Ferrovial

Investor Presentation • Feb 27, 2024

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," 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 16 June 2023, Ferrovial, S.A., the former parent entity of the Group, individually or together with its consolidated subsidiaries asthe context may require).

Neither this presentation nor the historical performance of the Group's management team constitute 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.

Any securities referred to herein have not been registered under the U.S. Securities Act of1933, as amended (the "U.S. Securities Act"), or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the U.S. Securities Act.

Forward-Looking Statements

This presentation includes certain statements, expectations, estimates and projections provided by the Company and certain other sources believed by the Company to be reliable, and statements of the Company's beliefs and intentions about future events. The statements included in this presentation that are not statements of historical facts, including, but not limited to, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "aim," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue," or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements, expectations, estimates and projections 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 are impossible to predict. Accordingly, there can be no assurance that such statements, expectations, estimates and projections will be realized. 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. Our forward-looking statements are subject to certain risks and uncertainties, which include, but are not limited to, the following:

• Risksrelated to our diversified operations;
• Risksrelated to our acquisitions, divestments and other strategic transactionsthat we may undertake, including the planned divestment of our stake in Heathrow airport;
• Impact of competitive pressures in our industry and pricing, including the lack of certainty of winning competitive tender processes;
• General economic 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 labor, cybersecurity attacks, other lingering impacts resulting from COVID-19, and the Russia/Ukraine conflicts;
• Our ability to obtain adequate financing in the future as needed;
• Our ability to maintain compliance with the continued listing requirements of the stock exchanges on which our ordinary shares are listed and traded;
• Lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subjected to and are required to report;
• Our strategic business reorganizations may not occur as expected;
• Our ability to comply with our ESG commitments;
• Impact of any changes in existing or future taxregimes or regulations; and
• Other risks and uncertainties, described under the heading "Risk Factors" in the Company's annual reports, available at www.ferrovial.com.

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 asto such accuracy or completeness.

This presentation speaks only as of today's date, and, except asrequired by law, the Company does not undertake to update any forward-looking statementsto reflect future events or circumstances.

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") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015. The Group believes that there are certain APMs, 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. 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 APMs, please see the section on "Alternative performance measures" of Ferrovial SE's Integrated Annual Report (including the Consolidated Financial Statements and Management Report) for the year ended 31 December 2023.

FY 2023 OVERVIEW

Strong growth in our main infrastructure assets

• Toll Roads: North American assets posted double-digit revenue growth
• Airports: Heathrow reached its third highest traffic in history
• Construction: profitability impacted by completion works in the large projects at final stages in the US

Solid net debt ex-infra projects* reaching -€1.1bn

• €741mn dividends from infrastructure projects, including first year of dividend distribution from NTE 35W (€251mn)
• Investments (€454mn) & shareholder remuneration (€250mn)
• €511mn of hybrid bond repurchase

Main corporate events

• FER's shares were listed on Euronext Amsterdam on June 16th, 2023
• Agreement** reached for the sale of c.25% stake in FGP Topco (Heathrow's parent company) for GBP2,368mn
• CMD held in New York. On January 5th first public SEC filing (20-F) released

ESG

FY 2023 Financial Results

• First issuance of sustainability-linked bond (€500mn)
• FER receives 'Top Employer' 2023 recognition as one of the best companies to work for in Spain
• FER recognized as one of the world's leading environmental companies by CDP; Highest rating in climate & water

*Consolidated Net Debt of ex-infrastructure project companies

3 **Completion of the transaction continues to be subject to the satisfaction of the tag-along condition, together with applicable regulatory conditions and, consequently, there can be no certainty that the Transaction will be completed

2023 MAIN FIGURES

Revenues €8.5Bn

+13.2% vs 2022¹

Adj. EBITDA² €991Mn

+40.6% vs 2022¹

Construction Order book €15.6Bn +5.5% vs 2022¹

Dividends from projects €741Mn €475Mn in 2022

(4) Total Shareholder Return

Net debt of ex-infra³ -€1.1Bn

TSR⁴ +38.4% vs 2022

4 (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 2023 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 2023 Integrated Annual Report (3) Consolidated Net Debt of ex-infrastructure project companies

STRATEGY ON TRACK

Growth in North American assets

Focus on new greenfield projects in North America

Selected Investments in other geographies

Asset rotation

Solid cash flow generation and financial discipline

• I-66 ramp up

• NTE3C segment opened to traffic in June
• NTO: project is advancing on budget and on schedule
• SR-400 in Atlanta (Georgia)

