q12025-ferrovialresultsp

Q1 2025 Financial Results 1 May 14th, 2025 Q1 2025 FINANCIAL RESULTS P ic tu re : I -6 6 .

Q1 2025 Financial Results 2 DISCLAIMER This presentation has been produced by Ferrovial SE (the “Company”, “we” or “us” and, together with its subsidiaries, the “Group”) for the sole purpose expressed herein. By accessing this presentation, you acknowledge that you have read and understood the following statements. Neither this presentation nor any of the information contained herein constitute or form part of, and should not be construed as, an offer to purchase, sale or exchange any security, a solicitation of any offer to purchase, sale or exchange any security, or a recommendation or advice regarding any security of the Company. In this presentation, unless otherwise specified, the terms “Ferrovial,” the “Company,” “we,” “us,” and the “Group” refer to Ferrovial SE, individually or together with its consolidated subsidiaries, as the context may require (or, unless stated otherwise, if referring to the period prior to the completion of the cross-border merger on June 16, 2023, to Ferrovial, S.A., the former parent entity of the Group, individually or together with its consolidated subsidiaries, as the context may require). Neither this presentation nor the historical performance of the Group’s management team or the Group constitutes a guarantee of the future performance of the Company and there can be no assurance that the Group’s management team will be successful in implementing the investment strategy of the Group. Forward-Looking Statements This presentation contains forward-looking statements. Any express or implied statements contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding estimates and projections provided by the Company and certain other sources with respect to the Company’s financial position, business strategy, plans, and objectives of management for future operations, dividends, capital structure, as well as statements that include the words “expect,” “aim,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “target,” “anticipate” and similar statements of a future or forward- looking nature, or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements may reflect various assumptions by the Company concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, and known and unknown risks, many of which are beyond the Company’s control and may be impossible to predict. Any forecast made or contained herein, and actual results, will likely vary and those variations may be material. The Company makes no representation or warranty as to the accuracy or completeness of such statements, expectations, estimates and projections contained in this presentation or that any forecast made or contained herein will be achieved. Risks and uncertainties that could cause actual results to differ include, without limitation: risks related to our diverse geographical operations and business divisions; risks related to our acquisitions, divestments and other strategic transactions that we may undertake; the impact of competitive pressures in our industry and pricing, including the lack of certainty and costs in winning competitive tender processes; general economic and political conditions and events and the impact they may have on us, including, but not limited to, volatility or increases in inflation rates and rates of interest, increased costs and availability of materials, and other ongoing impacts resulting from circumstances including changes in tariff regimes, the Russia/Ukraine conflict and the Middle East conflict; the fact that our business is derived from a small number of major projects; cyber threats or other technology disruptions; our ability to obtain adequate financing in the future as needed; statements with respect to our ability to fund future dividends or other distributions, and distribution processes and timelines; our ability to maintain compliance with the continued listing requirements of Euronext Amsterdam, the Nasdaq Global Select Market and the Spanish Stock Exchanges; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subject to; our ability to comply with our ESG commitments or other sustainability demands, including changing expectations in connection with sustainability and ESG matters; our legal and regulatory risks given that we operate in highly regulated environments, and the impact of any changes in governmental laws and regulations, including but not limited to tax regimes or regulations; the impacts of accidents or other incidents at our project sites and facilities; physical and transitional risks in connection with the impacts of climate change; risks related to the adequacy or existence of our insurance coverage and any non-recoverable losses; risk associated with the international nature of our business and operations; our reliance on and ability to locate, select, monitor, and manage subcontractors and service providers; risks related to our holding company structure and from our joint venture and partnership operations; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2024 which is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this presentation speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Forward-looking statements in this press release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction. In addition, certain industry data and information contained in this presentation has been derived from industry sources. The Company has not undertaken any independent investigation to confirm the accuracy or completeness of such data and information, some of which may be based on estimates and subjective judgments. Accordingly, the Company makes no representation or warranty as to the accuracy or completeness of such data and information. Other than as specified, the information contained in this presentation has not been audited, reviewed or verified by the external auditor of the Group. The information contained herein should therefore be considered as a whole and in conjunction with all the other publicly available information regarding the Group. Alternative Performance Measures In addition to the financial information prepared under the International Financial Reporting Standards (“IFRS”), this presentation may include certain alternative performance measures (“APMs” or “non-IFRS measures”) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015, that differ from financial information presented by the Group in its financial statements and reports containing financial information. The aforementioned non-IFRS measures include “Adjusted EBIT,” “Adjusted EBIT Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Comparable or ‘Like-for-Like’ (‘LfL’) Growth,” “Order Book,” “Consolidated Net Debt,” “Cash flows excluding infrastructure projects (Ex-Infrastructure Cash Flows),” Cash flows from infrastructure projects (Infrastructure Cash Flows),” and “Ex-Infrastructure Liquidity.” These non-IFRS measures are designed to complement and should not be considered superior to measures calculated in accordance with IFRS. Although the aforementioned non-IFRS measures are not measures of operating performance, an alternative to cash flows, or a measure of financial position under IFRS, they are used by the Group’s management to review operating performance and profitability, for decision-making purposes, and to allocate resources. Moreover, some of these non-IFRS measures, such as “Consolidated Net Debt” are used by the Group’s management to explain the evolution of our global indebtedness and to assist our management in making decisions related to our financial structure. Furthermore, it is used by analysts and rating agencies to better understand the indebtedness that has recourse to the Group. Non-IFRS measures presented in this presentation are being provided for informative purposes only and shall not be construed as investment, financial, or other advice. The Group believes that there are certain non-IFRS measures, which are used by the Group’s management in making financial, operational and planning decisions, which provide useful financial information that should be considered in addition to the financial statements prepared in accordance with the accounting regulations that applies (IFRS EU), in assessing its performance. These are consistent with the main indicators used by the community of analysts and investors in the capital markets. However, they do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. They have not been audited, reviewed or verified by the external auditor of the Group. For further details on the definition, explanation on the use, and reconciliation of non-IFRS measures, please see the section on “Alternative performance measures” in Ferrovial SE’s Integrated Annual Report (including the Consolidated Financial Statements and Management Report) for the year ended December 31, 2024. Additional Information The Company is subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended, applicable to foreign private issuers and in accordance therewith is required to file reports and other information with the SEC relating to its business, financial condition, and other matters. The Company's filings can be accessed by visiting EDGAR on the SEC's website at www.sec.gov.

