CONSOLIDATED CASH FLOW

Cash flows from (used in) operating activities

As of December 31, 2024, ex-infrastructure cash flows from (used in) operating activities totaled EUR 1,048 million (before tax), compared with EUR 946 million in 2023, due to higher dividends from Toll Roads (EUR 895 million) including the first dividend distribution from I-77 (EUR 205 million) and I-66 (EUR 89 million), partially offset by the lower contribution from the Construction division, mainly in the UK, Australia and Poland.

Dividends received from projects reached EUR 947 million in 2024 (EUR 741 million in 2023).

Dividends from Airports projects were EUR 8 million from the Doha airport maintenance contract in 2024 (EUR 6 million in 2023).

_{*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)}

The cash flows from (used in) investing activities reached EUR 1,161 million in 2024, including:

• Investments reached EUR -1,421 million in 2024 (EUR -226 million in 2023), most noteworthy the acquisition of a 24% stake in IRB Infrastructure Trust (EUR -710 million) in the Toll Roads division along with higher equity invested in NTO in 2024, partially offset by lower interest received compared with 2023.
• Divestments reached EUR 2,582 million in 2024 (EUR 43 million in 2023) largely linked to the sale of a 19.75% stake in Heathrow (EUR 2 billion).

Cash flows from (used in) financing activities

• Interest paid reached EUR -86 million in 2024 (EUR -83 million in 2023).
• Ferrovial Shareholder distribution: EUR -831 million in 2024, (EUR -250 million in 2023), consisting of EUR -130 million from cash dividends and EUR -701 million from the share repurchase 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 shareholder distribution for subsidiary minorities reached EUR -114 million, mainly related to Budimex.
• Other cash flows from (used in) financing activities reached
  EUR -672 million in 2024, driven by the repayment of borrowings
  amounting to EUR -569 million (primarily Corporate Bonds and
  Euro Commercial Paper).

Cash flows from (used in) operating activities

With regards to cash flows for companies that own infrastructure project concessions, these primarily include revenues from those companies that are currently in operation, as well as VAT refunds and payments corresponding to projects currently in the construction phase.

The following table shows a breakdown of cash flows from (used in) operating activities from infrastructure projects.

Cash flows from (used in) financing activities

Cash flows from (used in) financing activities includes the payment of dividends and the repayment of equity by concession-holding companies to their shareholders, along with the payments for share capital increases received by these companies. In the case of concession holders which are fully integrated within Ferrovial, these amounts represent 100% of the amounts paid out and received by the concession-holding companies, regardless of the percentage share that the Company holds in such concessions. No dividend or Shareholder Funds’ repayment is included for equity-accounted companies.

The interest cash flow refers to the interest paid by the concessionholding companies, together with other fees and costs closely related to the acquisition of financing. The cash flow for these items relates to interest costs for the period, along with any other item that represents a direct change in the net debt amount for the period.

_{*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)}