Ferrovial N : Investor Presentation (ferrovial fact book 2026)

Published: 2026-05-08 10:55:10 ET FER.MC

Published on 05/08/2026 at 10:55 am EDT

May 2026

Investor Presentation

Equity Story & Fact Book

EQUITY STORY

Business Model

Why Ferrovial?

Looking ahead

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

13%

Total Shareholder Return 1 (10yr CAGR)

$47B

Market Cap

As of Dec. 31, 2025

BBB

Investment grade 2

Stable outlook

86% equity value in North America 3

22,609 employees

As of Dec. 31, 2025

Included in the NASDAQ-100 Index®

Total Shareholder Return (TSR): calculated considering dividends received and change in share price. Bloomberg data as of December 31, 2025.

Parent company. Fitch and S&P ratings.

Analysts' consensus as of December 2025. Valuations are based on external assumptions and expectations.

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

TOTAL SHAREHOLDER RETURN1

S&P 500; 298%

FERROVIAL; 255%

MSCI World Index; 158%

IBEX 35; 167%

S&P Global Infra; 147%

DJ Brookfield Infra; 112% MSCI World Infra; 56%

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25

(1) Total Shareholder Return (TSR): calculated considering dividends received and change in share price. Bloomberg data as of December 31, 2025.

Long-term value creation underpinned

by a growing portfolio of infrastructure assets

TRANSFORMATION INTO A LEADING INFRASTRUCTURE DEVELOPER

€43.3B

Key Highlights

FERROVIAL'S EQUITY VALUE FROM INFRASTRUCTURE ASSETS1

€15.2B

as of Dec. 20251

Equity value of infrastructure assets

89%2

Contribution from infrastructure assets' valuation

(70% in Dec'16)

Ferrovial's Total Equity Value1

(Analysts)

Airports

Other Highways I-77

I-66

DFW Express Lanes

407 ETR

DEC'16 DEC'17 DEC'18 DEC'19 DEC'20 DEC'21 DEC'22 DEC'23 DEC'24 DEC'25

Analysts' consensus as of December 2025. Valuations are based on external assumptions and expectations.

Calculated as the total analysts' consensus valuation from infrastructure assets divided by the total analysts' consensus valuation.

Business model

INTEGRATED PLATFORM TO DEVELOP INFRASTRUCTURE PROJECTS WITH HIGH VALUE CREATION

Develop and operate innovative, efficient and sustainable infrastructure projects with high value creation for stakeholders

86%

HIGHWAYS

Develop congestion relief solutions in North America

AIRPORTS

Facilitate air transport growth improving people connectivity

ENERGY

Develop projects for the energy transition

CONTRIBUTION FROM HIGHWAYS TO ANALYST'S TOTAL EQUITY VALUATION (1)

CONSTRUCTION

Support concession business with best-in-class engineering capabilities to design and build infrastructure for communities

(1) Business unit valuation breakdown (%) based on analysts' consensus as of December 2025. Valuations are based on external assumptions and expectations. Construction represents 7% of Analysts' equity value, Airports 4% and the remaining 3% corresponds mainly to the valuation that analysts give to the corporate cash, as well as the valuation of the energy business and other adjustments.

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

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 & FINANCIAL DISCIPLINE

Unique infrastructure assets in North America

Top performing regions

Metros expected to exceed national average (US/Canada average)

Toronto

22% population growth

from 2024 to 20511

Charlotte, NC

50% population growth

expected from 2025 to 20502

Dallas-Fort Worth, TX

To become 3rd largest metro by 2050 49% population growth expected from 2024 to 20503

Northern Virginia

Share of households with income over $100,000 above US average4

New York City

Largest US metropolitan area with 24M residents5

Pricing flexibility

Ability to set toll rates above inflation

Freedom to set toll rates with no cap Dynamic pricing with soft cap pegged to inflation Unregulated aeronautical charges

Long duration assets

Average time to maturity of portfolio assets of 55 years6

72 years

to maturity

43 years

to maturity

40 years

to maturity

35 years

to maturity

34 years

to maturity

Refers to growth for the Greater Toronto Area (GTA). Ontario population projections | ontario.ca

