FINANCIAL REVIEW

CONSOLIDATED CASH FLOW

2023 (EUR million)	CONSOLIDATED CASH FLOW	Cash flows of ex-infrastructure project companies	Cash flows of infrastructure project companies	Intercompany eliminations
Adjusted EBITDA	991	51	940	0
Dividends from projects	324	741	0	-417
Other cash flows from (used in) operating activities	119	154	-36	0
Cash flows from (used in) operating activities excluding tax payments	1,433	946	904	-417
Tax payments	-170	-155	-15	0
Cash flows from (used in) operating activities	1,263	791	890	-417
Investments	-654	-454	-310	111
Interest received and other investing activities Cash flows	185	228	-36	-6
Divestments	43	43	0	0
Cash flows from (used in) investing activities	-426	-184	-347	104
Activity cash flow	837	607	543	-313
Interest paid	-432	-83	-355	6
Ferrovial shareholder remuneration	-250	-250	0	0
Scrip dividend	-136	-136	0	0
Treasury share repurchase	-114	-114	0	0
Other shareholder remuneration for subsidiary minorities	-377	-51	-743	417
Other cash flows from (used in) financing activities	-246	-761	626	-111
Cash flows from (used in) financing activities	-1,304	-1,146	-471	313
Effect of exchange rate on cash and cash equivalents	160	161	-1	0
Change in cash and cash equivalents due to consolidation scope changes	-34	0	-34	0
Change in cash and cash equivalents	-341	-378	37	0
Cash and cash equivalents at beginning of year	5,130	4,962	168	0
Cash and cash equivalents at year-end	4,789	4,585	204	0

2022 (EUR million)	CONSOLIDATED CASH FLOW	Cash flows of ex-infrastructure project companies	Cash flows of infrastructure project companies	Intercompany eliminations
Adjusted EBITDA	883	228	655	0
Dividends from projects	284	475	0	-191
Other cash flows from (used in) operating activities	-82	-47	-35	0
Cash flows from (used in) operating activities excluding tax payments	1,085	656	620	-191
Tax payments	-82	-91	9	0
Cash flows from (used in) operating activities	1,002	565	629	-191
Investments	-1,226	-856	-784	414
Interest received and other investing activities Cash flows	65	5	64	-4
Divestments	429	429	0	0
Cash flows from (used in) investing activities	-731	-421	-720	410
Activity cash flow	271	143	-92	219
Interest paid	-329	-44	-289	4
Ferrovial shareholder remuneration	-578	-578	0	0
Scrip dividend	-132	-132	0	0
Treasury share repurchase	-445	-445	0	0
Other shareholder remuneration for subsidiary minorities	-161	-67	-285	191
Other cash flows from (used in) financing activities	750	549	616	-414
Cash flows from (used in) financing activities	-317	-140	42	-219
Effect of exchange rate on cash and cash equivalents	-283	-289	7	0
Change in cash and cash equivalents due to consolidation scope changes	4	0	4	0
Change in cash and cash equivalents from discontinued operations	-81	-81	0	0
Change in cash and cash equivalents	-407	-367	-40	0
Cash and cash equivalents at beginning of year	5,536	5,329	207	0
Cash and cash equivalents at year-end	5,130	4,962	168	0

EX-INFRASTRUCTURE PROJECT CASH FLOWS*

Cash flows from (used in) operating and investing activities

The ex-infrastructure cash flows from (used in) operating and investing activities are as follows:

2023 (EUR million)	Cash flows from (used in) operating activities	Cash flows from (used in) investing activities	Total
Toll Roads proyects**	704	-66	638
Airports proyects**	6	-245	-239
Construction	390	-71	319
Services	0	0	0
Energy Infrastructure & Mobility	-3	0	-3
Others***	-152	-29	-181
Interest received and other investing activities Cash flows	0	228	228
Total excluding tax payments	946	-184	762
Tax payments	-155	0	-155
Total	791	-184	607

