Global Strategy and business units

Ferrovial will support its sustainable growth strategy with a strong set of capabilities:

• Operational: revenue optimization by managing pricing/demand using latest technologies balanced with a cost-efficiency culture that focuses on maximizing the long-term value of operating assets.
• Development: vertical integration with design and construction capabilities supporting bidding to commissioning with strong financing skills and discipline focusing on projects with higher returns and cash generation.
• Stakeholders: local partners and a diversified investor base reinforce Ferrovial’s local footprint and strong relations with local authorities.

Ferrovial maintains four key strategic priorities:

• People: ensuring the highest standards for health and safety in its operations and implementing innovative technologies to prevent accidents involving users and employees. Ferrovial will continue to attract, develop and deploy the best talent for each position, foster diversity, and actively manage the engagement level of the employees. The total workforce of Ferrovial at 31 December year end was 25,501. For more detailed information, please refer to S1-6.
• Sustainable growth: developing high concession infrastructure value in Ferrovial’s core markets, asset rotation to realize value of investments and fund future opportunities and ensure maximum return to shareholders.
  • Toll Roads has a unique infra-asset base that focuses on developing congestion relief solutions, particularly in the S. and Canada through Managed Lanes (ML). The business will continue to develop MLs and toll roads in the U.S., as well as focusing on increasing the solid pipeline and pursuing selected projects in other countries such as India (e.g., IRB partnership).
  • The value proposition of the Airports market is based on facilitating air transportation growth to improve people connectivity between people as air-traffic increases. The business unit will focus on terminal-related opportunities in the U.S., airport expansion projects in Europe and other growth opportunities where Ferrovial’s capabilities represent an advantage.
  • Energy is focused on developing projects for the energy transition: transmission lines, renewable projects, and energy efficiency business in selected markets.
  • Construction is key in supporting other divisions on complex infrastructure projects with end-to-end technical, engineering and production capabilities. The business unit has strong local bases in Texas, Spain and Poland that support other regions and manage risks ranging from bidding and design to project delivery.
• Operational excellence: continuing to improve efficiency, maximizing cash generation, reinforcing core processes and risk management. Ferrovial’s commitment toward sustainability aims to improve the future through the development and operation of sustainable infrastructures. The Company is committed to protecting the environment and supporting communities, enhancing safety, improving user experience, and reducing travel times. Ferrovial is present in industry-leading sustainability indices that include the  Dow Jones Best-in-Class Indices, Sustainalytics, MSCI, FTSE4Good, Moody’s and Carbon Disclosure Project, among others.

• Innovation: supporting Ferrovial’s core business, accelerating its digital transformation, fostering a culture of cybersecurity and developing AI use cases

Ferrovial’s integrated platform ensures that we can develop and operate innovative, efficient and sustainable infrastructure projects with high value creation for stakeholders. This makes the Company one of North America’s leading road and airport infrastructure companies supported by best-in- class capabilities embedded in the strategy.

Cintra, Ferrovial’s toll road division, strategically focuses its activity on developed markets with high demand for infrastructures developing projects that improve the quality of life of users by reducing the urban environment and contributing to the socioeconomic development of the regions where it operates.

STRATEGY

With more than 50 years of experience, Cintra’s comprehensive management model and in-depth knowledge of travel demand forecasting and advanced pricing analytics create significant value. The synergies with Ferrovial Construction further enhance Cintra’s value creation potential and strong competitive advantages. Complete project lifecycle management, combined with a diversified and global portfolio, allows Cintra to understand the needs of all stakeholders (users, administrations, economic operators), resulting in the ability to provide innovative, sustainable and high value-added solutions.

