Ferrovial N.V.

Good afternoon, everybody. This is Sylvia Ruiz speaking, and I would like to welcome you to FROBIAL's conference call to discuss the financial results for the full year 2023. I am joined here today by our chairman, Rafael Del Pino, our CEO, Ignacio Maridejos, and our CFO, Ernesto Lopez-Mozo. Just as a reminder, both the results report and the presentation are now available on our website. Before starting, please bear in mind that in light of the ongoing regulatory review For the planned NASDAQ listing process, the company has decided to make some changes and simplifications on the reporting. Main changes affect what we call now adjusted EBITDA, which only implies a different name, as the underlying figures are calculated the same way as before. In addition to that, you will see some changes affecting the cash flow evolution that have been made in order to align it with the IAS 7 criteria. Ernesto will cover that in more detail during the presentation. At the end of the presentation, there will be a Q&A session. This time, you will have the opportunity to ask questions live. For that, you will need to join the call through the conference call channel and press star five on your phone keypad. If you prefer, you can send them through the forum included in the webcast, and I will be reading them out loud. With all this, I will hand over to Rafael. Rafael, the floor is yours.

Thank you, Silvia, and good afternoon, everyone. Ferrovial showed a strong performance in its main infrastructure assets in 2023. In toll roads, all North American assets posted double-digit revenue growth in the year due to higher traffic and, in the case of the managed lanes, revenue per transaction increased well above inflation. Airports showed a relevant traffic recovery across the portfolio. Dalaman in Turkey reached an all-time traffic high, and Heathrow in the UK had its third busiest year ever, welcoming 79.2 million passengers. In construction, profitability was impacted by the completion works of large projects in the US, posting an adjusted EBIT margin of 1.1%. We ended the year with a strong ex-infrastructure net debt position, reaching minus 1.1 billion euro, meaning a net cash of over 1 billion. We received 741 million euro in dividends from our infrastructure assets, including NTE 35 West's first dividend distribution of 251 million for Ferroville. During the year, we invested €444 million, including equity injections in new projects, and returned €250 million to our shareholders. We have also had two significant developments in 2023. First, Ferrovial's shares started trading on Euronext Amsterdam in June. This dual listing is a step in Ferrovial's reorganization to align the corporate structure with the company's international profile. We are currently working on the next milestone, the US listing. On January 5th, the company submitted the first public SEC filing, 20F, and later hosted the Capital Markets Day in New York. Second, we reached an agreement to sell our 25% stake in Heathrow's parent company for $2.4 billion. This transaction is subject to the satisfaction of all shareholders' tag-along rights and regulatory conditions. ESG is embedded in our business strategy. Proof of this commitment was Tarroviel's successful issuance of a €500 million sustainability-linked bond. The company has also received the Top Employer 2023 recognition as one of the best companies to work for in Spain and was also named one of the world's leading environmental companies by the Carbon Disclosure Project. In the following slide, we will review some of the main figures for the year. Revenues stood at €8.5 billion, supported by higher revenues from toll roads and construction. Adjusted VDA reached €991 million, 40.6% above 2022 figures in comparable terms, mainly due to a higher contribution of the U.S. toll road assets. Construction order book is at an all-time high of 15.6 billion euro, with almost 50% coming from North America. Dividends from projects reached 741 million euro, including the first distribution from NTE 35 West. Net debt position ex-infra projects reached minus 1.1 billion euro. And finally, total shareholder return in 2023 was 38.4%. Now, I will hand it over to Ignacio, who will review Ferrovial's strategy and the 2023 results by business unit.

Thanks, Rafael.