Charlotte Regional Transportation Planning Organization (CRTPO). Refers to growth for the Charlotte region. The Charlotte Region 2025-2050 Growth Projections

Economy in Brief: Indicators for the Dallas Region (January 27, 2026)

External consensus

City of New York

Average time to maturity calculated as weighted value, based on analyst´s consensus as of December 2024. Valuations are based on external (analysts) assumptions and expectations

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 & FINANCIAL DISCIPLINE

High degree of freedom to set prices

48.29%1

equity

NTE 62.97% stake

globally

72.24%

globally

55.70%

globally

stake

consolidated

LBJ 54.60% stake consolidated

NTE 35W 53.67% stake

stake

consolidated

stake

consolidated

Revenue per transaction growth has significantly outpaced inflation, driving strong financial performance

5.6%

Revenue per trip

5 yr CAGR (2020-2025)

2.5%2

CPI (Canada)

NTE 12.0%

LBJ 8.9%

NTE 35W 15.1%

Revenue per transaction

5yr CAGR (2020-2025)

3.6%2

CPI (U.S.)

29.6%

Rev/transaction

5 yr CAGR (2020-2025)

3.6%2

CPI (U.S.)

8.1%

Rev/transaction

5 yr CAGR (2022-2025)

3.6%2

CPI (U.S.)

C2$B

2025 Revenue

C$1.7B

2025 EBITDA

$935M

2025 Revenue

$776M

2025 Adj. EBITDA4

$130M

2025 Revenue

$81M

2025 Adj. EBITDA4

$303M

2025 Revenue

$246M

2025 Adj. EBITDA4

C$1.5B

2025 Dividends3

$553M

2025 Dividends3

$52M

2025 Dividends3

$165M

2025 Dividends3

(2)

(3)

(4)

This percentage reflects the agreement announced on March 13, 2025, by Ferrovial to acquire up to a 5.06% stake from AtkinsRéalis, considering the exercised put-call option CPI growth calculated as the average yearly growth of the consumer price index in Canada (2014-2025) and United States (2019-2025), respectively

Total dividends distributed to Ferrovial by 407 ETR: C$714M (€444M), Texas Managed Lanes: $318M, I-77: $37M, and I-66: $92M.

Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the 2024 Integrated Annual Report, available at https://www.ferrovial.com

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 & FINANCIAL DISCIPLINE

Main highways have shown resilient performance in uncertain scenarios

Needed assets

Pricing flexibility

Growing areas

7.2%

1.5% 1.1%

Covid-19 outbreak

2.3%

3.1%

5.5% 4.6%

9.8%

14.2%

15.1%

12.7%

14.2%

8.1%

9.7%

12.1%

10.6%

9.3%

9.8%

4.3% 4.3%

17.3%

16.1%

11.0%

Excluding the pandemic year in 2020, EBITDA has always increased YoY.

Fast recovery after COVID-19 severe mobility restrictions were lifted

48.3%

Covid-19 outbreak

Global Financial crisis

4.4% 4.6% 4.0%

12.6%10.7%

-43.5%

-2.1%

-1.7%

5.1% 3.2%

3.9%

6.9%

Solid performance during 2008-2010 recession, even with GDP drop

32.6%

36.5%

24.6%

5.7%

0.5%

-16.6%

12.2% 13.3%

26.6%

17.7%

8.9% 5.5%

8.3% 5.5%

2019 2020 2021 2022 2023 2024 2025

Traffic growth (annual %)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Traffic growth (annual %)

2008 2009 2010

2011 2012 2013 2014 2015 2016 2017 2018 2019

2020 2021 2022 2023 2024 2025

0.0% -1.7% 5.5%

-0.5% 0.6% 0.7% 3.4% 3.3% 4.9% 2.6% 1.4% -0.2%

-45.3% 13.1% 30.5% 14.6% 4.8% 5.7%

Source: Statistics Canada (Ontario nominal GDP Growth) for 2007-2024. Ontario Ministry of Finance for 2025 Estimate.

