Ferrovial (FER) Investor presentation summary

Business highlights

• Leading North American infrastructure developer with 86% of equity value in the region and a $47B market cap as of Dec 2025.

• 13% total shareholder return (10-year CAGR), outperforming major indices like S&P 500 and MSCI World.

• 89% of equity value comes from infrastructure assets, up from 70% in 2016, reflecting a strategic focus on long-term concessions.

• Included in the NASDAQ-100 Index, with 22,609 employees as of Dec 2025.

Infrastructure portfolio and growth

• Portfolio includes highways, airports, energy, and construction, with highways contributing 86% of total equity valuation.

• Major assets in high-growth US and Canadian regions, with long concession durations (average 55 years).

• Dynamic pricing and tolling flexibility drive revenue growth above inflation, especially in managed lanes.

• Robust pipeline of new projects in North America, with several major PPPs expected to be awarded in 2026–2027.

Financial performance and value creation

• Highways and managed lanes show resilient performance, with EBITDA growth even during economic downturns.

• Value creation through risk reduction over concession life, lowering discount rates and increasing asset valuations.

• Dividend growth from highways supports strong cash flow and shareholder distributions; €6.5B in dividends from infrastructure assets over 10 years.

• 11x multiple of money on equity deployed in US Express Lanes (2016–2025).