MAIN MARKETS

Cintra has consistently invested in growing and diversifying its portfolio, with a strong focus on the North American markets, where the company benefits from secure regulatory frameworks and promising growth prospects. Additionally, Cintra also seeks investment opportunities in specific geographies where its business model can generate unique competitive advantages and enhance shareholder value. In December 2021, Cintra identified an opportunity in the Indian toll road market and partnered with IRB, completing the acquisition of a 24.9% stake in the Company. Our current stake stands at 19.9%, after the sale of a 5.0% stake executed on June 11, 2024. In 2024, Cintra acquired a 23.99% interest in IRB Infrastructure Trust, an investment vehicle that holds a portfolio of 12 toll road concessions in India with a committed pipeline of 3 additional concessions, for a total investment of 728 million euros (considering an exchange rate of 89.0 EUR/INR) and in June Cintra sold a 5% stake in the Indian company IRB Infrastructure Developers (IRB) for 214 million euros (assuming an EUR/INR exchange rate of 89.72).

Cintra aims to offer sustainable projects that address urban traffic congestion and complex greenfield concessions. This approach enables users to save time, improve the reliability of their daily commute and boost economic productivity, thereby creating new growth opportunities in the regions where Cintra operates. Other markets are Europe and Australia. In April 2024, the Anillo Vial Periférico consortium, comprising Ferrovial (Cintra), Acciona and Sacyr, was selected to develop the Lima Peripheral Ring Road in Peru, under a concession format with an investment of 3.4 billion US dollars (approximately 3.13 billion euros). This infrastructure is a major step forward in the development.

ASSETS

Cintra owns 43.23% of the 407 ETR toll road in Toronto (Canada); 62.97%, 54.60% and 53.67% of the Express Lanes NTE, LBJ and NTE 35W in Texas (U.S.), respectively. Meanwhile, in North Carolina (U.S.), Cintra holds 72.24% of the I-77 and 55.704% of the I-66 in Virginia (U.S.).

In the Express Lanes, rates are dynamic and can be adjusted every few minutes according to the level of congestion, always guaranteeing a minimum speed for drivers. With free-flow (barrier-free) toll systems, these assets stand out for their long concession duration, broad toll rates flexibility and optimized long-term financial structures, positioning Cintra as a leader in the private development of highly complex road transportation infrastructures.

The Company also holds stakes and investments in other assets or corporations in Spain, Slovakia, Colombia, Australia and India.

In 2024, Cintra’s main assets distributed dividends totaling 895 million euros (704 million euros in 2023), including the distribution of the first dividend in I-77 and I-66, in the amount of 307 and 172 million dollars respectively (of which 205 and 89 million euros corresponded to Ferrovial). These figures reflect the financial strength of Ferrovial’s business model.

VALUE CREATION

High complexity greenfield projects

Cintra specializes in complex greenfield projects due to their high-value creation potential. Its ability to evaluate and take on a higher level of risk associated with the project in the bidding phase (construction, financing, operation and traffic management) allows it to opt for higher rates of return (IRR). Value creation is achieved by decreasing the discount rate of future cash flows as project risks are eliminated in the construction phase or reduced (traffic/financing) as the concession term progresses.

Rotation of mature assets

Value creation is materialized through the sale of mature projects, the revenues of which are invested in new assets with greater potential for value creation. An example of this strategy is the agreement reached in October with Interogo Holding to manage the stakes in a set of concessions in Europe and Canada. Cintra will transfer economic rights and hold majority voting rights in Umbrella Roads BV, which will manage the operations under a service agreement. This partnership could allow for further collaboration between the parties in the future.

Operational efficiency committed to the environment

All Cintra assets are engaged in optimizing operations. Cintra’s environmental strategy to reduce its carbon footprint began more than a decade ago, continuously strengthening its environmental practices and protecting the habitat of native species with ongoing monitoring of greenhouse gas
emissions, waste, air and water quality, and the acoustic impact produced by traffic.

Users: excellence in service

Cintra maintains its focus on customer satisfaction and its value proposition of reliability, time savings, safety and sustainability. The effectiveness of this strategy is proven by the response from customers, with increasing levels of acceptance and satisfaction in all its projects.

For 2024, the traffic of the Company’s assets was expected to continue the recovery path of 2023 and increase across all assets. However, traffic in NTE was expected to be affected by ongoing construction works aimed at increasing project capacity. These expectations have been met, with both traffic and toll revenues surpassing 2023 levels. As anticipated, NTE was impacted by the construction works, but our collaboration with the contractor helped to minimize disruption in the area, in a less significant negative impact on traffic than expected.

