INNOVATION, DIGITALIZATION AND TECHNOLOGY APPLIED TO THE BUSINESS

SBM-3 – MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL

The rapid evolution of digital technologies generates material impacts that transform Ferrovial’s business model, creating both risks and strategic opportunities. Cross-cutting digitalization and the accelerated adoption of emerging technologies improve efficiency, competitiveness and operational resilience, but also increase exposure to cyber threats, privacy risks, technological obsolescence and regulatory pressure. These factors require ongoing investment in digital capabilities and strong governance to ensure the sustainability of changes.

The ReadIT 2027 strategy is implemented as a response to this environment by integrating innovation, resilience and value creation within a framework directly applied to business targets. The most relevant impacts include the transformation of processes and platforms, migration to the cloud and the adoption of artificial intelligence, reducing timelines, optimizing costs and enabling new data-based business models. However, these advances come with critical risks: cybersecurity vulnerabilities that can compromise assets and reputation, potential regulatory non-compliance in increasingly demanding environments, and cultural reluctance that limits adoption and reduces returns on investment (ROI).

In the face of these risks, material opportunities emerge, strengthening Ferrovial’s competitive position: the automation of tasks and workflows, the creation of scalable digital products, collaboration with startups in the fields of robotics, digital twins and virtual reality, as well as the exploitation of advanced analytics for data-driven decisions. The interaction between these elements is structured through initiatives ensuring operational resilience –such as the improvement of cybersecurity posture, obsolescence monitoring and the automation of SOX controls– while promoting open innovation and technological experimentation in real use cases.

Additionally, the investment in artificial intelligence initiatives and the associated governance framework reflects Ferrovial’s commitment to a sustainable and structured integration of AI into processes and platforms, reducing risks associated with accelerated adoption and ensuring positive long-term impacts. This strategy not only mitigates threats but also turns digital transformation into a driver of efficiency, competitiveness and diversification, aligning each initiative with the corporate objectives and targets defined for 2027.

Ferrovial assumes that technological innovation must come with responsibility, transparency and alignment with corporate values. For this reason, it has defined a governance and ethical principles framework that guides the development and application of AI solutions in all business areas. This framework is built around five core pillars:

1. Transparency and explainability
   Each model must be understandable and auditable, ensuring that automated decisions can be explained to internal teams and stakeholders. This aspect reinforces trust and accountability.
2. Human supervision in critical decisions
   The “human in the loop” principle is applied to ensure that AI acts as a support tool, not a substitute for professional judgment, especially in sensitive processes.
3. Data protection and privacy
   All solutions comply with the GDPR and applicable regulations, incorporating anonymization and encryption techniques to safeguard customer, employee and partner information.
4. Equity and Bias Mitigation
   Continuous validation processes are established to detect and correct biases in data and algorithms, avoiding discriminatory impacts and ensuring fair results.
5. Sustainability and ESG alignment
   AI is assessed not only for its economic impact, but also for its contribution to sustainability and social responsibility targets, in line with Ferrovial’s ESG commitments.

To facilitate safe adoption, the Company has developed internal manuals and training programs that include practical recommendations for these of tools such as Microsoft Copilot and other generative solutions. These resources are available on the AI portal in MyForum, which centralizes documents, use cases, and communities of practice to drive a culture of digital accountability.

Ferrovial also set up review committees and ethical impact metrics that oversee the consistency between technological innovation and corporate values. This approach is complemented by the observation of international regulatory frameworks, such as the European AI Regulation, to anticipate requirements and ensure regulatory compliance.

In short, AI is not only conceived as an engine of efficiency and competitiveness, but also as a catalyst for trust, sustainability and social value, ensuring that each technological advance reinforces corporate reputation and purpose.

MDR-P: POLICIES

Ferrovial manages innovation programs and initiatives through a structured, cross-cutting policy aligned with the Company’s vision of the future. This policy, led by senior management, extends across all areas and employees at Ferrovial, and is implemented by a specialized team that manages key areas such as open innovation, growth, asset management, sustainability and the development of new business models. Each of these areas is organized into cross-cutting programs and overseen by project managers.

