BUSINESS LINES
Toll Roads
407 ETR (43.23%, EQUITY-ACCOUNTED)
407 ETR (43.23%, EQUITY-ACCOUNTED)
The annual financial information presented herein for the year ended December 31, 2024 is based on, and is consistent with, the audited consolidated financial statements of 407 ETR for the year ended December 31, 2024, published on February 13, 2025.
TRAFFIC
| Q4 24 | Q4 23 | VAR. | FY 24 | FY 23 | VAR. | |
|---|---|---|---|---|---|---|
| Avg trip length (km) | 23.0 | 22.7 | 1.5% | 23.2 | 22.9 | 1.4% |
| Traffic/trips (million) | 29.5 | 28.3 | 3.9% | 114.7 | 110.8 | 3.5% |
| VKTs (million) | 677.6 | 642.4 | 5.5% | 2,657.9 | 2,535.5 | 4.8% |
| Avg Revenue per trip (CAD) | 14.74 | 13.13 | 12.3% | 14.74 | 13.23 | 11.4% |
VKTs (Vehicle kilometers travelled)
In Q4 2024, VKTs increased by +5.5% vs. Q4 2023, as a result of an increase in mobility and rush-hour commuting as workplaces experienced a higher percentage of on-site employees, an increase in rehabilitation construction activities on Highway 401, more workdays in 2024, fewer winter weather events and more promotional offers in Q4 to reduce congestion in the corridor during peak hours.
In 2024, VKTs were +4.8% higher compared with 2023 due to the same reasons as mentioned above.
VKTs traffic performance vs. 2023:
Revenue was up by +16.5% in Q4 2024, standing at CAD 438 million, and +14.0% in 2024, reaching CAD 1,705 million.
- Toll revenue (94.3% of total in 2024): higher toll revenue in 2024 (+16.8%), due to higher traffic volumes, longer trips and higher toll rates effective Feb. 1, 2024, partially offset by camera charges, trip toll charges and other charges that remained flat.
- Fee revenue (5.7% of total in 2024): lower fee revenue in 2024 (-7.6%), due to lower late payment charges from higher reserve provision rate and lower enforcement fees.
- Contract revenue earned in 2023 related to the removal of tolls for Highways 412 and 418. The contract ended on June 1, 2023.
| (CAD million) | Q4 24 | Q4 23 | VAR. | FY 24 | FY 23 | VAR. |
|---|---|---|---|---|---|---|
| Toll Revenue | 413 | 353 | 17.2% | 1,610 | 1,379 | 16.8% |
| Fee Revenue | 25 | 23 | 8.6% | 95 | 103 | -7.6% |
| Contract Revenue | 0 | 0 | n.a. | 0 | 14 | n.a |
| Total Revenue | 438 | 376 | 16.5% | 1,705 | 1,495 | 14.0% |
OPEX increased +12.5% in Q4 2024 and +7.6% vs 2023, due to:
- Higher customer operations costs related to higher lifetime expected credit losses due to higher revenue and delinquent balances.
- Higher system operations costs, due to higher consulting costs related to the development of digital programs and the work to complete the 407 ETR’s enterprise resource planning and customer relationship management project that went live for all customers at the end of Q3 2024.
- The rise in General and Administrative costs is mainly attributed to consulting fees and marketing expenses linked to promotional campaigns.
EBITDA was +17.3% higher in Q4 2024 and +15.1% in 2024, as a result of higher traffic volumes and toll rates.
Dividends: CAD 700 million was paid in Q4 2024 (CAD 650 million in Q4 2023), reaching CAD 1,100 million dividends paid to shareholders in 2024 (CAD 950 million in 2023). The dividends distributed to Ferrovial were EUR 321 million in 2024 (EUR 281 million in 2023).
Net debt: CAD 9,901 million (average cost of 4.25%) in December 2024 vs. CAD 9,464 million in December 2023. 58% of debt matures beyond 2038. Upcoming bond maturity dates include CAD 374 million in 2025, CAD 389 million in 2026 and CAD 377 million in 2027.
