Ferrovial

Investor Presentation • Feb 1, 2024

DISCLAIMER

This presentation and any accompanying oral presentation (together, the "presentation") has been prepared by Ferrovial SE (the "Company","we" or"us" and, together with its subsidiaries, the "Group"). By accessing/attending this presentation, you acknowledge that you have read and understood the following statements.

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:

• risks related to our diversified operations;

• risks related to our acquisitions, divestments and other strategic transactions that we may undertake, including the planned divestment of our stake in Heathrow airport;

• the impact of competitive pressures in our industry and pricing, including the lack of certainty of winning competitive tender processes;

• general economicconditions 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 abilityto 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 ordinaryshares 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 abilityto comply with our ESG commitments;
• impact of anychanges 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 as to such accuracy orcompleteness.

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

The slides shown in this presentation are part of the Company's Capital Markets Day 2024 and comments are given to the slides adding content that cannot be seen from the slides on a standalone basis. The slides should thus not be viewed on a standalone basis but together with the oral presentation given by management.

This presentation may contain references to financial measurements that are supplemental to the Company's financial performance as calculated in accordance with the International Financial Reporting Standards ("IFRS"). These non-IFRS financial measures may include Adjusted EBIT, Adjusted EBIT Margin, Adjusted EBITDA, Comparable or "Like-for-like" ("LfL") Growth, Fair Value Adjustments, proportional results, Order Book, Consolidated Net Debt, Adjusted Cash Flows, Cash flows excluding infrastructure projects (Ex-Infrastructure Cash Flows), Cash flows from infrastructure projects (Infrastructure Cash Flows), and Ex-Infrastructure Liquidity. We believe these non-IFRS financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of othercompanies in our industry. Our management uses these measures to evaluate our operating performance, liquidity and capital structure. The methods we use to produce these non-IFRS financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with IFRS.

Industry and Market Data

This presentation has been prepared by the Company and includes market data and other statistical information sourced from publicly available information about the Group, its projects, and third-party sources. Although the Company believes that these sources are reliable as of their respective dates, it has not independently verified the accuracy or completeness of this information. Some data is also based on the Company's good faith estimates, which are derived from both the internal sources and the third-partysources described above.

Reference to consensus figures are not based on the Company's own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by, the Company. By referencing consensus figures, the Company does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made bythe Company or its directors, officers and employees, in relation to the accuracy,completeness or achievability of the consensus figures and, to the fullest extent permitted bylaw, no responsibility or liabilityis accepted by any of those persons in respect of those matters.

Additional Information

The Company announced previouslythat it plans to applyfor a listing of its ordinaryshares in the United States. In connection with the planned listing, on January 5, 2024, the Company has filed a registration statement on Form 20-F (the "Registration Statement") with the U.S. Securities and Exchange Commission (the "SEC"), which remains subject to the review and approval by the SEC. The Registration Statementcould be accessed byvisiting EDGAR on the website of the SEC at www.sec.gov.

Ignacio Madridejos, CEO Capital Markets Day 2024

One of North America's leading road and airport infrastructure companies

12% Total Annual Shareholder Return 10yr1

\$27B Market Cap As of Dec. 31, 2023

BBB

Investment grade 2 Stable outlook

80% equity value in North America 3

24,000 employees As of Dec.31, 2022

22 years present in Dow Jones Sustainability Index

• (1) Total Annual Shareholder Return (TSR) measured as CAGR. Bloomberg data as of Dec. 31, 2023.
• (2) Parent company. Fitch and S&P ratings
• (3) Analysts' consensus as of December 2023. Valuations are based on external assumptions and expectations. The latest financial information provided by the company corresponds to nine months ended September 30, 2023

6

DEVELOP AND OPERATE INNOVATIVE, EFFICIENT AND SUSTAINABLE INFRASTRUCTURE PROJECTS WITH HIGH VALUE CREATION FOR STAKEHOLDERS

Integrated platform to develop infrastructure projects with high value creation 81% TOLL ROADS Develop congestion relief solutions in North America

Business unit valuation breakdown (%) based on December analyst consensus as of Dec. 2023. Those valuations are based on external assumptions and expectations. Percentages are measured annually.

