Ferrovial N.V.

Good afternoon, everybody. This is Silvia Ruiz speaking. I would like to welcome you to Frovial's conference call to discuss the company's operating results for the third quarter of 2026 and the specific presentations from recent awards in Nashville and Atlanta. I'm joined here today by our CEO, Ignacio Madridejos, and our CFO, Ernesto Lopez Mozo. Just as a reminder, the presentations and the results report are available on our website. 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 through the forum included in 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 presentations 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 also 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 Ernesto to cover the third quarter operating results. Ernesto, the floor is yours.

Thank you, Silvia, and good morning or good afternoon, everyone. Thank you for joining us today to review Ferrovial's operating results for the first nine months of 2026. Overall, the first nine months of 2026 showed strong growth across our core businesses, particularly highways and construction. In highways, 407 ETR delivered robust revenue growth despite lower traffic, while all our used managed lanes posted double-digit growth in revenue per transaction. Construction continued to improve profitability, with the adjusted EBIT margin reaching 4.1% in the first nine months. In airports, March 2027 remains the phase 8 DBO, which is subject to, among other factors, contractor fulfillment of the remediation plan submitted to the authority. In terms of cash, we closed September with a net cash position of 1,660 million euros, 1.66 billion euros, excluding infrastructure project companies. The primary sources of cash were 604 million euros of dividends from projects and 591 million euros of construction operating cash flow Excluding tax payments and dividends. We also received 96 million euros from divestments mainly Silvertown Tunnel and TransChile. The main cash outflows included a 63 million euros equity contribution to New Terminal 1 and 461 million euros related to the cash dividend and treasury share purchases. Regarding recent developments, our consortium was awarded I-24 Southeast Choice Lansing Novel and Rich Commercial closed in September. In October, we were also awarded I-285 East Express Lanes and our consortium was elected to deliver the D35 Highway P3 project in the Czech Republic. Additionally, we have announced the second script dividend for an aggregate amount of 600 million euros, payable in cash or for real shares at the election of our shareholders. Let's move now to the 407 ETR. The 407 ETR delivered solid revenue growth in the period despite lower traffic. In the first nine months, revenue grew by 18.4%. Toll revenue growth was primarily driven by higher toll rates which went into effect on January 1, 2026. EBITDA grew by 21% in the first nine months. This includes a Schedule 22 payment provision of C$12.6 million, compared with C$35.4 Thank you very much. Traffic declined 7.1% in the third quarter. Looking at the year-on-year comparison, it is important to bear in mind the different promotional approach, with more targeted promotions in 2026 compared with 2025. Traffic was also affected by slower economic growth, particularly impacting heavy vehicles and sectors exposed to tariffs and discretionary trips. GDP in the region is almost flat in 2026, but major Canadian banks expect growth between 1 to 2% in 2027. Also affecting traffic were unfavorable weather, the timing of holidays, and lower maintenance activity on alternative roads. Dividend distributions remained strong. 407 ETR distributed 1.05 billion Canadian dollars during the first nine months, and a further 1.05 billion Canadian dollars dividend was approved for the fourth quarter. This brings total dividends approved in 2026 to 2.1 billion Canadian dollars compared to 1.5 billion Canadian dollars in 2025. And now covering Dallas forward managed lanes, the managed lanes continue to show solid demand and strong operating performance despite construction works and capacity constraints in parts of the network. 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 declined by 2.5% in the quarter and 2.2% in the first nine months, reflecting the impact from capacity improvement works. These works opened to traffic ahead of schedule on September 25, except for two additional ramp projects that remain under construction. Despite lower traffic, NT revenue grew by 14.8% in the first nine months. Adjusted EBITDA increased by 12.3% year-to-date, and it was impacted by $9.8 million of revenue share. At LBJ, traffic trends improved significantly after completion of the I-635 feeder corridor, reflecting greater utilization of the managed lanes. Transactions increased 5.6% in the quarter and 3.9% in the first nine months. Revenue grew 16.3% with adjusted EBITDA up 15.9% in the first nine months. At NTE 35 West, transactions declined 1.1% in Q3 and 0.2% in the first nine months. Traffic performance was affected by capacity constraints starting to occur in certain management sections as congestion increased. Revenue grew by 15.8% in the first nine months while adjusted EBITDA increased 15.1%. impacted by $23.5 million of revenue share. The next slide shows all our Dallas forward managed lanes registering double-digit growth in revenue per transaction, significantly outpacing inflation. This was driven by several factors. A favorable traffic mix with higher heavy vehicle volumes, thanks mostly to technology enhancements