Integrated Annual Report 2024
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Integrated Annual Report 2024
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BUSINESS PERFORMANCE

Overview

Ferrovial Results January – December 2024

HIGHLIGHTS

  • Ferrovial delivered strong results in 2024. Revenue reached EUR 9,147 million (+6.7% LfL growth), driven primarily by higher Toll Roads revenue (+19.6% LfL growth) and higher contribution from Construction (+3.8% LfL growth). Adjusted EBITDA amounted to EUR 1,342 million (+38.9% LfL growth), driven by higher contribution from Toll Roads (+19.5% LfL growth), particularly US Toll Roads with adj. EBITDA of EUR 906 million (+22.2% vs 2023). Construction delivered a strong performance in the year, reaching EUR 430 million of adj. EBITDA (+95.4% LfL growth).
  • 407 ETR’s revenue reached CAD 1,705 million in 2024 (+14.0% vs 2023), benefiting from increased mobility and the new toll rate scheme implemented on February 1, 2024.
  • All Managed Lanes posted robust traffic performance with revenue per transaction growth in 2024, significantly outpacing inflation: NTE 35W +12.5%, LBJ +8.8% & NTE +6.0%. This KPI grew by +33.2% at I-66 & +11.7% at I-77, where no price cap is in place. I-77 distributed its first dividend (USD 307 million total distribution in 2024, at 100%) following its first 5 years of operation. I-66 distributed dividends for the first time in December 2024 of USD 172 million at 100%.
  • Airports:Dalaman traffic saw a +7.7% increase in 2024 and New Terminal One (JFK) construction remains on schedule and within budget.
  • Construction reached a 3.9% adjusted EBIT margin for 2024, above the 2024 target (3.5% adjusted EBIT margin). Q4 2024 delivered another quarter of profitability improvement, reaching an adjusted EBIT margin of 4.1%. The order book reached an all-time high of EUR 16,755 million (+7.5% LfL growth vs December 2023), excluding c.EUR 2,670 million of pre-awarded contracts.
  • Solid financial position with ex-infrastructure project companies liquidity levels reaching EUR 5,320 million and Consolidated Net Debt of ex- infrastructure project companies at EUR -1,794 million.
    • Main inflows were related to proceeds from asset rotation and a record amount of dividends received:
      • Asset rotation: the divestment of a 19.75% stake in Heathrow (EUR 2 billion), the sale of 5% stake in IRB Infrastructure Developers (EUR 211 million), the vendor loan related to the Amey divestment (EUR 176 million), the Umbrella Roads BV vehicle disposal (EUR 100 million) and the sale of a 24.78% stake in Serveo (EUR 40 million).
      • Dividends from projects reached EUR 947 million.
    • Main outflows were related to growth investments and shareholder distributions:
      • Growth investments: the acquisition of a 23.99% stake in IRB Infrastructure Trust (EUR -710 million) and the equity injection in NTO (EUR -469 million).
      • Shareholder distributions of EUR -831 million, which included cash dividends (EUR -130 million) & share repurchases (EUR -701 million).
      • Other treasury shares repurchase: EUR -272 million, Ferrovial shares that could be cancelled or used for various corporate purposes.

MAIN CORPORATE EVENTS

  • On May 9, Ferrovial’s shares started trading on the Nasdaq stock exchange.
  • On June 11, Ferrovial sold a 5% stake in IRB Infrastructure Developers for EUR 211 million, with a capital gain (pre-tax) of EUR 132 million.
  • On June 13, Ferrovial acquired a 23.99% stake in IRB Infrastructure Trust for a total investment of EUR 728 million (EUR 710 million paid in 2024).
  • On June 28, Ferrovial completed the sale of a 24.78% stake in Serveo for EUR 55 million, with a capital gain (pre-tax) of EUR 33 million.
  • On August 23, an additional repurchase program for various corporate purposes for up to EUR 300 million was announced. On December 13, Ferrovial announced the extension of this program to May 30, 2025, and an additional commitment of EUR 300 million, bringing the total maximum amount of share buy-backs to EUR 600 million (EUR 272 million spent as of December 2024).
  • On October 16, Ferrovial and Interogo Holding created a JV vehicle, Umbrella Roads BV, to transfer the economic rights and hold the majority of the voting rights in Ferrovial’s stakes in M3 Eurolink and M4 Eurolink motorways in Ireland; the M8-M73-M74 motorway in Scotland; the 407 East Ext. Phase 1 and 407 East Ext. Phase 2 in Canada; Serrano Park and Autovia de la Plata in Spain. The transaction was closed for EUR 100 million.
  • On November 12, Ferrovial signed the concession contract for Lima’s Peripheral Ring Road (Peru), with an equity commitment of EUR 218 million (EUR 13 million paid in 2024).
  • On November 13, Ferrovial announced an agreement for the sale of its 50% stake in AGS Airports to AviAlliance UK Limited. After fulfilling the applicable regulatory conditions, Ferrovial completed the sale of its stake in AGS Airports for GBP 450 million on January 28, 2025, with a capital gain of c.EUR 300 million expected to be accounted in Q1 2025.
  • On December 12, Ferrovial closed the sale of a 19.75% stake in Heathrow airport for GBP 1.7 billion (EUR 2.0 billion), resulting in a P&L impact of EUR 2.6 billion, including EUR 2.0 billion capital gain related to the shares sold and EUR 547 million related to the fair value of the remaining stake of 5.25%. On February 26, 2025, Ferrovial announced an agreement for the sale of its remaining 5.25% stake (c.GBP 455 million).

