H1 2026
Financial Results1
Picture: 407 ETR ( Canada ) July 28, 2026H1 2026
FINANCIAL
RESULTS
H1 2026
Financial Results2
H1 2026 OVERVIEW
Strong performance driven by Highways and Construction businesses •Highways: Outstanding revenue growth across North American highways •Construction: Solid revenue growth while maintaining profitability target (3.5% adj. EBIT1mg in H1 2026) •Airports: NTO has submitted a completion remedial plan with March 2027 as the date for Phase A DBO Net cash ex -infra projects2: €1,307M •Construction operating cash flow (ex -tax payments, ex -dividend): €329M •Dividends collected from projects of €378M •Divestments of €96M, mainly from Silvertown Tunnel in the UK (€40M), and Transchile , Transmission lines in Chile (€38M) •Equity injections in NTO of €63M •Cash dividend and treasury shares purchases of €398M (1)Non -IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alt ernative Performance Measures annex of the H1 2026 Results Report.
(2)Consolidated Net Debt of ex -infrastructure project companies: -€1,307M. Non -IFRS financial measure. For the definition and recon ciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures annex of the H1 2026 Results Report.
Picture: I-66 (USA)
H1 2026
Financial Results
Recent Developments
•Bidding submitted for I -24 Southeast Choice Lanes in Tennessee and I -285 East in Georgia in July 2026 •Ferrovial’s bid for D35 Highway in the Czech Republic was noted as the most cost -effective, the bid’s technical evaluation proce ss
is ongoing
H1 2026
Financial Results3
25.4%
23.7%
24.4%
8.2%
-
2.7%
1.8%Traffic EBITDA2026 PERFORMANCE vs. 2025 (Q2 & YTD)407 ETR
SOUND REVENUE GROWTH DESPITE MACRO SOFTENING
H1 2026 TRAFFIC (VKTs) & EBITDA PERFORMANCE vs. H1 2025•In H1 2026, Toll revenue growth primarily driven by higher toll rates •In H1 2026 EBITDA includes a Schedule 22 provision (CAD 5.5M vs. CAD 45.2M in H1 2025) •Lower Q2 traffic vs. 2025, primarily reflecting softer economic activity, together with a decrease in rehabilitation construction on alternative highways and unfavorable weather conditions •Commercial promotions continued during Q2 2026 (started in March 2025), with a more targeted approach that continues to enhance customer value while supporting EBITDA growth
CAD550M STRONG GROWTH IN DIVIDENDSQ1 Q2 H1
CAD M Q2 2026 VAR. H1 2026 VAR.
Traffic (VKT M) 722 -2.7% 1,289 1.8% Revenue 616 17.7% 1,108 18.7%
EBITDA 549 23.7% 952 24.4%
EBITDA mg 89.1% 85.9%
Avg revenue per trip (CAD) 19.9 22.2% 19.5 17.7% CAD M Q2 2026 VAR. H1 2026 VAR.
Toll Revenue 589 18.7% 1,055 20.2% Fee Revenue 26 -5.9% 50 -10.6% Contract Revenue 1 n.a. 3 n.a.
Total Revenue 616 17.7% 1,108 18.7% Q3 Dividend approved CAD 250M in Q3 2025CAD500MDividend distributed in Q2
CAD 200M in Q2 2025
Note: 407 ETR is consolidated through equity method in Ferrovial’s accounts (48.29% stake). Data shown are based on 407 ETR’s publicly reported information
H1 2026
Financial Results4
2026 PERFORMANCE vs. 2025 (Q2 & YTD)
NTE NTE35WLBJ•Traffic trends improved significantly as construction works on the I -635 feeder corridor approached completion, driving stronger usage of the LBJ Express•Traffic impacted by the ongoing Capacity Improvement construction works •The Capacity Improvement project is expected to be completed by the end of 2026 •Traffic performance impacted by:
-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 Alt ernative Performance Measures annex of the H1 2026 Results Report.DFW MANAGED LANES
STRONG UNDERLYING DEMAND GROWTH CONTINUES TO SUPPORT TRAFFIC PERFORMANCE
NTE LBJ NTE35W
USD M Q2 2026 VAR. H1 2026 VAR. Q2 2026 VAR. H1 2026 VAR. Q2 2026 VAR. H1 2026 VAR.
