APPENDIX

Appendix II – P&L of Main Infrastructure Assets

TOLL ROADS

407 ETR

(CAD Million)	2023	2022	VAR.
Revenues	1,495	1,327	12.7 %
EBITDA	1,284	1,139	12.7 %
EBITDA margin	85.9 %	85.8 %
EBIT	1,187	1,039	14.2 %
EBIT margin	79.4 %	78.3 %
Financial results	-412	-447	7.8 %
Profit before tax	775	592	30.9 %
Corporate income tax	-208	-156	-32.6 %
Net Income	567	435	30.3 %
Contribution to Ferrovial equity accounted result (EUR million)	154	124	24.6 %

LBJ

(USD Million)	2023	2022	VAR.
Revenues	193	159	20.9 %
Adjusted EBITDA*	158	128	23.5 %
Adjusted EBITDA margin*	81.9 %	80.1 %
Adjusted EBIT*	130	101	28.2 %
Adjusted EBIT margin*	67.2 %	63.4 %
Financial results	-80	-81	0.8 %
Net Income	48	20	145.3 %
Contribution to Ferrovial**	24	10	138.9 %

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report.
**Globally consolidated asset, contribution to net profit (EUR million). 54.6% stake

NTE

(USD Million)	2023	2022	VAR.
Revenues	289	243	19.0 %
Adjusted EBITDA*	255	213	19.5 %
Adjusted EBITDA margin*	88.3 %	87.9 %
Adjusted EBIT*	227	185	22.7 %
Adjusted EBIT margin*	78.5 %	76.1 %
Financial results	-50	-52	4.1 %
Net Income	176	133	32.7 %
Contribution to Ferrovial**	102	79	29.2 %

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report.
**Globally consolidated asset, contribution to net profit (EUR million). 62.97% stake.

NTE 35W

(USD Million)	2023	2022	VAR.
Revenues	234	168	39.4 %
Adjusted EBITDA*	195	139	40.3 %
Adjusted EBITDA margin*	83.1 %	82.6 %
Adjusted EBIT*	156	115	35.0 %
Adjusted EBIT margin*	66.4 %	68.6 %
Financial results	-59	-39	-49.4 %
Net Income	96	76	26.8 %
Contribution to Ferrovial**	48	38	23.5 %

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report.
**Globally consolidated asset, contribution to net profit (EUR million). 53.67% stake.

I-77

(USD Million)	2023	2022	VAR.
Revenues	91	61	50.5 %
Adjusted EBITDA*	66	38	72.4 %
Adjusted EBITDA margin*	72.0%	62.9 %
Adjusted EBIT*	55	30	83.2 %
Adjusted EBIT margin*	59.8%	49.2 %
Financial results	-8	-11	24.2 %
Net Income	46	19	147.2 %
Contribution to Ferrovial**	31	12	n.s.

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report.
**Globally consolidated asset, contribution to net profit (EUR million). 72.24% stake.

I-66

(EUR Million)	2023
Revenues	167
Adjusted EBITDA*	129
Adjusted EBITDA margin*	76.9 %
Adjusted EBIT*	70
Adjusted EBIT margin*	41.9 %
Financial results	-110
Net Income	-40
Contribution to Ferrovial**	-20

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report.
**Globally consolidated asset, contribution to net profit (EUR million). 55.704% stake.

IRB

(EUR million)	2023	2022	VAR.
Revenues	828	802	3.2 %
Adjusted EBITDA*	406	427	-4.9 %
Adjusted EBITDA margin*	49.1 %	53.2 %
Adjusted EBIT*	301	330	-9.0 %
Adjusted EBIT margin*	36.3 %	41.2 %
Financial results	-182	-186	2.5 %
Profit before tax	95	135	-29.5 %
Corporate income tax	-34	-42	20.3 %
Net Income	61	92	-33.7 %
Contribution to Ferrovial equity accounted result (EUR million)	14	22	-34.9 %

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report.

AIRPORTS

Heathrow SP & HAH

	Revenues			Adjusted EBITDA			Adjusted EBITDA margin
(GBP million)	2023	2022	VAR.	2023	2022	VAR.	2023	2022	VAR. (bps)
Heathrow SP	3,687	2,913	26.6%	2,228	1,684	32.3%	60.4%	57.8%	262
Exceptionals & adjs	0	0	n.s.	4	20	-80.7%	n.s.	n.s.	-561245.3
Total HAH	3,687	2,913	26.6%	2,232	1,704	31.0%	60.5%	58.5%	203

HAH

(GB Million)	2023	2022	VAR.
Revenues	3,687	2,913	26.6%
Adjusted EBITDA	2,232	1,704	31.0%
Adjusted EBITDA margin	60.5%	58.5%
Depreciation & impairments	-754	-795	5.1%
EBIT	1,478	909	62.5%
EBIT margin	40.1%	31.2%
Financial results	-1,012	-687	-47.2%
Profit before tax	465	222	110.0%
Corporate income tax	-127	-54	-136.8%
Net income	338	168	101.4%
Contribution to Ferrovial equity accounted result (EUR million)	0	0	n.s.

AGS

(GB Million)	2023	2022	VAR.
Revenues	198	167	18.9%
Adjusted EBITDA*	67	47	42.0%
Adjusted EBITDA* margin	33.8%	28.3%
Depreciation & impairments	-37	-36	-3.4%
Adjusted EBIT*	30	11	166.6%
Adjusted EBIT margin*	15.0%	6.7%
Financial results	-51	-42	-21.7%
EBT	-21	-31	30.9%
Corporate income tax	-1	2	-178.8%
Net income	-22	-29	23.0%
Contribution to Ferrovial equity accounted result (EUR million)	0	0	n.s.

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report

DALAMAN

(EUR Million)	2023
Revenues	71
Adjusted EBITDA*	55
Adjusted EBITDA margin*	78.1%
Depreciation & impairments	-19
Adjusted EBIT*	36
Adjusted EBIT margin*	51.1%
Financial results	-34
Profit before tax	2
Corporate income tax	-19
Net income	-17
Contribution to Ferrovial**	-10

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report.
** Globally consolidated asset, contribution to net profit (EUR million). 60.0% stake

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