Ferrovial: 2Q P&L shows operating beats in core units

Research evidence excerpt

Ferrovial: 2Q P&L shows operating beats in core units

its key market, and continues to closely monitor private initiatives: i) In February 2025, a

Cintra-led consortium was shortlisted for bidding on the I-285 East Express Lanes in Atlanta (Georgia). The project consists

of the implementation of Managed Lanes along 34 miles of the highly congested ring road; with the bid submitted in July

2026. Additionally, the Georgia DOT expects to issue the request for qualification (RFQ) for the I-285 West Express Lanes

before the end of 2026, the project will cover 12 miles; ii) Additionally, a Cintra-led consortium was shortlisted for bidding

on the I-24 Southeast Choice Lanes project in Tennessee; with the bid submitted in July 2026. The project will span 26

miles, covering the area between I-40 in Nashville and I-840 in Murfreesboro; iii) In February 2026, Ferrovial-led consortium

was shortlisted for bidding on the I-77 South Express Lanes project. The project will add 11 miles of Managed Lanes. The

Charlotte Regional Transportation Planning Organization (CRTPO) has voted against the project; however, the North Carolina

Department of Transportation (NCDOT) has not communicated any decision to cancel the project; and iv) Ferrovial continues

to analyze and promote P3 projects in several States in the U.S.

• Sound dividends from projects. In the 1H, dividends from projects amounted to €378m, of which €372m came from

Highways including €150m from 407 ETR, €158m from DFW Managed Lanes, €38m from I-66 and €11 million from I-77.

• A solid financial position. At the end of 1H, FER maintained a solid financial position with ex-infrastructure project company

liquidity levels reaching €4.75bn and consolidated net cash ex-infrastructure project companies at €1.31bn. Ytd cash