Ferrovial N.V 6-K, filed Feb 25, 2026
Ferrovial N.V. (FER)
6-K
2026-02-25
For: 2025-12-31
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April 07, 2026
About this 6-K
Ferrovial N.V filed this 6-K on February 25, 2026.
FY 2025 Financial Results 1 P ic tu re : 4 0 7 ET R (C a n a da ) February 25, 2026 FY 2025 FINANCIAL RESULTS
FY 2025 Financial Results 2 DISCLAIMER This presentation has been produced by Ferrovial SE (the “Company”, “we” or “us” and, together with its subsidiaries, the “Group”) for the sole purpose expressed herein. By accessing this presentation, you acknowledge that you have read and understood the following statements. Neither this presentation nor any of the information contained herein constitute or form part of, and should not be construed as, an offer to purchase, sale or exchange any security, a solicitation of any offer to purchase, sale or exchange any security, or a recommendation or advice regarding any security of the Company. In this presentation, unless otherwise specified, the terms “Ferrovial,” the “Company,” “we,” “us,” and the “Group” refer to Ferrovial SE, individually or together with its consolidated subsidiaries, as the context may require. Neither this presentation nor the historical performance of the Group’s management team or the Group constitutes a guarantee of the future performance of the Company and there can be no assurance that the Group’s management team will be successful in implementing the investment strategy of the Group. Forward-Looking Statements This presentation contains forward-looking statements. Any express or implied statements contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding estimates and projections provided by the Company and certain other sources with respect to the Company’s financial position, business strategy, plans, and objectives of management for future operations, dividends, capital structure, as well as statements that include the words “expect,” “aim,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “will”, “should,” “target,” “anticipate” and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements may reflect various assumptions by the Company concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company’s control and may be impossible to predict. Any forecast made or contained herein, and actual results, will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements, expectations, estimates and projections contained in this presentation or that any forecast made or contained herein will be achieved. Risks and uncertainties that could cause actual results to differ include, without limitation: risks related to our diverse geographical operations and business divisions; general economic and political conditions and events and the impact they may have on us, including, but not limited to, impacts on demand or public fund allocation in the industries in which we operate, volatility or increases in inflation rates and rates of interest, exchange rate fluctuations, increased costs and availability of materials, and other ongoing impacts including from, for example, changes in tariff regimes, the Russia/Ukraine conflict, and the Middle East conflict; our legal and regulatory risks given that we operate in highly regulated environments, and the impact of any changes in governmental laws and regulations, including but not limited to tax regimes or regulations; the fact that our business is derived from a small number of major projects; risks related to government contracting; the impact of competitive pressures in our industries, including on bid success and pricing; risks related to our acquisitions, divestments and other strategic transactions that we may undertake; cyber threats or other technology disruptions; our ability accurately to develop estimates or the impact of changes in our underlying assumptions, with respect to project plans, including project timing and budgets, and our ability to meet contractual expectations with respect thereto; the impacts of accidents, disruptions, or other incidents at our project sites and facilities; our ability to obtain adequate financing or access to capital in the future as needed and the impact of reliance on joint venture and partnership arrangements; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; the impact of certain swaps and hedging arrangements we enter into from time to time; limitations on our ability to declare and fund future dividends or