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Ferrovial SE & Subsidiaries

Interim Management Report & Interim Condensed Consolidated Financial Statements June 2024

Ferrovial SE & Subsidiaries

Interim Management Report June 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 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 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 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 in 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, cybersecurity attacks, other lingering impacts resulting from COVID-19 as well as the Russia/Ukraine and the Middle East 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 success at managing the risks involved in the foregoing items;
our ability to comply with our ESG commitments;
impact of any changes in existing or future tax regimes or regulations; and
Other risks and uncertainties, including those listed under Item 3. Key Information, D. Risk Factors in the Company's registration statement on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") in connection with its recent U.S. listing, which is available on the SEC's EDGAR page.

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 or completeness.

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 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.

Alternative Performance Measures

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' Growth," "Order Book," "Consolidated Net Debt," 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 has recourse to the Group. Non-IFRS measures presented in this presentation are being provided for informative purposes only and shall not be construed as investment, financial, or other advice.

The Group believes that the aforementioned non-IFRS measures, which are used by the Group's management in making financial, operational and planning decisions, provide useful financial information that should be considered in addition to the financial statements prepared in accordance with the accounting regulations that it applies (IFRS EU) when assessing its performance. These non-IFRS measures 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 refer to 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 December 31, 2023 and to Item 5. Operating and Financial Review and Prospects, A. Operating Results, 8. Non IFRS-Measures: Operational Results and B. Liquidity and Capital Resources, 6. Non-IFRS Measures: Liquidity and Capital Resources in the Company's registration statement on Form 20-F filed with the SEC in connection with its recent U.S. listing, which is available on the SEC's EDGAR page.

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's filings can be accessed by visiting EDGAR on the SEC's website at http://www.sec.gov.

The interim financial reporting of Ferrovial SE for the six-month period ended 30 June 2024 has not been audited or reviewed by a Dutch auditor, however the condensed consolidated interim financial statements of Ferrovial SE for the six-month period ended 30 June 2024 included in this document have been reviewed by Ernst & Young, S.L. We refer to their review report included in this Interim Management Report and Interim Condensed Consolidated Financial Statements.

Ferrovial Results January - June 2024

HIGHLIGHTS

407 ETR's revenue reached CAD 450 million in Q2 2024 (+11.1%), benefiting from increased congestion in the quarter. Toll revenue increased by +16.2% mainly impacted by the new toll rate scheme implemented on February 1, 2024. This effect was partially offset by the revenue from the contract related to the removal of tolls for Highways 412 and 418, that ended in June 2023.
All Managed Lanes posted solid revenue per transaction growth vs. Q2 2023 with Texan MLs exceeding 2024 Soft Cap update (+3.4%): NTE 35W +15.8%, LBJ +7.3% and NTE +4.0%. This same KPI grew by +11.4% at I-77 and +34.5% at I-66, where no price cap is in place. I-77 distributed its first dividend (USD 268 million) following its first five years of operation.
Airports: traffic improved in all assets vs. Q2 2023, with Heathrow reaching record-breaking number of passengers (+5.5%). AGS traffic showed positive traffic evolution vs. Q2 2023 (+7.5%). Dalaman showed a strong performance +12.2% as the peak season starts.
Construction showed a significant improvement in profitability reaching an adjusted EBIT margin of 4.0% in Q2 2024, leading to 3.2% Adj. EBIT margin in H1 2024. The order book at peak levels, with a lower weighting of large design and build projects with non group companies, reached EUR 15,974 million (+3.8% LfL growth), excluding c.EUR 2,325 million of pre-awarded contracts.
Solid financial position with high ex-infrastructure project companies liquidity levels reaching EUR 4,255 million and Consolidated Net Debt of ex-infrastructure project companies at EUR -35 million. Cash outflows were mainly driven by IRB Infrastructure Trust stake acquisition (EUR -652 million), shareholder distributions (EUR -514 million) and the equity injection in NTO (EUR -173 million), partially offset by the cash inflows including EUR 373 million of dividends from projects along with the 5% stake sale in IRB Infrastructure Developers (EUR 211 million).

MAIN CORPORATE EVENTS

On March 18, Ferrovial agreed the acquisition of a 24% stake in IRB Infrastructure Trust for a total investment of EUR 740 million. The transaction was closed in June with an upfront payment of EUR 652 million.
On April 4, Ferrovial was awarded Lima's Peripheral Ring Road (Peru), with an approx. USD 140-210 million equity commitment for Ferrovial.
On May 7, Ferrovial submitted its offer to SR-400 project (Atlanta, Georgia).
On May 9, Ferrovial started trading on Nasdaq.
On June 11, Ferrovial sold a 5% stake in IRB Infrastructure Developers for EUR 211 million at a capital gain (pre-tax) of EUR 133 million.
On June 14, new agreement to sell a pro rata portion of shares in FGP Topco (HAH) for GBP1.7bn. Ferrovial will retain a 5.25% stake.
On June 28, Ferrovial completed the sale of 24.78% stake in Serveo to Portobello Capital for EUR 55 million at a capital gain of EUR 33 million.
On July 25, following the expiry of the period to exercise the tag-along and pre-emption rights, no FGP Topco shareholder has exercised either its tag-along or pre-emption rights. Transaction remains subject to applicable regulatory approvals.

SUSTAINABILITY HIGHLIGHTS

Ferrovial is one of the first companies to join the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) in its commitment to the conservation of nature and ecosystems "Earlier Adopters".
Ferrovial recognized as one of the world's leading environmental companies by CDP (Carbon Disclosure Project). Included in the 'A List' for Climate Change and "A List" for water.

