Ferrovial N.V.

- In Q1 2026, Ferrovial issued CAD 500 million bonds in March as part of financing activities. - The company announced a scrip dividend for EUR 400 million, indicating a shareholder return mechanism involving equity. - There is mention of ongoing bids and projects in the U.S. managed lanes with potential updates on awards expected in late August and mid- to late October 2026, which might involve future capital allocation. - No explicit guidance or announcement on new large fundraising through debt or equity beyond the CAD 500 million bond issuance and the scrip dividend was provided. - Ferrovial highlighted optimizing debt structures, particularly for 407 ETR, but does not foresee big recapitalizations imminently. - They are working on growth and remuneration strategies, with potential equity or debt moves linked to future asset stakes or managed lane wins, but updates are expected not before early 2027.

- Equity invested in JFK Terminal 1 project stood at EUR 978 million as of March 2026, with EUR 64 million pending injection in 2026. - Capital investments mostly related to construction activities and equity invested in energy projects. - Construction works ongoing for NTE managed lanes, expected to complete by fall 2026, with two additional ramps under construction. - Higher investment costs in Ferrovial Construction related to bidding and IT aimed at supporting future growth. - Order book remains at a record high EUR 17.6 billion, supporting future growth mainly in core U.S. and Canada markets. - No detailed guidance on future capex provided, but ongoing investments linked to construction, technology enhancements, and energy projects. - Monitoring feasibility of promotions and loyalty programs as potential strategic investments for U.S. managed lanes.

- Construction backlog remains healthy with an all-time high order book of EUR 17.6 billion, supporting future growth, especially in core U.S. and Canada markets. - Positive momentum in U.S. P3 infrastructure projects pipeline, with notable projects in Tennessee and Atlanta attracting attention. - U.S. managed lanes showing strong revenue per transaction growth despite some traffic impact from weather and construction works; targeted promotions and segmentation expected to optimize EBITDA. - Technology enhancements improving vehicle classification and revenue capture in managed lanes. - Traffic in key toll roads expected to be affected by ongoing construction, with capacity improvements leading to eventual recovery in volumes. - Airport projects like JFK Terminal 1 progressing, with equity investment ongoing, supporting future revenue. - Introduced targeted pricing and loyalty schemes to drive revenue growth while balancing traffic. - Dividend strategy linked to growth prospects, with updates planned in early 2027.

- Ferrovial maintains a long-term average EBIT margin target of around 3.5% for its construction business, with no detailed margin guidance for the current year due to bidding and IT costs impacting short-term results. - The construction backlog remains healthy, supporting future growth, especially in core U.S. and Canada markets. - Managed lanes in the U.S. show strong revenue growth per transaction driven by technology improvements and pricing strategies, supporting earnings growth despite some traffic headwinds. - The 407 ETR asset shows potential for optimization through targeted promotions and possible future recapitalizations but no immediate large recap expected. - Airport projects like JFK Terminal 1 are progressing on schedule, which will contribute to future revenues as operations ramp up. - Dividend growth in assets like 407 ETR reflects improved performance and financing, but dividend guidance remains cautious. - Shareholder return policies and growth strategies will be updated in line with bidding outcomes and overall growth prospects, likely early next year.

- Current order book is at an all-time high of EUR 17.6 billion. - This represents a 0.5% like-for-like increase versus December. - Approximately EUR 1.3 billion of additional projects are pending award or financial close and are not yet included in the order book. - The composition of the order book is healthy with a lower weight of large design and build projects with non-group companies. - Nearly half of the backlog is concentrated in core U.S. and Canada markets, supporting future growth.