SUSTAINABILITY HIGHLIGHTS

  • Ferrovial consolidates its position as the most sustainable company in Europe and the second most sustainable company worldwide in the Construction and Engineering sector, according to the Dow Jones Best-in-Class Index (former Dow Jones Sustainability Index). Ferrovial has been included in the Dow Jones Best-in-Class Index for 23 consecutive years.
  • In 2024, Ferrovial initiated the process to obtain new 1.5°C aligned SBTi validated targets. Significant progress has been made in achieving this validation, with final SBTi confirmation expected in early 2025.
  • Ferrovial is one of the first companies to join the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD).
    Ferrovial has become “Early Adopters” of TNFD, to align its strategy and integrate natural capital into decision-making processes, showing its commitment to the conservation of nature and ecosystems.
  • Ferrovial recognized as one of the world’s leading environmental companies by CDP (Carbon Disclosure Project). Included in the ‘A List’ for Climate Change and ‘A List’ for water.

REPORTED P&L

 

(EUR million) Q424 Q423 FY24 FY23
Revenue 2,504 2,293 9,147 8,514
Adjusted EBITDA* 334 291 1,342 991
Fixed asset depreciation -100 -94 -441 -401
Adjusted EBIT* 234 197 901 590
Disposals & impairments 2,043 35 2,208 35
Operating profit/(loss) 2,277 232 3,109 625
Financial Results 483 -88 274 -184
    Financial Result from infrastructure projects -106 -112 -411 -372
    Financial Result from ex-infrastructure projects 589 25 685 188
Equity-accounted affiliates 47 68 238 215
Profit/(loss) before tax from continuing operations 2,807 213 3,621 656
Income tax -66 -74 -145 -42
Net profit/(loss) from continuing operations 2,741 139 3,476 614
Net profit/(loss) from discontinued operations 5 8 14 16
Net profit/(loss) 2,746 148 3,490 630
Net profit/(loss) attributed to non-controlling interests -81 -52 -251 -170
Net/(loss) attributed to the parent company 2,665 96 3,239 460

*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)

REVENUE

(EUR million) Q4 24 Q4 23 VAR. FY 24 FY 23 VAR. LfL growth*
Toll Roads 340 304 11.6% 1,256 1,085 15.8% 19.6%
Airports 17 10 64.2% 91 80 13.7% 13.7%
Construction 1,998 1,875 6.5% 7,234 6,869 5.3% 3.8%
Energy 96 56 71.9% 270 207 30.6% 30.6%
Others 54 47 14.2% 296 273 8.4% 12.1%
Revenue 2,504 2,293  9.2% 9,147 8,514 7.4% 6.7 %

*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)

ADJUSTED EBITDA*

(EUR million) Q4 24 Q4 23 VAR. FY 24 FY 23 VAR. LfL growth*
Toll Roads 246 222 10.9% 918 799 15.0% 19.5%
Airports -2 -1 -148.1% 26 22 19.4% 19.6%
Construction 106 85 25.2% 430 211 103.7% 95.4%
Energy 2 -1 n.s. 2 0 n.s. n.s.
Others -18 -14 -27.4% -34 -41 17.0% 21.5%
Adjusted EBITDA* 334 291 14.8% 1,342 991 35.5% 38.9%

*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)

ADJUSTED EBIT*

(EUR million) Q4 24 Q4 23 VAR. FY 24 FY 23 VAR. LfL growth*
Toll Roads 186 180 2.8% 686 586 16.9% 22.0%
Airports -5 -4 -40.4% 4 2 65.4% 67.8%
Construction 81 44 84.6% 284 77 n.s. n.s.
Energy -2 -3 38.9% -11 -8 -39.1% -39.1%
Others -26 -21 -21.9% -62 -68 9.5% 11.4%
Adjusted EBIT* 234 197 18.9% 901 590 52.7% 57.8%

*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)

CONSOLIDATED NET DEBT*

(EUR million) DEC-24 DEC-23
Consolidated Net Debt of ex-infrastructure project companies* -1,794 -1,121
Consolidated Net Debt of infrastructure project companies* 7,856 7,100
   Toll Roads 7,491 6,688
   Others 365 411
Consolidated Net Debt* 6,061 5,979

*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)

TRAFFIC PERFORMANCE

Q4 24 Q4 23 VAR. FY 24 FY 23 VAR.
407 ETR** 678 642 5.5% 2,658 2,536 4.8%
NTE*** 10 10 -1.9% 39 40 -2.2%
LBJ*** 12 11 9.1% 46 43 7.3%
NTE 35W*** 13 12 9.1% 51 42 22.3%
I-77*** 12 11 12.3% 43 41 4.7%
I-66*** 9 8 9.1% 32 29 11.1%
Dalaman**** 1 1 9.1% 6 5 7.7%

**VKT (Vehicle kilometers travelled) / ***Transactions / ****Passengers

DIVIDENDS

(EUR million) FY 24 FY 23
Toll Roads 895  704
Airports 8 6
Construction 34 0
Energy 4 18
Others 7 12
Total Dividends from projects* 947 741

*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)

Letter from the chairman
Management Report 2024
CONSOLIDATED FINANCIAL STATEMENTS
SEPARATE FINANCIAL STATEMENTS
INDEPENDENT AUDITOR'S REPORT
Integrated Annual Report 2024
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