Transactions (M)
9
-0.6%
18
-2.0%
13
6.9%
23
2.9%
14
-0.2%
26
0.4%
Revenue/transaction
10.2
19.5%
10.1
18.9%
5.8
11.8%
5.8
11.7%
8.0
17.3%
7.9
17.3%
Revenue
96
19.2%
180
16.3%
74
19.4%
135
14.9%
109
17.0%
204
17.6%
Adj. EBITDA1
82
17.9%
153
14.7%
63
20.7%
113
15.2%
89
19.1%
165
18.6%
Adj. EBITDA mg1
85.7%
85.3%
84.9%
83.7%
81.7%
81.1%
Revenue sharing (incl. at Adj. EBITDA level) 4.1
205.6%
6.5
143.3%
-
-
8.3
68.8%
15.8
60.1%
Strong underlying demand across Texas continued to support traffic performance, despite temporary impacts from construction works (NTE) or bottlenecks (NTE35W) and worse weather conditions compared with Q2 2025
H1 2026
Financial Results5
Pic: LBJ
5
Growth % vs. H1 2025REVENUE PER TRANSACTIONDFW MANAGED LANES
DOUBLE -DIGIT GROWTH IN REVENUE PER TRANSACTION, OUTPACING INFLATION
FAVORABLE TRAFFIC MIX AND MORE MANDATORY MODE EVENTS IN NTE & NTE35W VS. 2025
H1 2026
DIVIDEND
DISTRIBUTION
(100%):
Picture: NTE (USA) $118M $61M $143M
Soft
Cap
update
in 2026
+2.7%
(1)
18.3%
11.5%17.3%19.5%
11.8%17.3%18.9%
11.7%17.3%
Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1
NTE LBJ NTE35W•Favorable traffic mix driven byhigher heavy vehicles volumes and the technology enhancements starting in2025 ,improving vehicle classification •Increased mandatory mode events inNTE &NTE 35Wvs.H12025
$108M
in H1 2025$52M in H1 2025$99M in H1 2025 (1)U.S. annual inflation rate for the 12 months ending in December 2025 5
H1 2026
Financial Results6
I-77
LIMITED CONGESTION IN THE CORRIDOR
(1) Non -IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alt ernative Performance Measures annex of the H1 2026 Results Report.
(2) Including Revenue sharing from extended vehicles2026 PERFORMANCE vs. 2025 (Q2 & YTD) •Traffic inH12026 affected by:
-Lower congestion inthe corridor -Q1negatively impacted bylast year’s traffic uplift driven bypost -hurricane closures ofalternative routes -Less favorable weather conditions vs.same period last year •Adj.EBITDA was negatively impacted byastep -upinthe revenue -share band (25%to50%).This negative impact onEBITDA islargely afirst -year effect and isexpected tonormalize over time asrevenues grow within the new band .
REVENUE PER TRANSACTION
$18M
DIVIDEND
DISTRIBUTION
(at 100%)I-66
ROBUST TRAFFIC & REVENUE GROWTH
2026 PERFORMANCE vs. 2025 (Q2 & YTD)
REVENUE PER TRANSACTION•Strong revenue performance driven by increased traffic, despite adverse weather in H1 2026, and higher toll rates
$80M
DIVIDEND
DISTRIBUTION
(at 100%)
14.2%
9.9%
11.8%
Q1 2026 Q2 2026 H1 2026
4.9%11.7%
8.7%
Q1 2026 Q2 2026 H1 2026
Growth % vs. H1 2025 Growth % vs. H1 2025
$22M
in H1 2025$64M in H1 2025 USD M Q2 2026 VAR. H1 2026 VAR.
Transactions (M) 10 8.7% 18 8.5% Revenue/transaction 9.4 11.7% 9.1 8.7% Revenue 98 21.1% 170 17.9%
Adj. EBITDA181 23.7% 139 20.4%
Adj. EBITDA mg183.0% 82.0% USD M Q2 2026 VAR. H1 2026 VAR.
Transactions (M) 11 -4.8% 20 -5.2% Revenue/transaction 3.4 9.9% 3.3 11.8% Revenue 37 5.4% 67 6.3%
Adj. EBITDA122 -0.6% 37 -5.4%
Adj. EBITDA mg159.8% 55.2% Revenue sharing 27.6 26.0% 15.6 51.5%
H1 2026
Financial Results7
NEW TERMINAL ONE AT JFK
92% OF CONSTRUCTION COMPLETEDDALAMAN
INTERNATIONAL TRAFFIC IMPACTED BY MIDDLE
EAST CONFLICT
•Passengers reached 1.8mn inH12026 (-8.1%vs.H12025 ),driven bylower international volumes due togeopolitical challenges inthe Middle East .•NTO has submitted acompletion remedial plan with March 2027 asthe date
forPhase ADBO
•92%construction progress .The remaining activities are systems integration, coordination among different stakeholders on site, and testing and
commissioning
•Asofthe date ofpublication ofthis report, NTO has reached 32agreements with airlines (24executed agreements and 8letters ofintent) •Equity commitments completed following the €63 million contribution in Q2 2026 (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 H1 2026 Results Report.