REPORTED P&L

(EUR million)					Q2 24	Q2 23	H1 24	H1 23
Revenue					2,388	2,135		4,267 3,940
Adjusted EBITDA*					349	212	603	401
Fixed asset depreciation					-116	-106		-218 -201
Adjusted EBIT*					233	106	385	200
Disposals & impairments					166	0	166	0
Operating profit/(loss)					399	106		551 200
Financial Results					-66	-52		-119 -101
Financial Result from infrastructure projects					-107	-86	-209	-165
Financial Result from ex-infrastructure projects					41	35	90	64
Equity-accounted affiliates					71	51	114	83
Profit/(Loss) before tax from continuing operations					404	105	546	182
Income tax					-67	-21	-37	-20
Net profit/(loss) from continuing operations					337	85	509	162
Net profit/(loss) from discontinued operations						-1	9	6
Net profit/(loss)						84	518	168
Net profit/(loss) attributed to non-controlling interests						-26	-104	-54
Net/(loss) attributed to the parent company					280	58	414	114
REVENUE
(EUR million)	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.		LfL growth*
Toll Roads	318	269	18.1 %	595	492	20.9 %		25.2 %
Airports	25	23	8.9 %	30	28	7.8 %		9.7 %
Construction	1,895	1,714	10.6 %	3,371	3,159	6.7 %		4.9 %
Energy	61	54 13.2 % 114			104	9.9 %		9.9 %
Others	87 74 18.0 % 157					-0.8 %		7.0 %
Revenue	2,388	2,135	3,940	8.3 %		7.5 %

ADJUSTED EBITDA*

(EUR million)	Q2 24	Q2 23		VAR. H1 24	H1 23		VAR. LfL growth*
Toll Roads	225	202	11.4 %	428	360	19.0 %	25.3 %
Airports	11	8	32.4 %	2	-2	186.9 %	186.3 %
Construction	116	15	n.s.	184	58	n.s.	194.8 %
Energy	0	3	-94.8 %	-4	1	n.s.	n.s.
Others	-2	-16	85.7 %	-6	-16	61.2 %	64.1 %
Adjusted EBITDA*	349	212	64.8 %	603	401	50.3 %	56.0 %

ADJUSTED EBIT*

(EUR million)	Q2 24	Q2 23	VAR.	H1 24	H1 23		VAR. LfL growth*
Toll Roads	166	144	15.3 %	313	245	28.2 %	34.8 %
Airports	4	2	69.6 %	-6	-8	23.1 %	23.2 %
Construction	75	-18	n.s.	107	-4	n.s.	n.s.
Energy	-3	1	n.s.	-10	-3	-231.4 %	-229.1 %
Others	-9	-23	59.8 %	-19	-29	33.6 %	34.9 %
Adjusted EBIT*	233	106	119.8 %	385	200	92.5 %	101.5 %

CONSOLIDATED NET DEBT*

(EUR million)		JUN-24 DEC-23
Consolidated Net Debt of ex-infrastructure project companies*	-35	-1,121
Consolidated Net Debt of infrastructure project companies*	7,546	7,100
Toll roads	7,105	6,688
Others	441	411
Consolidated Net Debt*	7,511	5,979

TRAFFIC PERFORMANCE

	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
407 ETR**	701	670	4.6 %	1,215	1,150	5.6 %
NTE ***	10	10	-5.2 %	19	19	-1.8 %
LBJ ***	12	11	6.6 %	23	21	7.0 %
NTE 35W***	13	10	33.6 %	25	18	38.7 %
I-77***	11	11	1.5 %	21	20	4.9 %
I-66***	9	7	15.6 %	16	13	16.6 %
Heathrow****	21	20	5.5 %	40	37	7.3 %
AGS****	3	3	7.5 %	5	5	7.8 %
Dalaman****	2	2	12.2 %	2	2	10.4 %

**VKT (Vehicle kilometers travelled) ***Transactions ****Passengers

Toll Roads

407 ETR (43.23%, equity-accounted)

The financial information presented herein for H1 2024 is based on, and is consistent with, the unaudited consolidated financial statements of 407 ETR for H1 2024, published on July 25, 2024.

TRAFFIC

	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
Avg trip length (km)	23.2	22.9	1.5 %	22.5	22.2	1.4 %
Traffic/trips (million)	30.2	29.3	3.0 %	54.0	51.9	4.1 %
VKTs (million)	701.0	670.3	4.6 %	1,215.3	1,150.4	5.6 %
Avg Revenue per trip (CAD)	14.78	13.36	10.6 %	14.31	13.09	9.3 %

VKT (Vehicle kilometers travelled)

In Q2 2024, VKTs increased by +4.6% vs. Q2 2023, as a result of an increase in mobility and rush-hour commuting as workplaces experienced a higher percentage of on-site employees combined with an increase in rehabilitation construction activities on Highway 401.

In H1 2024, VKTs was +5.6% higher compared to H1 2023, due to the same reasons as mentioned above, as well as better weather conditions resulting in fewer winter events in Q1 2024.

Neutral calendar effects in both Q2 and H1: Positive impact in April (Easter in March this year vs. April in 2023) was mostly offset by the negative impact from less working days in June.

VKT traffic performance vs. 2023:

P&L

(CAD million)	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
Revenue	450	405	11.1 %	780	700	11.4 %
EBITDA	398	356	11.7 %	677	598	13.1 %
EBITDA margin	88.3 %	87.8 %		86.8 %	85.4 %
EBIT	373	332	12.4 %	625	549	13.7 %
EBIT margin	82.8 %	81.8 %		80.1 %	78.5 %

Revenue was up by +11.1% in Q2 2024, standing at CAD 450 million, and +11.4% in H1 2024, reaching CAD 780 million.

