FINANCIAL REVIEW
CONSOLIDATED CASH FLOW
| FY 25
(EUR million) |
CONSOLIDATED CASH FLOW | Cash flows of ex-infrastructure project companies | Cash flows of infrastructure project companies | Intercompany eliminations |
|---|---|---|---|---|
| Adjusted EBITDA*
|
1,457
|
313
|
1,157
|
-13
|
| Dividends from projects | 502 | 968 | 0 | -466 |
| Other cash flows from (used in) operating activities | 63 | 103 | -53 | 13 |
| Cash flows from (used in) operating activities excluding tax payments | 2,023 | 1,385 | 1,104 | -466 |
| Tax payments | -97 | -100 | 3 | 0 |
| Cash flows from (used in) operating activities | 1,926 | 1,285 | 1,107 | -466 |
| Investments | -2,289 | -1,970 | -466 | 147 |
| Interest received and other investing activities Cash flows | 240 | 130 | 109 | 0 |
| Divestments | 1,158 | 1,158 | 0 | 0 |
| Cash flows from (used in) investing activities | -891 | -682 | -357 | 147 |
| Activity cash flow | 1,035 | 603 | 750 | -319 |
| Interest paid | -455 | -64 | -391 | 0 |
| Cash dividend and treasury share purchases | -657 | -657 | 0 | 0 |
| Cash dividend | -156 | -156 | 0 | 0 |
| Treasury share repurchase | -501 | -501 | 0 | 0 |
| Other treasury share repurchase | 0 | 0 | 0 | 0 |
| Other shareholder distributions to subsidiary minorities | -367 | -77 | -756 | 466 |
| Other cash flows from (used in) financing activities | -2 | -289 | 434 | -147 |
| Cash flows from (used in) financing activities | -1,483 | -1,087 | -714 | 319 |
| Effect of exchange rate on cash and cash equivalents | -99 | -91 | -8 | 0 |
| Change in cash and cash equivalents due to consolidation scope changes | -10 | -7 | -3 | 0 |
| Change in cash and cash equivalents | -557 | -583 | 26 | 0 |
| Cash and cash equivalents at beginning of year | 4,828 | 4,653 | 175 | 0 |
| Cash and cash equivalents at end of year | 4,271 | 4,070 | 201 | 0 |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 269)
| FY24
(EUR million) |
CONSOLIDATED CASH FLOW | Cash flows of ex-infrastructure project companies | Cash flows of infrastructure project companies | Intercompany eliminations |
|---|---|---|---|---|
| Adjusted EBITDA* | 1,342 | 269 | 1,075 | -2 |
| Dividends from projects | 363 | 947 | 0 | -584 |
| Other cash flows from (used in) operating activities | -221 | -168 | -55 | 2 |
| Cash flows from (used in) operating activities excluding tax payments | 1,485 | 1,048 | 1,021 | -584 |
| Tax payments | -192 | -187 | -5 | 0 |
| Cash flows from (used in) operating activities | 1,293 | 861 | 1,016 | -584 |
| Investments | -1,697 | -1,591 | -184 | 79 |
| Interest received and other investing activities Cash flows | 428 | 170 | 258 | 0 |
| Divestments | 2,582 | 2,582 | 0 | 0 |
| Cash flows from (used in) investing activities | 1,314 | 1,161 | 74 | 79 |
| Activity cash flow | 2,606 | 2,022 | 1,089 | -505 |
| Interest paid | -464 | -86 | -377 | 0 |
| Cash dividend and treasury share purchases | -831 | -831 | 0 | 0 |
| Cash dividend | -130 | -130 | 0 | 0 |
| Treasury share repurchase | -701 | -701 | 0 | 0 |
| Other treasury share repurchase | -272 | -272 | 0 | 0 |
| Other shareholder remuneration for subsidiary minorities | -444 | -114 | -911 | 580 |
| Other cash flows from (used in) financing activities | -580 | -672 | 167 | -75 |
| Cash flows from (used in) financing activities | -2,591 | -1,975 | -1,121 | 505 |
| Effect of exchange rate on cash and cash equivalents | 59 | 54 | 5 | 0 |
