Ferrovial Conference Call Feedback

Research evidence excerpt

Ferrovial Conference Call Feedback

Loyalty Programme Trials. The company has begun some pilots, but no

decision has been made on which schemes may be continued with.

• 407-ETR - Financial Expenses. The increase in Q2 reflects recent debt issuance at the

asset, and the effect of higher inflation on cost of inflation-linked debt.

• NTO - March 2027 Target. The remedial plan is based on the available information and

was prepared in conversation with the contractor. Ferrovial is entitled to payments from

the contractor in compensation for the delays.

• NTO - Phase B1 & B2 Contractor. Ferrovial is still working on the design for phase B1

and B2; no decision has been made on the contractor for these phases.

• CMD. No decision on timings has been taken yet but the company is working internally

on a new strategic plan to follow the Horizon 2026 Plan.

• Shareholder Remuneration. Ferrovial have no update to offer until the Board meets in

October to decide on the second dividend for this year.

• Share Buyback. There is no guidance on the ongoing buyback, just on the overall 2024-

26 rremuneration.

• Construction - Margins. The impact of bid costs in H1 related to the two bids submitted

this year, and the impact in H2 should be less than in H1 now that these two bids are

submitted.

• Working Capital. H1 working capital was favourable, owing to some payments being

previously delayed and then received in H1. Usually, a positive working capital effect

would be expected at the end of the year and there is no reason to not expect that in 2026.

• Datacentres. The project in Madrid implies a limited total equity investment, as the

company could seek equity partners, leverage will be employed and Ferrovial will rotate

out of the asset once it is mature.