Q1 2025 Financial Results 3 Q1 2025 OVERVIEW Substantial growth in all business divisions • Highways: Strong revenue performance from North American assets • Airports: NTO (JFK) construction advancing • Construction: Steady profitability with adjusted EBIT margin reaching 3.3% Solid net debt ex-infra projects1 reaching -€1.9B • AGS divestment for €538M • Equity injections in NTO for €152M • Repurchases under share buyback program for €156M Main corporate events • In March, announced agreement to acquire up to a 5.06% stake2 in the 407 ETR from AtkinsRéalis for a maximum of CAD2.09B with an expected close in Q2 2025 • In April, announced opening of Silvertown Tunnel, a highly complex infrastructure project that is expected to significantly enhance transportation in East London (1) Consolidated Net Debt of ex-infrastructure project companies. Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see the Alternative Performance Measures appendix of the Q1 2025 results report. (2) The transaction is structured in two tranches, with 3.30% to be acquired at closing and 1.76% deferred for up to 18 months post-closing through a put and call option agreement. The strike price for the put and call option will be adjusted, based on an agreed formula taking into account when it will be executed.

Q1 2025 Financial Results 4 +19.1% US HIGHWAYS’ REVENUE vs. Q1 2024 HIGHWAYS SIGNIFICANT GROWTH IN US MANAGED LANES Q1 2025 PERFORMANCE vs. Q1 2024 PERFORMANCE & CONTRIBUTION FROM US ASSETS (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Q1 2025 results report. +14.6% US HIGHWAYS’ ADJ. EBITDA1 vs. Q1 2024 98% OF HIGHWAYS’ ADJ. EBITDA1 88% OF HIGHWAYS’ REVENUE EUR M Q1 2025 % Ch LfL 1 Revenue 324 14.1% Adj. EBITDA1 235 14.6% Adj. EBITDA mg1 72.5%