| Change in cash and cash equivalents due to consolidation scope changes | -35 | -32 | -3 | 0 |
| Change in cash and cash equivalents from discontinued operations | 0 | 0 | 0 | 0 |
| Change in cash and cash equivalents | 39 | 68 | -29 | 0 |
| Cash and cash equivalents at beginning of year | 4,789 | 4,585 | 204 | 0 |
| Cash and cash equivalents at end of year | 4,828 | 4,653 | 175 | 0 |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 269)
EX-INFRASTRUCTURE PROJECT CASH FLOWS*
Cash flows from (used in) operating and investing activities
The ex-infrastructure cash flows from (used in) operating and investing activities are as follows:
| FY 25 (EUR million) | Cash flows from (used in) operating activities | Cash flows from (used in) investing activities | Total |
|---|---|---|---|
| Highways projects** | 880 | -1,317 | -437 |
| Airports proyects** | 30 | 837 | 866 |
| Construction | 597 | -166 | 431 |
| Energy | 85 | -95 | -10 |
| Other*** | -207 | -71 | -278 |
| Interest received and other investing activities Cash flows | 0 | 130 | 130 |
| Total excluding tax payments | 1,385 | -682 | 703 |
| Tax payments | -100 | 0 | -100 |
| Total | 1,285 | -682 | 603 |
**Cash flows from operating activities in Highways and Airports refers to dividends
***Others includes the operating cash flow from Corporate Business, Airports, Highways & Energy headquarters, along with Services business.
| FY 24 (EUR million) | Cash flows from (used in) operating activities | Cash flows from (used in) investing activities | Total |
|---|---|---|---|
| Highways projects** | 895 | -426 | 468 |
| Airports proyects** | 8 | 1,486 | 1,493 |
| Construction | 291 | -113 | 178 |
| Energy | 1 | -102 | -101 |
| Other*** | -146 | 147 | 0 |
| Interest received and other investing activities Cash flows | 0 | 170 | 170 |
| Total excluding tax payments | 1,048 | 1,161 | 2,209 |
| Tax payments | -187 | 0 | -187 |
| Total | 861 | 1,161 | 2,022 |
**Cash flows from operating activities in Highways and Airports refers to dividends
***Others include the operating cash flow from Corporate Business, Airports, Highways & Energy headquarters, along with Services business
Cash flows from (used in) operating activities
As of December 31, 2025, ex-infrastructure cash flows from (used in) operating activities before tax totaled EUR 1,385 million, compared to EUR 1,048 million in 2024, on the back of higher operating cash flow from Construction activity and Energy, together with higher dividends from Airports.
**Cash flows from operating activities in Highways and Airports refers to dividends
***Others include the operating cash flow from Corporate Business, Airports, Highways & Energy headquarters, along with Services business.
Breakdown of cash flow from Construction:
| Construction (EUR million) | FY25 | FY24 |
|---|---|---|
| Adjusted EBITDA* | 511 | 430 |
| Adj. EBITDA infrastructure projects | 12 | 8 |
| Adj. EBITDA ex-infrastructure projects | 499 | 422 |
| Dividens for projects | 1 | 34 |
| Other Cash Flows from (used in) operating activities (ex Tax payments ex infrastructure projects) | 97 | -164 |
| Construction Ex Infrastructure Cash Flows from (used in) operating activities Ex Tax payments | 597 | 291 |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures annex in the Integrated Annual Report (page 269)
Dividends received from projects reached EUR 968 million in 2025 (EUR 947 million in 2024).