Toll revenue (94.3% of total in H1 2024): +16.4% to CAD 736 million, due to higher traffic volumes, longer trips and higher toll rates effective February 1, 2024, are offset by the camera charges, trip toll charge and other charges that remained flat.
Fee revenue (5.7% of total in H1 2024): -18.4% to CAD 45 million, due to lower late payment revenue and lower enforcement fees.
Contract revenue earned in 2023 was related to the removal of tolls for Highways 412 and 418. The contract was completed on June 1, 2023

(CAD million)	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
Toll Revenue	427	367	16.2 %	736	632	16.4 %
Fee Revenue	23	28	-18.2 %	45	55	-18.4 %
Contract Revenue	0	9	n.a.	0	14	n.a.
Total Revenue	450	405	11.1 %	780	700	11.4 %

OPEX increased in Q2 2024 by +6.8%, and was +1.3% higher than in H1 2023, due to higher customer operations costs on the back of a higher provision for lifetime expected credit loss and higher revenue. Along with higher system operations costs, due to higher consulting costs related to development of digital programs and the work to complete the Company's enterprise resource planning and customer relationship management project that went live for the majority of customers during Q1 2024. Higher General and Administration costs, as a result of consulting and marketing costs. Offset by contract expenses in 2023 related with the removal of tolls on Highways 412 and 418.

EBITDA was +11.7% higher in Q2 2024, and +13.1% in H1 2024, as a result of higher traffic volumes and revenue.

Dividends: A CAD 175 million dividend was paid to shareholders in April 2024 (+16.7% higher than Q2 2023). The dividends distributed to Ferrovial were EUR 52 million in H1 2024 (EUR 44 million in H1 2023). At the July Board meeting, a CAD 225 million dividend was approved for Q3 2024 (+50.0% higher than Q3 2023).

Net debt at the end of June: CAD 9,392 million (average cost of 4.23%). 55% of debt matures beyond 2038. Upcoming bond maturity dates are CAD 23 million in 2024, CAD 374 million in 2025 and CAD 385 million in 2026.

On April 4, 2024, 407 ETR issued CAD 250 million Senior Bonds, Series 24-A1 to repay Senior Bonds, Series 14-A1 on May 16, 2024.

407 ETR credit rating

S&P: "A" (Senior Debt), "A-" (Junior Debt) & "BBB" (Subordinated Debt), with stable outlook, reaffirmed on July 31, 2023.
DBRS: "A" (Senior Debt), "A low" (Junior Debt) and "BBB" (Subordinated Debt), with stable outlook, reaffirmed on June 21, 2024.

407 ETR Toll Rates

407 ETR implemented a new toll rate schedule on February 1st, 2024, following a four-year rate freeze since February 2020. For more information on the new toll rates, please visit 407etr.com.

Schedule 22

The COVID-19 pandemic is considered a Force Majeure event under the provisions of the Concession and Ground Lease Agreement (CGLA), and therefore the 407 ETR is not subject to Schedule 22 payments until the end of the Force Majeure event.

TEXAS MANAGED LANES (USA)

NTE 1-2 (63.0%, globally consolidated)

In Q2 2024, traffic decreased by -5.2% vs. Q2 2023 due to higher intensity of the capacity improvement construction works.

In H1 2024, traffic was down -1.8% vs. H1 2023, for the same reason as mentioned above, partially offset by better weather conditions in Q1 2024.

(USD million)	Q2 24	Q2 23	VAR.		H1 24 H1 23	VAR.
Transactions (million)	9.8	10.4	-5.2 %	19.0	19.4	-1.8 %
Avg. revenue per transaction (USD)	7.5	7.2	4.0 %	7.5	7.1	4.8 %
Revenue	74	75	-1.3 %	143	139	3.0 %
Adjusted EBITDA*	65	67	-2.3 %	126	123	2.3 %
Adjusted EBITDA margin*		88.1 % 88.9 %			88.2 % 88.8 %
Adjusted EBIT*	58	59	-1.5 %	111	107	3.2 %
Adjusted EBIT margin*		77.7 % 77.8 %			77.5 % 77.4 %

The average revenue per transaction reached USD 7.5 in Q2 2024, (+4.0% vs Q2 2023), and USD 7.5 in H1 2024 (+4.8% vs H1 2023), positively impacted by higher toll rates.

NTE ADJUSTED EBITDA EVOLUTION (USD million)

Dividends: NTE distributed USD 85 million at 100% (EUR 50 million FER's share). In H1 2023, NTE distributed USD 93 million at 100% (EUR 54 million FER's share).

NTE net debt reached USD 1,290 million in June 2024 (USD 1,263 million in December 2023) with an average cost of 4.46% (including NTE Capacity Improvements financing).

NTE Capacity Improvements: as a result of the success of the project, these capacity improvements must be implemented earlier than initially anticipated. The construction works for the Capacity Improvement project commenced at the end of 2023, and construction started in 2024. The completion of the project is forecasted for early 2027. Ferrovial Construction and Webber will serve as the design-build contractor.

Credit rating

	PAB	Bonds
Moody's	Baa1	Baa1
FITCH	BBB	BBB

LBJ (54.6%, globally consolidated)

In Q2 2024, traffic increased by +6.6% vs. Q2 2023, due to higher mobility. Construction works still impacting traffic, but less than in previous quarters thanks to some partial completion of the tranche that connects to LBJ.

In H1 2024, traffic was higher +7.0% vs. H1 2023 for the same reason as mentioned above. In addition, traffic improved due to better weather conditions in Q1 2024.

(USD million)	Q2 24	Q2 23	VAR.		H1 24 H1 23	VAR.
Transactions (million)	12.0	11.2	6.6 %	22.5	21.0	7.0 %
Avg. revenue per transaction (USD)	4.8	4.5	7.3 %	4.7	4.4	7.8 %
Revenue	57	50	14.2 %	107	93	15.1 %
Adjusted EBITDA*	48	42	14.7 %	89	77	15.9 %
Adjusted EBITDA margin*		83.2 % 82.8 %			82.9 % 82.4 %
Adjusted EBIT*	39	34	14.4 %	72	62	15.5 %
Adjusted EBIT margin*		67.8 % 67.6 %			67.1 % 66.9 %

The average revenue per transaction reached USD 4.8 in Q2 2024, (+7.3% vs Q2 2023), and USD 4.7 in H1 2024 (+7.8% vs H1 2023), positively impacted by higher toll rates.