(1) Includes net cash and other

Best-in-class capabilities that support our strategy

Operational

» REVENUE OPTIMIZATION

20-year track record managing pricing/demand using latest technologies

» COST-EFFICIENCY CULTURE

focusing on maximizing assets' long-term value

Development

» INTEGRATED MODEL

with design, bidding, construction and commissioning capabilities

» FINANCIAL DISCIPLINE

focusing on projects with higher returns and cash generation, under strict investment governance

Stakeholders

» LOCAL PARTNERS AND DIVERSIFIED INVESTORS BASE to reinforce local footprint and expertise

» STRONG RELATIONSHIP WITH LOCAL AUTHORITIES AND COMMUNITIES improving people's wellbeing

Unique infrastructure assets in North America

Why

Growth in new greenfield projects in North America

Value creation in selected projects in other countries

Solid cash flow generation and financial discipline

GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE

10

Revenue growth above GDP

» Focus on areas with strong economic growth (above US/Canada average)

» Exposure to population growth of large metropolitan areas in North America

DALLAS-FORT WORTH

Annually, Texas GDP has grown 1.4 pp above US average since 2010 (1)

CHARLOTTE

TORONTO

+2.8M new immigrants expected by 2046 (Greater Toronto Area) (2)

VIRGINIA Virginia's GDP per capita

grew 3.2% in 2022 (vs 2021) (3)

NEW YORK

Largest US metropolitan area with 24M residents(4)

» Owners of non-congested capacity providing better level of service than saturated alternative routes

Sources: (1) Statista (2) Ministry of Finance of Ontario

GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE

Revenue growth above GDP

Ability to capture value provided to users

» Value of time saved and reliability increasing as congestion grows

» Users seeking higher safety, convenience and "peace of mind"

» Flexible pricing with ability to set toll rates above inflation

NEW YORK Unregulated aeronautical charges

GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE

TORONTO 74 years to maturity

CHARLOTTE 45 years to maturity

VIRGINIA 42 years to maturity

DALLAS-FORT WORTH 37 years to maturity

36 years to maturity

(1) Average time to maturity calculated as weighted value, based on analyst´s consensus equity value as of December 2023. Those valuations are based on external assumptions and expectations

Revenue growth above GDP

Ability to capture value provided to users

Long duration assets

• » Average time to maturity of portfolio of 551 years
• » Lower discount rate of future cash flows in assets after construction and traffic ramp up
• » Progressive value creation as growing back-ended cash flows get closer

GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES

SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE

Infrastructure needs in North America

• » High deficit levels provide an opportunity for private sector to support infrastructure development, allowing use of public funds for other alternatives
• » Population growth in cities and increased congestion leads to new infrastructure project needs

• » Airport demand expected to grow above capacity supply and above GDP

• (1) Global Infrastructure Outlook.

• (2) Statista.
• (3) Compared against 2019 Pre-Covid figures, source: Airport Council International.

Solid pipeline of new projects for growth

» Local business development teams

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES

GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA

• » Identified projects in pipeline expected to materialize into bids in the coming years
• » New Terminal One1 could serve as reference point to incentivize potential future upgrades to other airports in the US

SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE

GEORGIA SR-400

TENNESSEE Choice Lanes

NORTH CAROLINA I-77 South

VIRGINIA I-495 Southside

GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES SOLID CASH FLOW GENERATION

Toll roads in India

• » Economy with high long term growth prospects
• » Population growth expected to lead to the largest middle class in the world
• » One of the biggest toll road concession markets in the world
• » Well positioned to develop new toll roads through our investment in IRB4

next 5 yrs. 6.3%1 Middle class forecasted growth by 2045 +600M2

GDP growth expected over

9,000 miles New greenfield expressways expected to be built3

(4) 24.9% stake

• (1) World Economic Outlook (International Monetary Fund)
• (3) India Ministry of Road Transport and Highways
• (2) People Research of Indian Consumer Economy (PRICE), The rise of Indian middle class (July 2023)

GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES

Toll roads in in India

Selective investments in other assets

» Develop toll roads and energy projects in geographies where our capabilities lead to competitive advantages

SILVERTOWN, UK

25 years concession of 1.4 km tunnel in London

• » Asset specific approach to airports with bilateral negotiations
• » Realize value creation rotating assets when mature to redeploy into others with higher returns

CENTELLA TRANSMISSION LINE, CHILE 256 km

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES

Future cash flow generation levers

Expected dividends to be received by Ferrovial from existing infrastructure assets

• Local GDP + traffic growth • Pricing (inflation+) • Operating leverage • Financial leverage • To resume payouts after COVID-19 • NTO to start dividend distributions First dividend distribution • NTE 35W in 2023 • I-77 in 2024 • I-66 in 2024 Newer US express lanes to start distributions Airports Organic growth of current portfolio » Dividends from new » Construction business cash flows » Asset rotation

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES

Capital allocation criteria

COMMITMENT TO SHAREHOLDERS

Execute committed investments in ongoing projects

New equity investments

• » Top priority: express lanes projects in the US
• » Other with lower exposure and recycling capital through asset rotation
• Asset specific airports opportunities with capex needs
• Toll road investments in India and other geographies
• Other (i.e. energy transition projects)

Investing for growth while keeping sound shareholder distributions1 . The latter would increase if capital is not deployed.

