Sustainable financing, driving the business model toward a taxonomy portfolio

EU  TAXONOMY

Introduction

In compliance with the provisions of Regulation (EU) 2020/852 of the European Union¹ to facilitate the redirection of capital flows toward more sustainable activities, and as provided for in RD (EU) 2023/2486² and RD (EU) 2023/2485³ , Climate Delegated Act 2021/2139, Complementary Climate Act 2022/1214 and Amendments 2021/2139 , the 2024 report must report the percentage of Net Turnover, CapEx (capital expenditure) and OpEx (operational expenditure), of the Company’s activities that adhere to the requirements of the Taxonomy through the standardized formats and reporting requirements provided by RD(EU) 2021/2178 and RD (EU) 2023/2486 of the European Commission. The Management Report must report the percentage of Net Turnover, CapEx (capital expenditure) and OpEx (operational expenditure), of the Company’s activities that adhere to the requirements of the Taxonomy through the standardized formats and reporting requirements provided by RD(EU) 2021/2178 and RD (EU) 2023/2486 of the European Commission.

This section complies with the requirements established by RD (EU) 2021/2178, which specifies the content, presentation of the information and methodology to be disclosed by companies subject to Articles 19a or 29a of Directive 2013/34/EU, starting with the activity data for 2022.

In the context of the taxonomy analysis, the following concepts are distinguished:

• Eligible (Net Turnover and CapEx tables): referring to activities with alignment potential included in the objectives of the EU Taxonomy, mitigation, adaptation, use of water and marine resources, the circular economy, prevention and control of pollution, and protection and restoration of biodiversity and ecosystems, included in the documents RD (EU) 2021/2139, RD 2023/2486 and RD 2023/2485.
• Not Eligible (Net Turnover and CapEx ): referring to activities not included in the documents of the European Commission, either by:
  • Generating a significant negative impact on EU objectives.
  • Not having a substantial contribution to any of the EU Taxonomy objectives.
• Integration in future developments, revisions of the EU Taxonomy, or approvals by the European Parliament and Council.
• Aligned Eligible (Net Turnover and CapEx tables): referring to eligible activities that meet the criteria of substantial contribution (SCC) to one of the developed objectives, that ensure that they do not significantly harm the rest of the objectives (DNSH) and that they are implemented in accordance with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (Social Minimum Safeguards).
• Eligible non-aligned (Net Turnover and CapEx tables): eligible activities that do not meet any of the requirements of the alignment analysis phases described above (CCS, DNSH and Safeguards).

FERROVIAL’S  POSITION

Ferrovial plays a key role in the development of sustainable infrastructure, which is essential for climate change mitigation and adaptation plans. The Company’s Strategic Plan prioritizes the construction, operation and management of low-carbon infrastructure, innovative mobility, water resources, buildings and electrification, in line with EU objectives.

Innovative solutions are being implemented in the field of digitalization, which, together with commitments to decarbonization, coincide with the search for travel safety and the reliability of travel times, aspects demanded by infrastructure users. As an example of these practices, express lanes merit mention, proving to be a solution for operational efficiency committed to the environment and with successful use cases, already in operation, in Texas and North Carolina. These innovative solutions are in line with the need to implement the so-called “Intelligent Transport Systems” promoted  by the European Commission itself.

FERROVIAL  PROCEDURE

Taxonomy implementation management

As in previous years, the Company conducted the taxonomy evaluation process in the identification of eligible and non-eligible economic activities, taking into account all the companies in which it holds financial control. During this process, 30 activities were identified (32 in 2023) of those that Ferrovial performs that are included in Annex I and II of (RD) (EU) 2021/2139 for mitigation and adaptation objectives, as well as in RD (EU) 2023/2486 and RD (EU) 2023/2485 that include the rest of the environmental objectives. Most of the activities identified in the remaining four objectives match in description with those the Company already reports. In 2024, regarding the requirements of the alignment analysis for all the objectives, we included new activities, CCA 5.13, WTR 2.3, CE 3.4

To ensure traceability and making an effort in the calculation of taxonomic indicators to ensure their robustness, during 2024 a computer solution continued to be developed in order to speed up and ensure a good analysis at contract level. To this end, we have been able to count on the collaboration of the managers of each business (more than 300), who were also trained in the subject so that they can conduct this analysis as correctly as possible.

