fairfaxcounty.gov/planning-development/projects-and-initiatives

(2) U-Haul: https://www.newsobserver.com/news/state/north-carolina/article298052618.html

(3) Charlotte Regional Business Alliance: https://charlotteregion.com/news/charlotte-among-fastest-growing-cities-in-the-u-s/

(4) Charlotte Regional Business Alliance: https://charlotteregion.com/regional-news/

Pic: 407ETR

IRB & IRB PRIVATE INVIT

HIGHER EXPOSURE TO INFRASTRUCTURE PROJECTS TO CAPTURE GROWTH

2024 TRANSACTIONS 23.99% STAKE ACQUISITION IN PRIVATE INVIT 5% STAKE DIVESTMENT IN IRB FOR €211M

Partially financed by

• 23.99% stake acquisition in IRB Infrastructure Trust for €728M (€710M paid in 2024 including €58M related to Ganga Project)
• Portfolio includes 15 road projects spanning across 10,567 lane kms

2024 PERFORMANCE (vs 2023) – SOLID PERFORMANCE

IRB			IRB PRIVATE INVIT
EUR M	2024	VAR LfL
Revenue	894	9 4%
EBITDA1 Adj	449	12 0%	Adj. EBITDA1
mg1 Adj EBITDA	50 2%		Adj. EBITDA mg1
(19 stake) Net profit FER 86% to	13

FUTURE GROWTH

• Pipeline(3)

FY 2024 Financial Results

• 6 BOTs identified, (estimated investment of €2.6B), including Agra Gwalior
• 3 TOTs announced in bidding process

• Strong economic growth in the area(4) (Real GDP growth): +6.5% 2025E & +6.5% 2026E

• Capital gain reached €132M (pre-tax)

• Following the acquisition, FER owns 19.86%, second-largest shareholder

3x Transaction price in 2021

EURmn	2024
Revenue	243
Adj. EBITDA1	114
Adj. EBITDA mg1	46.7%
Net profit to FER (23.99% stake)	-8

• (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the 2024 Integrated Annual Report
• (2) Source: IRB\_Investor\_Presentation based on 2030 Infrastructure Budget
• (3) BOT: Build-Operate-Transfer TOT: Toll, Operate and Transfer
• (4) Source: India and the IMF

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 profit of €2,570M, of which:
  • €2,023M will correspond to the shares sold (capital gains)
  • €547M to the 5.25% stake retained, which from that moment will be recorded as a financial investment valued at fair value with changes recognized through P&L (financial results)

AGREEMENT REACHED TO SELL 5.25% STAKE IN Q1 2025

• On February 26, 2025, Ferrovial announced that a binding agreement has been reached with Ardian for the sale of its entire stake (5.25%) in FGP Topco Ltd. (Topco), parent company of Heathrow Airport Holdings Ltd., for c. GBP 455 million, which will be adjusted with an interest rate to be applied until closing.
• The transaction is subject to complying with the right of first offer (ROFO) and the satisfaction of applicable regulatory conditions.

Heathrow divestment aligned with our value creation strategy through mature asset rotation

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 end of 2024. 2025 a crucial year for the construction with integration process starting
• Agreements with 16 airlines of which 10 executed contracts and 6 under Letter of Intention
• NTO closed USD2.55B green bond refinancing (all-in interest cost of 4.65%)

OTHER AIRPORT ASSETS

EUR M	Q4 2024	VAR.	FY 2024	VAR.
Passengers (M)	0.9	9.1%	5.6	7.7%
Revenue	15	79.0%	8 2	16.2%
EBITDA1 Adj. (pre-concession fee)	10	28.0%	6 4	16.6%
mg1 Adj. EBITDA	68.1%		78.4%

• 5.6M pax. (+7.7% vs 2023) driven by several airlines' increased capacity and new routes, as well as higher domestic traffic
• Sarigerme region declared tourism development area

DALAMAN – TRAFFIC AT ALL-TIME HIGH AGS – DIVESTMENT COMPLETE IN Q1 2025

• On January 28, 2025, Ferrovial announced the completion of the sale of its 50% stake in AGS to Avialliance UK Limited for GBP 450M

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.	LfL1 % VAR.
Revenue	1,998	1,875	6.5%	7,234	6,869	5.3%	3.8%
EBITDA1 Adj.	106	8 5	25.2%	430	211	103.7%	95.4%
mg1 Adj. EBITDA	5.3%	4.5%		5.9%	3.1%
EBIT1 Adj.	8 1	43	86.7%	284	77	n.s.	n.s.
mg1 Adj. EBIT	4.1%	2.3%		3.9%	1.1%

Budimex: Strong performance, reaching 8.0% Adj. EBIT mg¹ in 2024

Webber: Adjusted EBIT mg¹ stable, with 3.0% in 2024

Ferrovial Construction: Significant profitability improvement compared to 2023 (1.8% vs -3.8%) mainly due to the absence of lossesfrom large projects in the US and improvementsin other geographies

POSITIVE OPERATING CASH FLOW

RECORD HIGH ORDER BOOK¹ WITH ALMOST 50% IN NORTH AMERICA

• €16,755M (+7.5% LfL)
• €2.7B contracts not included in 2024 order book¹ (pre-awards or pending financial close)
• Breakdown by geography: 49% 25% 14% 4% 2%6US & CAN Poland Spain UK Australia RoW

OUTLOOK

• Average long-term target of 3.5% Adjusted EBIT margin¹

FY 2024 Financial Results (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the 2024 results report

%

19

19

Pic: Sydney

Metro, Tunnel

Machine, Australia

Boring

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 depreciation asset	-100	-9 4	-441	-401
Adjusted EBIT*	234	197	901	590
Disposals & impairments	2 043 ,	3 5	2 208 ,	3 5
Operating profit/(loss)	2 277 ,	232	3 109 ,	625
Financial Results	483	-88	274	-184
Financial Result from infrastructure projects	-106	-112	-411	-372
Financial Result from ex-infrastructure projects	589	25	685	188
Equity-accounted affiliates	47	6 8	238	215
Profit/(loss) before from continuing operations tax	2 807 ,	213	3 621 ,	656
Income tax	-66	-74	-145	-42
profit/(loss) Net from continuing operations	2 741 ,	139	3 476 ,	614
profit/(loss) Net from discontinued operations	5	8	14	16
profit/(loss) Net	2 746 ,	148	3 490 ,	630
profit/(loss) Net attributed non-controlling interests to	-81	-52	-251	-170
Net/(loss) attributed the to parent company	2 665 ,	96	3 239 ,	460

*Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the 2024 Integrated Annual Report

2024 CHANGE IN CONSOLIDATED NET DEBT*

EX-INFRASTRUCTURE PROJECT COMPANIES

SHAREHOLDER DISTRIBUTIONS

NEW TARGET 2024-2026

Expected 2024-2026 total shareholder distributions upgrade from €1.7B¹ to a minimum² of €2.2B

2025 proposal

• Total scrip dividend + share buyback max. €570M

• Additional buyback program of up to €500M

• (1) Excluding any potential dividends related to the Heathrow divestment

• (2) This guidance could be reviewed upwards based on the outcome of potential investment opportunities

(3) Additional share buyback program announced in November 2023 to catch up with the total shareholder distribution of the year. Cash out in 2023: €249M

CLOSING REMARKS

• •
• •
• •

INVESTOR RELATIONS DEPARTMENT

+34 91 586 25 65 +31 207 983 724 ir@ferrovial.com www.ferrovial.com