• 6 new projects in other states

• 4 new projects awarded to IRB during 2023

• Agreement* for the sale of c.25% stake in Heathrow for GBP2,368mn
• Azores divestment for €43mn
• Net Debt Position Ex-infrastructure projects** reaching -€1.1bn

Pic: 407ETR

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FY 2023 Financial Results *Completion of the transaction continues to be subject to the satisfaction of the tag-along condition, together with applicable regulatory conditions and, consequently, there can be no certainty that the Transaction will be completed **Consolidated Net Debt of ex-infrastructure project companies

ESG NEW CORPORATE SUSTAINABILITY STRATEGY APPROVED BY THE BOARD OF DIRECTORS

FY 2023 Financial Results the last 20 editions

¹Scope 1, 2 and 3 absolute emissions.Scope 3 emission categories excluded from SBTi target: capital goods and purchased goods & services. ² Restrictive scenario does not include Managed Lanes as an eligible activity.

³SIF - Frequency rate = no. (serious accidents + fatalities)*1,000,000/no. hours worked. Includes employees and contractors.

index member

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Pic: Pacific Highway (Australia)

TOLL ROADS

EUR704MN DIVIDENDS COLLECTED FROM TOLL ROADS

7

7

FY 2023 Financial Results

LBJ USD74mn **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 2023 Integrated Annual Report

407 ETR SOLID TRAFFIC IMPROVEMENT YOY WITH GROWTH IN ALL TIME PERIODS

2023 PERFORMANCE* vs. 2022

CAD mn	2023	VAR
Traffic (VKT mn)	2 535 ,	14 6%
Revenues	1 495 ,	12 7%
EBITDA	284 1 ,	12 7%
EBITDA mg	85 9%

• Average rev. per trip (CAD13.23) -0.7% & average trip length +1.4% vs. 2022

2023 TRAFFIC PERFORMANCE vs. 2019 & 2022 (VKT)

• Increased mobility and commuting patterns as workplaces experienced a higher percentage of on-site employees
• Rehabilitation construction activities on Highway 401

FY 2023 Financial Results *FY2023 Financial information presented is based on, and is consistent with, the audited consolidated financial statements of 407 ETR

RETURN TO THE OFFICE CATCHING UP WITH OTHER GEOGRAPHIES DESPITE A SLOWER START*

*SRRA Occupancy Index

**Trips

407 ETR TOLL RATE INCREASES RESUMED IN 2024

NEW RATE SCHEDULE FOLLOWING FOUR-YEAR RATE FREEZE

• » On Dec. 29, 2023, 407 ETR announced a new rate schedule that came into effect on Feb. 1, 2024
• » This toll increase implies the end of the Force Majeure Event
• » 407 will be first subject to a congestion payment (if applicable) based on 2025 traffic figures, with cash payment in April 2026
• » Calculation is based on "peak of the peak": 2 hours with highest VKTs in all business days and then, the average of the 60% busiest days. Peak traffic during 2023 has recovered at slower pace
• » Compound effect on revenues and future growth expected to be NPV positive even with expected material Schedule 22 payments in the first years

TORONTO AREA EXPECTED TO KEEP GROWING

(1) Ministry of Transportation of Ontario: https://www.ontario.ca/page/connecting-gghtransportation-plan-greater-golden-horseshoe.

DFW MANAGED LANES

STRONG REVENUE/TRANSACTION GROWTH

AVG REVENUE PER TRANSACTION

2023 PERFORMANCE (vs. 2022)

	NTE	Var	LBJ	Var	NTE35W	Var
Revenues
** Adj EBITDA
** Adj EBITDA mg

TRAFFIC PERFORMANCE (vs. 2022)

*NTE35W traffic excluding 3C +6.9% in 2023

FY 2023 Financial Results

**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 2023 Integrated Annual Report

I-77 OUTSTANDING PERFORMANCE

2023 PERFORMANCE vs. 2022

USD mn	2023	VAR
Transactions	41	18 4%
Revenues	91	50 5%
* Adj EBITDA	66	72 4%
* Adj EBITDA mg	72 0%

2023 PERFORMANCE USD mn

USD mn	2023
Transactions	29
Revenues	167
* Adj EBITDA	129
* Adj EBITDA mg	76 9%

TRAFFIC AND REVENUE RAMPING UP

I-66

Toll revenue/transaction in 2023

TOLL REVENUE/TRANSACTION (USD)

