APPENDIX

Appendix III - Highways details by asset

HIGHWAYS – GLOBAL CONSOLIDATION

(EUR Million)	TRAFFIC (Million of transactions)			REVENUE			ADJ. EBITDA*			ADJ. EBITDA MARGIN*		NET DEBT*
Global consolidation	FY 25	FY 24	VAR.	FY 25	FY 24	VAR.	FY 25	FY 24	VAR.	FY 25	FY 24	FY 25	SHARE
NTE	37	39	-4.7%	286	276	3.4%	246	244	0.9%	86.0%	88.1%	1,261	63.0%
LBJ	46	46	-0.1%	216	208	3.9%	178	171	4.4%	82.7%	82.3%	1,735	54.6%
NTE 35W	52	51	2.9%	325	296	9.8%	260	246	5.8%	80.1%	83.1%	1,397	53.7%
I-77	42	43	-2.0%	115	98	16.6%	71	64	11.5%	62.2%	65.1%	396	72.2%
I-66	35	32	7.4%	268	228	17.4%	218	181	20.3%	81.4%	79.5%	1,489	55.7%
TOTAL USA				1,209	1,107	9.3%	974	906	7.5%			6,278
Autema**	19,446	17,405	11.7%	81	73	10.7%	72	65	11.3%	89.0%	88.5%	541	76.3%
Aravia**	41,690	39,811	4.7%	44	34	29.8%	37	25	48.1%	82.5%	72.3%	-37	100.0%
TOTAL SPAIN				125	107	16.8%	108	89	21.5%			504
Via Livre				9	16	-40.5%	1	3	-58.1%	12.2%	17.3%	-6	84.0%
TOTAL PORTUGAL				9	16	-40.5%	1	3	-58.1%			-6
TOTAL HEADQUARTERS AND OTHER***				31	27	14.9%	-94	-79	-18.4%			11
TOTAL HIGHWAYS				1,374	1,256	9.4%	990	918	7.7%	72.0%	73.1%	6,787

*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)
**Traffic in ADT (Average Daily Traffic)
***Revenue and Adjusted EBITDA include Headquarters and Other, while Net Debt refers only to Next Move

HIGHWAYS – EQUITY-ACCOUNTED

(EUR Million)	TRAFFIC (ADT)			REVENUE			EBITDA			CONTRIBUTION TO FERROVIAL EQUITY ACCOUNTED RESULT			NET DEBT
Equity accounted	FY 25	FY 24	VAR.	FY 25	FY 24	VAR.	FY 25	FY 24	VAR.	FY 25	FY 24	VAR.	FY 25	SHARE
407 ETR (VKT million)	2,819	2,658	6.1%	1,272	1,151	10.6%	1,068	997	7.2%	217	188	15.7 %	6,528	48.3%
M4*		38,121	n.a.		29	n.a.		16	n.a.		2	n.a.
M3*		45,156	n.a.		10	n.a.		5	n.a.		0	n.a.
A-66 Benavente Zamora*					21	n.a.		18	n.a.		3	n.a.
Serrano Park*					5	n.a.		3	n.a.		0	n.a.
Silvertown Tunnel				63	49	28.7%	56	49	15.9%	2	2	39.8%	1,350	22.5%
Ruta del Cacao				141	135	4.0%	115	118	-2.9%	6	7	-9.3%	282	30.0%
EMESA**				34	200	-83.1%	4	114	-96.4%	-3	11	-122.8%	15	10.0%
IRB				716	894	-19.9%	313	449	-30.3%	25	13	98.8%	1,050	19.9%
IRB Private InvIT				653	243	168.1%	283	114	148.6%	-6	-8	25.5%	1,614	24.0%
Toowoomba				24	26	-8.3%	5	3	101.3%	2	1	89.5%	187	40.0%
OSARs				6	7	-12.7%	5	6	-14.6%	1	2	-19.2%	179	50.0%
Zero ByPass (Bratislava)				38	40	-4.1%	32	33	-3.8%	1	2	-34.3%	748	35.0%

*Following the Umbrella Roads BV transaction completed in October 2024, the M4, M3, A-66 Benavente-Zamora, and Serrano Park were divested.
** In December 2025, Madrid City Council acquired the 20% stake in Calle 30 previously held by EMESA (Ferrovial holds a 50% stake in EMESA).