Why

Unique infrastructure assets in North America

Growth in new greenfield projects in North America

Value creation in selected projects in other countries

Solid cash flow generation and financial discipline

Andrés Sacristán, Toll Roads (Cintra)

Capital Markets Day 2024

High economic growth regions

Congested urban areas

Provide only free flow capacity

Flexible & dynamic pricing

Long asset duration

UNIQUE VALUE CREATION

GROWTH BEYOND OUR ASSETS

407-ETR

A congestion-free toll road in the heart of Greater Toronto Area

UNIQUE ASSET PORTFOLIO

• » Record-breaking c.3%1 population growth in 2023
• » This growth is expected to continue, mostly along the 407-ETR corridor
• » Ontario has designated much of the land around the 407-ETR as a Provincially-Significant Employment Zone devoting resources to boost employment

» 40% of traffic has 407-ETR as its preferred alternative4

²⁵ GROWTH BEYOND OUR ASSETS

407-ETR

The only congestion-free route in the area

• » 407-ETR average rush hour speed were 29 mph higher than any other alternative in 2023 1
• » 401 at capacity and close to full buildout. Future highway development limited2

UNIQUE ASSET PORTFOLIO

» Total hours lost in traffic estimated to triple by 20512

» 407-ETR will continue to offer value to users as congestion in the network increases

» Pricing framework allows to set rates by segment and time of day, with no cap

• » Rates are structured to keep 407-ETR fast, safe, and reliable
• » Toll increases aimed to minimize future regulated congestion payments (Schedule 22)
• (1) Ministry of Transportation of Ontario: https://www.ontario.ca/page/connecting-gghtransportation-plan-greater-golden-horseshoe.
• (2) Annual Vehicle miles traveled in all interstates, highways, and expressways in the region, published by FHWA.

GROWTH BEYOND OUR ASSETS

Best driving experience in Dallas-Fort Worth LBJ | NTE | NTE35W

• » DFW is a metroplex with a widespread population and multiple employment centers
• » The area ranked 1st in the US for absolute population growth³

• » Estimated population growth in the North and West expected to stress the already congested network

• (1) Expected Population Growth (2023-2045): NCTCOG Mobility 2045 plan, pp 3-6

• (2) Dallas Regional Economic Development, 2023, pp 116-117
• (3) 2021 to 2022, J.H. Cullum Clark, Director, Bush Institute-SMU Economic Growth Initiative, Americans keep moving to high-opportunity cities in the sun belt, new census data confirms.

GROWTH BEYOND OUR ASSETS

LBJ | NTE | NTE35W

The Express Lane network expected to be the best option for free-flow travel in DFW

• » Travel times expected to increase by 61% by 20451
• » Tolls designed to ensure a fast and reliable trip

Expected Congestion Levels in 2045 ²

• FERROVIAL EXPRESS LANES
• LIGHT CONGESTION
• MODERATE CONGESTION

• SEVERE CONGESTION

• (1) North Central Texas Council of Governments (NCTCOG) Mobility 2045 Plan, 2023, p. 9-1 www.nctog.org/trans/plan/mtp/mobility-2045-2022 update

• (2) Ferrovial internal analysis based on 2045 Congestion Data from NCTCOG

GROWTH BEYOND OUR ASSETS

Serving one of the highest-income suburbs in the US I-66

» Future land development, expected to increase trip lengths and traffic volumes

• » I-66 serves a growing number of logistics businesses along the corridor
• » Congestion expected to increase by 48% in 2045³

⁽¹⁾ Metropolitan Washington Council of Governments (MWCOG) Cooperative Forecasting by TAZ Round 9.2

⁽²⁾ Geospatial Management Office, July 2023

⁽³⁾ TPB and COG Scenario Study Findings, 2022, p 12

I-77

UNIQUE ASSET PORTFOLIO

DIFFERENTIAL CAPABILITIES

GROWTH BEYOND OUR ASSETS

A key growth enabler for Charlotte region

• » I-77 is a high-growth corridor that connects Charlotte with its dynamic northern suburbs
• » It serves a mix of local and long-distance interstate trips
• » Rapid growth anticipated along the corridor with no real alternative routes
• » 50% of roads in the region expected to be over capacity by 20402

Expected % Population growth from 2015 to 2045 ¹

30

GROWTH BEYOND OUR ASSETS

Dynamic pricing to deliver sustained value for users

• » Dallas-Fort Worth: pricing subject to soft cap (linked to inflation) to be exceeded as network congestion increases
• » Unconstrained pricing framework at I-66 and I-77
• (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
• (4) Annual Vehicle miles traveled in all interstates, highways, and expressways in the region, published by FHWA.
• (5) DFW calculated as a total of LBJ & NTE, annual 2016 vs. annual 2021. I-77 calculated as Dec 2019 vs. Dec 2021 monthly revenue.