Q1 2025 Financial Results 5 Q1 2025 PERFORMANCE vs. Q1 2024 407 ETR OUSTANDING PERFORMANCE WITH DOUBLE-DIGIT EBITDA GROWTH Q1 2025 TRAFFIC PERFORMANCE vs. Q1 2024 (VKTs) • Underlying traffic improved as a result of increased mobility and rush-hour commuting from more on-site employees, as well as more targeted rush hour driving offers beginning in March. • Traffic growth was negatively impacted by adverse weather conditions in Q1 2025, and calendar effect (2024 leap year). (1) At the end of each reporting period, Management prepares an estimate of the Schedule 22 Payment for the calendar year 2025 (2025 Schedule 22 Payment Estimate). The Schedule 22 Payment expense for the first quarter of 2025 is determined by allocating the 2025 Schedule 22 Payment Estimate, on the basis of dividing the toll revenues of the first quarter of 2025, over the total estimated toll revenues for 2025.The Schedule 22 Payment expense for each quarter of 2025 will fluctuate due to the seasonal nature of the business. Note: The 407ETR financial information presented here has been based on, and is consistent with, the financial statements of 407 ETR • Toll revenue resulting from increased traffic levels, longer trips, and higher toll rates that took effect on January 1, 2025. • Fee revenue driven by higher account fees, increased fee rates starting January 1, 2025, higher net interest earnings and enforcement fees. DIVIDEND DISTRIBUTION IN Q2: CAD200M dividend approved to be paid in Q2 2025 (CAD175M in Q2 2024, +14.3%) 3.7% -5.5% 7.1% 1.9% JAN FEB MAR Q1 CAD M Q1 2025 VAR. Traffic (VKT M) 524 1.9% Revenue 410 24.3% EBITDA 321 15.0% EBITDA mg 78.3% Avg revenue per trip (CAD) 16.8 22.5% CAD25.9M Schedule 22 provision accrued in Q1 2025, included in EBITDA1 Impacted by : • Toll rate increases beginning in different time periods (Jan 1 in 2025 and Feb 1 in 2024). • Rush hour driving offers beginning in March 2025 CAD M Q1 2025 VAR. Total Revenue 410 24.3%

Q1 2025 Financial Results 6 P ic : L B J 6 Q1 2025 PERFORMANCE vs. Q1 2024 REVENUE PER TRANSACTION NTE +13.8% LBJ +10.0% NTE35W +8.9% NTE NTE 35W LBJ Traffic grew despite the construction activities in the nearby corridors Traffic impacted by Capacity Improvement construction works Adj. EBITDA in Q1 2025 includes $1M of revenue share (none in Q1 2024) Solid traffic growth Adj. EBITDA in Q1 2025 included $5M of revenue share, vs. none in Q1 2024, as it was accounted in Q2 2024 for the six months (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Q1 2025 results report 1 1 DFW MANAGED LANES CONTINUED GROWTH IN REVENUE AND EBITDA Q1 2025 VAR. Q1 2025 VAR. Q1 2025 VAR. Revenue Adj. EBITDA Adj. EBITDA mg

Q1 2025 Financial Results 7 USD M Q1 2025 VAR. Transactions (M) 3.7% Revenue 31.1% Adj. EBITDA 34.0% Adj. EBITDA mg 78.9% USD M Q1 2025 VAR. Transactions (M) 10 0.4% Revenue 28 21.9% Adj. EBITDA 17 7.2% Adj. EBITDA mg 60.4% I-77 ROBUST OPERATING PERFORMANCE I-66 INCREASED MOBILITY IN PEAK HOURS Q1 2025 Financial Results 7 P ic : I -7 7 (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Q1 2025 results report Q1 2025 PERFORMANCE vs. Q1 2024 +21.8% Q1 2025 vs Q1 2024 2.3 2.8 Q1 2024 Q1 2025 Q1 2025 PERFORMANCE vs. Q1 2024 REVENUE PER TRANSACTION (USD) +25.6% Q1 2025 vs Q1 2024 6.6 8.2 Q1 2024 Q1 2025 • Growth in traffic and revenue benefitted from traffic diverted to I-77 due to the closure of alternative I-40 (reopened with limited capacity since March 1st) despite severe weather in Q1 2025, along with the leap year effect. • Adj. EBITDA in Q1 includes $4M of revenue share, vs. none in Q1 2024, as it was accounted in Q2 2024 for the first six months, and $2M of extended vehicles payments ($1M in Q1 2024). REVENUE PER TRANSACTION (USD) 1 1 1 1 • Growth in traffic and revenue per transaction driven by more traffic in the corridor positively impacted by more return-to-the-office mandates despite severe weather in Q1 2025, along with the leap year effect.