other distributions, and distribution processes and timelines; our ability to maintain compliance with the continued listing requirements of Euronext Amsterdam, the Nasdaq Global Select Market and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; our ability to comply with our ESG commitments or other sustainability demands, including changing or conflicting expectations in connection with sustainability and ESG matters; physical and transitional risks in connection with the impacts of climate change; risks related to the adequacy or existence of our insurance coverage and any non-recoverable losses; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2025 which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this presentation speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Forward-looking statements in this press release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction. In addition, certain industry data and information contained in this presentation has been derived from industry sources. The Company has not undertaken any independent investigation to confirm the accuracy or completeness of such data and information, some of which may be based on estimates and subjective judgments. Accordingly, the Company makes no representation or warranty as to the accuracy or completeness of such data and information. Other than as specified, the information contained in this presentation has not been audited, reviewed or verified by the external auditor of the Group. The information contained herein should therefore be considered as a whole and in conjunction with all the other publicly available information regarding the Group. Alternative Performance Measures and Non-IFRS Measures In addition to the financial information prepared under the International Financial Reporting Standards (“IFRS”), this presentation may include certain alternative performance measures (“APMs”) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015, and other financial or operational measures that are not presented in accordance with IFRS (collectively, "non-IFRS measures") that differ from financial information presented by the Group in its financial statements and reports containing financial information. The aforementioned non-IFRS measures include “Adjusted EBIT,” “Adjusted EBIT Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Comparable or ‘Like-for-Like’ (‘LfL’) Growth,” “Order Book,” “Consolidated Net Debt,” “Cash flows excluding infrastructure projects (Ex-Infrastructure Cash Flows),” Cash flows from infrastructure projects (Infrastructure Cash Flows),” and “Ex-Infrastructure Liquidity.” These non-IFRS measures are designed to complement and should not be considered superior to measures calculated in accordance with IFRS. Although the aforementioned non-IFRS measures are not measures of operating performance, an alternative to cash flows, or a measure of financial position under IFRS, they are used by the Group’s management to review operating performance and profitability, for decision-making purposes, and to allocate resources. Moreover, some of these non-IFRS measures, such as “Consolidated Net Debt” are used by the Group’s management to explain the evolution of our global indebtedness and to assist our management in making decisions related to our financial structure and they may be, and in some cases are 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 should not be construed as investment, financial, or other advice. The Group believes that there are certain non-IFRS measures, which are used by the Group’s management in making financial, operational and planning decisions, which provide useful financial information that should be considered in addition to the financial statements prepared in accordance with the accounting regulations that applies (IFRS EU), in assessing its performance. We believe, these are generally consistent with the main indicators used by the community of analysts and investors in the capital markets, however, they do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. They have not been audited, reviewed or verified by the external auditor of the Group. For further details on the definition, explanation on the use, and reconciliation of non-IFRS measures, please see the section on “Alternative performance measures” in Ferrovial SE’s Integrated Annual Report (including the Consolidated Financial Statements and Management Report) for the year ended December 31, 2025. 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 www.sec.gov.
