Consolidated Net Debt of ex-Infrastructure project companies

Cash and cash equivalents at ex-infrastructure project companies stood at EUR 4,653 million in December 2024 vs. EUR 4,585 million in December 2023. The main drivers of this change were:

• Dividends from projects amounted to EUR 947 million, with EUR 895 million from Toll Roads. Notably, I-77 (EUR 205 million) and I-66 (EUR 89 million) distributed their first dividend, while 407 ETR, Texas Managed Lanes and Construction, contributed EUR 321 million, EUR 244 million and EUR 34 million of dividends, respectively.
• Construction Operating Cash Flow (ex-tax payment, ex-dividends): EUR 258 million impacted by the positive performance in Webber and Budimex, partially offset by outflows in North America.
• Tax payments reached EUR -187 million, including EUR -102 million of withholding tax on dividends paid from Canada, along with the EUR -48 million of corporate income tax in Budimex, and the tax rates of subsidiaries operating in other jurisdictions.
• Investments stood at EUR -1,591 million, mainly related to the Toll Roads division including EUR -710 million related to the acquisition of a 23.99% stake in IRB Infrastructure Trust as well as the Airports division including EUR -469 million of equity invested in NTO and EUR -47 million invested in AGS to refinance its existing debt facility. Investments in the Energy division totaled EUR -102 million, and were primarily focused on the US and Poland.
• Divestments reached EUR 2,582 million in 2024 (EUR 43 million in 2023), largely driven by:
  • the divestment of a 19.75% stake in Heathrow for EUR 2 billion
  • the sale of a 5% stake in IRB Infrastructure Developers for EUR 211 million
  • the collection of the vendor loan granted in relation to the Amey divestment for EUR 176 million
  • the sale of “Umbrella Roads BV” for EUR 100 million
  • the 24.78% stake sale in Serveo for EUR 40 million

• Shareholder distribution: EUR -831 million, including cash dividend payments of EUR -130 million and EUR -701 million of share repurchases made under two separate share buyback programs announced on November 30, 2023 and on May 9, 2024.
• Other treasury shares repurchase: EUR -272 million, following the announcement of the additional Treasury stock repurchase program in August 2024 and then extended in December 2024. This program aims to repurchase Ferrovial shares that could be cancelled or used for various corporate purposes.
• Other cash flows from (used in) financing activitiesof EUR -905 million, driven by the repayment of EUR -569 million of borrowings (primarily Corporate Bonds and Euro Commercial Paper), EUR -114 million in dividends paid to minority shareholders (mainly associated with Budimex), EUR -100 million from financial leases, and EUR -86 million from interest payments.
  
• Effect of exchange rate on Cash & Cash equivalents was EUR 54 million.