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¹ Regulation (EU) 2020/852: Regulation – 2020/852 – EN – EUR-Lex (europa.eu)
² Delegated Regulation (EU) 2023/2486: Delegated Regulation – EU – 2023/2486 – EN – EUR-Lex (europa.eu)
³ Delegated Regulation 2023/2485: Delegated Regulation – EU – 2023/2485 – EN – EUR-Lex (europa.eu)

Following the requirements, in 2024, Ferrovial reports the EU Taxonomy (eligible and alignment) according to the six objectives in the regulation:

• Climate change mitigation
• Adaptation to climate change
• Sustainable use and protection of water and marine resources
• Transition to a circular economy
• Pollution prevention and control
• Protection and recovery of biodiversity and ecosystems

In relation to the objective of the protection and recovery of biodiversity and ecosystems, Ferrovial has not identified contracts whose nature fit the description of eligibility for the two activities included in RD (EU) 2023/2486.

Financial considerations in the calculation of the taxonomy numerator and denominator

Due to the dispersion of the Company, in order to determine the eligibility of activities exhaustively, the analysis was performed at the level of the minimum management unit of the consolidated companies, classifying contracts by objectives and taxonomical activities. This exercise was automated in Ferrovial’s accounting systems, which allows for better data traceability. In this regard, the financial and sustainability areas of the different Ferrovial companies have assigned the percentage of Net Turnover, CapEx and OpEx that coincide with the description of the activities listed in the documents of the European Commission based on the type of contracts, works or active services.

In order to avoid the computation of intercompany transactions, these percentages was applied to the consolidated accounting figures of the companies under analysis. This individual allocation makes it possible to link the indicators to the consolidated group figures presented in the annual accounts report, thus avoiding double financial accounting.

For the analysis of the aligned activities, the Company conducted the analysis of all its contracts through all the objectives available to the contract. The Company is currently continuing to establish and differentiate with the required precision the proportion of taxonomic activities that contribute significantly to the climate change adaptation objective. Therefore, the activities reported by Ferrovial are considered eligible, but not aligned with the climate change adaptation objective at this time.

For the calculation of the taxonomy indicators expressed in this chapter, qualitative and quantitative information was collected from eligible projects according to the criteria of each taxonomy activity identified to determine the monetary amounts to be included in the required denominators and numerators.

The considerations in the accounting notes included for each indicator are developed in the section “calculation and results by KPI analyzed,” in line with the previous year’s report.

Understanding of taxonomy criteria by taxonomy activity groups

As of the date of this report, and in line with the clarifications published by the European Commission, the technical interpretation of the main activities identified as eligible and aligned is given below:

Energy

Eligibility exercise

For the eligibility calculation, related works/services (including construction and operation) in infrastructure for electricity generation using solar photovoltaic technology (CCM 4.1/ CCA 4.1), electricity generation from hydroelectric energy (CCM4.5/CCA4.5) and electricity transmission and distribution (CCM4.9/CCA4.9), identified as the most relevant activities in this group, were taken into account.

Additionally, contracts and services related to activities CCM4.2/CCA4.2, CCM4.3/CCA4.3, CCM 4.15/CCA4.15 and were identified, which, although they do not have a material impact on the eligibility indicators, were analyzed contract by contract according to the descriptions in the regulations.

This group of activities is not covered by the resource objectives on water use, the circular economy, pollution and biodiversity.

Alignment exercise

For the calculation of the alignment of the mitigation and adaptation pathways (as indicated above, as the specific items to be included in the adaptation pathway cannot be financially traced, the alignment for this objective will be 0), the application criteria for each of the activities were taken into account, and a request was made for information on the indicators required by the technical selection criteria. In this group, the Parque Solar Casilla project ( CCM4.1/CCA4.1) and Liberty Project in the U.S. ( CCM4.1/CCA4.1) are noteworthy, where the substantial contribution criteria indicate that the activity must indeed be electricity production through photovoltaic solar energy, along with the projects for the installation and construction of electricity transmission lines in Chile ( CCM4.9/CCA4.9) and the construction of a hydroelectric power plant at Los Condores ( CCM4.5/ CCA4.5)

In cases where information was required from the developer, such as the characteristics of the installed equipment, the availability of a life cycle analysis (LCA), or confirmation of the absence of PCB use, the project manager was contacted directly through the specific taxonomy channel.