in camera recognition that started to be implemented in 2025. This improved vehicle classification. As well as a higher number of mandatory mode events at NTE and NTE35 West. For the first nine months, revenue per transaction increased 17.1% at NTE, 12% at LBJ, and 15.6% at NTE35 West. Looking at revenue per transaction growth in Q3 compared with Q2, At NTE, the lower growth in revenue per transaction mainly reflects fewer and less intensive mandatory mode events during the third quarter. At NTE 35 West, the comparison base is becoming more demanding as the benefits from improved vehicle classification began to have an impact in September 2025, while mandatory mode events also became more significant around the same period last year. As a result, the year-on-year contribution from both effects is now starting to normalize. The operating performance supported higher distributions at the portfolio level. Dividend distributions for the first nine months were at 100% stake, $118 million for NTE, $61 million for LBJ, and $143 million for NTE 35 West. No changes versus June, as these projects usually distribute dividends in June and December. Let us now turn to I-66 and I-77. IC66 delivered an outstanding performance. Transactions increased 4.1% in the third quarter and 7% in the first nine months. Revenue per transaction grew 10% in the first nine months of the year and revenue increased 17.7% driven by higher toll rates, with adjusted EBITDA up 18.1%. In Q3, the adjusted EBITDA margin was lower than in the first nine months of the year, mainly due to higher provision for doubtful accounts related to video transactions. In terms of dividends, I-66 distributed $80 million in the first nine months at 100%, compared with $64 million in the same period last year. At I-77, traffic declined by 5.3% in the quarter and 5.2% year-to-date. Performance was affected by heavy vehicles shifting to alternative routes, increasing available capacity in the corridor, and summer travel showing fewer leisure trips in the third quarter. Revenue per transaction increased by 11% in the first nine months and revenue grew by 5.4%. However, adjusted EBITDA declined 6.1%, mainly reflecting the step-up in the revenue share band from 25% to 50%. This EBITDA impact is largely a first-year effect and is expected to normalize over time as revenue grows within the new band. I-77 distributed $18 million in the first nine months at 100% compared with $22 million last year. Turning to airports and starting with new Terminal 1 at JFK. March 2027 remains the Phase A DBO date. This is subject to contractor execution and other factors, including the sequencing of the remaining activities, achievement of the required KPIs, and coordination with key stakeholders, including CBP and TSA. The first set of basic trials has been completed, and the remaining activities are focused on systems integration, testing, and commissioning. New Terminal 1 has reached 32 airline agreements comprising 24 executed agreements and 8 letters of intent as of the date of publication of the results. The international traffic performance at JFK has been affected by geopolitical developments and by FAA measures taken to manage New Yorkers by capacity constraints. Those are related to air traffic controller staffing mainly. Given the current market conditions, the Port Authority's Board of Commissioners approved extensions to the Phase B1 and B2 construction milestones, with the notice to proceed deadline extended to September 2030 for Phase B1 and June 2033 for B2. Our equity commitments have been completed following the 63 million euros contribution invested in the second quarter. Total equity invested is 1 billion 42 million euros. Moving to Dalaman, passenger traffic reached 4.5 million in the first nine months. This is 4% lower than last year, mainly due to lower international volumes affected by geopolitical challenges in the Middle East, but this was partially offset by a strong domestic traffic growth. Revenue declined by 7.1% and adjusted EBITDA declined 7.7% in the first nine months, reflecting softer international traffic levels. Moving now to construction, the business division delivered strong profitability and a record order book. Revenue reached 5.8 billion euros in the first nine months, increasing 9.1% like for like, with adjusted EBIT margin improving to 4.1% from 3.7% last year. Recording a solid 5.1% adjusted EBIT margin for the third quarter as well. Udimex maintained healthy profitability with a 6.9% adjusted EBIT margin for the first nine months of the year and delivered higher like-for-like revenues. Weber increased its adjusted EBIT margin to 3.6% in the first nine months of the year, supported by 17% like-for-like revenue growth and operating efficiencies. Ferrovial Construction improved its adjusted EBIT margin to 2.6% from 1.7%. for the first nine months of the year. This reflected better execution in North America, the United Kingdom and Spain, and lower bidding costs following the submission of major bids in July and higher revenue. The order book reached a new all-time high of 19 billion euros and increased 8.2% like for like compared with December 2025. The composition of the order book remains very healthy. It does not reflect roughly 8.7 billion euros in contracts that are pre-awards or pending financial clauses of September 2026. These are mainly related to the I-24 and Budimex contracts.

Half of our backlog is in our core US and Canada market, which we expect will continue to support future growth.