H1 2026
Financial Results
Picture: New Terminal One, NY (USA)2026 PERFORMANCE vs. 2025 (Q2 & YTD) EUR M Q2 2026 VAR. H1 2026 VAR.
Passengers (M) 1.5 -10.8% 1.8 -8.1% Revenue 23 -11.6% 26 -10.3%
Adj. EBITDA1 18 -15.4% 17 -13.7%
Adj. EBITDA mg178.9% 67.4%
7€1,041 M
Total Investment
H1 2026
Financial Results8
CONSTRUCTION
SOLID REVENUE GROWTH AND SUSTAINED PROFITABILITY
HEALTHY ORDER BOOK1 AT ALL –TIME HIGH
•€2,645M contracts not included in June 2026 order book (pre -awards or pending financial close) •Breakdown by geography :•Budimex maintains healthy margins (6.9%adj.EBIT mg1vs7.3%inH12025 ),with higher revenues
(+6.3%LfL)
•Webber :Continued growth inactivity (+24.2% LfL revenues vsH12025 )translated into higher profitability, with adj.EBIT margin1expanding to3.4%(vs.2.7%inH12025 )due topositive operating
leverage
•Ferrovial Construction :stable margins (1.5%adj.EBIT mg1vs1.6%inH12025 ),with increased revenue levels (+4.0%LfLvsH12025 )
82026 PERFORMANCE vs. 2025 (Q2 & YTD)
€18B
+2.8% LfL(2)
(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 H1 2026 Results Report.
(2)Order book vs Dec. 2025.
Picture: Ontario Line project (Canada) •Construction operating cash flow (ex -tax payments): €329M (vs -€104M in H1 2025) mainly driven by pre-payments and compensations received in North America.OPERATING CASH FLOW 47.9% 22.9% 14.0% 10.8% 4.4% North America Poland Spain UK RoW
EUR M Q2 2026 Q2 2025 % VAR. H1 2026 H1 2025 % VAR. % VAR. LfL1
Revenue 2,075 1,869 11.0% 3,700 3,454 7.1% 9.7%
Adj. EBITDA1128 104 22.8% 223 191 16.6% 18.3%
Adj. EBITDA mg16.2% 5.6% 6.0% 5.5%
Adj. EBIT181 67 20.6% 131 119 9.7% 10.3%
Adj. EBIT mg13.9% 3.6% 3.5% 3.4%
H1 2026
Financial Results9
(1) Non -IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alt ernative Performance Measures appendix of the H1 2026 results reportP&L
Q2 & H1 2026
Picture: I-66 (USA) 9
EUR mn Q2 2026 Q2 2025 H1 2026 H1 2025
Revenue 2,603 2,410 4,701 4,469 Adjusted EBITDA1 425 347 746 655 Depreciation -132 -115 -255 -224 Adjusted EBIT1 293 233 491 431 Disposals & impairments 29 -22 28 275 Operating profit/(loss) 322 211 519 706 Financial Results -84 -29 -214 -146 Financial Result from infrastructure projects -9 4 -9 8 -212 -211 Financial Result from ex-infrastructure projects 10 69 -2 65 Equity-accounted affiliates 79 60 135 104 Profit/(loss) before tax from continuing operations 317 241 440 664 Income tax -40 -7 -47 -15 Net profit/(loss) from continuing operations 277 234 393 649 Net profit/(loss) from discontinuing operations 7 13 7 13 Net profit/(loss) 284 247 400 662 Net profit/(loss) attributed to non-controlling interests -9 5 -73 -142 -122 Net profit/(loss) attributed to the parent company 189 174 258 540
H1 2026
Financial Results10
H1 2026 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 Alt ernative Performance Measures annex of the H1 2026 Results Report.