FY 2025 Financial Results 3 FY 2025 OVERVIEW 2025 results showing robust performance in all business units • Highways: North American portfolio keeps delivering solid revenue & EBITDA growth • Airports: Continued progress at New Terminal One (NTO) with a focus on operational readiness • Construction: Outstanding performance across all lines of business Net debt1 ex-infra projects2: -€1,341M Solid dividends from projects and asset rotation supporting cash generation… • Dividends collected from projects of €968M • AGS divestment of €533M • 5.25% stake divestment in Heathrow for €539M …combined with investments for growth and dividends & share buy-backs • Acquisition of 5.06% stake of the 407 ETR for €1.3B • Equity injections in NTO of €236M • Cash dividends (€156M) and purchase of treasury shares (€501M) Other corporate events • FER-led consortium has been shortlisted for bidding the I-24 Southeast Choice Lanes (Tennessee), the I-285 East Express Lanes (Georgia) and the I-77 South Express Lanes Project (North Carolina) • In December, Ferrovial was included in the Nasdaq-100 index (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. (2) Consolidated Net Debt of ex-infrastructure project companies. P ic tu re : I- 6 6 ( U SA )
FY 2025 Financial Results 4 P ic tu re : LB J (U SA ) REVENUE €9,627M +8.6% LfL 2025 MAIN FIGURES (VARIATION VS. 2024) DIVIDENDS FROM PROJECTS €968M +2.2% ADJ. EBITDA2 €1,457M +12.2% LfL ORDERBOOK €17,438M +10.1% LfL NET DEBT OF EXINFRA3 -€1,341M -€1,794M in 2024 2025 TSR4 +38.6% (1) Percentages expressed on a Like-for-Like Growth basis. Like-for-Like Growth is a non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. 2) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. (3) Consolidated Net Debt of ex-infrastructure project companies (4) Total Shareholder Return
FY 2025 Financial Results 5 FOCUSED ON GROWTH Solid cash flow generation and financial discipline Other selective investments • Renewable Energy - Texas photovoltaic plant (Milam County) • Data centers – Landplots in Spain & Poland Asset rotation of mature assets • Sale of AGS & HAH P ic tu re : 4 0 7 ET R (C a n a da ) Atlanta, GA I-285 E I-285 W Charlotte, NC I-77S Nashville,TN I-24 | I-65 Alexandria, VA I-495 SWFocus on highway projects in North America • Record pipeline in the US with six near term opportunities: • I-285 East (Georgia) – to be awarded in 2026 • I-24 (Tennessee) - to be awarded in 2026 • I-77 South (North Carolina) to be awarded in 2027 Growth with our current portfolio in North American assets • 407 ETR EBITDA growing at double digit • US MLs: Revenue significantly outpacing inflation • €236M invested in NTO in 2025 • Acquisition of 5.06% stake of 407ETR
FY 2025 Financial Results 6 +14.2% US HIGHWAYS’ REVENUE vs. 2024 (% LfL) 2025 PERFORMANCE vs. 2024 (Q4 & YTD) STRONG DOUBLE-DIGIT GROWTH … (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. (2) Total dividends from Highways: €880M (€895M in 2024). 2024 figure included the first dividend from I-77 with an extraordinary amount of €205M and €89M for I-66. HIGHWAYS NORTH AMERICA DRIVES HIGHWAYS RESULTS +12.4% US HIGHWAYS’ ADJ. EBITDA1 vs. 2024 (% LfL) P ic tu re : N T E 35 W (U SA ) EUR M Q4 2025 % VAR FY 2025 % VAR LfL1 Revenue 353 3.9% 1,374 13.7% Adj. EBITDA1 239 -2.9% 990 12.2% Adj. EBITDA mg1 67.7% 72.0% …AND CONSISTENTLY HIGH DIVIDENDS €452M 407 ETR (Equity accounted) €281M DFW MLs €89M I-66 €33M I-77 €855M DIVIDENDS FROM NORTH AMERICAN ASSETS (€860M in 2024)2 • Q4 2025 Adj. EBITDA variation impacted by FX and higher bidding costs
FY 2025 Financial Results 7 2025 PERFORMANCE vs. 2024 (Q4 & YTD) 407 ETR PROMOTIONS & INCREASED MOBILITY DRIVING STRONG EBITDA GROWTH 2025 TRAFFIC (VKTs) & EBITDA PERFORMANCE vs. 2024 (1) Under Schedule 22 of the Concession and Ground Lease Agreement (CGLA), certain Highway 407 ETR traffic levels are measured against annual minimum traffic thresholds, which are prescribed by Schedule 22 and escalate annually up to a specified lane capacity. If the annual traffic level measurements are below the corresponding traffic thresholds, amounts calculated under Schedule 22 are payable to the Province in the following year (Schedule 22 Payment). The Company recorded a $40.9 million Schedule 22 Payment expense for 2025, which will be payable to the Province in 2026 • Toll revenue growth primarily driven by higher toll rates and higher traffic volume • Q4 