QUARTERLY TOLL REVENUE/TRANSACTION (USD)

QUARTERLY TRANSACTIONS (MN)

*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 2023 Integrated Annual Report

US MANAGED LANES

SERVING HIGH ECONOMIC GROWTH REGIONS

DFW (TEXAS) - RANKED 1ST IN THE US FOR ABSOLUTE POPULATION GROWTH

» AllianceTexas (27,000 acres), along the I-35W corridor, has become a corporate base to some of the world's most iconic brands, including BNSF, Fedex, Amazon, Meta, Fidelity Investments or UPS

NORTHERN VIRGINIA - HIGHEST-INCOME SUBURBS IN THE US

» Fairfax County is the driver of Northern Virginia's economy, accounting for nearly USD134bn of the region's GDP

FY 2023 Financial Results

• (1) Ferrovial analysis based on NCTCOG Mobility 2045 Plan, 2023, pp 8-57
• (2) Ferrovial analysis based on CRTPO 2045 Metropolitan Transportation Plan, 2018, pp 54
• (3) Ferrovial analysis based on MWCOG Cooperative Forecasting by TAZ Round 9.2

CHARLOTTE (NORTH CAROLINA) LEAPS INTO TOP 10* OF BEST-PERFORMING CITIES

» Charlotte area's population growth of +3.7% since 2019 outpaces the +0.9% increase for all metro areas

*MILKEN INSTITUTE RANKING: The Milken Institute released its Best-Performing Cities 2024: Focus on Sustainable Growth and Resilience report (Feb. 2024) (LINK)

2023 PERFORMANCE

EURmn	2023	* LfL var.
Revenues	828	11 5%
Adj EBITDA*	406	2 7%
* Adj EBITDA mg	49 1%

• Concessions revenue +14.1% vs. 2022, driven by double-digit growth in main assets: Mumbai-Pune +17.0% and Ahmedabad-Vadodara +11.9%, with solid traffic and toll rates increase
• Construction revenue +11.2% mainly driven by construction progress in Ganga Expressway and Palsit Dankuni
• 2022 Adjusted EBITDA positively affected by claims

SUCCESSFUL FINANCING MILESTONES

• Important refinancing processes achieved, such as Private Invit-level refinancing for 5 toll road projects
• Corporate rating AA- by India Ratings (Fitch) reaffirmed in January 2024, Private Invit AAA rating

FUTURE GROWTH

• Recent awards: Hyderabad ORR (30 yrs TOT), Samakhiyali Santalpur (20 yrs BOT including six-laning project), TOT 12 (20yrs) and TOT 13 (20yrs)
• Strong economic growth in the area** (Real GDP growth): +6.5% 2024E & +6.5% 2025Ev

FY 2023 Financial Results

*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 2023 Integrated Annual Report

**Source: International Monetary Fund ***National Infrastructure Pipeline, Highway Investment during FY 2020-2025 13

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HEATHROW

2023: THIRD HIGHEST TRAFFIC IN HEATHROW'S HISTORY

2023 PERFORMANCE* vs. 2022 (Heathrow SP)

GBP mn	2023	VAR
Revenues	3 687 ,	26 6%
Adj EBITDA	2 228 ,	32 3%
Adj EBITDA mg	60 4%

TRAFFIC PERFORMANCE

• Busiest ever December: traffic at +0.1% vs. 2019 levels in December standalone
• Demand continues to be driven by outbound leisure while inbound leisure experienced a notable increase
  • Good signs of recovery in Business Travel, reaching 27% of total vs. 32% pre-pandemic
• 2024 traffic outlook: 81.4mn passengers, more passengers than ever before

CMA APPEAL

•

DIVESTMENT AGREEMENT

FY 2023 Financial Results

• Agreement** reached for the sale of c.25% stake in FGP Topco (Heathrow's parent company) for GBP2,368mn

*FY2023 Financial information presented is based on, and is consistent with, the audited consolidated financial statements of Heathrow

**Completion of the transaction continues to be subject to the satisfaction of the tag-along condition, together with applicable regulatory conditions and, consequently, there can be no certainty that the Transaction will be completed

OTHER AIRPORT ASSETS

AGS - ONGOING TRAFFIC IMPROVEMENT DALAMAN – TRAFFIC AT ALL-TIME HIGH

GBP mn	2023	VAR.
Revenues	198	18 9%
1 Adj . EBITDA	6 7	42 0%
1 Adj . EBITDA mg	33 8%
(mn passengers) Monthly Traffic