-
2,729
3,714
4,070
378 329
( 74
) ( 48 ) ( 187 ) 57 96 ( 398 ) ( 529 ) 20 -
2,406Dividends
from projectsConstruction
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
flowsDivestments Cash dividend
and treasury
share
purchasesOther cash
flows from
(used in)
financing
activitiesEffect of
exchange rate
on Cash & Cash equivalentsCASH FLOWS EUR -356 M
FINANCING (EUR -908 M) INVESTING (EUR -33 M) OPERATING (EUR +585 M)
NET DEBT
EUR -1,341CASHCASH
DEBT &
OTHERSDEBT &
OTHERS
CHANGES IN DEBT AND OTHER NET DEBT COMPONENTS EUR -323 M
FY 2025 H1 2026NET DEBT
EUR -1,307M
H1 2026
Financial Results11
Q&A
H1 2025
Financial ResultsH1 2025
Financial Results
H1 2026
Financial Results
Picture: NTE (USA)
H1 2026
Financial Results12
DISCLAIMER
This presentation has been produced byFerrovial N.V.(the “Company”, “we” or“us” and, together with itssubsidiaries, the “Group”) forthe sole purpose expressed herein .Byaccessing this presentation, you acknowledge that you have read and understood the following statements .Neither this presentation nor any ofthe information contained herein constitute orform part of,and should not beconstrued as,anoffer topurchase, sale orexchange any security, asolicitation of any offer topurchase, sale orexchange any security, orarecommendation oradvice regarding any security ofthe Company .Inthis presentation, unless otherwise specified, the terms “Ferrovial,” the “Company,” “we,” “us,” and the “Group” refer toFerrovial N.V.,individually ortogether with itsconsolidated subsidiaries, asthe context may require .Neither this presentation nor the historical performance ofthe Group’s management team orthe Group constitutes aguarantee of the future performance ofthe Company and there can benoassurance that the Group’s management team will besuccessful inimplementing the investment strategy ofthe Group .
Forward -Looking Statements This presentation contains forward -looking statements .Any express orimplied statements contained inthis presentation that are not statements ofhistorical fact may bedeemed tobeforward -looking statements, including, without limitation, statements regarding estimates and projections provided bythe Company and certain other sources with respect tothe Company’s financial position, business strategy, plans, and objectives ofmanagement forfuture operations, dividends, capital structure, aswell asstatements that include the words “expect,” “aim,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “will”, “should,” “target,” “anticipate” and similar statements ofafuture or forward -looking nature, orthe negative ofthese terms orother similar expressions, although not allforward -looking statements contain these words .Such statements may reflect various assumptions bythe Company concerning anticipated results and are subject tosignificant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many ofwhich are beyond the Company’s control and may beimpossible topredict .Any forecast made orcontained herein, and actual results, will likely vary and those variations may bematerial .The Company makes norepresentation orwarranty astothe accuracy orcompleteness ofsuch statements, expectations, estimates and projections contained inthis presentation orthat any forecast made orcontained herein will beachieved .Risks and uncertainties that could cause actual results todiffer include, without limitation :risks related toour diverse geographical operations and business divisions ;general economic and political conditions and events and the impact they may have onus,including, but not limited to,impacts ondemand orpublic fund allocation inthe industries inwhich weoperate, volatility orincreases ininflation rates and rates ofinterest, exchange rate fluctuations, increased costs and availability ofmaterials, and other ongoing impacts including from, forexample, changes intariff regimes, the Russia/Ukraine conflict, and the Middle East conflict ;our legal and regulatory risks given that weoperate inhighly regulated environments, and the impact ofany changes ingovernmental laws and regulations, including but not limited to taxregimes orregulations ;the fact that our business isderived from asmall number ofmajor projects ;risks related togovernment contracting ;the impact ofcompetitive pressures inour industries, including onbidsuccess and pricing ;risks related toour acquisitions, divestments and other strategic transactions that wemay undertake ;cyber threats orother technology disruptions ;our ability accurately todevelop estimates orthe impact ofchanges inour underlying assumptions, with respect toproject plans, including project timing and budgets, and our ability tomeet contractual expectations with respect thereto ;the impacts ofaccidents, disruptions, orother incidents atour project sites and facilities ;
our ability toobtain adequate financing oraccess tocapital inthe future asneeded and the impact ofreliance onjoint venture and partnership arrangements ;our reliance onand ability tolocate, select, monitor, and manage subcontractors and service providers ;the impact ofcertain swaps and hedging arrangements weenter into from time totime ;limitations onour ability todeclare and fund future dividends orother distributions, and distribution processes and timelines ;our ability tomaintain compliance with the continued listing requirements ofEuronext Amsterdam, the Nasdaq Global Select Market and the Spanish Stock Exchanges ;lawsuits and other claims bythird parties orinvestigations by various regulatory agencies that wemay besubject to;our ability tocomply with our ESG commitments orother sustainability demands, including changing orconflicting expectations inconnection with sustainability and ESG matters ;
physical and transitional risks inconnection with the impacts ofclimate change ;risks related tothe adequacy orexistence ofour insurance coverage and any non -recoverable losses ;and the other important factors discussed under the caption “Risk Factors” inour Annual Report onForm 20-Ffiled with the U.S.Securities and Exchange Commission (“SEC”) forthe fiscal year ended December 31,2025 which isavailable onthe SEC website atwww .sec.gov, assuch factors may beupdated from time totime inour other filings with the SEC .Any forward -looking statements contained inthis presentation speak only asofthe date hereof and accordingly undue reliance should not beplaced onsuch statements .