LBJ ADJUSTED EBITDA EVOLUTION (USD million)

Dividends: LBJ distributed USD 45 million at 100% (EUR 23 million FER's share). In H1 2023, LBJ distributed USD 31 million (EUR 16 million FER's share).

LBJ net debt was USD 2,023 million in June 2024 (USD 2,018 million in December 2023) with an average cost of 4.03%.

Credit rating

	PAB	TIFIA	Bonds
Moody's	Baa2	Baa2	Baa2
FITCH	BBB	BBB	BBB

NTE 35W (53.7%, globally consolidated)

In Q2 2024, traffic increased by +33.6% vs. Q2 2023, this accelerated performance was attributed to the opening of NTE 3C to traffic in June 2023. The traffic at NTE 35W excluding Segment 3C increased by +10.4% vs. Q2 2023.

In H1 2024, NTE 35W traffic was +38.7% higher than in H1 2023, for the same reason as mentioned above. In addition, traffic improved due to better weather conditions during Q1 2024. Traffic on NTE 35W excluding Segment 3C was +13.7% higher compared to H1 2023.

(USD million)	Q2 24	Q2 23	VAR.		H1 24 H1 23	VAR.
Transactions (million)	13.0	9.7	33.6 %	24.7	17.8	38.7 %
Avg. revenue per transaction (USD)	6.2	5.4	15.8 %	6.2	5.3	17.5 %
Revenue	81	52	54.3 %	153	94	62.5 %
Adjusted EBITDA*	64	45	41.8 %	127	79	61.1 %
Adjusted EBITDA margin*		79.0 % 86.0 %			83.1 % 83.8 %
Adjusted EBIT*	53	39	37.1 %	106	66	59.7 %
Adjusted EBIT margin*		65.2 % 73.4 %			69.3 % 70.4 %

The average revenue per transaction reached USD 6.2 in Q2 2024, (+15.8% vs Q2 2023), and USD 6.2 in H1 2024 (+17.5% vs H1 2023), positively impacted by higher toll rates and a higher proportion of heavy vehicles.

NTE 35W ADJUSTED EBITDA EVOLUTION (USD million)

ADJ. EBITDA* ADJ. EBITDA margin*

Adjusted EBITDA negatively affected in Q2 2024 by the accrual of USD 6.7 million of revenue sharing for the period Jan-Jun 2024.

Dividends: NTE35W distributed USD 73 million at 100% (EUR 36 million FER's share). In H1 2023, NTE35W dividends for first time with an extraordinary dividend of USD 435 million at 100% (EUR 216 million FER's share).

NTE 35W net debt reached USD 1,638 million in June 2024 (USD 1,624 million in December 2023) with an average cost of 4.78%, including NTE 3C.

Credit rating

	PAB	TIFIA
Moody's	Baa1	Baa1
FITCH	BBB+	BBB+

I-77 (72.2%, globally consolidated)

In Q2 2024, traffic +1.5% vs. Q2 2023, impacted by summer seasonality and less leisure and weekend traffic.

In H1 2024, traffic was up +4.9% vs. H1 2023, showing a strong performance due to better weather conditions in Q1 2024, offset by the above explanation.

(USD million)	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
Transactions (million)	11.1	10.9	1.5 %	20.6	19.6	4.9 %
Avg. revenue per transaction (USD)	2.5	2.2	11.4 %	2.4	2.1	12.7 %
Revenue	28	25	12.8 %	50	43	18.0 %
Adjusted EBITDA*	16	18	-8.5 %	32	31	4.9 %
Adjusted EBITDA margin*		59.6 % 73.5 %		63.7 %	71.7 %
Adjusted EBIT*	13	16	-16.6 %	26	26	-2.1 %
Adjusted EBIT margin*		47.4 % 64.1 %		50.8 % 61.3 %

The average revenue per transaction reached USD 2.5 in Q2 2024, +11.4% higher compared to Q2 2023, and USD 2.4 in H1 2024 (+12.7% vs H1 2023), positively impacted by higher toll rates.

Adjusted EBITDA negatively affected in Q2 2024 by the accrual of USD 2.4 million of revenue sharing for the period Jan-Jun 2024, and USD 1.7 million advisory fees for the refinancing process (USD 0.4 million in Q1 2024 and USD 1.3 million in Q2 2024).

Dividends: I-77 distributed dividends for first time with an extraordinary dividend in June amounting to USD 268 million at 100% (EUR 179 million FER's share).

I-77 net debt was USD 445 million in June 2024 (USD 202 million in December 2023) with an average cost of 6.24%.

On April 25, I-77 completed the issuance of USD 371 million of senior secured notes, which proceeds were used mainly to refinance TIFIA increasing the average life of the outstanding debt. The cost of the new debt is 6.57% yield to maturity.

Credit rating

	PAB	USPP NOTES
FITCH	BBB	BBB
DBRS	BBB	BBB

I-66 (55.7%, globally consolidated)

In Q2 2024, traffic increased by +15.6% vs. Q2 2023, and H1 2024, was +16.6% higher than in H1 2023, with steady traffic ramp up.

(USD million)	Q2 24	Q2 23	VAR.		H1 24 H1 23	VAR.
Transactions (million)	8.5	7.4	15.6 %	15.6	13.4	16.6 %
Avg. revenue per transaction (USD)	7.1	5.3	34.5 %	6.9	4.8	42.5 %
Revenue	62	40	54.6 %	111	67	65.5 %
Adjusted EBITDA*	51	32	58.7 %	88	50	75.7 %
Adjusted EBITDA margin*		81.3 % 79.2 %			79.5 % 74.9 %
Adjusted EBIT*	32		10 220.8 %	53	6	n.s.
Adjusted EBIT margin*		51.2 % 24.7 %		47.7 %	9.1 %

The average revenue per transaction reached USD 7.1 in Q2 2024, +34.5% higher compared to Q2 2023, and USD 6.9 in H1 2024 (42.5% vs H1 2023) impacted by higher toll rates and also helped by more heavy traffic weight.