³³ GROWTH BEYOND OUR ASSETS

India | Great prospects with a great player

• » IRB one of the best positioned companies to capture India's future growth
• » In-house EPC capabilities to develop greenfield projects
• » One of the largest highway infrastructure players in India with a 26-project portfolio and footprint in 12 Indian States

(1) Dec. 28, 2023 closing price vs entering price and Sensex closing on Nov. 26, 2021 (approx. date for setting IRB's entering price).

drivers reported high satisfaction

882,000

travel hours saved

wages earned

(1) Economic and Community Impact of Ferrovial Toll Roads, p i3 (Steer). Figures based on current portfolio as of December 31, 2022. (2) Integrated Annual Report of Ferrovial, S.A. 2022, p 78. Latest available data. Figures as of December 31, 2021. (3) Cintra analysis of Annual Customer Sentiment Survey, p 60. Satisfaction ratings for Managed Lanes as of September 30, 2023.

34

GROWTH BEYOND

Best-in-class data set yields high-value insights

ASSETS PRODUCE HIGH QUALITY DATA INSIGHTS

MODELS AND BENCHMARKS TO BETTER UNDERSTAND CUSTOMERS BEHAVIOR

Reliable performance forecasts

Price management to optimize usage throughout the day

Project design to best serve users with optimal accessibility

PORTFOLIO

UNIQUE ASSET DIFFERENTIAL CAPABILITIES

GROWTH BEYOND OUR ASSETS

FINDING NEW "ROADS" TO VALUE Innovation as a value creation tool

CONNECTED VEHICLES TO INFRA

Smart solution designed to create a safer, more efficient environment for connected and automated vehicles

SEAMLESS USER EXPERIENCE

Integrating toll payments into mobile and vehicle technology

ROAD USAGE FUNDING

PARTNERSHIP FOR THE FUTURE

As EVs increase and gas tax revenues decrease, Road User Charge (RUC) projects allow Departments of Transportation to close the maintenance funding gap

PORTFOLIO

DIFFERENTIAL CAPABILITIES

GROWTH BEYOND OUR ASSETS UNIQUE ASSET

Project origination GROWTH BEYOND OUR ASSETS

OUR APPROACH TO PROACTIVE DEVELOPMENT

Constant scan of high-growth States and congestion problems Constant scan of high-growth States with increasing traffic congestion

Work with State of Transportation leaders in tailored solutions Work with State Transportation leaders in tailored solutions

Stakeholders with grassroots initiatives Partnering with Local Champion Gain support of local stakeholders with grassroots initiatives and local partnerships

Gain support of Local

Construction and the local supply chain Leverage Ferrovial Construction's local supply chain

Leveraging

4 to 5 year cycle to release a project to the market

Our competitive skills allow us to:

• » Deliver to stakeholders based on a strong track-record in the US
• » Integrate solutions to maximize competitiveness
• » Offer a competitive risk/ reward balance to our shareholders and grantors

Closing

• » We provide solutions to congestion challenges in areas of high economic growth
• » Our portfolio is poised to continue creating value for stakeholders
• » Our asset base provides data and insights that give us a competitive advantage for future projects
• » We expect a healthy pipeline of projects coming to the market in the short-term

Luke Bugeja, Airports

Capital Markets Day 2024

» Focus on North America and Europe

• » Relationship investments through bilateral transactions
• » Growth opportunities where Ferrovial's capabilities can be an advantage
• » Risk adjusted approach to returns
• » Focus on terminal-related opportunities in the US and airport expansion projects in Europe

42

REVIEW HEATHROW JFK DIFFERENTIAL CAPABILITIES

NEW TERMINAL ONE

Unique assets with long duration and strong growth potential

HEATHROW AIRPORT1

JFK NEW TERMINAL ONE (NTO)

23M pax capacity

DALAMAN AIRPORT

(1) On November 28, 2023, we announced the planned divestment of our stake in Heathrow airport. For further details on this potential divestment, please refer to Ferrovial's press release (https://newsroom.ferrovial.com/en/press_releases/ferrovial-announces-agreementto-sell-stake-heathrow)

STRATEGY PORTFOLIO

REVIEW HEATHROW JFK DIFFERENTIAL CAPABILITIES

NEW TERMINAL ONE

DIFFERENTIAL CAPABILITIES Investing, building and managing top global airports

25+ years operational expertise managing worldwide airports

Long-term investor committed to long-term partnerships

US-based team provides competitive advantage in North American markets

Ferrovial Construction one of the world's most experienced airport contractors

45 45

STRATEGY PORTFOLIO REVIEW

CAPABILITIES

JFK NEW TERMINAL ONE AIRPORTS HEATHROW DIFFERENTIAL

The most internationally connected airport and Europe's busiest hub1 HEATHROW HEATHROW LONG TERM DELIVERY

Over 18 years we have:

• » Overseen the investment of more than £12B
• » Set a stable cash flow, distributing £3.2B in dividends over the last ten years2
• » Substantially improved operational performance
• » Designed and built Terminal 2 and commissioned projects such as Terminal 5 and the world's largest integrated baggage system

(1) Source: OAG Megahubs Index 2023. (2) Cumulative figures for the year ended December 31, 2022.

