Ferrovial N.V.

Good afternoon, everybody. This is Silvia Ruiz speaking, and I would like to thank you and welcome you to For Real's conference call to discuss the company's financial results for the first half of 2026. I am joined here today by our CEO, Ignacio Madridejos, and our CFO, Ernesto Lopez Mozo. Just as a reminder, both the results report and presentation were made available on our website yesterday evening after the U.S. market was closed. At the end of the presentation today, there will be a Q&A session. As in previous calls, you will have the opportunity to ask questions live. In order to do so, you will need to join the call through the conference call channel and press star 5 on your phone keypad. If you prefer, you can send questions to the forum including the webcast and I will be reading them out loud at the end of the Q&A session. Before starting... Please take a moment to look at the safe harbor statement included in the presentation, and please bear in mind that the presentation contains forward-looking statements and expectations that are subject to certain risks and uncertainties, so actual figures may differ. During this call, we will discuss non-IFRS financial measures, which are defined and reconciled to the most comparable IFRS measures in our results report and in our website. With all this, I will hand over to Ignacio. Ignacio, the floor is yours.

Thank you Silvia and hello everyone and thank you for joining us today to review Ferrovial's results for the first half of 2026. Overall the semester saw a strong performance driven by our North American highways that saw an outstanding revenue growth and our construction business which delivered revenue growth while maintaining its profitability target. In airports, new terminal 1 at JFK has submitted a completion remedial plan with March 2027 as the date for phase A DBO. In terms of cash, we closed the first six months of the year with an ex-debt cash position of 1.3 billion euros, excluding infrastructure projects. The primary sources of cash included construction, operating cash flow of 329 million euros, Dividends collected from projects of 378 million euros and investments of 96 million euros, mainly from Silverton panel in the UK and transmission lines in Chile. The cash outflows consisted mainly of the equity injection in NTO that amounted to 63 million euros together with 398 million euros of cash dividends and treasury share purchases. Regarding recent developments, we submitted bids for two new managed lanes projects, the I-24 in Tennessee and the I-285 in Georgia. We'll know the results in the third quarter of the year. Additionally, our bid for the certified highway in the Czech Republic and availability project was noted as the most cost-effective and the bids technical evaluation process is currently ongoing. Moving now to our main infrastructure assets and starting with 407 ETR. The 407 ETR grew revenue by 18.7% in the first half of the year compared with the same period last year. Toll revenue increased 20.2%, primarily driven by higher toll rates, which went into effect on January 1st, 2026. The traffic grew by 1.8% in the first half of the year, Driven by targeted commercial promotions. As a result, EBITDA increased by 24.4% versus the first half of 2025, including a scheduled 22 provision of 5.5 million Canadian dollars, significantly lower than the 45.2 million Canadian dollars in 2025. In the second quarter of 2026, traffic was 2.7% lower than in 2025. Reflecting softer economic activity, reduced rehabilitation construction on alternative highways and adverse weather conditions, while commercial promotions continue with a more targeted approach that enhances customer value while supporting N.V. In terms of dividends, $500 million Canadian dollars was paid in the first half and another $550 million Canadian dollars was approved to be distributed in the third quarter of the year. Moving on to Dallas-Fort Worth managed lanes, in terms of traffic, the area remains strong, while traffic in our managed lanes was impacted by construction works and less favorable weather. In terms of operating results, the three projects posted solid growth versus last year, both in terms of revenue and EBITDA, despite the increase in revenue share. Looking at each of the assets, at NTE, Traffic was impacted by the capacity improvement construction works and declined 0.6% in the second quarter and 2% in the first half of the year. Adjusted EBITDA grew by 14.7% in the first half and it was impacted by $6.5 million of revenue share. LBJ grew transactions by 2.9% in the first half of the year, with traffic increasing by 6.9% in the second quarter, reflecting greater utilization of the managed lanes as construction works on the I-635 East feeder corridor approach completion. Adjusted EBITDA grew by 15.2% in the first half. NTE35 West traffic was affected by the increased congestion at managed lanes entry-exit points, which created bottlenecks, as well as by the finalization of capacity restrictions due to construction works on nearby road one-to-one. Transactions decreased by 0.2% in the second quarter and grew by 0.4% in the first half of the year. Adjusted, the Vida, which grew by 18.6% in the first half, was impacted by $15.8 million of revenue share. All our Dallas-Fort Worth managed lanes registered double-digit growth in revenue per transaction well above inflation. This was driven by several factors. A favorable traffic mix with higher heavy vehicles volumes thanks mostly to technology enhancements in camera recognition that started to be implemented in 2025 which improved vehicle classification, as well as higher number of mandatory mode events at NTE and NTE 35 West. In the first half of 2026, revenue per transaction grew by 18.9% in NTE, 11.7% in LVA, and 17.3% in NTE 35 West. Following this robust operating performance, all three Dallas forward managed lanes delivered high dividend distributions in the first half of the year. NTE distributed $118 million. LBJ $61 million and NTE 35 West $143 million. All these figures are at 100% level. Now moving to I-66, traffic grew by 8.5% in the first half of the year, driven by increased traffic in the corridor and despite adverse weather conditions. Revenue per transaction grew by 8.7% in the first half of the year and total revenue increased by 17.9% driven by higher toll rates with adjusted EBITDA up 24%. In terms of dividends, I66 distributed $80 million at 100% level. At I-77, traffic declined by 4.8% in the second quarter and 5.2% in the first half, primarily reflecting lower congestion in the corridor. Performance was also affected by a challenging comparison against early 2025 when traffic benefited from alternative lane closures following Hurricane Helene, as well as adverse weather conditions throughout first half of 2026. Despite this, revenue per transaction increased by 11.8% in the first half of the year, reflecting higher toll rates. However, adjusted EBITDA declined by 5.4% compared to first half of 2025, negatively impacted by the step-up in revenue share fund from 25% to 50%. This is largely a first-year effect. and is expected to normalize as revenues continue to grow within the new share band. First half adjusted EBITDA included the accrual of $15.6 million of revenue share. Additionally, I-77 distributed $18 million in dividends. Turning to airports, starting with new Terminal 1 at JFK, NTO has submitted a completion remedial plan with March 2027 as the date for Phase A date of beneficial occupancy. As of the end of the first half of 2026, the project had reached approximately 92% construction progress. Remaining activities are mainly systems integration, testing, and commissioning. Airline engagement continues with commitments today from 32 airlines, including 24 executed agreements and 8 letters of intent. In terms of equity, we injected the remaining 63 million euros, completing all equity commitments and bringing total investment to 1,041 million euros. At Dalaman Airport, the first half of the year was impacted by the Middle East conflict, resulting in total passengers of 1.8 million, showing a decline of 8.1% compared to the first half of 2025, mainly international passengers. Adjusted EBITDA was 13.7% lower than the first half of last year. Moving to construction, the business posted solid results. with revenue growing by 7.1% in reported figures and 9.7% in like-for-like terms for the first six months of the year, while margins remain stable at 3.5% adjusted EBIT margin. Goodimex maintained healthy margins at 6.9% adjusted EBIT and delivered higher like-for-like revenues. Weber continued to benefit from strong growth with a 24.2% like-for-like increase in revenues, leading to higher profitability with 3.4% adjusted EBIT margin due to positive operating leverage. Ferrovial construction margins were stable with higher revenues increasing by 4% in like-for-like terms compared to the first half of last year. The order book remained at an all-time high of 18 billion euros, up 2.8% like for like versus December 2025, excluding approximately 2.6 billion euros of additional pre-awarded contracts pending financial clause as of June 2026. Operating cash flow of the division was 329 million euros for the first half of the year compared to a negative operating cash flow last year, mainly driven by prepayments and compensations received in North America. Now Ernesto will continue with main financial information.