I-66 net debt reached USD 1,622 million in June 2024 (USD 1,622 million in December 2023) with an average cost of 3.57%.

Credit rating

	PAB	TIFIA
Moody's	Baa3	Baa3
FITCH	BBB	BBB

IRB (24.86%, equity-accounted)

Based on Indian legislation, the latest available information corresponds to the closing of IRB's last fiscal year, which runs from April to March. Consequently, Ferrovial's interim consolidated financial statements only includes the company's last quarter contribution (January to March, three months).

In March 2024, IRB raised USD 540 million in Senior Secured US Notes after the refinancing process.

In Q2 2024, Ferrovial completed the transaction agreed in March to acquire a 24% stake in IRB Infrastructure Trust for EUR 652 million.The remaining investment to reach a total of EUR 740 million is due to fund outstanding equity commitments in projects.

In Q2 2024, Ferrovial also sold a 5% stake in IRB Infrastructure Developers for EUR 211 million. The shares in IRB were sold at an average price of 63.60 rupees, resulting in a capital gain before taxes of EUR 133 million. Ferrovial will continue to be the second-largest shareholder, with a 19.9% stake. It will maintain the same representation on the Board of Directors.

OTHER TOLL ROADS

On April 4, 2024, Anillo Vial Periferico consortium, comprising Ferrovial, Acciona and Sacyr, was selected to develop the Peripheral Ring Road in Lima (Peru) under a concession format with an investment of USD 3.4 billion. This amount includes contributions from public funds by the Administration. Ferrovial, through Cintra, owns 35% of the consortium, while Sacyr and Acciona own 32.5% each. This project comprises the design, financing, construction, management and maintenance of a 34.8 kilometer urban toll road. The equity expected to be injected by Ferrovial is approximately USD140-210 million.

ASSETS UNDER DEVELOPMENT

(EUR million)	INVESTED CAPITAL	PENDING COMMITTED CAPITAL	NET DEBT 100%	CINTRA SHARE
Equity Consolidated
Financial Assets	59	27	1,466
Ruta del Cacao	59	0	163	30.0 %
Silvertown Tunnel	0	27	1,302	22.5 %

• Ruta del Cacao (Colombia): 152 km, out of which 81 km are new toll road, including the construction of 16 bridges, 2 viaducts & 2 tunnels with a combined length of 6km. This is a 25-year concession. Design and construction works are 98.4% complete on an earned value basis as of June 30, 2024.
• Silvertown tunnel (London, UK): an availability payment project with a concession term of 25 years. A 1.4 km twin bore road tunnel which will be built under the River Thames. The works are expected to be completed in 2025. Design and construction works are 92.9% completed as of June 30, 2024.

TENDERS PENDING

Ferrovial keeps focused on the USA as main market, and the Group continues to pay close attention to private initiatives:

On May 7, Ferrovial submitted its offer to SR-400 Managed Lanes project in Atlanta (Georgia). The outcome is expected in Q3 2024. Also in Georgia other projects are expected to come such as I-285.
Actively following several projects in other states (Virginia, Tennessee and North Carolina). These projects have different degrees of development and are expected to come to market in the coming months. Some of them include Managed Lanes schemes.

Apart from the USA, Cintra is active in other geographies where selective investments could be pursued.

Airports

HEATHROW (25%, equity-accounted) – UK

The financial information presented herein for H1 2024 is based on, and is consistent with, the unaudited consolidated financial statements of Heathrow (SP) for H1 2024, published on July 24, 2024.

TRAFFIC

Million passengers	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
UK	1.2	1.1	6.4 %	2.3	2.1	9.5 %
Rest of Europe	8.7	8.1	7.7 %	15.9	14.7	8.2 %
Intercontinental	11.4	11.0	3.9 %	21.6	20.3	6.6 %
Total	21.3	20.2	5.5 %	39.8	37.1	7.3 %

Heathrow welcomed 21.3 million passengers in Q2 2024 (+5.5% vs. Q2 2023). The summer season kicked off, and in June, Heathrow experienced record passenger numbers. The increase in passenger traffic is driven by a significant increase in passenger ATMs compared to last year and some small load factor increases. Almost all markets exceed 2023's numbers, with double-digit growth for Asia Pacific, mainly driven by China and Japan. Africa saw fewer passengers, largely due to a smaller number of movements. The normalization of belly hold capacity has led to increased cargo tonnage. Heathrow brought 39.8 million passengers in H1 2024, more than ever before (+7.3% vs. H1 2023).

P&L HEATHROW SP

(GBP million)	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
Revenue	884	928	-4.7 %	1,692	1,742	-2.9 %
Adjusted EBITDA	508	584	-12.8 %	951	1,070	-11.1 %
Adjusted EBITDA margin	57.5 %	62.9 %		56.2 %	61.4 %

Revenue: -2.9% in H1 2024 to GBP 1,692 million.

• Aeronautical: -7.9% vs. H1 2023. The decrease is driven by lower H7 charges set by the CAA, partially offset by higher passenger numbers.
• Retail: +11.8% vs. H1 2023, which includes retail concessions, car parking, and other surface access, has increased, driven by the higher number of departing passengers.
• Other revenue: +1.5% vs. H1 2023, due to higher Other regulated charges from higher passenger numbers offset by the maturity of Elizabeth Line impacting Heathrow Express revenues.

Contribution to H1 Revenue:

Adjusted operating costs (ex-depreciation & amortization and exceptional items): +10.3% to GBP 741 million (H1 2023: GBP 672 million). Employment costs, which include overtime, recruitment and training, have increased due to inflation and additional colleagues being needed to accommodate the higher demand. The rise in operational is mainly due to inflation and higher demand and Passenger-Requiring Support resourcing, offset by lower Measures, Targets, and Incentives rebates. The increase in maintenance costs is largely attributed to inflation and terminal cleaning and maintenance efforts across terminal, air side, and baggage areas to ensure a safe and well-maintained environment for passengers and colleagues Finally, tight cost controls and stable energy prices have resulted in stable Utilities and Other costs.