2025 Revenue per trip affected by seasonality and a softer contribution from heavy vehicles • 2025 EBITDA impacted by Schedule 22 payment expense (CAD40.9M) not accrued in 2024, and extraordinary impact from higher provision for lifetime expected credit loss (Lifetime ECL) • In Q4 2025, traffic growth driven by targeted rush hour driving offers and an increase in mobility from a higher percentage of on-site employees, partially offset by unfavorable winter weather • Demand segmentation enhancing value for users and maximizing EBITDA growth CAD M Q4 2025 VAR. FY 2025 VAR. Traffic (VKT M) 716 5.7% 2,819 6.1% Revenue 497 13.5% 2,009 17.8% EBITDA 404 9.2% 1,687 14.2% EBITDA mg 81.3% 84.0% Avg revenue per trip (CAD) 15.8 7.1% 16.5 11.7% 1.9% 5.8% 9.4% 5.7% 6.1% 15.0% 11.6% 20.1% 9.2% 14.2% Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Traffic EBITDA CAD M Q4 2025 VAR. FY 2025 VAR. Toll Revenue 464 12.5% 1,893 17.6% Fee Revenue 27 6.6% 110 15.4% Contract Revenue 6 n.a. 6 100.0% Total Revenue 497 13.5% 2,009 17.8% CAD1.5B Total 2025 dividends: 2026 toll rate scheme Effective from January 1, 2026
FY 2025 Financial Results 8 P ic : L B J 2025 PERFORMANCE vs. 2024 (Q4 & YTD) NTE NTE35W LBJ • Traffic impacted by construction works in the nearby corridors. Q4 2025 negatively impacted by changes in the staging of adjacent projects • Traffic impacted by the ongoing Capacity Improvement construction works • The Capacity Improvement project started at the end of 2023 and is expected to be completed by the end of 2026 • Corridor showing strong demand. Q4 2025 traffic negatively impacted by minor capture rate due to: - Increased congestion in an entry/exit point to the MLs, creating bottlenecks - Finalization of capacity restrictions due to construction works on nearby road 121 (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. DFW MANAGED LANES STRONG MOBILITY IN THE CORRIDOR, TRAFFIC IMPACTED BY CONSTRUCTION WORKS P ic tu re : LB J (U SA ) NTE LBJ NTE35W USD M Q4 2025 VAR. FY 2025 VAR. Q4 2025 VAR. FY 2025 VAR. Q4 2025 VAR. FY 2025 VAR. Transactions (M) 9 -5.5% 37 -4.7% 12 -4.3% 46 -0.1% 13 -0.4% 52 2.9% Revenue/transaction 9.3 11.3% 8.7 13.4% 5.4 8.8% 5.2 8.7% 7.4 15.8% 7.0 11.6% Revenue 87 5.4% 323 8.1% 63 4.4% 244 8.6% 100 14.7% 368 14.7% Adj. EBITDA1 73 0.3% 278 5.5% 50 3.6% 202 9.2% 76 7.2% 294 10.6% Adj. EBITDA mg1 83.6% 86.0% 79.3% 82.7% 76.3% 80.1% Revenue sharing (incl. at Adj. EBITDA level) 4.1 - 8.1 - - - 11.6 195.3% 26.4 88.6% P ic tu re : N T E (U SA )
FY 2025 Financial Results 9 P ic : L B J 9 Growth % vs. 2024 REVENUE PER TRANSACTION 13.8% 10.0% 8.9% 13.3% 7.8% 9.5% 15.3% 8.4% 12.0%11.3% 8.8% 15.8% 13.4% 8.7% 11.6% (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. Soft Cap update in 2025 +2.9% DFW MANAGED LANES STRONG GROWTH IN REVENUE PER TRANSACTION OUTPACING INFLATION FAVORABLE TRAFFIC MIX AND MORE MANDATORY MODE EVENTS IN NTE & NTE35W VS. 2024 NTE LBJ NTE35W 2025 DIVIDEND DISTRIBUTION (100%, $M): Q1 Q2 Q3 Q4 FY P ic tu re : N T E (U SA ) +2.7% 2026 soft cap update Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 177M in 2024 216M 123M 215M STRONG PERFORMANCE DRIVES INCREASED DIVIDEND DISTRIBUTION IN DFW ASSETS 107M in 2024 176M in 2024
FY 2025 Financial Results 10 I-66 OUTSTANDING EBITDA GROWTH 10(1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. 2025 PERFORMANCE vs. 2024 (Q4 & YTD) REVENUE PER TRANSACTION 165M • Traffic evolution driven by corridor growth, benefiting from greater enforcement of return-to-office (RTO) policies, despite worse weather conditions and the Federal Government shutdown (Oct – mid Nov) i i l lt *Q2 2025 rev/transaction growth figure has been restated, which was previously published as 20.1% Growth % vs. 2024 P ic tu re : I- 6 6 (U SA ) 25.6% 18.9% 12.1% 1.3% 13.3% Q1 2025 Q2 2025* Q3 2025 Q4 2025 FY 2025 USD M Q4 2025 VAR. FY 2025 VAR. Transactions (M) 9 4.3% 35 7.4% Revenue/transaction 8.3 1.3% 8.4 13.3% Revenue 78 6.5% 303 22.7% Adj. EBITDA1 64 9.9% 246 25.7% Adj. EBITDA mg1 83.1% 81.4% 172M in 2024 2025 DIVIDEND DISTRIBUTION (100%, $M): 2024 FIRST DISTRIBUTION AFTER 2Y OF OPERATION P ic tu re : I -6 6 ( U SA ) • Q4 revenue per transaction negatively impacted by traffic mix and lower volume during peak hours, mainly due to adverse weather conditions and temporary shutdown