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures annex in the Integrated Annual Report (page 269)
Dividends from Highways projects totalled EUR 880 million in 2025 (EUR 895 million in 2024). The 2024 dividend figure included the first dividend distributions from I-77 (EUR 205 million) and I-66 (EUR 89 million).
| Highways Dividends (EUR million) | FY 25 | FY 24 |
|---|---|---|
| 407 ETR | 452 | 321 |
| NTE | 120 | 103 |
| LBJ | 59 | 54 |
| NTE 35W | 102 | 87 |
| I-77 | 33 | 205 |
| I-66 | 89 | 89 |
| IRB | 1 | 7 |
| IRB Private InvIT | 5 | 4 |
| Irish highways | 0 | 2 |
| Portuguese highways | 1 | 1 |
| Australian highways | 5 | 7 |
| Spanish highways | 7 | 10 |
| Other | 5 | 5 |
| Total | 880 | 895 |
Dividends from Airports projects were EUR 30 million in 2025, including EUR 16 million from Heathrow airport.
| Airports Dividends (EUR million) | FY 25 | FY 24 |
|---|---|---|
| Heathrow | 16 | 0 |
| FMM | 7 | 8 |
| Dalaman | 7 | 0 |
| Total | 30 | 8 |
Cash flows from (used in) investing activities
| FY 25 (EUR million) | Investments | Divestments | Cash flows from (used in) investing activities |
|---|---|---|---|
| Highways | -1,317 | 0 | -1,317 |
| Airports | -236 | 1,073 | 837 |
| Construction | -172 | 6 | -166 |
| Energy | -95 | 0 | -95 |
| Other | -149 | 78 | -71 |
| Interest received and other investing activities Cash flows | 130 | 0 | 130 |
| Total | -1,840 | 1,158 | -682 |
| FY 24 (EUR million) | Investments | Divestments | Cash flows from (used in) investing activities |
|---|---|---|---|
| Highways | -738 | 311 | -426 |
| Airports | -521 | 2,006 | 1,486 |
| Construction | -123 | 10 | -113 |
| Energy | -102 | 0 | -102 |
| Others | -108 | 254 | 147 |
| Interest received and other investing activities Cash flows | 170 | 0 | 170 |
| Total | -1,421 | 2,582 | 1,161 |
INFRASTRUCTURE PROJECT CASH FLOWS*
Cash flows from (used in) operating activities
As regards cash flows for companies that own infrastructure project concessions, these primarily include revenues from those companies that are currently in operation, though they also include VAT refunds and payments corresponding to projects currently in the construction phase.
The following table shows a breakdown of cash flows from (used in) operating activities from infrastructure projects.
Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures annex in the Integrated Annual Report (page 269)
Cash flows from (used in) investing activities
The following table shows a breakdown of the Cash flows from (used in) investing activities from infrastructure projects, mainly payments made in respect of capital expenditure investments over the year.
This change was mainly driven by the investments in Energy projects reported within the Others line, as well as the increase in capex in NTE associated with the Capacity Improvements construction works executed in 2024 and 2025. In 2024, capital expenditures in NTE 35W corresponded primarily to Segment 3C.
| (EUR million) | FY 25 | FY 24 |
|---|---|---|
| LBJ | -5 | -6 |
| NTE | -139 | -83 |
| NTE 35W | -3 | -27 |
| I-77 | -5 | -7 |
| I-66 | -5 | -3 |
| Spanish highways | -4 | -5 |
| Other | 0 | 0 |
| Total highways | –161 | -131 |
| Other | -305 | -55 |
| Total projects | -466 | -185 |
| Equity Subsidy | 0 | 0 |
| Interest received and other investing activities Cash flows | 109 | 258 |
| Cash flows from (used in) investing activities | –357 | 73 |
Cash flows from (used in) financing activities
Cash flows from (used in) financing activities includes the payment of dividends and the repayment of equity by concession-holding companies to their shareholders, along with the payments for share capital increases received by these companies. In the case of concession holders which are fully integrated within Ferrovial, these amounts represent 100% of the amounts paid out and received by the concession-holding companies, regardless of the percentage share that the Company holds in such concessions. No dividend or Shareholder Funds’ repayment is included for equity-accounted companies.
The interest cash flow refers to the interest paid by the concessionholding companies, together with other fees and costs closely related to the acquisition of financing. The cash flow for these items relates to interest costs for the period, along with any other item that represents a direct change in the net debt amount for the period.