Thanks Ignacio and hello everybody attending the call. Well I shall start with the consolidated P&L. I shall cover the lines below the EBITDA level. Depreciation has increased in line with higher capex in construction. Here we have higher activity and also increasing self-performance. And also with a traffic profile in highways where we have higher weight of traffic in the earlier years in the current business plan. The line of disposal and impairments, here we have smaller divestments in 2026 versus 2025. Mainly in 26, we have a transmission line in Chile that was sold and also Silvertown Tunnel, an availability payment concession in the UK. In 2025, remember that we had the sale of AES in airports. In financial results from infrastructure projects, I mean, that is a number that is pretty much unchanged year on year with some small impacts canceling each other. I mean, we have some lower expenses from a Thank you very much. Thank you very much. and you take into account that the tax on the U.S. concessions is accrued or accounted for already at our percentage ownership. You don't need to deduct minorities. You come to this level. The net P&L from these continued operations reflects earners from businesses from the diverse services division. Okay, so let's move on to review the consolidated net debt. We entered the... Thank you very much. This is mainly highways with 150 from the 407, 158 million euros from the Dallas-Fort Worth managed lanes. And then we have 38 million from I-66 and I-77 last comes with 11 million euros of dividends. Then we have the construction operating cash flows, ex-tax payments and ex-dividends. This reached 329 million euros. This is driven by prepayments and payments that were pending from Canada, the Ontario line. So prepayments in the U.S. and this catching up in Canada. Tax payments reached 48 million euros. And here we have the main component is 26 million euros from Budimex, the corporate income tax there. In terms of investments, we had 187 million euros of investments. The main one, as was commented before by Ignacio, is the last equity increase here in Phase A of 63 million euros. And we also have investments in energy and some projects in Leon County in Texas, 65 million euros that we are considering here, 35 are from this solar project that I mentioned. And then in construction we have 49 million euros. Then we go on with the interest received on other investment activities, cash flow, this is 57 million euros and this is basically cash remuneration on the equity we have. Then we have divestments that reached 96 million euros, and this is largely driven by the Silvertown Tunnel I mentioned in the last slide, and also the transmission in Chile, right? This is the most important part, 78 million in total, these two divestments.