FY 2025 Financial Results 11 I-77 STRONG REVENUE PER TRANSACTION MOMENTUM (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. (2) Including Revenue sharing from extended vehicles 2025 PERFORMANCE vs. 2024 (Q4 & YTD) 52M • Traffic declined in both Q4 & FY 2025 since Q4 2024 volumes included exceptional uplift caused by hurricane-related alternative lane closures, compounded by adverse weather conditions throughout 2025 REVENUE PER TRANSACTION i i l lt Growth % vs. 2024 21.8% 25.3% 25.7% 26.0% 24.7% Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 USD M Q4 2025 VAR. FY 2025 VAR. Transactions (M) 11 -11.1% 42 -2.0% Revenue/transaction 3.1 26.0% 3.1 24.7% Revenue 33 11.8% 130 21.9% Adj. EBITDA1 21 4.8% 81 16.5% Adj. EBITDA mg1 61.8% 62.2% Revenue sharing 2 5.4 74.3% 21.0 111.3% 2025 DIVIDEND DISTRIBUTION (100%, $M): 307M in 2024 2024 FIRST DISTRIBUTION AFTER 5Y OF OPERATION P ic tu re : I -7 7 (U SA )
FY 2025 Financial Results 12 NORTH AMERICAN ASSETS TOP PERFORMING METROS EXPECTED TO EXCEED NATIONAL AVERAGE ▶ Modest short-term growth while mobility increases & long-term prospects remain solid ▶ High household income area above US average ▶ Job-growth leader among major US metros, driven by relocations & expansions ▶ Growth trends reinforce the region's appeal as a top destination TORONTO 22% population growth by 2051 (Greater Toronto Area)1 Toronto’s average GDP growth (2.3%) to exceed Ontario (1.9%) and Canada (1.8%) over next 5 years2 DALLAS-FORT WORTH DFW’s GDP growth to outpace US avg over 2026–2030 (2.8% vs. 2.3%)2 DFW to rank 3rd largest US metro area by 2050 (+47% population growth vs 2024) 3 VIRGINIA Washington’s share of households with income over $100,000 is above US avg 2 Washington’s median household income to grow 3.2% over 2026-30 2 CHARLOTTE Charlotte led all top 50 metros in job growth in 2025 (2.3% v. 0.9% US avg) 2 Charlotte’s region population to grow above 50% by 2050, led by Mecklenburg Co. (where I-77 runs) adding more than 600k residents4 (1) https://www150.statcan.gc.ca/n1/daily-quotidien/250826/dq250826a-eng.htm (2) External Consensus (3) Economy in Brief: Indicators for the Dallas Region (January 27, 2026) - https://www.dallaschamber.org/why-dallas/economy-in-brief/ (4) The Charlotte Region 2025-2050 Growth Projections
FY 2025 Financial Results 13 IRB & IRB PRIVATE INVIT LONG TERM GROWTH SUPPORTED BY A STRONG PIPELINE (EUR mn) H2 2025 VAR. FY 2025 VAR. LfL Revenue 314 -21.5% 716 -12.8% Adjusted EBITDA1 148 -23.6% 313 -24.1% Adjusted EBITDA margin1 47.2% 43.7% Net Profit to FER (19.86% stake) 24 n.s. 25 -109.6% IRB - 2025 PERFORMANCE vs. 2024 (H2 & YTD) IRB PRIVATE INVIT - 2025 PERFORMANCE vs. 2024 (H2 & YTD) P ic : H yd er a b a d PORTFOLIO DEVELOPMENTS ROBUST OUTLOOK • Completed the sale of 3 Private InvIT assets to the Public InvIT, supporting capital recycling and portfolio optimization • Awarded 2 new TOT concessions (TOT 17 and TOT 18), reinforcing IRB’s continued leadership in India’s toll road monetization program 2027 GDP growth2 +6.4% 2026 GDP growth2 +7.3% (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. (2)Source IMF In 2025, India’s GDP has grown at 7.7% year-on-year, despite macro headwinds • Revenue drop mainly due to decrease in construction following the completion of VM1/Gandeva Ena, Palsit Dankuni and near-completion of Ganga, and by the extraordinary positive impact of Yedeshi Aurangabad claim in 2024 *2024 figures reflect only six months of activity following the acquisition * (EUR mn) H2 2025 VAR. FY 2025 VAR. LfL Revenue 271 11.2% 653 192.0% Adjusted EBITDA1 131 14.9% 283 170.8% Adjusted EBITDA margin1 48.3% 43.3% Net Profit to FER (23.99% stake) -2 74.0% -6 -4.6%
FY 2025 Financial Results 14 NEW TERMINAL ONE AT JFK TOWARDS OPERATIONAL READINESS DALAMAN STEADY PERFORMANCE • Macroeconomic conditions and geopolitical challenges in Middle East have significantly affected international traffic • Year-to-date EBITDA growth reflects strong commercial performance, enhanced by recent upgrades to the airport’s commercial layout • €7M in dividends received from Dalaman (at FER’s share) • NTO keeps progressing facing a crucial year for construction and integration • In terms of schedule, the contractor has communicated an updated target completion date for the first phase of construction of fall 2026 • 82% construction progress • ORAT (Operational Readiness and Airport Transfer): working on the plan for a safe, compliant and effective Day One • Commitments from 25 airlines (16 executed agreements and 9 letters of intent) • Phase A refinancing complete: In July 2025, $1.4B long-term green bonds issuance, with an all-in interest cost of 5.4% (weighed average maturity of 28 years) €236M Equity Invested in 2025 €63M Pending Investment Expected to be injected in 2026 €978M Total Investment as of 2025 (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. P ic tu re : N ew T er m in a l O n e, N Y (U SA ) EUR M Q4 2025 VAR. FY 2025 VAR. Passengers (M) 0.9 1.1% 5.6 -1.1% Revenue 16 6.9% 85 3.6% Adj. EBITDA 1 11 6.0% 66 2.5% Adj. EBITDA mg 1 67.5% 77.5%