2019 2020 2021 2022 2023 2024 2025

23.8% -27.6% 27.2% 4.7% 12.5% 9.3% -0.3%

Joint Data for NTE, LBJ & NTE 35W (2) Segment 3 (NTE35W) opened to traffic in June 2023 Source: U.S. Bureau of Economic Analysis (Dallas-Fort Worth-Arlington nominal GDP Growth) External source for 2025 Estimate

Valuation

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 & FINANCIAL DISCIPLINE

Value creation levers

ASSET FEATURES THAT DRIVE COMPOUNDING GROWTH IN LONG-TERM CONCESSIONS

GROWTH

MATURITY

RAMP UP

Mature

asset rotation

CONST.

PHASE

CONCESSION PERIOD

NPV OF REMAINING CASH FLOW

HIGHER RISK & LOWER VALUE LOWER RISK & HIGHER VALUE

DISCOUNT RATE

DOUBLE DIGIT MID SINGLE DIGIT

A POWERFUL COMPOUNDING UPLIFT IN VALUATION ACROSS LONG-DURATION, BACK-ENDED ASSETS LIKE MANAGED LANES

(1) Discount rate ranges are indicative only and are based on historical examples across the Company's portfolio.

As concessions mature, cash flows that are back-ended naturally move closer in time. This "rolling forward" of the DCF curve increases the net present value of the asset.

Ferrovial creates value by reducing project risk over the life of a concession. As construction risk disappears and traffic/financing visibility improves, the discount rate applied to future cash flows decreases, which raises the project's valuation

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 & FINANCIAL DISCIPLINE

Pipeline

6 PROJECTS

FER-led consortium is shortlisted

» I-24, 2+2 Choice Lanes, 26 mi » I-495 SW, 2+2 Express Lanes, 11 mi

» I-65, 2+2 Choice Lanes, up to 20 mi

Alexandria, VA

I-495 SW

Nashville,TN Charlotte, NC

I-24 | I-65 I-77S

Atlanta, GA I-285 E

» I-285 East 2+2 Express Lanes, 34 mi

» I-285 West 2+2 Express Lanes, 12 mi

I-285 W

» I-77 South, 2+2 Express Lanes, 11 mi

2026 2027

I-24 & I-285E expected I-77S expected to be awarded to be awarded

Robust pipeline and increased P3 interest in the US

PRIVATE SECTOR KEY TO NARROW THE FUNDING GAP

Population growth in cities & increased congestion

leads to new infrastructure project needs

High deficit levels & budgetary constraints provide an opportunity for the private sector to support infrastructure development, freeing up for other uses

airport traffic expected to grow +43% by

20402

$3.7 trillion3 gap in U.S. infrastructure investment for next 10y

PPPs provide a way to mobilize long-term private investment for infrastructure projects, alleviating the need for immediate, large-scale public investment.

Source: Center for Sustainable Systems, University of Michigan. 2025. "U.S. Cities Factsheet." Pub. No. CSS09-06

Compared against 2025 figures, source: U.S. AIRPORT INFRASTRUCTURE NEEDS 2025 - 2029 (Airport Council International)

Global Infrastructure Outlook (4T funding gap for US infra investment by 2040 /The American Society of Civil Engineers (ASCE)

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 & FINANCIAL DISCIPLINE

Selective investments in high-growth sectors & geographies

Key Investment Criteria

Ferrovial's approach:

Leveraging our core engineering & construction capabilities to target selective, disciplined investments in high-growth sectors and geographies

Limited capital exposure

Determine maximum size of exposure based on careful

analysis of unique dynamics of sector or geography

Balanced risk-reward

Target projects with attractive risk-adjusted returns

Timely asset rotation

Target fast rotation to maximize value creation

IRB &

IRB Private Invit

Texas photovoltaic plant in Milam County (USA)

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 & FINANCIAL DISCIPLINE

DIVIDENDS (M EUR)

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

TOTAL PROJECTS

477

553

623

729

458

550

475

741

947

968

HIGHWAYS

290

277

296

494

340

469

388

704

895

880

Highways' growing dividend trend: a strong foundation for future CF generation

Organic growth of current portfolio

Local GDP + traffic growth

Pricing (inflation+)