STRATEGY PORTFOLIO REVIEW

CAPABILITIES

JFK NEW TERMINAL ONE AIRPORTS HEATHROW DIFFERENTIAL

47

REVIEW

⁵⁰ STRATEGY PORTFOLIO JFK NEW TERMINAL ONE AIRPORTS DIFFERENTIAL CAPABILITIES HEATHROW ⁵⁰

Capturing a higher share of a scarce resource

Value Levers

Access to a premium New York market

Transforming the passenger experience

Socio-economic value for local community

CAPTURING A HIGHER SHARE OF WIDE BODY GATES, A SCARCE RESOURCE

NTO the only terminal expected to grow significantly in the coming years1

2023

(1) Source: Own elaboration from PA EA February 2021, public information and Google Earth; hardstands not included

JFK

(2) Terminal 7: Expected to be demolished to make way for the second phase of construction of new Terminal 6. Source: Port Authority New York and New Jersey 2022 Airport Traffic Report, p. 4

		PORTFOLIO	DIFFERENTIAL
AIRPORTS	STRATEGY	REVIEW	CAPABILITIES	HEATHROW	NEW TERMINAL ONE	52

JFK

CAPTURING A HIGHER SHARE OF WIDE BODY GATES, A SCARCE RESOURCE

NTO expected to expand its share of overall wide body gate capacity by 20451

A quick ramp-up to capacity is expected due to the capacity constraints existing at JFK

NTO Wide Body (WB) gates evolution:

14 WB gates through 2027; +4 new WB gates by 2028 (Phase B1); +4 new WB gates by 2029 (Phase B2)

(1) Source: Own elaboration from PA EA February 2021, public information and Google Earth; hardstands not included.

(3) In 2027 anticipated to be 5 live-hardstands providing support capacity to NTO.

(4) In 2045 also one Narrow Body gate is expected to be available at NTO.

CAPABILITIES HEATHROW

JFK NEW TERMINAL ONE AIRPORTS DIFFERENTIAL

CAPTURING A HIGHER SHARE OF WIDE BODY GATES, A SCARCE RESOURCE

Wide-body gate demand expected to outpace global supply

International demand is expected to grow faster than WB gate supply for the next 20+ years1

Wide body gates at JFK are currently operating at capacity3

• (1) Traffic 2022 FAA TAF Forecast. #Gates: Own elaboration from PA EA February 2021, public information and Google Earth, hardstands not included.
• (3) Source: Steer Report (2023). Ferrovial does not confirm or endorse such report and takes no responsibility for it.
• (2) For carriers at T1 this figure was 8.8%. A high numbers of current T1 carriers are likely to move to the New Terminal 1

STRATEGY PORTFOLIO REVIEW

CAPABILITIES HEATHROW

JFK NEW TERMINAL ONE AIRPORTS DIFFERENTIAL

Wide body gate access is critical to international carriers ACCESS TO A PREMIUM NEW YORK MARKET

50 out of the 72

airlines operating in the NY market operate exclusively at JFK (vs. 4 at Newark)1

NTO has executed long-term agreements with 5 airlines that represent 25% 2027's estimated traffic2

NTO is in advanced discussions with other premium carriers

(1) OAG Analyzer.

(2) Internal estimate. 25% considers Asiana's traffic as part of Korean Air (23% excluding Asiana).

NEW TERMINAL ONE AIRPORTS DIFFERENTIAL CAPABILITIES HEATHROW

Strong demand for a premium customer experience ACCESS TO A PREMIUM NEW YORK MARKET

New Terminal One's quality of service offering expected to surpass that of T4 and T6

New Terminal One's Cost Per Enplanement derived revenues expected to represent close to 90% of total revenues1

(2) Source: Steer Report (2023)

JFK

REVIEW

CAPABILITIES HEATHROW

⁵⁶ STRATEGY PORTFOLIO JFK NEW TERMINAL ONE AIRPORTS DIFFERENTIAL

TRANSFORMING THE PASSENGER EXPERIENCE

New Terminal One expected to offer a world-class product that will change the way people fly through JFK

STRATEGY PORTFOLIO REVIEW

CAPABILITIES HEATHROW

We endorse collaborative partnerships SOCIO-ECONOMIC VALUE FOR LOCAL COMMMUNITY

The project has specific targets in each area as well as contribution to tangible projects

\$16M in community development with tangible projects in partnership with the

Port Authority and other key stakeholders

JFK ACADEMY Brings new and improved airport employment opportunities to the

local Queens community through training and mentorship

KORN FERRY LEADERSHIP UNIVERSITY

Tuition free six-month leadership program for local diverse professionals in southeast Queens