DNSH compliance

To demonstrate compliance with the rest of the criteria of the activities of this group, the availability of evidence supporting the requirements of each of these sections was evaluated asset by asset. In this context, documents were requested such as: environmental impact assessments, environmental monitoring plans, construction and demolition waste recovery indicator reports, flora and fauna management plans, as well as corrective measure plans for the mitigation of noise and dust, among others.

Water supply, sanitation, waste management and decontamination activities

Eligibility exercise

For the eligibility calculation of the objectives of mitigation, adaptation, use and protection of water and marine resources, circular economy and pollution, works/services related to the construction, expansion and operation / renovation of water collection, purification and distribution systems were taken into account (CCM5.1/CCA5.1, CCM 5.2/ CCA5.2 ), in addition to construction, expansion and operation of wastewater collection and treatment systems (CCM5.3/ CCA 5.3/2.2 WTR) and sustainable urban drainage systems (2.3 WTR). Due to the nature of this business, in many cases it is possible that the contractual management encompasses the entire water cycle. In these cases, the most relevant activity of the plant by business criteria or by the economic activity indicated in the contract was considered as eligible.

In 2023, after the last modification of the European Commission requirements, projects related to desalination (5.13CCA) were included as an eligible by adaptation objective. In 2024, these projects were included in the alignment analysis.

Activities in the field of waste management were also identified, corresponding to the collection and transportation of non-hazardous waste in segregated fractions at source (5.5 CCM/5.5CCA/2.3CE/2.1PPC), the composting of bio-waste (CCM5.8/CCA5.8), the recovery of non-hazardous waste materials (5.9CCM/5.9CCA), and the capture and use of landfill gas (CCM 5.10/CCA 5.10). These activities in the field of waste management  correspond mainly to the activities done by the subsidiary Thalia Waste Management in the United Kingdom and FB Serwis, within Budimex, in Poland.

This group of activities is not included in the biodiversity objectives.

Alignment exercise

To calculate the alignment of the mitigation and adaptation pathways (as indicated above, as the specific items to be included in the adaptation pathway cannot be financially traced, the alignment for this objective will be 0), the substantial contribution criteria established in the water treatment and purification activities were taken into account, which refer to the energy consumption of these systems, and then compared with the energy consumption data of the plants operated by Ferrovial. This exercise was possible thanks to the availability of data obtained from other Group procedures, such as the measurement and verification of the carbon footprint.

Given the impossibility of obtaining consumption data during the construction phase, some of the plants were also analyzed through their design data, with some projects in the construction phase being considered as aligned as long as they comply with the rest of the DNSH criteria, and where the design range is included in substantial contribution criteria. Conversely, and supported by FAQ#9 of the European Commission’s explanatory notes⁴, projects such as pipeline construction, pipeline system improvements or distribution system improvements, were not considered to have substantial contribution criteria of application in the current version of the regulation, with their compliance understood, so their application will be studied in future objectives and revisions.

In the case of projects developed in the field of waste management, compliance with technical selection criteria such as the preparation of non- hazardous waste for reuse and recycling operations, separation of composted biowaste, use of gas for electricity generation or heat as biogas, among others, was possible thanks to the collection of evidence reported for compliance with environmental regulations in the United Kingdom. These activities require qualitative and quantitative compliance in most cases, which was possible to justify through contractual evidence and government requirements. The activities carried out in the United Kingdom are developed in accordance with the highest quality standards and their compliance is reviewed periodically by the local environmental authority.

DNSH compliance

To demonstrate compliance with the rest of the criteria of the activities in this group, the availability of evidence supporting the requirements of each of these sections was evaluated asset by asset. In this context, documents were requested such as: environmental impact assessments, environmental monitoring plans, construction and demolition waste recovery indicator reports, flora and fauna management plans, as well as corrective measure plans for the mitigation of noise and dust, among others.

Transportation

Activities 6.13, 6.14, 6.16 and 6.17

Eligibility exercise

The definition of “eligible activity” provided by the Taxonomy Regulation is taken as a starting point, whose descriptions in Annex I of mitigation refer specifically to the construction and operation of infrastructure for personal mobility, bicycle logistics (CCM 6.13/ CCA 6.13), for rail transportation (CCM6.14/CCA6.14), as well as inland waterway transportation (CCM6.16/CCA6.16) and low-carbon airport infrastructure (CCM6.17/CCA6.17).