Ferrovial’s Innovation Policy positions innovation as a core driver for anticipating and leading the transformation of the sector, while generating sustainable and differentiated value for both the Company and society as a whole. The policy is grounded in principles such as a transformative mindset, integration of digital capabilities and advanced technologies, open collaboration with internal and external players, operational excellence, and a strong focus on sustainability and social commitment. It also ensures that innovation practices evolve in alignment with emerging regulatory frameworks such as the EU AI Act, incorporating responsible design principles and internal guidance to support the ethical, safe and compliant development of advanced technologies.

The Innovation Policy is currently cross-functional and applies across all of Ferrovial’s business lines. Ferrovial has formalized a global Innovation Policy that reflects all the efforts already underway in the field of innovation, and which is periodically reviewed to ensure alignment with environmental challenges and trends in the sector.

The Innovation Policy is designed to:

• Promote the identification and development of innovation opportunities in all areas of Ferrovial, anticipating trends and challenges within the sector.
• Deploy new products, operations, and technologies that increase productivity, strengthen resilience, and generate sustainable competitive advantages.
• Promote innovation models that integrate sustainability, social responsibility and economic viability criteria, ensuring a positive impact on the environment.
• Promote a culture of innovation grounded in the principles of collaboration, continuous learning and recognition, empowering talent and adapting to change.
• Rigorously evaluate the impact of initiatives, ensuring their tangible contribution to strategic targets and the value generated for business units.

Ferrovial’s innovation ecosystem is open and collaborative, based on co-creation and the pursuit of synergies across the global ecosystem. Priority is given to the continuous improvement of processes and integration of platforms, ensuring alignment with corporate standards and optimization of resources.

Ferrovial fosters the development of digital skills and the use of advanced tools, promoting a culture of continuous learning and adaptability to change. Innovation is focused on generating a positive impact on society and the environment, integrating sustainability, safety, ethics and compliance criteria across all initiatives.

The Innovation Policy is rigorously and regularly evaluated, reflecting Ferrovial’s commitment to anticipating trends, diversifying and adapting the business model sustainably.

MDR-A: ACTIONS

Ferrovial is undergoing a significant digital transformation aimed at enhancing its competitiveness and evolving its businesses and operations. The Company seeks to position itself as a benchmark in the use of data, technology and innovation, and to this end has defined its mission and targets through the ReadIT 2027 program, which serves as the strategic framework for digitalization and technological modernization.

The ReadIT 2027 strategy is structured around four core pillars that guide all transformation initiatives:

• Innovation Levers: This pillar fosters the generation and adoption of new technologies, encourages open collaboration with external agents and promotes the development of innovative business models. The goal is to experiment with advanced solutions, activate growth opportunities, and consolidate asset management in an efficient and sustainable manner.
• Areas of focus: This pillar brings together initiatives related to intelligent data management, automation and digitalization of processes, integration of technological platforms, development of digital skills in people and the creation of digital products and solutions based on artificial intelligence. The aim is to optimize decision-making, streamline workflows and enhance the organization’s ability to adapt.
• Fundamentals: This pillar guarantees sustainability and social commitment, reinforces operational resilience and ensures regulatory compliance. It includes responsible management of environmental, social and governance (ESG) aspects, protection against technological risks and continuous monitoring of obsolescence, ensuring a robust and future-ready business model.
• Value Levers: This pillar focuses on maximizing efficiency, strengthening risk management, improving competitiveness and facilitating the transformation and diversification of the Company. The value generated translates into tangible results for the different business units, aligning the digital strategy with corporate objectives.

Each of these pillars incorporates specific variables and key performance indicators (KPIs) with specific targets for 2027, enabling the monitoring of progress and the tangible impact of digital transformation in areas such as the adoption of data platforms, process automation, digital training, efficient asset management, sustainability and operational resilience.

