APPENDIX

Appendix IV – P&L of Main Infrastructure Assets

HIGHWAYS

407 ETR

(CAD Million) FY 25 FY 24 VAR.
Revenue 2,009 1,705 17.8 %
EBITDA 1,687 1,478 14.2 %
EBITDA margin 84.0  % 86.7%
EBIT 1,577 1,372 15.0 %
EBIT margin 78.5 % 80.4 %
Financial results -472 -429 -10.0 %
Profit before tax 1,105 942 17.2 %
Corporate income tax -294 -250 -17.7 %
Net Income 811 692 17.1 %
Contribution to Ferrovial equity accounted result (EUR million) 217 188 15.7 %

NTE

(USD Million) FY 25 FY 24 VAR.
Revenue 323 299 8.1 %
Adjusted EBITDA* 278 264 5.5 %
Adjusted EBITDA margin* 86.0 % 88.1 %
Adjusted EBIT* 229 233 -1.8 %
Adjusted EBIT margin* 70.7 % 77.8 %
Financial results -49 -57 13.7 %
Net Income 176 173 1.9 %
Contribution to Ferrovial** 98 101 -2.6 %

 

**Globally consolidated asset, contribution to net profit (EUR million). 62.97% stake.

LBJ

(USD Million) FY 25 FY 24 VAR.
Revenue 244 225 8.6 %
Adjusted EBITDA* 202 185 9.2 %
Adjusted EBITDA margin* 82.7 % 82.3 %
Adjusted EBIT* 162 150 7.7 %
Adjusted EBIT margin* 66.4 % 67.0 %
Financial results -84 -82 -1.5 %
Net Income 77 66 16.0 %
Contribution to Ferrovial** 37 33 11.0 %

**Globally consolidated asset, contribution to net profit (EUR million). 54.60% stake

NTE 35W

(USD Million) FY 25 FY 24 VAR.
Revenue 368 320 14.7 %
Adjusted EBITDA* 294 266 10.6 %
Adjusted EBITDA margin* 80.1 % 83.1 %
Adjusted EBIT* 242 226 7.3 %
Adjusted EBIT margin* 66.0 % 70.5 %
Financial results -88 -83 -5.6 %
Net Income 152 140 8.5 %
Contribution to Ferrovial** 72 70 3.8 %

**Globally consolidated asset, contribution to net profit (EUR million). 53.67% stake.

I-77

(USD Million) FY 25 FY 24 VAR.
Revenue 130 107 21.9 %
Adjusted EBITDA* 81 69 16.5 %
Adjusted EBITDA margin* 62.2 % 65.1 %
Adjusted EBIT* 70 59 19.3 %
Adjusted EBIT margin* 54.1 % 55.3 %
Financial results -30 -25 -20.5 %
Net Income 40 34 18.4 %
Contribution to Ferrovial** 26 23 13.3 %

**Globally consolidated asset, contribution to net profit (EUR million). 72.24% stake.

I-66

(USD Million) FY 25 FY 24 VAR.
Revenue 303 247 22.7 %
Adjusted EBITDA* 246 196 25.7 %
Adjusted EBITDA margin* 81.4 % 79.5 %
Adjusted EBIT* 151 116 30.5 %
Adjusted EBIT margin* 49.9 % 46.9 %
Financial results -133 -124 -7.2 %
Net Income 18 -8 n.s.
Contribution to Ferrovial** 9 -4 n.s.

**Globally consolidated asset, contribution to net profit (EUR million). 55.704% stake.

IRB Infrastructure Developers (IRB)

(EUR million) FY 25 FY 24 VAR. LfL growth*
Revenue 716 894 -19.9 % -12.8 %
Adjusted EBITDA* 313 449 -30.3 % -24.1 %
Adjusted EBITDA margin* 43.7 % 50.2 %
Adjusted EBIT* 200 336 -40.3 % -34.9 %
Adjusted EBIT margin* 28.0 % 37.5 %
Financial results -183 -215 14.9 % 7.3 %
Equity-accounted affiliates 123 -33 n.s. n.s.
Profit before tax 140 88 60.3 % 74.6 %
Corporate income tax -15 -37 59.7 % 56.1 %
Net Income 125 50 148.8 % 170.9 %
Contribution to Ferrovial equity
accounted result (EUR million)
25 13 98.8 % -109.6 %

IRB Infrastructure Trust (Private InvIT)

 

 

(EUR million) FY 25 FY 24 VAR. LfL growth*
Revenue 653 243 168.1 %

192.0 %

Adjusted EBITDA* 283 114 148.6 % 170.8 %
Adjusted EBITDA margin* 43.3 % 46.7 %
Adjusted EBIT* 211 73 188.3 % 214.0 %
Adjusted EBIT margin* 32.3 % 30.0  %
Financial results -245 -114 -115.4 % 134.6 %
Profit before tax -128 -41 -214.8 % -8.4 %
Corporate income tax 102 6 n.s. -30.3 %
Net Income -26 -35 25.5 % -4.6 %
Contribution to Ferrovial equity accounted result (EUR million) -6 -8 25.5 % -4.6 %

IRB Infrastructure Trust: 2024 figures reflect only six months of activity following the acquisition.

AIRPORTS

DALAMAN

(EUR million) FY 25 FY 24 VAR.
Revenue 85 82 3.6 %
Adjusted EBITDA* 66 64 2.5 %
Adjusted EBITDA margin* 77.5 % 78.4 %
Depreciation & impairments -23 -22 -3.8 %
Adjusted EBIT* 43 42 1.8 %
Adjusted EBIT margin* 50.8 % 51.8 %
Financial results -30 -25 -21.1 %
Profit before tax 13 17 -26.3 %
Corporate income tax -25 42 -160.3 %
Net income -12 59 -120.9 %
Contribution to Ferrovial** -7 35 -120.9 %

**Globally consolidated asset, contribution to net profit (EUR million). 60.0% stake