EX-99.2 3 q32025-ferrovialresultsp.htm EX-99.2
9M 2025 Financial Results 1 P ic tu re : 4 0 7 ET R October 28, 2025 9M 2025 FINANCIAL RESULTS

9M 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. 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,” “will”,“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, exchange rate fluctuations, 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 and Non-IFRS Measures In addition to the financial information prepared under the International Financial Reporting Standards (“IFRS”), this presentation may include certain alternative performance measures (“APMs”) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015, and other financial or operational measures that are not presented in accordance with IFRS (collectively, "non-IFRS measures") 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.

9M 2025 Financial Results 3 9M 2025 OVERVIEW Strong performance across all business divisions • Highways: Continued growth in revenue and EBITDA1 from North American assets • Airports: Continued progress at New Terminal One (NTO) with a focus on operational readiness • Construction: Solid profitability with adjusted EBIT1 margin reaching 3.7% in 9M 2025 Net debt1 ex-infra projects2: -€706M • Dividends collected from projects of €406M • AGS divestment of €534M • Heathrow divestment of €539M • 407 ETR investment of €1.3B • Equity injections in NTO of €239M • Shareholder distributions of €426M Main corporate events since H1 results • In July, Ferrovial completed the sale of its 5.25% stake in Heathrow Airport for €539M • Second scrip dividend3 announcement • RFQ for I-77 South is expected to be submitted in December (1) Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see the Alternative Performance Measures appendix of the 9M 2025 results report (2) Consolidated Net Debt of ex-infrastructure project companies. (3) Dividend per share has been determined based on the number of shares outstanding on October 23, 2025 P ic tu re : N T E (U SA )

9M 2025 Financial Results 4 +16.4% US HIGHWAYS’ REVENUE vs. 9M 2024 (% LfL) HIGHWAYS ROBUST GROWTH IN US MANAGED LANES 2025 PERFORMANCE vs. 2024 (Q3 & YTD) 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 9M 2025 results report. (2) Total dividends from Highways: €324M (€444M in 9M 2024). 9M 2024 figure included the first dividend from I-77 with an extraordinary amount of €195M. +15.1% US HIGHWAYS’ ADJ. EBITDA1 vs. 9M 2024 (% LfL) 97% OF HIGHWAYS’ ADJ. EBITDA1 88% OF HIGHWAYS’ REVENUE €312M DIVIDENDS FROM NORTH AMERICAN ASSETS (€420M in 9M 2024)2 EUR M Q3 2025 % VAR 9M 2025 % VAR LfL1 Revenue 345 7.3% 1,021 14.4% Adj. EBITDA1 255 4.2% 751 14.7% Adj. EBITDA mg1 73.8% 73.5% P ic tu re : LB J (U SA )

9M 2025 Financial Results 5 2025 PERFORMANCE vs. 2024 (Q3 & YTD) 407 ETR HIGHER OFFICE OCCUPANCY & PROMOTIONS DRIVING STRONG EBITDA GROWTH 2025 TRAFFIC (VKTs) & EBITDA PERFORMANCE vs. 2024 (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 recovery for the Q3 of is determined by allocating the 2025 Schedule 22 Payment Estimate, on the basis of dividing the toll revenues of 9M 2025, over the total estimated toll revenues for 2025, less the sum of the Schedule 22 Payment expense for Q1 & Q2 of 2025. The Schedule 22 Payment expense (or recovery) for each quarter of 2025 will fluctuate due to the seasonal nature of the business, and the amount of Schedule 22 Payment expense (or recovery) recorded in the previous quarters of 2025. Note: The 407ETR financial information presented here is based on the financial statements of 407 ETR • Toll revenue growth primarily driven by higher toll rates • Fee revenue growth driven by higher traffic volumes, as well as higher fee rates. The removal of tolls on Highway 407 East resulted in the end of service fee revenue effective June 1, 2025 CAD9.8M provision recovery, included in EBITDA1 CAD35.4M in 9M 2025 3Q’25 Schedule 22: DIVIDEND DISTRIBUTIONS – Q4 DIVIDEND SURGE UNDERSCORING ROBUST PERFORMANCE • CAD200M dividend paid in H1 2025 (CAD175M in H1 2024, +14.3%) • CAD250M dividend paid in Q3 2025 (CAD225M in Q3 2024, +11.1%) • CAD1.05B dividend approved to be distributed in Q4 2025 (CAD700M in Q4 2024, +50%) • In Q3 2025, traffic growth driven by targeted rush hour driving offers and an increase in mobility from return to office mandates • Demand segmentation enhancing value for users and maximizing EBITDA growth CAD M Q3 2025 VAR. 9M 2025 VAR. Traffic (VKT M) 837 9.4% 2,102 6.2% Revenue 578 18.6% 1,511 19.3% EBITDA 518 20.1% 1,283 15.8% EBITDA mg 89.6% 84.9% Avg revenue per trip (CAD) 17.0 9.6% 16.7 13.2% CAD M Q3 2025 VAR. 9M 2025 VAR. 1,429 Total Revenue 578 18.6% 1,511 19.3% 1.9% 5.8% 9.4% 6.2% 15.0% 11.6% 20.1% 15.8% Q1 2025 Q2 2025 Q3 2025 9M 2025 Traffic EBITDA CAD1.5B Total approved dividends:

9M 2025 Financial Results 6 P ic : L B J 6 2025 PERFORMANCE vs. 2024 (Q3 & YTD) REVENUE PER TRANSACTION NTE NTE 35W LBJ • Traffic grew despite the impact of continued construction works affecting nearby corridors • Traffic impacted by continued Capacity Improvement construction works • Adj. EBITDA in Q3 2025 includes $1.3M of revenue share (none in Q3 2024) and $4M in 9M 2025 • Solid traffic growth • Adj. EBITDA includes $4.9M of revenue share in Q3 2025, vs. $3.4m in Q3 2024 and $14.8M in 9M 2025 (vs. $10.1M in 9M 2024) (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 9M 2025 results report DFW MANAGED LANES STRONG GROWTH IN REVENUE PER TRANSACTION NTE LBJ NTE35W9M 2025 DIVIDEND DISTRIBUTION (100%, $M): 108M 52M 99M Q1 Q2 Q3 9M NTE LBJ NTE35W Q3 2025 VAR. 9M 2025 VAR. Q3 2025 VAR. 9M 2025 VAR. Q3 2025 VAR. 9M 2025 VAR. Revenue Adj. EBITDA1 Adj. EBITDA mg1 Revenue/transaction Q1 Q2 Q3 9M Q1 Q2 Q3 9M P ic tu re : LB J (U SA )

9M 2025 Financial Results 7 I-77 STRONG REVENUE PER TRANSACTION GROWTH I-66 ROBUST PEAK-HOUR GROWTH 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 9M 2025 results report 2025 PERFORMANCE vs. 2024 (Q3 & YTD) $22M 9M 2025 DIVIDEND DISTRIBUTION (at 100%) 2025 PERFORMANCE vs. 2024 (Q3 & YTD) REVENUE PER TRANSACTION $64M 9M 2025 DIVIDEND DISTRIBUTION (at 100%) • Growth in traffic despite adverse weather (rain and storm weather alerts) in Q3, particularly in August • Adj. EBITDA includes $5.4M in revenue sharing for Q3 2025, including the revenue share from extended vehicles vs. $2.4M in Q3 2024. Revenue sharing, including extended vehicles, totaled $15.7M for 9M 2025 (vs. $6.9M in 9M 2024) REVENUE PER TRANSACTION • Growth in traffic and revenue per transaction driven by corridor growth, particularly during peak hours, benefiting from greater enforcement of return-to-office (RTO) policies Q1 2025 Q2 2025 Q3 2025 9M 2025 USD M Q3 2025 VAR. 9M 2025 VAR. Transactions (M) 11 1.5% 1.5% Revenue 33 27.1% 96 25.8% Adj. EBITDA1 21 19.5% 60 21.1% Adj. EBITDA mg1 63.0% 62.4% Revenue/transaction 3.1 25.7% 3.0 24.4% i i l lt USD M Q3 2025 VAR. 9M 2025 VAR. Transactions (M) 13.2% 8.5% Revenue 28.4% 29.5% Adj. EBITDA1 34.4% 32.5% Adj. EBITDA mg1 81.9% 80.8% Revenue/transaction 12.1% 18.3% Q1 2025 Q2 2025* Q3 2025 9M 2025 *Q2 2025 rev/transaction growth figure has been restated, which was previously published as 20.1% Growth % vs. 2024 Growth % vs. 2024 P ic tu re : I- 6 6 (U SA )

