Consolidated P&L

Revenues at EUR 8,514 million (+13.2% LfL growth) on the back of higher Toll Roads revenues (+42.1% LfL growth) and higher Construction revenues (+9.9% LfL growth).

Adjusted EBITDA reached EUR 991 million (+40.6% LfL growth) supported by higher contribution from Toll Roads (+48.3% LfL growth), particularly US Toll Roads with adjusted EBITDA of EUR 741 million.

Depreciation: +34.3% due to the full opening of I-66 at the end of 2022 and the NTE 3C (NTE 35W) in June 2023 (+34.0% LfL growth) to EUR -401 million.

Impairments and fixed asset disposals at EUR 35 million, mostly related to the capital gain income from the sale of the Azores toll road for EUR 41 million.

Financial result: lower financial expense on the back of higher financial income from ex- infrastructure projects in 2023 vs 2022.

• Infrastructure projects: EUR -372 million expenses (EUR -365 million in 2022) driven by the opening of I-66 & NTE3C (NTE35W) as financial expenses are no longer capitalized due to the entry into operation since November 2022 and June 2023, respectively. This was partially offset by the positive variation compared to 2022 of the performance of Autema’s ILS derivative (mark to market change ILS).
• Ex-infrastructure projects: EUR 188 million of financial income in 2023 (EUR 45 million in 2022), mainly due higher cash remuneration in PLN, USD and CAD, together with the positive impact from the favorable final judgment on the application of a tax deduction for export activities (DAEX) in 2023, resulting in interests provision reversal (EUR 46 million). These impacts were partially offset by higher interest rates on debt (ECPs and Corporate credit lines) and higher bond expenses from new issuance.

Equity-accounted affiliates reached EUR 215 million after tax (EUR 164 million in 2022). The change vs 2022 is mostly related to 407 ETR, due to the solid traffic recovery. The considerable losses posted in 2019 and 2020 in airports reduced the investments in Heathrow & AGS to zero, as prior-years losses exceeded the amount of investment, there being no commitments to inject additional funds (IAS 28). Therefore, there is no equity accounted contribution in 2023 and 2022.

Corporate income tax: the corporate tax expense for 2023 was EUR -42 million (vs EUR -30 million in 2022). There are several impacts to be considered when calculating the effective tax rate; among which the material and/or significant ones are:

• Equity-accounted companies’ profit must be excluded, as it is already net of tax (EUR 215 million).
• Losses and tax credits that, following accounting prudence criteria, do not imply the recognition of the full tax credits for future years (EUR -57 million).
• Consolidation tax adjustments without tax impact (EUR 94 million), mainly due to US concessional assets.
• Tax credits from losses and other tax credits that, following accounting prudence criteria, are not fully recognized in the accounts, combined with the actual use of previous years tax credits that were not recognized (EUR -21 million).

Excluding the aforementioned adjustments in the tax result, adjusting for the impact from previous years income (EUR 41 million) related to the outcome of tax proceedings and the recognition of previous years tax credits based on actual tax projections, the resulting effective corporate income tax rate is 22%

Net income from continuing operations stood at EUR 614 million in 2023 (EUR 238 million in 2022).

Net income from discontinued operations stood at EUR 16 million related to the update of the indemnities and earn-outs following the divestment of the Services Business in Spain and Portugal and other adjustments related to Amey divestment in the UK. The main impact recognized in discontinued operations in 2022 relates to the divestment of the Amey business in the UK, completed in December 2022, generating a capital gain of EUR 58 million.