In 2025, the traffic of the Company’s main assets is expected to increase across the board.

Dividends of €895 million were received in 2024, including the distribution of the first dividend in I-77 and I-66, compared to EUR 704 million in the previous year. In 2025, it is expected that the main infrastructure assets are expected to continue to distribute dividends consistently according to their operating performance. Cintra will focus its efforts on maximizing the quality of the service provided, optimizing its revenues and costs, within the framework allowed by the concession contracts. The expected evolution by geography is as follows:

• In Canada, the 407 ETR toll road will continue to focus on optimization and cost control measures without forsaking the development of its user value generation strategy. The toll road will maintain its investment in the Data Lab to improve its understanding of user behavior and personalize its value propositions, as well as to enhance its customer management systems, enabling personally tailored service through loyalty plans and specific offers.
  Since 2020, due to the COVID-19 pandemic, the force majeure event declared was set to   terminate either when traffic volumes reached pre- pandemic levels or when there was an increase in toll rates were increased.
  The concession decided to increase the rates starting in February 2024 and has already approved an increase for 2025.
  The concession will be subject to Schedule 22, if annual traffic level measurements fall below the corresponding traffic thresholds, 407 ETR will have to pay potentially significant amounts calculated under Schedule 22 to the province and a potential first payment due in early 2026.
• In the United States, all toll roads have shown solid traffic growth as well as growth in average revenue per transaction. The soft cap toll rates will increase in 2025 based on last December CPI compared to the previous year.

Also in 2024, thanks to the success of the North Tarrant Express project, toll road expansion work started earlier than initially planned in the development agreement between the Company and the Texas Department of Transportation. Works will continue throughout 2025, with completion expected in 2027. These works are affecting the traffic level, but thanks to the optimal management of the project, the impact felt during 2024 has been less than expected, with a similar evolution expected through 2025.

• In Australia, Cintra will continue to manage the Toowoomba Bypass toll road and the Western Roads Upgrade project, which was fully opened to traffic in November 2021.
• In India, where IRB Infrastructure Developers Ltd. manages 26 toll roads projects for approximately 15,400 kilometers approximately, it is expected to reach significant milestones are expected for 2025 with the pipeline of projects under development.
• In the remaining markets, Cintra will continue to operate the assets already in operation, including the D4R7 toll road in Slovakia, which opened completely to traffic in October 2021. Several sections of the Ruta del Cacao, in Colombia, will also be opened to traffic. In 2025, it is expected to open Silvertown Tunnel, in the United Kingdom and commence construction of Anillo Vial Periferico in Perú.

The Company will continue its bidding activity in North America with an attractive pipeline for 2025 and in other target regions (Europe, Australia, Colombia and Peru), focusing on complex greenfield projects, due to their high potential for value creation as well as in India through IRB.

Ferrovial Airports integrates all the Company’s investments in airport activities and is one of the world’s main private airport operators.

STRATEGY

With more than 25 years of experience in airport investment and development, it continues to grow day by day, always seeking to improve passenger experience and optimize efficiency, increasing passenger numbers in Dalaman and the number of agreements with airlines for the future NTO operation.

The business unit will also focus on terminal-related opportunities in the USA other regions where Ferrovial has presence.

ASSETS

Ferrovial Airports has a significant international presence through its 49% stake in the partnership that will design, build and operate the New Terminal One at John F. Kennedy International Airport in New York, U.S., as well as its 60% stake in the Company that manages the concession for Dalaman International Airport in Turkey. During 2024, the business unit had a portfolio of four airports in the U.K.: a 5.25% stake in Heathrow, Europe’s busiest hub, and a 50% stake in Glasgow, Aberdeen and Southampton (AGS).

In January 2025, following satisfaction of applicable regulatory conditions, Ferrovial completed the sale of its 50% share capital in AGS for a price of £450 million. This will give rise to a capital gain of €300 million which will impact the results of Q1 2025.