407 ETR bond maturity profile (CAD million)
- On April 4, 2024, 407 ETR issued CAD 250 million Senior Bonds, Series 24 A1, to repay Senior Bonds Series 14-A1, on May 16, 2024.
- On October 9, 2024, 407 ETR issued CAD 500 million Senior Bonds, Series 24-A2, to repay the outstanding balance on Syndicated Credit Facility, to fund related debt service reserve fund and for other general corporate purposes.
407 ETR credit rating
- S&P: “A” (Senior Debt), “A-” (Junior Debt) & “BBB” (Subordinated Debt), with stable outlook, reaffirmed on July 31, 2024.
- DBRS: “A” (Senior Debt), “A low” (Junior Debt) & “BBB” (Subordinated Debt), with stable outlook, reaffirmed on July 11, 2024.
407 ETR Toll Rates
407 ETR implemented a new toll rate schedule on February 1, 2024, following a four-year rate freeze since February 2020. This toll rate increase terminated the Force Majeure event, such that the 407 ETR will likely be subject to a Schedule 22 Payment applies for 2025, payable to the Province in 2026, which could be significant.
A new toll rate and fee schedule came into effect on January 1, 2025. The changes include additional toll zones and new vehicle classifications.
Schedule 22
For the years 2020 to 2024 inclusive, the 407 ETR and the Province agreed that the COVID-19 pandemic was a Force Majeure event under the provisions of the Concession and Ground Lease Agreement (CGLA), and therefore the 407 ETR was not subject to Schedule 22 payments until the end of the Force Majeure event.
*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)
TEXAS MANAGED LANES (USA)
NTE 1-2 (62.97%, globally consolidated)
In Q4 2024, traffic decreased by -1.9% vs. Q4 2023, due to the Capacity Improvement construction works, partially offset by higher mobility in the corridor, showing resilient traffic performance at peak times.
In 2024, traffic was down -2.2% vs. 2023, due to the impact from construction works mentioned above, partially offset by better weather conditions in Q1 2024.
| (USD million) | Q4 24 | Q4 23 | VAR. | FY 24 | FY 23 | VAR. |
|---|---|---|---|---|---|---|
| Transactions (million) | 9.9 | 10.1 | -1.9% | 38.7 | 39.6 | -2.2% |
| Avg. revenue per transaction (USD) | 8.3 | 7.5 | 11.3% | 7.7 | 7.3 | 6.0% |
| Revenue | 83 | 76 | 9.0% | 299 | 289 | 3.5% |
| Adjusted EBITDA* | 73 | 67 | 7.9% | 264 | 255 | 3.3% |
| Adjusted EBITDA margin* | 87.8% | 88.7 % | 88.1% | 88.3% | ||
| Adjusted EBIT* | 65 | 63 | 3.0% | 233 | 227 | 2.7% |
| Adjusted EBIT margin* | 78.5% | 83.1% | 77.8% | 78.5% |
The average revenue per transaction reached USD 8.3 in Q4 2024, (+11.3% vs Q4 2023), and USD 7.7 in 2024 (+6.0% vs 2023), positively impacted by higher toll rates.
NTE ADJUSTED EBITDA EVOLUTION (USD million)
Dividends: In Q4 2024, NTE distributed USD 92 million at 100% (vs. USD 94.5 million in Q4 2023). In 2024, NTE distributed USD 177 million (EUR 103 million FER’s share) compared with USD 187 million in 2023 at 100% (EUR 109 million FER’s share).
NTE net debt reached USD 1,330 million in December 2024 (USD 1,263 million in December 2023) with an average cost of 4.46%.
NTE Capacity Improvements: as a result of the success of the project, these Capacity Improvements must be implemented earlier than initially anticipated. The construction works for the Capacity Improvement project commenced at the end of 2023. The completion of the project is forecasted for early 2027. Ferrovial Construction and Webber are serving as the design-build contractor.