FY 2025 Financial Results 15 CONSTRUCTION OUTSTANDING PERFORMANCE ACROSS ALL LINES OF BUSINESS HEALTHY ORDER BOOK1 AT ALL –TIME HIGH • €2.5B contracts not included in Dec. 2025 order book (pre-awards or pending financial close) • Breakdown by geography: • Budimex: 9.2% adj. EBIT mg1 (8.0% in 2024), with improvements across all segments. Q4 exceeded average profitability driven by relevant one-off change orders, combined with higher contribution from late-stage contracts, where residual risks have been mitigated • Webber: 3.2% Adj. EBIT mg1 in 2025, stable vs 2024 (3.0%) • Ferrovial Construction: 2.4% Adj. EBIT mg1 in 2025 (1.8% in 2024), supported by effective risk mitigation in final phases of projects and improved execution. 2025 profitability also impacted by higher bidding cost in the US and costs related to digitalization and IT systems 15 2025 PERFORMANCE vs. 2024 (Q4 & YTD) €17,438M +10.1% LfL (2) 15 (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. (2) Order book vs Dec. 2024. OUTLOOK • Average long-term target of 3.5% Adj. EBIT mg1 46% 22% 14% 12% 1% 5% US & CAN Poland Spain UK Australia RoW P ic tu re : O n ta ri o L in e pr o je ct (C a n a da ) EUR M Q4 2025 Q4 2024 % VAR. FY 2025 FY 2024 % VAR. LfL1 Revenue 2,233 1,999 11.7% 7,653 7,236 7.5% Adj. EBITDA1 200 106 87.8% 511 430 19.9% Adj. EBITDA mg1 8.9% 5.3% 6.7% 5.9% Adj. EBIT1 150 81 84.9% 352 284 24.2% Adj. EBIT mg1 6.7% 4.1% 4.6% 3.9% STRONG CASH FLOW GENERATION 597 291 FY 2025 FY 2024 OPERATING CF • Q4 2025 Operating CF driven by WK seasonality in Poland & Spain, and by pre-payments and compensations received in the US and Canada
FY 2025 Financial Results 1616 (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report P&L SIGNIFICANT ADJUSTED EBITDA GROWTH ON US HIGHWAYS & CONSTRUCTION P ic : 4 0 7 ET R (C a n a da ) EUR M FY 2025 FY 2024 Revenue 9,627 9,148 Adjusted EBITDA1 1,457 1,342 Depreciation -49 0 -441 Adjusted EBIT1 967 901 Disposals & impairments 210 2,208 Operating profit/(loss) 1,177 3,109 Financial Results -365 274 Financial Result from infrastructure projects -424 -411 Financial Result from ex-infrastructure projects 59 6 85 Equity-accounted affiliates 258 238 Profit/(loss) before tax from continuing operations 1,070 3,621 Income tax 6 0 -145 Net profit/(loss) from continuing operations 1,130 3,476 Net profit/(loss) from discontinuing operations 20 14 Net profit/(loss) 1,150 3,490 Net profit/(loss) attributed to non-controlling interests -262 -251 Net profit/(loss) attributed to the parent company 888 3,239
FY 2025 Financial Results 17 2025 CHANGE IN CONSOLIDATED NET DEBT1 EX-INFRASTRUCTURE PROJECT COMPANIES (€ M) (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the 2025 Integrated Annual Report. - 2,858 4,070 4,653 968 596 (179) (100) (1,970) 130 1,158 (657) (437) (91) - 2,729 Dividends from projects Construction Op. Cash Flow (ex-tax payments, ex- dividends) Other cash flows from (used in) operating activities (ex-tax payments) Tax payments Cash flows from (used in) investing activities (ex- Interests received & ex- Divestments) Interest received and other investing activities cash flows Divestments Cash dividend and treasury share purchases Other cash flows from (used in) financing activities Effect of exchange rate on Cash & Cash equivalents CASH FLOWS EUR -583 M FINANCING (EUR -1,186 M)INVESTING (EUR -682 M)OPERATING (EUR +1.285 M) NET DEBT € -1,794M CASH CASH DEBT & OTHERS DEBT & OTHERS CHANGES IN DEBT AND OTHER NET DEBT COMPONENTS EUR -129 M 2024 2025 NET DEBT € -1,341M (Million) Notional MtM (€ M) Total Hedging CAD 538 7 Total Hedging USD 2,847 140 FX HEDGING POSITION: €147M MtM as of Dec 31 2025