Regarding the last FAQs number 33 ( November 29, 2024), every mention of activity 6.15 and the sectorial scenario was removed.

This group of activities is not covered by the resource objectives on water use, the circular economy, pollution and biodiversity.

Alignment exercise

Contribution to the substantial contribution criteria. The type of infrastructure and its purpose (e.g., freight or passenger transportation, as well as whether there is an electrification plan) were verified by means of the project’s technical report.

Through the project’s technical report, we also verified that it is not exclusively dedicated to the storage or transportation of fossil fuels in activities CCM6.14/CCA6.14,CCM6.16/CCA6.16andCCM6.17/CCA6.17. A general use infrastructure, which may share passenger and freight uses, is generally understood to not be dedicated exclusively to the transportation or storage of fossil fuels, so the criterion will be deemed to be met in this case. In cases where there is an exclusive use dedicated to fossil fuels that does not exceed 25% of the general use of the infrastructure, this percentage will be discounted from the taxonomy indicators. This threshold is established in accordance with FAQ# 72 of the December explanatory notes, being in line with other environmental standards. To demonstrate compliance with the rest of the criteria for transportation activities, the availability of evidence to support the requirements of each of these sections was evaluated asset by asset.

In this context, documents such as environmental impact assessments, environmental monitoring plans, reports on construction and demolition waste recovery indicators, flora and fauna management plans, as well as corrective measures plans for noise and dust mitigation, among others, have been requested.

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⁴DRAFT      COMMISSION      NOTICE      (FAQs):     https://ec.europa.eu/finance/docs/law/221219-draft-commission-notice-eu-taxonomy-climate.pdf

Construction of buildings and real estate development

Eligibility exercise

For the eligibility calculation, construction of new residential and non-residential buildings (CCM 7.1/ CCA 7.1/ CE 3.1) and renovation of existing buildings (CCM 7.2/CCA 7.2/CE3.2) were taken into account. Works for the construction or renovation of buildings dedicated to fossil fuel storage or industrial buildings for petrochemical or fuel refining purposes were discarded, although the regulation does not expressly exclude them in this activity within the eligibility description. In cases where a building has been constructed with shared uses, including fossil fuel-related uses, the percentage relating to this infrastructure was excluded from the calculation of the taxonomic financial indicators.

Additionally, contracts and services related to activities CCM7.3 / CCA 7.3, CCM 7.4 / CCA 7.4; CCM7.5/CCA 7.5 and CCM 7.6/ CCA 7.6 were identified which, although they do not have a material impact on the eligibility indicators, were analyzed contract by contract according to the descriptions in the regulations.

This group of activities is not covered by the resource objectives on water use, pollution and biodiversity.

Alignment exercise

For the alignment calculation, the activities of the mitigation and adaptation objectives were taken into account (as previously indicated, as the specific items to be included in the adaptation pathway cannot be financially traced, the alignment for this objective will be 0) of construction of new residential and non-residential buildings (CCM 7.1/CCA7.1/CE3.1) and renovation of existing buildings (CCM7.2/CCA7.2/CE3.2). In this activity, fossil fuel storage infrastructures were discarded from the eligibility phase.

• Contribution to the substantial contribution criteria: these criteria for buildings pose a series of problems for applying them as of the date of this report. On the one hand, the definition of the near-zero energy building proposed by the taxonomy is a figure established in the technical building code in its post-2020 version, so that a large part of current building projects do not consider it from the design phase, making it impossible to verify the reduction required by the regulation.For this reason, efforts were focused on building projects after that date and with unique characteristics or requirements, resulting in a low degree of alignment at present. For these projects, the analysis was based on the information gathered by other sustainable building certifications and a review of the energy saving measures stipulated in the building codes that adapt the requirements of Directive 2010/31/EU on Energy Efficiency of Buildings.

  On the other hand, the rest of the substantial contribution criteria pose a challenge for builders in the sector. Many of the requirements are determined from the design phase and, therefore, either this consideration is not available or it is not possible to access the necessary evidence. The Company is working on a system for capturing the necessary evidence and has given specific training with the departments involved in building, so it is expected that their degree of alignment will increase as tools are developed in the sector for this purpose.