LBJ (54.60%, globally consolidated)
In Q4 2024, traffic increased by +9.1% vs. Q4 2023, due to lower impact from construction works in the area. Additionally, higher mobility in the corridor contributed to the stronger year over year performance.
In 2024, traffic was +7.3% higher vs. 2023 for the same reasons as mentioned above. In addition, traffic improved due to better weather conditions in Q1 2024.
| (USD million) | Q4 24 | Q4 23 | VAR. | FY 24 | FY 23 | VAR. |
|---|---|---|---|---|---|---|
| Transactions (million) | 12.1 | 11.1 | 9.1% | 46.4 | 43.3 | 7.3% |
| Avg. revenue per transaction (USD) | 4.9 | 4.5 | 10.6% | 4.8 | 4.4 | 8.8% |
| Revenues | 60 | 50 | 20.6% | 225 | 193 | 16.6% |
| Adjusted EBITDA* | 48 | 39 | 22.6% | 185 | 158 | 17.2% |
| Adjusted EBITDA margin* | 79.9 % | 78.6 % | 82.3% | 81.9% | ||
| Adjusted EBIT* | 39 | 33 | 20.7% | 150 | 130 | 16.1% |
| Adjusted EBIT margin* | 65.8 % | 65.8 % | 67.0% | 67.2% |
The average revenue per transaction reached USD 4.9 in Q4 2024, (+10.6% vs Q4 2023), and USD 4.8 in 2024 (+8.8% vs 2023), positively impacted by higher toll rates.
LBJ ADJUSTED EBITDA EVOLUTION (USD million)
Dividends: In Q4 2024, LBJ distributed USD 62 million at 100% (vs. USD 43 million in Q4 2023). In 2024, LBJ distributed USD 107 million (EUR 54 million FER’s share) compared with USD 74 million in 2023 at 100% (EUR 37 million FER’s share).
LBJ net debt was USD 2,028 million in December 2024 (USD 2,018 million in December 2023) with an average cost of 4.03%.
NTE 35W (53.67%, globally consolidated)
In Q4 2024, traffic increased by +9.1% vs. Q4 2023, due to higher mobility in the corridor. The traffic at NTE 35W excluding Segment 3C increased by +7.9% vs. Q4 2023.
In 2024, NTE 35W traffic was +22.3% higher than in 2023. This strong performance was attributed to the opening of NTE 3C to traffic in June 2023. In addition, traffic improved due to better weather conditions during Q1 2024. Traffic on NTE 35W excluding Segment 3C was +10.8% higher compared with 2023.
| (USD million) | Q4 24 | Q4 23 | VAR. | FY 24 | FY 23 | VAR. |
|---|---|---|---|---|---|---|
| Transactions (million) | 13.5 | 12.4 | 9.1% | 51.0 | 41.7 | 22.3% |
| Avg. revenue per transaction (USD) | 6.4 | 5.9 | 9.3% | 6.3 | 5.6 | 12.5% |
| Revenues | 87 | 74 | 17.7% | 320 | 234 | 36.8% |
| Adjusted EBITDA* | 71 | 58 | 22.9% | 266 | 195 | 36.8% |
| Adjusted EBITDA margin* | 81.6 % | 78.2% | 83.1% | 83.1% | ||
| Adjusted EBIT* | 63 | 38 | 62.9% | 226 | 156 | 45.3% |
| Adjusted EBIT margin* | 72.0% | 52.0% | 70.5% | 66.4% |
The average revenue per transaction reached USD 6.4 in Q4 2024, (+9.3% vs Q4 2023), and USD 6.3 in 2024 (+12.5% vs 2023), positively impacted by higher toll rates and higher proportion of heavy vehicles.
NTE 35W ADJUSTED EBITDA EVOLUTION (USD million)
Adjusted EBITDA affected by the accrual of USD 3.9 million of revenue sharing for Q4 2024, reaching USD 14.0 million for 2024. The corresponding revenue sharing for the full year 2023 was accounted in in Q4 2023, amounting to USD 6.2 million.