Adjusted EBITDA decreased -11.1% to GBP 951 million, vs. GBP 1,070 million in H1 2023 resulting in an adjusted EBITDA margin of 56.2% (H1 2023: 61.4%).

HAH net debt: the average cost of Heathrow's external debt at FGP Topco, HAH's parent company, was 6.4% as of 30 June 2024 (31 December 2023: 8.7%).

(GBP million)	H1 24	H1 23	VAR.
Loan Facility (ADI Finance 2)	75	75	0.0 %
Subordinated	2,177	2,028	7.4 %
Securitized Group	15,447	16,517	-6.5 %
Cash & adjustments	-2,007	-2,418	-17.0 %
Total	15,693	16,203	-3.1 %

The table above relates to FGP Topco, HAH's parent company.

Regulatory Asset Base (RAB): on June 30, 2024, the RAB reached GBP 20,233 million (GBP 19,804 million in December 2023).

Outlook

The 2024 outlook was updated with the guidance published in June's Investor Report. For 2024, Heathrow is forecasting passenger traffic of 82.8 million, above Q1 results guidance. This updated traffic forecast reflects the improved economic outlook and a strong passenger demand. Given the higher traffic outlook, Adjusted EBITDA is forecast to be GBP 1,942 million.

Key regulatory developments

Heathrow has recently responded to two key CAA consultations:

Consultation on H7 Final Issues, which deals with the matters that were remitted to the CAA by the CMA through its October 2023 Final Determination of the appeals of the H7 Final Decision on price control (FD), as well as the matters the CAA was not able to resolve prior to making the March 2023 FD. The CAA issued their decision in July, maintaining the proposals set out in March 2024.
Consultation on Setting future price controls review of approach, followed by the DfT independent review of the CAA published in 2023, where there was a recommendation that the regulator should review the process, governance and 'mechanics' for conducting economic regulation. Heathrow's response has outlined where improvements in approach, guidance and decisionmaking are needed, and it expects this can help inform improvements to the next price control (H8) and future cycles. The CAA has not confirmed a publication date, but Heathrow expects the CAA to issue their responses during Summer.

Additionally, Heathrow is also engaged in the Outcome Based Regulation (OBR) mid-term review process. The OBR framework was introduced in H7 to replace the previous service quality rebate and bonus framework for airport service quality. The CAA started the midterm review in Q2 2024, which is expected to finish in Q3-Q4.

Sale of Ferrovial stake in Heathrow

On June 14, 2024, Ferrovial announced that Ardian and PIF had made a revised offer to acquire shares representing 37.62% of the share capital of FGP Topco for GBP 3.3 billion, Ferrovial's share (19.75%) for GBP 1.7 billion. The offer has been accepted by Ferrovial and certain of the Tagging Shareholders, and, as a result, an agreement has been entered into pursuant to which Ferrovial and certain Tagging Shareholders will sell a pro rata portion of their shares in FGP Topco such that Ferrovial will retain 5.25% of the issued share capital of FGP Topco. Following the sale, Ferrovial will, together, hold shares representing 10% of the issued share capital of FGP Topco. Ardian and PIF will hold shares representing c. 22.6% and c.15.0%, respectively, through separate vehicles.

On July 25, following the expiry of the period to exercise the tagalong and pre-emption rights, no FGP Topco shareholder has exercised either its tag-along or pre-emption rights. The Transaction remains subject to applicable regulatory approvals and, consequently, there remains no certainty that the Transaction will complete.

For this reason, Heathrow has been classified as held for sale at June 2024 closing (Note 1.3. to the Interim Consolidated Financial Statements).

AGS (50%, equity-accounted) – UK

Traffic: number of passengers reached 3.1 million in Q2 2024, +7.5% vs. Q2 2023 as traffic recovery continues throughout the three airports. However, traffic was negatively impacted by the reduction of Logan Air flights since May.

In H1 2024, traffic reached 5.2 million passengers, +7.8% higher compared to H1 2023.

Million passengers	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
Glasgow	2.3	2.1	8.8 %	3.7	3.4	9.7 %
Aberdeen	0.6	0.6	0.8 %	1.1	1.1	0.6 %
Southampton	0.2	0.2	13.9 %	0.4	0.4	12.9 %
Total AGS	3.1	2.9	7.5 %	5.2	4.9	7.8 %

Revenue increased in Q2 2024 by +13.6% vs Q2 2023 driven by a combination of the increase in passenger numbers and higher yields. H1 2024 was +13.9% higher compared to H1 2023, as mentioned above.

Adjusted EBITDA in Q2 2024 increased by +18.4% vs Q2 2023, reaching GBP 24 million. H1 2024 reached GBP 34 million, performing strongly +24.3% compared to H1 2023 .

(GBP million)	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
AGS Revenue	59	52	13.6 %	101	89	13.9 %
Glasgow	40	35	14.7 %	65	56	15.9 %
Aberdeen	14	13	9.8 %	27	25	8.8 %
Southampton	5	4	16.2 %	9	8	15.4 %
AGS Adjusted EBITDA*	24	21	18.4 %	34	28	24.3 %
Glasgow	20	17	18.0 %	28	23	24.3 %
Aberdeen	5	4	14.3 %	8	7	12.5 %
Southampton	0		-1 -21.8 %	-1		-2 -21.4 %
AGS Adjusted EBITDA margin* 41.5 % 39.8 %				34.1 %	31.2 %
Glasgow	50.6 %	49.1 %			43.0 % 40.1 %
Aberdeen	33.5 %	32.2 %			29.0 % 28.0 %
Southampton		-9.3 % -13.8 %			-16.3 % -23.9 %

Cash amounted to GBP 12 million as of June 30, 2024 (GBP 65 million as of December 31, 2023).