Q1 2025 Financial Results 8 NEW TERMINAL ONE AT JFK • NTO (New Terminal One) remains on budget & on schedule facing a crucial year for construction • In Q1 2025, physical progress saw a 6% advancement • Agreements with 18 airlines of which 13 are executed contracts and 5 are Letters of Intent (LOIs) CONSTRUCTION DEVELOPMENT ONGOING €152M €167M DALAMAN STEADY GROWTH FROM DOMESTIC TRAFFIC • Traffic grew by +0.6% vs Q1 2024, driven by domestic market • Adjusted EBITDA impacted by seasonality P ic : N ew T er m in a l O n e, N Y, U SA €894M EUR M Q1 2025 VAR. Passengers (M) 0.3 0.6% Revenue 3 3.2% Adj. EBITDA 1 -1 13.6% Adj. EBITDA mg 1 n.r.

Q1 2025 Financial Results 9 CONSTRUCTION STEADY PROFITABILITY ORDER BOOK AT PEAK LEVEL • Focus on local markets and lower weight of large design and build projects with non group companies • €1.5B contracts not included in Q1 2025 order book (pre-awards or pending financial close) • Breakdown by geography: • Budimex: solid profitability (6.4% Adj. EBIT mg1 in Q1 2025), slightly lower than previous year (7.2% in Q1 2024). 2024 benefited from the remaining differential effect for the change of the indexation cap in public contracts. • Webber: 2.6% Adj. EBIT mg1 in Q1 2025 (2.2% in Q1 2024). • Ferrovial Construction: profitability recovered (2.0% Adj. EBIT mg1 in Q1 2025) compared to Q1 2024 (-0.4%). 9 Q1 2025 PERFORMANCE vs. Q1 2024 P ic : e h ig h -s pe ed ra ilw a y pr o je ct H S2 ( U K ) €17,187M +4.4% LfL (2) 45% 24% 14% 9% 2% 6% US & CAN Poland Spain UK Australia RoW 9 (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Q1 2025 results report. (2) Order book vs Dec. 2024. OUTLOOK • Average long-term target of 3.5% Adjusted EBIT margin1 EUR M Q1 2025 Q1 2024 % VAR. % VAR. LfL1 Revenue 1,584 1,476 7.3% 5.3% Adj. EBITDA1 87 68 27.5% 24.8% Adj. EBITDA mg1 5.5% 4.6% Adj. EBIT1 52 32 64.1% n.s. Adj. EBIT mg1 3.3% 2.1%

Q1 2025 Financial Results 10 P ic : 4 0 7 E T R REVENUE €2,059M +7.4% ADJ. EBITDA1 €309M +19.1% ADJ. EBIT1 €199M +28.3% (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Q1 2025 results report Q1 2025 MAIN FIGURES Q1 2025 REVENUE & PROFITABILITY FIGURES (LfL VARIATION VS. Q1 2024)

Q1 2025 Financial Results 11 Dividends from projects Construction Op. Cash Flow (ex-tax payments, ex- dividends) Other cash flows from (used in) operating activities (ex-tax payments) Tax payments Cash flows from (used in) investing activities (ex- Interests received & ex- Divestments) Interest received and other investing activities cash flows Divestments Treasury shares repurchase Other cash flows from (used in) financing activities Effect of exchange rate on Cash & Cash equivalents Q1 2025 CHANGE IN CONSOLIDATED NET DEBT1 EX-INFRASTRUCTURE PROJECT COMPANIES NET DEBT EUR -1,794M OPERATING (EUR -100 M) INVESTING (EUR +378 M) FINANCING (EUR -647 M) CASH CASH DEBT & OTHERS DEBT & OTHERS CASH FLOWS EUR -369 M CHANGES IN DEBT AND OTHER NET DEBT COMPONENTS EUR +421 M FY 24 Q1 25 NET DEBT EUR -1,847M (1) Non-IFRS financial measure. For the definition and reconciliation to the most directly comparable IFRS measure, refer to the Alternative Performance Measures appendix of the Q1 2025 results report.

Q1 2025 Financial Results 12 CLOSING REMARKS • • • • • • 12 P ic : I -7 7 (1) Subject to I-24 prequalification, which remains pending

Q1 2025 Financial Results 13 Q&A 13

Q1 2025 Financial Results INVESTOR RELATIONS +34 91 586 25 65 +31 207 983 724 ir@ferrovial.com www.ferrovial.com