Dividends: In Q4 2024, NTE 35W distributed USD 103 million at 100% (vs. USD 70 million in Q4 2023). In 2024, NTE 35W distributed USD 176 million (EUR 87 million FER’s share) compared with USD 505 million at 100%, which included its first dividends distribution after five years of operation (EUR 251 million FER’s share).
*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 net debt reached USD 1,637 million in December 2024 (USD 1,624 million in December 2023) with an average cost of 4.78%.
I-77 (72.24%, globally consolidated)
In Q4 2024, traffic increased by +12.3% vs. Q4 2023. On September 27, 2024, Hurricane Helene caused the closure of the primary highways I-40 and I-26. As a result, traffic was diverted to I-77, which experienced a temporary benefit, mainly in October. Despite some partial reopenings, certain lanes on these primary highways remain closed.
In 2024, traffic was up by +4.7% vs. 2023, positively impacted by the above mentioned explanation and better weather conditions in Q1 2024. This was partially offset by the adverse weather caused by Hurricane Debby in Q3 2024 and the beneficial impact of construction activities in the area during Q3 2023.
| (USD million) | Q4 24 | Q4 23 | VAR. | FY 24 | FY 23 | VAR. |
|---|---|---|---|---|---|---|
| Transactions (million) | 11.9 | 10.6 | 12.3% | 42.9 | 41.0 | 4.7% |
| Avg. revenue per transaction (USD) | 2.5 | 2.3 | 9.7% | 2.4 | 2.2 | 11.7% |
| Revenues | 30 | 24 | 23.3% | 107 | 91 | 16.9% |
| Adjusted EBITDA* | 20 | 18 | 11.9% | 69 | 66 | 5.7% |
| Adjusted EBITDA margin* | 65.9% | 72.6 % | 65.1 % | 72.0% | ||
| Adjusted EBIT* | 19 | 13 | 41.8% | 59 | 55 | 7.9% |
| Adjusted EBIT margin* | 63.9% | 55.6% | 55.3% | 59.8% |
The average revenue per transaction reached USD 2.5 in Q4 2024, +9.7% higher compared with Q4 2023. As part of the agreement with the North Carolina DOT due to Hurricane Helene, I-77 has temporally subsidized toll rates from the beginning of October until early December 2024 to support recovery efforts.
In 2024, the average revenue per transaction amounted to USD 2.4 (+11.7% vs 2023), positively impacted by higher toll rates.
I-77 ADJUSTED EBITDA EVOLUTION (USD million)
Adjusted EBITDA was affected by the accrual of USD 1.0 million of revenue sharing for Q4 2024, up to USD 4.6 million for 2024. Additionally, the revenue share from extended vehicles amounted to USD 2.0 million for Q4 2024 (USD 0.7 million in Q4 2023), contributing to a total of USD 5.4 million for 2024 (USD 2.6 million in 2023).
Dividends: In 2024, I-77 distributed dividends for the first time after five years of operation, with the total amounting to USD 307 million at 100% (USD 268 million paid in June, USD 25 million in July and USD 14 million in December at 100%). The dividends distributed to Ferrovial were EUR 205 million.
I-77 net debt was USD 466 million in December 2024 (USD 202 million in December 2023) with an average cost of 6.24%.
On April 25, 2024, I-77 issued USD 371 million of Senior Secured Notes, proceeds which were used mainly to refinance TIFIA, increasing the average life of the outstanding debt. The cost of the new debt is 6.57% (yield to maturity).
Credit rating
| PAB | USPP NOTES | |
|---|---|---|
| FITCH | BBB | BBB |
| DBRS | BBB | BBB |
I-66 (55.70%, globally consolidated)
In Q4 2024, traffic increased by +9.1% vs. Q4 2023.This increase was mainly attributed to higher mobility within the corridor with strong traffic during peak hours.