9M 2025 Financial Results 8 NEW TERMINAL ONE AT JFK TOWARDS OPERATIONAL READINESS DALAMAN STEADY PERFORMANCE • Macroeconomic conditions and geopolitical challenges in Middle East have significantly affected international traffic during the summer season • Year-to-date EBITDA growth reflects strong commercial performance, enhanced by recent upgrades to the airport’s commercial layout • €7M in dividends received from Dalaman (at FER’s share) EUR M Q3 2025 VAR. 9M 2025 VAR. Passengers (M) 2.7 -2.3% 4.7 -1.5% Revenue 41 -1.7% 69 2.9% Adj. EBITDA1 35 -2.7% 55 1.8% Adj. EBITDA mg1 86.5% 79.7% • NTO remains on budget and keeps progressing facing a crucial year for construction and integration. • In terms of schedule, acceleration measures are being discussed with the contractor in order to guarantee that the official opening date is achieved • 78% construction progress • ORAT (Operational Readiness and Airport Transfer): working on the plan for a safe, compliant and effective Day One • Commitments from 21 airlines (14 executed agreements and 7 letters of intent) • Phase A refinancing complete: In July 2025, $1.4B long-term green bonds issuance, with an all-in interest cost of 5.4% (weighed average maturity of 28 years) €239M €63M€981M (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 9M 2025 results report. P ic tu re : N ew T er m in a l O n e, N Y (U SA )

9M 2025 Financial Results 9 CONSTRUCTION SOLID PROFITABILITY HEALTHY ORDER BOOK1 • Focus on local markets and lower weight of large design and build projects with non-group companies • €2.3B contracts not included in Q3 2025 order book (pre-awards or pending financial close) • Breakdown by geography: • Budimex: steady profitability (7.6% Adj. EBIT mg1) • Webber: 3.0% Adj. EBIT mg1 in 9M 2025, stable vs 9M 2024 (3.1%) • Ferrovial Construction: profitability at 1.7% Adj. EBIT mg1 in 9M 2025 positively impacted by risk mitigation in projects approaching completion. 2025 profitability is being impacted by significant investment effort in bidding for projects in USA and costs related to digitalization and IT systems 9 2025 PERFORMANCE vs. 2024 (Q3 & YTD) €17,168M +9.1% LfL (2) 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 9M 2025 results report. (2) Order book vs Dec. 2024. OUTLOOK • Average long-term target of 3.5% Adjusted EBIT margin1 EUR M Q3 2025 Q3 2024 % VAR. 9M 2025 9M 2024 % VAR. LfL1 Revenue 1,966 1,866 5.4% 5,420 5,237 4.6% Adj. EBITDA1 120 140 -14.0% 311 324 -2.3% Adj. EBITDA mg1 6.1% 7.5% 5.7% 6.2% Adj. EBIT1 83 95 -13.4% 202 203 1.0% Adj. EBIT mg1 4.2% 5.1% 3.7% 3.9% 47% 22% 15% 10% 1% 5% US & CAN Poland Spain UK Australia RoW P ic tu re : O n ta ri o L in e pr o je ct (C a n a da )

9M 2025 Financial Results 10 P ic tu re : 4 0 7 ET R (C a n a da ) REVENUE €6,911M +6.2% ADJ. EBITDA1 €1,031M +4.8% ADJ. EBIT1 €691M +6.0% (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 9M 2025 results report 9M 2025 MAIN FIGURES 9M 2025 REVENUE & PROFITABILITY FIGURES (LfL VARIATION VS. 9M 2024)

9M 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 Shareholder Distributions Other cash flows from (used in) financing activities Effect of exchange rate on Cash & Cash equivalents NET DEBT EUR -1,794M OPERATING (EUR +144 M) INVESTING (EUR -506 M) FINANCING (EUR -1,135 M) CASH CASH DEBT & OTHERS DEBT & OTHERS CASH FLOWS EUR -1,497 M CHANGES IN DEBT AND OTHER NET DEBT COMPONENTS EUR +409 M FY 24 9M 25 NET DEBT EUR -706M 9M 2025 CHANGE IN CONSOLIDATED NET DEBT1 EX-INFRASTRUCTURE PROJECT COMPANIES (€ M) (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 9M 2025 results report.

9M 2025 Financial Results 12 CLOSING REMARKS • • • • • • • 12 H1 2 25 i i l lt i i l l P ic tu re : I- 77 (U SA )

9M 2025 Financial Results 13 Q&A H1 2 25 P ic tu re : N T E (U SA )

9M 2025 Financial Results INVESTOR RELATIONS +34 91 586 25 65 +31 207 983 724 ir@ferrovial.com www.ferrovial.com P ic tu re : N T E (U SA )