**Cash flows from operating activities in Toll Roads and Airports refers to dividends

2022 (EUR million)	Cash flows from (used in) operating activities	Cash flows from (used in) investing activities	Total
Toll Roads proyects**	388	-339	50
Airports proyects**	10	-186	-176
Construction	208	-92	116
Services	83	297	380
Energy Infrastructure & Mobility	28	-53	-25
Others***	-60	-55	-115
Interest received and other investing activities Cash flows	0	5	5
Total excluding tax payments	656	-421	235
Tax payments	-91	0	-91
Total	565	-421	143

Cash flows from (used in) operating activities

At December 31st, 2023, ex-infrastructure cash flows from (used in) operating activities totaled EUR 946 million (before tax), compared to EUR 656 million in 2022, impacted by higher dividends from Toll Roads, including the first dividend distribution from NTE35W (EUR 251 million), as well as by a higher contribution from the Construction Business Division in Spain and Poland.

Cash flows from (used in) operating activities	2023	2022
Toll Roads proyects**	704	388
Airports proyects**	6	10
Construction	390	208
Services	0	83
Energy Infrastructure & Mobility	-3	28
Others***	-152	-60
Total excluding tax payments	946	656
Tax payments	-155	-91
Total	791	565

**Cash flows from operating activities in Toll Roads and Airports refers to dividends
***Other includes the operating cash flow from Corporate Business, Airports & Toll Roads headquarters, along with the Energy Infrastructure and Mobility business/Services.

Breakdown of cash flow from Construction:

Construction (EUR million)	2023	2022
Adjusted EBITDA*	218	176
Adj. EBITDA infrastructure projects	7	6
Adj. EBITDA ex-infrastructure projects	211	170
Dividends from projects	0	12
Other Cash Flows from (used in) operating activities (ex Tax payments ex infrastructure projects)	179	26
Construction Ex Infrastructure Cash Flows from (used in) operating activities Ex Tax payments	390	208

Dividends received from projects reached EUR 741 million in 2023 (EUR 475 million in 2022).

(EUR million)	2023	2022
Toll Roads	704	388
Airports	6	10
Services	0	5
Construction	0	12
Energy Infrastructure & Mobility	30	60
Others	0	0
Total	741	475

Dividends from Energy Infrastructure and Mobility projects reached EUR 30 million in 2023 including EUR 11 million from Serveo and EUR 18 million related to an intercompany loan repayment following the refinancing process with bank debt at Berrocal photovoltaic plant. In 2022, the EUR 60 million dividend was mostly related to the extraordinary dividend from Transchile (EUR 51 million) upon the closing of its refinancing.

Dividends from Toll Roads projects amounted to EUR 704 million in 2023 (EUR 388 million in 2022), including the first dividend distribution from NTE 35W (EUR 251 million).

Toll Roads Dividends (EUR million)	2023	2022
407 ETR	281	237
LBJ	37	31
NTE	109	92
NTE 35W	251	0
IRB	1	2
Irish toll roads	2	3
Portuguese toll roads	1	2
Australian toll roads	9	4
Spanish toll roads	8	12
Others	6	5
Total	704	388

Dividends from Airports projects were EUR 6 million from Doha airport maintenance contract in 2023 (EUR 10 million in 2022).

Airports Dividends (EUR million)	2023	2022
HAH	0	0
AGS	0	0
FMM	6	8
Others	0	2
Total	6	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 (page 262)

Cash flows from (used in) investing activities

2023 (EUR million)	INVESTMENTS	DIVESTMENTS	Cash flows from (used in) investing activities
Toll Roads	-98	32	-66
Airports	-245	0	-245
Construction	-77	6	-71
Energy Infrastructure & Mobility	-21	20	0
Others	-14	-15	-29
Interest received and other investing activities Cash flows	228	0	228
Total	-226	43	-184