In 2024, traffic was up by +11.1% vs 2023, due to higher mobility.
| (USD million) | Q4 24 | Q4 23 | VAR. | FY 24 | FY 23 | VAR. |
|---|---|---|---|---|---|---|
| Transactions (million) | 8.7 | 7.9 | 9.1% | 32.3 | 29.1 | 11.1% |
| Avg. revenue per transaction (USD) | 8.2 | 6.2 | 30.8% | 7.4 | 5.5 | 33.2% |
| Revenues (USD million) | 73 | 51 | 41.9% | 247 | 167 | 47.3% |
| Adjusted EBITDA* | 59 | 40 | 46.2 % | 196 | 129 | 52.3% |
| Adjusted EBITDA margin* | 80.5% | 78.1% | 79.5% | 76.9% | ||
| Adjusted EBIT* | 32 | 48 | -32.0% | 116 | 70 | 65.0% |
| Adjusted EBIT margin* | 44.5% | 92.9% | 46.9% | 41.9% |
The average revenue per transaction reached USD 8.2 in Q4 2024, +30.8% higher compared with Q4 2023, and USD 7.4 in 2024 (+33.2% vs 2023) improved by higher toll rates.
Dividends: I-66 distributed for the first time dividends in December 2024 of USD 172 million at 100% in its second year of operation (EUR 89 million FER’s share). This was possible after fulfilling the TIFIA loan interest payment for 12 months, as permitted by the contract.
I-66 net debt reached USD 1,730 million in December 2024 (USD 1,622 million in December 2023) with an average cost of 3.58%.
Credit rating
| PAB | TIFIA | |
|---|---|---|
| Moody’s | Baa3 | Baa3 |
| FITCH | BBB | BBB |
IRB Infrastructure Developers (IRB) (19.86%, equity-accounted)
Based on Indian legislation, the latest available information corresponds to the closing of IRB’s third quarter of Fiscal Year 2025 (April 2024 to March 2025), which goes from April 2024 to December 2024. For comparison purposes, Ferrovial’s consolidated financial statements include IRB’s contribution for the twelve months (January to December).
| (EUR million) | Q4 24 | Q4 23 | VAR. | FY 24 | FY 23 | VAR. |
|---|---|---|---|---|---|---|
| Revenues | 400 | 442 | -9.5% | 894 | 828 | 7.9% |
| Adjusted EBITDA* | 194 | 213 | -8.8 % | 449 | 406 | 10.5% |
| Adjusted EBITDA margin* | 48.5% | 48.1% | 50.2% | 49.1% | ||
| Adjusted EBIT* | 139 | 159 | -12.2% | 336 | 301 | 11.6% |
| Adjusted EBIT margin* | 34.8% | 35.9% | 37.5% | 36.3% |
Ferrovial sold a 5% stake in IRB Infrastructure Developers for EUR 211 million in June 2024, resulting in a capital gain before taxes of EUR 132 million. Ferrovial will continue to be the second-largest shareholder, with a 19.86% stake. It will maintain the same representation on the Board of Directors.
IRB completed two refinancing initiatives in 2024, securing a total of USD 740 million in Senior Secured US Notes.
IRB Credit rating:
- Fitch: “AA-” (Long-term issuer default rating) and “AA-” (US- dollar senior secured notes), with stable outlook, reaffirmed in January 2025.
- Moody’s: “Ba1” (Long-term corporate family rating) and “Ba2” (Instrument rating), with stable outlook, reaffirmed in October 2024.
*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)
IRB Infrastructure Trust (Private InvIT) (23.99%, equity-accounted)
Ferrovial has secured a 23.99% stake in IRB Infrastructure Trust (Private InvIT), which is a subsidiary of IRB Infrastructure Developers, for a total of EUR 728 million. This amount comprises EUR 710 million paid in 2024 and a committed equity investment of EUR 18 million allocated to the Ganga Expressway Project.
Private InvIT manages a portfolio of 14 toll road concessions and 1 under construction across India.