57

Closing

• » Growth strategy is focused on North America and Europe airports where we can leverage our capabilities
• » Continue to seek bilateral opportunities where we have a privileged position
• » New Terminal One is on-time and onbudget. We expect to capture a leading share of the international airlines market
• » Success in delivering on stakeholder and community engagement targets is critical for our existing and future projects

Ignacio Gastón, Construction

Capital Markets Day 2024

CONSTRUCTION

KEY TO FERROVIAL STRATEGY

DIFFERENTIAL CAPABILITIES

PROVEN TRACK RECORD

Our Value Proposition

VALUE PROPOSITION

• » Key pillar to Ferrovial's value creation
• » End-to-end technical, engineering and production capabilities
• » Structured to support the overall company strategy

» Cash flow generator

Size, geographical footprint and capabilities defined by Ferrovial's strategy

Supporting other divisions on complex infrastructure projects

Involved from project origination to bidding, design and construction

CONSTRUCTION

PROPOSITION

KEY TO FERROVIAL STRATEGY VALUIE

DIFFERENTIAL CAPABILITIES

PROVEN TRACK RECORD

Delivery of complex infrastructure projects enables value creation

SUPPORTING TOLL ROADS AND AIRPORTS DIVISIONS PROJECTS FROM EARLY STAGES

(1) Size measured as total revenues of the projects included. Heathrow includes T2 and other projects (for example: Integrated Baggage T3IB, Stands and Taxi Lanes in T2B)

(2) On November 28, 2023, we announced the planned divestment of our stake in Heathrow airport. For further details on this potential divestment, see Ferrovial, Ferrovial announces agreement to sell its stake in Heathrow, subject to certain rights of other shareholders, available at https://newsroom.ferrovial.com/en/press_releases/ferrovial-announces-agreement-to-sell-stake-heathrow/.

PROPOSITION

CONSTRUCTION KEY TO FERROVIAL STRATEGY VALUE

DIFFERENTIAL CAPABILITIES

End-to-end project delivery

Core activity	PRE-BIDDING Technical support for unsolicited proposals	BIDDING Develop innovative and out-of-the-box winning solutions
	DESIGN & BUILDING With certainty in terms of price and delivery
Alternative delivery models	PMO (Project Management Office) support	Construction advice

RECORD

PROVEN TRACK

CONSTRUCTION

KEY TO FERROVIAL STRATEGY

DIFFERENTIAL CAPABILITIES

PROVEN TRACK RECORD

Structured to support Ferrovial's strategy CAPABILITIES BUILT ON FOOTPRINT, BALANCED SIZE & RISK MANAGEMENT

Target to derive at least 25% revenues from other Ferrovial divisions1

VALUE PROPOSITION

Sized to maintain core capabilities

Strong local bases in Texas, Spain & Poland that support other geographies

Manage risks from bidding and design to project delivery

CONSTRUCTION VALUE

KEY TO FERROVIAL STRATEGY

PROPOSITION

PROVEN TRACK RECORD

Strong international in-house engineering services1

KEY TO FERROVIAL STRATEGY

PROVEN TRACK RECORD

Operating model focused on risk management and project delivery

» Operating model captures internal know-how and historical lessons learned

PROPOSITION

• » 9 core processes cover projects end-to-end to manage risk and ensure delivery
• » Engineering knowledge supports checks and balances in each process

VALUE PROPOSITION

67 CONSTRUCTION KEY TO FERROVIAL STRATEGY

DIFFERENTIAL CAPABILITIES

PROVEN TRACK RECORD

Sustainability at the core of our work

Protect the Environment

• » Minimize carbon footprint
• » Promote circular economy through recycling

Improve Lives & Communities

» Provide our colleagues with high standards of health, safety and wellbeing

» Create a positive impact on communities

Lead Our Business Responsibly

• » Project evaluation conducted under sustainability criteria
• » Supply chain engagement & compliance

CONSTRUCTION

KEY TO FERROVIAL STRATEGY

DIFFERENTIAL CAPABILITIES

Technology and digitalization as key enablers

PROPOSITION

• » Processes and project management platforms Best-in-class software tools to support project delivery
• » Data Management Use of data collected for better decision making
• » Connected Sites Project information flow across disciplines to monitor progress
• » Innovation Development of in-house digital solutions

Balanced and selected order book and revenues

PROPOSITION

Quality order book leading to safe & profitable prospects

• » Focused on core markets and other Ferrovial divisions
• » ~60% of managed order book3 in US & Canada
• » ~30% of managed order book3 for divisions
• » Conservative bidding