AGS net debt stood at GBP 635 million as of June 30, 2024 (GBP 693 million as of December 31, 2023).

Refinancing of AGS' Debt Facility: The new facility comprises a GBP 646.4 million term loan, a GBP 50 million capital expenditure facility, and a GBP 15 million revolving credit facility. The facility has a 5-year tenor, with interest being calculated by reference to SONIA plus an additional margin.

The former outstanding debt under the debt facility was repaid using a combination of the proceeds of the new term loan under the refinancing agreement, a GBP 80 million equity injection (GBP 40 million corresponding to Ferrovial's share already contributed), and AGS' cash. Ferrovial's contribution was funded by means of a shareholder loan.

Dalaman (60%, globally consolidated) – Turkey

Traffic: the airport recorded 2.0 million passengers in H1 2024, +10.4% higher than in H1 2023, driven by several airlines' increased capacity and new routes to the UK and other European countries, as well as higher traffic in the domestic market. The increase in traffic started in Q2 (+12.2% vs Q2 2023), as the peak season began in mid-March.

(EUR million)	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
Traffic	1.7	1.5	12.2 %	2.0	1.8	10.4 %
Revenue	23	21	8.8 %	26	24	9.2 %
Adjusted EBITDA*	20	16	20.1 %	18	15	20.8 %
Adjusted EBITDA margin*	84.1 %	76.2 %		69.7 %	63.0 %
Adjusted EBIT*	13	11	22.1 %	10	9	21.5 %
Adjusted EBIT margin*	55.6 %	49.5 %		40.2 %	36.2 %

Revenue in Q2 2024 reached EUR 23 million (+8.8% vs Q2 2023).

H1 2024 stood at EUR 26 million (+9.2% vs H1 2023), boosted by the higher passenger volumes coupled with better aero and non-aero performance, mainly duty free on the back of the opening of the new lay-out.

Adjusted EBITDA in Q2 2024 stood at EUR 20 million (+20.1%) and H1 2024 reached EUR 18 million (+20.8%).

Cash amounted to EUR 20 million as of June 30, 2024 (EUR 18 million as of December 31, 2023).

Dalaman net debt stood at EUR 90 million as of June 30, 2024 (EUR 96 million as of December 31, 2023).

NTO at JFK (49%, equity-accounted) – USA

As of June 30, 2024, Ferrovial has contributed USD 481 million of equity to the NTO (New Terminal One). Ferrovial's total equity commitment for the project is USD 1,142 million.

The development of the project currently progresses within expectations. The main milestones achieved in Q2 2024 were the bow-tie closure, the first escalator installed and the baggage handling system installation commenced, along with the roof curtain wall started ahead of schedule in Q1 2024.The terminal is expected to be operational in 2026, with the concession contract ending in 2060.

NTO has signed long-term agreements with eight airlines, including EVA Air, Air Serbia an SAS, signed in H1 2024. Additionally, advanced discussions are currently ongoing with a group of leading international carriers.

In Q2 2024, NTO issued USD 2.55bn in green bonds, the largest issuance of tax-exempt airport debt ever completed, and all-in interest cost of 4.65% a weighed average maturity of 30 years.

(EUR million)	INVESTED CAPITAL	PENDING COMMITTED CAPITAL	NET DEBT 100%	FERROVIAL SHARE
NTO	446	617	1,890	49 %

Construction

P&L DETAILS (EUR million)

Revenue increased by 4.9% LfL with North America revenue representing 33% and Poland 26%. For comparable purposes, 2023 figures have been restated excluding the Energy Solutions activity as it has been integrated within the Energy division since January 2024 (H1 2023: EUR 100 million of revenue and EUR 1 million of Adjusted EBIT).

In H1 2024, Construction adjusted EBIT stood at EUR 107 million reaching 3.2% adjusted EBIT margin (-0.1% in H1 2023). Details by subdivision:

• Budimex: Revenue decreased by -6.5% LfL mainly due the completion of some contracts from the Building activity, though partially compensated by some growth in Civil Works. Adjusted EBIT margin reached 7.3% in H1 2024 improving vs. 6.0% in H1 2023, continuing with the good evolution shown since H1 2023, favored by the agreements for price revision indexations in public contracts for Roads and Railways.
• Webber: Revenue increased by +18.9% LfL mainly Civil Works activities on the back of numerous awards in 2023. Adjusted EBIT margin remained consistent at 2.8% compared to 2.9% in H1 2023.

• Ferrovial Construction: Revenue increased by +6.8% LfL mainly in Canada and United Kingdom, that offset the completion of large contracts in North America (I-66 in Virginia, I-285 in Georgia or NTE 3C in Dallas). Adjusted EBIT stood at EUR 19 million (EUR -78 million in H1 2023) showing an improvement compared to previous quarters, mainly due to the absence of losses in the completion works in large projects in the US, as well as generalized improvements in almost all geographies in the final phases or by performance improvements once the projects are leaving their initial phases behind.

H1 2024 Order book & LfL change vs December 2023:

(EUR million)
LfL growth*	-3.8 %	+13.6 %	+9.8 %

	7,409	3,775	4,790
	F. Construction	Budimex	Webber

The order book at peak levels, stood at EUR 15,974 million (+3.8% LfL compared to December 2023). The Civil Works segment remains the largest segment (69%) and continues to adopt highly selective criteria when participating in tenders.

The percentage of the construction order book (excluding Webber and Budimex) from projects with Ferrovial reached 7% in June 2024 (8% in December 2023).

The order book figure, at June 2024, does not include pre-awarded contracts or contracts pending commercial or financial agreement, which amount to c.EUR 2,325 million, mostly contracts from Budimex, Webber and Peru (Lima's Peripheral Ring Road in Peru).