In November 2024, Private InvIT issued a preliminary and non-binding offer to offer five of its matured assets to Public InvIT. In December 2024, an 80.4% stake in Ganga Express was acquired from IRB Infrastructure Developers for EUR 58 million.
The consolidated financial statements of Ferrovial for 2024 only include six months of the Private InvIT’s contribution for the second half of 2024 (July to December, six months).
| (EUR million) | FY 24 |
|---|---|
| Revenues | 243 |
| Adjusted EBITDA* | 114 |
| Adjusted EBITDA margin* | 46.7 % |
| Adjusted EBIT* | 73 |
| Adjusted EBIT margin* | 30.0 % |
IRB Infrastructure Trust (Private InvIT) Credit rating:
- Crisil: “AAA” (Long-term rating), with watch developing, reaffirmed in November 2024.
OTHER TOLL ROADS
On October 16, 2024 Ferrovial and Interogo Holding created a joint venture vehicle, Umbrella Roads BV, to transfer the economic rights and hold the majority of the voting rights of Ferrovial’s stakes in the M3 Eurolink and M4 Eurolink motorways in Ireland; the M8-M73-M74 motorway in Scotland; the 407 East Extension Phase 1 and 407 East Extension Phase 2 in Canada; Serrano Park and Autovía de la Plata (A 66) in Spain. The transaction was closed for EUR 100 million.
ASSETS UNDER DEVELOPMENT
- Ruta del Cacao (Colombia): 152 km, out of which 81 km are new toll road, including the construction of 16 bridges, 2 viaducts & 2 tunnels with a combined length of 6 km. A 25-year concession, design and construction works are 98.9% complete on an earned value basis as of December 31, 2024.
- Silvertown Tunnel (London, UK): an availability payment project with a concession term of 25 years, Silvertown Tunnel is a 1.4 km twin bore road tunnel which will be built under the River Thames. The tunnel is expected to open in April 2025. Design and construction works are 98.8% completed as of December 31, 2024.
- Anillo Vial Periférico (Lima, Peru): a Cintra led-consortium, signed the concession contract to develop the Anillo Vial Periférico (Peripheral Ring Road) in Lima under a concession format with an investment of USD 3.4 billion on November 12, 2024. This amount includes contributions frompublic funds by the Public Administration. Ferrovial, through Cintra, owns 35% of the consortium. This project comprises the design, financing, construction, management and maintenance of a 34.8 km urban toll road.
TENDERS PENDING
Ferrovial remains focused on the U.S. as its key market, and continues to closely monitor private initiatives:
- In February, 2025, the Cintra-led consortium was shortlisted for bidding on the I-285 East Express Lanes in Atlanta (Georgia), which consists of the implementation of Managed Lanes along 19 miles. Additionally, the Georgia DOT expects to issue the request for qualification (RFQ) for the I-285 West Express Lanes in Q2 2025.
- In January, 2025, the Cintra-led consortium submitted the RFQ for bidding on the I-24 Southeast Choice Lanes project in Tennessee. The project will span 21 miles, covering the area between I-40 in Nashville and I-840 in Murfreesboro.
- In October 2024, the Charlotte Regional Transportation Planning Organization voted in favor of launching a tender to procure the I-77 South Express Lanes under a concessional model. The North Carolina DOT is expected to issue the RFQ in the summer of 2025.
- Ferrovial is actively monitoring several projects in other states, such as Virginia and Florida. These projects have different degrees of development and are expected to come to market in the coming months. Some of them include Managed Lanes schemes.
In addition to these opportunities in the U.S., Cintra is active in other geographies where selective investments could be pursued. As an example, Cintra was shortlisted for the bidding of D35 Highway project (Czech Republic) in December, which follows an availability payment concession model. The project involves the total reconstruction of an existing 35 km section of D35, as well as the operation and maintenance of this section and an adjacent 22 km section reconstructed by third parties. The issuance of the request for proposal (RFP) is expected in Q1 2025, with the submission date in Q3 2025.
*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)