2022 (EUR million)	INVESTMENTS	DIVESTMENTS	Cash flows from (used in) investing activities
Toll Roads	-473	134	-339
Airports	-186	0	-186
Construction	-97	5	-92
Services	-19	316	297
Energy Infrastructure & Mobility	-53	0	-53
Others	-28	-27	-55
Interest received and other investing activities Cash flows	5	0	5
Total	-850	429	-421

The cash flows from (used in) investing activities in 2023 (EUR -184 million) include:

Investments reached EUR -226 million in 2023 (EUR -850 million in 2022), most noteworthy higher equity invested in the I-66 project in 2022, partially offset by higher equity invested in NTO in 2023 and higher interest received.
Divestments reached EUR 43 million in 2023 (EUR 429 million in 2022), largely linked Azores toll road sale. In 2022, mostly related with the finalization of the Services division sale (EUR 316 million) and the divestment of Ausol (EUR 111 million) and Algarve (EUR 23 million).

Cash flows from (used in) financing activities

Shareholder remuneration cash flow: EUR -250 million in 2023,(EUR -578 million in 2022), including EUR -136 million from the scrip dividend and EUR -114 million from the treasury share repurchase including the share buyback program (EUR62 million) along with the discretionary shares purchased (EUR 52 million).
Interest paid reached EUR -83 million in 2023 (EUR -44 million in 2022).
Other cash flows from (used in) financing activities reached EUR -761 million in 2023, mostly as a result of the repurchase of the hybrid bond (EUR 511 million).

INFRASTRUCTURE PROJECT CASH FLOW*

Cash flows from (used in) operating activities

As regards cash flows for companies that own infrastructure project concessions, these primarily include revenues from those companies that are currently in operation, though they also include VAT refunds and payments corresponding to projects currently in the construction phase.

The following table shows a breakdown of cash flows from (used in) operating activities from infrastructure projects.

(EUR million)	2023	2022
Toll Roads	854	583
Others	35	45
Cash flows from (used in) operating activities	890	629

This was primarily driven by the opening to traffic of I-66 in November 2022, partially offset by the positive evolution of the other of Managed Lanes and the higher contribution from Dalaman Airport, that is consolidated since June 2022.

Cash flows from (used in) investing activities

The following table shows a breakdown of the Cash flows from (used in) investing activities from infrastructure projects, mainly payments made in respect of capital expenditure investments over the year.

This change was primarily driven by the capital expenditures carried out in I-66 and NTE35W in 2022.

(EUR million)	2023	2022
LBJ	-4	-2
NTE	-51	-8
NTE 35W**	-75	-247
I-77	-2	-17
I-66	-95	-436
Portuguese toll roads	-2	-1
Spanish toll roads	-13	-4
Others	0	0
Total toll roads	-242	-715
Others	-77	-94
Total projects	-319	-809
Equity Subsidy	9	25
Interest received and other investing activities Cash flows	-36	64
Cash flows from (used in) investing activities	-347	-720

**NTE35W includes the NTE3C segment’s construction that opened to traffic in June 2023.

Cash flows from (used in) financing activities

Cash flows from (used in) financing activities includes the payment of dividends and the repayment of equity by concession-holding companies to their shareholders, along with the payments for share capital increases received by these companies. In the case of concession holders which are fully integrated within Ferrovial, these amounts represent 100% of the amounts paid out and received by the concession-holding companies, regardless of the percentage share that the Company holds in such concessions. No dividend or Shareholder Funds’ repayment is included for equity-accounted companies.

The interest cash flow refers to the interest paid by the concession-holding companies, together with other fees and costs closely related to the acquisition of financing. The cash flow for these items relates to interest costs for the period, along with any other item that represents a direct change in the net debt amount for the period.

(EUR million)	2023	2022
Spanish toll roads	-46	-44
US toll roads	-253	-213
Portuguese toll roads	-12	-11
Other toll roads	-28	0
Total toll roads	-339	-272
Other	-16	-16
Cash flows from (used in) financing activities	-355	-289

*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.

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