CONSTRUCTION	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.	LfL growth*
Revenue	1,895	1,714	10.6 %	3,371	3,159	6.7 %	4.9 %
Adjusted EBITDA*	116	15	n.s.	184	58	218.9 %	194.8 %
Adjusted EBITDA margin*	6.1 %	0.9 %		5.5 %	1.8 %
Adjusted EBIT*	75	-18	n.s.	107	-4	n.s.	n.s.
Adjusted EBIT margin*	4.0 %	-1.1 %		3.2 %	-0.1 %
Order book/*				15,974	15,179	5.2 %	3.8 %
BUDIMEX	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.	LfL growth*
Revenue	557	523	6.5 %	936	935	0.1 %	-6.5 %
Adjusted EBITDA*	50	44	14.4 %	86	73	18.1 %	9.6 %
Adjusted EBITDA margin*	9.0 %	8.4 %		9.2 %	7.8 %
Adjusted EBIT*	41	35	16.1 %	68	56	21.3 %	12.3 %
Adjusted EBIT margin*	7.4 %	6.8 %		7.3 %	6.0 %
Order book/*				3,775	3,301	14.4 %	13.6 %
WEBBER	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.	LfL growth*
Revenue	392	315	24.3 %	708	596	18.9 %	18.9 %
Adjusted EBITDA*	26	21	21.0 %	45	37	22.7 %	22.7 %
Adjusted EBITDA margin*	6.5 %	6.7 %		6.3 %	6.1 %
Adjusted EBIT*	12	12	2.4 %	20	17	14.5 %	14.5 %
Adjusted EBIT margin*	3.1 %	3.7 %		2.8 %	2.9 %
Order book/*				4,790	4,233	13.2 %	9.8 %
F. CONSTRUCTION	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.	LfL growth*
Revenue	947	876	8.1 %	1,727	1,628	6.1 %	6.8 %
Adjusted EBITDA*	40	-50	179.7 %	53	-52	201.5 %	n.s.
Adjusted EBITDA margin*	4.2 %	-5.7 %		3.1 %	-3.2 %
Adjusted EBIT*	22	-65	134.1 %	19	-78	124.0 %	n.s.
Adjusted EBIT margin*	2.4 %	-7.5 %		1.1 %	-4.8 %
Order book/*				7,409	7,646	-3.1 %	-3.8 %

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Appendix VII - Alternative Performance Measures.

**Order book vs. December 2023. Order book from Dec 2023 differs from the one reported in 2023 as Energy Solutions order book is included in the Energy division order book from 2023 onwards.

Consolidated P&L

(EUR million)	Q2 24	Q2 23	H1 24	H1 23
Revenue	2,388	2,135		4,267 3,940
Adjusted EBITDA*	349	212	603	401
Fixed asset depreciation	-116	-106		-218 -201
Adjusted EBIT*	233	106	385	200
Disposals & impairments	166	0	166	0
Operating profit/(loss)	399	106		551 200
Financial Results	-66	-52		-119 -101
Financial Result from infrastructure projects	-107	-86	-209	-165
Financial Result from ex-infrastructure projects	41	35	90	64
Equity-accounted affiliates	71	51	114	83
Profit/(Loss) before tax from continuing operations	404	105	546	182
Income tax	-67	-21	-37	-20
Net profit/(loss) from continuing operations	337	85	509	162
Net profit/(loss) from discontinued operations	2	-1	9	6
Net profit/(loss)	339	84	518	168
Net profit/(loss) attributed to non-controlling interests	-59	-26	-104	-54
Net/(loss) attributed to the parent company	280	58	414	114

Revenue at EUR 4,267 million (+7.5% LfL growth) on the back of higher Toll Roads revenues (+25.2% LfL growth) and higher contribution from Construction in Q2 (+10.6% vs. Q2 2023).

Adjusted EBITDA reached EUR 603 million (+56.0% LfL growth) showing higher contribution from Toll Roads (25.3% LfL growth), particularly US Toll Roads with adjusted EBITDA of EUR 427 million (+28.5% vs H1 2023). In Q2, Adj. EBITDA reached EUR 349 million (+64.8% vs. Q2 2023) supported by the strong performance in Construction (EUR 116 million in Q2 2024 vs. EUR 15 miliion in Q2 2023).

Depreciation:+8.3% to EUR -218 million, largely from Construction.

Disposals and impairments at EUR 166 million related to the capital gains of the 5% stake sale in IRB Infrastructures Developers (EUR 133 million) and the sale of the 24.78% stake in Serveo (EUR 33 million).

Financial result: higher financial expenses on the back of higher financial expenses from infrastructure projects.

Infrastructure projects: EUR -209 million (EUR -165 million in H1 2023). The increase was mainly related to the opening of NTE3C (NTE35W), as financial expenses are no longer capitalized since the entry into operation in June 2023.
Ex-infrastructure projects: EUR 90 million of financial income in of financial income mainly from cash remuneration in PLN, USD and CAD (EUR 64 million in H1 2023).

Equity-accounted affiliates reached EUR 114 million after tax (EUR 83 million in H1 2023). The change vs H1 2023 is mostly related to 407 ETR, due to the solid traffic recovery. The considerable losses posted in 2019 and 2020 in airports reduced the investment in AGS to zero, as prior-years losses exceeded the amount of investment, there being no commitments to inject additional funds (IAS 28). Therefore, there is no equity accounted contribution in H1 2024 and H1 2023.

(EUR million)	Q2 24	Q2 23	VAR.	H1 24	H1 23	VAR.
Toll Roads	66	48	35.9 %	106	73	45.1 %
407 ETR	51	42	21.2 %	83	69	21.3 %
IRB	5	3	45.6 %	5	3	45.6 %
Others	9	2	274.4 %	18	1	n.s.
Airports	2	2	-0.6 %	4	6	-26.5 %
AGS	0	0	n.s.	0	0	n.s.
Others	2	2	-0.6 %	4	6	-26.5 %
Construction	0	0	n.s.	0	0	n.s.
Others	3	0	n.s.	3	3	-2.3 %
Total	70	51	38.7 %	114	83	37.5 %