• » Target of 20 to 24 months of revenues

• (1) See Integrated Annual Report of Ferrovial, S.A. 2022, p. 45, available at https://static.ferrovial.com/wp-content/uploads/2023/03/01084415/ferrovial-integrated-annualreport-2022.pdf

• (2) Order Book is a non-IFRS measure. It comprises income which is pending execution corresponding to those contracts we have signed and over which we have certainty regarding their future execution. The Order Book is calculated by adding the contracts of the current year to the balance of the contract Order Book at the end of the previous year, less the income recognized in the current year. The total income from a contract corresponds to the agreed price or rate corresponding to the delivery of goods and/or the rendering of the contemplated services. If the execution of a contract is pending the closure of financing, the income from said contract is not included until said financing is closed.
• (3) Managed order book includes PMO contract to manage €5.2B Capex of JFK-Terminal One (USA). Figures as of December 2022

PROPOSITION

Profitable as standalone division

» Average long-term target of 3.5% Adjusted EBIT margin3

Recurrent cash flow generation

• » Continued focus on working capital management

• » Cyclical cash flow related to advanced payments

• (1) Adjusted EBIT is a non-IFRS measure defined as net profit/(loss) for the period excluding profit/(loss) net of tax from discontinued operations, income tax/(expense), share of profits of equity-accounted companies, net financial income/(expense) and impairment and disposal of fixed assets.

• (2) Activity cash flow is a non-IFRS measure comprised of the sum of cash flows from operating activities and cash flows from investing activities.
• (3) Adjusted EBIT Margin is a non-IFRS measure defined as Adjusted EBIT divided by the Company's revenues for the relevant period.

Closing

• » Key pillar of Ferrovial's value creation
• » Structured to support the Company's strategy
• » Cash flow generator

Ernesto López Mozo, CFO

Capital Markets Day 2024

FINANCIAL STRUCTURE

CAPITAL MANAGEMENT LOOKING AHEAD

Ferrovial's stock price has outperformed major indices over the last 10 years

TOTAL SHAREHOLDER RETURN1

(1) Total Shareholder Return (TSR): calculated considering dividends received and share price change Source: Bloomberg as of December 31, 2023.

75

Uniquely positioned to deliver growth and future value creation

KEY DIFFERENTIATING FEATURES OF OUR MAIN ASSETS SUPPORT RESILIENT FINANCIALS

FINANCIAL STRUCTURE

CAPITAL MANAGEMENT LOOKING AHEAD

STRONG GROWTH

Key component of the logistics network in top performing regions

Best-in-class assets with long duration Value accretive pipeline

INFLATION TAILWIND

Infrastructure assets perform well in inflationary environments

80%

of Ferrovial's equity value1 holds a high degree of freedom to set prices

INTEREST RATE PROTECTION

Long-term maturities minimize liquidity risk

fixed rate debt (Ferrovial's consolidated infrastructure projects)2

(1) Analysts' consensus valuation as of December 2023, those valuations are based on external assumptions and expectations. (2) Percentage of fixed gross consolidated debt from infrastructure projects in the total gross consolidated debt as of September 30, 2023.

Infrastructure assets perform well in inflationary environments

80% OF FERROVIAL'S VALUE1 HOLDS A HIGH DEGREE OF FREEDOM TO SET PRICES

FINANCIAL STRUCTURE

CAPITAL MANAGEMENT LOOKING AHEAD

PRICING SUBSTANTIALLY ABOVE INFLATION

Regulatory Asset Base & Tariffs Linked to RPI

3

• (1) Analysts' consensus valuation as of December 2023, those valuations are based on external assumptions and expectations.
• (2) CPI growth calculated as the average yearly growth of the consumer price index in Canada (2013-2022) and United States (2018-2022), respectively.
• (3) On November 28, 2023, we announced the planned divestment of our stake in Heathrow airport. For further details on this potential divestment, see Ferrovial, Ferrovial announces agreement to sell its stake in Heathrow, subject to certain rights of other shareholders, available at https://newsroom.ferrovial.com/en/press_releases/ferrovial-announces-agreement-to-sell-stake-heathrow/.

CAPITAL MANAGEMENT LOOKING AHEAD

Investment grade at corporate level & non-recourse debt at infrastructure project level

Note: Financial figures as of and for the nine months ended September 30, 2023.

• (1) Consolidated Net Debt corresponds to the Group's net balance of cash and cash equivalents (including short and long-term restricted cash) minus financial debt (bank debt and bonds, including short and long-term debt) including a balance related to exchange-rate derivatives (covering both the issue of debt in currency other than the currency used by the issuing company and cash positions that are exposed to exchange rate risk). Lease liabilities are not part of the Consolidated Net Debt. Consolidated Net Debt is a non-IFRS financial measure and should not be considered as an alternative to net income or any other measure of the Group's financial performance calculated in accordance with IFRS.
• (2) Net debt ex-infrastructure projects is the net debt corresponding to the Group's other businesses, including its holding companies and other companies that are not considered infrastructure projects. The debt included in this calculation generally has recourse.
• (3) Net debt of infrastructure projects is the net debt corresponding to the Group's infrastructure projects, which has no recourse to the shareholder or with recourse limited to the guarantees issued.