FY 2025 Financial Results 18 600 400 575M 626M 1B 2024 2025 2026E Dividends declared Top up Yearly Scrip Dividend 2026 DIVIDEND PROPOSAL €2.2B AGGREGATE DIVIDENDS* BETWEEN 2024-2026 * Dividends declared include shares delivered + cash. Figures in EUR. Following Market standards, dividends declared are based on the share price at the time of delivery(2) to shareholders This amount might differ vs CF statement where treasury shares related to scrip dividend are purchased at the share price prevailing at each transaction(3) (1) (1) The Board retains discretion with respect to the declaration of any dividend. (2) The share price taken into account is the VWAP during the last 3 days of the election period, which usually takes place several days (around 15) before shares are delivered to shareholders (3) For further details on each of the scrip dividend programs of 2025, please refer to Appendix I from 2025 Ferrovial Financial Results Report CASH OUT (including cash paid in dividends + cash disbursed in share buy backs) €560M €657M
FY 2025 Financial Results 19 CLOSING REMARKS • Revenue and profitability growth of our North American assets driven by: • Increased customer segmentation • Underlying growth in the assets’ locations • Well- positioned for future growth with a robust pipeline and increased P3 interest in the US • Healthy Construction orderbook with anticipated limited exposure to inflation 19 H1 i i l lt i i l l P ic tu re : LB J (U SA )
FY 2025 Financial Results 20 Q&A H1 P ic tu re : N T E (U SA )
FY 2025 Financial Results INVESTOR RELATIONS +34 91 586 25 65 +31 207 983 724 ir@ferrovial.com www.ferrovial.com P ic tu re : N T E (U SA )
CORPORATE, EARNINGS Ferrovial reports strong full-year 2025 results, boosted by robust performance in all businesses ● The company posted a 12.2% increase in adjusted EBITDA1, thanks to higher contributions from Highways and Construction ● Strong cash generation supported by dividends from infrastructure projects and asset rotation Amsterdam, February 25, 2026.- Ferrovial, a leading global infrastructure company, today reported financial results for the full year 2025. Ferrovial closed the year with significant growth, supported by a substantial increase in revenue and adjusted EBITDA1 in all businesses, primarily North American highways and Construction. Strong cash flow generation was supported by dividends from infrastructure projects and asset rotation. Revenue totaled €9.6 billion, an 8.6% increase in like-for-like1 terms, while adjusted EBITDA1 reached €1.5 billion, a 12.2% rise year over year in like-for-like1 terms. Net profit amounted to €888 million in 2025 compared to €3.2 billion a year earlier, when the company accounted for capital gains from assets rotation. "2025 was a remarkable year for Ferrovial, culminating in its inclusion in the Nasdaq-100 Index in December. We delivered solid results, with significant revenue and adjusted EBITDA1 increases across all business divisions. Our North American assets performed particularly well, and the Construction business exceeded its profitability target,” said Ferrovial CEO, Ignacio Madridejos. "Looking ahead, we’re focused on accelerating our growth in the United States, where we see a strong pipeline of new greenfield infrastructure opportunities across highways and airports.” Ferrovial closed the year with a solid financial position, with liquidity1 of €5.1 billion and consolidated net debt1 of -€1.3 billion, excluding infrastructure projects in both cases. During this period, the company completed the divestment of its 5.25% stake in Heathrow airport (€539 million) and AGS Airports (€533 million) and received a record of €968 million in dividends from projects. In parallel, Ferrovial closed the acquisition of an additional 5.06% stake in the 407 ETR highway for €1.3 billion and allocated €236 million to equity injections in the New Terminal One (NTO) at JFK International Airport. The company assigned €657 million to cash dividends (€156 million) and treasury shares purchases (€501 million). Operating results The Highways division’s revenue grew 13.7% in like-for-like1 terms to €1.4 billion, driven by outstanding performance in North America, where the company received €880 million in dividends from projects. Adjusted EBITDA1 increased 12.2% in like-for-like1 terms to €990 million. U.S. Express Lanes reported strong revenue per transaction growth, outpacing US inflation. In Canada, the 407 ETR posted a double-digit EBITDA1 rise, thanks to higher revenues. Revenue per trip increased by 11.7%. The Construction division’s order book1 reached an all-time high of €17.4 billion and delivered a 4.6% adjusted EBIT margin1, outperforming the average long term profitability target. North America accounted for 1 Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Full Year 2025 results report.