New Terminal One (NTO) at JFK International Airport

This landmark project is currently progressing on schedule. The project closed the year with substantial completion of the weathertight in the Head House and the East Pier steel erection and 55% construction progress. The terminal is expected to be operational in 2026 with the concession contract ending in 2060. As of today, we have agreements with 16 airlines out of which 10 are under executed agreements, 5 of those new airline’s agreements signed in the year 2024 (Eva Air, Air Serbia, SAS, Neos and Philippines Airlines). Ferrovial Airports has signed 6 Letters of intention with Air China,  Turkish Airlines and other international carriers.

Dalaman

Dalaman Airport remains a major vacation destination for domestic and international travelers in Turkey, with traffic levels exceeding pre-pandemic levels. Proof of this is the designation of the Sarıgerme region in Muğla province, in southwestern Turkey, as a tourism development zone. This recognition will facilitate the development of hotels and golf courses, which, in turn, will support the growth of the airport.

During 2024, 5.6 million passengers traveled through Dalaman (+7.74% on 2023), driven by increased capacity on several airlines and new routes to the UK and other European countries, as well as higher domestic traffic.

AGS

On November 13, Ferrovial announced an agreement for the sale of its 50% stake in AGS Airports to AviAlliance UK Limited for 450 million. In 2025, after fulfilling the applicable regulatory conditions, Ferrovial has completed the sale.

AGS also recorded a notable recovery in traffic in 2024, with 11.3 million passengers (up 8.1% on 2023). International traffic remains the main driver due to increased capacity from Europe and new routes.

Heathrow

The sale process announced by Ferrovial in November 2023 is now complete and finalized as of December 12, 2024. As a result of the transaction Ferrovial has recognized at 2024 year-end a profit of 2,57 billion euros, of which 2,023 million euros corresponds to the shares sold and 547 million euros to the 5.25% stake retained, which has been registered as a financial investment valued at fair value with changes recognized through profit and loss.

On February 26th, 2025, Ferrovial announced that it had reached a binding agreement with Ardian for its 5.25% stake for c. 455 million pounds (the current book value of the asset). The agreement will be adjusted with an interest rate to be applied until closing. The transaction is subject to complying with the right of first offer (ROFO) and to the satisfaction of applicable regulatory conditions.

In terms of passenger traffic, Heathrow remains one of the busiest airports in Europe, with 83.9 million passengers in 2024.

VALUE CREATION

The Airports business unit continues to invest in expanding its portfolio with a focus on geographical areas in which the overall business currently operates. Ferrovial has a long history of investments in airports, and it expects that new airport investment will prove to be one of the major drivers in Ferrovial growth in the future. Various value-add strategies will be pursued, including those in which Ferrovial has full control of the investment and those in which Ferrovial is a co-investor alongside other value-add partners.

Sustainability

Sustainability remains a key focus for Ferrovial Airports, which is spearheading significant initiatives to reduce emissions.

In July 2024, the Airports division launched its sustainability strategy for 2024-2030, aligning it with Ferrovial’s broader objectives. This strategy was officially presented at the 34th edition of the ACI EUROPE Annual Conference and Exhibition, one of the main events in the aviation sector organized each year by Airports Council International (ACI). It is worth noting that Ferrovial Airports participated as the first sustainability sponsor in the history of the event.

In July 2024, the NTO project announced the issuance of USD2.55 billion in green bonds, the largest issuance of tax-exempt airport debt ever completed, and an all-inclusive interest cost of 4.65%, a weighted average maturity of 30 years. Highlighting the project’s commitment to sustainability, the bonds were designated as Green Bonds by Kestrel Verifiers, an independent second-party opinion provider that confirmed that the uses of the bonds conform with Green Bond principles (Transition to a decarbonized economy; Integrate resilient and sustainable design features; Preserve, enhance, or restore natural capital; Promote a more equitable society and a just transition and Disclose activities, impacts and risks).

In mid-2024, Dalaman Airport completed a significant project focused on renewable energy generation and sustainability strategies: a solar power plant with 15,000 panels on its roof, covering 45,000 square meters. It generates 10,230 MWh annually, meeting over 55% of the airport’s energy needs. The project helps conserve the environment by protecting 200,000 trees and reducing CO₂ emissions by 4,500 tons each year.

