APPENDIX

Appendix III - Toll Roads details by asset

TOLL ROADS – GLOBAL CONSOLIDATION

(EUR Million)	TRAFFIC (Million of transactions)			REVENUE			ADJ. EBITDA*			ADJ. EBITDA MARGIN*		NET DEBT
Global consolidation	FY 24	FY 23	VAR.	FY 24	FY 23	VAR.	FY 24	FY 23	VAR.	FY 24	FY 23	FY 24	SHARE
NTE	39	40	-2.2 %	276	267	3.5 %	244	236	3.3 %	88.1 %	88.3 %	1,285	63.0 %
LBJ	46	43	7.3 %	208	178	16.6 %	171	146	17.2 %	82.3 %	81.9 %	1,959	54.6 %
NTE 35W**	51	42	22.3 %	296	217	36.7 %	246	180	36.8 %	83.1 %	83.1 %	1,581	53.7 %
I-77	43	41	4.7 %	98	84	16.8 %	64	61	5.7 %	65.1 %	72.0 %	450	72.2 %
I-66	32	29	11.1 %	228	155	47.2 %	181	119	52.2 %	79.5 %	76.9 %	1,672	55.7 %
TOTAL USA				1,107	901	22.8 %	906	741	22.2 %			6,948
Autema***	17,405	17,270	0.8 %	73	69	5.1 %	65	61	5.7 %	88.5 %	88.0 %	564	76.3 %
Aravia***	39,811	38,441	3.6 %	34	49	-30.7 %	25	43	-42.0 %	72.3 %	86.4 %	-17	100.0 %
TOTAL SPAIN				107	119	-9.8 %	89	104	-13.9 %			546
Azores*/**		12,140			35			30			86.9 %		89.2 %
Via Livre				16	14	8.7 %	3	2	25.0 %	17.3 %	15.1 %	-9	84.0 %
TOTAL PORTUGAL				16	49	-68.5 %	3	33	-91.7 %			-9
TOTAL HEADQUARTERS AND OTHERS*****				27	16	65.8 %	-79	-79	-0.9 %			6
TOTAL TOLL ROADS				1,256	1,085	15.7 %	918	799	15.0 %	73.1 %	73.6 %	7,491

*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 270).
**NTE 35W includes NTE 3C (opened to traffic at the end of June 2023).
***Traffic in ADT.
****Divestment of Azores completed in December 2023.
*****Revenue and Adjusted EBITDA include Headquarters and Others, while Net Debt refers only to Next Move.

TOLL ROADS – EQUITY-ACCOUNTED

(EUR Million)	TRAFFIC (ADT)			REVENUE			EBITDA			CONTRIBUTION TO FERROVIAL EQUITY ACCOUNTED RESULT			NET DEBT
Equity accounted	FY 24	FY 23	VAR.	FY 24	FY 23	VAR.	FY 24	FY 23	VAR.	FY 24	FY 23	VAR.	FY 24	SHARE
407 ETR (VKT million)	2,658	2,535	4.8 %	1,151	1,025	12.3 %	997	880	13.3 %	188	154	22.0 %	6,649	43.2%
M4*	38,121	37,436	1.8 %	29	37	-19.7 %	16	20	-18.4 %	2	0	n.s.	36	20.0%
M3*	45,156	43,789	3.1 %	10	13	-20.4 %	5	4	6.8 %	0	0	n.s.	7	20.0%
A-66 Benavente Zamora*				21	27	-20.7 %	18	23	-23.7 %	3	3	-22.6 %	146	25.0%
Serrano Park*				5	7	-28.4 %	3	11	-70.3 %	0	0	n.s.	29	50.0%
EMESA				200	180	11.1 %	114	98	16.4 %	11	7	68.0 %	60	10.0%
IRB				894	828	7.9 %	449	406	10.5 %	13	14	-17.7 %	1,329	19.9%
IRB Private InvIT				243		n.s.	114		n.s.	-8		n.s.	2,673	24.0%
Toowoomba				26	26	-0.9 %	3	6	-54.3 %	1	2	-53.4 %	205	40.0%
OSARs				7	25	-72.7 %	6	4	28.5 %	2	1	43.8 %	197	50.0%
Zero ByPass (Bratislava)				40	39	2.0 %	33	25	33.4 %	2	0	n.s.	765	35.0%

*Following the Umbrella Roads BV transaction completed in October 2024, the M4, M3, A-66 Benavente-Zamora, and Serrano Park were divested (FY 2024 includes 9M 2024 figures for those assets).

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