CAPITAL MANAGEMENT LOOKING AHEAD

79

Corporate: strong balance sheet provides resilience and optionality

calculated in accordance with IFRS.

• (3) Net debt ex-infrastructure projects is the net debt corresponding to the Group's other businesses, including its holding companies and other companies that are not considered infrastructure projects. The debt included in this calculation generally has recourse.
• (4) Liquidity ex infrastructure (Ex-Infrastructure Liquidity) is a non-IFRS measure defined as the sum of the cash and cash equivalents raised from the Company's exinfrastructure projects, long-term restricted cash, as well as the committed short and long-term credit facilities which remain undrawn by the end of each period (corresponding to credits granted by financial entities which may be drawn by the Company within the terms, amount and other conditions agreed in each contract) and forward hedging cash flows.
• infrastructure project companies. Infrastructure project companies are our subsidiaries and associate companies the activity of which consists of the development of infrastructure projects. Adjusted EBITDA is a non-IFRS measure defined as our net profit/(loss) for the period excluding profit/(loss) net of tax from discontinued operations, income tax/(expense), share of profits of equity-accounted companies, net financial income/(expense), impairment and disposal of fixed assets and charges for fixed asset and right of use of leases depreciation and amortization.
• (7) Dividends from projects is a non-IFRS measure that includes dividends received from companies consolidated under the equity method, interest received on loans granted to companies consolidated under the equity method, as well as dividends received from discontinued operations. In addition, the definition of dividends from projects includes distributions and other payment or receipts received from the infrastructure companies consolidated globally. Hence, dividends from projects are investment returns from infrastructure project companies through dividends and other similar items, comprising (i) interest on subordinated borrowings and participating loans, (ii) repayments of capital, debt and loans, and (iii) loans received from these projects which repayment probability is considered to be remote.

FINANCIAL
STRUCTURE

CAPITAL MANAGEMENT LOOKING AHEAD

Infrastructure projects: financial optimization avoiding cross contamination between projects

Note: Financial figures as of and for the nine months ended September 30, 2023.

• (1) Consolidated Net Debt corresponds to the Group's net balance of cash and cash equivalents (including short and long-term restricted cash) minus financial debt (bank debt and bonds, including short and long-term debt) including a balance related to exchange-rate derivatives (covering both the issue of debt in currency other than the currency used by the issuing company and cash positions that are exposed to exchange rate risk). Lease liabilities are not part of the Consolidated Net Debt. Consolidated Net Debt is a non-IFRS financial measure and should not be considered as an alternative to net income or any other measure of the Group's financial performance calculated in accordance with IFRS.
• (2) Net debt of infrastructure projects is the net debt corresponding to the Group's infrastructure projects, which has no recourse to the shareholder or with recourse limited to the guarantees issued.
• (3) Express Lanes average maturity is a weighted average.
• (4) Heathrow details provided at FGP Topco Group level.

FINANCIAL STRUCTURE

CAPITAL MANAGEMENT

LOOKING AHEAD

Cash flow growth to feed investments and shareholder distributions1

COMMITTED TO BBB RATING

OVER THE PAST 10 YEARS2: €5.0B (2013-2022)

€4.8B Dividends from infrastructure assets

€1.8B

Infrastructure assets rotation €2.8B

Shareholder distributions1

Equity invested in infrastructure assets

58% of equity invested in

US Express Lanes

5x MoM3

on equity deployed in US Express Lanes4

(1) Dividends and buybacks.

(2) Equity and dividend figures include toll road and airport infrastructure assets only.

(3) Multiple of money (MoM) is measured as the total amount of equity invested in the US Express Lanes during the relevant period (2013-2022) divided by total equity value as of the end of the period (2022).

(4) Analysts' consensus valuation as of December 2022, those valuations are based on external assumptions and expectations.

Looking ahead

• » GROWTH SUPPORTED BY BEST-IN-CLASS ASSETS IN PRIME LOCATIONS

• » UNIQUE POSITION TO CAPTURE GROWTH FROM VALUE ACCRETIVE PIPELINE

• (1) Dividends excluding Heathrow.

• (2) Dividends and share buybacks.
• (3) On November 28, 2023, we announced the planned divestment of our stake in Heathrow airport. For further details on this potential divestment, see Ferrovial, Ferrovial announces agreement to sell its stake in Heathrow, subject to certain rights of other shareholders, available at

https://newsroom.ferrovial.com/en/press_releases/ferrovialannounces-agreement-to-sell-stake-heathrow/.