We disclaim any obligation orundertaking toupdate orrevise any forward -looking statements contained inthis presentation, whether asaresult ofnew information, future events orotherwise, other than tothe extent required byapplicable law.Forward -looking statements inthis press release are made pursuant tothe safe harbor provisions contained inthe U.S.Private Securities Litigation Reform Act of1995 .We intend such forward -looking statements tobecovered by relevant safe harbor provisions forforward -looking statements (ortheir equivalent) ofany applicable jurisdiction .Inaddition, certain industry data and information contained inthis presentation has been derived from industry orother third -
party sources .The Company has not undertaken any independent investigation toconfirm the accuracy orcompleteness ofsuch data and information, some ofwhich may bebased onestimates and subjective judgments .Accordingly, the Company makes norepresentation orwarranty astothe accuracy orcompleteness ofsuch data and information .Other than asspecified, the information contained inthis presentation has not been audited, reviewed orverified bythe external auditor ofthe Group .The information contained herein should therefore beconsidered asawhole and inconjunction with allthe other publicly available information regarding the Group .
Alternative Performance Measures and Non -IFRS Measures Inaddition tothe financial information prepared under the International Financial Reporting Standards (“IFRS”), this presentation may include certain alternative performance measures (“APMs”) asdefined inthe Guidelines onAlternative Performance Measures issued bythe European Securities and Markets Authority on5October 2015 ,and other financial oroperational measures that are not presented inaccordance with IFRS (collectively, "non -IFRS measures") that differ from financial information presented bythe Group initsfinancial 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 tocomplement and should not beconsidered superior tomeasures calculated inaccordance with IFRS .Although the aforementioned non -IFRS measures are not measures ofoperating performance, analternative tocash flows, orameasure offinancial position under IFRS, they are used bythe Group’s management toreview operating performance and profitability, for decision -making purposes, and toallocate resources .Moreover, some ofthese non -IFRS measures, such as“Consolidated Net Debt” are used bythe Group’s management toexplain the evolution ofour global indebtedness and toassist our management inmaking decisions related toour financial structure and they may be,and insome cases are used byanalysts and rating agencies tobetter understand the indebtedness that has recourse tothe Group .Non -IFRS measures presented inthis presentation are being provided forinformative purposes only and should not beconstrued asinvestment, financial, orother advice .The Group believes that there are certain non -IFRS measures, which are used bythe Group’s management inmaking financial, operational and planning decisions, which provide useful financial information that should beconsidered inaddition tothe financial statements prepared inaccordance with the accounting regulations that applies (IFRS EU), inassessing itsperformance .We believe, these are generally consistent with the main indicators used bythe community ofanalysts and investors inthe capital markets, however, they donot have any standardized meaning and are therefore unlikely tobecomparable tosimilarly titled measures presented byother companies .They have not been audited, reviewed orverified bythe external auditor ofthe Group .For further details onthe definition, explanation onthe use, and reconciliation ofnon -IFRS measures, please see the section on“Alternative performance measures” inthe Company’s Integrated Annual Report (including the Consolidated Financial Statements and Management Report) forthe year ended December 31,2025 .
Additional Information
The Company issubject tothe information and reporting requirements ofthe Securities Exchange Act of1934 ,asamended, applicable toforeign private issuers and inaccordance therewith isrequired tofile reports and other information with the SEC relating toitsbusiness, financial condition, and other matters .The Company's filings can beaccessed byvisiting EDGAR onthe SEC's website atwww .sec.gov.
H1 2026
Financial Results13
INVESTOR RELATIONS
+34 91 586 25 65 +31 207 983 700
ir@ferrovial.com
www.ferrovial.com
Picture: NTE (USA)