The ReadIT 2027 program is designed to strengthen Ferrovial’s core business, focusing on automation, efficiency, competitiveness, agility and data monetization, while fostering a digital business culture.

To ensure the effectiveness of these initiatives, Ferrovial implemented monitoring and control mechanisms that allow the progress and impact of the strategy to be evaluated. These mechanisms include:

• The use of key performance indicators (KPIs) to track the degree of progress in each of the strategic pillars and to ensure compliance with the targets defined for 2027.
• Data management and protection and cybersecurity, supported by regulatory frameworks and specialized tools that ensure operational resilience and compliance with regulatory standards.
• Technology governance, underpinned by standardized models that facilitate the integration and oversight of digital platforms and systems throughout the organization.
• Training and digital skills development, through dedicated programs and learning pathways that promote the adoption of new technologies and the use of advanced tools such as AI and automation.
• Sustainability impact (ESG) monitoring, ensuring that digital initiatives make a tangible contribution to environmental, social and governance targets, and that these are monitored in an automated and transparent manner.

The strategy establishes quantifiable, time-bound targets linked to sustainability and operational excellence, including increased digitalization and automation, the deployment of scalable AI solutions, enhanced cybersecurity resilience, and the strengthening of the ESG strategy. These targets are monitored by KPIs aligned with the four strategic pillars and are continuously evaluated through regular reporting, AI-based process optimizations, risk tracking, and evolution of sustainability initiatives.

Stakeholder engagement plays a critical role, encompassing collaboration across business units, partnerships with technology providers, engagement with regulatory bodies, and information loops with employees and industry experts. Future developments include ongoing performance monitoring, refinement of sustainability-focused initiatives, and greater stakeholder engagement to ensure alignment with evolving ESG and digital transformation expectations.

This structured approach ensures that ReadIT 2027 aligns with Ferrovial’s broader corporate sustainability and business resilience targets while remaining adaptable to new challenges and opportunities. The program is built around value levers, from which the necessary capabilities are extracted to digitize the business and the Company as a whole.

During 2025, Ferrovial advanced the ReadIT 2027 strategy through a focused set of research and development initiatives aimed at strengthening the Company’s digital foundations and accelerating the transformation of its infrastructure and mobility businesses. These efforts continued to evolve across three strategic pillars—Innovation Levers, Focus Areas, and Fundamentals—each contributing to a more efficient, data-driven and resilient operating model.

Under the Innovation Levers pillar, Ferrovial expanded its capacity to validate emerging technologies in realistic operational environments. The Company strengthened the capabilities of Ferrovial Lab, where multi-sensor edge architectures, real-time data-fusion engines, and cloud-to-edge connectivity models were tested to support next-generation Intelligent Transportation Systems (ITS) and automation use cases. This environment also enabled the integration of digital-twin representations, providing real-time visualization of detections and operational events. In parallel, Ferrovial advanced autonomous-construction technologies, where GPS-guided machine-control systems improved execution precision, enhanced safety conditions, and generated automated quality-assurance/quality-control (QA/QC) datasets. The Company also progressed its long-standing research collaboration with the Massachusetts Institute of Technology (MIT), particularly in predictive geotechnical modelling and advanced soil-monitoring technologies, reinforcing Ferrovial’s capabilities in climate-resilient infrastructure design.

Within the Focus Areas pillar, Ferrovial continued building an integrated digital ecosystem that supports automation, analytical rigor and operational consistency. The Company made progress in the expansion of global platforms for transactional processes and the industrialization of cloud-based computer-vision systems, which enhanced automated incident detection, operational monitoring and safety analytics across several business units. Data-driven engineering also advanced through the evolution of the Smart Tunnels environment, which consolidated geotechnical models, machine telemetry, and historical production records into a unified analytical layer supporting more effective execution control and more accurate bidding processes. Ferrovial further strengthened its data-governance frameworks, including the mapping of end-to-end financial and operational data flows in its concessions business, improving the reliability, consistency and auditability of Traffic & Revenue (T&R) reporting.