The Company’s good construction practices allow compliance with many of the DNSH criteria specified in construction activities. However, some of these criteria, identified outside the scope of the construction stage, and in some cases determined as not applicable according to FAQ#9 of the explanatory notes, published on December 19, 2022 by the European Commission, hindering advancing the analysis. For example, we assumed that the biodiversity DNSH does not apply in cases of new construction in urban environments and built on buildable land under the aforementioned FAQ.

The analysis of the polluting substances described in Appendix C of the Delegated Regulation and the integration of these criteria into the Company’s internal and purchasing procedures are particularly relevant. For this reason, compliance with the taxonomy criteria, faced with the absence of sector criteria, can only occur in singular building projects, which in many cases necessitate more demanding requirements than those set forth in the construction standards and, in most cases, are backed by sector certifications such as BREEAM, LEED or WELL.

DNSH compliance

To demonstrate compliance with the rest of the criteria of the activities in this group, the availability of evidence supporting the requirements of each of these sections was evaluated asset by asset. In this context, documents were requested such as: environmental impact assessments, environmental monitoring plans, construction and demolition waste recovery indicator reports, flora and fauna management plans, as well as corrective measures plans for the mitigation of noise and dust, among others.

Information and communication

Eligibility exercise

Contracts and services related to activity CCM8.1/CCA8.1 have been identified which, although they do not have a material impact on the eligibility indicators, have been analyzed contract by contract according to the descriptions in the regulations.

This group of activities is not covered by the resource targets on water use, circular economy, pollution and biodiversity.

Alignment exercise

For data processes, hosting and related activities to make a significant contribution to climate change mitigation, they must meet two main technical criteria:

• Implementation of the practices set out in the most recent version of the European code of conduct on data center energy efficiency, as well as its verification by a third party at least every three years.
• Use of refrigerants in the data center cooling system that have a global warming potential (GWP) below 675.

In its December 2022 draft FAQ, the European Commission provided clarification on the criteria for compliance and verification of the code of conduct in relation to a given activity. According to this response, an assessment framework will be implemented in early 2024 to complement the code of conduct in order to establish a framework for external verification of compliance with the practices set out in the code of conduct.

Ferrovial has considered that it is not possible to report on compliance with the technical criteria in relation to the 2023 financial year, as the corresponding framework is not yet available.

Block of cross-cutting interpretations:

DNSH adaptation:

Ferrovial, in collaboration with the Environmental Hydraulics Institute of the University of Cantabria, has developed its own methodology for identifying and analyzing the physical climate risks that may affect its infrastructures, as well as proposing adaptation programs with measures to mitigate the associated impacts.

This methodology considers the different types of infrastructure that the Company develops and operates around the world. The analysis is performed in the short (2025), medium (2030) and long (2050) term under different climate scenarios (RCP 4.5 and RCP 8.5). The procedure considers the risk framework defined by the Intergovernmental Panel on Climate Change (IPCC), which focuses on the analysis of hazard, exposure and vulnerabilities of assets in different time horizons and climate scenarios.

ADAPTARE is the software tool developed that automates this methodology and facilitates the analysis and interpretation of the information to respond to this criterion at the contract level.

Social safeguards:

Ferrovial complies with the minimum safeguards established in Articles 3 and 18 of the Taxonomy Regulation in relation to human rights, corruption, taxation and fair competition. In this regard, a series of policies (Human Rights Policy, Anti-Corruption Policy, Tax Compliance and Best Practices Policy and Competition Policy, among others) determine the corporate position on these matters.

The company has due diligence procedures for the ethical integrity of suppliers, customers, partners and candidates in order to prevent the commission of criminal acts, and carries out regular training activities to inform its staff, especially senior management, of all corporate policies and procedures.

In addition, Ferrovial has not received any firm convictions or sanctions for human rights violations, corruption or bribery, tax evasion or failure to comply with competition laws.

Environmental sanctions:

In 2024, Ferrovial did not receive any new significant environmental sanctions (in 2023 the amount reached 72,828 euros during the year).

Calculation and results per KPI analyzed

In view of the above and in order to comply with the reporting requirements of RD (EU) 2021/2178 and RD (EU) 2023/2486, the data published in the European Commission tables presented below follow the following criteria below for the calculation of the corresponding percentages:

Percentage of Net Turnover:

• Calculation of the eligible numerator: sum of the resulting product between the % associated with the taxonomy activities identified in the descriptions of mitigation, adaptation, use and protection of water and marine resources, transition to a circular economy, pollution, prevention and control and biodiversity, with the consolidated Net Turnover values of the analyzed companies.
• Calculation of the aligned numerator: sum of the resulting product between the % associated with taxonomic activities identified in the descriptive of annexes and that are being developed in compliance with the substantial contribution criteria, the DNSH criteria and the social safeguards adjusted to the consolidated Net Turnover values of the analyzed companies.
• Calculation of the denominator: book value of Ferrovial’s total Net Turnover, with reference to the total operating income in Note 1 of the Consolidated Financial Statements.