Operating leverage

Financial leverage

DIVIDENDS FROM HIGHWAYS PROJECTS

€ M

Covid-19

outbreak

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

NTE

in 2019

LBJ

in 2020

NTE35W

in 2023

I-77 & I-66

in 2024

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 & FINANCIAL DISCIPLINE

Cash flow growth to fund investments and shareholder distributions1

CAPITAL ALLOCATION CRITERIA

OVER THE PAST 10 YEARS2:

(2016-2025)

INVEST COMMITMENT FOR TO

GROWTH SHAREHOLDERS

€6.5B

Execute committed investments in ongoing projects

Dividends from infrastructure assets

Committed to BBB rating

€4.7B

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

New equity investments - Top priority: MLs projects in the US

Infrastructure assets rotation

c.30%

of equity invested in US Express Lanes

€5.3B

Treasury shares + cash dividends

€5.3B

Equity invested in infrastructure assets

11x MoM3

on equity deployed in US Express Lanes

(1) Cash dividends and buybacks.

(2)

(3)

Equity and dividend figures include highways and airport infrastructure assets only.

Multiple of money (MoM) is measured as the total equity value as of the end of the period (2025) divided by the total amount of equity invested in the US Express Lanes during the relevant period (2016-2025). Analysts' consensus as of December 2025. Valuations are based on external assumptions and expectations.

Why

UNIQUE INFRASTRUCTURE ASSETS IN NORTH AMERICA

Looking ahead

GROWTH IN NEW GREENFIELD PROJECTS IN NORTH AMERICA

VALUE CREATION IN SELECTED PROJECTS IN OTHER COUNTRIES

SOLID CASH FLOW GENERATION & FINANCIAL DISCIPLINE

GROWTH SUPPORTED BY BEST-IN-CLASS ASSETS

IN PRIME LOCATIONS

UNIQUE POSITION TO

CAPTURE GROWTH FROM VALUE-ACCRETIVE

PIPELINE

WHICH APPROACH BEST CAPTURES FERROVIAL'S REAL VALUE?

Valuation

How to assess Ferrovial's assets value?

DDM OR DCF OF THE PARTS IS THE BEST WAY TO VALUE THE INFRA BUSINESS

Multiples don't adequately reflect Ferrovial's valuation,

as they are limited in capturing…

GROWTH RISK CAPITAL

POTENTIAL DURATION PROFILE STRUCTURE

Some key infra-assets consolidated under equity method

are not included in adj. EBITDA…although represent a significant part of Equity Value

STAKE:

48%

49%

20%

24%

HIGHWAYS: Eq. value for each asset

407ETR & MLs: DDM/DCF ⭢ Equity Value at FER's stake

IRB at Market Price (listed company) & IRB Infrastructure Trust at transaction price

AIRPORTS: Equity value for each asset

NTO: DDM/DCF or multiple over equity invested

Dalaman: DCF and multiples over equity injected

Equity analysts' valuation methodology: SUM OF THE PARTS

CONSTRUCTION & ENERGY

Budimex at Market Price (listed company)

Ferrovial

Equity Value

Rest of Construction activity & Energy division ⭢ Earnings multiples or DCF ⭢ Enterprise Value

CORPORATE

Net debt / cash at Corporate level

Overheads related to Headquarters

HIGHWAYS

Complex infrastructure projects with pricing flexibility, long duration and located in highly congested urban areas

CONCESSIONS

86%

OF FERROVIAL'S

DIVIDENDS

REVENUE

ADJ. EBITDA

ACROSS 11 COUNTRIES1

EQUITY VALUE2

RECEIVED 2015-20253

US ASSETS' CONTRIBUTION TO HIGHWAYS 2025 RESULTS

HIGH ECONOMIC

GROWTH REGIONS

CONGESTED URBAN AREAS

UNIQUE

VALUE

CREATION

PROVIDE ONLY FREE

FLOW CAPACITY

FLEXIBLE & DYNAMIC PRICING

LONG ASSET

DURATION

Figures as of Dec. 2025. The number of concessions includes IRB and IRB Trust as one concession each.

Analysts' consensus valuation as of Dec. 2025.

Exchange rate USD/EUR: 1.1736 CAD/EUR: 1.609.

Disclaimer

Ferrovial SE published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 14:54 UTC.