While Ferrovial Airports has no operational control over the sustainability plans and strategies of equity-accounted companies’ such as HAH or AGS, the division routinely reviews their plans and strategies to ensure that they do not contradict Ferrovial’s sustainability framework.

Innovation

Among the main innovation projects implemented in 2024, the following merit mention the Proof-of-Concept project using LiDAR technology to enhance passenger experience at Dalaman Airport. By employing four LiDAR sensors in a 1500 sqm area of the domestic departures terminal, they gathered data to analyze passenger movements and behaviors. The insights gained included metrics on occupancy levels, passenger waiting times, and resource usage, aimed at improving operational efficiency. Following its success, the project has the potential for broader application in areas like security checkpoints, with the aim of creating smarter, more sustainable airport infrastructures.

EXPECTED BUSINESS PERFORMANCE IN 2025

For 2024, the passengers of the Company’s assets were expected to continue the recovery path of 2023 and increase across all assets. These expectations have been met. As part of Ferrovial global strategy, the 2024 has been a crucial year for implementing the assets rotation strategy.

Traffic is expected to increase in Dalaman Airports in 2025. Financial results are expected to follow traffic trends. The number of agreements with airlines for the future operation of NTO is also expected to increase.

In 2025, Ferrovial Airports will continue to analyze selective investment opportunities worldwide, with an emphasis on sustainable infrastructure to which Ferrovial can contribute its operational and construction experience.

Dividends distribution in the coming years will largely depend on traffic recovery and business performance as well as the NTO final operational date, which is expected for 2026. Ferrovial Airports assets did not distribute dividends in 2024.

The Energy business unit was created with the aim of promoting the transition to a more sustainable and cleaner economy. The division is present in the main geographies where Ferrovial operates, with the focus of providing innovative solutions for the development, construction, financing and operation of renewable energy generation, storage and transmission infrastructures. In addition, energy efficiency solutions are provided for both public and private clients.

STRATEGY

The future of renewable energy infrastructure is positively affected by several market trends:

• Increasing electrification of the economy in the coming decades, driven mainly by the electrification of production processes, the digitalization of the economy, the development of data centers and the electrification of transportation.
• The need and willingness to have greater energy autonomy at the national and supranational levels.
• National, regional and local regulations on economic incentives or disincentives to CO2 production.
• Policies for the closure and/or dismantling of electricity generation infrastructures using fossil or nuclear fuels.
• Social changes driven by growing awareness of climate change and the green economy.

The objective for the Energy unit is to apply and adapt the business model proven by Ferrovial in transportation infrastructure to the new requirements of energy generation, storage and transmission assets in the coming years.

It should be noted that, due to the specialization of the sector, the Energy division has adapted its organization and management to an integrated business model, which will allow it to maximize the value of the proposal. The Energy business encompasses the functions of promotion, development, investment and rotation of energy infrastructures, as well as their construction.

Multiple measures are also being promoted to reduce energy consumption and energy efficiency. This is why there is a line of business dedicated to supporting the fulfillment of environmental and economic objectives of both public and private.

MAIN MARKETS

The Energy business unit is mainly present in five geographical areas, aligned with Ferrovial’s global positioning: the United States, Spain, Poland, Chile and Australia.

The division is an active part of the Company’s ESG strategy, with the focus on the fight against climate change and the decarbonization of the economy, always in line with Ferrovial’s strategic priorities.

ASSETS

In Spain, the El Berrocal project stands out a 50 MWp photovoltaic plant in operation located in Seville. In the United States, a project was acquired for the construction and operation of a 257 MWp photovoltaic plant in Texas in the first half of 2024. This asset, currently under construction, is expected  to start operations during 2026.

In Poland, through a Joint Venture (BxF Energy) together with Budimex, a project was acquired for the construction and operation of a 60 MWp photovoltaic plant in the first half of 2024. This asset, currently under construction, is expected to start operation during 2025.