Traffic performance *Adj. EBITDA post-concession fee for 2023 (EUR38mn)

EUR mn	2023
Revenues	71
Adj. EBITDA* 1	55
1 Adj. EBITDA mg	78.1%

Operating performance

NEW TERMINAL ONE (NTO) – ON-TIME & ON-BUDGET

• The Project remains on budget and on schedule
• Long-term agreements with 5 airlines that represent 25% of 2027's estimated traffic
  • Advanced discussions with a set of leading international carriers ongoing
• NTO closed USD2bn green bond refinancing
• FER's equity contribution as of December 31st, 2023: EUR273mn
  • EUR768mn pending; EUR469mn in 2024

FY 2023 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 2023 Integrated Annual Report

CONSTRUCTION PROFITABILITY IMPACTED BY US COMPLETION WORKS

2023 PERFORMANCE vs. 2022

EUR mn	2023	2022	* % Ch LfL
Revenues	7 070 ,	6 463 ,	9 9%
* Adj EBITDA	218	176	19 6%
* Adj EBITDA mg	3 1%	2 7%
* Adj EBIT	77	63	11 9%
* Adj EBIT mg	1% 1	0% 1
* Order book	15 632 ,	14 743 ,	5 5%

Budimex: Strong performance, reaching 10% Adj. EBIT mg in Q4 2023

Webber: Adjusted EBIT mg stable

Ferrovial Construction: Profitability affected by completion works in the large projects at final stagesin the US and negative impact from a landslide in Colombia (under dispute)

POSITIVE OPERATING CF

• Significant improvement of Operating CF mainly due to Budimex & Spain performance and despite cash consumption in US projects

RECORD HIGH ORDER BOOK

• €1.9bn contracts not included in 2023 order book (pre-awards or pending financial close)

• OUTLOOK
• Average long-term target of 3.5% Adjusted EBIT margin *

FY 2023 Financial Results Financial Results

FY 2023 16 *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 2023 Integrated Annual Report

Cash flows from (used in) operating activities**

** 2022 & 2023 Cash Flows from (used in) operating activities reclassified according to SEC's approach (see slide 18)

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Pic: Sydney

Metro, Tunnel

Machine, Australia

Boring

P&L

FY 2023 Financial Results

SIGNIFICANT ADJUSTED EBITDA GROWTH ON TOLL ROADS

EUR mn	2023	2022
Revenues	8 514 ,	7 551 ,
Adjusted EBITDA*	991	728
Period depreciation	-401	-299
Adjusted EBIT*	590	429
Disposals & impairments	35	-6
profit/(loss) Operating	625	423
Financial Result from infrastructure projects	-372	-365
Financial Result from ex-infrastructure projects	188	45
Financial Resusts	-184	-320
Equity-accounted affiliates	215	165
profit/(loss) Net before from continuing operations tax	656	268
Income tax	-42	-30
profit/(loss) Net from continuing operations	614	238
profit/(loss) Net from discontinuing operations	1 6	64
profit/(loss) Net	630	302
profit/(loss) attributed non-controlling Net interests to	-170	-117
profit/(loss) attributed the Net to parent company	460	185

• Financial result: lower financial expense on the back of higher financial income from exinfrastructure projects in 2023 vs 2022 mainly due to higher cash remuneration, together with the positive impact from the favorable final judgment on the application of a tax deduction for export activities (DAEX) in 2023, resulting in interests provision reversal (€46 mn).

*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 2023 Integrated Annual Report

CONSOLIDATED NET DEBT OF EX-INFRA PROJECT COMPANIES

The company has decided to make some modifications in the reporting of "Change in cash and cash equivalents" to align it with the IAS 7 criteria, as explained in the APM of Consolidated Net Debt. The main changes are as follows:

• Financial Leases, previously included in cash flows from (used in) operating activities, are now reported on the cash flows from (used in) financing activities (EUR 87 million in 2023 and EUR 72 million in 2022)

• Interest received, previously included in the cash flows from (used in) financing activities, are now included in the cash flows from (used in) investing activities (EUR 226 million in 2023 and EUR 5 million in 2022)

• The changes in debt with no cash impact are reported as Other changes in Consolidated Net Debt, rather than as part of Ferrovial's Cash Flows.

CLOSING REMARKS

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INVESTOR RELATIONS DEPARTMENT

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