46%, Poland for 22% and Spain for 14% of the total order book1. Revenues grew 7.5% to €7.7 billion in like- for-like1 terms, while adjusted EBIT1 soared 24.2% to €352 million in like-for-like1 terms. In the Airports division, the NTO keeps progressing facing an important year for construction and systems integration. NTO has reached 25 agreements with airlines, including 16 executed contracts and 9 letters of intent. The Energy division reported €339 million in revenues and €3 million in adjusted EBITDA1. Further milestones In 2025, a Ferrovial-led consortium’s bid was shortlisted for the I-24 Southeast Choice Lanes in Tennessee and the I-285 East Express Lanes in Georgia. In February 2026, a Ferrovial-led consortium’s bid was shortlisted for the I-77 South Lanes project, in North Carolina. In December 2025, Ferrovial joined the Nasdaq-100 Index®, a year and a half after the company’s debut in the US market in May 2024. Conference call information Ferrovial will host a conference call on February 26, 2026 at 15:00 CET / 09:00 a.m. ET to discuss full year 2025 financial results. To access the earnings call, click here or visit https://ferrovial.com/ir-shareholders
KEY FIGURES (Million euro) (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Full Year 2025 results report. (2) In like-for-like terms. HIGHWAYS: PERFORMANCE 2025 VS 2024 Variation Transactions Rev/Transaction NTE -4.7% 13.4% LBJ -0.1% 8.7% NTE 35W 2.9% 11.6% I-77 -2.0% 24.7% I-66 7.4% 13.3% 2025 2024 Variation 1/2 Revenue 9,627 9,148 8.6% Adjusted EBITDA1 1,457 1,342 12.2% Adjusted EBIT1 967 901 10.6% Net profit 888 3,239 2025 2024 Consolidated net debt1 5,893 6,061 Net debt, excluding infrastructure projects1 -1,341 -1,794 2025 2024 Variation 1/2 Construction order book1/2 17,438 16,755 10.1%
*Vehicle kilometers travelled Forward-Looking Statements This press release contains forward-looking statements. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding estimates and projections provided by the Company and certain other sources with respect to the Company’s financial position, business strategy, plans, and objectives of management for future operations, dividends, capital structure, as well as statements that include the words “expect,” “aim,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “will”, “should,” “target,” “anticipate” and similar statements of a future or forward-looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements may reflect various assumptions by the Company concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company’s control and may be impossible to predict. Any forecast made or contained herein, and actual results, will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements, expectations, estimates and projections contained in this presentation or that any forecast made or contained herein will be achieved. Risks and uncertainties that could cause actual results to differ include, without limitation: risks related to our diverse geographical operations and business divisions; general economic and political conditions and events and the impact they may have on us, including, but not limited to, impacts on demand or public fund allocation in the industries in which we operate, volatility or increases in inflation rates and rates of interest, exchange rate fluctuations, increased costs and availability of materials, and other ongoing impacts including from, for example, changes in tariff regimes, the Russia/Ukraine conflict, and the Middle East conflict; our legal and regulatory risks given that we operate in highly regulated environments, and the impact of any changes in governmental laws and regulations, including but not limited to tax regimes or regulations; the fact that our business is derived from a small number of major projects; risks related to government contracting; the impact of competitive pressures in our industries, including on bid success and pricing; risks related to our acquisitions, divestments and other strategic transactions that we may undertake; cyber threats or other technology disruptions; our ability accurately to develop estimates or the impact of changes in our underlying assumptions, with respect to project plans, including project timing and budgets, and our ability to meet contractual expectations with respect thereto; the impacts of accidents, disruptions, or other incidents at our project sites and facilities; our ability to obtain adequate financing or access to capital in the future as needed and the impact of reliance on joint venture and partnership arrangements; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; the impact of certain swaps and hedging arrangements we enter into from time to time; limitations on our ability to declare and fund future dividends or other distributions, and distribution processes and timelines; our ability to maintain compliance with the continued listing requirements of Euronext Amsterdam, the Nasdaq Global Select Market and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; our ability to comply with our ESG commitments or other sustainability demands, including changing or conflicting expectations in connection with sustainability and ESG matters; physical and transitional risks in connection with the impacts of climate change; risks related to the adequacy or existence of our insurance coverage and any non-recoverable losses; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2025 which is available on the SEC website Variation VKT* Rev/Trip 407 ETR 6.1% 11.7%
at www.sec.gov, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Forward-looking statements in this press release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction. In addition, certain industry data and information contained in this press release has been derived from industry sources. The Company has not undertaken any independent investigation to confirm the accuracy or completeness of such data and information, some of which may be based on estimates and subjective judgments. Accordingly, the Company makes no representation or warranty as to the accuracy or completeness of such data and information. Other than as specified, the information contained in this press release 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. About Ferrovial Ferrovial is a leading global infrastructure company transforming highways, airports, and energy around the world. Its distinctive integrated business model supports the entire lifecycle of complex projects, from design and financing to construction, operation and maintenance. The company has a global presence and employs more than 22,500 people worldwide. North America is Ferrovial’s growth engine, where it developed and is currently operating five Express Lanes across Texas, North Carolina and Virginia, and is managing the 407 ETR highway in Toronto, Canada. The company is also leading the development of the New Terminal One at JFK International Airport. Ferrovial shares trade under the ticker symbol FER on three stock markets: U.S. (Nasdaq-100 Index), Spain (IBEX-35), and the Netherlands. The company is included in globally recognized sustainability indices such as the Dow Jones Best-in-Class Index. For further information: Corporate Communications newsroom.ferrovial.com @ferrovial @ferrovial_es Investor Relations: Global Ana Garcia Ruiz +34 676141825 ana.garcia@ferrovial.com North America Rebecca Rountree +1 512 568 5015 rrountree@ferrovial.com ir@ferrovial.com