Ferrovial has three operational transmission lines in Chile, with a total length of 924 kilometers:

• Transchile project: acquired in 2016, this transmission line has a total length of 408 kilometers (2×220 kV – 204 km).
• Centella project: commissioned in 2024, this transmission line has a total length of 504 kilometers (2×220 kV – 252 km).
• Tap Mauro project: also commissioned in 2024, this transmission line has a total length of 12 kilometers (4×220 kV – 3 km).

EXPECTED BUSINESS PERFORMANCE IN 2025

• In 2024 Ferrovial announced the reorganization of all the energy business activities present across the Group into a single organizational unit entitled Ferrovial Energy. During this year, the business unit, in order to accelerate its growth in renewable energy generation, acquired two projects for the construction and operation of photovoltaic plants, one in Texas (257 MWdc) and one in Poland (60 MWdc, in JV with Budimex).
• In 2025, improving the profitability will be a top priority. This will be achieved by continuing to enhance efficiency and aligning goals as an integrated unit. Such efforts are essential to maximize productivity and achieve the strategic objectives set forth by the company.
• Internationally, the division aims to increase its presence in the United States across all business areas. In addition, bids are being actively submitted in Australia with the expectation of securing contracts within the year. Sustained growth is expected to continue in Chile, alongside the ongoing development of various projects in Poland. This strategic expansion will enable the company to further diversify its project portfolio and strengthen its position in the global market.
• Moreover, the division will continue to broaden the range of products offered to customers. This comprehensive approach will not only enhance customer satisfaction but also contribute to the overall growth and success of the company.

Ferrovial Construction is the business unit that carries out the construction of civil works, buildings, data centers, water treatment plants and industrial works. It is internationally recognized for its capacity to design and build unique, innovative and sustainable infrastructures.

STRATEGY

The Construction division is a fundamental pillar of Ferrovial’s strategy thanks to its technical design and construction capabilities in the execution of complex infrastructure projects for other Ferrovial investment divisions, as well as for public and private clients. Construction strengthens Ferrovial’s capabilities and improves its competitiveness in concession bidding, mainly for the transportation sector.

In 2024, Ferrovial Construction has maintained a stable level of revenues and improved profitability to reach the targets set in the Horizon 24 Strategic Plan, thanks to the measures implemented in recent years for risk control and management, the selective bidding criteria for projects and  geographies, the commitment to more collaborative contracting models and investment in innovation, technology and digitalization.

MAIN MARKETS

Ferrovial Construction focuses its activity on developed countries with stable economies that are committed to modernizing their infrastructure. The United States, Poland and Spain are the division’s main markets, accounting for more than 75% of revenues. Other geographies with a stable presence are Canada, the United Kingdom, Australia and Chile. The order book maintains a balanced risk, with adequate exposure to Ferrovial’s key markets  and projects for Group companies.

VALUE CREATION

In addition to its own profitability and cash flow generation capacity, Construction provides added value by participating from the very beginning of the projects to their completion. The division specializes in projects of high technical complexity, which it can develop thanks to the experience and international presence of the more than 350 employees of its Engineering Services Department, focused on the search for first-class engineering solutions. The sectorial and geographical diversification and the size of the division allows it to maintain technical qualifications and to have material and human resources always on hand to support other divisions of Ferrovial in the bidding for concessions, providing certainty in terms of price and schedule, and quality in delivery. This collaboration with Group companies came to fruition once again in 2024 with the awarding of the Anillo Vial Periférico urban toll road in Peru.

Driving construction activities in a sustainable manner

Sustainable project management is a priority for Ferrovial Construction. With the ambition of maintaining its leadership position, the 2024-30 Sustainability Strategy was launched to reinforce its commitment to society and respond to the demands of stakeholders and the ESG regulatory framework.

In the environmental area, priority is given to decarbonization and reducing the impact on the environment. For decarbonization, the goal is to become carbon neutral by 2050, through the energy efficiency of the fleet and machinery, the use of clean energy and alternative fuels, and the incorporation of sustainable and recycled materials. The division also promotes the use of technology and the optimization of processes from the design phase to the construction phase, incorporating sustainability criteria in decision-making, with solutions such as prefabrication, modular construction and digitalization. The Construction division is also committed to promoting the decarbonization of its value chain, collaborating with clients and suppliers to develop more sustainable infrastructures.