The Fundamentals pillar focused on cybersecurity, regulatory compliance and sustainability-aligned innovation. In 2025, the Company enhanced its cybersecurity governance model to align with evolving international regulations, including the European Union NIS2 Directive (Network and Information Security Directive), U.S. Securities and Exchange Commission (SEC) rules on cyber governance and disclosure, and North American Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP) standards. These updates strengthened business continuity capabilities, reinforced third-party risk management, and improved integration with the corporate Governance, Risk and Compliance (GRC) platform. Ferrovial also advanced data-protection efforts through comprehensive reviews of cross-border data flows, sensitive-data inventories, and alignment with applicable U.S. privacy requirements and international data-transfer frameworks. Sustainability-oriented innovation progressed through the development of carbon-capture research, particularly in membrane-based solutions applicable to industrial environments, and through the sensorization of asphalt plants to support efficiency improvements and emissions-reduction objectives.

Across all pillars, Ferrovial continued to apply standardized technology-governance models, cybersecurity and data-management frameworks, and Key Transformation Indicators (KTIs) that monitor technology adoption and the impact of digital initiatives. Together, the Company’s 2025 R&D activities strengthened its technological foundations, enhanced operational resilience, and supported the development of innovative digital capabilities aligned with Ferrovial’s long-term competitiveness and sustainability commitments.

MDR-T: TARGETS

Ferrovial has defined a comprehensive approach to target management and performance measurement within the framework of the ReadIT27 program, aligning strategy with operational execution and impact monitoring.

1.Strategic KTIs and 2027 targets
Ferrovial’s strategy is structured around four core blocks or pillars, each supported by defined variables and technical indicators with specific targets for 2027. These blocks represent the strategic axes underpinning digital transformation and enable progress and performance to be monitored in key areas:

• Innovation levers: They drive transformation and growth by fostering the exploration of new technologies and business models, while ensuring that innovation is transversal and relevant across all areas of the Company.
• Areas of focus: They reinforce digitalization and operational excellence, promoting the efficient use of data, process automation, platform integration and the development of digital capabilities in the organization.
• Fundamentals: They guarantee sustainability, resilience and regulatory compliance, integrating ESG criteria, cybersecurity and technological surveillance to protect and strengthen the business model.
• Value levers: They translate value creation into efficiency, risk management, competitiveness and the ability to transform and diversify, aligning the results with Ferrovial’s strategic targets.

2.Impact model for initiative programs
In addition to the strategic KTIs, each program and initiative has its own impact model, that defines individual and specific targets, enabling the ongoing measurement and evaluation of progress and value creation. This model includes:

• Definition of operational and impact KPIs at the program, workflow and initiative level, adapted to the nature and scope of each project.
• Regular monitoring of results, enabling data-driven decision-making and identifying areas for improvement.
• Continuous assessment of the impact on efficiency, resilience, sustainability, innovation and competitiveness, ensuring traceability and alignment with corporate targets.
• Transparent communication of progress and results to key stakeholders, reinforcing the culture of measurement and continuous improvement.

Through this approach, Ferrovial guarantees that both the strategic target and the specific targets corresponding to each program are clearly defined, measured and aligned with the transformation vision and the 2027 targets, ensuring the value creation and tangible impact in all areas of the Company.

Confidentiality and disclosure limitations

Certain detailed quantitative information regarding specific target levels, baseline values, intermediate milestones and methodologies has not been disclosed due to confidentiality and competitive sensitivity considerations, as such information forms part of Ferrovial’s internal strategic planning and execution processes.

Nevertheless, Ferrovial confirms that all targets defined under the ReadIT27 framework are measurable, outcome-oriented and time-bound, are subject to regular monitoring through defined KPIs and governance mechanisms, and are aligned with the Company’s strategic objectives and 2027 transformation roadmap.