Percentage of CapEx:

• Calculation of the eligible numerator: sum of the resulting product between the % associated with taxonomy activities with the CapEx values associated with the analyzed companies, which included investments in fixed assets that are related to assets, and processes associated with economic activities that fit the taxonomy.
• Calculation of the aligned numerator: sum of the resulting product between the % associated with taxonomy activities with the CapEx values associated with the analyzed companies, which included investments in fixed assets that are being developed in compliance with the substantial contribution criteria, DNSH criteria and social safeguards.
• Calculation of the denominator: this was calculated as the total CapEx of Ferrovial companies within the scope of the analysis, which includes additions to tangible and intangible assets during the year before depreciation, amortization and possible new valuations, including those resulting from revaluations and impairment, corresponding to the relevant year, excluding changes in fair value. Additions to tangible and intangible assets resulting from business combinations were also included. Additions reflected in the financial statements in Notes 2 Intangible assets, 3.3 Investments in infrastructure projects, specifically 3.3.1 Intangible model assets, 3.3.2 Total additions in concession models, 3.4 Property, plant and equipment, and 3.7 Rights of use for leased assets and associated liabilities. Likewise, for the calculation of the CapEx, only costs accounted for in accordance with the International Financial Reporting Standards (IFRS) adopted by Regulation (EC) 1126/2008 were considered:
  • IAS 16 Property, plant and equipment, paragraph 73 (e) (i) and (iii);
  • IAS 38 Intangible Assets, paragraph 118 (e) (i);
  • IFRS 16 Leases, paragraph 53, letter h).

Percentage of OpEx:

Article 8(2)(b) of Regulation (EU) 2020/852 limits the calculation of OpEx to non-capitalized direct costs that relate to research and development, building renovation measures, short-term leases, maintenance and repairs, as well as other direct expenses related to the day-to-day maintenance of property, plant and equipment assets, by the Company or a third party to whom activities are outsourced, and that are necessary to ensure the continued effective operation of such assets. Additionally, non-financial companies that apply national GAAP and do not capitalize right-of-use assets will include leasing costs in OpEx.

When operating expenses are not material to the business model of non-financial companies, the standard allows not reporting the non-capitalized direct costs referenced above if the lack of materiality of the operating expenses to their business model is analyzed and explained.

Ferrovial has proceeded to the comparative calculation of its total operating costs and “taxonomy” expenses. Of the total operating costs for 2024 (7,805 million euros), the OpEx denominator, as specified in the Regulation, represents 4.92% (383 million euros), and is therefore considered immaterial for reporting purposes. For this reason, the data included in the OpEx table are reported as equal to zero, in accordance with point 1.1.3.2. of Annex I of Delegated Regulation (EU) 2021/2178.

In the OpEx denominator, all direct costs at Group level related to maintenance and repairs of property, plant and equipment, as well as short-term leasing costs, were taken into account. The costs referenced with direct “other expenses” related to the daily maintenance of property, plant and equipment were not included in the numerator and were therefore been excluded from the calculation of the denominator.

Eu taxonomy

Sustainability Linked Bond

Ferrovial, aware of the crucial role of sustainable finance in supporting the transition to a low-carbon and more resource-efficient economy, has decided to implement a sustainability-linked financing framework to connect its future financings with its sustainability goals, in order to achieve sustainable performance and contribute to the future of the planet and generations to come.

The transaction was closed by issuing seven-year sustainability-linked bonds with a total value of 500 million euros. With this bond issuance, the Company commits to investors to achieve the sustainability-related targets it has linked to this bond, having determined the following KPIs:

• Reduction of GHG Scope 1&2 emissions (in absolute terms).
• Partial reduction of GHG Scope 3 emissions (in absolute terms).

More  information  at:  https://www.ferrovial.com/en/ir-shareholders/share-information/debt-issuances-rating/documents/sustainability-linked- financing-framework/