With regard to the reduction of environmental impact, the unit promotes the circular economy, waste recycling and reuse of materials, reduction of the water footprint and individualized management of projects to avoid negative impacts on the environment and biodiversity.

In the social sphere, Construction maintains its commitment to people and communities, promoting the economic and social development of the communities in which it operates, through the involvement of the local supply chain, social action projects and the creation of direct and indirect employment. Similarly, commitment to employees is a priority, focusing on the health, safety and well-being of all employees and partners; implementing risk control measures; ensuring awareness of, and compliance with, the highest health and safety standards; being actively involved in their achievement and development at all levels of the organization; and incorporating innovation and use of new technologies, such as sensors and automation of machinery, Artificial Intelligence for risk analysis or robotics as an assistant. Another key element in this area is the attraction and retention of talent, promoting equity, inclusion and gender, generational and cultural diversity.

In the area of governance, Construction is driven by the principles of integrity and transparency in the development of its operations. It seeks to incorporate sustainability measures in processes and decision-making, ensuring respect for applicable legislation, the code of ethics for employees and suppliers, and the application of anti-corruption policies. During contracting processes, Ferrovial seeks to manage risks in advance by evaluating and monitoring suppliers, customers and partners in accordance with the principles of ethics and integrity, including ESG criteria to detect potential risks in the financial, environmental, legal, labor and reputational areas.

This commitment to sustainability is recognized by the main sustainability indexes and external rating agencies such as the Dow Jones Best-in-Class Indices, CDP and Ecovadis, among others.

EXPECTED BUSINESS PERFORMANCE IN 2025

In 2024, the Construction division has met in 2024 the average long-term target of 3.5% adjusted EBIT margin established in the Horizon Strategic Plan. The forecast evolution for 2025 is equally positive based on a robust backlog, which has set a new all-time high, and with good exposure to key markets and projects for Group companies, in line with Ferrovial’s strategy. This allows for a selective approach to bidding, with a focus on risk mitigation and long-term profitability.

The outlook for 2025, by market, is as follows:

• In the United States and Canada, sales growth is expected to be supported by the execution of the relevant awards obtained by Webber in recent years, which include diverse sectors such as transportation infrastructure, water treatment plants and renewable energy projects both in Texas and on the East Coast of the United States, as well as the favorable pace of execution of the Ontario Line of the Toronto Metro once the initial design phase has been completed. In the medium term, the transportation infrastructure construction industry is expected to continue to absorb the momentum of the federal Infrastructure Investment & Job Act, through the progressive disbursement of funds, which is materializing through state investment programs such as the 2025 Unified Transportation Program in Texas, the Moving Forward in Florida, or the Major Mobility Investment Program in Georgia. The Construction division will continue to support the bidding process for P3 projects of the Group’s investment units, with a particular focus on highway and airport initiatives on the East Coast of the United States.
• In Spain, revenues is expected to increase in line with the upward trend of recent years, thanks to the high level of contracting with both public and private clients. In the future, private initiatives in industrial, logistics, technology and data center construction will continue, in addition to the stable public demand for railway, health and water plant projects.
• In Poland, an increase in revenues is anticipated and the selective bidding strategy will continue, with a focus on maintaining profitability and diversification in sectors such as energy, renewables an the unique building of technological and industrial projects. Public tendering of rail and road projects maintains good prospects supported by the high level of funding allocation under the EU’s 2021-27 multiannual financial framework, which ensures future stability of investment in the country.
• In the rest of the markets, the United Kingdom and Australia stand out, where large metro, rail and road projects are entering the final phase of execution, anticipating a moderate drop in revenue in 2025. Also worthy of highlighting is the award of the construction of the Peripheral Road Ring in Peru, an urban highway connecting Lima and Callao, again showing the support to the investment divisions of the Group, as this contract was tendered under a concession scheme